First Guaranty Bancshares, Inc.(FGBIP) and its subsidiary have released thei r unaudited consolidated financial statements for the first quarter of 2023. The report highlights a net income of $3.47 million and a total revenue of $41.29 million during the period. The company's financial performance is examined in detail through the Consolidated Balance Sheets, Consolidated Statements of Income, and other essential financial statements.
Consolidated Balance Sheets
Assets
The company's total assets as of March 31, 2023, reached $3.24 billion, showing a positive growth trend from the previous quarter's $3.15 billion. Cash and cash equivalents increased significantly, reaching $168.94 million from the previous $83.22 million. Investment securities saw a decrease in value, from $451.53 million to $401.31 million. Notably, net loans also increased from $2.50 billion to $2.54 billion.
Liabilities and Shareholders' Equity
Total liabilities stood at $3.01 billion, compared to $2.92 billion at the end of December 2022. Deposits, the primary source of funds, increased to $2.86 billion from $2.72 billion. Short-term advances from Federal Home Loan Bank decreased to $50 million from $120 million, reflecting changes in the company's financing strategies. The shareholders' equity, a measure of the company's net worth, amounted to $228.68 million, down from $234.99 million.
Consolidated Statements of Income
The company's net interest income was $22.30 million, a decrease from the previous year's $24.98 million. Noninterest income showed a positive trend, totaling $2.70 million, an increase from $1.96 million in the first quarter of 2022. Noninterest expenses were $20.17 million, compared to $16.75 million in the same period last year. The provision for income taxes decreased to $1.06 million from $1.98 million, resulting in a net income of $3.47 million for the first quarter of 2023.
The comprehensive income for the first quarter of 2023 was $3.88 million, a substantial increase from $160,000 in the same period last year. The company's equity structure remained relatively stable, with changes reflecting adjustments in net income, preferred stock dividends, and other comprehensive income. The balance sheet continues to reflect the company's commitment to maintaining a solid financial foundation.
The cash flows from operating activities totaled $4.03 million, reflecting the company's ability to generate cash from its core operations. Cash flows from investing activities showed a decrease in cash of $4.17 million, primarily due to investments in securities and the net increase in loans. Cash flows from financing activities contributed significantly, with a net increase in deposits amounting to $138.80 million.
Overall, First Guaranty Bancshares, Inc. and its subsidiary demonstrated a resilient financial performance in the first quarter of 2023, with steady growth in assets and deposits, stable equity structure, and positive net income. The company's strategies and financial management remain crucial factors in navigating the challenges and opportunities in the dynamic banking industry.