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 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.
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