8-K

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): February 05, 2024

FIRST GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

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)

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 registeredCommon Stock, $1 par valueFGBIThe Nasdaq Stock Market LLCDepositary 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 February 05, 2024, First Guaranty Bancshares, Inc. issued a press release reporting its financial results at and for the three months and year ended December 31, 2023.

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 February 05, 2024.

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: February 5, 2024
	By:	/s/Eric J. Dosch
		Eric J. Dosch
		Chief Financial Officer

INDEX TO EXHIBITS

Exhibit Number	Description
Exhibit 99.1	Press Release February 05, 2024 "First Guaranty Bancshares, Inc. Announces Fourth Quarter 2023 Results."

Document

EXHIBIT 99.1

February 5, 2024

NEWS FOR IMMEDIATE RELEASE

CONTACT: ERIC J. DOSCH, CFO

985.375.0308

First Guaranty Bancshares, Inc. Announces Fourth Quarter 2023 Results

Hammond, Louisiana, February 5, 2024 – First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the quarter and year ending December 31, 2023.

2024!!!!!!! Happy New Year!!!!! We are happy to see 2023 in our rearview mirror. We survived the Silicon Valley adventure and now we have survived the Fed interest rate adventure. And we didn’t just survive, we made money. Our loan volume continued to be strong and continues to be strong. The loan volume grew year over year from $2,519,077,000 to $2,748,708,000. We have tightened down on our expenses and we have used this opportunity to clean our loan portfolio.

What does this mean? It means that we are completing our 90th year and we are completing it with new heights in capital, with new heights in assets. Assets grew year over year from $3,151,347,000 to $3,552,772,000. We are in new heights in loans and loan interest income.

We have taken everything that can be thrown at us and we have not only survived, we have continued to grow and we have continued to make money, not as much as we want to, but we continue to make money. So now, in 2024 we are ready to move forward. We are ready to make our 91st year a year of new heights for First Guaranty Bancshares, Inc. and for the shareholders of First Guaranty Bancshares, Inc.

Thank you for your continued support.

Sincerely,

Alton B. Lewis

President and CEO

First Guaranty, Bancshares, Inc.

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-six 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.

Certain statements contained herein are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, as described in our SEC filings, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which First Guaranty operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.First Guaranty wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. First Guaranty wishes to advise readers that the factors listed above could affect First Guaranty's financial performance and could cause First Guaranty's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. First Guaranty does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data)		December 31, 2022
Assets
Cash and cash equivalents:
Cash and due from banks	286,114	$	82,796
Federal funds sold		423
Cash and cash equivalents		83,219
Investment securities:
Available for sale, at fair value		131,458
Held to maturity, at cost and net of allowance for credit losses of 80 and 0 (estimated fair value of 253,584 and 242,560 respectively)		320,068
Investment securities		451,526
Federal Home Loan Bank stock, at cost		6,528
Loans held for sale		—
Loans, net of unearned income		2,519,077
Less: allowance for credit losses		23,518
Net loans		2,495,559
Premises and equipment, net		58,206
Goodwill		12,900
Intangible assets, net		4,979
Other real estate, net		113
Accrued interest receivable		13,002
Other assets		25,315
Total Assets	3,552,772	$	3,151,347
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	442,755	$	524,415
Interest-bearing demand		1,460,259
Savings		205,760
Time		533,358
Total deposits		2,723,792
Short-term advances from Federal Home Loan Bank		120,000
Short-term borrowings		20,000
Repurchase agreements		6,442
Accrued interest payable		4,289
Long-term advances from Federal Home Loan Bank		—
Senior long-term debt		21,927
Junior subordinated debentures		15,000
Other liabilities		4,906
Total Liabilities		2,916,356
Shareholders' Equity
Preferred stock, Series A - 1,000 par value - 100,000 shares authorized
Non-cumulative perpetual; 34,500 issued and outstanding		33,058
Common stock, 1 par value - 100,600,000 shares outstanding; 12,475,424 and 10,716,796 shares issued		10,717
Surplus		130,093
Retained earnings		76,351
Accumulated other comprehensive (loss) income		(15,228)
Total Shareholders' Equity		234,991
Total Liabilities and Shareholders' Equity	3,552,772	$	3,151,347
See Notes to Consolidated Financial Statements

All values are in US Dollars.

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
	Three Months Ended December 31,				Years Ended December 31,
(in thousands, except share data)	2023		2022		2023		2022
Interest Income:
Loans (including fees)	$	45,294	$	35,579	$	167,140	$	126,002
Deposits with other banks	2,549		400		6,268		1,324
Securities (including FHLB stock)	2,471		2,328		9,601		9,250
Total Interest Income	50,314		38,307		183,009		136,576
Interest Expense:
Demand deposits	16,056		10,016		60,243		21,419
Savings deposits	1,136		486		3,554		915
Time deposits	8,663		2,854		23,967		10,682
Borrowings	3,413		1,594		10,540		3,518
Total Interest Expense	29,268		14,950		98,304		36,534
Net Interest Income	21,046		23,357		84,705		100,042
Less: Provision for credit losses	2,225		758		3,714		3,656
Net Interest Income after Provision for Credit Losses	18,821		22,599		80,991		96,386
Noninterest Income:
Service charges, commissions and fees	940		796		3,401		3,160
ATM and debit card fees	793		815		3,242		3,406
Net (losses) gains on securities	—		—		—		(17)
Net gains on sale of loans	—		61		12		1,774
Other	839		830		3,922		2,686
Total Noninterest Income	2,572		2,502		10,577		11,009
Total Business Revenue, Net of Provision for Credit Losses	21,393		25,101		91,568		107,395
Noninterest Expense:
Salaries and employee benefits	10,057		9,453		40,422		36,699
Occupancy and equipment expense	2,485		2,184		9,027		8,932
Other	7,233		7,067		30,223		25,374
Total Noninterest Expense	19,775		18,704		79,672		71,005
Income Before Income Taxes	1,618		6,397		11,896		36,390
Less: Provision for income taxes	315		1,276		2,677		7,506
Net Income	1,303		5,121		9,219		28,884
Less: Preferred stock dividends	582		582		2,329		2,328
Net Income Available to Common Shareholders	$	721	$	4,539	$	6,890	$	26,556
Per Common Share:
Earnings	$	0.06	$	0.42	$	0.62	$	2.48
Cash dividends paid	$	0.16	$	0.16	$	0.64	$	0.64
Weighted Average Common Shares Outstanding	11,587,810		10,716,796		11,165,303		10,716,796
See Notes to Consolidated Financial Statements
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
---	---	---	---	---	---	---	---	---	---	---	---	---
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)
	Three Months Ended December 31, 2023						Three Months Ended December 31, 2022
(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	$	192,007	$	2,549	5.27	%	$	47,913	$	400	3.31	%
Securities (including FHLB stock)	415,691		2,471		2.36	%	458,483		2,328		2.01	%
Federal funds sold	324		—		—	%	359		—		—	%
Loans held for sale	—		—		—	%	—		—		—	%
Loans, net of unearned income (6)	2,696,928		45,294		6.66	%	2,446,131		35,579		5.77	%
Total interest-earning assets	3,304,950		$	50,314	6.04	%	2,952,886		$	38,307	5.15	%
Noninterest-earning assets:
Cash and due from banks	18,795						19,905
Premises and equipment, net	66,410						58,036
Other assets	26,943						32,618
Total Assets	$	3,417,098					$	3,063,445
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,419,494	$	16,056	4.49	%	$	1,398,616	$	10,016	2.84	%
Savings deposits	217,507		1,136		2.07	%	213,267		486		0.91	%
Time deposits	804,590		8,663		4.27	%	530,266		2,854		2.13	%
Borrowings	250,850		3,413		5.40	%	125,515		1,594		5.04	%
Total interest-bearing liabilities	2,692,441		$	29,268	4.31	%	2,267,664		$	14,950	2.62	%
Noninterest-bearing liabilities:
Demand deposits	458,612						548,031
Other	23,769						13,361
Total Liabilities	3,174,822						2,829,056
Shareholders' equity	242,276						234,389
Total Liabilities and Shareholders' Equity	$	3,417,098					$	3,063,445
Net interest income			$	21,046					$	23,357
Net interest rate spread (1)					1.73	%					2.53	%
Net interest-earning assets (2)	$	612,509					$	685,222
Net interest margin (3), (4)					2.53	%					3.14	%
Average interest-earning assets to interest-bearing liabilities					122.75	%					130.22	%

(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 3.14% for the above periods ended December 31, 2023 and 2022 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended December 31, 2023 and 2022 respectively.

(5)Annualized.

(6)Includes loan fees of $1.7 million and $1.5 million for the three months ended December 31, 2023 and 2022 respectively. PPP loan fee income of $0 and $20,000 was recognized for the three months ended December 31, 2023 and 2022 respectively.

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)
	Years Ended December 31, 2023						Years Ended December 31, 2022
(in thousands except for %)	Average Balance		Interest		Yield/Rate		Average Balance		Interest		Yield/Rate
Assets
Interest-earning assets:
Interest-earning deposits with banks	$	125,417	$	6,268	5.00	%	$	130,406	$	1,324	1.02	%
Securities (including FHLB stock)	415,504		9,601		2.31	%	452,213		9,250		2.05	%
Federal funds sold	374		—		—	%	256		—		—	%
Loans held for sale	—		—		—	%	—		—		—	%
Loans, net of unearned income (6)	2,607,074		167,140		6.41	%	2,298,273		126,002		5.48	%
Total interest-earning assets	3,148,369		$	183,009	5.81	%	2,881,148		$	136,576	4.74	%
Noninterest-earning assets:
Cash and due from banks	18,729						18,833
Premises and equipment, net	61,733						58,197
Other assets	27,514						29,509
Total Assets	$	3,256,345					$	2,987,687
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,448,597	$	60,243	4.16	%	$	1,362,396	$	21,419	1.57	%
Savings deposits	213,025		3,554		1.67	%	212,329		915		0.43	%
Time deposits	669,661		23,967		3.58	%	546,776		10,682		1.95	%
Borrowings	187,019		10,540		5.64	%	75,962		3,518		4.63	%
Total interest-bearing liabilities	2,518,302		$	98,304	3.90	%	2,197,463		$	36,534	1.66	%
Noninterest-bearing liabilities:
Demand deposits	481,456						552,786
Other	18,672						9,669
Total Liabilities	3,018,430						2,759,918
Shareholders' equity	237,915						227,769
Total Liabilities and Shareholders' Equity	$	3,256,345					$	2,987,687
Net interest income			$	84,705					$	100,042
Net interest rate spread (1)					1.91	%					3.08	%
Net interest-earning assets (2)	$	630,067					$	683,685
Net interest margin (3), (4)					2.69	%					3.47	%
Average interest-earning assets to interest-bearing liabilities					125.02	%					131.11	%

(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 2.69% and 3.48% for the above periods ended December 31, 2023 and 2022 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended December 31, 2023 and 2022 respectively.

(5)Includes loan fees of $6.0 million and $7.8 million for the years ended December 31, 2023 and 2022 respectively. PPP loan fee income of $16,000 and $1.3 million was recognized for the years ended December 31, 2023 and 2022 respectively.

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

	December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
(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	$	399,435	14.5	%	$	342,246	12.6	%	$	301,259	11.6	%	$	289,486	11.2	%
Farmland	32,530		1.2	%	31,361		1.1	%	29,398		1.1	%	23,065		0.9	%
1- 4 Family	444,850		16.1	%	419,045		15.5	%	406,148		15.6	%	385,984		14.9	%
Multifamily	118,921		4.3	%	121,206		4.5	%	121,342		4.7	%	120,620		4.7	%
Non-farm non-residential	1,045,865		37.9	%	1,052,750		38.9	%	1,025,073		39.5	%	1,027,199		39.8	%
Total Real Estate	2,041,601		74.0	%	1,966,608		72.6	%	1,883,220		72.5	%	1,846,354		71.5	%
Non-Real Estate:
Agricultural	41,008		1.5	%	47,949		1.8	%	47,924		1.8	%	40,351		1.6	%
Commercial and industrial(1)	334,972		12.1	%	354,836		13.1	%	338,023		13.0	%	344,332		13.3	%
Commercial leases	285,415		10.4	%	292,208		10.8	%	282,161		10.9	%	302,450		11.7	%
Consumer and other	54,485		2.0	%	46,068		1.7	%	47,771		1.8	%	49,157		1.9	%
Total Non-Real Estate	715,880		26.0	%	741,061		27.4	%	715,879		27.5	%	736,290		28.5	%
Total loans before unearned income	2,757,481		100.0	%	2,707,669		100.0	%	2,599,099		100.0	%	2,582,644		100.0	%
Unearned income	(8,773)				(8,276)				(8,433)				(8,402)
Total loans net of unearned income	$	2,748,708			$	2,699,393			$	2,590,666			$	2,574,242

(1) Includes PPP loans fully guaranteed by the SBA of $2.8 million, $3.1 million, $5.4 million, and $5.7 million at December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, respectively.

The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated

(in thousands)	December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Nonaccrual loans:
Real Estate:
Construction and land development	$	530		$	664		$	518		$	221
Farmland	836			874			867			677
1- 4 family	6,985			6,827			6,320			6,209
Multifamily	537			537			537			—
Non-farm non-residential	9,740			8,403			8,285			2,675
Total Real Estate	18,628			17,305			16,527			9,782
Non-Real Estate:
Agricultural	1,369			1,378			1,375			1,469
Commercial and industrial	1,581			2,827			2,167			1,026
Commercial leases	1,799			1,799			1,818			1,799
Consumer and other	1,810			2,246			2,016			1,593
Total Non-Real Estate	6,559			8,250			7,376			5,887
Total nonaccrual loans	25,187			25,555			23,903			15,669
Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	—			182			182			190
Farmland	—			2,693			—			—
1- 4 family	124			593			295			—
Multifamily	—			—			—			—
Non-farm non-residential	14,711			956			—			1,641
Total Real Estate	14,835			4,424			477			1,831
Non-Real Estate:
Agricultural	57			61			61			—
Commercial and industrial	395			3,659			—			6,244
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	452			3,720			61			6,244
Total loans 90 days and greater delinquent & accruing	15,287			8,144			538			8,075
Total non-performing loans	40,474			33,699			24,441			23,744
Real Estate Owned:
Real Estate Loans:
Construction and land development	251			251			251			—
Farmland	—			—			—			—
1- 4 family	309			194			248			113
Multifamily	—			—			—			—
Non-farm non-residential	690			690			774			774
Total Real Estate	1,250			1,135			1,273			887
Non-Real Estate Loans:
Agricultural	—			—			—			—
Commercial and industrial	—			—			—			—
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	—			—			—			—
Total Real Estate Owned	1,250			1,135			1,273			887
Total non-performing assets	$	41,724		$	34,834		$	25,714		$	24,631
Non-performing assets to total loans	1.52		%	1.29		%	0.99		%	0.96		%
Non-performing assets to total assets	1.17		%	1.02		%	0.79		%	0.76		%
Non-performing loans to total loans	1.47		%	1.25		%	0.94		%	0.92		%
Nonaccrual loans to total loans	0.92		%	0.95		%	0.92		%	0.61		%
Allowance for credit losses to nonaccrual loans	122.79		%	124.97		%	133.29		%	200.83		%
Net loan charge-offs to average loans	0.17		%	0.05		%	0.04		%	0.08		%

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 December 31,
(in thousands except for share data and %)	2023			2022			2021			2020			2019
Tangible Common Equity
Total shareholders' equity	$	249,631		$	234,991		$	223,889		$	178,591		$	166,035
Adjustments:
Preferred	33,058			33,058			33,058			—			—
Goodwill	12,900			12,900			12,900			12,900			12,942
Acquisition intangibles	3,658			4,355			5,051			5,815			6,527
Other intangibles	100			—			—			—			—
Tangible common equity	$	199,915		$	184,678		$	172,880		$	159,876		$	146,566
Common shares outstanding	12,475,424			10,716,796			10,716,796			10,716,796			10,716,796
Book value per common share	$	17.36		$	18.84		$	17.81		$	16.66		$	15.49
Tangible book value per common share	$	16.03		$	17.23		$	16.13		$	14.92		$	13.68
Tangible Assets
Total Assets	$	3,552,772		$	3,151,347		$	2,878,120		$	2,473,078		$	2,117,216
Adjustments:
Goodwill	12,900			12,900			12,900			12,900			12,942
Acquisition intangibles	3,658			4,355			5,051			5,815			6,527
Other intangibles	100			—			—			—			—
Tangible Assets	$	3,536,114		$	3,134,092		$	2,860,169		$	2,454,363		$	2,097,747
Tangible common equity to tangible assets	5.65		%	5.89		%	6.04		%	6.51		%	6.99		%