Business
First Guaranty Reports Net Income of $27.3 Million for the Year 2021 and Fourth Quarter 2021 Net Income of $8.0 million; Earnings Per Common Share Increased to $2.42 for the Year 2021 Compared to $1.90 for the Year 2020
HAMMOND, La., Jan. 26, 2022 (GLOBE NEWSWIRE) -- First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty
About this update from First Guaranty Bancshares, Inc.
[{"type":"text","content":"HAMMOND, La., Jan. 26, 2022 (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 and year ending December 31, 2021. The fourth quarter of 2021 continued First Guaranty Bancshares, Inc. eight consecutive quarters of strong earnings and outstanding performance. With net earnings for the quarter of $8,049,000 ($7,467,000 after preferred stock dividend payments) First Guaranty Bancshares, Inc.’s earnings for the year 2021 totaled $27,297,000, $25,913,000 after payment of preferred stock dividends. Net income for the fourth quarter represented a 31% increase over the fourth quarter of 2020 and a 34% increase for the year 2021 over the year 2020. These strong results were the result of an increase in total interest income year over year of 11% combined with a decrease in total interest expense of approximately 14%. Asset Quality also increased significantly as the Texas ratio decreased to 6.56% as of December 31, 2021, compared to 11.65% as of December 31, 2020. The loan portfolio ended the year at $2,159,359,000 compared to $1,844,135,000 as of December 31, 2020. This represents an increase in the loan portfolio of year over year of 17%. Total shareholders’ equity ended the year at $223,889,000 compared to $178,591,000 as of December 31, 2020. On December 31, 2021, First Guaranty Bancshares, Inc. paid to its shareholders the 114th consecutive quarterly cash dividend. This cash dividend followed a 10% stock dividend which was awarded to all First Guaranty Bancshares, Inc’s shareholders on December 17, 2021. The result was a strong cash dividend and a value enhancement to First Guaranty Bancshares, Inc. While 2021 brought great financial benefit to the shareholders for First Guaranty Bancshares, Inc., we continued to build and strengthen our Bank system. In the fourth quarter 2021, we were awarded and established loan production and deposit production offices in Vanceburg, Kentucky and Bridgeport, West Virginia. The addition of strong management and loan teams in these areas in November 2021 led to immediate loan production and loan income in these areas. As of December 31, 2021, First Guaranty Bancshares, Inc. had $64,000,000 in loans, from the new areas, booked and earning interest. An additional ...