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
April 28 2022 - 2:45PM
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.
About First Guaranty
First Guaranty Bancshares, Inc. is the holding
company for First Guaranty Bank, a Louisiana state-chartered bank.
Founded in 1934, First Guaranty Bank offers a wide range of
financial services and focuses on building client relationships and
providing exceptional customer service. First Guaranty Bank
currently operates thirty-six locations throughout Louisiana,
Texas, Kentucky and West Virginia. First Guaranty’s common stock
trades on the NASDAQ under the symbol FGBI. For more information,
visit www.fgb.net.
Certain statements contained herein are "forward
looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward looking statements may be identified by
reference to a future period or periods, or by the use of forward
looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms. Forward
looking statements are subject to numerous risks and uncertainties,
as described in our SEC filings, including, but not limited to,
those related to the real estate and economic environment,
particularly in the market areas in which First Guaranty operates,
competitive products and pricing, fiscal and monetary policies of
the U.S. Government, changes in government regulations affecting
financial institutions, including regulatory fees and capital
requirements, changes in prevailing interest rates, acquisitions
and the integration of acquired businesses, credit risk management,
asset-liability management, the financial and securities markets
and the availability of and costs associated with sources of
liquidity.
First Guaranty wishes to caution readers not to
place undue reliance on any such forward looking statements, which
speak only as of the date made. First Guaranty wishes to advise
readers that the factors listed above could affect First Guaranty's
financial performance and could cause First Guaranty's actual
results for future periods to differ materially from any opinions
or statements expressed with respect to future periods in any
current statements. First Guaranty does not undertake and
specifically declines any obligation to publicly release the
results of any revisions, which may be made to any forward looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events.
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Contact
Info: CONTACT: ERIC J. DOSCH, CFO
985.375.0308
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