FGBIP 8-K

First Guaranty Bancshares, Inc. (FGBIP)

8-K 2025-10-31 For: 2025-10-31

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Added on April 12, 2026




Louisiana	001-37621	26-0513559
(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)




	FIRST GUARANTY BANCSHARES, INC.
	(Registrant)
Date: October 31, 2025
	By:	/s/Eric J. Dosch
		Eric J. Dosch
		Chief Financial Officer


Exhibit Number			Description
Exhibit 99.1			Press Release October 31, 2025 "First Guaranty Bancshares, Inc. Announces Third Quarter 2025 Financial Results."


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	753,629	$	563,778
Federal funds sold	554		430
Cash and cash equivalents	754,183		564,208

Interest-earning time deposits with banks	250		250

Investment securities:
Available for sale, at fair value (cost of $372,873 and $284,321 respectively)	374,335		281,097
Held to maturity, at cost and net of allowance for credit losses of $150 (estimated fair value of $264,566 and $251,458 respectively)	322,413		321,622
Investment securities	696,748		602,719

Federal Home Loan Bank stock, at cost	10,079		9,706
Loans held for sale	—		—

Loans, net of unearned income	2,279,741		2,693,780
Less: allowance for credit losses	85,713		34,811
Net loans	2,194,028		2,658,969

Premises and equipment, net	59,979		67,789
Goodwill	—		12,900
Intangible assets, net	2,847		3,474
Other real estate, net	12,050		319
Accrued interest receivable	14,776		14,850
Other assets	52,396		37,544
Total Assets	$	3,797,336	$	3,972,728

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	396,906	$	404,056
Interest-bearing demand	1,390,219		1,387,068
Savings	215,077		234,444
Time	1,352,695		1,450,692
Total deposits	3,354,897		3,476,260

Short-term advances from Federal Home Loan Bank	—		—
Short-term borrowings	—		—
Repurchase agreements	7,117		7,009
Accrued interest payable	16,333		20,437
Long-term advances from Federal Home Loan Bank	135,000		135,000
Senior long-term debt	14,196		15,169
Junior subordinated debentures	29,790		44,745
Other liabilities	18,928		19,059
Total Liabilities	3,576,261		3,717,679

Shareholders' Equity
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized
Non-cumulative perpetual; 34,500 issued and outstanding	33,058		33,058
Common stock, $1 par value - 100,600,000 shares authorized; 15,352,947 and 12,504,717 shares issued and outstanding	15,353		12,505
Surplus	168,682		149,389
Retained earnings	12,342		72,965
Accumulated other comprehensive (loss) income	(8,360)		(12,868)
Total Shareholders' Equity	221,075		255,049
Total Liabilities and Shareholders' Equity	$	3,797,336	$	3,972,728
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)	2025		2024		2025		2024
Interest Income:
Loans (including fees)	$	39,325	$	49,811	$	123,307	$	144,281
Deposits with other banks	7,777		4,645		21,287		11,747
Securities (including FHLB stock)	6,398		2,971		17,690		7,958
Total Interest Income	53,500		57,427		162,284		163,986

Interest Expense:
Demand deposits	13,185		16,957		38,097		50,992
Savings deposits	1,058		1,374		3,656		3,928
Time deposits	14,519		12,631		45,605		32,649
Borrowings	2,500		3,767		8,225		10,556
Total Interest Expense	31,262		34,729		95,583		98,125

Net Interest Income	22,238		22,698		66,701		65,861
Less: Provision for credit losses	47,933		4,904		79,091		14,013
Net Interest Income (Loss) after Provision for Credit Losses	(25,695)		17,794		(12,390)		51,848

Noninterest Income:
Service charges, commissions and fees	832		815		2,515		2,343
ATM and debit card fees	741		784		2,266		2,352
Net gains on securities	—		—		—		—
Net gains on sale of loans	—		1,471		—		1,481
Net (losses) gains on sale of assets	(366)		31		(362)		13,244
Other	653		1,304		1,951		2,819
Total Noninterest Income	1,860		4,405		6,370		22,239

Total Business Revenue (Loss), Net of Provision for Credit Losses	(23,835)		22,199		(6,020)		74,087

Noninterest Expense:
Salaries and employee benefits	7,465		10,098		23,749		30,438
Occupancy and equipment expense	2,605		2,538		7,850		7,356
Goodwill impairment	12,900		—		12,900		—
Other	7,205		7,070		20,960		21,455
Total Noninterest Expense	30,175		19,706		65,459		59,249

(Loss) Income Before Income Taxes	(54,010)		2,493		(71,479)		14,838
Less: (Benefit) provision for income taxes	(9,007)		566		(13,007)		3,400
Net (Loss) Income	(45,003)		1,927		(58,472)		11,438
Less: Preferred stock dividends	582		582		1,746		1,747
Net (Loss) Income Available to Common Shareholders	$	(45,585)	$	1,345	$	(60,218)	$	9,691

Per Common Share:
(Loss) Earnings	$	(3.01)	$	0.11	$	(4.45)	$	0.78
Cash dividends paid	$	0.01	$	0.08	$	0.03	$	0.40

Weighted Average Common Shares Outstanding	15,122,702		12,504,717		13,523,009		12,499,799
See Notes to Consolidated Financial Statements


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)

	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
(in thousands except for %)	Average Balance		Interest		Yield/Rate (5)		Average Balance		Interest		Yield/Rate (5)
Assets
Interest-earning assets:
Interest-earning deposits with banks	$	697,288	$	7,777	4.42	%	$	364,538	$	4,645	5.07	%
Securities (including FHLB stock)	722,380		6,398		3.51	%	424,620		2,971		2.78	%
Federal funds sold	556		—		—	%	2,211		—		—	%
Loans held for sale	—		—		—	%	—		—		—	%
Loans, net of unearned income (6)	2,346,551		39,325		6.65	%	2,811,227		49,811		7.05	%
Total interest-earning assets	3,766,775		$	53,500	5.63	%	3,602,596		$	57,427	6.34	%

Noninterest-earning assets:
Cash and due from banks	21,031						19,021
Premises and equipment, net	65,039						68,974
Other assets	19,419						35,860
Total Assets	$	3,872,264					$	3,726,451

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,399,102	$	13,185	3.74	%	$	1,499,327	$	16,957	4.50	%
Savings deposits	213,383		1,058		1.97	%	234,118		1,374		2.33	%
Time deposits	1,362,955		14,519		4.23	%	1,036,757		12,631		4.85	%
Borrowings	186,087		2,500		5.33	%	271,954		3,767		5.51	%
Total interest-bearing liabilities	3,161,527		$	31,262	3.92	%	3,042,156		$	34,729	4.54	%

Noninterest-bearing liabilities:
Demand deposits	405,479						408,383
Other	41,541						19,562
Total Liabilities	3,608,547						3,470,101

Shareholders' equity	263,717						256,350
Total Liabilities and Shareholders' Equity	$	3,872,264					$	3,726,451
Net interest income			$	22,238					$	22,698

Net interest rate spread (1)					1.71	%					1.80	%
Net interest-earning assets (2)	$	605,248					$	560,440
Net interest margin (3), (4)					2.34	%					2.51	%

Average interest-earning assets to interest-bearing liabilities					119.14	%					118.42	%


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)

	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
(in thousands except for %)	Average Balance		Interest		Yield/Rate (5)		Average Balance		Interest		Yield/Rate (5)
Assets
Interest-earning assets:
Interest-earning deposits with banks	$	640,961	$	21,287	4.44	%	$	299,449	$	11,747	5.24	%
Securities (including FHLB stock)	683,930		17,690		3.46	%	396,025		7,958		2.68	%
Federal funds sold	534		—		—	%	1,060		—		—	%
Loans held for sale	1,131		—		—	%	—		—		—	%
Loans, net of unearned income (6)	2,476,128		123,307		6.66	%	2,793,397		144,281		6.90	%
Total interest-earning assets	3,802,684		$	162,284	5.71	%	3,489,931		$	163,986	6.28	%

Noninterest-earning assets:
Cash and due from banks	20,691						19,439
Premises and equipment, net	66,041						69,951
Other assets	24,342						31,144
Total Assets	$	3,913,758					$	3,610,465

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,380,225	$	38,097	3.69	%	$	1,519,743	$	50,992	4.48	%
Savings deposits	231,206		3,656		2.11	%	229,763		3,928		2.28	%
Time deposits	1,403,370		45,605		4.34	%	924,857		32,649		4.72	%
Borrowings	196,267		8,225		5.60	%	246,502		10,556		5.72	%
Total interest-bearing liabilities	3,211,068		$	95,583	3.98	%	2,920,865		$	98,125	4.49	%

Noninterest-bearing liabilities:
Demand deposits	404,640						416,389
Other	40,306						19,636
Total Liabilities	3,656,014						3,356,890

Shareholders' equity	257,744						253,575
Total Liabilities and Shareholders' Equity	$	3,913,758					$	3,610,465
Net interest income			$	66,701					$	65,861

Net interest rate spread (1)					1.73	%					1.79	%
Net interest-earning assets (2)	$	591,616					$	569,066
Net interest margin (3), (4)					2.35	%					2.52	%

Average interest-earning assets to interest-bearing liabilities					118.42	%					119.48	%


	September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category		Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	231,156	10.1	%	$	268,828	11.1	%	$	288,291	11.4	%	$	330,048	12.2	%
Farmland	31,685		1.4	%	32,267		1.3	%	29,961		1.2	%	35,991		1.3	%
1- 4 Family	441,017		19.3	%	440,465		18.2	%	444,373		17.6	%	450,371		16.7	%
Multifamily	137,582		6.0	%	144,864		6.0	%	144,518		5.7	%	165,121		6.1	%
Non-farm non-residential	1,003,198		43.9	%	1,052,503		43.5	%	1,117,174		44.4	%	1,159,842		42.9	%
Total Real Estate	1,844,638		80.7	%	1,938,927		80.1	%	2,024,317		80.3	%	2,141,373		79.2	%
Non-Real Estate:
Agricultural	44,737		2.0	%	42,831		1.8	%	37,599		1.5	%	40,722		1.5	%
Commercial and industrial(1)	227,077		9.9	%	238,144		9.9	%	234,511		9.3	%	257,518		9.5	%
Commercial leases	134,958		5.9	%	159,209		6.6	%	183,993		7.3	%	220,200		8.2	%
Consumer and other	34,763		1.5	%	38,240		1.6	%	39,773		1.6	%	42,267		1.6	%
Total Non-Real Estate	441,535		19.3	%	478,424		19.9	%	495,876		19.7	%	560,707		20.8	%
Total loans before unearned income	2,286,173		100.0	%	2,417,351		100.0	%	2,520,193		100.0	%	2,702,080		100.0	%
Unearned income	(6,432)				(6,846)				(7,405)				(8,300)
Total loans net of unearned income	$	2,279,741			$	2,410,505			$	2,512,788			$	2,693,780


(in thousands)	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Nonaccrual loans:
Real Estate:
Construction and land development	$	8,707		$	1,766		$	11,502		$	3,624
Farmland	2,777			1,785			2,177			2,619
1- 4 family	10,536			11,866			10,582			10,053
Multifamily	23,998			34,668			26,533			27,542
Non-farm non-residential	42,532			59,668			72,949			54,171
Total Real Estate	88,550			109,753			123,743			98,009
Non-Real Estate:
Agricultural	1,886			1,782			1,798			1,992
Commercial and industrial	5,339			5,567			6,152			6,762
Commercial leases	18,358			1,961			1,533			1,533
Consumer and other	132			116			167			233
Total Non-Real Estate	25,715			9,426			9,650			10,520
Total nonaccrual loans	114,265			119,179			133,393			108,529

Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	—			—			—			7,394
Farmland	—			—			—			—
1- 4 family	—			—			—			—
Multifamily	—			—			—			—
Non-farm non-residential	—			284			387			4,108
Total Real Estate	—			284			387			11,502
Non-Real Estate:
Agricultural	—			—			—			—
Commercial and industrial	—			—			—			—
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	—			—			—			—
Total loans 90 days and greater delinquent & accruing	—			284			387			11,502

Total non-performing loans	114,265			119,463			133,780			120,031

Real Estate Owned:
Real Estate Loans:
Construction and land development	8,545			7,384			—			226
Farmland	—			—			—			—
1- 4 family	234			192			62			3
Multifamily	—			—			—			—
Non-farm non-residential	3,271			81			90			90
Total Real Estate	12,050			7,657			152			319
Non-Real Estate Loans:
Agricultural	—			—			—			—
Commercial and industrial	—			—			—			—
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	—			—			—			—
Total Real Estate Owned	12,050			7,657			152			319

Total non-performing assets	$	126,315		$	127,120		$	133,932		$	120,350

Non-performing assets to total loans	5.54		%	5.27		%	5.33		%	4.47		%
Non-performing assets to total assets	3.33		%	3.20		%	3.50		%	3.03		%
Non-performing loans to total loans	5.01		%	4.96		%	5.32		%	4.46		%
Nonaccrual loans to total loans	5.01		%	4.94		%	5.31		%	4.03		%
Allowance for credit losses to nonaccrual loans	75.01		%	49.40		%	32.25		%	32.08		%
Net loan charge-offs to average loans	1.55		%	0.60		%	1.03		%	0.64		%


Top 10 Non-Performing Assets

		Current Balance		Allocated Reserve		Origination Year	Location
	Asset Description
1	Independent Living Center	$	18,070	$	10,460	2021	Louisiana
2	Commercial Lease	17,187		17,187		2024	Kansas
3	Apartment Complex	15,390		—		2022	Texas
4	Assisted Living Center	15,121		—		2019	Louisiana
5	Assisted Living Center	8,252		—		2023	Texas
6	Land Development OREO	7,384		—		2022	Texas
7	Apartment Complex	6,502		148		2022	Texas
8	Apartment Complex	5,244		857		2023	Louisiana
9	Retail Location	2,150		—		2020	Florida
10	Convenience Store	1,640		—		2021	Texas
		$	96,940	$	28,652


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Other noninterest expense:
Legal and professional fees	$	988	$	625	$	2,747	$	3,102
Data processing	336		413		1,022		1,196
ATM fees	390		424		1,242		1,237
Marketing and public relations	151		296		555		999
Taxes - sales, capital, and franchise	542		678		1,585		1,890
Operating supplies	66		41		152		247
Software expense and amortization	1,211		1,203		3,615		3,824
Travel and lodging	88		112		286		599
Telephone	88		135		283		378
Amortization of core deposit intangibles	174		174		522		522
Donations	51		58		191		241
Net costs from other real estate and repossessions	13		150		87		533
Regulatory assessment	1,777		1,182		4,930		3,105
Other	1,330		1,579		3,743		3,582
Total other noninterest expense	$	7,205	$	7,070	$	20,960	$	21,455


	Three Months Ended September 30,		Three Months Ended June 30,		Three Months Ended March 31,		Three Months Ended December 31,
(in thousands)	2025		2025		2025		2024
Other noninterest expense:
Legal and professional fees	$	988	$	671	$	1,088	$	1,363
Data processing	336		349		337		359
ATM fees	390		502		350		431
Marketing and public relations	151		163		241		241
Taxes - sales, capital, and franchise	542		543		500		347
Operating supplies	66		49		37		89
Software expense and amortization	1,211		1,188		1,216		1,269
Travel and lodging	88		126		72		86
Telephone	88		104		91		46
Amortization of core deposit intangibles	174		174		174		174
Donations	51		82		58		26
Net costs from other real estate and repossessions	13		24		50		294
Regulatory assessment	1,777		1,609		1,544		1,583
Other	1,330		1,235		1,178		883
Total other noninterest expense	$	7,205	$	6,819	$	6,936	$	7,191


	At September 30,			At December 31,
(in thousands except for share data and %)	2025			2024			2023			2022			2021
Tangible Common Equity
Total shareholders' equity	$	221,075		$	255,049		$	249,631		$	234,991		$	223,889
Adjustments:
Preferred	33,058			33,058			33,058			33,058			33,058
Goodwill	—			12,900			12,900			12,900			12,900
Acquisition intangibles	2,439			2,962			3,658			4,355			5,051
Other intangibles	100			100			100			—			—
Tangible common equity	$	185,478		$	206,029		$	199,915		$	184,678		$	172,880
Common shares outstanding	15,352,947			12,504,717			12,475,424			10,716,796			10,716,796
Book value per common share	$	12.25		$	17.75		$	17.36		$	18.84		$	17.81
Tangible book value per common share	$	12.08		$	16.48		$	16.03		$	17.23		$	16.13
Tangible Assets
Total Assets	$	3,797,336		$	3,972,728		$	3,552,772		$	3,151,347		$	2,878,120
Adjustments:
Goodwill	—			12,900			12,900			12,900			12,900
Acquisition intangibles	2,439			2,962			3,658			4,355			5,051
Other intangibles	100			100			100			—			—
Tangible Assets	$	3,794,797		$	3,956,766		$	3,536,114		$	3,134,092		$	2,860,169
Tangible common equity to tangible assets	4.89		%	5.21		%	5.65		%	5.89		%	6.04		%


	"Well Capitalized Minimums"	As of September 30, 2025	As of December 31, 2024
Tier 1 Leverage Ratio
Bank	5.00%	6.92%	7.82%
Consolidated	5.00%	5.91%	6.42%
Tier 1 Risk-based Capital Ratio
Bank	8.00%	11.09%	11.00%
Consolidated	8.00%	9.48%	9.04%
Total Risk-based Capital Ratio
Bank	10.00%	12.34%	12.11%
Consolidated	10.00%	11.97%	11.73%
Common Equity Tier One Capital Ratio
Bank	6.50%	11.09%	11.00%
Consolidated	6.50%	8.11%	7.87%