FGBI posts $5.8M Q2 net loss; provision for credit losses surges to $14.7M

First Guaranty Bancshares, Inc.

Net loss of $5.8M ($0.50 per share) vs net income of $7.2M ($0.53) in Q2 2024.
Provision for credit losses was $14.7M, up from $6.8M a year ago; allowance at 2.36% of loans.
Nonaccrual loans $119.2M at June 30; largest 6 relationships comprise 75% of NPAs.
Loan portfolio shrunk 10.5% YTD to $2.41B as part of CRE de-risking strategy.
Dividend cut to $0.01/share from $0.16; book value fell to $15.31 from $17.75.

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