First Guaranty Bancshares, Inc. announces staff reductions, business strategy changes, and increase in net income.

From GlobeNewswire: 2024-07-24 10:50:00

First Guaranty Bancshares, Inc. announced key developments and financial results for the second quarter of 2024. The bank is implementing changes to its business strategy, including reducing staff by 15% (71 positions). This shift is expected to generate $12.0 million in pre-tax savings annually. Second quarter net income was $7.2 million, a 169.1% increase from 2023.

During the second quarter, First Guaranty charged off $8.8 million in loan balances, including a $3.8 million loan from a restaurant supply business and a $1.8 million unguaranteed loan under the Main Street Lending Program. The bank’s total assets increased to $3.6 billion, with net income rising to $7.2 million in the second quarter of 2024.

First Guaranty anticipates that its new business strategy will generate $12.0 million in pre-tax savings annually. The bank’s net interest income for the second quarter of 2024 was $21.2 million, with total assets reaching $3.6 billion. First Guaranty’s net income for the second quarter was $7.2 million, a 169.1% increase from the previous year.



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