FGBI Q4 net income down 22.5% YoY; nonaccrual loans surge to $108.5M

First Guaranty Bancshares, Inc.

Q4 net income $1.0M ($0.03 EPS) vs $1.3M ($0.06 EPS) in Q4 2023.
Nonaccrual loans jumped to $108.5M at Dec 31, vs $25.2M a year earlier; largest 6 relationships comprise 76% of nonperformers.
Provision for credit losses was $6.0M in Q4 vs $2.2M a year ago; full-year charge-offs $18.6M vs $6.0M.
Net interest margin narrowed to 2.32% in Q4 from 2.53% a year ago; loan balances declined $54.9M YoY.
Quarterly common dividend cut to $0.01 from $0.16 in Q4 2023; assets grew to $4.0B.

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