First Guaranty Bancshares reports Q1 net loss of $6.7M; credit provision surges, dividend slashed

First Guaranty Bancshares, Inc.

Net loss to common shareholders of $6.7M ($0.54 per share) vs. $1.7M profit ($0.14) in Q1 2024.
Provision for credit losses surged to $14.5M from $2.3M; $70M loan sale added $5.8M loss to allowance.
Net interest income rose to $22.2M; business revenue after provision fell to $10.0M from $21.9M.
Non-interest expense cut to $18.0M; FTE employees reduced to 382 from 495 in June 2024.
Total risk-based capital improved to 12.74%; dividend slashed to $0.01 per share from $0.16.

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