FGBI 8-K

First Guaranty Bancshares, Inc. (FGBIP)

8-K 2025-04-29 For: 2025-04-29

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Added on April 12, 2026

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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: April 29, 2025
	By:	/s/Eric J. Dosch
		Eric J. Dosch
		Chief Financial Officer


Exhibit Number			Description
Exhibit 99.1			Press Release April 29, 2025 "First Guaranty Bancshares, Inc. Announces First Quarter 2025 Financial Results."


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

(in thousands, except share data)	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	617,866	$	563,778
Federal funds sold	563		430
Cash and cash equivalents	618,429		564,208

Interest-earning time deposits with banks	250		250

Investment securities:
Available for sale, at fair value	273,027		281,097
Held to maturity, at cost and net of allowance for credit losses of $150 (estimated fair value of $259,641 and $251,458 respectively)	321,883		321,622
Investment securities	594,910		602,719

Federal Home Loan Bank stock, at cost	9,835		9,706
Loans held for sale	—		—

Loans, net of unearned income	2,512,788		2,693,780
Less: allowance for credit losses	43,022		34,811
Net loans	2,469,766		2,658,969

Premises and equipment, net	66,579		67,789
Goodwill	12,900		12,900
Intangible assets, net	3,265		3,474
Other real estate, net	152		319
Accrued interest receivable	14,574		14,850
Other assets	38,609		37,544
Total Assets	$	3,829,269	$	3,972,728

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	425,617	$	404,056
Interest-bearing demand	1,248,633		1,387,068
Savings	243,701		234,444
Time	1,421,515		1,450,692
Total deposits	3,339,466		3,476,260

Short-term advances from Federal Home Loan Bank	—		—
Short-term borrowings	—		—
Repurchase agreements	7,113		7,009
Accrued interest payable	19,505		20,437
Long-term advances from Federal Home Loan Bank	135,000		135,000
Senior long-term debt	14,174		15,169
Junior subordinated debentures	44,760		44,745
Other liabilities	17,806		19,059
Total Liabilities	3,577,824		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; 12,691,504 and 12,504,717 shares issued and outstanding	12,691		12,505
Surplus	150,784		149,389
Retained earnings	66,092		72,965
Accumulated other comprehensive (loss) income	(11,180)		(12,868)
Total Shareholders' Equity	251,445		255,049
Total Liabilities and Shareholders' Equity	$	3,829,269	$	3,972,728
See Notes to Consolidated Financial Statements


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
	Three Months Ended March 31,
(in thousands, except share data)		2025		2024
Interest Income:
Loans (including fees)		$	42,969	$	46,918
Deposits with other banks		5,999		3,476
Securities (including FHLB stock)		5,495		2,514
Total Interest Income		54,463		52,908

Interest Expense:
Demand deposits		12,204		16,976
Savings deposits		1,262		1,227
Time deposits		15,890		9,572
Borrowings		2,884		3,212
Total Interest Expense		32,240		30,987

Net Interest Income		22,223		21,921
Less: Provision for credit losses		14,548		2,304
Net Interest Income after Provision for Credit Losses		7,675		19,617

Noninterest Income:
Service charges, commissions and fees		849		733
ATM and debit card fees		747		764
Net gains on securities		—		—
Net gains on sale of loans		—		—
Net gains on sale of assets		4		6
Other		754		805
Total Noninterest Income		2,354		2,308

Total Business Revenue, Net of Provision for Credit Losses		10,029		21,925

Noninterest Expense:
Salaries and employee benefits		8,441		9,900
Occupancy and equipment expense		2,640		2,271
Other		6,936		6,763
Total Noninterest Expense		18,017		18,934

(Loss) Income Before Income Taxes		(7,988)		2,991
Less: (Benefit) provision for income taxes		(1,822)		681
Net (Loss) Income		(6,166)		2,310
Less: Preferred stock dividends		582		582
Net (Loss) Income Available to Common Shareholders		$	(6,748)	$	1,728

Per Common Share:
(Loss) Earnings		$	(0.54)	$	0.14
Cash dividends paid		$	0.01	$	0.16

Weighted Average Common Shares Outstanding		12,506,792		12,489,910
See Notes to Consolidated Financial Statements


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

	Three Months Ended March 31, 2025						Three Months Ended March 31, 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	$	547,494	$	5,999	4.44	%	$	261,981	$	3,476	5.34	%
Securities (including FHLB stock)	657,607		5,495		3.39	%	392,214		2,514		2.58	%
Federal funds sold	473		—		—	%	329		—		—	%
Loans held for sale	3,429		—		—	%	—		—		—	%
Loans, net of unearned income (6)	2,624,913		42,969		6.64	%	2,761,533		46,918		6.83	%
Total interest-earning assets	3,833,916		$	54,463	5.76	%	3,416,057		$	52,908	6.23	%

Noninterest-earning assets:
Cash and due from banks	20,357						19,036
Premises and equipment, net	66,933						70,101
Other assets	31,553						27,836
Total Assets	$	3,952,759					$	3,533,030

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,373,810	$	12,204	3.60	%	$	1,540,763	$	16,976	4.43	%
Savings deposits	236,905		1,262		2.16	%	223,959		1,227		2.20	%
Time deposits	1,441,700		15,890		4.47	%	850,712		9,572		4.53	%
Borrowings	202,026		2,884		5.79	%	228,157		3,212		5.66	%
Total interest-bearing liabilities	3,254,441		$	32,240	4.02	%	2,843,591		$	30,987	4.38	%

Noninterest-bearing liabilities:
Demand deposits	401,994						419,916
Other	40,627						17,174
Total Liabilities	3,697,062						3,280,681

Shareholders' equity	255,697						252,349
Total Liabilities and Shareholders' Equity	$	3,952,759					$	3,533,030
Net interest income			$	22,223					$	21,921

Net interest rate spread (1)					1.74	%					1.85	%
Net interest-earning assets (2)	$	579,475					$	572,466
Net interest margin (3), (4)					2.35	%					2.58	%

Average interest-earning assets to interest-bearing liabilities					117.81	%					120.13	%


	March 31, 2025				December 31, 2024				September 30, 2024				June 30, 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	$	288,291	11.4	%	$	330,048	12.2	%	$	323,123	11.6	%	$	355,216	12.5	%
Farmland	29,961		1.2	%	35,991		1.3	%	39,569		1.4	%	38,493		1.3	%
1- 4 Family	444,373		17.6	%	450,371		16.7	%	471,885		17.0	%	457,263		16.1	%
Multifamily	144,518		5.7	%	165,121		6.1	%	162,243		5.8	%	160,256		5.6	%
Non-farm non-residential	1,117,174		44.4	%	1,159,842		42.9	%	1,165,552		42.0	%	1,164,117		41.0	%
Total Real Estate	2,024,317		80.3	%	2,141,373		79.2	%	2,162,372		77.8	%	2,175,345		76.5	%
Non-Real Estate:
Agricultural	37,599		1.5	%	40,722		1.5	%	47,552		1.7	%	47,852		1.7	%
Commercial and industrial(1)	234,511		9.3	%	257,518		9.5	%	274,441		9.9	%	300,597		10.6	%
Commercial leases	183,993		7.3	%	220,200		8.2	%	248,563		9.0	%	269,428		9.5	%
Consumer and other	39,773		1.6	%	42,267		1.6	%	45,672		1.6	%	47,836		1.7	%
Total Non-Real Estate	495,876		19.7	%	560,707		20.8	%	616,228		22.2	%	665,713		23.5	%
Total loans before unearned income	2,520,193		100.0	%	2,702,080		100.0	%	2,778,600		100.0	%	2,841,058		100.0	%
Unearned income	(7,405)				(8,300)				(8,949)				(7,708)
Total loans net of unearned income	$	2,512,788			$	2,693,780			$	2,769,651			$	2,833,350


(in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Nonaccrual loans:
Real Estate:
Construction and land development	$	11,502		$	3,624		$	2,815		$	2,314
Farmland	2,177			2,619			1,189			666
1- 4 family	10,582			10,053			9,563			7,900
Multifamily	26,533			27,542			537			537
Non-farm non-residential	72,949			54,171			42,414			41,626
Total Real Estate	123,743			98,009			56,518			53,043
Non-Real Estate:
Agricultural	1,798			1,992			1,968			1,379
Commercial and industrial	6,152			6,762			3,711			4,084
Commercial leases	1,533			1,533			3,334			3,552
Consumer and other	167			233			257			267
Total Non-Real Estate	9,650			10,520			9,270			9,282
Total nonaccrual loans	133,393			108,529			65,788			62,325

Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	—			7,394			—			—
Farmland	—			—			—			—
1- 4 family	—			—			77			77
Multifamily	—			—			—			—
Non-farm non-residential	387			4,108			—			122
Total Real Estate	387			11,502			77			199
Non-Real Estate:
Agricultural	—			—			—			—
Commercial and industrial	—			—			—			—
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	—			—			—			—
Total loans 90 days and greater delinquent & accruing	387			11,502			77			199

Total non-performing loans	133,780			120,031			65,865			62,524

Real Estate Owned:
Real Estate Loans:
Construction and land development	—			226			203			201
Farmland	—			—			—			—
1- 4 family	62			3			267			141
Multifamily	—			—			—			—
Non-farm non-residential	90			90			690			690
Total Real Estate	152			319			1,160			1,032
Non-Real Estate Loans:
Agricultural	—			—			—			—
Commercial and industrial	—			—			—			—
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	—			—			—			—
Total Real Estate Owned	152			319			1,160			1,032

Total non-performing assets	$	133,932		$	120,350		$	67,025		$	63,556

Non-performing assets to total loans	5.33		%	4.47		%	2.42		%	2.24		%
Non-performing assets to total assets	3.50		%	3.03		%	1.71		%	1.76		%
Non-performing loans to total loans	5.32		%	4.46		%	2.38		%	2.21		%
Nonaccrual loans to total loans	5.31		%	4.03		%	2.38		%	2.20		%
Allowance for credit losses to nonaccrual loans	32.25		%	32.08		%	50.59		%	48.60		%
Net loan charge-offs to average loans	1.03		%	0.64		%	0.62		%	0.76		%


	Three Months Ended March 31,
(in thousands)		2025		2024
Other noninterest expense:
Legal and professional fees		$	1,088	$	972
Data processing		337		377
ATM fees		350		420
Marketing and public relations		241		332
Taxes - sales, capital, and franchise		500		605
Operating supplies		37		101
Software expense and amortization		1,216		1,253
Travel and lodging		72		228
Telephone		91		106
Amortization of core deposit intangibles		174		174
Donations		58		75
Net costs from other real estate and repossessions		50		204
Regulatory assessment		1,544		933
Other		1,178		983
Total other noninterest expense		$	6,936	$	6,763


	At March 31,			At December 31,
(in thousands except for share data and %)	2025			2024			2023			2022			2021
Tangible Common Equity
Total shareholders' equity	$	251,445		$	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			12,900
Acquisition intangibles	2,788			2,962			3,658			4,355			5,051
Other intangibles	100			100			100			—			—
Tangible common equity	$	202,599		$	206,029		$	199,915		$	184,678		$	172,880
Common shares outstanding	12,691,504			12,504,717			12,475,424			10,716,796			10,716,796
Book value per common share	$	17.21		$	17.75		$	17.36		$	18.84		$	17.81
Tangible book value per common share	$	15.96		$	16.48		$	16.03		$	17.23		$	16.13
Tangible Assets
Total Assets	$	3,829,269		$	3,972,728		$	3,552,772		$	3,151,347		$	2,878,120
Adjustments:
Goodwill	12,900			12,900			12,900			12,900			12,900
Acquisition intangibles	2,788			2,962			3,658			4,355			5,051
Other intangibles	100			100			100			—			—
Tangible Assets	$	3,813,481		$	3,956,766		$	3,536,114		$	3,134,092		$	2,860,169
Tangible common equity to tangible assets	5.31		%	5.21		%	5.65		%	5.89		%	6.04		%