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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2024

Image1.jpg
FIRST GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Louisiana001-3762126-0513559
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
incorporation or organization) Identification Number)
  
400 East Thomas Street 
Hammond, Louisiana
70401
(Address of principal executive offices)(Zip Code)
  
(985) 345-7685
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☐ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par valueFGBIThe Nasdaq Stock Market LLC
Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)FGBIPThe Nasdaq Stock Market LLC



Item 2.02.        Results of Operations and Financial Condition

On October 30, 2024, First Guaranty Bancshares, Inc. issued a press release reporting its financial results at and for the three months and nine months ended September 30, 2024. 

The Press Release is enclosed as Exhibit 99.1 to this report. The information in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01.        Financial Statements and Exhibits. 

Exhibit 99.1    Press Release dated October 30, 2024.

Forward Looking Statements

This letter contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact which represent our current judgement about possible future events. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or otherwise revise any forward-looking statements.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
  FIRST GUARANTY BANCSHARES, INC.
  (Registrant)
Date: October 30, 2024   
  By:/s/Eric J. Dosch
   Eric J. Dosch
   Chief Financial Officer
   



INDEX TO EXHIBITS
 
Exhibit NumberDescription
Press Release October 30, 2024 "First Guaranty Bancshares, Inc. Announces Third Quarter 2024 Financial Results."


EXHIBIT 99.1
OCTOBER 30, 2024
NEWS FOR IMMEDIATE RELEASE
CONTACT: ERIC J. DOSCH, CFO
985.375.0308
 
First Guaranty Bancshares, Inc. Announces Third Quarter 2024 Financial Results

Hammond, Louisiana, October 30, 2024 – First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the third quarter and nine months ending September 30, 2024.

Financial Highlights for the third quarter and nine months ended September 30, 2024, are as follows:

•Total assets increased $371.2 million and were $3.9 billion at September 30, 2024 and $3.6 billion at December 31, 2023. Total loans at September 30, 2024 were $2.8 billion, an increase of $20.9 million, or 0.8%, compared with December 31, 2023. Total deposits were $3.4 billion at September 30, 2024, an increase of $420.8 million, or 14.0%, compared with December 31, 2023. Retained earnings were $72.7 million at September 30, 2024, an increase of $4.7 million compared to $68.0 million at December 31, 2023. Shareholders' equity was $256.4 million and $249.6 million at September 30, 2024 and December 31, 2023, respectively.

•Net income for the third quarter of 2024 and 2023 was $1.9 million and $1.8 million, respectively, an increase of $0.2 million or 8.7%. Net income for the nine months ended September 30, 2024 and 2023 was $11.4 million and $7.9 million, respectively, an increase of $3.5 million or 44.5%.

•Earnings per common share were $0.11 and $0.10 for the third quarter of 2024 and 2023, respectively, and $0.78 and $0.56 for the nine months ended September 30, 2024 and 2023, respectively. Total weighted average shares outstanding were 12,504,717 and 11,431,083 for the third quarter of 2024 and 2023, respectively, and 12,499,799 and 11,022,919 for the nine months ended September 30, 2024 and 2023, respectively. The change in shares was due to the issuance of 44,341 and 29,293 shares of common stock under the Equity Bonus Plan during the fourth quarter of 2023 and the first quarter of 2024, respectively, and the issuance of 1,714,287 shares of common stock under private placement in 2023.

•The allowance for credit losses was 1.20% of total loans at September 30, 2024 compared to 1.13% at December 31, 2023.

•Net interest income for the third quarter of 2024 was $22.7 million compared to $20.4 million for the same period in 2023. Net interest income for the nine months ended September 30, 2024 was $65.9 million compared to $63.7 million for the nine months ended September 30, 2023.

•The provision for credit losses for the third quarter of 2024 was $4.9 million compared to $0.6 million for the same period in 2023. The provision for credit losses for the nine months ended September 30, 2024 was $14.0 million compared to $1.5 million for the nine months ended September 30, 2023.

•Charge-offs were $13.7 million during the first nine months ended September 30, 2024 and $2.0 million during the same period in 2023. Recoveries totaled $0.7 million during the first nine months ended September 30, 2024 and $1.2 million during the same period in 2023.

•Net gains on the sale of loans for the third quarter of 2024 was $1.5 million compared to $0 for the same period in 2023. Net gains on the sale of loans for the nine months ended September 30, 2024 was $1.5 million compared to $12,000 for the nine months ended September 30, 2023.

•First Guaranty had $1.2 million of other real estate owned as of September 30, 2024 compared to $1.3 million at December 31, 2023.

•The net interest margin for the three months ended September 30, 2024 was 2.51% which was a decrease of 3 basis points from the net interest margin of 2.54% for the same period in 2023. The net interest margin for the nine months ended September 30, 2024 was 2.52% which was a decrease of 23 basis points from the net interest margin of 2.75% for the same period in 2023. First Guaranty attributed the decrease in the net interest margin to the increase in market interest rates that began in 2022 and continued through 2023 that increased the cost of liabilities. Loans as a percentage of average interest earning assets decreased to 80.0% at September 30, 2024 compared to 83.2% at September 30, 2023.

•Investment securities totaled $664.0 million at September 30, 2024, an increase of $259.9 million when compared to $404.1 million at December 31, 2023. At September 30, 2024, available for sale securities, at fair value, totaled $342.6 million, an increase of $259.1 million when compared to $83.5 million at December 31, 2023. The increase in available for sale securities was primarily due to purchase of Treasury securities. At September 30, 2024, held to maturity securities, at amortized cost and net of the allowance for credit losses totaled $321.4 million, an increase of $0.8 million when compared to $320.6 million at December 31, 2023. The allowance for credit losses for HTM securities was $0.1 million at September 30, 2024 and December 31, 2023.

•Total loans net of unearned income were $2.8 billion at September 30, 2024, a net increase of $20.9 million from December 31, 2023. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $33.3 million at September 30, 2024 and $30.9 million at December 31, 2023, respectively.



•Nonaccrual loans increased $40.6 million to $65.8 million at September 30, 2024 compared to $25.2 million at December 31, 2023. The increase in total nonaccrual loans was concentrated primarily in one commercial real estate relationship that totaled $37.0 million. This relationship is comprised of five loans secured by real estate located in the Midwest. $13.9 million of this relationship was previously reported in 90 day plus but still accruing at December 31, 2023.

•At September 30, 2024, our largest non-performing assets were comprised of the following nonaccrual loans: (1) a $37.0 million non-farm non-residential loan relationship comprised of five loans with a specific reserve of $4.1 million; (2) a $3.3 million one- to four-family loan relationship; (3) a $1.8 million commercial real estate loan; (4) a commercial lease loan that totaled $1.7 million; (5) a commercial lease loan that totaled $1.6 million; (6) a $1.3 million one- to four-family loan relationship; and (7) a $1.3 million loan relationship that is classified as purchased credit deteriorated.

•First Guaranty charged off $2.6 million in loan balances during the third quarter of 2024. The details of the $2.6 million in charged-off loans were as follows:
1.First Guaranty charged off $0.5 million in consumer loans during the third quarter of 2024. The consumer loan charge offs included $0.1 million in credit card loans, $0.1 million of loans secured by automobiles or equipment, and $0.3 million in unsecured loans.
2.First Guaranty charged off $1.0 million on a loan relationship that is classified as purchased credit deteriorated during the third quarter of 2024. This relationship had remaining principal balance of $1.3 million at September 30, 2024.
3.First Guaranty charged off $0.1 million on a commercial and industrial loan relationship during the third quarter of 2024. This relationship had a remaining principal balance of $1.0 million at September 30, 2024.
4.First Guaranty charged off $0.1 million on a one- to four-family loan during the third quarter of 2024. This loan had no remaining principal balance at September 30, 2024.
5.Smaller loans and overdrawn deposit accounts comprised the remaining $0.9 million of charge-offs for the third quarter of 2024.

•Return on average assets for the three months ended September 30, 2024 and 2023 was 0.21%, for each period. Return on average assets for the nine months ended September 30, 2024 and 2023 was 0.42% and 0.33%, respectively. Return on average common equity for the three months ended September 30, 2024 and 2023 was 2.40% and 2.27%, respectively. Return on average common equity for the nine months ended September 30, 2024 and 2023 was 5.87% and 4.06% respectively. Return on average assets is calculated by dividing annualized net income by average assets. Return on average common equity is calculated by dividing annualized net income by average common equity.

•Book value per common share was $17.86 as of September 30, 2024 compared to $17.36 as of December 31, 2023. The increase was due primarily to the recent issuance of new shares and changes in accumulated other comprehensive income ("AOCI"). AOCI is comprised of unrealized gains and losses on available for sale securities, including unrealized losses on available for sale securities at the time of transfer to held to maturity.

•First Guaranty's Board of Directors declared cash dividends of $0.08 and $0.16 per common share in the third quarter of 2024 and 2023. First Guaranty has paid 125 consecutive quarterly dividends as of September 30, 2024.

•First Guaranty paid preferred stock dividends of $1.7 million during the first nine months of 2024 and 2023.

•As previously announced, on June 28, 2024, the Bank consummated a sale-leaseback transaction relating to two stand-alone branches and a portion of the headquarters building which also contains a branch (collectively, the “Properties”). The aggregate cash purchase price was $14.7 million. The sale-leaseback transaction resulted in a pre-tax gain of approximately $13.2 million, or $10.4 million after tax. Aggregate first full year of rent expense under the Lease Agreements will be approximately $1.3 million pre-tax, or $1.0 million after tax.
 
About First Guaranty
First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank. Founded in 1934, First Guaranty Bank offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. First Guaranty Bank currently operates thirty-five locations throughout Louisiana, Texas, Kentucky and West Virginia. First Guaranty’s common stock trades on the NASDAQ under the symbol FGBI. For more information, visit www.fgb.net.



Forward Looking Statements
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended with respect to the financial condition, liquidity, results of operations, and future performance of the business of First Guaranty Bancshares, Inc. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond our control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” We caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. These forward-looking statements are subject to a number of factors and uncertainties, including, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

No Offer or Solicitation

This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of First Guaranty. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.



FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data)September 30, 2024December 31, 2023
Assets  
Cash and cash equivalents:  
Cash and due from banks$362,855 $286,114 
Federal funds sold4,766 341 
Cash and cash equivalents367,621 286,455 
Interest-earning time deposits with banks250—
Investment securities:  
Available for sale, at fair value342,598 83,485 
Held to maturity, at cost and net of allowance for credit losses of $80 (estimated fair value of $265,540 and $253,584 respectively)321,428 320,638 
Investment securities664,026 404,123 
Federal Home Loan Bank stock, at cost9,492 13,390 
Loans held for sale— — 
Loans, net of unearned income2,769,651 2,748,708 
Less: allowance for credit losses33,281 30,926 
Net loans2,736,370 2,717,782 
Premises and equipment, net68,455 69,792 
Goodwill12,900 12,900 
Intangible assets, net3,671 4,298 
Other real estate, net1,160 1,250 
Accrued interest receivable17,660 15,713 
Other assets42,402 27,069 
Total Assets$3,924,007 $3,552,772 
Liabilities and Shareholders' Equity  
Deposits:  
Noninterest-bearing demand$401,981 $442,755 
Interest-bearing demand1,501,886 1,526,628 
Savings233,496 218,986 
Time1,292,562 820,725 
Total deposits3,429,925 3,009,094 
Short-term advances from Federal Home Loan Bank— 50,000 
Short-term borrowings— 10,000 
Repurchase agreements6,981 6,297 
Accrued interest payable17,750 11,807 
Long-term advances from Federal Home Loan Bank135,000 155,000 
Senior long-term debt16,163 39,099 
Junior subordinated debentures44,730 15,000 
Other liabilities17,062 6,844 
Total Liabilities3,667,611 3,303,141 
Shareholders' Equity  
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized  
Non-cumulative perpetual; 34,500 issued and outstanding33,058 33,058 
Common stock, $1 par value - 100,600,000 shares authorized; 12,504,717 and 12,475,424 shares issued and outstanding12,505 12,475 
Surplus149,389 149,085 
Retained earnings72,662 67,972 
Accumulated other comprehensive (loss) income(11,218)(12,959)
Total Shareholders' Equity256,396 249,631 
Total Liabilities and Shareholders' Equity$3,924,007 $3,552,772 
See Notes to Consolidated Financial Statements  



FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands, except share data)2024202320242023
Interest Income:
Loans (including fees)$49,811 $43,407 $144,281 $121,846 
Deposits with other banks4,645 1,897 11,747 3,719 
Securities (including FHLB stock)2,971 2,323 7,958 7,130 
Total Interest Income57,427 47,627 163,986 132,695 
Interest Expense:
Demand deposits16,957 16,102 50,992 44,187 
Savings deposits1,374 1,001 3,928 2,418 
Time deposits12,631 6,504 32,649 15,304 
Borrowings3,767 3,575 10,556 7,127 
Total Interest Expense34,729 27,182 98,125 69,036 
Net Interest Income22,698 20,445 65,861 63,659 
Less: Provision for credit losses4,904 627 14,013 1,489 
Net Interest Income after Provision for Credit Losses17,794 19,818 51,848 62,170 
Noninterest Income:
Service charges, commissions and fees815 858 2,343 2,461 
ATM and debit card fees784 796 2,352 2,449 
Net gains on securities— — — — 
Net gains on sale of loans1,471 — 1,481 12 
Net gains on sale of assets31 (7)13,244 11 
Other1,304 842 2,819 3,072 
Total Noninterest Income4,405 2,489 22,239 8,005 
Total Business Revenue, Net of Provision for Credit Losses22,199 22,307 74,087 70,175 
Noninterest Expense:
Salaries and employee benefits10,098 10,429 30,438 30,365 
Occupancy and equipment expense2,538 2,121 7,356 6,542 
Other7,070 7,446 21,455 22,990 
Total Noninterest Expense19,706 19,996 59,249 59,897 
Income Before Income Taxes2,493 2,311 14,838 10,278 
Less: Provision for income taxes566 539 3,400 2,362 
Net Income1,927 1,772 11,438 7,916 
Less: Preferred stock dividends582 582 1,747 1,747 
Net Income Available to Common Shareholders$1,345 $1,190 $9,691 $6,169 
Per Common Share:
Earnings$0.11 $0.10 $0.78 $0.56 
Cash dividends paid$0.08 $0.16 $0.40 $0.48 
Weighted Average Common Shares Outstanding12,504,717 11,431,083 12,499,799 11,022,919 
See Notes to Consolidated Financial Statements



              FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(in thousands except for %)Average BalanceInterestYield/Rate (5)Average BalanceInterestYield/Rate (5)
Assets      
Interest-earning assets:      
Interest-earning deposits with banks$364,538 $4,645 5.07 %$145,235 $1,897 5.18 %
Securities (including FHLB stock)424,620 2,971 2.78 %412,169 2,323 2.24 %
Federal funds sold2,211 — — %331 — — %
Loans held for sale — — — %— — — %
Loans, net of unearned income (6)2,811,227 49,811 7.05 %2,632,564 43,407 6.54 %
Total interest-earning assets3,602,596 $57,427 6.34 %3,190,299 $47,627 5.92 %
Noninterest-earning assets:
Cash and due from banks19,021 18,418 
Premises and equipment, net68,974 62,348 
Other assets35,860 27,420 
Total Assets$3,726,451 $3,298,485 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits$1,499,327 $16,957 4.50 %$1,429,402 $16,102 4.47 %
Savings deposits234,118 1,374 2.33 %216,089 1,001 1.84 %
Time deposits1,036,757 12,631 4.85 %678,521 6,504 3.80 %
Borrowings271,954 3,767 5.51 %251,317 3,575 5.64 %
Total interest-bearing liabilities3,042,156 $34,729 4.54 %2,575,329 $27,182 4.19 %
Noninterest-bearing liabilities:
Demand deposits408,383 461,489 
Other19,562 20,660 
Total Liabilities3,470,101 3,057,478 
Shareholders' equity256,350 241,007 
Total Liabilities and Shareholders' Equity$3,726,451 $3,298,485 
Net interest income$22,698 $20,445 
Net interest rate spread (1)1.80 %1.73 %
Net interest-earning assets (2)$560,440 $614,970 
Net interest margin (3), (4)2.51 %2.54 %
Average interest-earning assets to interest-bearing liabilities118.42 %123.88 %
(1)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(3)Net interest margin represents net interest income divided by average total interest-earning assets.
(4)The tax adjusted net interest margin was 2.51% and 2.55% for the above periods ended September 30, 2024 and 2023 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended September 30, 2024 and 2023 respectively.
(5)Annualized.
(6)Includes loan fees of $1.5 million for the three months ended September 30, 2024 and 2023 respectively.



FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in thousands except for %)Average BalanceInterestYield/Rate (5)Average BalanceInterestYield/Rate (5)
Assets      
Interest-earning assets:      
Interest-earning deposits with banks$299,449 $11,747 5.24 %$102,976 $3,719 4.83 %
Securities (including FHLB stock)396,025 7,958 2.68 %415,442 7,130 2.29 %
Federal funds sold1,060 — — %391 — — %
Loans held for sale — — — %— — — %
Loans, net of unearned income (6)2,793,397 144,281 6.90 %2,576,793 121,846 6.32 %
Total interest-earning assets3,489,931 $163,986 6.28 %3,095,602 $132,695 5.73 %
Noninterest-earning assets:      
Cash and due from banks19,439 18,706   
Premises and equipment, net69,951 60,157   
Other assets31,144 27,707   
Total Assets$3,610,465   $3,202,172   
Liabilities and Shareholders' Equity      
Interest-bearing liabilities:      
Demand deposits$1,519,743 $50,992 4.48 %$1,458,405 $44,187 4.05 %
Savings deposits229,763 3,928 2.28 %211,515 2,418 1.53 %
Time deposits924,857 32,649 4.72 %624,190 15,304 3.28 %
Borrowings246,502 10,556 5.72 %165,508 7,127 5.76 %
Total interest-bearing liabilities2,920,865 $98,125 4.49 %2,459,618 $69,036 3.75 %
Noninterest-bearing liabilities:      
Demand deposits416,389 489,154   
Other19,636 16,954   
Total Liabilities3,356,890   2,965,726   
Shareholders' equity253,575 236,446   
Total Liabilities and Shareholders' Equity$3,610,465   $3,202,172   
Net interest income $65,861   $63,659  
Net interest rate spread (1)  1.79 %  1.98 %
Net interest-earning assets (2)$569,066   $635,984   
Net interest margin (3), (4)  2.52 %2.75 %
Average interest-earning assets to interest-bearing liabilities  119.48 %125.86 %
(1)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(3)Net interest margin represents net interest income divided by average total interest-earning assets.
(4)The tax adjusted net interest margin was 2.53% and 2.75% for the above periods ended September 30, 2024 and 2023 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended September 30, 2024 and 2023 respectively.
(5)Annualized.
(6)Includes loan fees of $5.5 million and $4.3 million for the nine months ended September 30, 2024 and 2023 respectively.




The following table summarizes the components of First Guaranty's loan portfolio as of September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023:

 September 30, 2024June 30, 2024March 31, 2024December 31, 2023
(in thousands except for %)BalanceAs % of CategoryBalanceAs % of CategoryBalanceAs % of CategoryBalanceAs % of Category
Real Estate:    
Construction & land development$323,123 11.6 %$355,216 12.5 %$328,090 11.9 %$399,435 14.5 %
Farmland39,569 1.4 %38,493 1.3 %37,534 1.3 %32,530 1.2 %
1- 4 Family471,885 17.0 %457,263 16.1 %456,659 16.5 %444,850 16.1 %
Multifamily162,243 5.8 %160,256 5.6 %165,148 6.0 %118,921 4.3 %
Non-farm non-residential1,165,552 42.0 %1,164,117 41.0 %1,133,516 41.1 %1,045,865 37.9 %
Total Real Estate2,162,372 77.8 %2,175,345 76.5 %2,120,947 76.8 %2,041,601 74.0 %
Non-Real Estate:
Agricultural47,552 1.7 %47,852 1.7 %43,422 1.6 %41,008 1.5 %
Commercial and industrial(1)
274,441 9.9 %300,597 10.6 %293,292 10.6 %334,972 12.1 %
Commercial leases248,563 9.0 %269,428 9.5 %253,016 9.2 %285,415 10.4 %
Consumer and other45,672 1.6 %47,836 1.7 %49,458 1.8 %54,485 2.0 %
Total Non-Real Estate616,228 22.2 %665,713 23.5 %639,188 23.2 %715,880 26.0 %
Total loans before unearned income2,778,600 100.0 %2,841,058 100.0 %2,760,135 100.0 %2,757,481 100.0 %
Unearned income(8,949) (7,708)(7,905)(8,773)
Total loans net of unearned income$2,769,651  $2,833,350 $2,752,230 $2,748,708 

(1) Includes PPP loans fully guaranteed by the SBA of $2.0 million, $2.3 million, $2.6 million, and $2.8 million at September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.





The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.
(in thousands)September 30, 2024June 30, 2024March 31, 2024December 31, 2023
Nonaccrual loans: 
Real Estate: 
Construction and land development$2,815 $2,314 $598 $530 
Farmland1,189 666 903 836 
1- 4 family9,563 7,900 8,157 6,985 
Multifamily537 537 537 537 
Non-farm non-residential42,414 41,626 9,733 9,740 
Total Real Estate56,518 53,043 19,928 18,628 
Non-Real Estate:
Agricultural1,968 1,379 1,658 1,369 
Commercial and industrial3,711 4,084 4,691 1,581 
Commercial leases3,334 3,552 1,799 1,799 
Consumer and other257 267 530 1,810 
Total Non-Real Estate9,270 9,282 8,678 6,559 
Total nonaccrual loans65,788 62,325 28,606 25,187 
Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development— — — — 
Farmland— — — — 
1- 4 family77 77 — 124 
Multifamily— — — — 
Non-farm non-residential— 122 14,600 14,711 
Total Real Estate77 199 14,600 14,835 
Non-Real Estate:
Agricultural— — 58 57 
Commercial and industrial— — — 395 
Commercial leases— — — — 
Consumer and other— — — — 
Total Non-Real Estate— — 58 452 
Total loans 90 days and greater delinquent & accruing77 199 14,658 15,287 
Total non-performing loans65,865 62,524 43,264 40,474 
Real Estate Owned:
Real Estate Loans:
Construction and land development203 201 282 251 
Farmland— — — — 
1- 4 family267 141 312 309 
Multifamily— — — — 
Non-farm non-residential690 690 690 690 
Total Real Estate1,160 1,032 1,284 1,250 
Non-Real Estate Loans:
Agricultural— — — — 
Commercial and industrial— — — — 
Commercial leases— — — — 
Consumer and other— — — — 
Total Non-Real Estate— — — — 
Total Real Estate Owned1,160 1,032 1,284 1,250 
Total non-performing assets$67,025 $63,556 $44,548 $41,724 
Non-performing assets to total loans2.42 %2.24 %1.62 %1.52 %
Non-performing assets to total assets1.71 %1.76 %1.25 %1.17 %
Non-performing loans to total loans2.38 %2.21 %1.57 %1.47 %
Nonaccrual loans to total loans2.38 %2.20 %1.04 %0.92 %
Allowance for credit losses to nonaccrual loans50.59 %48.60 %109.94 %122.79 %
Net loan charge-offs to average loans0.62 %0.76 %0.29 %0.17 %



The following table presents, for the periods indicated, the major categories of other noninterest expense:

 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Other noninterest expense:  
Legal and professional fees$625 $1,296 $3,102 $4,829 
Data processing413 497 1,196 1,559 
ATM fees424 448 1,237 1,271 
Marketing and public relations296 463 999 1,472 
Taxes - sales, capital, and franchise678 558 1,890 1,664 
Operating supplies41 224 247 664 
Software expense and amortization1,203 1,366 3,824 3,768 
Travel and lodging112 330 599 1,118 
Telephone135 96 378 264 
Amortization of core deposit intangibles174 174 522 522 
Donations58 148 241 574 
Net costs from other real estate and repossessions150 124 533 243 
Regulatory assessment1,182 676 3,105 2,112 
Other1,579 1,046 3,582 2,930 
Total other noninterest expense$7,070 $7,446 $21,455 $22,990 



Non-GAAP Financial Measures
 
Our accounting and reporting policies conform to accounting principles generally accepted in the United States, or GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional metrics. Tangible book value per share and the ratio of tangible equity to tangible assets are not financial measures recognized under GAAP and, therefore, are considered non-GAAP financial measures.
 
Our management, banking regulators, many financial analysts and other investors use these non-GAAP financial measures to compare the capital adequacy of banking organizations with significant amounts of preferred equity and/or goodwill or other intangible assets, which typically stem from the use of the purchase accounting method of accounting for mergers and acquisitions. Tangible equity, tangible assets, tangible book value per share or related measures should not be considered in isolation or as a substitute for total shareholders' equity, total assets, book value per share or any other measure calculated in accordance with GAAP. Moreover, the manner in which we calculate tangible equity, tangible assets, tangible book value per share and any other related measures may differ from that of other companies reporting measures with similar names.
 
The following table reconciles, as of the dates set forth below, shareholders' equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.

 At September 30,At December 31,
(in thousands except for share data and %)20242023202220212020
Tangible Common Equity  
Total shareholders' equity$256,396 $249,631 $234,991 $223,889 $178,591 
Adjustments:
Preferred33,058 33,058 33,058 33,058 — 
Goodwill12,900 12,900 12,900 12,900 12,900 
Acquisition intangibles3,137 3,658 4,355 5,051 5,815 
Other intangibles100 100 — — — 
Tangible common equity$207,201 $199,915 $184,678 $172,880 $159,876 
Common shares outstanding
12,504,717 12,475,424 10,716,796 10,716,796 10,716,796 
Book value per common share
$17.86 $17.36 $18.84 $17.81 $16.66 
Tangible book value per common share
$16.57 $16.03 $17.23 $16.13 $14.92 
Tangible Assets
Total Assets$3,924,007 $3,552,772 $3,151,347 $2,878,120 $2,473,078 
Adjustments:
Goodwill12,900 12,900 12,900 12,900 12,900 
Acquisition intangibles3,137 3,658 4,355 5,051 5,815 
Other intangibles100 100 — — — 
Tangible Assets$3,907,870 $3,536,114 $3,134,092 $2,860,169 $2,454,363 
Tangible common equity to tangible assets5.30 %5.65 %5.89 %6.04 %6.51 %



v3.24.3
Cover
Oct. 30, 2024
Document Information [Line Items]  
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001408534
Document Type 8-K
Document Period End Date Oct. 30, 2024
Entity Registrant Name FIRST GUARANTY BANCSHARES, INC.
Entity Incorporation, State or Country Code LA
Entity File Number 001-37621
Entity Tax Identification Number 26-0513559
Entity Address, Address Line One 400 East Thomas Street
Entity Address, City or Town Hammond
Entity Address, State or Province LA
Entity Address, Postal Zip Code 70401
City Area Code 345-7685
City Area Code (985)
Written Communications false
Soliciting Material false
Amendment Flag false
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $1 par value
Trading Symbol FGBI
Security Exchange Name NASDAQ
Noncumulative Preferred Stock  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)
Trading Symbol FGBIP
Security Exchange Name NASDAQ
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