Louisiana
|
001-37621
|
26-0513559
|
|
(State or other jurisdiction
|
(Commission File Number)
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification Number)
|
||
400 East Thomas Street
|
|||
Hammond, Louisiana
|
70401
|
||
(Address of principal executive offices)
|
(Zip Code)
|
||
(985) 345-7685
|
|||
(Registrant’s telephone number, including area code)
|
|||
Not Applicable
|
|||
(Former name or former address, if changed since last report)
|
FIRST GUARANTY BANCSHARES, INC.
|
|||
(Registrant)
|
|||
Date: August 1, 2016
|
|||
By:
|
/s/Alton B. Lewis, Jr.
|
||
Alton B. Lewis, Jr.
|
|||
Vice Chairman of the Board and
|
|||
Principal Executive Officer
|
Exhibit Number
|
Description |
Exhibit 99.1
|
Press Release August 1, 2016 “First Guaranty Bancshares, Inc. Announces Second Quarter 2016 Results.”
|
CONSOLIDATED BALANCE SHEETS (unaudited)
|
||||||||
(in thousands, except share data) |
June 30, 2016
|
December 31, 2015
|
||||||
Assets
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash and due from banks
|
$ | 18,236 |
$
|
36,690
|
||||
Federal funds sold
|
274 |
582
|
||||||
Cash and cash equivalents
|
18,510 |
37,272
|
||||||
Interest-earning time deposits with banks | - | 997 | ||||||
Investment securities:
|
||||||||
Available for sale, at fair value
|
407,824 |
376,369
|
||||||
Held to maturity, at cost (estimated fair value of $108,844 and $168,148 respectively)
|
107,443 |
169,752
|
||||||
Investment securities
|
515,267 |
546,121
|
||||||
Federal Home Loan Bank stock, at cost
|
1,305 |
935
|
||||||
Loans held for sale | 123 | - | ||||||
Loans, net of unearned income
|
896,384 |
841,583
|
||||||
Less: allowance for loan losses
|
9,857 |
9,415
|
||||||
Net loans
|
886,527 |
832,168
|
||||||
Premises and equipment, net
|
21,743
|
22,019
|
||||||
Goodwill
|
1,999 |
1,999
|
||||||
Intangible assets, net
|
1,223 |
1,394
|
||||||
Other real estate, net
|
1,126 |
1,577
|
||||||
Accrued interest receivable
|
5,798 |
6,015
|
||||||
Other assets
|
7,115 |
9,256
|
||||||
Total Assets
|
$ | 1,460,736 |
$
|
1,459,753
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing demand
|
$ | 212,909 |
$
|
213,203
|
||||
Interest-bearing demand
|
423,772 |
409,209
|
||||||
Savings
|
88,491 |
81,448
|
||||||
Time
|
554,817 |
592,010
|
||||||
Total deposits
|
1,279,989 |
1,295,870
|
||||||
Short-term borrowings
|
9,000 |
1,800
|
||||||
Accrued interest payable
|
2,148 |
1,707
|
||||||
Senior long-term debt | 24,277 | 25,824 | ||||||
Junior subordinated debentures | 14,613 | 14,597 | ||||||
Other liabilities
|
3,295 |
1,731
|
||||||
Total Liabilities
|
1,333,322 |
1,341,529
|
||||||
Shareholders' Equity
|
||||||||
Common stock:
|
||||||||
$1 par value - authorized 100,600,000 shares; issued 7,609,194 shares
|
7,609 |
7,609
|
||||||
Surplus
|
61,584 |
61,584
|
||||||
Retained earnings
|
55,049 |
49,932
|
||||||
Accumulated other comprehensive income (loss)
|
3,172 |
(901
|
) | |||||
Total Shareholders' Equity
|
127,414 |
118,224
|
||||||
Total Liabilities and Shareholders' Equity
|
$ | 1,460,736 |
$
|
1,459,753
|
||||
See Notes to Consolidated Financial Statements
|
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
|
||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except share data) | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Interest Income:
|
||||||||||||||||
Loans (including fees)
|
$ | 11,306 | $ | 10,391 | $ | 22,107 | $ | 21,129 | ||||||||
Deposits with other banks
|
14 | 21 | 44 | 42 | ||||||||||||
Securities (including FHLB stock)
|
3,427 | 3,598 | 7,016 | 6,943 | ||||||||||||
Total Interest Income
|
14,747 | 14,010 | 29,167 | 28,114 | ||||||||||||
Interest Expense:
|
||||||||||||||||
Demand deposits
|
627 | 346 | 1,241 | 704 | ||||||||||||
Savings deposits
|
17 | 9 | 35 | 17 | ||||||||||||
Time deposits
|
1,507 | 1,798 | 3,071 | 3,641 | ||||||||||||
Borrowings
|
365 | 35 | 757 | 70 | ||||||||||||
Total Interest Expense
|
2,516 | 2,188 | 5,104 | 4,432 | ||||||||||||
Net Interest Income
|
12,231 | 11,822 | 24,063 | 23,682 | ||||||||||||
Less: Provision for loan losses
|
893 | 400 | 1,736 | 1,010 | ||||||||||||
Net Interest Income after Provision for Loan Losses
|
11,338 | 11,422 | 22,327 | 22,672 | ||||||||||||
Noninterest Income:
|
||||||||||||||||
Service charges, commissions and fees
|
609 | 682 | 1,266 | 1,328 | ||||||||||||
ATM and debit card fees | 471 | 461 | 915 | 887 | ||||||||||||
Net gains on securities
|
2,231 | 623 | 2,585 | 939 | ||||||||||||
Net gain on sale of loans | 3 | 4 | 3 | 4 | ||||||||||||
Other
|
327 | 349 | 706 | 702 | ||||||||||||
Total Noninterest Income
|
3,641 | 2,119 | 5,475 | 3,860 | ||||||||||||
Noninterest Expense:
|
||||||||||||||||
Salaries and employee benefits
|
4,144 | 3,859 | 8,241 | 7,905 | ||||||||||||
Occupancy and equipment expense
|
999 | 986 | 1,971 | 1,969 | ||||||||||||
Other
|
3,174 | 2,876 | 6,203 | 5,739 | ||||||||||||
Total Noninterest Expense
|
8,317 | 7,721 | 16,415 | 15,613 | ||||||||||||
Income Before Income Taxes
|
6,662 | 5,820 | 11,387 | 10,919 | ||||||||||||
Less: Provision for income taxes
|
2,261 | 1,958 | 3,835 | 3,663 | ||||||||||||
Net Income
|
4,401 | 3,862 | 7,552 | 7,256 | ||||||||||||
Preferred Stock Dividends
|
- | (99 | ) | - | (197 | ) | ||||||||||
Income Available to Common Shareholders
|
$ | 4,401 | $ | 3,763 | $ | 7,552 | $ | 7,059 | ||||||||
Per Common Share:
|
||||||||||||||||
Earnings | $ | 0.58 | $ | 0.54 | $ | 0.99 | $ | 1.02 | ||||||||
Cash dividends paid | $ | 0.16 | $ | 0.15 | $ | 0.32 | $ | 0.30 | ||||||||
Book Value | $ | 16.74 | $ | 15.36 | ||||||||||||
Weighted Average Common Shares Outstanding
|
7,609,194 | 6,920,022 | 7,609,194 | 6,920,022 | ||||||||||||
Return on Average Assets | 1.21 | % | 1.01 | % | 1.03 | % | 0.95 | % | ||||||||
Return on Average Common Equity | 14.14 | % | 14.00 | % | 12.33 | % | 13.43 | % | ||||||||
Net Interest Margin | 3.43 | % | 3.16 | % | 3.37 | % | 3.18 | % | ||||||||
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
|
Three Months Ended June 30, 2016
|
Three Months Ended June 30, 2015
|
||||||||||||||||
(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
|
$
|
19,146 |
$
|
14 | 0.29 |
%
|
$
|
30,805 |
$
|
21
|
0.27 |
%
|
||||||
Securities (including FHLB stock)
|
551,601 | 3,427 | 2.50 |
%
|
672,093
|
3,598 | 2.15 |
%
|
||||||||||
Federal funds sold
|
246 |
-
|
- |
%
|
364 |
-
|
- |
%
|
||||||||||
Loans held for sale | - | - | - | % | - | - | - | % | ||||||||||
Loans, net of unearned income
|
861,237 | 11,306 | 5.28 |
%
|
794,999 |
10,391
|
5.24
|
%
|
||||||||||
Total interest-earning assets
|
|
1,432,230 |
$
|
14,747 | 4.14 |
%
|
|
1,498,261
|
$
|
14,010
|
3.75 |
%
|
||||||
Noninterest-earning assets:
|
||||||||||||||||||
Cash and due from banks
|
|
7,731 |
|
5,044
|
||||||||||||||
Premises and equipment, net
|
21,798 |
19,869
|
||||||||||||||||
Other assets
|
3,678 |
5,723
|
||||||||||||||||
Total Assets
|
$
|
1,465,437 |
$
|
1,528,897
|
||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||
Demand deposits
|
$
|
413,524 |
$
|
627 | 0.61 |
%
|
$
|
422,407
|
$
|
346
|
0.33 |
%
|
||||||
Savings deposits
|
87,501 | 17 | 0.08 |
%
|
76,563
|
9 | 0.05 |
%
|
||||||||||
Time deposits
|
569,347 | 1,507 | 1.06 |
%
|
654,863
|
1,798
|
1.10 |
%
|
||||||||||
Borrowings
|
40,284 | 365 | 3.64 |
%
|
6,065
|
35
|
2.31 |
%
|
||||||||||
Total interest-bearing liabilities
|
|
1,110,656 |
$
|
2,516 | 0.91 |
%
|
|
1,159,898 |
$
|
2,188
|
0.76 |
%
|
||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||
Demand deposits
|
|
225,263 |
|
215,467
|
||||||||||||||
Other
|
4,369 |
6,316
|
||||||||||||||||
Total Liabilities
|
|
1,340,288 |
|
1,381,681
|
||||||||||||||
Shareholders' equity
|
125,149 |
147,216
|
||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,465,437 |
$
|
1,528,897
|
||||||||||||||
Net interest income
|
$
|
12,231 |
$
|
11,822
|
||||||||||||||
Net interest rate spread (1)
|
3.23 |
%
|
2.99 |
%
|
||||||||||||||
Net interest-earning assets (2)
|
$
|
321,574 |
$
|
338,363
|
||||||||||||||
Net interest margin (3), (4)
|
3.43 |
%
|
3.16 |
%
|
||||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
128.95 |
%
|
129.17 |
%
|
||||||||||||||
(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 3.47% and 3.20% for the above periods ended June 30, 2016 and 2015 respectively. A 35% tax rate was used to calculate the effect on securities income from tax exempt securities. |
(5) | Annualized. |
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY | ||||||||||||||||||
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited) | ||||||||||||||||||
|
Six Months Ended June 30, 2016
|
Six Months Ended June 30, 2015
|
||||||||||||||||
(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
|
$
|
24,242 |
$
|
44 | 0.36 |
%
|
$
|
33,510 |
$
|
42
|
0.25 |
%
|
||||||
Securities (including FHLB stock)
|
564,012 | 7,015 | 2.50 |
%
|
671,957
|
6,943 | 2.08 |
%
|
||||||||||
Federal funds sold
|
247 |
-
|
- |
%
|
301 |
-
|
- |
%
|
||||||||||
Loans held for sale | - | - | - | % | - | - | - | % | ||||||||||
Loans, net of unearned income
|
848,594 | 22,107 | 5.24 |
%
|
796,063 |
21,129
|
5.35
|
%
|
||||||||||
Total interest-earning assets
|
|
1,437,095 |
$
|
29,166 | 4.08 |
%
|
|
1,501,831
|
$
|
28,114
|
3.78 |
%
|
||||||
Noninterest-earning assets:
|
||||||||||||||||||
Cash and due from banks
|
|
7,865 |
|
6,816
|
||||||||||||||
Premises and equipment, net
|
22,019 |
19,575
|
||||||||||||||||
Other assets
|
4,236 |
5,921
|
||||||||||||||||
Total Assets
|
$
|
1,471,215 |
$
|
1,534,143
|
||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||
Demand deposits
|
$
|
419,404 |
$
|
1,241 | 0.59 |
%
|
$
|
431,446
|
$
|
704
|
0.33 |
%
|
||||||
Savings deposits
|
85,921 | 35 | 0.08 |
%
|
75,805
|
17 | 0.05 |
%
|
||||||||||
Time deposits
|
580,664 | 3,071 | 1.06 |
%
|
659,964
|
3,641
|
1.11 |
%
|
||||||||||
Borrowings
|
40,961 | 757 | 3.72 |
%
|
5,119
|
70
|
2.74 |
%
|
||||||||||
Total interest-bearing liabilities
|
|
1,126,950 |
$
|
5,104 | 0.91 |
%
|
|
1,172,334 |
$
|
4,432
|
0.76 |
%
|
||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||
Demand deposits
|
|
217,113 |
|
210,613
|
||||||||||||||
Other
|
3,979 |
5,763
|
||||||||||||||||
Total Liabilities
|
|
1,348,042 |
|
1,388,710
|
||||||||||||||
Shareholders' equity
|
123,173 |
145,433
|
||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,471,215 |
$
|
1,534,143
|
||||||||||||||
Net interest income
|
$
|
24,062 |
$
|
23,682
|
||||||||||||||
Net interest rate spread (1)
|
3.17 |
%
|
3.01 |
%
|
||||||||||||||
Net interest-earning assets (2)
|
$
|
310,145 |
$
|
329,497
|
||||||||||||||
Net interest margin (3), (4)
|
3.37 |
%
|
3.18 |
%
|
||||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
127.52 |
%
|
128.11 |
%
|
||||||||||||||
(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 3.40% and 3.21% for the above periods ended June 30, 2016 and 2015 respectively. A 35% tax rate was used to calculate the effect on securities income from tax exempt securities. |
(5) | Annualized. |
June 30, 2016 |
March 31, 2016
|
December 31, 2015
|
||||||||||||||||||||||
(in thousands except for %) | Balance | As % of Category |
Balance
|
As % of Category
|
Balance
|
As % of Category
|
||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$ | 71,736 | 8.0 | % |
$
|
69,875
|
8.1
|
%
|
$
|
56,132
|
6.6
|
%
|
||||||||||||
Farmland
|
21,455 | 2.4 | % |
22,037
|
2.6 |
%
|
17,672
|
2.1
|
%
|
|||||||||||||||
1- 4 Family
|
137,522 | 15.3 | % |
131,543
|
15.3
|
%
|
129,610
|
15.4
|
%
|
|||||||||||||||
Multifamily
|
12,682 | 1.4 | % |
10,830
|
1.3
|
%
|
12,629
|
1.5
|
%
|
|||||||||||||||
Non-farm non-residential
|
352,582 | 39.3 | % |
333,048
|
38.9
|
%
|
323,363
|
38.3
|
%
|
|||||||||||||||
Total Real Estate
|
595,977 | 66.4 | % |
567,333
|
66.2 |
%
|
539,406
|
63.9
|
%
|
|||||||||||||||
Non-Real Estate: | ||||||||||||||||||||||||
Agricultural
|
27,561 | 3.1 | % |
23,266
|
2.7
|
%
|
25,838
|
3.1
|
%
|
|||||||||||||||
Commercial and industrial
|
214,270 | 23.8 | % |
206,178
|
24.1
|
%
|
224,201
|
26.6
|
%
|
|||||||||||||||
Consumer and other
|
60,475 | 6.7 | % | 59,925 |
7.0
|
%
|
54,163
|
6.4
|
%
|
|||||||||||||||
Total Non-Real Estate | 302,306 | 33.6 | % | 289,369 | 33.8 | % | 304,202 | 36.1 | % | |||||||||||||||
Total loans before unearned income
|
898,283 | 100.0 | % |
856,702
|
100.0
|
%
|
843,608
|
100.0
|
%
|
|||||||||||||||
Unearned income
|
(1,899 | ) |
(1,926
|
)
|
(2,025
|
)
|
||||||||||||||||||
Total loans net of unearned income
|
$ | 896,384 |
$
|
854,776
|
$
|
841,583
|
(in thousands)
|
June 30, 2016 | March 31, 2016 |
December 31, 2015
|
|||||||||
Nonaccrual loans:
|
||||||||||||
Real Estate:
|
||||||||||||
Construction and land development
|
$ | 551 | $ | 555 |
$
|
558
|
||||||
Farmland
|
111 |
118
|
117
|
|||||||||
1 - 4 family residential
|
4,383 |
4,749
|
4,538
|
|||||||||
Multifamily
|
5,152 |
5,262
|
9,045
|
|||||||||
Non-farm non-residential
|
1,741 |
1,935
|
2,934
|
|||||||||
Total Real Estate | 11,938 | 12,619 | 17,192 | |||||||||
Non-Real Estate:
|
||||||||||||
Agricultural
|
2,630 |
3,537
|
2,628
|
|||||||||
Commercial and industrial
|
7,878 |
8,266
|
48
|
|||||||||
Consumer and other
|
1,022 | - |
171
|
|||||||||
Total Non-Real Estate | 11,530 | 11,803 | 2,847 | |||||||||
Total nonaccrual loans
|
23,468 |
24,422
|
20,039
|
|||||||||
Loans 90 days and greater delinquent & accruing:
|
||||||||||||
Real Estate:
|
||||||||||||
Construction and land development
|
- |
-
|
-
|
|||||||||
Farmland
|
- |
-
|
19
|
|||||||||
1 - 4 family residential
|
276 |
216
|
391
|
|||||||||
Multifamily
|
- |
-
|
-
|
|||||||||
Non-farm non-residential
|
91 |
129
|
-
|
|||||||||
Total Real Estate | 367 | 345 | 410 | |||||||||
Non-Real Estate:
|
||||||||||||
Agricultural
|
- |
-
|
-
|
|||||||||
Commercial and industrial
|
- |
-
|
-
|
|||||||||
Consumer and other
|
- |
-
|
-
|
|||||||||
Total Non-Real Estate | - | - | - | |||||||||
Total loans 90 days and greater delinquent & accruing
|
367 |
345
|
410
|
|||||||||
Total non-performing loans
|
23,835 |
24,767
|
20,449
|
|||||||||
Real Estate Owned:
|
||||||||||||
Real Estate Loans: | ||||||||||||
Construction and land development
|
21 |
25
|
25
|
|||||||||
Farmland
|
- |
-
|
-
|
|||||||||
1 - 4 family residential
|
498 |
564
|
880
|
|||||||||
Multifamily
|
- |
-
|
-
|
|||||||||
Non-farm non-residential
|
607 | 637 |
672
|
|||||||||
Total Real Estate | 1,126 | 1,226 | 1,577 | |||||||||
Non-Real Estate Loans:
|
||||||||||||
Agricultural
|
- |
-
|
-
|
|||||||||
Commercial and industrial
|
- |
-
|
-
|
|||||||||
Consumer and other
|
- |
-
|
-
|
|||||||||
Total Non-Real Estate
|
- |
-
|
-
|
|||||||||
Total Real Estate Owned | 1,126 | 1,226 | 1,577 | |||||||||
Total non-performing assets
|
$ | 24,961 |
$
|
25,993
|
$
|
22,026
|
||||||
Non-performing assets to total loans | 2.78 | % | 3.04 | % | 2.62 | % | ||||||
Non-performing assets to total assets | 1.71 | % | 1.77 | % | 1.51 | % | ||||||
Non-performing loans to total loans | 2.66 | % | 2.90 | % | 2.43 | % |
H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJ
MLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X
M^?K_Q ? 0 # 0$! 0$! 0$! 0(#! 4&!P@)"@O_Q "U$0 " 0($
M! ,$!P4$! ! G< 0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B
M >RO%VLU\-EIRJ-^9)*RZ6V7]"?[*7_!$+
M_@G1^SA\&/ _PVUO]E7]G[XV^+M.\/\ A[_A8GQ2^+'PDT;XB>(?B3XW/A+P
M[HGC'QI##\6F^*VO^!-&\6Z_HS>(E^&>@>+9?"/A%M4E6T4J\TEQ].G_ ()?
M_P#!-0]/^"?_ .Q4""!_R:O\#A[=%\"+Z9P>O:O6_C[^TQ\"?V2OAA=?%[]I
M/XN>"_@]\/-/6_C&N^+]8DTY]UTCQ#K[>$O!NB*7\0^//'E_H&@ZB_A?P
M=X0M/$GC#Q>=&N(O!WA2XE$+-?-^(>'LM\9N.ZGUB7UO/^'<%Q7Q0E6GKRU\1DU'%1
MI2LG&G2JU(6IJ,*<(TX**]-3RC+8PPU><(>ZN6+<8Z725DW%M;;7_%GU3XS_
M &+_ /@F7^S-X9\1_M'ZI^QO^R/\+-)^ .C:K\;=4^(_AC]E_P"'"?A[+XKCUOPN-#&OP2^& _B4OIEK]C6XF,$5?Y/WQO^+NN_
M'KXS?%GXY^)]-T73/%/QH^)7C7XK^+=&\+P:M9^&M/\ %/Q,\6ZWXW\0Z7H,
M.M^(/$NNQ>'O^$AUFX,$