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: May 2, 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 May 2, 2016 “First Guaranty Bancshares, Inc. Announces First Quarter 2016 Results.”
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CONSOLIDATED BALANCE SHEETS (unaudited)
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||||||||
(in thousands, except share data) |
March 31, 2016
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December 31, 2015
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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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$ | 25,600 |
$
|
36,690
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||||
Federal funds sold
|
221 |
582
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||||||
Cash and cash equivalents
|
25,821 |
37,272
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||||||
Interest-earning time deposits with banks | 747 | 997 | ||||||
Investment securities:
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||||||||
Available for sale, at fair value
|
407,513 |
376,369
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||||||
Held to maturity, at cost (estimated fair value of $149,834 and $168,148 respectively)
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149,243 |
169,752
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||||||
Investment securities
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556,756 |
546,121
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||||||
Federal Home Loan Bank stock, at cost
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1,304 |
935
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||||||
Loans, net of unearned income
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854,776 |
841,583
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||||||
Less: allowance for loan losses
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9,415 |
9,415
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||||||
Net loans
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845,361 |
832,168
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||||||
Premises and equipment, net
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21,741
|
22,019
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||||||
Goodwill
|
1,999 |
1,999
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||||||
Intangible assets, net
|
1,310 |
1,394
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||||||
Other real estate, net
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1,226 |
1,577
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||||||
Accrued interest receivable
|
6,325 |
6,015
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||||||
Other assets
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6,407 |
9,256
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||||||
Total Assets
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$ | 1,468,997 |
$
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1,459,753
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||||
Liabilities and Shareholders' Equity
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||||||||
Deposits:
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||||||||
Noninterest-bearing demand
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$ | 221,897 |
$
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213,203
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||||
Interest-bearing demand
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417,890 |
409,209
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||||||
Savings
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86,312 |
81,448
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||||||
Time
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574,628 |
592,010
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||||||
Total deposits
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1,300,727 |
1,295,870
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||||||
Short-term borrowings
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- |
1,800
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||||||
Accrued interest payable
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2,282 |
1,707
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||||||
Senior long-term debt | 25,051 | 25,824 | ||||||
Junior subordinated debentures | 14,605 | 14,597 | ||||||
Other liabilities
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3,029 |
1,731
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||||||
Total Liabilities
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1,345,694 |
1,341,529
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||||||
Shareholders' Equity
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||||||||
Common stock:
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||||||||
$1 par value - authorized 100,600,000 shares; issued 7,609,194 shares
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7,609 |
7,609
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||||||
Surplus
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61,584 |
61,584
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||||||
Retained earnings
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51,866 |
49,932
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||||||
Accumulated other comprehensive income (loss)
|
2,244 |
(901
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) | |||||
Total Shareholders' Equity
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123,303 |
118,224
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||||||
Total Liabilities and Shareholders' Equity
|
$ | 1,468,997 |
$
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1,459,753
|
||||
See Notes to Consolidated Financial Statements
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CONSOLIDATED STATEMENTS OF INCOME (unaudited)
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||||||||
Three Months Ended March 31, | ||||||||
(in thousands, except share data) | 2016 | 2015 | ||||||
Interest Income:
|
||||||||
Loans (including fees)
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$ | 10,801 | $ | 10,739 | ||||
Deposits with other banks
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30 | 20 | ||||||
Securities (including FHLB stock)
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3,589 | 3,345 | ||||||
Total Interest Income
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14,420 | 14,104 | ||||||
Interest Expense:
|
||||||||
Demand deposits
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614 | 358 | ||||||
Savings deposits
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18 | 9 | ||||||
Time deposits
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1,564 | 1,843 | ||||||
Borrowings
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392 | 34 | ||||||
Total Interest Expense
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2,588 | 2,244 | ||||||
Net Interest Income
|
11,832 | 11,860 | ||||||
Less: Provision for loan losses
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843 | 610 | ||||||
Net Interest Income after Provision for Loan Losses
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10,989 | 11,250 | ||||||
Noninterest Income:
|
||||||||
Service charges, commissions and fees
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657 | 646 | ||||||
ATM and debit card fees | 444 | 426 | ||||||
Net gains on securities
|
354 | 316 | ||||||
Other
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379 | 354 | ||||||
Total Noninterest Income
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1,834 | 1,742 | ||||||
Noninterest Expense:
|
||||||||
Salaries and employee benefits
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4,097 | 4,046 | ||||||
Occupancy and equipment expense
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972 | 983 | ||||||
Other
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3,030 | 2,864 | ||||||
Total Noninterest Expense
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8,099 | 7,893 | ||||||
Income Before Income Taxes
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4,724 | 5,099 | ||||||
Less: Provision for income taxes
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1,573 | 1,705 | ||||||
Net Income
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3,151 | 3,394 | ||||||
Preferred Stock Dividends
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- | (99 | ) | |||||
Income Available to Common Shareholders
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$ | 3,151 | $ | 3,295 | ||||
Per Common Share:
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||||||||
Earnings | $ | 0.41 | $ | 0.48 | ||||
Cash dividends paid | $ | 0.16 | $ | 0.15 | ||||
Book Value | $ | 16.20 | $ | 15.42 | ||||
Weighted Average Common Shares Outstanding
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7,609,194 | 6,920,022 | ||||||
Return on Average Assets | 0.86 | % | 0.89 | % | ||||
Return on Average Common Equity | 10.46 | % | 12.82 | % | ||||
Net Interest Margin | 3.30 | % | 3.20 | % | ||||
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
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Three Months Ended March 31, 2016
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Three Months Ended March 31, 2015
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||||||||||||||||
(in thousands except for %)
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Average Balance | Interest | Yield/Rate (5) | Average Balance | Interest | Yield/Rate (5) | ||||||||||||
Assets
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||||||||||||||||||
Interest-earning assets:
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||||||||||||||||||
Interest-earning deposits with banks
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$
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29,339 |
$
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30 | 0.41 |
%
|
$
|
36,246 |
$
|
20
|
0.23 |
%
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||||||
Securities (including FHLB stock)
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576,423 | 3,589 | 2.50 |
%
|
671,821
|
3,345 | 2.02 |
%
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||||||||||
Federal funds sold
|
247 |
-
|
- |
%
|
237 |
-
|
- |
%
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||||||||||
Loans held for sale | - | - | - | % | - | - | - | % | ||||||||||
Loans, net of unearned income
|
835,950 | 10,801 | 5.20 |
%
|
797,138 |
10,739
|
5.46
|
%
|
||||||||||
Total interest-earning assets
|
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1,441,959 |
$
|
14,420 | 4.02 |
%
|
|
1,505,442
|
$
|
14,104
|
3.80 |
%
|
||||||
Noninterest-earning assets:
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||||||||||||||||||
Cash and due from banks
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7,997 |
|
8,605
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||||||||||||||
Premises and equipment, net
|
22,240 |
19,278
|
||||||||||||||||
Other assets
|
4,797 |
6,128
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||||||||||||||||
Total Assets
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$
|
1,476,993 |
$
|
1,539,453
|
||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||
Demand deposits
|
$
|
425,283 |
$
|
614 | 0.58 |
%
|
$
|
440,585
|
$
|
358
|
0.33 |
%
|
||||||
Savings deposits
|
84,341 | 18 | 0.09 |
%
|
75,039
|
9 | 0.05 |
%
|
||||||||||
Time deposits
|
591,981 | 1,564 | 1.06 |
%
|
665,121
|
1,843
|
1.12 |
%
|
||||||||||
Borrowings
|
41,638 | 392 | 3.79 |
%
|
4,163
|
34
|
3.37 |
%
|
||||||||||
Total interest-bearing liabilities
|
|
1,143,243 |
$
|
2,588 | 0.91 |
%
|
|
1,184,908 |
$
|
2,244
|
0.77 |
%
|
||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||
Demand deposits
|
|
208,963 |
|
205,705
|
||||||||||||||
Other
|
3,588 |
5,207
|
||||||||||||||||
Total Liabilities
|
|
1,355,794 |
|
1,395,820
|
||||||||||||||
Shareholders' equity
|
121,199 |
143,633
|
||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,476,993 |
$
|
1,539,453
|
||||||||||||||
Net interest income
|
$
|
11,832 |
$
|
11,860
|
||||||||||||||
Net interest rate spread (1)
|
3.11 |
%
|
3.03 |
%
|
||||||||||||||
Net interest-earning assets (2)
|
$
|
298,716 |
$
|
320,534
|
||||||||||||||
Net interest margin (3), (4)
|
3.30 |
%
|
3.20 |
%
|
||||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
126.13 |
%
|
127.05 |
%
|
||||||||||||||
(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 3.33% and 3.22% for the above periods ended March 31, 2016 and 2015 respectively. A 35% tax rate was used to calculate the effect on securities income from tax exempt securities. |
(5) | Annualized. |
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