First Guaranty Bancshares swings to Q3 profit on Texas asset sale
FGBI•First Guaranty Bancshares reported third-quarter net income of $12 million, compared with a $45 million loss a year earlier, and EPS of $0.69. The sale of its Texas operations contributed a $17.6 million pre-tax gain.
1. Quarterly results
First Guaranty Bancshares swung to third-quarter net income of $12 million from a net loss of $45 million a year earlier. Earnings per share were $0.69.
2. Texas sale and balance sheet
The completed sale of the company’s Texas operations contributed a $17.6 million pre-tax gain. The company reduced its balance sheet by prepaying FHLB advances and reducing deposits, and improved its Tier 1 leverage and total risk-based capital ratios.
3. Asset reduction plans
Management remains focused on reducing non-performing and adversely classified assets and continues to reduce wholesale funding and align assets with core deposits. The company expects to close the sale of an $11.4 million non-performing asset in the fourth quarter of 2026.
