EXHIBIT 99.1
FEBRUARY 4, 2020
NEWS FOR IMMEDIATE RELEASE
CONTACT: ERIC J. DOSCH, CFO
985.375.0308
 
First Guaranty Bancshares, Inc. Announces Fourth Quarter 2019 Results

Hammond, Louisiana, February 4, 2020 – First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the quarter and year ending December 31, 2019.
 
A strong fourth quarter of 2019 brought an exciting end to an exciting year. Earnings for the fourth quarter were $4,049,000 compared to earnings for the fourth quarter of 2018 of $2,618,000. This is a 55% increase. Our assets increased to $2,117,048,000 as of the end of the year. Strong fourth quarter lending production brought us to a total portfolio as of December 31, 2019 of $1,525,490,169 compared to $1,225,267,846 as of December 31, 2018. This year end loan portfolio total was a combination of making our lending goals for First Guaranty Bank Lending for 2019 plus the addition of Union Bank in November 2019. We declared and paid four quarterly cash dividends of $0.16 per share for a total of $5,802,220 dividends paid to our shareholders in the year 2019. We declared and awarded a 10% stock dividend. Our fourth quarter net interest margin was 3.52% compared to 3.42% as of the end of December 2018.

We successfully implemented a commercial loan segment of our nCino platform resulting in much better customer service. We reached an agreement and started the process of replacing our online/internet banking service system with a new system to provide enhanced services to our customers.

We completed and opened our new Amite, Louisiana branch to replace and update our branch services in Amite.

While doing all of that, we continued our conservative and prudent management of our loan portfolio by charging off troubled loans and making provisions to our loan loss provision of $4,860,000 during the course of the year. While doing all of that, we continued our conservative and prudent management of our loan portfolio by charging off troubled loans and making provisions to our loan loss reserve of $4,860,000 during the course of the year.  In addition to our regular allowance for loan losses which rose slightly to $10,928,643, we have loan discounts relating to the Union and Premier acquisitions totaling about $3.0 million, giving us a total level of reserves and discounts of approximately $14 million. 

The year 2019 ended with a much stronger, better and bigger First Guaranty Bank than when the year began. 2019 brought great progress toward our goal of building a fortress balance sheet. First Guaranty Bancshares, Inc. looks to 2020 as being the best, the most successful, the most exciting year of our history.

Thank you for your support. We continue toward our goals of improving our customer services, growing First Guaranty Bancshares, Inc., and enhancing value for our shareholders.

Sincerely,
Alton B. Lewis
President and CEO
First Guaranty, Bancshares, Inc. 
About First Guaranty
First Guaranty, a Louisiana-based company, has approximately $2.1 billion in assets as of December 31, 2019 and provides personalized commercial banking services through 33 banking facilities located across Louisiana and Texas. For more information, visit www.fgb.net.
Certain statements contained herein are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, as described in our SEC filings, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which First Guaranty operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.
First Guaranty wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. First Guaranty wishes to advise readers that the factors listed above could affect First Guaranty's financial performance and could cause First Guaranty's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. First Guaranty does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.





FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)
 
 
 
 
 
(in thousands, except share data)
 
December 31, 2019
 
December 31, 2018
Assets
 
 

 
 

Cash and cash equivalents:
 
 

 
 

Cash and due from banks
 
$
66,511

 
$
127,416

Federal funds sold
 
914

 
549

Cash and cash equivalents
 
67,425

 
127,965

 
 
 
 
 
Investment securities:
 
 

 
 

Available for sale, at fair value
 
340,434

 
296,977

Held to maturity, at cost (estimated fair value of $86,817 and $104,840, respectively)
 
86,579

 
108,326

Investment securities
 
427,013

 
405,303

 
 
 
 
 
Federal Home Loan Bank stock, at cost
 
3,308

 
2,393

Loans held for sale
 

 
344

 
 
 
 
 
Loans, net of unearned income
 
1,525,490

 
1,225,268

Less: allowance for loan losses
 
10,929

 
10,776

Net loans
 
1,514,561

 
1,214,492

 
 
 
 
 
Premises and equipment, net
 
55,667

 
39,695

Goodwill
 
13,571

 
3,472

Intangible assets, net
 
7,166

 
3,528

Other real estate, net
 
4,879

 
1,138

Accrued interest receivable
 
8,412

 
6,716

Other assets
 
15,046

 
12,165

Total Assets
 
$
2,117,048

 
$
1,817,211

 
 
 
 
 
Liabilities and Shareholders' Equity
 
 

 
 

Deposits:
 
 

 
 

Noninterest-bearing demand
 
$
325,888

 
$
244,516

Interest-bearing demand
 
635,942

 
594,359

Savings
 
135,156

 
109,958

Time
 
756,027

 
680,789

Total deposits
 
1,853,013

 
1,629,622

 
 
 
 
 
Short-term advances from Federal Home Loan Bank
 
13,079

 

Repurchase agreements
 
6,840

 

Accrued interest payable
 
6,047

 
3,952

Long-term advances from Federal Home Loan Bank
 
3,533

 

Senior long-term debt
 
48,558

 
19,838

Junior subordinated debentures
 
14,737

 
14,700

Other liabilities
 
5,206

 
1,815

Total Liabilities
 
1,951,013

 
1,669,927

 
 
 
 
 
Shareholders' Equity
 
 

 
 

Common stock:1
 
 

 
 

$1 par value - authorized 100,600,000 shares; issued 9,741,253 and 9,687,123 shares
 
9,741

 
9,687

Surplus
 
110,836

 
109,788

Retained earnings
 
43,283

 
34,947

Accumulated other comprehensive income (loss)
 
2,175

 
(7,138
)
Total Shareholders' Equity
 
166,035

 
147,284

Total Liabilities and Shareholders' Equity
 
$
2,117,048

 
$
1,817,211

See Notes to Consolidated Financial Statements
 
 

 
 

1 All 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.




FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED STATEMENTS OF INCOME (unaudited)        
 
 
 
 
 
 
 
Three Months Ended December 31,
 
Year Ended December 31,
(in thousands, except share data)
 
2019
 
2018
 
2019
 
2018
Interest Income:
 
 
 
 
 
 
 
 
Loans (including fees)
 
$
21,221

 
$
17,186

 
$
78,886

 
$
64,836

Deposits with other banks
 
495

 
338

 
2,956

 
612

Securities (including FHLB stock)
 
2,419

 
3,175

 
9,800

 
12,941

Federal funds sold
 

 

 
1

 
1

Total Interest Income
 
24,135

 
20,699

 
91,643

 
78,390

 
 
 
 
 
 
 
 
 
Interest Expense:
 
 

 
 

 
 

 
 

Demand deposits
 
2,301

 
2,258

 
10,447

 
8,531

Savings deposits
 
120

 
126

 
527

 
407

Time deposits
 
4,420

 
3,399

 
17,141

 
10,690

Borrowings
 
625

 
422

 
1,851

 
1,738

Total Interest Expense
 
7,466

 
6,205

 
29,966

 
21,366

 
 
 
 
 
 
 
 
 
Net Interest Income
 
16,669

 
14,494

 
61,677

 
57,024

Less: Provision for loan losses
 
712

 
786

 
4,860

 
1,354

Net Interest Income after Provision for Loan Losses
 
15,957

 
13,708

 
56,817

 
55,670

 
 
 
 
 
 
 
 
 
Noninterest Income:
 
 

 
 

 
 

 
 

Service charges, commissions and fees
 
880

 
726

 
2,808

 
2,988

ATM and debit card fees
 
568

 
550

 
2,254

 
2,122

Net gains (losses) on securities
 
230

 
(928
)
 
(157
)
 
(1,830
)
Net gains on sale of loans
 
5

 
102

 
1,376

 
278

Other
 
490

 
285

 
2,018

 
1,722

Total Noninterest Income
 
2,173

 
735

 
8,299

 
5,280

 
 
 
 
 
 
 
 
 
Noninterest Expense:
 
 

 
 

 
 

 
 

Salaries and employee benefits
 
6,899

 
5,909

 
25,019

 
22,888

Occupancy and equipment expense
 
1,658

 
1,493

 
6,096

 
5,601

Other
 
4,522

 
3,833

 
16,104

 
14,786

Total Noninterest Expense
 
13,079

 
11,235

 
47,219

 
43,275

 
 
 
 
 
 
 
 
 
Income Before Income Taxes
 
5,051

 
3,208

 
17,897

 
17,675

Less: Provision for income taxes
 
1,002

 
590

 
3,656

 
3,462

Net Income
 
$
4,049

 
$
2,618

 
$
14,241

 
$
14,213

 
 
 
 
 
 
 
 
 
Per Common Share:1
 
 

 
 

 
 

 
 

Earnings
 
$
0.42

 
$
0.27

 
$
1.47

 
$
1.47

Cash dividends paid 
 
$
0.16

 
$
0.15

 
$
0.60

 
$
0.58

 
 
 
 
 
 
 
 
 
Weighted Average Common Shares Outstanding
 
9,718,895

 
9,687,123

 
9,695,131

 
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.





              FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 
 
 
 
 
 
 
Three Months Ended December 31, 2019
 
Three Months Ended December 31, 2018
(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
 
$
126,864

 
$
495

 
1.55
%
 
$
65,715

 
$
338

 
2.04
%
Securities (including FHLB stock)
 
349,862

 
2,419

 
2.74
%
 
419,404

 
3,175

 
3.00
%
Federal funds sold
 
961

 

 
%
 
366

 

 
%
Loans held for sale 
 
50

 

 
%
 
797

 
15

 
7.47
%
Loans, net of unearned income
 
1,400,584

 
21,221

 
6.01
%
 
1,194,792

 
17,171

 
5.70
%
Total interest-earning assets
 
1,878,321

 
$
24,135

 
5.10
%
 
1,681,074

 
$
20,699

 
4.88
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-earning assets:
 
 

 
 

 
 

 
 

 
 

 
 

Cash and due from banks
 
21,250

 
 
 
 
 
9,503

 
 

 
 

Premises and equipment, net
 
51,835

 
 
 
 
 
39,336

 
 

 
 

Other assets
 
20,322

 
 
 
 
 
13,836

 
 

 
 

Total Assets
 
$
1,971,728

 
 

 
 

 
$
1,743,749

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 

 
 

 
 

 
 

 
 

 
 

Interest-bearing liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

Demand deposits
 
$
607,538

 
$
2,301

 
1.50
%
 
$
517,722

 
$
2,258

 
1.73
%
Savings deposits
 
128,950

 
120

 
0.37
%
 
111,731

 
126

 
0.45
%
Time deposits
 
699,999

 
4,420

 
2.51
%
 
677,908

 
3,399

 
1.99
%
Borrowings
 
61,136

 
625

 
4.06
%
 
35,509

 
422

 
4.72
%
Total interest-bearing liabilities
 
1,497,623

 
$
7,466

 
1.98
%
 
1,342,870

 
$
6,205

 
1.83
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

Demand deposits
 
297,562

 
 
 
 
 
250,034

 
 

 
 

Other
 
12,407

 
 
 
 
 
7,368

 
 

 
 

Total Liabilities
 
1,807,592

 
 

 
 

 
1,600,272

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
164,136

 
 
 
 
 
143,477

 
 

 
 

Total Liabilities and Shareholders' Equity
 
$
1,971,728

 
 

 
 

 
$
1,743,749

 
 

 
 

Net interest income
 
 

 
$
16,669

 
 

 
 

 
$
14,494

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest rate spread (1)
 
 

 
 

 
3.12
%
 
 

 
 

 
3.05
%
Net interest-earning assets (2)
 
$
380,698

 
 

 
 
 
$
338,204

 
 

 
 
Net interest margin (3), (4)
 
 

 
 

 
3.52
%
 
 

 
 

 
3.42
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest-earning assets to interest-bearing liabilities
 
 

 
 

 
125.42
%
 
 

 
 

 
125.19
%
(1)
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2)
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(3)
Net interest margin represents net interest income divided by average total interest-earning assets.
(4)
The tax adjusted net interest margin was 3.53% and 3.43% for the above periods ended December 31, 2019 and 2018 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended December 31, 2019 and 2018 respectively.
(5)
Annualized.





              FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 
 
 
 
 
 
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
(in thousands except for %)
 
Average Balance
 
Interest
 
Yield/Rate
 
Average Balance
 
Interest
 
Yield/Rate
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with banks
 
$
144,298

 
$
2,956

 
2.05
%
 
$
39,005

 
$
612

 
1.57
%
Securities (including FHLB stock)
 
349,247

 
9,800

 
2.81
%
 
465,399

 
12,941

 
2.78
%
Federal funds sold
 
592

 
1

 
0.25
%
 
531

 
1

 
0.23
%
Loans held for sale 
 
324

 
24

 
7.41
%
 
1,330

 
84

 
6.32
%
Loans, net of unearned income
 
1,315,524

 
78,862

 
5.99
%
 
1,167,458

 
64,752

 
5.55
%
Total interest-earning assets
 
1,809,985

 
$
91,643

 
5.06
%
 
1,673,723

 
$
78,390

 
4.68
%
 
 
 

 
 

 
 

 
 

 
 

 
 

Noninterest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
11,951

 
 
 
 
 
10,013

 
 

 
 

Premises and equipment, net
 
45,034

 
 
 
 
 
38,502

 
 

 
 

Other assets
 
15,259

 
 
 
 
 
13,805

 
 

 
 

Total Assets
 
$
1,882,229

 
 

 
 

 
$
1,736,043

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 

 
 

 
 

 
 

 
 

 
 

Interest-bearing liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

Demand deposits
 
$
592,113

 
$
10,447

 
1.76
%
 
$
556,528

 
$
8,531

 
1.53
%
Savings deposits
 
115,682

 
527

 
0.46
%
 
111,134

 
407

 
0.37
%
Time deposits
 
703,685

 
17,141

 
2.44
%
 
628,457

 
10,690

 
1.70
%
Borrowings
 
40,766

 
1,851

 
4.54
%
 
39,150

 
1,738

 
4.44
%
Total interest-bearing liabilities
 
1,452,246

 
$
29,966

 
2.06
%
 
1,335,269

 
$
21,366

 
1.60
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

Demand deposits
 
262,379

 
 
 
 
 
252,531

 
 

 
 

Other
 
9,204

 
 
 
 
 
5,870

 
 

 
 

Total Liabilities
 
1,723,829

 
 

 
 

 
1,593,670

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
158,400

 
 
 
 
 
142,373

 
 

 
 

Total Liabilities and Shareholders' Equity
 
$
1,882,229

 
 

 
 

 
$
1,736,043

 
 

 
 

Net interest income
 
 

 
$
61,677

 
 

 
 

 
$
57,024

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest rate spread (1)
 
 

 
 

 
3.00
%
 
 
 
 
 
3.08
%
Net interest-earning assets (2)
 
$
357,739

 
 

 
 
 
$
338,454

 
 

 
 
Net interest margin (3), (4)
 
 

 
 

 
3.41
%
 
 
 
 
 
3.41
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest-earning assets to interest-bearing liabilities
 
 

 
 

 
124.63
%
 
 
 
 
 
125.35
%
(1)
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(2)
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
(3)
Net interest margin represents net interest income divided by average total interest-earning assets.
(4)
The tax adjusted net interest margin was 3.42% for the above periods ended December 31, 2019 and 2018 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended December 31, 2019 and 2018 respectively.





The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019:
 
 
December 31, 2019
 
September 30, 2019
 
June 30, 2019
 
March 31, 2019
(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
 
$
172,247

 
11.3
%
 
$
157,980

 
12.2
%
 
$
148,156

 
11.4
%
 
$
142,861

 
11.0
%
Farmland
 
22,741

 
1.5
%
 
16,484

 
1.3
%
 
17,414

 
1.3
%
 
18,904

 
1.5
%
1- 4 Family
 
289,635

 
18.9
%
 
187,772

 
14.5
%
 
185,234

 
14.2
%
 
179,798

 
13.8
%
Multifamily
 
23,973

 
1.6
%
 
22,459

 
1.7
%
 
44,104

 
3.4
%
 
42,186

 
3.2
%
Non-farm non-residential
 
616,536

 
40.3
%
 
585,177

 
45.1
%
 
604,523

 
46.4
%
 
607,928

 
46.7
%
Total Real Estate
 
1,125,132

 
73.6
%
 
969,872

 
74.8
%
 
999,431

 
76.7
%
 
991,677

 
76.2
%
Non-Real Estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agricultural
 
26,710

 
1.8
%
 
29,193

 
2.3
%
 
26,587

 
2.0
%
 
21,465

 
1.7
%
Commercial and industrial
 
268,256

 
17.5
%
 
213,993

 
16.5
%
 
199,768

 
15.3
%
 
210,187

 
16.1
%
Consumer and other
 
108,868

 
7.1
%
 
83,029

 
6.4
%
 
78,321

 
6.0
%
 
78,162

 
6.0
%
Total Non-Real Estate
 
403,834

 
26.4
%
 
326,215

 
25.2
%
 
304,676

 
23.3
%
 
309,814

 
23.8
%
Total loans before unearned income
 
1,528,966

 
100.0
%
 
1,296,087

 
100.0
%
 
1,304,107

 
100.0
%
 
1,301,491

 
100.0
%
Unearned income
 
(3,476
)
 
 

 
(3,176
)
 
 

 
(3,554
)
 
 

 
(3,335
)
 
 

Total loans net of unearned income
 
$
1,525,490

 
 

 
$
1,292,911

 
 

 
$
1,300,553

 
 

 
$
1,298,156

 
 






The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.
(in thousands)
 
December 31, 2019
 
September 30, 2019
 
June 30, 2019
 
March 31, 2019
Nonaccrual loans:
 
 
 
 
 
 
 
 
Real Estate:
 
 
 
 
 
 
 
 
Construction and land development
 
$
381

 
$
390

 
$
402

 
$
305

Farmland
 
1,274

 
1,337

 
1,337

 
1,286

1- 4 family
 
2,759

 
1,975

 
1,678

 
2,538

Multifamily
 

 

 

 

Non-farm non-residential
 
4,646

 
745

 
609

 
3,650

Total Real Estate
 
9,060

 
4,447

 
4,026

 
7,779

Non-Real Estate:
 
 

 
 

 
 

 
 

Agricultural
 
4,800

 
4,842

 
4,923

 
4,916

Commercial and industrial
 
327

 
454

 
362

 
250

Consumer and other
 
216

 
1,155

 
37

 
50

Total Non-Real Estate
 
5,343

 
6,451

 
5,322

 
5,216

Total nonaccrual loans
 
14,403

 
10,898

 
9,348

 
12,995

 
 
 
 
 
 
 
 
 
Loans 90 days and greater delinquent & accruing:
 
 

 
 

 
 

 
 

Real Estate:
 
 

 
 

 
 

 
 

Construction and land development
 
48

 

 

 

Farmland
 

 

 

 

1- 4 family
 
923

 
2

 
60

 
363

Multifamily
 

 

 

 

Non-farm non-residential
 
1,603

 
184

 
468

 

Total Real Estate
 
2,574

 
186

 
528

 
363

Non-Real Estate:
 
 

 
 

 
 

 
 

Agricultural
 

 

 
242

 

Commercial and industrial
 
15

 
24

 
127

 
135

Consumer and other
 
50

 
128

 
19

 
115

Total Non-Real Estate
 
65

 
152

 
388

 
250

Total loans 90 days and greater delinquent & accruing
 
2,639

 
338

 
916

 
613

 
 
 
 
 
 
 
 
 
Total non-performing loans
 
17,042

 
11,236

 
10,264

 
13,608

 
 
 
 
 
 
 
 
 
Real Estate Owned:
 
 

 
 

 
 

 
 

Real Estate Loans:
 
 

 
 

 
 

 
 

Construction and land development
 
669

 
213

 
219

 
219

Farmland
 

 

 

 

1- 4 family
 
559

 
117

 
466

 
135

Multifamily
 

 

 

 

Non-farm non-residential
 
3,651

 
3,040

 
3,049

 
766

Total Real Estate
 
4,879

 
3,370

 
3,734

 
1,120

Non-Real Estate Loans:
 
 

 
 

 
 

 
 

Agricultural
 

 

 

 

Commercial and industrial
 

 

 

 

Consumer and other
 

 

 

 

Total Non-Real Estate
 

 

 

 

Total Real Estate Owned
 
4,879

 
3,370

 
3,734

 
1,120

 
 
 
 
 
 
 
 
 
Total non-performing assets
 
$
21,921

 
$
14,606

 
$
13,998

 
$
14,728

 
 
 
 
 
 
 
 
 
Non-performing assets to total loans
 
1.44
%
 
1.13
%
 
1.08
%
 
1.13
%
Non-performing assets to total assets
 
1.04
%
 
0.81
%
 
0.75
%
 
0.77
%
Non-performing loans to total loans
 
1.12
%
 
0.87
%
 
0.79
%
 
1.05
%





Non-GAAP Financial Measures
 
Our accounting and reporting policies conform to accounting principles generally accepted in the United States, or GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional metrics. 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 %)
 
2019
 
2018
 
2017
 
2016
 
2015
Tangible Common Equity
 
 
 
 
 
 
 
 
 
 
Total shareholders' equity
 
$
166,035

 
$
147,284

 
$
143,983

 
$
124,349

 
$
118,224

Adjustments:
 
 
 
 
 
 
 
 
 
 
Preferred
 

 

 

 

 

Goodwill2
 
13,571

 
3,472

 
3,472

 
1,999

 
1,999

Acquisition intangibles2
 
6,527

 
2,704

 
3,249

 
978

 
1,298

Tangible common equity
 
$
145,937

 
$
141,108

 
$
137,262

 
$
121,372

 
$
114,927

Common shares outstanding1
 
9,741,253

 
9,687,123

 
9,687,123

 
9,205,635

 
9,205,635

Book value per common share1
 
$
17.04

 
$
15.20

 
$
14.86

 
$
13.51

 
$
12.84

Tangible book value per common share1
 
$
14.98

 
$
14.57

 
$
14.17

 
$
13.18

 
$
12.48

Tangible Assets
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
2,117,048

 
$
1,817,211

 
$
1,750,430

 
$
1,500,946

 
$
1,459,753

Adjustments:
 
 
 
 
 
 
 
 
 
 
Goodwill2
 
13,571

 
3,472

 
3,472

 
1,999

 
1,999

Acquisition intangibles2
 
6,527

 
2,704

 
3,249

 
978

 
1,298

Tangible Assets
 
$
2,096,950

 
$
1,811,035

 
$
1,743,709

 
$
1,497,969

 
$
1,456,456

Tangible common equity to tangible assets
 
6.96
%
 
7.79
%
 
7.87
%
 
8.10
%
 
7.89
%
1 All 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.
2The valuations of goodwill and acquisition intangibles are still preliminary and subject to change. United States generally accepted accounting principles ("U.S. GAAP") provides up to twelve months following the date of acquisition in which management can finalize the fair values of acquired assets and assumed liabilities. Material events that occur during the measurement period will be analyzed to determine if the new information reflected facts and circumstances that existed on the acquisition date. The measurement period ends as soon as First Guaranty receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns more information is unobtainable. The measurement period is limited to one year from the acquisition date. Once management has finalized the fair values of acquired assets and assumed liabilities within this twelve month period, management considers such values to be the "Day One Fair Values."  




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