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FIRST GUARANTY BANCSHARES INC - FGBI STOCK NEWS

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First Guaranty Bancshares Inc (FGBI) has been a cornerstone of Louisiana's banking sector for over 80 years. With a steadfast commitment to its customers, First Guaranty Bancshares Inc provides personalized commercial banking services through numerous facilities across the state. The company specializes in attracting deposits and utilizing these funds, along with operational earnings and borrowings, to invest in securities and support various lending activities that address the credit needs of its customer base.

First Guaranty Bancshares Inc offers a comprehensive range of loan products, including commercial real estate loans, commercial and industrial loans, construction and land development loans, agricultural and farmland loans, and multifamily loans. These services ensure that the diverse financial needs of their clients are met, from small businesses to large enterprises and individual consumers.

With local decision-making power, First Guaranty Bancshares Inc stands out in the crowded banking industry as a trusted institution. This capability allows the bank to respond swiftly and effectively to the needs and expectations of its customers. The bank's commitment is further evidenced by its enduring presence, spanning three generations of trust in the financial landscape of Louisiana.

Recent achievements of the company include consistent financial growth, strategic partnerships, and new product offerings that enhance customer experience. The company continues to prioritize providing high-quality banking services, maintaining a robust financial condition, and expanding its reach and impact within the community.

As the economy evolves, First Guaranty Bancshares Inc remains a stable and reliable banking partner, dedicated to fostering long-term relationships with its customers and contributing to the economic well-being of Louisiana.

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First Guaranty Bancshares (NASDAQ: FGBI) reported its Q3 2024 financial results with notable growth in key metrics. Total assets increased to $3.9 billion, up $371.2 million from December 2023. Total deposits grew 14% to $3.4 billion, while loans increased 0.8% to $2.8 billion. Net income for Q3 2024 was $1.9 million, up 8.7% year-over-year, with earnings per share of $0.11. For the nine months ended September 30, 2024, net income reached $11.4 million, a 44.5% increase from the previous year. The company maintained its dividend streak, declaring $0.08 per common share in Q3 2024.

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First Guaranty Bancshares, Inc. (NASDAQ: FGBI) announced key developments and Q2 2024 financial results. The company is implementing strategic changes, including slowing asset growth, increasing capital position, and reducing staff by 15%. These changes are expected to generate annual pre-tax savings of $12 million. The company completed a sale-leaseback transaction resulting in a pre-tax gain of $13.2 million. Financial highlights include:

- Total assets increased to $3.6 billion
- Total loans increased by 3.1% to $2.8 billion
- Net income for Q2 2024 was $7.2 million, up 169.1% YoY
- Earnings per share for Q2 2024 were $0.53, up from $0.19 in Q2 2023
- Net interest margin decreased to 2.48% in Q2 2024 from 2.74% in Q2 2023
- Nonaccrual loans increased to $62.3 million from $25.2 million at year-end 2023

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On June 14, 2024, First Guaranty Bancshares declared a quarterly cash dividend of $0.16 per share for its common stockholders.

The dividend, marking the 124th consecutive quarterly payout, will be payable to shareholders of record as of June 25, 2024, with distribution expected on June 28, 2024.

First Guaranty Bancshares, the parent company of First Guaranty Bank, operates 35 locations across Louisiana, Texas, Kentucky, and West Virginia.

The company's common stock trades on NASDAQ under the symbol FGBI.

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First Guaranty Bancshares has announced the appointment of Michael Mineer as President and CEO, following the retirement of Alton Lewis in May. Mineer, who has been with First Guaranty since 2021 as Mideast Area President, brings over 35 years of banking experience. He previously served as President and CEO of Citizens Deposit Bank, growing its assets from $89 million to $650 million. Additionally, as Senior Vice President of Premier Financial Bancorp, he digitalized processes and helped expand the company's assets from $500 million to $2.2 billion. Mineer aims to leverage technology to enhance efficiency, reduce costs, and boost revenue, focusing on improving operating efficiency and shareholder value.

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First Guaranty Bancshares announced the retirement of Alton Lewis as President and CEO in May 2024, after over three decades with the company. During his tenure, Lewis grew the institution's assets from $931 million to $3.6 billion and coordinated the 2015 IPO of FGBI stock. Despite the COVID pandemic, he maintained consistent operations and focused on leadership development. Lewis will continue to contribute as Vice Chairman of the Holding Company and Bank Board.

Michael Mineer, currently the Mideast Area President with over 35 years of banking experience, will succeed Lewis. Mineer aims to enhance the bank's capital risk profile and operational efficiency to boost shareholder value.

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First Guaranty Bank has officially opened its Bridgeport, West Virginia branch in a new location, offering complete banking solutions and small business services. The branch features lobby and drive-up services, with plans for Interactive Teller Machines with live bankers in the future. The bank aims to serve the community with a local and dedicated team, led by President and CEO Alton B. Lewis.
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First Guaranty Bancshares, Inc. announced its unaudited financial results for the quarter and year ending December 31, 2023. The loan volume grew year over year from $2,519,077,000 to $2,748,708,000. Assets also grew year over year from $3,151,347,000 to $3,552,772,000. The company tightened expenses and cleaned its loan portfolio, positioning itself for continued growth and profitability in 2024.
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First Guaranty Bancshares, Inc. (FGBI) declared a quarterly cash dividend of $0.16 per share on November 16, 2023. The dividend will be payable to shareholders of record as of December 22, 2023, marking the 122nd consecutive quarterly dividend paid to common shareholders.
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First Guaranty Bancshares, Inc. (NASDAQ: FGBI) announced unaudited financial results for Q3 2023. The loan portfolio grew to $2,707,669,000, with total interest income of $47,627,000. Total non-interest expense was $19,996,000. The company is focused on reducing expenses and obtaining new loans.
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First Guaranty Bancshares, Inc. announces a quarterly distribution for its depositary shares of its Series A Preferred Stock. Holders of record as of November 15, 2023 will receive a $0.421875 per Depositary Share dividend on December 1, 2023.
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FAQ

What is the current stock price of FIRST GUARANTY BANCSHARES (FGBI)?

The current stock price of FIRST GUARANTY BANCSHARES (FGBI) is $11.08 as of November 6, 2024.

What is the market cap of FIRST GUARANTY BANCSHARES (FGBI)?

The market cap of FIRST GUARANTY BANCSHARES (FGBI) is approximately 140.7M.

What services does First Guaranty Bancshares Inc offer?

First Guaranty Bancshares Inc offers commercial real estate loans, commercial and industrial loans, construction and land development loans, agricultural and farmland loans, and multifamily loans.

Where does First Guaranty Bancshares Inc operate?

First Guaranty Bancshares Inc operates primarily in Louisiana, providing personalized commercial banking services through several banking facilities.

How long has First Guaranty Bancshares Inc been in operation?

First Guaranty Bancshares Inc has been serving the people of Louisiana for over 80 years.

What makes First Guaranty Bancshares Inc different from other banks?

First Guaranty Bancshares Inc has the power to make loan decisions at a local level, offering personalized service and quick response times to meet customer needs.

How does First Guaranty Bancshares Inc invest its funds?

First Guaranty Bancshares Inc invests its funds in securities and lending activities to serve the credit needs of its customer base.

What type of loans does First Guaranty Bancshares Inc provide?

The bank provides commercial real estate loans, commercial and industrial loans, construction and land development loans, agricultural and farmland loans, and multifamily loans.

Who are the key executives of First Guaranty Bancshares Inc?

The key executives include Alton Lewis, CEO, and Eric Dosch, CFO.

How does First Guaranty Bancshares Inc support local businesses?

First Guaranty Bancshares Inc supports local businesses by providing a range of commercial loans and making loan decisions at a local level to meet their specific needs.

What is the financial condition of First Guaranty Bancshares Inc?

First Guaranty Bancshares Inc maintains a robust financial condition, focusing on consistent growth and developing strategic partnerships.

How can I contact First Guaranty Bancshares Inc?

You can contact First Guaranty Bancshares Inc by calling Alton Lewis, CEO, at 985.375.0350 or Eric Dosch, CFO, at 985.375.0308.

FIRST GUARANTY BANCSHARES INC

Nasdaq:FGBI

FGBI Rankings

FGBI Stock Data

140.68M
12.51M
51.89%
6.44%
0.08%
Banks - Regional
Savings Institution, Federally Chartered
Link
United States of America
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