Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 123

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 123
---
,552,772 $3,151,347 $2,878,120 $2,473,078 Adjustments: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 Assets$3,956,766 $3,536,114 $3,134,092 $2,860,169 $2,454,363 Tangible common equity to tangible assets5.21 %5.65 %5.89 %6.04 %6.51 %

The efficiency ratio is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate the efficiency ratio by dividing noninterest expense by the sum of net interest income and noninterest income, excluding amortizations of intangibles and securities transactions. The GAAP-based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income.  Noninterest income in 2024 included the gain from the sale-leaseback transaction.

The following table reconciles, as of the dates set forth below, our efficiency ratio to the GAAP-based efficiency ratio: 

For the Year Ended December 31,(in thousands except for share data and %)20242023202220212020GAAP-based efficiency ratio68.16 %83.62 %63.94 %63.63 %58.95 %Noninterest expense$77,137 $79,672 $71,005 $63,868 $58,033 Amortization of intangibles696 696 696 764 711 Noninterest expense, excluding amortization76,441 78,976 70,309 63,104 57,322 Net interest income88,438 84,705 100,042 89,618 74,667 Noninterest income24,739 10,577 11,009 10,760 23,780 Adjustments:Securities transactions— — (17)714 14,691 Noninterest income, excluding securities transactions$24,739 $10,577 $11,026 $10,046 $9,089 Efficiency ratio67.54