First Guaranty Bancshares, Inc. announced its unaudited financial results for the third quarter ended September 30, 2024, reporting a net income of $1.927 million, an increase from $1.772 million in the third quarter of 2023. Earnings per common share for the quarter were $0.11, up from $0.10 in the prior year's quarter. Net interest income also saw an increase, reaching $22.698 million compared to $20.445 million in Q3 2023.
The company's balance sheet reflected growth, with total assets increasing to $3.924 billion at September 30, 2024, from $3.418 billion a year prior. Total deposits grew to $3.429 billion from $2.815 billion, and net loans increased to $2.736 billion from $2.667 billion. However, the provision for credit losses significantly increased to $4.904 million in Q3 2024, up from $627 thousand in Q3 2023, indicating heightened concerns regarding loan quality.
In a notable capital management decision, First Guaranty Bancshares reduced its common stock dividend to $0.08 per share for Q3 2024, down from $0.16 per share paid in Q3 2023. This reduction was a deliberate action taken to enhance capital, aligning with the company's new business strategy. The company also reduced its short-term advances from the Federal Home Loan Bank from $125 million to zero, and short-term borrowings from $20 million to zero, indicating a payoff of $145 million in debt.
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