First Guaranty Bancshares, Inc 8-K, filed Jul 27, 2022

First Guaranty Bancshares, Inc. (FGBI)

8-K 2022-07-27 For: 2022-07-27

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Added on April 12, 2026

About this 8-K

First Guaranty Bancshares, Inc filed this 8-K on July 27, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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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 27, 2022
	By:	/s/Eric J. Dosch
		Eric J. Dosch
		Chief Financial Officer


Exhibit Number			Description
Exhibit 99.1			Press Release July 27, 2022 "First Guaranty Bancshares, Inc. Announces Second Quarter 2022 Results."


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

(in thousands, except share data)	June 30, 2022		December 31, 2021
Assets
Cash and cash equivalents:
Cash and due from banks	$	120,164	$	261,749
Federal funds sold	234		183
Cash and cash equivalents	120,398		261,932

Investment securities:
Available for sale, at fair value	131,091		210,620
Held to maturity, at cost (estimated fair value of $264,310 and $150,585 respectively)	319,731		153,536
Investment securities	450,822		364,156

Federal Home Loan Bank stock, at cost	1,476		1,359
Loans held for sale	—		—

Loans, net of unearned income	2,295,738		2,159,359
Less: allowance for loan and lease losses	23,583		24,029
Net loans	2,272,155		2,135,330

Premises and equipment, net	58,394		58,637
Goodwill	12,900		12,900
Intangible assets, net	5,313		5,922
Other real estate, net	1,634		2,072
Accrued interest receivable	12,359		12,047
Other assets	23,905		23,765
Total Assets	$	2,959,356	$	2,878,120

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	560,624	$	532,578
Interest-bearing demand	1,340,412		1,275,544
Savings	221,708		201,699
Time	537,317		586,671
Total deposits	2,660,061		2,596,492

Short-term borrowings	20,000		—
Repurchase agreements	6,361		6,439
Accrued interest payable	3,138		4,480
Long-term advances from Federal Home Loan Bank	—		3,208
Senior long-term debt	23,549		25,170
Junior subordinated debentures	15,000		14,818
Other liabilities	4,711		3,624
Total Liabilities	2,732,820		2,654,231

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 outstanding; 10,716,796 shares issued	10,717		10,717
Surplus	130,093		130,093
Retained earnings	67,769		56,654
Accumulated other comprehensive (loss) income	(15,101)		(6,633)
Total Shareholders' Equity	226,536		223,889
Total Liabilities and Shareholders' Equity	$	2,959,356	$	2,878,120
See Notes to Consolidated Financial Statements


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share data)	2022		2021		2022		2021
Interest Income:
Loans (including fees)	$	29,999	$	25,194	$	58,037	$	48,944
Deposits with other banks	261		75		363		141
Securities (including FHLB stock)	2,280		1,719		4,619		3,244
Total Interest Income	32,540		26,988		63,019		52,329

Interest Expense:
Demand deposits	2,884		1,644		5,160		3,239
Savings deposits	101		50		162		102
Time deposits	2,540		3,331		5,295		6,851
Borrowings	705		516		1,109		1,088
Total Interest Expense	6,230		5,541		11,726		11,280

Net Interest Income	26,310		21,447		51,293		41,049
Less: Provision for loan losses	757		900		1,389		1,508
Net Interest Income after Provision for Loan Losses	25,553		20,547		49,904		39,541

Noninterest Income:
Service charges, commissions and fees	773		657		1,550		1,378
ATM and debit card fees	904		932		1,727		1,775
Net (losses) gains on securities	—		965		(17)		1,060
Net gains on sale of loans	90		291		89		325
Other	760		753		1,140		1,386
Total Noninterest Income	2,527		3,598		4,489		5,924

Total Business Revenue, Net of Provision for Loan Losses	28,080		24,145		54,393		45,465

Noninterest Expense:
Salaries and employee benefits	9,085		8,012		18,065		15,547
Occupancy and equipment expense	2,252		2,198		4,453		4,519
Other	6,482		5,814		12,052		10,946
Total Noninterest Expense	17,819		16,024		34,570		31,012

Income Before Income Taxes	10,261		8,121		19,823		14,453
Less: Provision for income taxes	2,137		1,687		4,114		2,996
Net Income	8,124		6,434		15,709		11,457
Less: Preferred stock dividends	582		220		1,164		220
Net Income Available to Common Shareholders	$	7,542	$	6,214	$	14,545	$	11,237

Per Common Share:1
Earnings	$	0.70	$	0.58	$	1.36	$	1.05
Cash dividends paid	$	0.16	$	0.15	$	0.32	$	0.30

Weighted Average Common Shares Outstanding	10,716,796		10,716,796		10,716,796		10,716,796
See Notes to Consolidated Financial Statements
1All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021.


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

	Three Months Ended June 30, 2022						Three Months Ended June 30, 2021
(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	$	135,072	$	261	0.77	%	$	289,661	$	75	0.10	%
Securities (including FHLB stock)	455,224		2,280		2.01	%	270,869		1,719		2.55	%
Federal funds sold	162		—		—	%	861		—		—	%
Loans held for sale	—		—		—	%	43		—		—	%
Loans, net of unearned income (6)	2,244,110		29,999		5.36	%	2,024,368		25,194		4.99	%
Total interest-earning assets	2,834,568		$	32,540	4.60	%	2,585,802		$	26,988	4.19	%

Noninterest-earning assets:
Cash and due from banks	19,334						13,349
Premises and equipment, net	58,235						60,264
Other assets	28,828						25,290
Total Assets	$	2,940,965					$	2,684,705

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,327,954	$	2,884	0.87	%	$	995,325	$	1,644	0.66	%
Savings deposits	211,281		101		0.19	%	189,539		50		0.11	%
Time deposits	549,052		2,540		1.86	%	699,975		3,331		1.91	%
Borrowings	55,536		705		5.10	%	105,557		516		1.96	%
Total interest-bearing liabilities	2,143,823		$	6,230	1.17	%	1,990,396		$	5,541	1.12	%

Noninterest-bearing liabilities:
Demand deposits	563,832						479,340
Other	7,947						10,513
Total Liabilities	2,715,602						2,480,249

Shareholders' equity	225,363						204,456
Total Liabilities and Shareholders' Equity	$	2,940,965					$	2,684,705
Net interest income			$	26,310					$	21,447

Net interest rate spread (1)					3.43	%					3.07	%
Net interest-earning assets (2)	$	690,745					$	595,406
Net interest margin (3), (4)					3.72	%					3.33	%

Average interest-earning assets to interest-bearing liabilities					132.22	%					129.91	%


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

	Six Months Ended June 30, 2022						Six Months Ended June 30, 2021
(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	$	183,047	$	363	0.40	%	$	282,550	$	141	0.10	%
Securities (including FHLB stock)	444,879		4,619		2.09	%	264,353		3,244		2.47	%
Federal funds sold	197		—		—	%	656		—		—	%
Loans held for sale	—		—		—	%	22		—		—	%
Loans, net of unearned income (6)	2,199,435		58,037		5.32	%	1,968,451		48,944		5.01	%
Total interest-earning assets	2,827,558		$	63,019	4.49	%	2,516,032		$	52,329	4.19	%

Noninterest-earning assets:
Cash and due from banks	18,910						12,507
Premises and equipment, net	58,314						60,245
Other assets	28,709						25,214
Total Assets	$	2,933,491					$	2,613,998

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,325,755	$	5,160	0.78	%	$	959,822	$	3,239	0.68	%
Savings deposits	207,664		162		0.16	%	182,506		102		0.11	%
Time deposits	562,550		5,295		1.90	%	713,965		6,851		1.94	%
Borrowings	51,732		1,109		4.32	%	100,933		1,088		2.17	%
Total interest-bearing liabilities	2,147,701		$	11,726	1.10	%	1,957,226		$	11,280	1.16	%

Noninterest-bearing liabilities:
Demand deposits	554,475						453,966
Other	7,396						10,487
Total Liabilities	2,709,572						2,421,679

Shareholders' equity	223,919						192,319
Total Liabilities and Shareholders' Equity	$	2,933,491					$	2,613,998
Net interest income			$	51,293					$	41,049

Net interest rate spread (1)					3.39	%					3.03	%
Net interest-earning assets (2)	$	679,857					$	558,806
Net interest margin (3), (4)					3.66	%					3.29	%

Average interest-earning assets to interest-bearing liabilities					131.66	%					128.55	%


	June 30, 2022				March 31, 2022				December 31, 2021				September 30, 2021
(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	$	175,221	7.6	%	$	200,504	9.0	%	$	174,334	8.1	%	$	165,090	7.9	%
Farmland	28,152		1.2	%	31,840		1.4	%	31,810		1.5	%	28,008		1.4	%
1- 4 Family	310,403		13.5	%	293,773		13.1	%	288,347		13.3	%	287,668		13.8	%
Multifamily	105,454		4.6	%	69,264		3.1	%	65,848		3.0	%	102,478		4.9	%
Non-farm non-residential	962,442		41.8	%	894,105		40.0	%	886,407		40.9	%	850,614		40.9	%
Total Real Estate	1,581,672		68.7	%	1,489,486		66.6	%	1,446,746		66.8	%	1,433,858		68.9	%
Non-Real Estate:
Agricultural	37,164		1.6	%	28,850		1.3	%	26,747		1.2	%	36,215		1.7	%
Commercial and industrial(1)	397,233		17.3	%	412,672		18.4	%	398,391		18.4	%	343,428		16.5	%
Commercial leases	237,560		10.3	%	257,323		11.5	%	246,022		11.4	%	223,584		10.8	%
Consumer and other	48,448		2.1	%	48,702		2.2	%	48,142		2.2	%	44,099		2.1	%
Total Non-Real Estate	720,405		31.3	%	747,547		33.4	%	719,302		33.2	%	647,326		31.1	%
Total loans before unearned income	2,302,077		100.0	%	2,237,033		100.0	%	2,166,048		100.0	%	2,081,184		100.0	%
Unearned income	(6,339)				(5,914)				(6,689)				(7,723)
Total loans net of unearned income	$	2,295,738			$	2,231,119			$	2,159,359			$	2,073,461


(in thousands)	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Nonaccrual loans:
Real Estate:
Construction and land development	$	—		$	257		$	530		$	623
Farmland	290			291			787			791
1- 4 family	3,148			3,266			2,861			3,034
Multifamily	—			—			—			—
Non-farm non-residential	2,925			8,172			8,733			9,592
Total Real Estate	6,363			11,986			12,911			14,040
Non-Real Estate:
Agricultural	1,791			1,690			2,302			2,416
Commercial and industrial	864			671			699			616
Commercial leases	152			—			—			—
Consumer and other	991			784			803			679
Total Non-Real Estate	3,798			3,145			3,804			3,711
Total nonaccrual loans	10,161			15,131			16,715			17,751

Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	—			21			246			—
Farmland	—			—			—			—
1- 4 family	210			170			514			1,340
Multifamily	—			162			162			—
Non-farm non-residential	508			478			281			739
Total Real Estate	718			831			1,203			2,079
Non-Real Estate:
Agricultural	—			—			—			—
Commercial and industrial	123			123			23			521
Commercial leases	—			—			—			—
Consumer and other	—			—			19			—
Total Non-Real Estate	123			123			42			521
Total loans 90 days and greater delinquent & accruing	841			954			1,245			2,600

Total non-performing loans	11,002			16,085			17,960			20,351

Real Estate Owned:
Real Estate Loans:
Construction and land development	—			—			—			—
Farmland	—			—			—			—
1- 4 family	218			362			817			1,043
Multifamily	—			—			—			—
Non-farm non-residential	1,416			1,492			1,255			1,488
Total Real Estate	1,634			1,854			2,072			2,531
Non-Real Estate Loans:
Agricultural	—			—			—			—
Commercial and industrial	—			—			—			—
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	—			—			—			—
Total Real Estate Owned	1,634			1,854			2,072			2,531

Total non-performing assets	$	12,636		$	17,939		$	20,032		$	22,882

Non-performing assets to total loans	0.55		%	0.80		%	0.93		%	1.10		%
Non-performing assets to total assets	0.43		%	0.62		%	0.70		%	0.81		%
Non-performing loans to total loans	0.48		%	0.72		%	0.83		%	0.98		%
Nonaccrual loans to total loans	0.44		%	0.68		%	0.77		%	0.86		%
Allowance for loan and lease losses to nonaccrual loans	232.09		%	159.57		%	143.76		%	142.74		%


	At June 30,			At December 31,
(in thousands except for share data and %)	2022			2021			2020			2019			2018
Tangible Common Equity
Total shareholders' equity	$	226,536		$	223,889		$	178,591		$	166,035		$	147,284
Adjustments:
Preferred	33,058			33,058			—			—			—
Goodwill	12,900			12,900			12,900			12,942			3,472
Acquisition intangibles	4,703			5,051			5,815			6,527			2,704
Tangible common equity	$	175,875		$	172,880		$	159,876		$	146,566		$	141,108
Common shares outstanding1	10,716,796			10,716,796			10,716,796			10,716,796			10,657,245
Book value per common share1	$	18.05		$	17.81		$	16.66		$	15.49		$	13.82
Tangible book value per common share1	$	16.41		$	16.13		$	14.92		$	13.68		$	13.24
Tangible Assets
Total Assets	$	2,959,356		$	2,878,120		$	2,473,078		$	2,117,216		$	1,817,211
Adjustments:
Goodwill	12,900			12,900			12,900			12,942			3,472
Acquisition intangibles	4,703			5,051			5,815			6,527			2,704
Tangible Assets	$	2,941,753		$	2,860,169		$	2,454,363		$	2,097,747		$	1,811,035
Tangible common equity to tangible assets	5.98		%	6.04		%	6.51		%	6.99		%	7.79		%
1All share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021.