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 for Q1 2025 was $6,166 thousand compared to a net income of $2,310 thousand in Q1 2024, indicating a significant downturn[11] - Net interest income for Q1 2025 was $22.2 million, an increase from $21.9 million in Q1 2024[3] - Net interest income after provision for credit losses dropped significantly from $19,617 thousand in Q1 2024 to $7,675 thousand in Q1 2025, a decrease of approximately 60.9%[11] - 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] - The provision for credit losses increased from $2,304 thousand in Q1 2024 to $14,548 thousand in Q1 2025, reflecting a rise of over 532%[11] Loan and Asset Quality - 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] - Non-performing loans totaled $133,780 thousand as of March 31, 2025, representing 5.32% of total loans, an increase from 4.46% on December 31, 2024[18] - Total non-performing assets reached $133,932 thousand, up from $120,350 thousand on December 31, 2024, indicating a rise in asset quality concerns[18] - The net interest margin decreased from 2.58% in Q1 2024 to 2.35% in Q1 2025[14] - The company reported a net loan charge-off rate of 1.03% for the three months ended March 31, 2025, compared to 0.64% for the same period in 2024, reflecting increased credit risk[18] Capital and Equity - 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] - 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 2.36%[23] - Tangible common equity stands at $202,599,000 as of March 31, 2025, down from $206,029,000 at December 31, 2024, a decline of 2.08%[23] - The allowance for credit losses was 1.71% of total loans at March 31, 2025, up from 1.29% at December 31, 2024[3] - The allowance for credit losses to nonaccrual loans ratio was 32.25% as of March 31, 2025, compared to 32.08% on December 31, 2024, indicating stable credit loss reserves[18] Dividends and Shareholder Returns - Cash dividends declared were $0.01 per common share in Q1 2025, reduced from $0.16 in Q1 2024, as part of a new business strategy to increase capital[4] - Cash dividends paid per common share decreased from $0.16 in Q1 2024 to $0.01 in Q1 2025[11] 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]
FIRST GTY BANCSH(FGBIP) - 2025 Q1 - Quarterly Results