First Guaranty Bancshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>First Guaranty Bancshares, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

First Guaranty Bancshares, Inc. (FGBIP) filed a Annual Report (10-K) with the SEC on March 15, 2024. Filed Form 10-K for the fiscal year ended December 31, 2023. Company is First Guaranty Bancshares, Inc., SIC code 6035 (Savings Institution, Federally Chartered). Incorporated in Louisiana, with principal business address in Hammond, LA. The filing includes data for the fiscal year 2023. The report is a public document with 126 pages.

Why It Matters

For investors and stakeholders tracking First Guaranty Bancshares, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and operations for the entire fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks and opportunities.

Risk Assessment

Risk Level: — First Guaranty Bancshares, Inc. shows moderate risk based on this filing. The risk is low as this is a standard annual filing (10-K) providing historical financial information and does not contain new or unexpected material events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand First Guaranty Bancshares' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-15 — Filing Date (Date of submission)
• 126 — Document Count (Number of public documents in the filing)

Key Players & Entities

• First Guaranty Bancshares, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date
• Hammond, LA (location) — Business address
• 6035 (other) — Standard Industrial Classification (SIC)

FAQ

Industry Context

First Guaranty Bancshares, Inc. operates within the savings institution sector, providing financial services.

Regulatory Implications

The company is subject to regulations governing savings institutions, as indicated by its SIC code.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and balance sheet changes.
2. Review the Management's Discussion and Analysis (MD&A) for insights into business performance and strategy.
3. Examine any disclosed risk factors and their potential impact on the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 2023 annual report filing (10-K), following previous filings which would include quarterly reports (10-Q) and potentially prior annual reports.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value FGBI The Nasdaq Stock Market
• $11.25 — d upon the price from the last trade of $11.25. As of March 14, 2024, there were iss
• $3.6 b — 23, we had consolidated total assets of $3.6 billion, total deposits of $3.0 billion a
• $3.0 billion — sets of $3.6 billion, total deposits of $3.0 billion and total shareholders' equity of $249.
• $249.6 million — llion and total shareholders' equity of $249.6 million. -4- Our History and Growth First
• $3.6 million — all T. Reynolds, our Chairman, invested $3.6 million in First Guaranty Bank as part of a rec
• $159 million — an, we have grown from six branches and $159 million in assets at the end of 1993 to 36 loca
• $3.6 billion — d of 1993 to 36 locations currently and $3.6 billion in assets at December 31, 2023. We have
• $9.3 million — ring selling 626,560 shares and raising $9.3 million in net proceeds. In connection with the
• $34.5 million — sdaq Global Market. In 2021 we issued $34.5 million of preferred stock and depositary share
• $20.0 million — sdaq Global Market. In 2023 we issued $20.0 million of common stock through two separate pr
• $25 million — se borrowing needs typically range from $25 million to $75 million. Syndicated loans divers
• $75 million — eds typically range from $25 million to $75 million. Syndicated loans diversify our loan po
• $1.0 b — farm non-residential properties totaled $1.0 billion, or 37.9% of our total loan portf

Filing Documents

• fgbi-20231231.htm (10-K) — 4022KB
• fgbiex23112312023.htm (EX-23.1) — 3KB
• fgbiex311123123.htm (EX-31.1) — 9KB
• fgbiex312123123.htm (EX-31.2) — 9KB
• fgbiex321123123.htm (EX-32.1) — 3KB
• fgbiex322123123.htm (EX-32.2) — 4KB
• fgbiex97112312023.htm (EX-97.1) — 29KB
• fgbi-20231231_g1.jpg (GRAPHIC) — 26KB
• fgbi-20231231_g2.jpg (GRAPHIC) — 5KB
• 0001408534-24-000021.txt (&nbsp;) — 19316KB
• fgbi-20231231.xsd (EX-101.SCH) — 82KB
• fgbi-20231231_cal.xml (EX-101.CAL) — 184KB
• fgbi-20231231_def.xml (EX-101.DEF) — 565KB
• fgbi-20231231_lab.xml (EX-101.LAB) — 1115KB
• fgbi-20231231_pre.xml (EX-101.PRE) — 849KB
• fgbi-20231231_htm.xml (XML) — 4162KB

Risk Factors

Item 1A Risk Factors 22

Unresolved SEC Staff Comments

Item 1B Unresolved SEC Staff Comments 34

Properties

Item 2 Properties 35

Legal Proceedings

Item 3 Legal Proceedings 37

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 37 Part II.

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 38

[Reserved]

Item 6 [Reserved] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures about Market Risk

Item 7A Quantitative and Qualitative Disclosures about Market Risk 66

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 67 Notes to the Financial Statements 76

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 111

Controls and Procedures

Item 9A Controls and Procedures 111

Other Information

Item 9B Other Information 111

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 111 Part III.

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 112

Executive Compensation

Item 11 Executive Compensation 112

Security Ownership of Certain Beneficial Owners, Management and Related Shareholder Matters

Item 12 Security Ownership of Certain Beneficial Owners, Management and Related Shareholder Matters 112

Certain Relationships and Related Transactions and Director Independence

Item 13 Certain Relationships and Related Transactions and Director Independence 112

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 112 Part IV.

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 113

Form 10-K Summary

Item 16 Form 10-K Summary 115 PART I Special Note Regarding Forward-Looking Statements Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about their anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects us from unwarranted litigation, if actual results are different from management expectations. This discussion and analysis contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "may," "should," "expect," "anticipate," "intend," "plan," "continue," "believe," "seek," "estimate", "future", "likely" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of factors and uncertainties, including, but not limited to, changes in general economic conditions, either nationally or in our market areas, that are worse than expected; risks related to our acquisition strategy, competition among depository and other financial institutions; inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate acquired entities, if any; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board; changes in our organization, compensation

– Business

Item 1 – Business Our Company First Guaranty Bancshares, Inc. ("First Guaranty") is a Louisiana corporation, and bank holding company headquartered in Hammond, Louisiana. Our wholly owned subsidiary, First Guaranty Bank (the "Bank"), a Louisiana state-chartered commercial bank, provides personalized commercial banking services mainly to Louisiana and Texas customers through 36 banking facilities primarily located in the metropolitan/micropolitan statistical areas ("MSAs"), of Hammond, Baton Rouge, Lafayette, Shreveport-Bossier City, Lake Charles, Alexandria, Dallas-Fort Worth-Arlington, Waco, Texas. First Guaranty expanded into Kentucky and West Virginia, our Mideast markets, in 2021 with loan and deposit production offices in Vanceburg, Kentucky. The Vanceburg location is now a branch of the bank. Our principal business consists of attracting deposits from the general public and local municipalities in our market areas and then investing those deposits. We also generate funds from operations, borrowings in lending and investing in securities. We serve the credit needs of our customer base, including commercial real estate loans, commercial and industrial loans, commercial leases, one-to-four-family residential real estate loans, construction and land development loans, agricultural and farmland loans, and to a lesser extent, consumer and multifamily loans. We also participate in certain syndicated loans, including shared national credits, with other financial institutions. We offer a variety of deposit accounts to consumers, small businesses and municipalities, including personal and business checking and savings accounts, time deposits and money market accounts. In addition, we offer a broad range of consumer services, including credit cards, mobile deposit capture, safe deposit boxes, official checks and automated teller machines. For our business customers we are pleased to offer additional solutions such as credit cards, merchant services, remote deposi

View Full Filing

View this 10-K filing on SEC EDGAR