FGBIP 10-Q

First Guaranty Bancshares, Inc. (FGBIP)

10-Q 2024-11-12 For: 2024-09-30

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Added on April 12, 2026

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Louisiana		26-0513559
(State or other jurisdiction incorporation or organization)		(I.R.S. Employer 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)


		Page
Part I.	Financial Information	4

Item 1.	Financial Statements (unaudited)	4

	Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	4

	Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023	5

	Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023	6

	Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023	7

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023	9

	Notes to Unaudited Consolidated Financial Statements	10

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52

Item 4.	Controls and Procedures	55

Part II.	Other Information	56

Item 1.	Legal Proceedings	56

Item 1A.	Risk Factors	56

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56

Item 3.	Defaults Upon Senior Securities	56

Item 4.	Mine Safety Disclosures	56

Item 5.	Other Information	56

Item 6.	Exhibits	57

Signatures		59


(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 (amortized cost of $343,393 and $85,464, respectively)	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 shares 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


	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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Net Income	$	1,927	$	1,772	$	11,438	$	7,916
Other comprehensive income:
Unrealized (losses) gains on securities:
Unrealized holding gains arising during the period	1,148		766		2,204		1,184
Reclassification adjustments for (gains) losses included in net income	—		—		—		—
Change in unrealized gains on securities	1,148		766		2,204		1,184
Tax impact	(241)		(161)		(463)		(249)
Other comprehensive income	907		605		1,741		935
Comprehensive Income	$	2,834	$	2,377	$	13,179	$	8,851
See Notes to Consolidated Financial Statements


	Preferred Stock $1,000 Par		Common Stock $1 Par		Surplus		Retained Earnings		Accumulated Other Comprehensive Income/(Loss)		Total
(in thousands, except per share data)
Balance December 31, 2022	$	33,058	$	10,717	$	130,093	$	76,351	$	(15,228)	$	234,991
Net income	—		—		—		3,468		—		3,468
Cumulative effect of adoption of ASC Topic 326, net of tax	—		—		—		(7,900)		—		(7,900)
Other comprehensive income (loss)	—		—		—		—		414		414
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.16 per share)	—		—		—		(1,715)		—		(1,715)
Balance March 31, 2023 (unaudited)	$	33,058	$	10,717	$	130,093	$	69,622	$	(14,814)	$	228,676
Net income							2,676				2,676
Common stock issued in private placement, 714,287 shares	—		714		9,286		—		—		10,000
Other comprehensive income (loss)									(84)		(84)
Preferred stock dividends							(582)				(582)
Cash dividends on common stock ($0.16 per share)							(1,829)				(1,829)
Balance June 30, 2023 (unaudited)	$	33,058	$	11,431	$	139,379	$	69,887	$	(14,898)	$	238,857
Net income	—		—		—		1,772		—		1,772
Other comprehensive income (loss)	—		—		—		—		605		605
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.16 per share)	—		—		—		(1,830)		—		(1,830)
Balance September 30, 2023 (unaudited)	$	33,058	$	11,431	$	139,379	$	69,247	$	(14,293)	$	238,822


Balance December 31, 2023	$	33,058	$	12,475	$	149,085	$	67,972	$	(12,959)	$	249,631
Net income	—		—		—		2,310		—		2,310
Common Stock issued under Equity Bonus Plan, 29,293 shares	—		30		304		—		—		334
Other comprehensive income	—		—		—		—		628		628
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.16 per share)	—		—		—		(2,001)		—		(2,001)
Balance March 31, 2024 (unaudited)	$	33,058	$	12,505	$	149,389	$	67,699	$	(12,331)	$	250,320
Net Income	—		—		—		7,201		—		7,201
Other comprehensive income (loss)	—		—		—		—		206		206
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.16 per share)	—		—		—		(2,001)		—		(2,001)
Balance June 30, 2024 (unaudited)	33,058		12,505		149,389		72,317		(12,125)		255,144
Net Income	—		—		—		1,927		—		1,927
Other comprehensive income	—		—		—		—		907		907
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.08 per share)	—		—		—		(1,000)		—		(1,000)
Balance September 30, 2024 (unaudited)	$	33,058	$	12,505	$	149,389	$	72,662	$	(11,218)	$	256,396
See Notes to Consolidated Financial Statements


	Nine Months Ended September 30,
(in thousands)	2024		2023
Cash Flows From Operating Activities
Net income	$	11,438	$	7,916
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	14,013		1,489
Depreciation and amortization	3,227		3,031
Amortization/Accretion of investments	13		709
(Gain) loss on sale/call of securities	—		—
(Gain) loss on sale of assets	(14,725)		(23)
Repossessed asset write downs, gains and losses on dispositions	383		150
FHLB stock dividends	(561)		(209)
Change in other assets and liabilities, net	961		(4,216)
Net Cash Provided By Operating Activities	14,749		8,847

Cash Flows From Investing Activities
Proceeds from maturities and calls of HTM securities	—		180
Proceeds from maturities, calls and sales of AFS securities	52,211		51,196
Funds invested in certificates of deposit	(250)		—
Funds invested in AFS securities	(309,922)		—


Funds invested in Federal Home Loan Bank stock	(4,265)		(8,929)
Proceeds from sale/redemption of Federal Home Loan Bank stock	8,724		2,425
Net increase in loans	(34,324)		(181,469)
Purchase of premises and equipment	(2,754)		(8,260)
Proceeds from sales of premises and equipment	14,901		276
Proceeds from sales of other real estate owned	318		101
Net Cash Used In Investing Activities	(275,361)		(144,480)

Cash Flows From Financing Activities
Net increase in deposits	420,831		91,217
Net (decrease) increase in federal funds purchased and short-term borrowings	(59,316)		6,217
Proceeds from long-term borrowings	—		155,000
Repayment of long-term borrowings	(43,023)		(1,625)
Proceeds from subordinated debentures	29,700		—
Proceeds from issuance of common stock	334		10,000
Dividends paid on preferred stock	(1,747)		(1,747)
Dividends paid on common stock	(5,001)		(5,373)
Net Cash Provided By Financing Activities	341,778		253,689

Net Increase In Cash and Cash Equivalents	81,166		118,056
Cash and Cash Equivalents at the Beginning of the Period	286,455		83,219
Cash and Cash Equivalents at the End of the Period	$	367,621	$	201,275

Noncash Activities:
Acquisition of real estate in settlement of loans	$	423	$	1,273

Cash Paid During The Period:
Interest on deposits and borrowed funds	$	92,182	$	62,545
Federal income taxes	$	—	$	3,100
State income taxes	$	—	$	330


	At September 30, 2024
(in thousands)	Amortized Cost		Fair Value
Available for sale:
Due in one year or less	$	256,401	$	256,327
Due after one year through five years	8,955		8,894
Due after five years through 10 years	20,201		19,529
Over 10 years	2,765		2,644
Subtotal	288,322		287,394
Collateralized mortgage obligations	24,698		25,005
Mortgage-backed securities	30,373		30,199
Total available for sale securities	$	343,393	$	342,598

Held to maturity:
Due in one year or less	$	—	$	—
Due after one year through five years	4,400		4,166
Due after five years through 10 years	137,617		123,086
Over 10 years	179,491		138,288
Total held to maturity securities	$	321,508	$	265,540


						At September 30, 2024
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasuries	9	$	220,482	$	(83)	—	$	—	$	—	9	$	220,482	$	(83)
Corporate debt securities	2	1,983		(17)		14	13,403		(847)		16	15,386		(864)
Municipal bonds	—	—		—		35	5,533		(269)		35	5,533		(269)
Collateralized mortgage obligations	—	—		—		—	—		—		—	—		—
Mortgage-backed securities	5	21,414		(94)		5	2,371		(90)		10	23,785		(184)
Total available for sale securities	16	$	243,879	$	(194)	54	$	21,307	$	(1,206)	70	$	265,186	$	(1,400)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	214,677	$	(51,868)	29	$	214,677	$	(51,868)
Corporate debt securities	—	—		—		56	50,536		(4,102)		56	50,536		(4,102)
Total held to maturity securities	—	$	—	$	—	85	$	265,213	$	(55,970)	85	$	265,213	$	(55,970)


						At December 31, 2023
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasuries	—	$	—	$	—	3	$	49,830	$	(218)	3	$	49,830	$	(218)
U.S. Government Agencies	—	—		—		—	—		—		—	—		—
Corporate debt securities	—	—		—		15	14,471		(1,279)		15	14,471		(1,279)
Municipal bonds	12	3,417		(6)		41	5,895		(366)		53	9,312		(372)
Mortgage-backed securities	2	2,606		(21)		5	2,394		(123)		7	5,000		(144)
Total available for sale securities	14	$	6,023	$	(27)	64	$	72,590	$	(1,986)	78	$	78,613	$	(2,013)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	204,364	$	(61,532)	29	$	204,364	$	(61,532)
Corporate debt securities	—	—		—		57	49,220		(5,602)		57	49,220		(5,602)
Total held to maturity securities	—	$	—	$	—	86	$	253,584	$	(67,134)	86	$	253,584	$	(67,134)


	September 30, 2024				December 31, 2023
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	323,123	11.6	%	$	399,435	14.5	%
Farmland	39,569		1.4	%	32,530		1.2	%
1- 4 Family	471,885		17.0	%	444,850		16.1	%
Multifamily	162,243		5.8	%	118,921		4.3	%
Non-farm non-residential	1,165,552		42.0	%	1,045,865		37.9	%
Total Real Estate	2,162,372		77.8	%	2,041,601		74.0	%
Non-Real Estate:
Agricultural	47,552		1.7	%	41,008		1.5	%
Commercial and industrial (1)	274,441		9.9	%	334,972		12.1	%
Commercial leases	248,563		9.0	%	285,415		10.4	%
Consumer and other	45,672		1.6	%	54,485		2.0	%
Total Non-Real Estate	616,228		22.2	%	715,880		26.0	%
Total Loans Before Unearned Income	2,778,600		100.0	%	2,757,481		100.0	%
Unearned income	(8,949)				(8,773)
Total Loans Net of Unearned Income	$	2,769,651			$	2,748,708


	As of September 30, 2024
(in thousands)	30-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans		Recorded Investment 90 Days Accruing
Real Estate:
Construction & land development	$	1,476	$	2,815	$	4,291	$	318,832	$	323,123	$	—
Farmland	4,000		1,189		5,189		34,380		39,569		—
1- 4 family	3,061		9,640		12,701		459,184		471,885		77
Multifamily	3,342		537		3,879		158,364		162,243		—
Non-farm non-residential	28,661		42,414		71,075		1,094,477		1,165,552		—
Total Real Estate	40,540		56,595		97,135		2,065,237		2,162,372		77
Non-Real Estate:
Agricultural	113		1,968		2,081		45,471		47,552		—
Commercial and industrial	4,520		3,711		8,231		266,210		274,441		—
Commercial leases	—		3,334		3,334		245,229		248,563		—
Consumer and other	931		257		1,188		44,484		45,672		—
Total Non-Real Estate	5,564		9,270		14,834		601,394		616,228		—
Total Loans Before Unearned Income	$	46,104	$	65,865	$	111,969	$	2,666,631	$	2,778,600	$	77
Unearned income									(8,949)
Total Loans Net of Unearned Income									$	2,769,651


	As of December 31, 2023
(in thousands)	30-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans		Recorded Investment 90 Days Accruing
Real Estate:
Construction & land development	$	1,281	$	530	$	1,811	$	397,624	$	399,435	$	—
Farmland	97		836		933		31,597		32,530		—
1- 4 family	3,929		7,109		11,038		433,812		444,850		124
Multifamily	824		537		1,361		117,560		118,921		—
Non-farm non-residential	1,020		24,451		25,471		1,020,394		1,045,865		14,711
Total Real Estate	7,151		33,463		40,614		2,000,987		2,041,601		14,835
Non-Real Estate:
Agricultural	240		1,426		1,666		39,342		41,008		57
Commercial and industrial	2,483		1,976		4,459		330,513		334,972		395
Commercial leases	—		1,799		1,799		283,616		285,415		—
Consumer and other	1,037		1,810		2,847		51,638		54,485		—
Total Non-Real Estate	3,760		7,011		10,771		705,109		715,880		452
Total Loans Before Unearned Income	$	10,911	$	40,474	$	51,385	$	2,706,096	$	2,757,481	$	15,287
Unearned income									(8,773)
Total Loans Net of Unearned Income									$	2,748,708


	As of September 30, 2024
(in thousands)	With Related Allowance		Without Related Allowance		Total
Real Estate:
Construction & land development	$	781	$	2,034	$	2,815
Farmland	788		401		1,189
1- 4 family	6,623		2,940		9,563
Multifamily	—		537		537
Non-farm non-residential	16,921		25,493		42,414
Total Real Estate	25,113		31,405		56,518
Non-Real Estate:
Agricultural	766		1,202		1,968
Commercial and industrial	1,756		1,955		3,711
Commercial leases	—		3,334		3,334
Consumer and other	257		—		257
Total Non-Real Estate	2,779		6,491		9,270
Total Nonaccrual Loans	$	27,892	$	37,896	$	65,788


	As of September 30, 2024
	Term Loans by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Prior	Revolving Loans		Total
Real Estate:
Construction & land development:
Pass	$	14,115	$	113,269	$	128,254	$	18,245	$	1,762	7,207	$	14,640	$	297,492
Special Mention	73		1,597		7,501		—		82		52	30		9,335
Substandard	6,905		6,083		1,213		611		246		1,153	—		16,211
Doubtful	—		—		—		85		—		—	—		85
Total Construction & land development	21,093		120,949		136,968		18,941		2,090		8,412	14,670		323,123
Current period gross charge-offs	—		—		39		—		—		—	—		39
Farmland
Pass	1,538		12,076		4,088		3,316		1,623		3,502	4,124		30,267
Special Mention	—		—		86		—		1,769		178	1,039		3,072
Substandard	—		381		—		2,645		2,574		630	—		6,230
Doubtful	—		—		—		—		—		—	—		—
Total Farmland	1,538		12,457		4,174		5,961		5,966		4,310	5,163		39,569
Current period gross charge-offs	—		—		258		—		—		—	—		258
1- 4 family
Pass	55,606		103,965		94,790		64,821		38,394		71,145	11,398		440,119
Special Mention	360		466		4,222		1,177		1,155		1,443	961		9,784
Substandard	—		4,195		3,117		4,930		1,551		4,403	3,497		21,693
Doubtful	—		—		73		—		—		143	73		289
Total 1- 4 family	55,966		108,626		102,202		70,928		41,100		77,134	15,929		471,885
Current period gross charge-offs	—		—		174		59		5		701	—		939
Multifamily
Pass	448		7,255		48,470		47,269		14,717		1,136	4,129		123,424
Special Mention	50		—		33,061		513		—		2,577	—		36,201
Substandard	—		—		2,081		—		—		537	—		2,618
Doubtful	—		—		—		—		—		—	—		—
Total Multifamily	498		7,255		83,612		47,782		14,717		4,250	4,129		162,243
Current period gross charge-offs	—		—		—		—		—		—	—		—
Non-farm non-residential
Pass	67,533		211,128		247,366		105,637		99,855		257,246	51,090		1,039,855
Special Mention	—		2,015		356		2,426		382		26,046	2,178		33,403
Substandard	1,179		2,595		37,208		43,944		926		2,867	3,509		92,228
Doubtful	—		—		—		—		66		—	—		66
Total non-farm non-residential	68,712		215,738		284,930		152,007		101,229		286,159	56,777		1,165,552
Current period gross charge-offs	—		3,792		88		—		331		836	—		5,047


Special Mention	4,375		515		42		51		48		56		614		5,701
Substandard	28		330		829		989		285		1,326		12,442		16,229
Doubtful	—		—		—		—		—		—		—		—
Total Commercial and industrial	25,838		29,232		18,787		43,526		40,495		16,149		100,414		274,441
Current period gross charge-offs	126		525		857		503		2,168		342		—		4,521
Commercial leases
Pass	51,022		63,397		62,373		44,402		4,115		780		—		226,089
Special Mention	—		—		19,140		—		—		—		—		19,140
Substandard	—		—		3,334		—		—		—		—		3,334
Doubtful	—		—		—		—		—		—		—		—
Total Commercial leases	51,022		63,397		84,847		44,402		4,115		780		—		248,563
Current period gross charge-offs	—		—		—		—		—		—		—		—
Consumer and other loans
Pass	7,689		16,372		5,092		3,821		4,814		6,782		—		44,570
Special Mention	—		30		45		121		33		8		—		237
Substandard	33		178		281		291		37		45		—		865
Doubtful	—		—		—		—		—		—		—		—
Total Consumer and other loans	7,722		16,580		5,418		4,233		4,884		6,835		—		45,672
Current period gross charge-offs	286		685		912		602		256		96		—		2,837
Total Non-Real Estate	87,191		112,390		119,067		95,762		50,949		29,211		121,658		616,228
Total Loans
Pass	221,848		558,891		616,568		332,925		206,600		365,915		193,770		2,496,517
Special Mention	4,858		4,735		66,249		4,298		3,613		30,478		5,023		119,254
Substandard	8,292		13,789		48,063		54,073		5,772		12,918		19,460		162,367
Doubtful	—		—		73		85		66		165		73		462
Total Loans Before Unearned Income	$	234,998	$	577,415	$	730,953	$	391,381	$	216,051	$	409,476	$	218,326	$	2,778,600
Unearned income															(8,949)
Total Loans Net of Unearned Income															$	2,769,651
Total Current Period Gross Charge-offs	$	412	$	5,002	$	2,328	$	1,197	$	2,760	$	1,975	$	—	$	13,674


	As of December 31, 2023
	Term Loans by Origination Year
(in thousands)	2023		2022		2021		2020		2019		Prior	Revolving Loans		Total
Real Estate:
Construction & land development:
Pass	$	134,527	$	140,068	$	75,884	$	3,369	$	8,533	11,940	$	18,907	$	393,228
Special Mention	789		1,579		170		—		90		250	—		2,878
Substandard	—		716		458		263		94		1,668	—		3,199
Doubtful	—		39		91		—		—		—	—		130
Total Construction & land development	135,316		142,402		76,603		3,632		8,717		13,858	18,907		399,435
Current period gross charge-offs	—		—		—		—		—		—	—		—
Farmland
Pass	9,513		4,032		3,340		1,768		253		2,730	2,162		23,798
Special Mention	—		194		—		514		—		359	—		1,067
Substandard	—		251		1,369		3,877		115		653	1,355		7,620
Doubtful	—		—		—		—		—		—	45		45
Total Farmland	9,513		4,477		4,709		6,159		368		3,742	3,562		32,530
Current period gross charge-offs	—		—		—		—		—		—	—		—


1- 4 family
Pass	112,636	110,978	70,599	41,766	19,542	47,374	17,215	420,110
Special Mention	1,307	2,505	749	1,544	775	997	667	8,544
Substandard	48	2,625	5,368	1,357	1,956	3,086	773	15,213
Doubtful	—	122	391	—	239	159	72	983
Total 1- 4 family	113,991	116,230	77,107	44,667	22,512	51,616	18,727	444,850
Current period gross charge-offs	—	—	—	—	—	964	—	964
Multifamily
Pass	9,945	76,217	6,121	15,131	1,877	2,311	5,110	116,712
Special Mention	—	—	—	—	—	1,648	24	1,672
Substandard	—	—	—	—	—	537	—	537
Doubtful	—	—	—	—	—	—	—	—
Total Multifamily	9,945	76,217	6,121	15,131	1,877	4,496	5,134	118,921
Current period gross charge-offs	—	—	—	—	—	—	—	—
Non-farm non-residential
Pass	162,234	247,182	111,054	88,039	73,797	256,032	33,907	972,245
Special Mention	708	369	1,014	388	15,846	5,191	1,525	25,041
Substandard	247	18,930	18,488	—	—	6,125	4,723	48,513
Doubtful	—	—	—	66	—	—	—	66
Total non-farm non-residential	163,189	266,481	130,556	88,493	89,643	267,348	40,155	1,045,865
Current period gross charge-offs	—	—	—	138	—	—	—	138
Total Real Estate	431,954	605,807	295,096	158,082	123,117	341,060	86,485	2,041,601

Non-Real Estate:
Agricultural
Pass	2,555	10,406	3,142	1,336	1,532	2,378	16,259	37,608
Special Mention	—	104	—	81	—	—	25	210
Substandard	—	—	692	279	20	2,100	57	3,148
Doubtful	—	—	—	—	—	42	—	42
Total Agricultural	2,555	10,510	3,834	1,696	1,552	4,520	16,341	41,008
Current period gross charge-offs	—	—	—	—	—	—	—	—
Commercial and industrial
Pass	41,105	27,800	48,097	53,585	5,613	27,634	119,886	323,720
Special Mention	63	37	4,382	146	—	53	598	5,279
Substandard	45	283	178	602	27	4,531	145	5,811
Doubtful	—	—	—	—	—	162	—	162
Total Commercial and industrial	41,213	28,120	52,657	54,333	5,640	32,380	120,629	334,972
Current period gross charge-offs	29	791	133	532	—	209	—	1,694
Commercial leases


Pass	568,228		743,019		392,315		217,245		116,225		358,286		213,596		2,608,914
Special Mention	2,903		16,806		8,167		2,760		16,726		8,517		2,839		58,718
Substandard	504		25,681		27,343		6,643		2,298		18,768		7,053		88,290
Doubtful	—		161		516		145		241		379		117		1,559
Total Loans Before Unearned Income	$	571,635	$	785,667	$	428,341	$	226,793	$	135,490	$	385,950	$	223,605	$	2,757,481
Unearned income															(8,773)
Total Loans Net of Unearned Income															$	2,748,708
Total Current Period Gross Charge-offs	$	627	$	1,917	$	953	$	1,029	$	28	$	1,217	$	—	$	5,771


	For the Nine Months Ended September 30,
	2024
(in thousands)	Beginning Allowance (12/31/2023)		Charge-offs		Recoveries		Provision		Ending Allowance (9/30/2024)
Real Estate:
Construction & land development	$	5,845	$	(39)	$	1	$	(954)	$	4,853
Farmland	36		(258)		—		272		50
1- 4 family	6,653		(939)		13		1,990		7,717
Multifamily	1,614		—		—		(156)		1,458
Non-farm non-residential	10,596		(5,047)		45		8,065		13,659
Total Real Estate	24,744		(6,283)		59		9,217		27,737
Non-Real Estate:
Agricultural	97		(33)		26		174		264
Commercial and industrial	2,711		(4,521)		157		3,251		1,598
Commercial leases	1,948		—		—		147		2,095
Consumer and other	1,426		(2,837)		474		2,524		1,587
Unallocated	—		—		—		—		—
Total Non-Real Estate	6,182		(7,391)		657		6,096		5,544
Total	$	30,926	$	(13,674)	$	716	$	15,313	$	33,281


	As of September 30, 2024
(in thousands)	Allowance Individually Evaluated		Allowance Collectively Evaluated		Total Allowance for Credit Losses		Loans Individually Evaluated		Loans Collectively Evaluated		Total Loans before Unearned Income
Real Estate:
Construction & land development	$	403	$	4,450	$	4,853	$	2,437	$	320,686	$	323,123
Farmland	—		50		50		5,597		33,972		39,569
1- 4 family	430		7,287		7,717		3,402		468,483		471,885
Multifamily	—		1,458		1,458		537		161,706		162,243
Non-farm non-residential	4,127		9,532		13,659		40,744		1,124,808		1,165,552
Total Real Estate	4,960		22,777		27,737		52,717		2,109,655		2,162,372
Non-Real Estate:
Agricultural	167		97		264		2,160		45,392		47,552
Commercial and industrial	5		1,593		1,598		2,167		272,274		274,441
Commercial leases	—		2,095		2,095		3,334		245,229		248,563
Consumer and other	—		1,587		1,587		—		45,672		45,672
Unallocated	—		—		—		—		—		—
Total Non-Real Estate	172		5,372		5,544		7,661		608,567		616,228
Total	$	5,132	$	28,149	$	33,281	$	60,378	$	2,718,222	2,778,600
Unearned Income											(8,949)
Total Loans Net of Unearned Income											$	2,769,651


	Nine Months Ended September 30, 2024		Nine Months Ended September 30, 2023
Weighted-average lease term (in years)	14.5		4.8
Weighted-average discount rate	7.9	%	2.9	%


(in thousands)
Remainder of 2024	$	352
2025	1,406
2026	1,406
2027	1,406
2028	1,351
Thereafter	13,519
Total lease payments	19,440
Less: interest	(7,689)
Present value of lease liabilities	$	11,751


	Level 3 Changes
(in thousands)	September 30, 2024
Balance, beginning of year	$	10,483
Total gains or losses (realized/unrealized):
Included in earnings	—
Included in other comprehensive income	79
Purchases, sales, issuances and settlements, net	(523)
Transfers in and/or out of Level 3	—
Balance as of end of period	$	10,039


	Fair Value Measurements at September 30, 2024 Using
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets
Cash and due from banks	$	362,855	$	362,855	$	—	$	—	$	362,855
Federal funds sold	4,766		4,766		—		—		4,766
Securities, available for sale	342,598		255,231		77,328		10,039		342,598
Securities, held for maturity	321,428		—		265,540		—		265,540
Loans held for sale	—		—		—		—		—
Loans, net	2,736,370		—		—		2,612,913		2,612,913
Cash surrender value of BOLI	5,973		—		—		5,973		5,973
Accrued interest receivable	17,660		—		—		17,660		17,660

Liabilities
Deposits	$	3,429,925	$	—	$	—	$	3,439,377	3,439,377
Short-term advances from Federal Home Loan Bank	—						—		—
Short-term borrowings	—		—		—		—		—
Repurchase agreements	6,981		—		—		7,031		7,031
Accrued interest payable	17,750		—		—		17,750		17,750
Long-term advances from Federal Home Loan Bank	135,000		—		—		137,374		137,374
Senior long-term debt	16,163		—		—		16,281		16,281
Junior subordinated debentures	44,730		—		—		44,730		44,730


			Fair Value Measurements at December 31, 2023 Using
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets
Cash and due from banks	$	286,114	$	286,114	$	—	$	—	$	286,114
Federal funds sold	341		341		—		—		341
Securities, available for sale	83,485		49,830		23,172		10,483		83,485
Securities, held for maturity	320,638		—		253,584		—		253,584
Loans, net	2,717,782		—		—		2,581,979		2,581,979
Cash surrender value of BOLI	5,861		—		—		5,861		5,861
Accrued interest receivable	15,713		—		—		15,713		15,713

Liabilities
Deposits	$	3,009,094	$	—	$	—	$	3,001,498	3,001,498
Short-term advances from Federal Home Loan Bank	50,000		—		—		50,000		50,000
Short-term borrowings	10,000		—		—		10,000		10,000
Repurchase agreements	6,297		—		—		6,285		6,285
Accrued interest payable	11,807		—		—		11,807		11,807
Long-term advances from Federal Home Loan Bank	155,000		—		—		152,299		152,299
Senior long-term debt	39,099		—		—		39,304		39,304
Junior subordinated debentures	15,000		—		—		15,000		15,000


(in thousands)	September 30, 2024
Time deposits of less than $100,000	$	743,502
Time deposits of $100,000 through $250,000	351,911
Time deposits of more than $250,000	197,149
Total Time Deposits	$	1,292,562


(in thousands)	September 30, 2024
Three months or less	$	51,480
Three to six months	55,415
Six months to one year	51,260
One to three years	26,168
More than three years	12,826
Total Time Deposits greater than $250,000	$	197,149


	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	%


	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	%


	"Well Capitalized Minimums"		As of September 30, 2024		As of December 31, 2023
Tier 1 Leverage Ratio
Bank	5.00	%	8.32	%	8.94	%
Consolidated	5.00	%	6.88	%	N/A
Tier 1 Risk-based Capital Ratio
Bank	8.00	%	10.62	%	10.31	%
Consolidated	8.00	%	8.79	%	N/A
Total Risk-based Capital Ratio
Bank	10.00	%	11.64	%	11.20	%
Consolidated	10.00	%	11.37	%	N/A
Common Equity Tier One Capital Ratio
Bank	6.50	%	10.62	%	10.31	%
Consolidated	6.50	%	7.65	%	N/A


	September 30, 2024
	Interest Sensitivity Within
(in thousands except for %)	3 Months Or Less			Over 3 Months thru 12 Months			Total One Year			Over One Year		Total
Earning Assets:
Loans (including loans held for sale)	$	870,952		$	423,241		$	1,294,193		$	1,475,458	$	2,769,651
Securities (including FHLB stock)	118,595			147,224			265,819			407,699		673,518
Federal Funds Sold	4,766			—			4,766			—		4,766
Other earning assets	347,917			—			347,917			—		347,917
Total earning assets	$	1,342,230		$	570,465		$	1,912,695		$	1,883,157	$	3,795,852

Source of Funds:
Interest-bearing accounts:
Demand deposits	$	1,501,886		$	—		$	1,501,886		$	—	$	1,501,886
Savings deposits	233,496			—			233,496			—		233,496
Time deposits	255,799			517,951			773,750			518,812		1,292,562
Short-term borrowings	—			—			—			6,869		6,869
Long-term borrowings	16,163			—			16,163			135,000		151,163
Junior subordinated debt	44,730			—			44,730			—		44,730
Noninterest-bearing, net	—			—			—			565,146		565,146
Total source of funds	$	2,052,074		$	517,951		$	2,570,025		$	1,225,827	$	3,795,852

Period gap	$	(709,844)		$	52,514		$	(657,330)		$	657,330
Cumulative gap	$	(709,844)		$	(657,330)		$	(657,330)		$	—

Cumulative gap as a percent of earning assets	(18.7)		%	(17.3)		%	(17.3)		%


Exhibit Number			Exhibit
3.1			Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (1)
3.2			Articles of Amendment to the Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (2)
3.3			Articles of Amendment to the Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (3).
3.4			Bylaws of First Guaranty Bancshares, Inc. (4)
3.5			Amendment to Bylaws of First Guaranty Bancshares, Inc. (5)
4.1			Form of Common Stock Certificate of First Guaranty Bancshares, Inc. (6)
4.2			Subordinated Note, dated as of June 21, 2022, by and between First Guaranty Bancshares, Inc. and Edgar Ray Smith, III. (7)
4.2			Subordinated Note, dated as of March 28, 2024, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investments L.L.C. (17)
4.3			Description of Common Stock. (8)
4.4			Preferred Stock Specimen Certificate (9)
4.5			Description of Preferred Stock. (10)
4.6			Deposit Agreement, dated as of April 27, 2021, by and between First Guaranty Bancshares, Inc. and Zions Bancorporation, National Association, and the holders from time to time of the depositary receipts described herein (11)
4.7			Form of Depositary Receipt representing Depositary Shares (11)
10.1			Subordinated Note Purchase Agreement, dated as of June 21, 2022, by and between First Guaranty Bancshares, Inc. and Edgar Ray Smith, III (7)
10.2			Subordinated Note Purchase Agreement, dated as of March 28, 2024, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investments, L.L.C. (17)
10.3			Loan Agreement, dated as of October 5, 2023, by and between First Guaranty Bancshares, Inc. and Summit Community Bank, Inc. (13)
10.4			Promissory Note (Term Loan) issued to Summit Community Bank, Inc. on October 5, 2023. (14)
10.5			Promissory Note (Line of Credit) issued to Summit Community Bank, Inc. on October 5, 2023. (15)
10.6*			Stock Pledge and Security Agreement, dated as of October 5, 2023, by First Guaranty Bancshares, Inc. in favor of Summit Community Bank, Inc. (16)
10.7			Lease Agreements, dated June 28, 2024, by and between First Guaranty Bank and FGB Partners, L.L.C. (18)
31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH			XBRL Taxonomy Extension Schema.
101.CAL			XBRL Taxonomy Extension Calculation Linkbase.
101.DEF			XBRL Taxonomy Extension Definition Linkbase.
101.PRE			XBRL Taxonomy Extension Presentation Linkbase.
101.LAB			XBRL Taxonomy Extension Label Linkbase.
101.INS			XBRL Instance Document.


Date: November 12, 2024						By: /s/ Michael R. Mineer
						Michael R. Mineer
						President and Chief Executive Officer
						Principal Executive Officer

Date: November 12, 2024						By: /s/ Eric J. Dosch
						Eric J. Dosch
						Chief Financial Officer, Secretary and Treasurer
						Principal Financial Officer