FGBIP 8-K

First Guaranty Bancshares, Inc. (FGBIP)

8-K 2024-10-30 For: 2024-10-30

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Added on July 04, 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 30, 2024
	By:	/s/Eric J. Dosch
		Eric J. Dosch
		Chief Financial Officer


Exhibit Number			Description
Exhibit 99.1			Press Release October 30, 2024 "First Guaranty Bancshares, Inc. Announces Third Quarter 2024 Financial Results."


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

(in thousands, except share data)	September 30, 2024		December 31, 2023
Assets
Cash and cash equivalents:
Cash and due from banks	$	362,855	$	286,114
Federal funds sold	4,766		341
Cash and cash equivalents	367,621		286,455

Interest-earning time deposits with banks	250		—

Investment securities:
Available for sale, at fair value	342,598		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 securities	664,026		404,123

Federal Home Loan Bank stock, at cost	9,492		13,390
Loans held for sale	—		—

Loans, net of unearned income	2,769,651		2,748,708
Less: allowance for credit losses	33,281		30,926
Net loans	2,736,370		2,717,782

Premises and equipment, net	68,455		69,792
Goodwill	12,900		12,900
Intangible assets, net	3,671		4,298
Other real estate, net	1,160		1,250
Accrued interest receivable	17,660		15,713
Other assets	42,402		27,069
Total Assets	$	3,924,007	$	3,552,772

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	401,981	$	442,755
Interest-bearing demand	1,501,886		1,526,628
Savings	233,496		218,986
Time	1,292,562		820,725
Total deposits	3,429,925		3,009,094

Short-term advances from Federal Home Loan Bank	—		50,000
Short-term borrowings	—		10,000
Repurchase agreements	6,981		6,297
Accrued interest payable	17,750		11,807
Long-term advances from Federal Home Loan Bank	135,000		155,000
Senior long-term debt	16,163		39,099
Junior subordinated debentures	44,730		15,000
Other liabilities	17,062		6,844
Total Liabilities	3,667,611		3,303,141

Shareholders' Equity
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized
Non-cumulative perpetual; 34,500 issued and outstanding	33,058		33,058
Common stock, $1 par value - 100,600,000 shares authorized; 12,504,717 and 12,475,424 shares issued and outstanding	12,505		12,475
Surplus	149,389		149,085
Retained earnings	72,662		67,972
Accumulated other comprehensive (loss) income	(11,218)		(12,959)
Total Shareholders' Equity	256,396		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)	2024		2023		2024		2023
Interest Income:
Loans (including fees)	$	49,811	$	43,407	$	144,281	$	121,846
Deposits with other banks	4,645		1,897		11,747		3,719
Securities (including FHLB stock)	2,971		2,323		7,958		7,130
Total Interest Income	57,427		47,627		163,986		132,695

Interest Expense:
Demand deposits	16,957		16,102		50,992		44,187
Savings deposits	1,374		1,001		3,928		2,418
Time deposits	12,631		6,504		32,649		15,304
Borrowings	3,767		3,575		10,556		7,127
Total Interest Expense	34,729		27,182		98,125		69,036

Net Interest Income	22,698		20,445		65,861		63,659
Less: Provision for credit losses	4,904		627		14,013		1,489
Net Interest Income after Provision for Credit Losses	17,794		19,818		51,848		62,170

Noninterest Income:
Service charges, commissions and fees	815		858		2,343		2,461
ATM and debit card fees	784		796		2,352		2,449
Net gains on securities	—		—		—		—
Net gains on sale of loans	1,471		—		1,481		12
Net gains on sale of assets	31		(7)		13,244		11
Other	1,304		842		2,819		3,072
Total Noninterest Income	4,405		2,489		22,239		8,005

Total Business Revenue, Net of Provision for Credit Losses	22,199		22,307		74,087		70,175

Noninterest Expense:
Salaries and employee benefits	10,098		10,429		30,438		30,365
Occupancy and equipment expense	2,538		2,121		7,356		6,542
Other	7,070		7,446		21,455		22,990
Total Noninterest Expense	19,706		19,996		59,249		59,897

Income Before Income Taxes	2,493		2,311		14,838		10,278
Less: Provision for income taxes	566		539		3,400		2,362
Net Income	1,927		1,772		11,438		7,916
Less: Preferred stock dividends	582		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 Outstanding	12,504,717		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, 2024						Three Months Ended September 30, 2023
(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	$	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 sold	2,211		—		—	%	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 assets	3,602,596		$	57,427	6.34	%	3,190,299		$	47,627	5.92	%

Noninterest-earning assets:
Cash and due from banks	19,021						18,418
Premises and equipment, net	68,974						62,348
Other assets	35,860						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 deposits	234,118		1,374		2.33	%	216,089		1,001		1.84	%
Time deposits	1,036,757		12,631		4.85	%	678,521		6,504		3.80	%
Borrowings	271,954		3,767		5.51	%	251,317		3,575		5.64	%
Total interest-bearing liabilities	3,042,156		$	34,729	4.54	%	2,575,329		$	27,182	4.19	%

Noninterest-bearing liabilities:
Demand deposits	408,383						461,489
Other	19,562						20,660
Total Liabilities	3,470,101						3,057,478

Shareholders' equity	256,350						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 liabilities					118.42	%					123.88	%


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

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
(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	$	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 sold	1,060		—		—	%	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 assets	3,489,931		$	163,986	6.28	%	3,095,602		$	132,695	5.73	%

Noninterest-earning assets:
Cash and due from banks	19,439						18,706
Premises and equipment, net	69,951						60,157
Other assets	31,144						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 deposits	229,763		3,928		2.28	%	211,515		2,418		1.53	%
Time deposits	924,857		32,649		4.72	%	624,190		15,304		3.28	%
Borrowings	246,502		10,556		5.72	%	165,508		7,127		5.76	%
Total interest-bearing liabilities	2,920,865		$	98,125	4.49	%	2,459,618		$	69,036	3.75	%

Noninterest-bearing liabilities:
Demand deposits	416,389						489,154
Other	19,636						16,954
Total Liabilities	3,356,890						2,965,726

Shareholders' equity	253,575						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	%


	September 30, 2024				June 30, 2024				March 31, 2024				December 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	$	323,123	11.6	%	$	355,216	12.5	%	$	328,090	11.9	%	$	399,435	14.5	%
Farmland	39,569		1.4	%	38,493		1.3	%	37,534		1.3	%	32,530		1.2	%
1- 4 Family	471,885		17.0	%	457,263		16.1	%	456,659		16.5	%	444,850		16.1	%
Multifamily	162,243		5.8	%	160,256		5.6	%	165,148		6.0	%	118,921		4.3	%
Non-farm non-residential	1,165,552		42.0	%	1,164,117		41.0	%	1,133,516		41.1	%	1,045,865		37.9	%
Total Real Estate	2,162,372		77.8	%	2,175,345		76.5	%	2,120,947		76.8	%	2,041,601		74.0	%
Non-Real Estate:
Agricultural	47,552		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 leases	248,563		9.0	%	269,428		9.5	%	253,016		9.2	%	285,415		10.4	%
Consumer and other	45,672		1.6	%	47,836		1.7	%	49,458		1.8	%	54,485		2.0	%
Total Non-Real Estate	616,228		22.2	%	665,713		23.5	%	639,188		23.2	%	715,880		26.0	%
Total loans before unearned income	2,778,600		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


(in thousands)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
Nonaccrual loans:
Real Estate:
Construction and land development	$	2,815		$	2,314		$	598		$	530
Farmland	1,189			666			903			836
1- 4 family	9,563			7,900			8,157			6,985
Multifamily	537			537			537			537
Non-farm non-residential	42,414			41,626			9,733			9,740
Total Real Estate	56,518			53,043			19,928			18,628
Non-Real Estate:
Agricultural	1,968			1,379			1,658			1,369
Commercial and industrial	3,711			4,084			4,691			1,581
Commercial leases	3,334			3,552			1,799			1,799
Consumer and other	257			267			530			1,810
Total Non-Real Estate	9,270			9,282			8,678			6,559
Total nonaccrual loans	65,788			62,325			28,606			25,187

Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	—			—			—			—
Farmland	—			—			—			—
1- 4 family	77			77			—			124
Multifamily	—			—			—			—
Non-farm non-residential	—			122			14,600			14,711
Total Real Estate	77			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 & accruing	77			199			14,658			15,287

Total non-performing loans	65,865			62,524			43,264			40,474

Real Estate Owned:
Real Estate Loans:
Construction and land development	203			201			282			251
Farmland	—			—			—			—
1- 4 family	267			141			312			309
Multifamily	—			—			—			—
Non-farm non-residential	690			690			690			690
Total Real Estate	1,160			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 Owned	1,160			1,032			1,284			1,250

Total non-performing assets	$	67,025		$	63,556		$	44,548		$	41,724

Non-performing assets to total loans	2.42		%	2.24		%	1.62		%	1.52		%
Non-performing assets to total assets	1.71		%	1.76		%	1.25		%	1.17		%
Non-performing loans to total loans	2.38		%	2.21		%	1.57		%	1.47		%
Nonaccrual loans to total loans	2.38		%	2.20		%	1.04		%	0.92		%
Allowance for credit losses to nonaccrual loans	50.59		%	48.60		%	109.94		%	122.79		%
Net loan charge-offs to average loans	0.62		%	0.76		%	0.29		%	0.17		%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Other noninterest expense:
Legal and professional fees	$	625	$	1,296	$	3,102	$	4,829
Data processing	413		497		1,196		1,559
ATM fees	424		448		1,237		1,271
Marketing and public relations	296		463		999		1,472
Taxes - sales, capital, and franchise	678		558		1,890		1,664
Operating supplies	41		224		247		664
Software expense and amortization	1,203		1,366		3,824		3,768
Travel and lodging	112		330		599		1,118
Telephone	135		96		378		264
Amortization of core deposit intangibles	174		174		522		522
Donations	58		148		241		574
Net costs from other real estate and repossessions	150		124		533		243
Regulatory assessment	1,182		676		3,105		2,112
Other	1,579		1,046		3,582		2,930
Total other noninterest expense	$	7,070	$	7,446	$	21,455	$	22,990


	At September 30,			At December 31,
(in thousands except for share data and %)	2024			2023			2022			2021			2020
Tangible Common Equity
Total shareholders' equity	$	256,396		$	249,631		$	234,991		$	223,889		$	178,591
Adjustments:
Preferred	33,058			33,058			33,058			33,058			—
Goodwill	12,900			12,900			12,900			12,900			12,900
Acquisition intangibles	3,137			3,658			4,355			5,051			5,815
Other intangibles	100			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:
Goodwill	12,900			12,900			12,900			12,900			12,900
Acquisition intangibles	3,137			3,658			4,355			5,051			5,815
Other intangibles	100			100			—			—			—
Tangible Assets	$	3,907,870		$	3,536,114		$	3,134,092		$	2,860,169		$	2,454,363
Tangible common equity to tangible assets	5.30		%	5.65		%	5.89		%	6.04		%	6.51		%