Louisiana
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001-37621
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26-0513559
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(State or other jurisdiction
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(Commission File Number)
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(I.R.S. Employer
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incorporation or organization)
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Identification Number)
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400 East Thomas Street
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Hammond, Louisiana
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70401
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(Address of principal executive offices)
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(Zip Code)
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(985) 345-7685
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(Registrant’s telephone number, including area code)
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Not Applicable
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(Former name or former address, if changed since last report)
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FIRST GUARANTY BANCSHARES, INC.
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(Registrant)
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Date: February 3, 2016
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By:
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/s/Alton B. Lewis, Jr.
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Alton B. Lewis, Jr.
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Vice Chairman of the Board and
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Principal Executive Officer
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Exhibit Number
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Description |
Exhibit 99.1
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Press Release February 3, 2016 “First Guaranty Bancshares, Inc. Announces Fourth Quarter and 2015 Annual Earnings.”
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CONSOLIDATED BALANCE SHEETS (unaudited)
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||||||||
(in thousands, except share data) |
December 31, 2015
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December 31, 2014
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||||||
Assets
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||||||||
Cash and cash equivalents:
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||||||||
Cash and due from banks
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$ | 36,690 |
$
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44,365
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||||
Federal funds sold
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582 |
210
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||||||
Cash and cash equivalents
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37,272 |
44,575
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||||||
Interest-earning time deposits with banks | 997 | 10,247 | ||||||
Investment securities:
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Available for sale, at fair value
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376,369 |
499,808
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||||||
Held to maturity, at cost (estimated fair value of $168,148 and $139,688 respectively)
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169,752 |
141,795
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||||||
Investment securities
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546,121 |
641,603
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Federal Home Loan Bank stock, at cost
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935 |
1,621
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Loans, net of unearned income
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841,583 |
790,321
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Less: allowance for loan losses
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9,415 |
9,105
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Net loans
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832,168 |
781,216
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Premises and equipment, net
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22,019
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19,211
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||||||
Goodwill
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1,999 |
1,999
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||||||
Intangible assets, net
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1,394 |
1,733
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||||||
Other real estate, net
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1,577 |
2,198
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||||||
Accrued interest receivable
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6,015 |
6,384
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||||||
Other assets
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9,256 |
8,089
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Total Assets
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$ | 1,459,753 |
$
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1,518,876
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Liabilities and Shareholders' Equity
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Deposits:
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Noninterest-bearing demand
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$ | 213,203 |
$
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207,969
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Interest-bearing demand
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409,209 |
432,294
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Savings
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81,448 |
74,550
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Time
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592,010 |
657,026
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Total deposits
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1,295,870 |
1,371,839
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Short-term borrowings
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1,800 |
1,800
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Accrued interest payable
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1,707 |
1,997
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Long-term borrowings | 25,824 | 1,455 | ||||||
Junior subordinated debentures | 14,597 | - | ||||||
Other liabilities
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1,731 |
2,202
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Total Liabilities
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1,341,529 |
1,379,293
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Shareholders' Equity
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Preferred stock:
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Series C - $1,000 par value - authorized 39,435 shares; issued and outstanding 0 and 39,435 | - | 39,435 | ||||||
Common stock:1
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$1 par value - authorized 100,600,000 shares; issued 7,609,194 and 6,923,206 shares
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7,609 |
6,923
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Surplus
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61,584 |
51,646
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Treasury stock, at cost, 0 and 3,184 shares | - | (54 | ) | |||||
Retained earnings
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49,932 |
41,392
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||||||
Accumulated other comprehensive income
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(901 | ) |
241
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|||||
Total Shareholders' Equity
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118,224 |
139,583
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||||||
Total Liabilities and Shareholders' Equity
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$ | 1,459,753 |
$
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1,518,876
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||||
1 2014 and 2015 share amounts reflect the ten percent stock dividend paid December 17, 2015 to shareholders of record as of December 10, 2015. |
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
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Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
(in thousands, except share data) | 2015 | 2014 | 2015 |
2014
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Interest Income:
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Loans (including fees)
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$ | 10,856 | $ | 10,568 | $ | 42,536 |
$
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39,787
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||||||||
Deposits with other banks
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16 | 18 | 72 |
115
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||||||||||||
Securities (including FHLB stock)
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3,215 | 3,361 | 13,471 |
13,395
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||||||||||||
Total Interest Income
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14,087 | 13,947 | 56,079 |
53,297
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||||||||||||
Interest Expense:
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||||||||||||||||
Demand deposits
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367 | 308 | 1,419 | 1,312 | ||||||||||||
Savings deposits
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12 | 9 | 38 | 33 | ||||||||||||
Time deposits
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1,616 | 1,868 | 6,985 |
7,716
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||||||||||||
Borrowings
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61 | 39 | 166 | 141 | ||||||||||||
Total Interest Expense
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2,056 | 2,224 | 8,608 |
9,202
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||||||||||||
Net Interest Income
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12,031 | 11,723 | 47,471 | 44,095 | ||||||||||||
Less: Provision for loan losses
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986 | 908 | 3,864 | 1,962 | ||||||||||||
Net Interest Income after Provision for Loan Losses
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11,045 | 10,815 | 43,607 | 42,133 | ||||||||||||
Noninterest Income:
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||||||||||||||||
Service charges, commissions and fees
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690 | 713 | 2,736 | 2,767 | ||||||||||||
ATM and debit card fees | 452 | 424 | 1,779 | 1,671 | ||||||||||||
Net gains (loss) on securities
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128 | (5 | ) | 3,300 |
295
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|||||||||||
Net gains (loss) on sale of loans
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- | (6 | ) | 4 |
(12
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) | ||||||||||
Other
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115 | 328 | 1,137 | 1,456 | ||||||||||||
Total Noninterest Income
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1,385 | 1,454 | 8,956 |
6,177
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||||||||||||
Noninterest Expense:
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||||||||||||||||
Salaries and employee benefits
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3,749 | 4,103 | 15,496 |
15,840
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||||||||||||
Occupancy and equipment expense
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924 | 933 | 3,845 |
3,928
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||||||||||||
Other
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3,038 | 3,189 | 11,754 | 11,826 | ||||||||||||
Total Noninterest Expense
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7,711 | 8,225 | 31,095 | 31,594 | ||||||||||||
Income Before Income Taxes
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4,719 | 4,044 | 21,468 | 16,716 | ||||||||||||
Less: Provision for income taxes
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1,349 | 1,246 | 6,963 | 5,492 | ||||||||||||
Net Income
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3,370 | 2,798 | 14,505 | 11,224 | ||||||||||||
Preferred Stock Dividends
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(89 | ) | (99 | ) | (384 | ) |
(394
|
)
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||||||||
Income Available to Common Shareholders
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$ | 3,281 | $ | 2,699 | $ | 14,121 |
$
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10,830
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Per Common Share:1
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Earnings | $ | 0.45 | $ | 0.39 | $ | 2.01 | $ | 1.57 | ||||||||
Cash dividends paid | $ | 0.16 | $ | 0.15 | $ | 0.60 | $ | 0.58 | ||||||||
Book Value | $ | 15.54 | $ | 14.47 | ||||||||||||
Weighted Average Common Shares Outstanding
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7,292,349 | 6,920,022 |
7,013,869
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6,920,022
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||||||||||||
Return on Average Assets | 0.93 | % | 0.76 | % | 0.97 | % | 0.77 | % | ||||||||
Return on Average Common Equity | 11.34 | % | 10.74 | % | 12.98 | % | 11.40 | % | ||||||||
Net Interest Margin | 3.41 | % | 3.27 | % | 3.26 | % | 3.11 | % | ||||||||
1 2014 and 2015 share amounts reflect the ten percent stock dividend paid December 17, 2015 to shareholders of record as of December 10, 2015. |
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