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[8-K] First Guaranty Bancshares, Inc. Reports Material Event

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Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

First Guaranty Bancshares returned to profitability in the first quarter of 2026, posting net income of $2.7 million versus a net loss of $(6.2) million a year earlier. Net income available to common shareholders was $2.2 million, or $0.14 per share, compared with a loss of $(0.54) per share.

The turnaround was driven largely by a sharply lower provision for credit losses of $2.6 million, down from $14.5 million, and reduced noninterest expense. However, the net interest margin narrowed to 2.07% from 2.35% as the balance sheet shifted away from loans toward securities and deposits with other banks.

Total assets were $4.0 billion at March 31, 2026, down $119.8 million from year-end, with loans declining 7.0% to $1.9 billion and deposits down 3.4% to $3.5 billion. Nonperforming assets fell to $83.5 million, or 2.11% of total assets, and the bank’s total risk-based capital ratio improved to 14.71%, with a capital conservation buffer of 6.71%.

Positive

  • None.

Negative

  • None.

Insights

First Guaranty swings back to profitability while de-risking its balance sheet.

First Guaranty Bancshares reported Q1 2026 net income of $2.7 million after a $(6.2) million loss a year earlier. Net income available to common shareholders reached $2.2 million, helped by a much smaller credit loss provision of $2.6 million versus $14.5 million in Q1 2025.

Credit metrics show gradual repair. Nonperforming assets declined to $83.5 million, or 2.11% of total assets, and other real estate owned fell to $28.9 million. Special mention, substandard, and doubtful loan totals all decreased compared with year-end 2025, while the allowance for credit losses held at 2.00% of total loans.

Balance sheet composition is shifting. Loans fell 7.0% to $1.9 billion and deposits declined 3.4% to $3.5 billion, while investment securities grew to $1.2 billion. This mix contributed to a lower net interest margin of 2.07%. Regulatory capital remains solid, with the bank’s total risk-based capital ratio at 14.71% and a capital conservation buffer of 6.71% as of March 31, 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income Q1 2026 $2.7 million Three months ended March 31, 2026
Net income Q1 2025 $(6.2) million Three months ended March 31, 2025
EPS Q1 2026 $0.14 per common share Net income available to common shareholders
Provision for credit losses $2.6 million Three months ended March 31, 2026 vs $14.5M in 2025
Net interest margin 2.07% Three months ended March 31, 2026 (2.35% in 2025)
Total loans $1.9 billion March 31, 2026, down 7.0% from December 31, 2025
Nonperforming assets $83.5 million March 31, 2026, 2.11% of total assets
Total risk-based capital ratio (bank) 14.71% As of March 31, 2026; well above 10.00% well-capitalized minimum
nonperforming assets financial
"We reduced nonperforming assets by $12.0 million."
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
allowance for credit losses financial
"The allowance for credit losses was 2.00% of total loans at March 31, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
net interest margin financial
"The net interest margin for the three months ended March 31, 2026 was 2.07%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
capital conservation buffer regulatory
"As of March 31, 2026, the Bank's capital conservation buffer was 6.71%"
A capital conservation buffer is an extra layer of a bank's own money held above minimum capital rules so the bank can absorb losses and keep lending during tough times. Think of it like an emergency savings account for a bank: it lowers the chance of sudden dividend cuts, forced stock sales, or government support, and therefore affects investor views of a bank’s safety, earnings stability and valuation.
special mention loan relationships financial
"Special mention loan relationships totaled $316.1 million as of March 31, 2026"
tangible book value per share financial
"Tangible book value per common share was $11.78 at March 31, 2026"
Tangible book value per share is the company's total physical and financial assets minus its liabilities and intangible items (like goodwill and brand value), divided by the number of outstanding shares. It gives investors a conservative, per‑share estimate of what would remain if the business sold only its hard assets and paid its debts—useful for judging whether a stock is priced above or below its underlying, tangible worth, like valuing a property by its bricks and cash rather than its reputation.
Net income $2.7 million
Net income available to common shareholders $2.2 million
Earnings per common share $0.14
Net interest income $20.7 million
Net interest margin 2.07%
Return on average assets 0.27%
Return on average common equity 4.52%
Understanding 8-K Material Events →
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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): April 27, 2026

Image1.jpg
FIRST GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Louisiana001-3762126-0513559
(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)
  
(985) 345-7685
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par valueFGBIThe 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)FGBIPThe Nasdaq Stock Market LLC



Item 2.02.        Results of Operations and Financial Condition

On April 27, 2026, First Guaranty Bancshares, Inc. issued a press release reporting its financial results at and for the three months ended March 31, 2026. 

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 dated April 27, 2026.

Forward Looking Statements

This letter contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact which represent our current judgement about possible future events. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or otherwise revise any forward-looking statements.





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: April 27, 2026   
  By:/s/Eric J. Dosch
   Eric J. Dosch
   Chief Financial Officer
   



INDEX TO EXHIBITS
 
Exhibit NumberDescription
Exhibit 99.1
Press Release April 27, 2026 "First Guaranty Bancshares, Inc. Announces First Quarter 2026 Financial Results."


EXHIBIT 99.1
APRIL 27, 2026
NEWS FOR IMMEDIATE RELEASE
CONTACT: ERIC J. DOSCH, CFO
985.375.0308
 
First Guaranty Bancshares, Inc. Announces First Quarter 2026 Financial Results

Hammond, Louisiana, April 27, 2026 – First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the first quarter and three months ending March 31, 2026.

Financial Highlights for the first quarter and three months ended March 31, 2026, are as follows:

•Net income (loss) for the three months ended March 31, 2026 and 2025 was $2.7 million and $(6.2) million, respectively, an increase of $8.9 million.

•CEO Michael R. Mineer stated the following: "First Guaranty continues to make progress reducing non-performing assets, strengthening earnings and improving our capital ratios. We reduced nonperforming assets by $12.0 million. First Guaranty generated positive earnings to our common shareholders of $2.2 million. We improved our bank risk weighted capital ratio 123 bps to 14.71% at March 31, 2026 from 13.48% at December 31, 2025. We continue to move forward with our business strategy to reduce balance sheet risk, improve earnings, and grow capital.”

•Total assets decreased $119.8 million and were $4.0 billion at March 31, 2026 compared to $4.1 billion at December 31, 2025. Total loans at March 31, 2026 were $1.9 billion, a decrease of $145.2 million, or 7.0%, compared with December 31, 2025. Total deposits were $3.5 billion at March 31, 2026, a decrease of $125.3 million, or 3.4%, compared with December 31, 2025. Retained earnings were $16.1 million at March 31, 2026, an increase of $2.0 million compared to $14.1 million at December 31, 2025. Shareholders' equity was $224.0 million and $226.2 million at March 31, 2026 and December 31, 2025, respectively.

•Earnings (loss) per common share were $0.14 and $(0.54) for the three months ended March 31, 2026 and 2025, respectively. Total weighted average shares outstanding were 15,796,040 and 12,506,792 for the three months ended March 31, 2026 and 2025, respectively.

•The allowance for credit losses was 2.00% of total loans at March 31, 2026 compared to 1.97% at December 31, 2025.

•Net interest income for the three months ended March 31, 2026 was $20.7 million compared to $22.2 million for the three months ended March 31, 2025.

•The provision for credit losses for the three months ended March 31, 2026 was $2.6 million compared to $14.5 million for the three months ended March 31, 2025.

•Charge-offs were $5.4 million during the three months ended March 31, 2026 and $6.9 million during the same period in 2025. Recoveries totaled $0.5 million during the three months ended March 31, 2026 and $0.2 million during the same period in 2025.

•First Guaranty had $28.9 million of other real estate owned as of March 31, 2026 compared to $35.1 million at December 31, 2025.

•The net interest margin for the three months ended March 31, 2026 was 2.07% which was a decrease of 28 basis points from the net interest margin of 2.35% for the same period in 2025. Loans as a percentage of average interest earning assets decreased to 49.5% at March 31, 2026 compared to 68.5% at March 31, 2025.

•Investment securities totaled $1.2 billion at March 31, 2026, an increase of $177.6 million when compared to $999.3 million at December 31, 2025. At March 31, 2026, available for sale securities, at fair value, totaled $853.9 million, an increase of $177.3 million when compared to $676.6 million at December 31, 2025. At March 31, 2026, held to maturity securities, at amortized cost and net of the allowance for credit losses totaled $322.9 million, an increase of $0.3 million when compared to $322.7 million at December 31, 2025. The allowance for credit losses for HTM securities was $0.2 million at March 31, 2026 and December 31, 2025.

•Total loans net of unearned income were $1.9 billion at March 31, 2026, a net decrease of $145.2 million from December 31, 2025. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $38.5 million at March 31, 2026 and $40.8 million at December 31, 2025, respectively.

•Nonaccrual loans decreased $5.2 million to $54.4 million at March 31, 2026 compared to $59.6 million at December 31, 2025.

•At March 31, 2026, the largest 10 non-performing loan relationships comprise 77% of total non-performing assets. Additional details on the non-performing relationships are as follows:
1.A $23.3 million loan relationship secured by an independent living center located in Louisiana; the loan was transferred to other real estate owned in the fourth quarter of 2025.
2.A $14.5 million loan relationship secured by an assisted living center located in Louisiana; the loan was placed on nonaccrual in the second quarter of 2025. Payments received on the loan in the first quarter of 2026 reduced the balance by $0.4 million.
3.A $9.1 million loan relationship secured by an assisted living center located in Texas; the loan was placed on nonaccrual in the third quarter of 2025. This loan relationship is still under construction with $1.9 million remaining to be funded as of March 31, 2026.


4.A $5.7 million commercial lease loan for an automotive parts wholesaler; the loan was placed on nonaccrual and charged down $26.2 million in the fourth quarter of 2025. This lease loan was fully reserved and was classified as doubtful as of March 31, 2026.
5.A $5.2 million loan relationship was placed on nonaccrual during the second quarter of 2025. The loan is secured by multifamily apartment complexes located in Louisiana.
6.A $1.4 million guaranteed loan secured by livestock and farmland located in Louisiana; the loan was placed in nonaccrual in the fourth quarter of 2024.
7.A $1.3 million loan secured by commercial real estate in Texas; the loan was placed on nonaccrual during the third quarter of 2024.
8.A $1.2 million loan secured by multiple office buildings located in West Virginia; the loan was placed on nonaccrual during the second quarter of 2025.
9.A $1.2 million loan secured by a mobile home park located in New Mexico; the loan was placed on nonaccrual during the third quarter of 2024.
10.A $1.0 million loan secured by a cattle farm located in Louisiana; the loan was placed on nonaccrual during the third quarter of 2025.

•First Guaranty charged off $5.4 million in loan balances during the first quarter of 2026. The details of the $5.4 million in charged-off loans were as follows:
1.First Guaranty charged off $1.8 million on a commercial and industrial loan during the first quarter of 2026. This relationship had no remaining principal balance as of March 31, 2026.
2.First Guaranty charged off $1.0 million on a non-farm non-residential loan relationship secured by retail real estate during the first quarter of 2026. This relationship had no remaining principal balance as of March 31, 2026.
3.Smaller loans and overdrawn deposit accounts comprised the remaining $2.6 million of charge-offs for the first quarter of 2026.

•Special mention loan relationships totaled $316.1 million as of March 31, 2026, a decline of $13.4 million compared to December 31, 2025.

•Substandard loan relationships totaled $300.9 million as of March 31, 2026, a decline of $46.7 million compared to December 31, 2025.

•Doubtful loan relationships totaled $5.7 million as of March 31, 2026, a decline of $3.7 million compared to December 31, 2025.

•Noninterest expense totaled $16.7 million for the first quarter 2026, $16.8 million for the fourth quarter of 2025, $30.2 million for the third quarter of 2025 (including $12.9 million of goodwill impairment), $17.3 million for the second quarter of 2025, and $18.0 million for the first quarter of 2025. Full time equivalent employees totaled 330 at March 31, 2026 compared to 380 at March 31, 2025.

•Return on average assets for the three months ended March 31, 2026 and 2025 was 0.27% and (0.63)%, respectively. Return on average common equity for the three months ended March 31, 2026 and 2025 was 4.52% and (12.29)% respectively. Return on average assets is calculated by dividing annualized net income by average assets. Return on average common equity is calculated by dividing annualized net income by average common equity.

•Book value per common share was $11.91 as of March 31, 2026 compared to $12.23 as of December 31, 2025. The decrease was due primarily to the changes in accumulated other comprehensive income ("AOCI") and recent issuance of new shares. AOCI is comprised of unrealized gains and losses on available for sale securities, including unrealized losses on available for sale securities at the time of transfer to held to maturity.

•First Guaranty's Board of Directors declared cash dividends of $0.01 per common share in the first quarter of 2026 and 2025. The reduction in the common stock dividend payment was done in order to preserve capital as part of First Guaranty’s new business strategy announced in the third quarter of 2024. First Guaranty has paid 131 consecutive quarterly dividends as of March 31, 2026.

•First Guaranty paid preferred stock dividends of $0.6 million during the first three months of 2026 and 2025.

About First Guaranty

First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank. Founded in 1934, First Guaranty Bank offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. First Guaranty Bank currently operates thirty locations throughout Louisiana, Texas, Kentucky and West Virginia. First Guaranty’s common stock trades on the NASDAQ under the symbol FGBI. For more information, visit www.fgb.net.
Forward Looking Statements
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended with respect to the financial condition, liquidity, results of operations, and future performance of the business of First Guaranty Bancshares, Inc. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond our control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” We caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. These forward-looking statements are subject to a number of factors and uncertainties, including, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and other risks and uncertainties listed from time to time in our reports and


documents filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

No Offer or Solicitation

This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of First Guaranty. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.



FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data)March 31, 2026December 31, 2025
Assets  
Cash and cash equivalents:  
Cash and due from banks$733,223 $845,150 
Federal funds sold544 551 
Cash and cash equivalents733,767 845,701 
Interest-earning time deposits with banks250250
Investment securities:  
Available for sale, at fair value (cost of $859,464 and $674,139 respectively)
853,913 676,592 
Held to maturity, at cost and net of allowance for credit losses of $150 (estimated fair value of $265,579 and $268,094 respectively)
322,939 322,675 
Investment securities1,176,852 999,267 
Federal Home Loan Bank stock, at cost10,324 10,206 
Loans, net of unearned income1,924,577 2,069,802 
Less: allowance for credit losses38,488 40,755 
Net loans1,886,089 2,029,047 
Premises and equipment, net58,753 59,585 
Intangible assets, net2,429 2,638 
Other real estate, net28,872 35,084 
Accrued interest receivable13,920 12,455 
Other assets47,286 84,088 
Total Assets$3,958,542 $4,078,321 
Liabilities and Shareholders' Equity  
Deposits:  
Noninterest-bearing demand$411,764 $414,604 
Interest-bearing demand1,100,162 1,165,061 
Savings217,316 213,936 
Time1,778,302 1,839,276 
Total deposits3,507,544 3,632,877 
Repurchase agreements7,119 7,119 
Accrued interest payable22,558 17,637 
Long-term advances from Federal Home Loan Bank135,000 135,000 
Senior long-term debt14,210 14,203 
Junior subordinated debentures29,820 29,805 
Other liabilities18,301 15,462 
Total Liabilities3,734,552 3,852,103 
Shareholders' Equity  
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized  
Non-cumulative perpetual; 34,500 issued and outstanding33,058 33,058 
Common stock, $1 par value - 100,600,000 shares authorized; 16,028,044 and 15,793,433 shares issued and outstanding16,028 15,793 
Surplus172,209 170,621 
Retained earnings16,058 14,055 
Accumulated other comprehensive (loss) income(13,363)(7,309)
Total Shareholders' Equity223,990 226,218 
Total Liabilities and Shareholders' Equity$3,958,542 $4,078,321 
See Notes to Consolidated Financial Statements  



FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three Months Ended
March 31,
(in thousands, except share data)20262025
Interest Income:
Loans (including fees)$33,279 $42,969 
Deposits with other banks8,637 5,999 
Securities (including FHLB stock)10,359 5,495 
Total Interest Income52,275 54,463 
Interest Expense:
Demand deposits9,610 12,204 
Savings deposits946 1,262 
Time deposits18,599 15,890 
Borrowings2,431 2,884 
Total Interest Expense31,586 32,240 
Net Interest Income20,689 22,223 
Less: Provision for credit losses2,625 14,548 
Net Interest Income after Provision for Credit Losses18,064 7,675 
Noninterest Income:
Service charges, commissions and fees758 849 
ATM and debit card fees642 747 
Net gains on securities1 — 
Net gains on sale of assets44 4 
Other763 754 
Total Noninterest Income2,208 2,354 
Total Business Revenue, Net of Provision for Credit Losses20,272 10,029 
Noninterest Expense:
Salaries and employee benefits7,352 8,441 
Occupancy and equipment expense2,464 2,640 
Other6,913 6,936 
Total Noninterest Expense16,729 18,017 
Income (Loss) Before Income Taxes3,543 (7,988)
Provision (benefit) for income taxes800 (1,822)
Net Income (Loss)2,743 (6,166)
Less: Preferred stock dividends582 582 
Net Income (Loss) Available to Common Shareholders$2,161 $(6,748)
Per Common Share:
Earnings (Loss)$0.14 $(0.54)
Cash dividends paid$0.01 $0.01 
Weighted Average Common Shares Outstanding15,796,040 12,506,792 
See Notes to Consolidated Financial Statements



FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(in thousands except for %)Average BalanceInterestYield/Rate (5)Average BalanceInterestYield/Rate (5)
Assets      
Interest-earning assets:      
Interest-earning deposits with banks$945,686 $8,637 3.70 %$547,494 $5,999 4.44 %
Securities (including FHLB stock)1,104,175 10,359 3.80 %657,607 5,495 3.39 %
Federal funds sold549 — — %473 — — %
Loans held for sale — — — %3,429 — — %
Loans, net of unearned income (6)2,008,486 33,279 6.72 %2,624,913 42,969 6.64 %
Total interest-earning assets4,058,896 $52,275 5.22 %3,833,916 $54,463 5.76 %
Noninterest-earning assets:      
Cash and due from banks24,032 20,357   
Premises and equipment, net59,004 66,933   
Other assets48,890 31,553   
Total Assets$4,190,822   $3,952,759   
Liabilities and Shareholders' Equity      
Interest-bearing liabilities:      
Demand deposits$1,229,044 $9,610 3.17 %$1,373,810 $12,204 3.60 %
Savings deposits215,138 946 1.78 %236,905 1,262 2.16 %
Time deposits1,876,964 18,599 4.02 %1,441,700 15,890 4.47 %
Borrowings186,135 2,431 5.30 %202,026 2,884 5.79 %
Total interest-bearing liabilities3,507,281 $31,586 3.65 %3,254,441 $32,240 4.02 %
Noninterest-bearing liabilities:      
Demand deposits417,608 401,994   
Other38,991 40,627   
Total Liabilities3,963,880   3,697,062   
Shareholders' equity226,942 255,697   
Total Liabilities and Shareholders' Equity$4,190,822   $3,952,759   
Net interest income $20,689   $22,223  
Net interest rate spread (1)  1.57 %  1.74 %
Net interest-earning assets (2)$551,615   $579,475   
Net interest margin (3), (4)  2.07 %2.35 %
Average interest-earning assets to interest-bearing liabilities  115.73 %117.81 %
(1)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(3)Net interest margin represents net interest income divided by average total interest-earning assets.
(4)The tax adjusted net interest margin was 2.08% and 2.36% for the above periods ended March 31, 2026 and 2025 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended March 31, 2026 and 2025 respectively.
(5)Annualized.
(6)Includes loan fees of $1.5 million and $1.6 million for the three months ended March 31, 2026 and 2025 respectively.




The following table summarizes the components of First Guaranty's loan portfolio as of March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025:

 March 31, 2026December 31, 2025September 30, 2025June 30, 2025
(in thousands except for %)BalanceAs % of CategoryBalanceAs % of CategoryBalanceAs % of CategoryBalanceAs % of Category
Real Estate:    
Construction & land development$109,758 5.7 %$149,493 7.2 %$231,156 10.1 %$268,828 11.1 %
Farmland31,377 1.6 %32,160 1.5 %31,685 1.4 %32,267 1.3 %
1- 4 Family427,518 22.2 %428,773 20.7 %441,017 19.3 %440,465 18.2 %
Multifamily127,973 6.6 %144,235 6.9 %137,582 6.0 %144,864 6.0 %
Non-farm non-residential879,022 45.5 %948,536 45.7 %1,003,198 43.9 %1,052,503 43.5 %
Total Real Estate1,575,648 81.6 %1,703,197 82.0 %1,844,638 80.7 %1,938,927 80.1 %
Non-Real Estate:
Agricultural37,899 2.0 %35,244 1.7 %44,737 2.0 %42,831 1.8 %
Commercial and industrial214,368 11.1 %228,738 11.0 %227,077 9.9 %238,144 9.9 %
Commercial leases71,110 3.7 %75,617 3.7 %134,958 5.9 %159,209 6.6 %
Consumer and other31,070 1.6 %33,023 1.6 %34,763 1.5 %38,240 1.6 %
Total Non-Real Estate354,447 18.4 %372,622 18.0 %441,535 19.3 %478,424 19.9 %
Total loans before unearned income1,930,095 100.0 %2,075,819 100.0 %2,286,173 100.0 %2,417,351 100.0 %
Unearned income(5,518) (6,017)(6,432)(6,846)
Total loans net of unearned income$1,924,577  $2,069,802 $2,279,741 $2,410,505 





The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.
(in thousands)March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Nonaccrual loans: 
Real Estate: 
Construction and land development$9,466 $9,281 $8,707 $1,766 
Farmland2,633 2,671 2,777 1,785 
1- 4 family8,865 9,768 10,536 11,866 
Multifamily2,231 2,278 23,998 34,668 
Non-farm non-residential21,789 24,347 42,532 59,668 
Total Real Estate44,984 48,345 88,550 109,753 
Non-Real Estate:
Agricultural1,645 2,172 1,886 1,782 
Commercial and industrial1,224 2,266 5,339 5,567 
Commercial leases6,483 6,640 18,358 1,961 
Consumer and other73 158 132 116 
Total Non-Real Estate9,425 11,236 25,715 9,426 
Total nonaccrual loans54,409 59,581 114,265 119,179 
Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development— — — — 
Farmland— — — — 
1- 4 family107 763 — — 
Multifamily— — — — 
Non-farm non-residential123 33 — 284 
Total Real Estate230 796 — 284 
Non-Real Estate:
Agricultural— — — — 
Commercial and industrial— — — — 
Commercial leases— — — — 
Consumer and other— — — — 
Total Non-Real Estate— — — — 
Total loans 90 days and greater delinquent & accruing230 796 — 284 
Total non-performing loans54,639 60,377 114,265 119,463 
Real Estate Owned:
Real Estate Loans:
Construction and land development1,161 8,161 8,545 7,384 
Farmland— — — — 
1- 4 family851 351 234 192 
Multifamily— — — — 
Non-farm non-residential26,860 26,572 3,271 81 
Total Real Estate28,872 35,084 12,050 7,657 
Non-Real Estate Loans:
Agricultural— — — — 
Commercial and industrial— — — — 
Commercial leases— — — — 
Consumer and other— — — — 
Total Non-Real Estate— — — — 
Total Real Estate Owned28,872 35,084 12,050 7,657 
Total non-performing assets$83,511 $95,461 $126,315 $127,120 
Non-performing assets to total loans4.34 %4.61 %5.54 %5.27 %
Non-performing assets to total assets2.11 %2.34 %3.33 %3.20 %
Non-performing loans to total loans2.84 %2.92 %5.01 %4.96 %
Nonaccrual loans to total loans2.83 %2.88 %5.01 %4.94 %
Allowance for credit losses to nonaccrual loans70.74 %68.40 %75.01 %49.40 %
Net loan charge-offs to average loans0.99 %3.17 %1.55 %0.60 %




The table below lists the Top 10 Nonperforming Assets at March 31, 2026.

Top 10 Non-Performing Assets  
BalanceAllocated ReserveOrigination YearLocation
Asset Description    
1Independent Living Center$23,301 $— 2021Louisiana
2Assisted Living Center14,488 — 2019Louisiana
3Assisted Living Center9,138 — 2023Texas
4Commercial Lease5,711 — 2024Multistate
5Apartment Complex5,208 857 2023Louisiana
6Farmland1,422 — 2020Louisiana
7Commercial Real Estate1,308 28 2017Texas
8Commercial Building1,199 21 2023West Virginia
9Mobile Home Park1,164 — 2020New Mexico
10Poultry/Cattle Farm997 — 2020Louisiana
$63,936 $906 

The table below provides a status update as of March 31, 2026 on the previously reported Top 10 Nonperforming Assets in fourth quarter 2025.

Top 10 Nonperforming Assets  
 December 31, 2025March 31, 2026
BalanceAllocated ReserveLocationStatus
Asset Description   
1Independent Living Center OREO$23,301 $— LouisianaRemains in OREO
2Assisted Living Center14,910 — LouisianaRemains Nonaccrual
3Assisted Living Center8,846 — TexasRemains Nonaccrual
4Land Development OREO7,000 — TexasSold
5Commercial Lease5,711 — MultistateRemains Nonaccrual
6Apartment Complex5,244 857 LouisianaRemains Nonaccrual
7Farmland1,450 — LouisianaRemains Nonaccrual
8Commercial Real Estate1,308 28 TexasRemains Nonaccrual
9Commercial Building1,281 1,227 KentuckyCharged off
10Commercial Building1,217 21 West VirginiaRemains Nonaccrual
$70,268 $2,133 



The tables below list the top 10 special mention and substandard (excluding nonperforming) relationships as of March 31, 2026.

Top 10 Special Mention Relationships
BalanceAllocated ReserveOrigination Year(s)Location
Relationship Description    
1Apartment Complex$40,167 $— 2021Louisiana
2Apartment Complex & Hotel Property37,489 — 2023Florida
3Manufacturing Company35,009 — 2015-2024Louisiana
4Assisted Living Facility33,467 — 2022Alabama
5Hotel Properties20,368 — 2022Texas
6Owner Occupied Commercial Real Estate20,148 — 2020Louisiana
7Assisted Living Facility16,682 — 2017Louisiana
8Multipurpose Commercial Real Estate Building16,506 — 2023Louisiana
9Warehouse Facility15,919 — 2024Louisiana
10Hotel Properties11,755 — 2022-2023Texas
$247,510 $— 

Top 10 Substandard Relationships (excludes nonperforming)
BalanceAllocated ReserveOrigination Year(s)Location
Relationship Description    
1Medical Facilities$45,796 $— 2008-2022Louisiana
2Owner Occupied Office Building31,173 — 2020-2023Utah
3Medical Facilities23,358 — 2020-2021Arkansas
4Construction Business21,975 — 2022-2024Louisiana & Texas
5Assisted Living Facilities14,520 — 2019-2022Louisiana & Texas
6Oil & Gas Support14,450 — 2015-2024Louisiana
7Food Processor13,513 — 2020-2024Ohio
8Commercial Retail Shopping Center13,336 — 2020Oklahoma
9Gas Station & Convenience Store11,471 — 2023Louisiana
10Assisted Living Facility9,535 — 2023-2025Texas
$199,127 $— 



The following table presents, for the periods indicated, the major categories of other noninterest expense:

 Three Months Ended March 31,
(in thousands)20262025
Other noninterest expense:
Legal and professional fees$693 $1,088 
Data processing325 337 
ATM fees358 350 
Marketing and public relations222 241 
Taxes - sales, capital, and franchise516 500 
Operating supplies72 37 
Software expense and amortization1,172 1,216 
Travel and lodging55 72 
Telephone94 91 
Amortization of core deposit intangibles174 174 
Donations67 58 
Net costs from other real estate and repossessions368 50 
Regulatory assessment1,808 1,544 
Other989 1,178 
Total other noninterest expense$6,913 $6,936 

The following table presents, for the periods indicated, the major categories of other noninterest expense:

 Three Months Ended March 31,Three Months Ended December 31,Three Months Ended September 30,Three Months Ended June 30,
(in thousands)2026202520252025
Other noninterest expense: 
Legal and professional fees$693 $665 $988 $671 
Data processing325 331 336 349 
ATM fees358 432 390 502 
Marketing and public relations222 174 151 163 
Taxes - sales, capital, and franchise516 237 542 543 
Operating supplies72 48 66 49 
Software expense and amortization1,172 1,289 1,211 1,188 
Travel and lodging55 133 88 126 
Telephone94 91 88 104 
Amortization of core deposit intangibles174 174 174 174 
Donations67 33 51 82 
Net costs from other real estate and repossessions368 815 13 24 
Regulatory assessment1,808 1,778 1,777 1,609 
Other989 1,437 1,330 1,235 
Total other noninterest expense$6,913 $7,637 $7,205 $6,819 


Non-GAAP Financial Measures
 
Our accounting and reporting policies conform to accounting principles generally accepted in the United States, or GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional metrics. Tangible book value per share and the ratio of tangible equity to tangible assets are not financial measures recognized under GAAP and, therefore, are considered non-GAAP financial measures.
 
Our management, banking regulators, many financial analysts and other investors use these non-GAAP financial measures to compare the capital adequacy of banking organizations with significant amounts of preferred equity and/or goodwill or other intangible assets, which typically stem from the use of the purchase accounting method of accounting for mergers and acquisitions. Tangible equity, tangible assets, tangible book value per share or related measures should not be considered in isolation or as a substitute for total shareholders' equity, total assets, book value per share or any other measure calculated in accordance with GAAP. Moreover, the manner in which we calculate tangible equity, tangible assets, tangible book value per share and any other related measures may differ from that of other companies reporting measures with similar names.
 
The following table reconciles, as of the dates set forth below, shareholders' equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.

 At March 31,At December 31,
(in thousands except for share data and %)20262025202420232022
Tangible Common Equity  
Total shareholders' equity$223,990 $226,218 $255,049 $249,631 $234,991 
Adjustments:
Preferred33,058 33,058 33,058 33,058 33,058 
Goodwill— — 12,900 12,900 12,900 
Acquisition intangibles2,091 2,266 2,962 3,658 4,355 
Other intangibles100 100 100 100 — 
Tangible common equity$188,741 $190,794 $206,029 $199,915 $184,678 
Common shares outstanding
16,028,044 15,793,433 12,504,717 12,475,424 10,716,796 
Book value per common share
$11.91 $12.23 $17.75 $17.36 $18.84 
Tangible book value per common share
$11.78 $12.08 $16.48 $16.03 $17.23 
Tangible Assets
Total Assets$3,958,542 $4,078,321 $3,972,728 $3,552,772 $3,151,347 
Adjustments:
Goodwill— — 12,900 12,900 12,900 
Acquisition intangibles2,091 2,266 2,962 3,658 4,355 
Other intangibles100 100 100 100 — 
Tangible Assets$3,956,351 $4,075,955 $3,956,766 $3,536,114 $3,134,092 
Tangible common equity to tangible assets4.77 %4.68 %5.21 %5.65 %5.89 %























Regulatory Capital
 
Risk-based capital regulations adopted by the FDIC require banks to achieve and maintain specified ratios of capital to risk-weighted assets. Similar capital regulations apply to bank holding companies over $3.0 billion in assets. The risk-based capital rules are designed to measure "Tier 1" capital (consisting of common equity, retained earnings and a limited amount of qualifying perpetual preferred stock and trust preferred securities, net of goodwill and other intangible assets and accumulated other comprehensive income) and total capital in relation to the credit risk of both on- and off- balance sheet items. Under the guidelines, one of its risk weights is applied to the different on-balance sheet items. Off-balance sheet items, such as loan commitments, are also subject to risk weighting. Applicable bank holding companies and all banks must maintain a minimum total capital to total risk weighted assets ratio of 8.00%, at least half of which must be in the form of core or Tier 1 capital. These guidelines also specify that bank holding companies that are experiencing internal growth or making acquisitions will be expected to maintain capital positions substantially above the minimum supervisory levels.
 
In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. As of March 31, 2026, the Bank's capital conservation buffer was 6.71% exceeding the minimum of 2.50%. As of March 31, 2026, First Guaranty's capital conservation buffer was 5.47% exceeding the minimum of 2.50%.

As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Federal Reserve Board has amended its small bank holding company and savings and loan holding company policy statement to provide that holding companies with consolidated assets of less than $3 billion that are (i) not engaged in significant nonbanking activities, (ii) do not conduct significant off-balance sheet activities, and (3) do not have a material amount of SEC-registered debt or equity securities, other than trust preferred securities, that contribute to an organization's complexity, are no longer subject to regulatory capital requirements, effective August 30, 2018. On January 1, 2024, First Guaranty ceased being considered a "small bank holding company". Accordingly, both the Bank and First Guaranty are required to maintain specified ratios of capital to risk-weighted assets.

In addition, as a result of the legislation, the federal banking agencies have developed a "Community Bank Leverage Ratio" (the ratio of a bank's Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A "qualifying community bank" that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered "well capitalized" under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies set the new Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks will have until January 1, 2022, before the Community Bank Leverage Ratio requirement will return to 9%. A financial institution can elect to be subject to this new definition. As of March 31, 2026, the Bank has not elected to follow the Community Bank Leverage Ratio. Effective April 1, 2026, the community bank leverage ratio was reduced to 8%.

At March 31, 2026, we satisfied the minimum regulatory capital requirements and were well capitalized within the meaning of federal regulatory requirements. 

 "Well Capitalized Minimums"As of March 31, 2026As of December 31, 2025
Tier 1 Leverage Ratio   
Bank5.00%6.52%6.90%
ConsolidatedN/A5.61%5.93%
Tier 1 Risk-based Capital Ratio
Bank8.00%13.45%12.24%
Consolidated8.00%11.60%10.52%
Total Risk-based Capital Ratio
Bank10.00%14.71%13.48%
Consolidated10.00%14.34%13.12%
Common Equity Tier One Capital Ratio
Bank6.50%13.45%12.24%
ConsolidatedN/A9.97%9.03%

Source: View Original Filing on SEC EDGAR

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