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First Guaranty Bancshares Inc. (FGBI+1.17%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $4.0 billion, an increase from $3.6 billion the previous year. Total deposits rose to $3.5 billion, up from $3.0 billion.
Net loans decreased by $54.9 million to $2.7 billion, with commercial and industrial loans seeing a significant decrease.
The allowance for credit losses increased to $34.8 million from $30.9 million, with a provision for credit losses of $20.0 million recorded for the year.
Net income was reported at $12.4 million, an increase from $9.2 million in the previous year, attributed to higher net interest income and noninterest income.
Net interest income increased to $88.4 million, driven by higher interest income from loans and securities.
Noninterest income rose significantly to $24.7 million, largely due to gains from a sale-leaseback transaction.
Noninterest expense decreased to $77.1 million, with reductions in salaries, benefits, and other operating expenses.
The company reported a net interest margin of 2.47%, down from 2.69% the previous year, impacted by increased interest expenses.
First Guaranty Bancshares maintained a well-capitalized status with a Tier 1 leverage ratio of 6.42% and a total risk-based capital ratio of 11.73%.
The company continues to focus on managing interest rate risk and maintaining liquidity, with cash and cash equivalents totaling $564.2 million at year-end.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Guaranty Bancshares Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.