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First Guaranty Bancshares, Inc. Announces Third Quarter 2021 Results
HAMMOND, Louisiana, Nov. 09, 2021 (GLOBE NEWSWIRE) -- First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First
About this update from First Guaranty Bancshares, Inc.
[{"type":"text","content":"HAMMOND, Louisiana, Nov. 09, 2021 (GLOBE NEWSWIRE) -- First Guaranty Bancshares, Inc. (\"First Guaranty\") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the quarter ending September 30, 2021. The third quarter of 2021 gives evidence of the strength, the resilience, and the progress of First Guaranty Bancshares, Inc. over the past few years. The third quarter of 2021 brought record earnings and shareholder value in spite of Hurricane Ida and in spite of the continued obstacles of Covid-19. Continued strong loan demand resulted in loan interest income of $26,685,000 for the quarter compared to $22,519,000 for the same quarter of 2020, an increase of approximately 20%. At the same time, our interest expense reduction efforts resulted in a decrease in total interest expense of approximately 10%. The combination resulted in net interest income, after provision for loan losses, for the quarter of $23,528,000 compared to $17,494,000 for the same quarter of 2020; an increase of approximately 35%. At the same time, due to our emphasis on expense control, non-interest expense increased only 8.5%. The net income available to common shareholders improved from, for the quarter, $5,182,000 to $7,209,000, an increase in net income available to common shareholders of approximately 40%. Strong progress. Our loan pipeline indicates that we will continue to make strong progress. Because of forgiveness of PPP, our loan portfolio for the quarter did not increase significantly; however, the fact that we replaced PPP loans with core loans, because of the difference in yield, we will increase income by approximately $1,000,000 without any significant difference in our balance sheet. This is the type of management and progress we expect to continue. And, in case you didn’t know this, we have been selected by Newsweek and Lending Tree, for the second year in a row as the Best Small Bank in the United States. Our championship last year was not a one-time flash. We have shown that we have the quality and consistency to repeat. We will continue to build a strong, fortress balance sheet. We will continue to enhance shareholder value. Thank you for your support. Sincerely, Alton B. Lewis President and CEOFirst Guaranty, Bancshares, Inc. About First Guaranty First Guaranty, a Louisiana-based company,...