Company: FGBI
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001408534-25-000070
Chunk: 183

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 2
Chunk 183
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 common stock in exchange for $15.0 million of subordinated debt and the payment of interest thereon. The subordinated debt was previously held by Edgar R. Smith, III, a director of First Guaranty Bancshares.

•First Guaranty issued an aggregate of 88,482 shares of its common stock to Smith & Tate Investment, LLC. 36,060 shares of common stock were issued as payment of interest on senior debt held by Smith & Tate Investment, LLC, and 52,422 shares of common stock were issued as payment of interest due on $30.0 million of subordinated debt held by Smith & Tate Investment, LLC. Smith & Tate Investment, LLC is a company controlled by Edgar R. Smith, III, a director of First Guaranty Bancshares.

•First Guaranty's Board of Directors declared cash dividends of $0.01 and $0.16 per common share in the second quarter of 2025 and 2024. The reduction in the common stock dividend payment was done in order to increase capital as part of First Guaranty’s new business strategy announced in the third quarter of 2024. First Guaranty has paid 128 consecutive quarterly dividends as of June 30, 2025.

•First Guaranty paid preferred stock dividends of $1.2 million during the first six months of 2025 and 2024.  

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Financial Condition

Changes in Financial Condition from December 31, 2024 to June 30, 2025 

Assets

Total assets at June 30, 2025 were $4.0 billion, a decrease of $3.1 million from December 31, 2024. Assets decreased primarily due to a decrease in net loans of $307.3 million partially offset by increases in cash and cash equivalents of $150.7 million and investment securities of $117.0 million at June 30, 2025 compared to December 31, 2024.

Loans

Net loans decreased $307.3 million, or 11.6%, to $2.4 billion at June 30, 2025 from December 31, 2024. Non-farm non-residential loan balances decreased $107.3 million due to the sale of loans and paydowns. Construction and land development loans decreased $61.2 million principally due to the sale of loans and the conversion of existing loans to permanent financing.