First Guaranty Bancshares, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First Guaranty Bancshares, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

First Guaranty Bancshares, Inc. (FGBIP) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Filed a 10-Q report for the period ending March 31, 2024. Company is First Guaranty Bancshares, Inc., SIC code 6035 (Savings Institution, Federally Chartered). Incorporated in Louisiana, fiscal year ends December 31. Business and mailing address is 400 East Thomas Street, Hammond, LA 70401. Report filed on May 10, 2024.

Why It Matters

For investors and stakeholders tracking First Guaranty Bancshares, Inc., this filing contains several important signals. This filing provides an update on the company's financial performance and position for the first quarter of 2024. Investors and analysts can use this report to assess the company's operational health, profitability, and strategic direction.

Risk Assessment

Risk Level: low — First Guaranty Bancshares, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand First Guaranty Bancshares' Q1 2024 performance.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 6035 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• First Guaranty Bancshares, Inc. (company) — Filer name
• 400 East Thomas Street (location) — Business and mailing address
• Hammond (location) — City for business and mailing address
• LA (location) — State for business and mailing address
• 70401 (location) — ZIP code for business and mailing address
• 985-345-7685 (phone) — Business phone number

FAQ

Industry Context

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

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular financial disclosures from public companies.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding changes in financial instruments or accounting policies.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings which would include the 2023 10-K and prior 10-Q reports.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value FGBI The Nasdaq Stock Market

Filing Documents

• fgbi-20240331.htm (10-Q) — 2766KB
• fgbi-ex31103312024.htm (EX-31.1) — 9KB
• fgbi-ex31203312024.htm (EX-31.2) — 10KB
• fgbi-ex32103312024.htm (EX-32.1) — 4KB
• fgbi-ex32203312024.htm (EX-32.2) — 4KB
• fgbi-20240331_g1.jpg (GRAPHIC) — 26KB
• 0001408534-24-000047.txt (&nbsp;) — 13743KB
• fgbi-20240331.xsd (EX-101.SCH) — 41KB
• fgbi-20240331_cal.xml (EX-101.CAL) — 121KB
• fgbi-20240331_def.xml (EX-101.DEF) — 325KB
• fgbi-20240331_lab.xml (EX-101.LAB) — 588KB
• fgbi-20240331_pre.xml (EX-101.PRE) — 455KB
• fgbi-20240331_htm.xml (XML) — 3726KB

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Consolidated Balance Sheets as of March 31, 2024 and December 31, 20 23 4 Consolidated Statements of Income for the three months ended March 31, 202 4 and 20 23 5 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 7 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 8 Notes to Unaudited Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 50 Part II. Other Information 51 Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52

Signatures

Signatures 54 -3-

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except share data) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents: Cash and due from banks $ 331,592 $ 286,114 Federal funds sold 465 341 Cash and cash equivalents 332,057 286,455 Investment securities: Available for sale, at fair value 37,752 83,485 Held to maturity, at cost and net of allowance for credit losses of $ 80 (estimated fair value of $ 251,627 and $ 253,584 respectively) 320,901 320,638 Investment securities 358,653 404,123 Federal Home Loan Bank stock, at cost 10,410 13,390 Loans held for sale — — Loans, net of unearned income 2,752,230 2,748,708 Less: allowance for credit losses 31,450 30,926 Net loans 2,720,780 2,717,782 Premises and equipment, net 70,646 69,792 Goodwill 12,900 12,900 Intangible assets, net 4,088 4,298 Other real estate, net 1,284 1,250 Accrued interest receivable 17,339 15,713 Other assets 27,634 27,069 Total Assets $ 3,555,791 $ 3,552,772 Liabilities and Shareholders' Equity Deposits: Noninterest-bearing demand $ 415,113 $ 442,755 Interest-bearing demand 1,556,257 1,526,628 Savings 229,098 218,986 Time 863,408 820,725 Total deposits 3,063,876 3,009,094 Short-term advances from Federal Home Loan Bank — 50,000 Short-term borrowings — 10,000 Repurchase agreements 6,834 6,297 Accrued interest payable 10,182 11,807 Long-term advances from Federal Home Loan Bank 155,000 155,000 Senior long-term debt 18,102 39,099 Junior subordinated debentures 44,700 15,000 Other liabilities 6,777 6,844 Total Liabilities 3,305,471 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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at March 31, 2024 and for the three month periods ended March 31, 2024 and 2023 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for credit losses,

View Full Filing

View this 10-Q filing on SEC EDGAR