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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

For the transition period from __________ to __________

Commission File Number: 001-37621

fgbi-20200930_g1.jpg

FIRST GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 
Louisiana26-0513559
(State or other jurisdiction incorporation or organization)(I.R.S. Employer Identification Number)
  
400 East Thomas Street 
Hammond,Louisiana70401
(Address of principal executive offices)(Zip Code)
  
(985)345-7685
(Registrant's telephone number, including area code)
 
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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filers," "accelerated filers," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐     Accelerated filer  ☒   Non-accelerated filer ☐
Smaller reporting company
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.  
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No ☒

As of November 6, 2020 the registrant had 9,741,253 shares of $1 par value common stock outstanding.




Table of Contents

  Page
 4
   
   
 
   
 
   
 
 
   
 
   
 
   
   
   
   
   
   
   
  

-3-


PART I. FINANCIAL INFORMATION
Item 1.     Consolidated Financial Statements
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited) 

(in thousands, except share data)September 30, 2020December 31, 2019
Assets  
Cash and cash equivalents:  
Cash and due from banks$191,533 $66,511 
Federal funds sold773 914 
Cash and cash equivalents192,306 67,425 
Investment securities:  
Available for sale, at fair value416,319 339,937 
Held to maturity, at cost (estimated fair value of $0 and $86,817 respectively)
 86,579 
Investment securities416,319 426,516 
Federal Home Loan Bank stock, at cost3,336 3,308 
Loans held for sale235  
Loans, net of unearned income1,788,716 1,525,490 
Less: allowance for loan losses14,588 10,929 
Net loans1,774,128 1,514,561 
Premises and equipment, net58,611 56,464 
Goodwill12,901 12,942 
Intangible assets, net6,819 7,166 
Other real estate, net3,341 4,879 
Accrued interest receivable16,287 8,412 
Other assets28,225 15,543 
Total Assets$2,512,508 $2,117,216 
Liabilities and Shareholders' Equity  
Deposits:  
Noninterest-bearing demand$467,615 $325,888 
Interest-bearing demand807,946 635,942 
Savings176,525 135,156 
Time741,158 756,027 
Total deposits2,193,244 1,853,013 
Short-term advances from Federal Home Loan Bank50,000 13,079 
Repurchase agreements6,895 6,840 
Accrued interest payable5,358 6,047 
Long-term advances from Federal Home Loan Bank3,404 3,533 
Senior long-term debt43,926 48,558 
Junior subordinated debentures14,767 14,737 
Other liabilities10,103 5,374 
Total Liabilities2,327,697 1,951,181 
Shareholders' Equity  
Common stock:  
$1 par value - authorized 100,600,000 shares; issued 9,741,253 shares
9,741 9,741 
Surplus110,836 110,836 
Retained earnings52,798 43,283 
Accumulated other comprehensive income11,436 2,175 
Total Shareholders' Equity184,811 166,035 
Total Liabilities and Shareholders' Equity$2,512,508 $2,117,216 
See Notes to Consolidated Financial Statements
-4-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited) 

 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share data)2020201920202019
Interest Income:    
Loans (including fees)$22,519 $19,263 $67,420 $57,665 
Deposits with other banks51 872 348 2,461 
Securities (including FHLB stock)2,605 1,959 8,162 7,381 
Federal funds sold   1 
Total Interest Income25,175 22,094 75,930 67,508 
Interest Expense:    
Demand deposits1,291 2,504 4,645 8,146 
Savings deposits62 127 210 407 
Time deposits4,139 4,358 13,137 12,721 
Borrowings644 392 2,136 1,226 
Total Interest Expense6,136 7,381 20,128 22,500 
Net Interest Income19,039 14,713 55,802 45,008 
Less: Provision for loan losses1,545 1,727 4,626 4,148 
Net Interest Income after Provision for Loan Losses17,494 12,986 51,176 40,860 
Noninterest Income:    
Service charges, commissions and fees652 707 1,852 1,928 
ATM and debit card fees818 579 2,233 1,686 
Net gains (losses) on securities789 29 2,631 (387)
Net gains on sale of loans679 1,307 974 1,371 
Other612 557 1,612 1,528 
Total Noninterest Income3,550 3,179 9,302 6,126 
Noninterest Expense:    
Salaries and employee benefits7,254 6,012 22,189 18,120 
Occupancy and equipment expense1,922 1,423 5,616 4,438 
Other5,342 3,875 14,806 11,582 
Total Noninterest Expense14,518 11,310 42,611 34,140 
Income Before Income Taxes6,526 4,855 17,867 12,846 
Less: Provision for income taxes1,344 1,008 3,676 2,654 
Net Income$5,182 $3,847 $14,191 $10,192 
Per Common Share: (1)
    
Earnings$0.53 $0.40 $1.46 $1.05 
Cash dividends paid$0.16 $0.15 $0.48 $0.44 
Weighted Average Common Shares Outstanding9,741,253 9,687,123 9,741,253 9,687,123 
See Notes to Consolidated Financial Statements

(1) All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 16, 2019 to shareholders of record as of December 9, 2019.
-5-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2020201920202019
Net Income$5,182 $3,847 $14,191 $10,192 
Other comprehensive income:    
Unrealized gains on securities:    
Unrealized holding gains arising during the period2,336 621 14,254 10,746 
Reclassification adjustments for (gains) losses included in net income(789)(29)(2,631)387 
Reclassification of OTTI losses included in net income50  100  
Change in unrealized gains on securities1,597 592 11,723 11,133 
Tax impact(335)(124)(2,462)(2,338)
Other comprehensive income1,262 468 9,261 8,795 
Comprehensive Income$6,444 $4,315 $23,452 $18,987 
 See Notes to Consolidated Financial Statements
-6-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) 

 
Common Stock
$1 Par
SurplusRetained
Earnings
Accumulated
Other Comprehensive
Income/(Loss)
Total
(in thousands, except per share data)
     
Balance December 31, 2018 (1)
$9,687 $109,788 $34,947 $(7,138)$147,284 
Net income— — 10,192 — 10,192 
Other comprehensive income— — — 8,795 8,795 
Cash dividends on common stock ($0.44 per share)(1)
— — (4,227)— (4,227)
Balance September 30, 2019 (unaudited)$9,687 $109,788 $40,912 $1,657 $162,044 
Balance December 31, 2019$9,741 $110,836 $43,283 $2,175 $166,035 
Net income— — 14,191 — 14,191 
Other comprehensive income— — — 9,261 9,261 
Cash dividends on common stock ($0.48 per share)
— — (4,676)— (4,676)
Balance September 30, 2020 (unaudited)$9,741 $110,836 $52,798 $11,436 $184,811 
See Notes to Consolidated Financial Statements

(1) All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 16, 2019 to shareholders of record as of December 9, 2019.

-7-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) 

 Nine Months Ended September 30,
(in thousands)20202019
Cash Flows From Operating Activities  
Net income$14,191 $10,192 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for loan losses4,626 4,148 
Depreciation and amortization2,512 2,218 
Amortization/Accretion of investments2,245 873 
(Gain) loss on sale/call of securities(2,631)387 
Other Than Temporary Impairment Charge on Securities100  
(Gain) loss on sale of assets(966)(1,305)
Repossessed asset write downs, gains and losses on dispositions869 105 
FHLB stock dividends(28)(44)
Net (increase) decrease in loans held for sale(235)344 
Change in other assets and liabilities, net(6,365)4,433 
Net Cash Provided By Operating Activities14,318 21,351 
Cash Flows From Investing Activities  
Proceeds from maturities, calls and sales of HTM securities34,022 17,946 
Proceeds from maturities, calls and sales of AFS securities577,801 244,411 
Funds Invested in AFS securities(589,619)(116,443)
Net increase in loans(276,143)(73,041)
Purchase of premises and equipment(4,272)(7,947)
Proceeds from sales of premises and equipment80 5 
Proceeds from sales of other real estate owned988 365 
Net Cash (Used In) Provided By Investing Activities(257,143)65,296 
Cash Flows From Financing Activities  
Net increase (decrease) in deposits340,136 (29,211)
Net increase in federal funds purchased and short-term borrowings36,976  
Repayment of long-term borrowings(4,730)(2,206)
Dividends paid(4,676)(4,227)
Net Cash Provided By (Used In) Financing Activities367,706 (35,644)
Net Increase In Cash and Cash Equivalents124,881 51,003 
Cash and Cash Equivalents at the Beginning of the Period67,425 127,965 
Cash and Cash Equivalents at the End of the Period$192,306 $178,968 
Noncash Activities:  
Acquisition of real estate in settlement of loans$319 $2,704 
Transfer of securities from HTM to AFS$52,553 $ 
Cash Paid During The Period:  
Interest on deposits and borrowed funds$20,817 $21,159 
Federal income taxes$4,808 $2,750 
State income taxes$25 $23 
 
See Notes to the Consolidated Financial Statements.
-8-


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Basis of Presentation
 
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2019.
 
The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation.
 
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at September 30, 2020 and for the three and nine month periods ended September 30, 2020 and 2019 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities.
-9-


Note 2. Recent Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. On October 16, 2019, the FASB approved an effective date delay applicable to smaller reporting companies until fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. First Guaranty is a smaller reporting company and has delayed the adoption of ASU 2016-13.




-10-


Note 3. Merger Transaction

Effective at the close of business on November 7, 2019, First Guaranty completed its acquisition of 100% of the outstanding shares of Union Bancshares, Incorporated, a Louisiana corporation ("Union"), a single bank holding company headquartered in Marksville, Louisiana and its wholly owned subsidiary, Union Bank for $43.4 million in cash. This acquisition allowed First Guaranty to expand its presence into the Central Louisiana market area. The purchase price resulted in approximately $9.4 million in goodwill and $4.2 million in core deposit intangible, none of which is deductible for tax purposes.

First Guaranty accounts for business combinations under the acquisition method in accordance with ASC Topic 805, Business Combinations. Accordingly, for each transaction, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of the acquisition. In conjunction with the adoption of ASU 2015-16, upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition date, First Guaranty records any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined. First Guaranty is continuing to finalize the purchase price allocations related to the Union acquisition. Based on management's preliminary valuation of tangible and intangible assets acquired and liabilities assumed, the purchase price for the Union acquisition is allocated in the table below. These allocations are subject to change.

(in thousands)Union Bancshares, Incorporated
Cash and due from banks$20,063 
Securities available for sale38,813 
Loans 184,344 
Premises and equipment7,223 
Goodwill 9,428 
Intangible assets4,213 
Other real estate1,595 
Other assets9,480 
      Total assets acquired
$275,159 
Deposits205,078 
FHLB borrowings16,617 
Repurchase agreements6,863 
Other liabilities3,218 
      Total liabilities assumed$231,776 
        Net assets acquired$43,383 



-11-


Note 4. Securities
 
A summary comparison of securities by type at September 30, 2020 and December 31, 2019 is shown below. 

 September 30, 2020December 31, 2019
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair ValueAmortized CostGross Unrealized GainsGross
Unrealized Losses
Fair Value
Available for sale:        
U.S. Treasuries$43,700 $ $ $43,700 $ $ $ $ 
U.S. Government Agencies    16,380 15 (2)16,393 
Corporate debt securities186,515 9,458 (723)195,250 94,561 1,110 (302)95,369 
Municipal bonds30,863 1,651 (3)32,511 30,297 1,870 (14)32,153 
Collateralized mortgage obligations5,428 136 (4)5,560 16,400 40 (43)16,397 
Mortgage-backed securities135,338 3,963 (3)139,298 179,546 317 (238)179,625 
Total available for sale securities$401,844 $15,208 $(733)$416,319 $337,184 $3,352 $(599)$339,937 
Held to maturity:        
U.S. Government Agencies$ $ $ $ $18,175 $ $(32)$18,143 
Municipal bonds    5,107 182  5,289 
Mortgage-backed securities    63,297 200 (112)63,385 
Total held to maturity securities$ $ $ $ $86,579 $382 $(144)$86,817 
 
First Guaranty sold securities in the held to maturity portfolio in the first quarter of 2020 in order to manage its interest rate and liquidity risk due to changes in economic conditions. First Guaranty sold $18.2 million in U.S. Government agency securities, $13.5 million in mortgage-backed securities and $0.2 million in municipal securities. The total gain on the sale of these securities was $0.1 million. First Guaranty terminated its held to maturity portfolio after these sales.

The scheduled maturities of securities at September 30, 2020, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to calls or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason they are presented separately in the maturity table below. 
 At September 30, 2020
(in thousands)Amortized CostFair Value
Available for sale:  
Due in one year or less$61,441 $61,631 
Due after one year through five years78,391 82,244 
Due after five years through 10 years106,088 111,699 
Over 10 years15,158 15,887 
Subtotal261,078 271,461 
Collateralized mortgage obligations5,428 5,560 
Mortgage-backed securities135,338 139,298 
Total available for sale securities$401,844 $416,319 
Held to maturity:  
Due in one year or less$ $ 
Due after one year through five years  
Due after five years through 10 years  
Over 10 years  
Subtotal  
Mortgage-backed securities  
Total held to maturity securities$ $ 
 
At September 30, 2020, $206.7 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $206.7 million as of September 30, 2020.
-12-



The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at September 30, 2020.

  At September 30, 2020 
 Less Than 12 Months12 Months or MoreTotal
(in thousands)Number
of Securities
Fair ValueGross
Unrealized
Losses
Number
of Securities
Fair ValueGross
Unrealized
Losses
Number
of Securities
Fair ValueGross
Unrealized Losses
Available for sale:         
U.S. Treasuries3 $43,700 $  $ $ 3 $43,700 $ 
U.S. Government Agencies         
Corporate debt securities28 13,741 (514)7 1,693 (209)35 15,434 (723)
Municipal bonds3 198 (3)   3 198 (3)
Collateralized mortgage obligations3 741 (4)   3 741 (4)
Mortgage-backed securities9 185 (3)   9 185 (3)
Total available for sale securities46 $58,565 $(524)7 $1,693 $(209)53 $60,258 $(733)
Held to maturity:         
U.S. Government Agencies $ $  $ $  $ $ 
Municipal bonds         
Mortgage-backed securities