First Guaranty Bancshares Enters Material Definitive Agreement

Ticker: FGBIP · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1408534

First Guaranty Bancshares, Inc. 8-K Filing Summary
FieldDetail
CompanyFirst Guaranty Bancshares, Inc. (FGBIP)
Form Type8-K
Filed DateJul 1, 2024
Risk Levelmedium
Pages2
Reading Time2 min
Key Dollar Amounts$1, $15.0 million, $13.2 m, $10.4 million, $1.3 million
Sentimentneutral

Sentiment: neutral

Topics: material-definitive-agreement, financial-statements, exhibits

Related Tickers: FGBI

TL;DR

FGBI signed a big deal, expect more details soon.

AI Summary

On June 28, 2024, First Guaranty Bancshares, Inc. entered into a material definitive agreement. The filing also includes financial statements and exhibits related to this agreement. The company is incorporated in Louisiana and its principal executive offices are located in Hammond.

Why It Matters

This filing indicates a significant new agreement for First Guaranty Bancshares, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new risks and opportunities that are not yet fully understood.

Key Players & Entities

  • First Guaranty Bancshares, Inc. (company) — Registrant
  • Louisiana (location) — State of incorporation
  • Hammond (location) — City of principal executive offices

FAQ

What is the nature of the material definitive agreement entered into by First Guaranty Bancshares, Inc. on June 28, 2024?

The filing does not specify the details of the material definitive agreement, only that one was entered into on June 28, 2024.

What other information is included in this 8-K filing besides the material definitive agreement?

The filing also includes financial statements and exhibits.

Where are the principal executive offices of First Guaranty Bancshares, Inc. located?

The principal executive offices are located at 400 East Thomas Street, Hammond, Louisiana 70401.

What is the fiscal year end for First Guaranty Bancshares, Inc.?

The fiscal year end for First Guaranty Bancshares, Inc. is December 31.

What is the SEC file number for First Guaranty Bancshares, Inc.?

The SEC file number for First Guaranty Bancshares, Inc. is 001-37621.

Filing Stats: 623 words · 2 min read · ~2 pages · Grade level 9.5 · Accepted 2024-07-01 09:16:13

Key Financial Figures

  • $1 — ange on which registered Common Stock, $1 par value FGBI The Nasdaq Stock Market
  • $15.0 million — te cash purchase price of approximately $15.0 million. All of the Properties are located in L
  • $13.2 m — lted in a pre-tax gain of approximately $13.2 million, or $10.4 million after tax. Aggr
  • $10.4 million — gain of approximately $13.2 million, or $10.4 million after tax. Aggregate first full year of
  • $1.3 million — Lease Agreements will be approximately $1.3 million pre-tax, or $1.0 million after tax. I
  • $1.0 million — approximately $1.3 million pre-tax, or $1.0 million after tax. Item 9.01 Financial Statem

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On June 28, 2024 First Guaranty Bank (the "Bank"), a wholly-owned subsidiary of First Guaranty Bancshares, Inc. ("First Guaranty"), sold three properties previously owned by the Bank, two stand-alone branches and a portion of the headquarters building which also contains a branch (collectively, the "Properties"), to FGB Partners, L.L.C. (the "Purchaser"), for an aggregate cash purchase price of approximately $15.0 million. All of the Properties are located in Louisiana. Purchaser is wholly owned by three of our directors and significant shareholders: our Chairman Marshall T. Reynolds, Edgar Ray Smith III and William K. Hood. The Bank concurrently entered into absolute net lease agreements (the "Lease Agreements") with Purchaser under which the Bank will lease each of the Properties. Each of the Lease Agreements will have an initial term of 15 years with specified renewal options. We will not close any branches or exit any markets as part of the sale-leaseback transaction. The sale-leaseback transaction resulted in a pre-tax gain of approximately $13.2 million, or $10.4 million after tax. Aggregate first full year of rent expense under the Lease Agreements will be approximately $1.3 million pre-tax, or $1.0 million after tax.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits Exhibit 10.1 Lease Agreements, dated June 28, 2024, by and between First Guaranty Bank and FGB Partners, L.L.C.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST GUARANTY BANCSHARES, INC. (Registrant) Date: July 1, 2024 By: /s/Eric J. Dosch Eric J. Dosch Chief Financial Officer INDEX TO EXHIBITS Exhibit Number Description Exhibit 10.1 Lease Agreements, dated June 28, 2024, by and between First Guaranty Bank and FGB Partners, L.L.C.

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