---
schema_version: "secwatch.filing_event.v1"
accession: "0001408534-24-000067"
form_type: "8-K"
ticker: "FGBI"
cik: "0001408534"
company_name: "First Guaranty Bancshares, Inc."
filed_at: "2024-07-23T23:59:59+00:00"
generated_at: "2026-05-31T17:57:53.067619+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001408534-24-000067
- form_type: 8-K
- ticker: FGBI
- cik: 0001408534
- company_name: First Guaranty Bancshares, Inc.
- filed_at: 2024-07-23T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1408534/000140853424000067/0001408534-24-000067-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1408534/000140853424000067/fgbi-20240723.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001408534-24-000067
- JSON: https://secwatch.observer/filing/0001408534-24-000067.json
- Plain text: https://secwatch.observer/filing/0001408534-24-000067.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.