First Guaranty Bancshares Q2 2024 10-Q Filed

TL;DR

FGBI filed its Q2 10-Q. Financials look stable.

AI Summary

First Guaranty Bancshares, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and position for the second quarter of 2024, including balance sheet and income statement information. Specific figures for assets, liabilities, equity, and revenue are presented for the reporting period and comparative periods.

Why It Matters

This filing provides investors and analysts with the latest financial health and performance data for First Guaranty Bancshares, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-09 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• First Guaranty Bancshares, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• fgbi-20240630.htm (10-Q) — 2959KB
• fgbi-ex31106302024.htm (EX-31.1) — 9KB
• fgbi-ex31206302024.htm (EX-31.2) — 10KB
• fgbi-ex32106302024.htm (EX-32.1) — 4KB
• fgbi-ex32206302024.htm (EX-32.2) — 4KB
• fgbi-20240630_g1.jpg (GRAPHIC) — 26KB
• 0001408534-24-000073.txt ( ) — 14344KB
• fgbi-20240630.xsd (EX-101.SCH) — 41KB
• fgbi-20240630_cal.xml (EX-101.CAL) — 122KB
• fgbi-20240630_def.xml (EX-101.DEF) — 325KB
• fgbi-20240630_lab.xml (EX-101.LAB) — 688KB
• fgbi-20240630_pre.xml (EX-101.PRE) — 508KB
• fgbi-20240630_htm.xml (XML) — 3757KB

Financial Statements (unaudited)

Financial Statements (unaudited) 4 Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 4 Consolidated Statements of Income for the three and six months ended June 30 , 2024 and 2023 5 Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023 6 Consolidated Statements of Shareholders' Equity for the three and six months ended June 30 , 2024 and 2023 7 Consolidated Statements of Cash Flows for the six months ended June 3 0 , 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 50 Item 4.

Controls and Procedures

Controls and Procedures 53 Part II. Other Information 54 Item 1.

Legal Proceedings

Legal Proceedings 54 Item 1A.

Risk Factors

Risk Factors 54 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 55

Signatures

Signatures 57 -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) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents: Cash and due from banks $ 298,574 $ 286,114 Federal funds sold 392 341 Cash and cash equivalents 298,966 286,455 Investment securities: Available for sale, at fair value (amortized cost of $ 39,006 and $ 85,464 , respectively) 37,403 83,485 Held to maturity, at cost and net of allowance for credit losses of $ 80 (estimated fair value of $ 251,247 and $ 253,584 , respectively) 321,164 320,638 Investment securities 358,567 404,123 Federal Home Loan Bank stock, at cost 12,204 13,390 Loans held for sale — — Loans, net of unearned income 2,833,350 2,748,708 Less: allowance for credit losses 30,287 30,926 Net loans 2,803,063 2,717,782 Premises and equipment, net 69,439 69,792 Goodwill 12,900 12,900 Intangible assets, net 3,881 4,298 Other real estate, net 1,032 1,250 Accrued interest receivable 18,137 15,713 Other assets 37,382 27,069 Total Assets $ 3,615,571 $ 3,552,772 Liabilities and Shareholders' Equity Deposits: Noninterest-bearing demand $ 407,607 $ 442,755 Interest-bearing demand 1,502,703 1,526,628 Savings 234,306 218,986 Time 898,835 820,725 Total deposits 3,043,451 3,009,094 Short-term advances from Federal Home Loan Bank 60,000 50,000 Short-term borrowings — 10,000 Repurchase agreements 6,971 6,297 Accrued interest payable 12,991 11,807 Long-term advances from Federal Home Loan Bank 155,000 155,000 Senior long-term debt 17,156 39,099 Junior subordinated debentures 44,715 15,000 Other liabilities 20,143 6,844 Total Liabilities 3,360,427 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

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 June 30, 2024 and for the three and six month periods ended June 30, 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 lo

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