Financial Performance - Net income for the third quarter of 2024 was $1.9 million, an increase of $0.2 million or 8.7% compared to $1.8 million in the same quarter of 2023[3] - Earnings per common share increased to $0.11 for the third quarter of 2024, up from $0.10 in the same quarter of 2023[3] - Net income available to common shareholders for the three months ended September 30, 2024, was $1,345, up from $1,190, representing a growth of 13.0%[11] - Earnings per common share increased to $0.11 from $0.10, a rise of 10.0%[11] Asset Growth - Total assets increased by $371.2 million to $3.9 billion as of September 30, 2024, compared to $3.6 billion at December 31, 2023[3] - Total assets increased to $3,924,007, up from $3,552,772, representing a growth of 10.5%[9] - Total assets reached $3,924,007 thousand as of September 30, 2024, compared to $3,552,772 thousand a year earlier, marking a 10.5% increase[27] - Tangible assets totaled $3,907,870 thousand as of September 30, 2024, up from $3,536,114 thousand a year earlier, reflecting a growth of 10.5%[27] Deposit Growth - Total deposits rose by $420.8 million, or 14.0%, to $3.4 billion at September 30, 2024, from $3.0 billion at December 31, 2023[3] - Total deposits grew to $3,429,925, up from $3,009,094, marking a significant increase of 13.9%[9] Loan Performance - Net loans rose to $2,736,370, compared to $2,717,782, reflecting an increase of 0.7%[9] - Loans net of unearned income reached $2,769,651,000 as of September 30, 2024, compared to $2,748,708,000 at the end of 2023, indicating a growth of 0.8%[20] - The real estate loan portfolio constituted 77.8% of total loans as of September 30, 2024, with total real estate loans amounting to $2,162,372,000[20] Credit Losses - The provision for credit losses for the third quarter of 2024 was $4.9 million, significantly higher than $0.6 million for the same period in 2023[3] - Provision for credit losses increased to $4,904 for the three months ended September 30, 2024, compared to $627 in the same period of 2023, indicating a significant rise in credit loss provisions[11] - Nonaccrual loans increased by $40.6 million to $65.8 million at September 30, 2024, compared to $25.2 million at December 31, 2023[5] - Total nonaccrual loans increased to $65,788 thousand as of September 30, 2024, up from $62,325 thousand in the previous quarter, representing a 3.9% increase[22] - Non-performing assets to total loans ratio rose to 2.42% as of September 30, 2024, compared to 2.24% in the previous quarter[22] - Allowance for credit losses to nonaccrual loans ratio improved to 50.59% as of September 30, 2024, compared to 48.60% in the previous quarter[22] - Total Real Estate nonaccrual loans amounted to $56,518 thousand as of September 30, 2024, an increase from $53,043 thousand in the previous quarter, representing a 4.7% rise[22] Interest Income and Margin - Interest income for the three months ended September 30, 2024, was $57,427, an increase of 20.0% from $47,627 in the same period of 2023[11] - Net interest income after provision for credit losses was $17,794, compared to $19,818, a decrease of 10.2%[11] - The net interest margin for the three months ended September 30, 2024, was 2.51%, a decrease of 3 basis points from 2.54% in the same period of 2023[3] - The net interest margin for the three months ended September 30, 2024, was 2.51%, slightly down from 2.54% in the same period of 2023[13] - Total interest-earning assets rose to $3,489,931,000, with a net interest margin of 2.52% for the nine months ended September 30, 2024, down from 2.75% in 2023[17][19] - The company reported a net interest rate spread of 1.79% for the nine months ended September 30, 2024, down from 1.98% in the previous year[17] Equity and Dividends - Book value per common share increased to $17.86 as of September 30, 2024, compared to $17.36 as of December 31, 2023[5] - Tangible common equity increased to $207,201 thousand as of September 30, 2024, compared to $199,915 thousand a year earlier, reflecting a growth of 3.6%[27] - First Guaranty declared cash dividends of $0.08 and $0.16 per common share in the third quarter of 2024 and 2023, respectively[5] Noninterest Income and Expenses - Total noninterest income for the nine months ended September 30, 2024, was $22,239, compared to $8,005 in 2023, showing a substantial increase of 177.5%[11] - Total other noninterest expense decreased to $7,070 thousand for the three months ended September 30, 2024, down from $7,446 thousand in the same period last year, a reduction of 5.0%[23] - Regulatory assessment expenses increased to $1,182 thousand for the three months ended September 30, 2024, compared to $676 thousand in the same period last year, a significant increase of 74.6%[23]
FIRST GTY BANCSH(FGBIP) - 2024 Q3 - Quarterly Results