First Guaranty Bancshares Releases Q2 2024 Financial Results, Reports Changes in Investment Securities

First Guaranty Bancshares, Inc. has shared its financial results and key developments for the second quarter and the first half of 2024. The announcement was made on July 24, 2024, highlighting significant changes in the company’s investment securities and overall financial position. The company, which serves as the holding firm for First Guaranty Bank, reported a decrease in investment securities totaling $358.6 million as of June 30, 2024, down from $404.1 million at the end of 2023. This decline is largely attributed to the maturity of Treasury securities, which were replaced with higher yielding loans and cash equivalents.

In terms of available for sale securities, First Guaranty noted a striking decrease from $83.5 million at the end of 2023 to $37.4 million by June 30, 2024. The company specified that this drop was predominantly linked to the maturity of low yielding Treasury securities. Conversely, the held to maturity securities saw a slight increase, rising from $320.6 million at the end of last year to $321.2 million. Throughout this period, the allowance for credit losses on these securities remained stable at $0.1 million.

First Guaranty Bancshares has a solid history, being established in 1934 and focusing heavily on customer relations and service. With operations across Louisiana, Texas, Kentucky, and West Virginia, the bank currently operates thirty-six locations. As First Guaranty advances, the leadership remains optimistic and encourages stakeholders to consider their forward-looking statements, understanding that actual results may vary due to various factors.