Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2025

FIRST GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Louisiana			001-37621			26-0513559
(State or other jurisdiction			(Commission File Number)			(I.R.S. Employer
incorporation or organization)						Identification Number)
400 East Thomas Street
Hammond, Louisiana						70401
(Address of principal executive offices)						(Zip Code)
[phone]
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☐ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

FGBI

The Nasdaq Stock Market LLC

Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)

FGBIP

The Nasdaq Stock Market LLC

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Item 2.02.        Results of Operations and Financial Condition

On February 5, 2025 First Guaranty Bancshares, Inc. released its Fourth Quarter 2024 Report to shareholders. The Press Release is enclosed as Exhibit 99.1 to this report. The information in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01.        Financial Statements and Exhibits. 

Exhibit 99.1    Press Release February 5, 2025 captioned "Fourth Quarter 2024 Report"

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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: February 5, 2025
						By:			/s/Eric J. Dosch
									Eric J. Dosch
									Chief Financial Officer

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 INDEX TO EXHIBITS

 

Exhibit Number			Description
Exhibit 99.1			Press Release February 5, 2025 captioned "Fourth Quarter 2024 Report"

FI R ST G UA R A N TY B A N CS H A R ES , I N C. Po st O ffi ce B ox 2 00 9 H am m on d, L ou is ia na 7 04 04 -2 00 9 PR ES O R TE D FI R ST -C LA SS M A IL U. S. P O ST AG E PA ID B AT O N R O UG E, L A PE R M IT N O . 9 84 FIRST GUARANTY BANCSHARES, INC. 4th Quarter Report fgb.net | 2024 At A Glance (unaudited) Total Assets $4.0 Billion Deposits $3.5 Billion Locations 35 ATMs 54 $1.0 Million 4Q 2024 Earnings $12.4 Million YTD2024 Earnings 126 Consecutive dividends paid and counting 90 Years in Banking Total Loans $2.7 Billion Member FDIC Have Questions? Vanessa Drew | [e-mail] NASDAQ Symbol: FGBI We’re Social:

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Consolidated Balance Sheets (in thousands, except share data) Consolidated Statements of Income (in thousands, except share, per share data & percentages) Consolidated Statements of Income (in thousands, except share, per share data & percentages) Assets Cash and cash equivalents: Cash and due from banks $563,778 $286,114 Federal funds sold 430 341 Cash and cash equivalents 564,208 286,455 Interest-earning time deposits with banks 250 - Investment securities: Available for sale, at fair value 281,097 83,485 Held to maturity, at cost and net of allowance for credit losses of $150 and $80 (estimated fair value of $251,458 and $253,584 respectively) 321,622 320,638 Investment securities 602,719 404,123 Federal Home Loan Bank stock, at cost 9,706 13,390 Loans, net of unearned income 2,693,780 2,748,708 Less: allowance for credit losses 34,811 30,926 Net loans 2,658,969 2,717,782 Premises and equipment, net 67,789 69,792 Goodwill 12,900 12,900 Intangible assets, net 3,474 4,298 Other real estate, net 319 1,250 Accrued interest receivable 14,850 15,713 Other assets 37,544 27,069 Total Assets $3,972,728 $3,552,772 Liabilities and Shareholders’ Equity Deposits: Noninterest-bearing demand 404,056 442,755 Interest-bearing demand 1,387,068 1,526,628 Savings 234,444 218,986 Time 1,450,692 820,725 Total deposits 3,476,260 3,009,094 Short-term advances from Federal Home Loan Bank - 50,000 Short-term borrowings - 10,000 Repurchase agreements 7,009 6,297 Accrued interest payable 20,437 11,807 Long-term advances from Federal Home Loan Bank 135,000 155,000 Senior long-term debt 15,169 39,099 Junior subordinated debentures 44,745 15,000 Other liabilities 19,059 6,844 Total Liabilities 3,717,679 3,303,141 Shareholders’ Equity Preferred Stock, Series A - $1,000 par value 100,000 shares authorized;non-cumulative perpetual; 34,500 issued and outstanding,respectively 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 72,965 67,972 Accumulated other comprehensive (loss) income (12,868) (12,959) Total Shareholders’ Equity 255,049 249,631 Total Liabilities & Shareholders’ Equity $3,972,728 $3,552,772 December 31, 2024 2023 (unaudited) Three-Months Ended December 31, 2024 2023 (unaudited) Interest Income: Loans (including fees) $46,101 $45,294 Deposits with other banks 5,652 2,549 Securities (including FHLB stock) 5,967 2,471 Total Interest Income 57,720 50,314 Interest Expense: Demand deposits 14,339 16,056 Savings deposits 1,245 1,136 Time deposits 16,517 8,663 Borrowings 3,042 3,413 Total Interest Expense 35,143 29,268 Net Interest Income 22,577 21,046 Less: Provision for credit losses 6,021 2,225 Net Interest Income after Provision for Credit Losses 16,556 18,821 Noninterest Income: Service charges, commissions and fees 846 940 ATM and debit card fees 780 793 Net gains on securities - - Net gains on sale of loans - - Net gains on sale of assets 62 12 Other 812 827 Total Noninterest Income 2,500 2,572 Total Business Revenue, Net of Provision for Credit Losses 19,056 21,393 Noninterest Expense: Salaries and employee benefits 7,866 10,057 Occupancy and equipment expense 2,831 2,485 Other 7,191 7,233 Total Noninterest Expense 17,888 19,775 Income Before Income Taxes 1,168 1,618 Less: Provision for income taxes 158 315 Net Income 1,010 1,303 Less: Preferred stock dividends 582 582 Income Available to Common Shareholders $428 $721 Per Common Share: Earnings $0.03 $0.06 Cash dividends paid $0.01 $0.16 Weighted Average Common Shares Outstanding 12,504,717 11,587,810 Return on Average Assets 0.10% 0.15% Return on Average Common Equity 0.76% 1.37% Years Ended December 31, 2024 2023 (unaudited) Interest Income: Loans (including fees) $ 190,382 $ 167,140 Deposits with other banks 17,399 6,268 Securities (including FHLB stock) 13,925 9,601 Total Interest Income 221,706 183,009 Interest Expense: Demand deposits 65,331 60,243 Savings deposits 5,173 3,554 Time deposits 49,166 23,967 Borrowings 13,598 10,540 Total Interest Expense 133,268 98,304 Net Interest Income 88,438 84,705 Less: Provision for credit losses 20,034 3,714 Net Interest Income after Provision for Credit Losses 68,404 80,991 Noninterest Income: Service charges, commissions and fees 3,189 3,401 ATM and debit card fees 3,132 3,242 Net gains on securities - - Net gains on sale of loans 1,481 12 Net gains on sale of assets 13,306 23 Other 3,631 3,899 Total Noninterest Income 24,739 10,577 Total Business Revenue, Net of Provision for Credit Losses 93,143 91,568 Noninterest Expense: Salaries and employee benefits 38,304 40,422 Occupancy and equipment expense 10,187 9,027 Other 28,646 30,223 Total Noninterest Expense 77,137 79,672 Income Before Income Taxes 16,006 11,896 Less: Provision for income taxes 3,558 2,677 Net Income 12,448 9,219 Less: Preferred stock dividends 2,329 2,329 Income Available to Common Shareholders $10,119 $6,890 Per Common Share: Earnings $0.81 $0.62 Cash dividends paid $0.41 $0.64 Book Value Per Common Share1 $17.75 $17.36 Weighted Average Common Shares Outstanding 12,501,035 11,165,303 Return on Average Assets 0.34% 0.28% Return on Average Common Equity 4.58% 3.36%

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Cover	Feb. 05, 2025
Document Information [Line Items]
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001408534
Document Type	8-K
Document Period End Date	Feb. 05, 2025
Entity Registrant Name	FIRST GUARANTY BANCSHARES, INC.
Entity Incorporation, State or Country Code	LA
Entity File Number	001-37621
Entity Tax Identification Number	26-0513559
Entity Address, Address Line One	400 East Thomas Street
Entity Address, City or Town	Hammond
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70401
City Area Code	345-7685
City Area Code	(985)
Written Communications	false
Soliciting Material	false
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	FGBI
Security Exchange Name	NASDAQ
Noncumulative Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)
Trading Symbol	FGBIP
Security Exchange Name	NASDAQ

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