In Newsweek’s first ranking of the financial institutions that best serve their customers’ needs in today’s challenging times, First Guaranty Bank was named the No. 1 BEST SMALL BANK IN AMERICA, according to a press release from First Guaranty.
“This recognition is amazing and a true testament to the hard work of the entire team,” the release read. “We hold this title with pride and commit to continuing to be the best small bank in America for all time.”
In the third quarter of 2020, First Guaranty Bank total interest income increased to $75,930,000 compared to $67,508,000 for the same period in 2019, an increase of 12.5%. Total interest expense decreased to $20,128,000 from $22,500,000, a decrease of 10.5%. Combined, these yielded an increase in Net Interest Income after the provision for loan losses, of $10,316,000, or 25.3%. Total non-interest income increased to $9,302,000 from $6,126,000, an increase of 51.8%.
Net income, after tax, for the third quarter of 2020 totaled $5,182,000 compared to $3,847,000 for the third quarter 2019, for an increase of 34.7%. The $5,182,000 in net income after tax represented the second consecutive quarterly net income after tax in excess of $5,000,000.
Earnings per share for the first nine months equaled $1.46 compared to $1.05 for the first nine months of 2019.
These earnings were accomplished while, at the same time, provisions for loan loss totaling $4,626,000 were made and the Other Real Estate provision of $930,000. Total Shareholders’ Equity increased by $22.8 million at September 30,2019 to a total of $184,811,000.
“In the first nine months of 2020, First Guaranty Bancshares, inc. has made significant progress toward enhancing shareholder value and building a fortress balance sheet,” the release read. “While accomplishing this financial success, First Guaranty has also made significant progress in improving customer service by launching a new, customer friendly internet banking system and by continuing the development of the nCino platform for loan and deposit operations. In times of adversity, First Guaranty Bancshares, Inc. forges ahead.”