First Guaranty Bank(FGBI) - 2025 Q1 - Quarterly Results

Financial Performance - First Guaranty recorded a net loss of $6.2 million for Q1 2025, a decrease of $8.5 million or 366.9% compared to a net income of $2.3 million in Q1 2024[3] - Net loss available to common shareholders was $(6,748), compared to net income of $1,728 in the previous year, indicating a significant downturn[11] - Cash dividends paid per common share decreased to $0.01 from $0.16, a reduction of 93.8%[11] Loan and Asset Management - Total loans decreased to $2.51 billion at March 31, 2025, down $181.0 million or 6.7% from $2.69 billion at December 31, 2024[3] - Nonaccrual loan balances increased to $133.4 million, an increase of $24.9 million compared to $108.5 million at December 31, 2024[4] - The provision for credit losses was $14.5 million for Q1 2025, compared to $2.3 million for Q1 2024, with $5.8 million related to the sale of two commercial real estate loans[3] - Total assets decreased by $143.5 million to $3.8 billion at March 31, 2025, compared to $4.0 billion at December 31, 2024[3] - The allowance for credit losses was 1.71% of total loans at March 31, 2025, up from 1.29% at December 31, 2024[3] - Non-performing loans totaled $133,780 thousand as of March 31, 2025, representing an increase of 11.5% from $120,031 thousand on December 31, 2024[18] - The ratio of non-performing assets to total loans increased to 5.33% as of March 31, 2025, up from 4.47% on December 31, 2024[18] - As of March 31, 2025, First Guaranty's total loan portfolio amounted to $2,520,193 thousand, a decrease of 6.7% from $2,702,080 thousand on December 31, 2024[16] Income and Expenses - Net interest income for Q1 2025 was $22.2 million, an increase from $21.9 million in Q1 2024[3] - The net interest margin for Q1 2025 was 2.35%, a decrease of 23 basis points from 2.58% in Q1 2024[3] - Interest income from loans decreased to $42,969, down from $46,918, a decrease of about 8.5%[11] - Net interest income after provision for credit losses dropped to $7,675, down from $19,617, a decline of approximately 60.9%[11] - Provision for credit losses increased significantly to $14,548, compared to $2,304, marking a rise of about 532.5%[11] - Total noninterest expense decreased slightly to $18,017, down from $18,934, a reduction of about 4.8%[11] Equity and Shareholder Information - Book value per common share decreased to $17.21 as of March 31, 2025, down from $17.75 at December 31, 2024[4] - Total shareholders' equity as of March 31, 2025, is $251,445,000, compared to $255,049,000 at December 31, 2024, reflecting a decrease of approximately 0.24%[23] - Tangible common equity stands at $202,599,000 as of March 31, 2025, down from $206,029,000 at December 31, 2024, indicating a decline of about 2.07%[23] - Common shares outstanding increased to 12,691,504 as of March 31, 2025, from 12,504,717 at December 31, 2024, representing an increase of approximately 1.49%[23] Operational Changes - First Guaranty closed three branches and consolidated two existing branches into one location on March 7, 2025, with no material impact on operations[4]