First Guaranty cuts dividend to $0.08, reports $36.9M nonaccrual loan, 15% staff reduction

First Guaranty Bancshares, Inc.

Net income $7.2M vs $2.7M YoY (EPS $0.53) boosted by $13.2M pre-tax gain from branch sale-leaseback.
Nonaccrual loans surge to $62.3M from $25.2M; one $36.9M CRE relationship drives increase.
Provision for credit losses jumps to $6.8M from $0.5M; Q2 charge-offs total $8.8M.
Board plans $0.08 quarterly dividend for Q3/Q4 2024, down from $0.16 per share maintained in Q2.
71 positions eliminated (15% workforce); expects $12M annual pre-tax cost savings starting Q4 2024.

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