Financial Performance - First Guaranty Bancshares reported a net income of $1.9 million for Q3 2024, an increase of 8.7% from $1.8 million in Q3 2023 [2] - For the nine months ended September 30, 2024, net income was $11.4 million, up 44.5% from $7.9 million in the same period of 2023 [2] - Earnings per common share increased to $0.11 for Q3 2024 from $0.10 in Q3 2023, and for the nine months, it rose to $0.78 from $0.56 [3] Asset and Loan Growth - Total assets increased by $371.2 million to $3.9 billion as of September 30, 2024, compared to $3.6 billion at the end of 2023 [1] - Total loans reached $2.8 billion, reflecting a modest increase of $20.9 million or 0.8% since December 31, 2023 [1][10] - Total deposits grew by $420.8 million, or 14.0%, to $3.4 billion as of September 30, 2024 [1] Credit Quality - The allowance for credit losses was 1.20% of total loans as of September 30, 2024, up from 1.13% at the end of 2023 [4] - The provision for credit losses for Q3 2024 was $4.9 million, significantly higher than $0.6 million in Q3 2023 [5] - Nonaccrual loans increased by $40.6 million to $65.8 million, primarily due to one commercial real estate relationship totaling $37.0 million [11] Interest Income and Margin - Net interest income for Q3 2024 was $22.7 million, compared to $20.4 million in Q3 2023 [4] - The net interest margin for Q3 2024 was 2.51%, a slight decrease from 2.54% in Q3 2023 [8] - For the nine months ended September 30, 2024, the net interest margin was 2.52%, down from 2.75% in the same period of 2023 [8] Investment Securities - Investment securities totaled $664.0 million as of September 30, 2024, an increase of $259.9 million from $404.1 million at the end of 2023 [9] - Available for sale securities at fair value increased to $342.6 million, up from $83.5 million at December 31, 2023 [9] Shareholder Returns - The book value per common share increased to $17.86 as of September 30, 2024, from $17.36 at the end of 2023 [15] - Cash dividends declared were $0.08 per common share for Q3 2024, compared to $0.16 in Q3 2023 [16]
First Guaranty Bancshares, Inc. Announces Third Quarter 2024 Financial Results