First Guaranty Bancshares swings to quarterly loss on exposure to auto parts bankruptcy
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First Guaranty Bancshares reported a third-quarter loss of $45 million, or $3.01 per share, due to an impairment charge and increased reserves for bad loans linked to an auto parts manufacturer bankruptcy. The bank has a $52 million credit exposure related to the bankruptcy and raised its provision for credit losses to $47.9 million. Despite a recent 17.5% drop in shares, they rose 2.4% after the announcement. CEO Michael Mineer stated proactive steps have been taken to reserve against credit risks, anticipating further clarity in the fourth quarter.
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