Business
First Guaranty Reports Net Income of $7.6 Million for the First Quarter of 2022; Earnings Per Common Share Increased to $0.65 for the First Quarter of 2022 Compared to $0.47 for the First Quarter of 2021
HAMMOND, La., April 28, 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., April 28, 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 ending March 31, 2022. The momentum we have built over 9 consecutive quarters carried strongly over into the first quarter of 2022. Net earnings for the first quarter of 2022 before payment of the preferred stock dividends totaled $7,585,000. The income available to common shareholders after payment of the preferred stock dividends totaled $7,003,000. This represents a 39% increase over the first quarter of 2021 when income available to common shareholders was $5,023,000. Earnings per common share increased to $0.65 per share for the first quarter of 2022 compared to $0.47 per share for the first quarter of 2021. This strong performance enabled the payment of the 115th consecutive quarterly dividend by First Guaranty Bancshares, Inc. Strong lending provided the impetus and the basis for this production as the loan portfolio increased to $2,231,000,000 at March 31, 2022 compared to $1,966,000,000 as of the end of the first quarter of 2021, an increase of 13.5% in the total loan portfolio. Interest expense continued to be reduced as the total interest expense for the first quarter of 2022 was $5,496,000 compared to $5,739,000 in 2021. Our net interest income after provision for loan losses increased to $24,351,000 compared to $18,994,000 for the first quarter of 2021, an increase of 28.2% over the first quarter of 2021. Along with the great earnings performance, the market value per share of First Guaranty Bancshares, Inc. increased to $23.94 as of March 31, 2022, compared to $17.91 as of March 31, 2021. That gain is compounded by the fact that you have 10% more shares now than you had in 2021. We will continue our success. We are determined to improve First Guaranty Bancshares, Inc. everyday. Our loan pipeline continues to be strong. Our expansion in the West Virginia and Kentucky areas has been very successful. We will continue to work to increase revenue and reduce expense. We are determined to enhance shareholder value. Thank you for your continued support of our efforts. If you have any questions, please do not hesitate to contact me. Sincerely, Alton B. Lewis President and CEO First Guaranty, Bancshares, Inc...