First Guaranty Bancshares (FGBI) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a welcome, hybrid format, and instructions for virtual participation.

• Invocation led by a board director, followed by a moment of reflection on the past year.

• Tribute paid to retiring CEO Alton Lewis for his leadership and achievements.

Board and executive committee updates

• Introduction of board members, nominees, and proxies for the meeting.

• Inspectors of election and their responsibilities were introduced, with confirmation of quorum.

Financial performance review

• First quarter 2025 saw $70 million in non-performing loans sold, resulting in a $5.8 million provision expense.

• Total provision for the quarter was $14.5 million, leading to a loss of $0.54 per share.

• Net interest income before provision rose to $22.2 million, up from $21.9 million year-over-year.

• Non-interest expense decreased to $18 million from $18.9 million in the prior year.