Business
First Guaranty Reports Net Income of $8.1 Million for the Second Quarter of 2022; Earnings Per Common Share Increased to $0.70 for the Second Quarter of 2022 Compared to $0.58 for the Second Quarter of 2021
HAMMOND, La., July 27, 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., July 27, 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 June 30, 2022. In sports, fans get excited by the offense. When a team scores 5 touchdowns or if a player hits 40 points on the court in basketball, there is much excitement and much positive comment. However, the adage in sports, is defense wins championships. For the last nine consecutive quarters, First Guaranty Bank has created tremendous excitement by its offensive performance. Loan production has consistently exceeded expectations. Earnings have also consistently exceeded expectations. The quarter ending June 30, 2022, continued the streak of outstanding financial performance. For the quarter, income available to common shareholders totaled $7,542,000 compared to $6,214,000 for the same quarter of 2021, an increase of 21.4%. For the six months ending June 30, 2022, income available to common shareholders totaled $14,545,000 compared to $11,237,000 for the same period of 2021, an increase of 29.4%. The loan portfolio rose to $2,295,738,000 compared to $2,066,408,000 as of June 30, 2021. As of June 30, 2022, our new Mideast region (Kentucky and West Virginia) had contributed a total of $171,500,000 in new loans closed. These are the exciting numbers. At the same time these exciting numbers were being put up, First Guaranty Bank was playing some strong defense. In the second quarter of 2022, First Guaranty Bank was able to get several big, longstanding problem loans out of the loan portfolio. First Guaranty Bank was also able to improve the handling and renewal of loans reaching maturity so that past due loans were significantly reduced. As a result of these efforts, as of June 30, 2022, the Texas capital ratio has been reduced to 3.86%, a significant reduction on the 13.54% level as of January 2021. For the six-month period ending June 30, 2022, interest expense increased only $446,000 an increase of only 4.0% during a time of rapidly rising interest rates. In addition to the financial accomplishments in the first six months of 2022 we also significantly improved the strength of our Management team with the addition of a highly qualified individual to oversee our various construction and maintenance pr...