Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 112

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 decreased $143.5 million and were $3.8 billion at March 31, 2025 and $4.0 billion at December 31, 2024. Total loans at March 31, 2025 were $2.5 billion, a decrease of $181.0 million, or 6.7%, compared with December 31, 2024. Total deposits were $3.3 billion at March 31, 2025, a decrease of $136.8 million, or 3.9%, compared with December 31, 2024. Retained earnings were $66.1 million at March 31, 2025, a decrease of $6.9 million compared to $73.0 million at December 31, 2024. Shareholders' equity was $251.4 million and $255.0 million at March 31, 2025 and December 31, 2024, respectively. 

•Net (loss) income for the three months ended March 31, 2025 and 2024 was $(6.2) million and $2.3 million, respectively, a decrease of $8.5 million.

•Earnings per common share were $(0.54) and $0.14 for three months ended March 31, 2025 and 2024, respectively. Total weighted average shares outstanding were 12,506,792 and 12,489,910 for the three months ended March 31, 2025 and 2024, respectively. The change in shares was due to the issuance of 186,787 shares of common stock under private placement in 2025.

•The allowance for credit losses was $43.0 million or 1.71% of total loans at March 31, 2025 compared to $34.8 million or 1.29% at December 31, 2024. 

•Net interest income for the three months ended March 31, 2025 was $22.2 million compared to $21.9 million for the three months ended March 31, 2024.

•The provision for credit losses for the three months ended March 31, 2025 was $14.5 million compared to $2.3 million for the three months ended March 31, 2024. As previously noted, $5.8 million of the provision was related to the sale of two commercial real estate loans.

•Charge-offs were $6