FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY | ||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||
(in thousands, except share data) | September 30, 2023 | December 31, 2022 | ||
Assets | ||||
Cash and cash equivalents: | ||||
Cash and due from banks | $ | 200,825 | $ | 82,796 |
Federal funds sold | 450 | 423 | ||
Cash and cash equivalents | 201,275 | 83,219 | ||
Investment securities: | ||||
Available for sale, at fair value | 79,857 | 131,458 | ||
Held to maturity, at cost and net of allowance for credit losses of $80 and $0 (estimated fair value of $234,771 and $242,560 respectively) | 320,624 | 320,068 | ||
Investment securities | 400,481 | 451,526 | ||
Federal Home Loan Bank stock, at cost | 13,241 | 6,528 | ||
Loans held for sale | - | - | ||
Loans, net of unearned income | 2,699,393 | 2,519,077 | ||
Less: allowance for credit losses | 31,936 | 23,518 | ||
Net loans | 2,667,457 | 2,495,559 | ||
Premises and equipment, net | 64,006 | 58,206 | ||
Goodwill | 12,900 | 12,900 | ||
Intangible assets, net | 4,366 | 4,979 | ||
Other real estate, net | 1,135 | 113 | ||
Accrued interest receivable | 16,728 | 13,002 | ||
Other assets | 36,645 | 25,315 | ||
Total Assets | $ | 3,418,234 | $ | 3,151,347 |
Liabilities and Shareholders' Equity | ||||
Deposits: | ||||
Noninterest-bearing demand | $ | 458,392 | $ | 524,415 |
Interest-bearing demand | 1,435,555 | 1,460,259 | ||
Savings | 214,371 | 205,760 | ||
Time | 706,691 | 533,358 | ||
Total deposits | 2,815,009 | 2,723,792 | ||
Short-term advances from Federal Home Loan Bank | 125,000 | 120,000 | ||
Short-term borrowings | 20,000 | 20,000 | ||
Repurchase agreements | 7,659 | 6,442 | ||
Accrued interest payable | 10,780 | 4,289 | ||
Long-term advances from Federal Home Loan Bank | 155,000 | - | ||
Senior long-term debt | 20,306 | 21,927 | ||
Junior subordinated debentures | 15,000 | 15,000 | ||
Other liabilities | 10,658 | 4,906 | ||
Total Liabilities | 3,179,412 | 2,916,356 | ||
Shareholders' Equity | ||||
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized | ||||
Non-cumulative perpetual; 34,500 issued and outstanding | 33,058 | 33,058 | ||
Common stock, $1 par value - 100,600,000 shares authorized; 11,431,083 and 10,716,796 shares issued and outstanding | 11,431 | 10,717 | ||
Surplus | 139,379 | 130,093 | ||
Retained earnings | 69,247 | 76,351 | ||
Accumulated other comprehensive (loss) income | (14,293) | (15,228) | ||
Total Shareholders' Equity | 238,822 | 234,991 | ||
Total Liabilities and Shareholders' Equity | $ | 3,418,234 | $ | 3,151,347 |
See Notes to Consolidated Financial Statements |
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) | 2023 | 2022 | 2023 | 2022 | ||||
Interest Income: | ||||||||
Loans (including fees) | $ | 43,407 | $ | 32,386 | $ | 121,846 | $ | 90,423 |
Deposits with other banks | 1,897 | 561 | 3,719 | 924 | ||||
Securities (including FHLB stock) | 2,323 | 2,303 | 7,130 | 6,922 | ||||
Total Interest Income | 47,627 | 35,250 | 132,695 | 98,269 | ||||
Interest Expense: | ||||||||
Demand deposits | 16,102 | 6,243 | 44,187 | 11,403 | ||||
Savings deposits | 1,001 | 267 | 2,418 | 429 | ||||
Time deposits | 6,504 | 2,533 | 15,304 | 7,828 | ||||
Borrowings | 3,575 | 758 | 7,127 | 1,867 | ||||
Total Interest Expense | 27,182 | 9,801 | 69,036 | 21,527 | ||||
Net Interest Income | 20,445 | 25,449 | 63,659 | 76,742 | ||||
Less: Provision for credit losses | 627 | 1,509 | 1,489 | 2,898 | ||||
Net Interest Income after Provision for Credit Losses | 19,818 | 23,940 | 62,170 | 73,844 | ||||
Noninterest Income: | ||||||||
Service charges, commissions and fees | 858 | 814 | 2,461 | 2,364 | ||||
ATM and debit card fees | 796 | 864 | 2,449 | 2,591 | ||||
Net gains (losses) on securities | - | - | - | (17) | ||||
Net gains on sale of loans | - | 1,624 | 12 | 1,713 | ||||
Other | 835 | 716 | 3,083 | 1,856 | ||||
Total Noninterest Income | 2,489 | 4,018 | 8,005 | 8,507 | ||||
Total Business Revenue, Net of Provision for Credit Losses | 22,307 | 27,958 | 70,175 | 82,351 | ||||
Noninterest Expense: | ||||||||
Salaries and employee benefits | 10,429 | 9,181 | 30,365 | 27,246 | ||||
Occupancy and equipment expense | 2,121 | 2,295 | 6,542 | 6,748 | ||||
Other | 7,446 | 6,312 | 22,990 | 18,364 | ||||
Total Noninterest Expense | 19,996 | 17,788 | 59,897 | 52,358 | ||||
Income Before Income Taxes | 2,311 | 10,170 | 10,278 | 29,993 | ||||
Less: Provision for income taxes | 539 | 2,117 | 2,362 | 6,230 | ||||
Net Income | 1,772 | 8,053 | 7,916 | 23,763 | ||||
Less: Preferred stock dividends | 582 | 582 | 1,747 | 1,747 | ||||
Net Income Available to Common Shareholders | $ | 1,190 | $ | 7,471 | $ | 6,169 | $ | 22,016 |
Per Common Share: | ||||||||
Earnings | $ | 0.10 | $ | 0.70 | $ | 0.56 | $ | 2.05 |
Cash dividends paid | $ | 0.16 | $ | 0.16 | $ | 0.48 | $ | 0.48 |
Weighted Average Common Shares Outstanding | 11,431,083 | 10,716,796 | 11,022,919 | 10,716,796 | ||||
See Notes to Consolidated Financial Statements |
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY | ||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||
(in thousands except for %) | Average Balance | Interest | Yield/Rate (5) | Average Balance | Interest | Yield/Rate (5) | ||||||
Assets | ||||||||||||
Interest-earning assets: | ||||||||||||
Interest-earning deposits with banks | $ | 145,235 | $ | 1,897 | 5.18 | % | $ | 109,333 | $ | 561 | 2.04 | % |
Securities (including FHLB stock) | 412,169 | 2,323 | 2.24 | % | 460,370 | 2,303 | 1.98 | % | ||||
Federal funds sold | 331 | - | - | % | 272 | - | - | % | ||||
Loans held for sale | - | - | - | % | - | - | - | % | ||||
Loans, net of unearned income (6) | 2,632,564 | 43,407 | 6.54 | % | 2,344,868 | 32,386 | 5.48 | % | ||||
Total interest-earning assets | 3,190,299 | $ | 47,627 | 5.92 | % | 2,914,843 | $ | 35,250 | 4.80 | % | ||
Noninterest-earning assets: | ||||||||||||
Cash and due from banks | 18,418 | 17,611 | ||||||||||
Premises and equipment, net | 62,348 | 58,126 | ||||||||||
Other assets | 27,420 | 27,430 | ||||||||||
Total Assets | $ | 3,298,485 | $ | 3,018,010 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Interest-bearing liabilities: | ||||||||||||
Demand deposits | $ | 1,429,402 | $ | 16,102 | 4.47 | % | $ | 1,397,720 | $ | 6,243 | 1.77 | % |
Savings deposits | 216,089 | 1,001 | 1.84 | % | 220,567 | 267 | 0.48 | % | ||||
Time deposits | 678,521 | 6,504 | 3.80 | % | 532,253 | 2,533 | 1.89 | % | ||||
Borrowings | 251,317 | 3,575 | 5.64 | % | 74,078 | 758 | 4.06 | % | ||||
Total interest-bearing liabilities | 2,575,329 | $ | 27,182 | 4.19 | % | 2,224,618 | $ | 9,801 | 1.75 | % | ||
Noninterest-bearing liabilities: | ||||||||||||
Demand deposits | 461,489 | 554,218 | ||||||||||
Other | 20,660 | 10,448 | ||||||||||
Total Liabilities | 3,057,478 | 2,789,284 | ||||||||||
Shareholders' equity | 241,007 | 228,726 | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 3,298,485 | $ | 3,018,010 | ||||||||
Net interest income | $ | 20,445 | $ | 25,449 | ||||||||
Net interest rate spread (1) | 1.73 | % | 3.05 | % | ||||||||
Net interest-earning assets (2) | $ | 614,970 | $ | 690,225 | ||||||||
Net interest margin (3), (4) | 2.54 | % | 3.46 | % | ||||||||
Average interest-earning assets to interest-bearing liabilities | 123.88 | % | 131.03 | % |
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY | ||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||
(in thousands except for %) | Average Balance | Interest | Yield/Rate (5) | Average Balance | Interest | Yield/Rate (5) | ||||||
Assets | ||||||||||||
Interest-earning assets: | ||||||||||||
Interest-earning deposits with banks | $ | 102,976 | $ | 3,719 | 4.83 | % | $ | 158,206 | $ | 924 | 0.78 | % |
Securities (including FHLB stock) | 415,442 | 7,130 | 2.29 | % | 450,100 | 6,922 | 2.06 | % | ||||
Federal funds sold | 391 | - | - | % | 222 | - | - | % | ||||
Loans held for sale | - | - | - | % | - | - | - | % | ||||
Loans, net of unearned income (6) | 2,576,793 | 121,846 | 6.32 | % | 2,248,445 | 90,423 | 5.38 | % | ||||
Total interest-earning assets | 3,095,602 | $ | 132,695 | 5.73 | % | 2,856,973 | $ | 98,269 | 4.60 | % | ||
Noninterest-earning assets: | ||||||||||||
Cash and due from banks | 18,706 | 18,472 | ||||||||||
Premises and equipment, net | 60,157 | 58,251 | ||||||||||
Other assets | 27,707 | 28,461 | ||||||||||
Total Assets | $ | 3,202,172 | $ | 2,962,157 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Interest-bearing liabilities: | ||||||||||||
Demand deposits | $ | 1,458,405 | $ | 44,187 | 4.05 | % | $ | 1,350,190 | $ | 11,403 | 1.13 | % |
Savings deposits | 211,515 | 2,418 | 1.53 | % | 212,013 | 429 | 0.27 | % | ||||
Time deposits | 624,190 | 15,304 | 3.28 | % | 552,340 | 7,828 | 1.89 | % | ||||
Borrowings | 165,508 | 7,127 | 5.76 | % | 59,263 | 1,867 | 4.21 | % | ||||
Total interest-bearing liabilities | 2,459,618 | $ | 69,036 | 3.75 | % | 2,173,806 | $ | 21,527 | 1.32 | % | ||
Noninterest-bearing liabilities: | ||||||||||||
Demand deposits | 489,154 | 554,388 | ||||||||||
Other | 16,954 | 8,424 | ||||||||||
Total Liabilities | 2,965,726 | 2,736,618 | ||||||||||
Shareholders' equity | 236,446 | 225,539 | ||||||||||
Total Liabilities and Shareholders' Equity | $ | 3,202,172 | $ | 2,962,157 | ||||||||
Net interest income | $ | 63,659 | $ | 76,742 | ||||||||
Net interest rate spread (1) | 1.98 | % | 3.28 | % | ||||||||
Net interest-earning assets (2) | $ | 635,984 | $ | 683,167 | ||||||||
Net interest margin (3), (4) | 2.75 | % | 3.59 | % | ||||||||
Average interest-earning assets to interest-bearing liabilities | 125.86 | % | 131.43 | % |
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||
(in thousands except for %) | Balance | As % of Category | Balance | As % of Category | Balance | As % of Category | Balance | As % of Category | ||||||||
Real Estate: | ||||||||||||||||
Construction & land development | $ | 342,246 | 12.6 | % | $ | 301,259 | 11.6 | % | $ | 289,486 | 11.2 | % | $ | 233,091 | 9.2 | % |
Farmland | 31,361 | 1.1 | % | 29,398 | 1.1 | % | 23,065 | 0.9 | % | 24,823 | 1.0 | % | ||||
1- 4 Family | 419,045 | 15.5 | % | 406,148 | 15.6 | % | 385,984 | 14.9 | % | 366,330 | 14.5 | % | ||||
Multifamily | 121,206 | 4.5 | % | 121,342 | 4.7 | % | 120,620 | 4.7 | % | 119,785 | 4.7 | % | ||||
Non-farm non-residential | 1,052,750 | 38.9 | % | 1,025,073 | 39.5 | % | 1,027,199 | 39.8 | % | 992,929 | 39.3 | % | ||||
Total Real Estate | 1,966,608 | 72.6 | % | 1,883,220 | 72.5 | % | 1,846,354 | 71.5 | % | 1,736,958 | 68.7 | % | ||||
Non-Real Estate: | ||||||||||||||||
Agricultural | 47,949 | 1.8 | % | 47,924 | 1.8 | % | 40,351 | 1.6 | % | 39,045 | 1.5 | % | ||||
Commercial and industrial(1)
| 354,836 | 13.1 | % | 338,023 | 13.0 | % | 344,332 | 13.3 | % | 385,279 | 15.3 | % | ||||
Commercial leases | 292,208 | 10.8 | % | 282,161 | 10.9 | % | 302,450 | 11.7 | % | 317,574 | 12.6 | % | ||||
Consumer and other | 46,068 | 1.7 | % | 47,771 | 1.8 | % | 49,157 | 1.9 | % | 47,864 | 1.9 | % | ||||
Total Non-Real Estate | 741,061 | 27.4 | % | 715,879 | 27.5 | % | 736,290 | 28.5 | % | 789,762 | 31.3 | % | ||||
Total loans before unearned income | 2,707,669 | 100.0 | % | 2,599,099 | 100.0 | % | 2,582,644 | 100.0 | % | 2,526,720 | 100.0 | % | ||||
Unearned income | (8,276) | (8,433) | (8,402) | (7,643) | ||||||||||||
Total loans net of unearned income | $ | 2,699,393 | $ | 2,590,666 | $ | 2,574,242 | $ | 2,519,077 |
(in thousands) | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||
Nonaccrual loans: | ||||||||
Real Estate: | ||||||||
Construction and land development | $ | 664 | $ | 518 | $ | 221 | $ | 225 |
Farmland | 874 | 867 | 677 | 290 | ||||
1- 4 family | 6,827 | 6,320 | 6,209 | 3,826 | ||||
Multifamily | 537 | 537 | - | - | ||||
Non-farm non-residential | 8,403 | 8,285 | 2,675 | 3,746 | ||||
Total Real Estate | 17,305 | 16,527 | 9,782 | 8,087 | ||||
Non-Real Estate: | ||||||||
Agricultural | 1,378 | 1,375 | 1,469 | 1,622 | ||||
Commercial and industrial | 2,827 | 2,167 | 1,026 | 819 | ||||
Commercial leases | 1,799 | 1,818 | 1,799 | 1,799 | ||||
Consumer and other | 2,246 | 2,016 | 1,593 | 1,239 | ||||
Total Non-Real Estate | 8,250 | 7,376 | 5,887 | 5,479 | ||||
Total nonaccrual loans | 25,555 | 23,903 | 15,669 | 13,566 | ||||
Loans 90 days and greater delinquent & accruing: | ||||||||
Real Estate: | ||||||||
Construction and land development | 182 | 182 | 190 | 427 | ||||
Farmland | 2,693 | - | - | - | ||||
1- 4 family | 593 | 295 | - | 332 | ||||
Multifamily | - | - | - | 157 | ||||
Non-farm non-residential | 956 | - | 1,641 | 103 | ||||
Total Real Estate | 4,424 | 477 | 1,831 | 1,019 | ||||
Non-Real Estate: | ||||||||
Agricultural | 61 | 61 | - | - | ||||
Commercial and industrial | 3,659 | - | 6,244 | 123 | ||||
Commercial leases | - | - | - | - | ||||
Consumer and other | - | - | - | - | ||||
Total Non-Real Estate | 3,720 | 61 | 6,244 | 123 | ||||
Total loans 90 days and greater delinquent & accruing | 8,144 | 538 | 8,075 | 1,142 | ||||
Total non-performing loans | 33,699 | 24,441 | 23,744 | 14,708 | ||||
Real Estate Owned: | ||||||||
Real Estate Loans: | ||||||||
Construction and land development | 251 | 251 | - | - | ||||
Farmland | - | - | - | - | ||||
1- 4 family | 194 | 248 | 113 | 113 | ||||
Multifamily | - | - | - | - | ||||
Non-farm non-residential | 690 | 774 | 774 | - | ||||
Total Real Estate | 1,135 | 1,273 | 887 | 113 | ||||
Non-Real Estate Loans: | ||||||||
Agricultural | - | - | - | - | ||||
Commercial and industrial | - | - | - | - | ||||
Commercial leases | - | - | - | - | ||||
Consumer and other | - | - | - | - | ||||
Total Non-Real Estate | - | - | - | - | ||||
Total Real Estate Owned | 1,135 | 1,273 | 887 | 113 | ||||
Total non-performing assets | $ | 34,834 | $ | 25,714 | $ | 24,631 | $ | 14,821 |
Non-performing assets to total loans | 1.29 | % | 0.99 | % | 0.96 | % | 0.59 | % |
Non-performing assets to total assets | 1.02 | % | 0.79 | % | 0.76 | % | 0.47 | % |
Non-performing loans to total loans | 1.25 | % | 0.94 | % | 0.92 | % | 0.58 | % |
Nonaccrual loans to total loans | 0.95 | % | 0.92 | % | 0.61 | % | 0.54 | % |
Allowance for credit losses to nonaccrual loans | 124.97 | % | 133.29 | % | 200.83 | % | 173.36 | % |
Net loan charge-offs to average loans | 0.05 | % | 0.04 | % | 0.08 | % | 0.18 | % |
At September 30, | At December 31, | |||||||||
(in thousands except for share data and %) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||
Tangible Common Equity | ||||||||||
Total shareholders' equity | $ | 238,822 | $ | 234,991 | $ | 223,889 | $ | 178,591 | $ | 166,035 |
Adjustments: | ||||||||||
Preferred | 33,058 | 33,058 | 33,058 | - | - | |||||
Goodwill | 12,900 | 12,900 | 12,900 | 12,900 | 12,942 | |||||
Acquisition intangibles | 3,832 | 4,355 | 5,051 | 5,815 | 6,527 | |||||
Tangible common equity | $ | 189,032 | $ | 184,678 | $ | 172,880 | $ | 159,876 | $ | 146,566 |
Common shares outstanding
| 11,431,083 | 10,716,796 | 10,716,796 | 10,716,796 | 10,716,796 | |||||
Book value per common share
| $ | 18.00 | $ | 18.84 | $ | 17.81 | $ | 16.66 | $ | 15.49 |
Tangible book value per common share
| $ | 16.54 | $ | 17.23 | $ | 16.13 | $ | 14.92 | $ | 13.68 |
Tangible Assets | ||||||||||
Total Assets | $ | 3,418,234 | $ | 3,151,347 | $ | 2,878,120 | $ | 2,473,078 | $ | 2,117,216 |
Adjustments: | ||||||||||
Goodwill | 12,900 | 12,900 | 12,900 | 12,900 | 12,942 | |||||
Acquisition intangibles | 3,832 | 4,355 | 5,051 | 5,815 | 6,527 | |||||
Tangible Assets | $ | 3,401,502 | $ | 3,134,092 | $ | 2,860,169 | $ | 2,454,363 | $ | 2,097,747 |
Tangible common equity to tangible assets | 5.56 | % | 5.89 | % | 6.04 | % | 6.51 | % | 6.99 | % |
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First Guaranty Bancshares Inc. published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 20:34:30 UTC.