First Guaranty Bancshares, Inc. (FGBI) has reported a 12.96 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $3.38 million, or $0.44 a share in the quarter, compared with $3.88 million, or $0.55 a share for the same period last year.
Revenue during the quarter went down marginally by 1.18 percent to $13.44 million from $13.60 million in the previous year period. Net interest income for the quarter rose 3.17 percent over the prior year period to $12.13 million. Non-interest income for the quarter fell 31.26 percent over the last year period to $2.55 million.
First Guaranty Bancshares has made provision of $1.24 million for loan losses during the quarter, down 33.51 percent from $1.87 million in the same period last year.
Net interest margin improved 13 basis points to 3.41 percent in the quarter from 3.28 percent in the last year period.
Alton B. Lewis, President and CEO commented: "Through the first three quarters of 2016, First Guaranty has continued to make progress in the face of adverse conditions. Everyone in the organization is working together toward our common goals to maximize shareholder value. These efforts benefit our shareholders, our employees, our customers, and our communities."
Liabilities outpace assets growth
Total assets stood at $1,440.50 million as on Sep. 30, 2016, up 0.82 percent compared with $1,428.76 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,311.35 million as on Sep. 30, 2016, up 2.41 percent from $1,280.44 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $900.49 million as on Sep. 30, 2016, up 6.33 percent compared with $846.92 million on Sep. 30, 2015. Deposits stood at $1,256.97 million as on Sep. 30, 2016, down 1.19 percent compared with $1,272.14 million on Sep. 30, 2015.
Investments stood at $475.11 million as on Sep. 30, 2016, down 8.24 percent or $42.65 million from year-ago. Shareholders equity stood at $129.15 million as on Sep. 30, 2016, down 12.93 percent or $19.18 million from year-ago.
Nonperforming assets stood at $22.56 million as on Sep. 30, 2016. Meanwhile, nonperforming assets to total assets was 1.57 percent in the quarter.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
