First Guaranty Bancshares Q3 net income up 8.7% to $1.9M; provision and nonaccruals surge

First Guaranty Bancshares, Inc.

Q3 EPS $0.11 vs $0.10 YoY; net income $1.9M vs $1.8M. Nine-month EPS $0.78 vs $0.56, net income +44.5% to $11.4M.
Provision for credit losses jumped to $4.9M in Q3 (vs $0.6M); YTD charge-offs $13.7M vs $2.0M. ACL to loans 1.20% (Dec 2023: 1.13%).
Nonaccrual loans rose to $65.8M from $25.2M at Dec 2023, driven by a $37.0M commercial real estate relationship with a $4.1M specific reserve.
Total assets up $371M to $3.9B; deposits increased 14% to $3.4B. Loan growth modest at 0.8%.
Board declared $0.08 per share dividend; paid 125 consecutive quarterly dividends. Sale-leaseback gain of $13.2M pre-tax.

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