Higher credit losses deepen First Guaranty (FGBIP) Q2 2025 net loss

Rhea-AI Filing Summary

First Guaranty Bancshares, Inc. filed an amended current report to replace its earlier quarterly earnings press release for the period ended June 30, 2025. The revised figures reflect higher provisions and balances for credit losses, which reduce previously reported profitability and equity.

The provision for credit losses for the second quarter of 2025 is raised from $14.7 million to $16.6 million, and the allowance for credit losses at June 30, 2025 increases from $57.0 million to $58.9 million, or from 2.36% to 2.44% of total loans. Net loss for the quarter is revised from $(5.8) million to $(7.3) million, with loss per common share changing from $(0.50) to $(0.61). For the first half of 2025, net loss is revised from $(12.0) million to $(13.5) million, and loss per share from $(1.04) to $(1.15).

The company now reports a decrease in total assets of $3.1 million as of June 30, 2025, lower retained earnings of $58.1 million, shareholders’ equity of $263.1 million, and a slightly lower book value per common share of $15.21. Measures of profitability also decline, with return on average assets for the quarter revised to (0.75)% and return on average common equity to (14.33)%. A revised press release dated August 18, 2025 is furnished as Exhibit 99.1.

Positive

• None.

Negative

• Higher credit losses and weaker earnings: Q2 2025 provision for credit losses is revised up from $14.7 million to $16.6 million, increasing the quarterly net loss from $(5.8) million to $(7.3) million and deepening year-to-date losses.
• Reduced capital and profitability metrics: Retained earnings are lowered from $59.6 million to $58.1 million, shareholders’ equity from $264.6 million to $263.1 million, with Q2 2025 return on average common equity revised to (14.33)% and book value per share to $15.21.

Insights

Banking earnings and credit quality analyst

Amended Q2 2025 figures show higher credit costs and deeper losses.

First Guaranty Bancshares, Inc. updated its June 2025 quarterly results to reflect additional credit loss provisioning. The provision for credit losses for Q2 2025 increases from $14.7 million to $16.6 million, and for the first half of the year from $29.3 million to $31.2 million. The allowance for credit losses at June 30, 2025 is revised up from $57.0 million to $58.9 million, or from 2.36% to 2.44% of total loans.

These higher credit costs flow through to weaker profitability and capital metrics. Net (loss) income for Q2 2025 is revised from $(5.8) million to $(7.3) million, and for the first six months from $(12.0) million to $(13.5) million. Loss per common share for Q2 moves from $(0.50) to $(0.61), and for the six-month period from $(1.04) to $(1.15). Return on average assets and return on average common equity for both the quarter and year-to-date are revised to more negative levels, including Q2 ROAA at (0.75)% and Q2 ROACE at (14.33)%.

Balance sheet measures are adjusted modestly, with the decrease in total assets at June 30, 2025 widened from $1.6 million to $3.1 million. Retained earnings are reduced from $59.6 million to $58.1 million, shareholders’ equity from $264.6 million to $263.1 million, and book value per common share from $15.31 to $15.21. These revisions indicate that the earlier release understated credit costs and overstated earnings and equity for the period.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 31, 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)
(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 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

EXPLANATORY NOTE

This Current Report on Form 8-K/A (this “Amendment”) amends the Current Report on Form 8-K furnished by First Guaranty Bancshares, Inc. (“First Guaranty” or the “Company”) with the Securities and Exchange Commission (the “SEC”) on August 1, 2025 (the “Original Form 8-K”). The purpose of this Amendment is to amend the financial information furnished in Exhibit 99.1 to the Original Form 8-K to give effect to adjustments to the Company’s allowance for credit losses made subsequent to quarter end.

Item 2.02 Results of Operations and Financial Conditions

On August 1, 2025, the Company filed the Original Form 8-K in which it furnished a copy of the press release announcing its financial results for the quarter ended June 30, 2025 (the “Original Press Release”). The Company is now filing this Amendment to furnish a revised press release (the “Revised Press Release”) to give effect to adjustments to the Company’s allowance for credit losses made subsequent to quarter end.

The Original Press Release reported a provision to the credit allowance of $14.7 million for the second quarter of 2025. The Revised Press Release reports a provision to the credit allowance of $16.6 million. Additionally, the Original Press Release reported First Guaranty’s allowance for credit losses as 2.36% of total loans as of June 30, 2025. The Revised Press Release reports First Guaranty’s allowance for credit losses as 2.44% of total loans as of June 30, 2025.

The Original Press Release previously reported that total assets decreased $1.6 million and were $4.0 billion at June 30, 2025 compared to December 31, 2024. The Revised Press Release reports a decrease in total assets of $3.1 million as of June 30, 2025. Additionally, the Original Press Release reported retained earnings of $59.6 million and shareholder’s equity of $264.6 million at June 30, 2025; the Revised Press Release reports retained earnings of $58.1 million and shareholders’ equity of $263.1 million at June 30, 2025.

In the Original Press Release, net (loss) income for the three months ended June 30, 2025 and 2024 was reported as $(5.8) million and $7.2 million respectively, a decrease of $13.0 million. The Revised Press Release reports net (loss) income for the three months ended June 30, 2025 and 2024 as $(7.3) million and $7.2 million respectively, a decrease of $14.5 million. For the six months ended June 30, 2025 and 2024, the Original Press Release reported net (loss) income as $(12.0) million and $9.5 million, respectively, a decrease of $21.5 million. The Revised Press Release reports net (loss) income for the six months ended June 30, 2025 and 2024 as $(13.5) million and $9.5 million, respectively, a decrease of $23.0 million.

The Original Press Release reported (loss) earnings per common share as $(0.50) and $0.53 for the three months ended June 30, 2025 and 2024, respectively. The Revised Press Release reports (loss) earnings per common share as $(0.61) and $0.53 for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Original Press Release reported loss (earnings) per common share as $(1.04) and $0.67, respectively. The Revised Press Release reports loss (earnings) per common share as $(1.15) and $0.67 for the six months ended June 30, 2025 and 2024, respectively.

The Original Press Release reported the provision for credit losses for the three months ended June 30, 2025 as $14.7 million compared to $6.8 million for the three months ended June 30, 2024. The Revised Press Release reports the provision for credit losses for the three months ended June 30, 2025 as $16.6 million, compared to $6.8 million for the three months ended June 30, 2024. For the six months ended June 30, 2025, the Original Press Release reported the provision for credit losses as $29.3 million compared to $9.1 million for the six months ended June 30, 2024. The Revised Press Release reports the provision for credit losses for the six months ended June 30, 2025 as $31.2 million compared to $9.1 million for the six months ended June 30, 2024.

The Original Press Release reported that the allowance for credit losses totaled $57.0 million at June 30, 2025, and $34.8 million at December 31, 2024. The Revised Press Release reports that the allowance for credit losses totaled $58.9 million at June 30, 2025, and $34.8 million at December 31, 2024.

The Original Press Release reported the return on average assets for the three months ended June 30, 2025 and 2024 as (0.60)% and 0.81%, respectively. The Revised Press Release reports the return on average assets for the three months ended June 30, 2025 and 2024 as (0.75)% and 0.81% respectively. For the six months ended June 30, 2025 and 2024, the Original Press Release reported the return on average assets as (0.61)% and 0.54%, respectively. The Revised Press Release reports the return on average assets for the six months ended June 30, 2025 and 2024 as (0.69)% and 0.54%, respectively.

The Original Press Release reported the return on average common equity for the three months ended June 30, 2025 and 2024 as (11.66)% and 12.16%, respectively. The Revised Press Release reports the return on average common equity for the three months ended June 30, 2025 and 2024 as (14.33)% and 12.16%, respectively. For the six months ended June 30, 2025 and 2024, the Original Press Release reported the return on average common equity as (11.97)% and 7.66%, respectively. The Revised Press Release reports the return on average common equity for the six months ended June 30, 2025 and 2024 as (13.31)% and 7.66%, 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.

The Original Press Release reported book value per common shares as $15.31 as of June 30, 2025, compared to $17.75 as of December 31, 2024. The Revised Press Release reports book value per common share as $15.21 as of June 30, 2025, compared to $17.75 as of December 31, 2024.

The Revised 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
(d)			Exhibits
Exhibit No.			Description
99.1			Press Release dated August 18, 2025.

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: August 18, 2025
						By:			/s/Eric J. Dosch
									Eric J. Dosch
									Chief Financial Officer

FAQ

Why did First Guaranty Bancshares (FGBIP) file this amended 8-K/A?

The company filed an amended report to furnish a revised quarterly earnings press release for the period ended June 30, 2025. The revision reflects adjustments made after quarter end to the allowance for credit losses, which affected multiple financial metrics including provisions, net income, equity, and book value per share.

How did the allowance for credit losses change for First Guaranty Bancshares (FGBIP)?

The revised information shows the provision for credit losses for Q2 2025 increased from $14.7 million to $16.6 million, and for the first six months from $29.3 million to $31.2 million. The allowance for credit losses at June 30, 2025 is raised from $57.0 million to $58.9 million, now equal to 2.44% of total loans instead of 2.36%.

What is the updated net income or loss for First Guaranty Bancshares’ Q2 2025?

The revised figures report net (loss) income for the three months ended June 30, 2025 as $(7.3) million, compared with a previously reported net loss of $(5.8) million. For the same quarter in 2024, net income remains $7.2 million, so the year-over-year change in the quarter’s result is now a decrease of $14.5 million.

How were earnings per share affected in the revised First Guaranty Bancshares (FGBIP) results?

For the three months ended June 30, 2025, loss per common share is revised from $(0.50) to $(0.61), while the 2024 quarter remains at $0.53 per share. For the six months ended June 30, 2025, loss per common share is revised from $(1.04) to $(1.15), with the 2024 six‑month figure unchanged at $0.67 per share.

Did First Guaranty Bancshares’ equity and book value change in the amended Q2 2025 disclosure?

Yes. At June 30, 2025, retained earnings are revised from $59.6 million to $58.1 million, and shareholders’ equity from $264.6 million to $263.1 million. Book value per common share at that date is adjusted from $15.31 to $15.21, compared with $17.75 at December 31, 2024.

How did profitability ratios change in the revised First Guaranty Bancshares Q2 2025 metrics?

For the three months ended June 30, 2025, return on average assets is revised from (0.60)% to (0.75)%, while return on average common equity is revised from (11.66)% to (14.33)%. For the six months ended June 30, 2025, return on average assets moves from (0.61)% to (0.69)%, and return on average common equity from (11.97)% to (13.31)%.