Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 122

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 122
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. 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 December 31,(in thousands except for share data and %)20242023202220212020Tangible Common EquityTotal shareholders' equity$255,049 $249,631 $234,991 $223,889 $178,591 Adjustments:Preferred Stock33,058 33,058 33,058 33,058 — Goodwill12,900 12,900 12,900 12,900 12,900 Acquisition intangibles2,962 3,658 4,355 5,051 5,815    Other intangibles100 100 — — — Tangible common equity$206,029 $199,915 $184,678 $172,880 $159,876 Common shares outstanding12,504,717 12,475,424 10,716,796 10,716,796 10,716,796 Book value per common share$17.75 $17.36 $18.84 $17.81 $16.66 Tangible book value per common share$16.48 $16.03 $17.23 $16.13 $14.92 Tangible AssetsTotal Assets$3,972,728 $3