0001408534-19-000018.txt : 20190426 0001408534-19-000018.hdr.sgml : 20190426 20190425173522 ACCESSION NUMBER: 0001408534-19-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190425 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190426 DATE AS OF CHANGE: 20190425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First Guaranty Bancshares, Inc. CENTRAL INDEX KEY: 0001408534 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 260513559 STATE OF INCORPORATION: LA FISCAL YEAR END: 0923 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37621 FILM NUMBER: 19768518 BUSINESS ADDRESS: STREET 1: 400 EAST THOMAS STREET CITY: HAMMOND STATE: LA ZIP: 70401 BUSINESS PHONE: 985-345-7685 MAIL ADDRESS: STREET 1: 400 EAST THOMAS STREET CITY: HAMMOND STATE: LA ZIP: 70401 8-K 1 fgbi-form8k03312019.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2019

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FIRST GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
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)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). 

Emerging growth company ☒ 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒





Item 2.02.        Results of Operations and Financial Condition

On April 25, 2019, First Guaranty Bancshares, Inc. issued a press release reporting its financial results at and for the three months and year ended March 31, 2019. 

First Guaranty did not sell any stock in our at the market offering during the first three months of 2019. 

The Press Release is enclosed as Exhibit 99.1 to this report. The information in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01.        Financial Statements and Exhibits. 

Exhibit 99.1    Press Release dated April 25, 2019.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
 
 
 
 
 
 
 
FIRST GUARANTY BANCSHARES, INC.
 
 
(Registrant)
Date: April 25, 2019
 
 
 
 
 
By:
/s/Alton B. Lewis, Jr.
 
 
 
Alton B. Lewis, Jr.
 
 
 
Vice Chairman of the Board and
 
 
 
Principal Executive Officer




INDEX TO EXHIBITS
 
Exhibit Number
Description
Press Release April 25, 2019  “First Guaranty Bancshares, Inc. Announces First Quarter 2019 Results.”



 EX-99.1 2 fgbi-ex991pressrelease0331.htm PRESS RELEASE DATED APRIL 25, 2019 Exhibit


EXHIBIT 99.1
APRIL 25, 2019
NEWS FOR IMMEDIATE RELEASE
CONTACT: ERIC J. DOSCH, CFO
985.375.0308
 
First Guaranty Bancshares, Inc. Announces First Quarter 2019 Results

Hammond, Louisiana, April 25, 2019 – 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 March 31, 2019.
 
Momentum. Incredible momentum. In the first quarter of 2019, our loan portfolio grew by $73 million to $1,298,000,000 from $1,225,000,000 as of December 31, 2018. During the same period, our loans closed but not funded grew by an additional $20 million to $250 million of March 31, 2019 compared to $230.6 million as of December 31, 2018. This is the result of our strategy of moving assets from lower yielding securities to loans and the progress of our lending team including Financial Relationship Mangers, Loan Assistants, Appraisal Department, Credit Department, Loan Operations, Collateral Department, BSA, Compliance and front-end referrals.
The success shows in our loan interest income which grew to $18,482,000 for the three months ending March 31, 2019 from $14,864,000 for the three months ending March 31, 2018.
The net income for the first three months of 2019 is actually lower, mainly because for the first three months of 2019 we have been taking losses continuing our strategy of moving lower yielding securities into loans. As our loan portfolio grows, we are also required to increase our provisions for loan losses. We did not begin our strategy of moving assets from securities to loans and the $200M per month of losses it required until July of 2018. After the next few months, the cycle will be completed, and we will be left with the great increases in loan interest income without the securities losses.
Our strategies work. In the three-month period from December 31, 2018 through March 31, 2019, shareholders equity increased $7,300,000. As of March 31, 2019, we paid our 103rd consecutive quarterly dividend.
As we continue through 2019, we will continue to build a stronger income, a stronger balance sheet, and a safer and more sound First Guaranty Bancshares, Inc.
Sincerely,
Alton B. Lewis
President and CEO
First Guaranty, Bancshares, Inc.
 
About First Guaranty
First Guaranty, a Louisiana-based company, has approximately $1.9 billion in assets as of March 31, 2019 and provides personalized commercial banking services through 26 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)
 
March 31, 2019
 
December 31, 2018
Assets
 
 

 
 

Cash and cash equivalents:
 
 

 
 

Cash and due from banks
 
$
165,735

 
$
127,416

Federal funds sold
 
416

 
549

Cash and cash equivalents
 
166,151

 
127,965

 
 
 
 
 
Investment securities:
 
 

 
 

Available for sale, at fair value
 
268,918

 
296,977

Held to maturity, at cost (estimated fair value of $104,126 and $104,840 respectively)
 
105,878

 
108,326

Investment securities
 
374,796

 
405,303

 
 
 
 
 
Federal Home Loan Bank stock, at cost
 
2,407

 
2,393

Loans held for sale
 
537

 
344

 
 
 
 
 
Loans, net of unearned income
 
1,298,156

 
1,225,268

Less: allowance for loan losses
 
11,001

 
10,776

Net loans
 
1,287,155

 
1,214,492

 
 
 
 
 
Premises and equipment, net
 
41,728

 
39,695

Goodwill
 
3,472

 
3,472

Intangible assets, net
 
3,375

 
3,528

Other real estate, net
 
1,120

 
1,138

Accrued interest receivable
 
7,707

 
6,716

Other assets
 
19,043

 
12,165

Total Assets
 
$
1,907,491

 
$
1,817,211

 
 
 
 
 
Liabilities and Shareholders' Equity
 
 

 
 

Deposits:
 
 

 
 

Noninterest-bearing demand
 
$
252,205

 
$
244,516

Interest-bearing demand
 
608,256

 
594,359

Savings
 
112,238

 
109,958

Time
 
738,450

 
680,789

Total deposits
 
1,711,149

 
1,629,622

 
 
 
 
 
Short-term borrowings
 
—

 
—

Accrued interest payable
 
4,975

 
3,952

Senior long-term debt
 
19,105

 
19,838

Junior subordinated debentures
 
14,709

 
14,700

Other liabilities
 
2,971

 
1,815

Total Liabilities
 
1,752,909

 
1,669,927

 
 
 
 
 
Shareholders' Equity
 
 

 
 

Common stock:
 
 

 
 

$1 par value - authorized 100,600,000 shares; issued 8,807,175 shares
 
8,807

 
8,807

Surplus
 
92,268

 
92,268

Retained earnings
 
55,070

 
53,347

Accumulated other comprehensive income (loss)
 
(1,563
)
 
(7,138
)
Total Shareholders' Equity
 
154,582

 
147,284

Total Liabilities and Shareholders' Equity
 
$
1,907,491

 
$
1,817,211

See Notes to Consolidated Financial Statements
 
 

 
 





FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED STATEMENTS OF INCOME (unaudited)        
 
 
Three Months Ended
March 31,
(in thousands, except share data)
 
2019
 
2018
Interest Income:
 
 
 
 
Loans (including fees)
 
$
18,482

 
$
14,864

Deposits with other banks
 
636

 
85

Securities (including FHLB stock)
 
2,857

 
3,353

Federal funds sold
 
—

 
1

Total Interest Income
 
21,975

 
18,303

 
 
 
 
 
Interest Expense:
 
 

 
 

Demand deposits
 
2,811

 
1,976

Savings deposits
 
138

 
82

Time deposits
 
4,007

 
2,085

Borrowings
 
426

 
405

Total Interest Expense
 
7,382

 
4,548

 
 
 
 
 
Net Interest Income
 
14,593

 
13,755

Less: Provision for loan losses
 
787

 
605

Net Interest Income after Provision for Loan Losses
 
13,806

 
13,150

 
 
 
 
 
Noninterest Income:
 
 

 
 

Service charges, commissions and fees
 
608

 
717

ATM and debit card fees
 
528

 
501

Net (losses) gains on securities
 
(402
)
 
10

Net gains on sale of loans
 
11

 
2

Other
 
556

 
348

Total Noninterest Income
 
1,301

 
1,578

 
 
 
 
 
Noninterest Expense:
 
 

 
 

Salaries and employee benefits
 
5,962

 
5,582

Occupancy and equipment expense
 
1,485

 
1,341

Other
 
3,721

 
3,284

Total Noninterest Expense
 
11,168

 
10,207

 
 
 
 
 
Income Before Income Taxes
 
3,939

 
4,521

Less: Provision for income taxes
 
807

 
920

Net Income
 
$
3,132

 
$
3,601

 
 
 
 
 
Per Common Share:
 
 

 
 

Earnings
 
$
0.36

 
$
0.41

Cash dividends paid 
 
$
0.16

 
$
0.16

 
 
 
 
 
Weighted Average Common Shares Outstanding
 
8,807,175

 
8,807,175

 See Notes to Consolidated Financial Statements                  
 
 

 
 






              FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
Three Months Ended March 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
 
$
117,438

 
$
636

 
2.20
%
 
$
32,143

 
$
85

 
1.07
%
Securities (including FHLB stock)
 
402,908

 
2,857

 
2.88
%
 
507,485

 
3,353

 
2.68
%
Federal funds sold
 
516

 
—

 
—
%
 
1,034

 
1

 
0.21
%
Loans held for sale 
 
417

 
8

 
7.78
%
 
1,725

 
23

 
5.41
%
Loans, net of unearned income
 
1,276,328

 
18,474

 
5.87
%
 
1,139,036

 
14,841

 
5.28
%
Total interest-earning assets
 
1,797,607

 
$
21,975

 
4.96
%
 
1,681,423

 
$
18,303

 
4.41
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-earning assets:
 
 

 
 

 
 

 
 

 
 

 
 

Cash and due from banks
 
9,115

 
 
 
 
 
10,271

 
 

 
 

Premises and equipment, net
 
40,937

 
 
 
 
 
38,189

 
 

 
 

Other assets
 
12,318

 
 
 
 
 
14,398

 
 

 
 

Total Assets
 
$
1,859,977

 
 

 
 

 
$
1,744,281

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 

 
 

 
 

 
 

 
 

 
 

Interest-bearing liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

Demand deposits
 
$
604,247

 
$
2,811

 
1.89
%
 
$
607,344

 
$
1,976

 
1.32
%
Savings deposits
 
110,130

 
138

 
0.51
%
 
110,240

 
82

 
0.30
%
Time deposits
 
706,824

 
4,007

 
2.30
%
 
592,057

 
2,085

 
1.43
%
Borrowings
 
34,510

 
426

 
5.00
%
 
38,407

 
405

 
4.27
%
Total interest-bearing liabilities
 
1,455,711

 
$
7,382

 
2.06
%
 
1,348,048

 
$
4,548

 
1.37
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-bearing liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

Demand deposits
 
246,895

 
 
 
 
 
249,678

 
 

 
 

Other
 
6,771

 
 
 
 
 
4,567

 
 

 
 

Total Liabilities
 
1,709,377

 
 

 
 

 
1,602,293

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders' equity
 
150,600

 
 
 
 
 
141,988

 
 

 
 

Total Liabilities and Shareholders' Equity
 
$
1,859,977

 
 

 
 

 
$
1,744,281

 
 

 
 

Net interest income
 
 

 
$
14,593

 
 

 
 

 
$
13,755

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest rate spread (1)
 
 

 
 

 
2.90
%
 
 

 
 

 
3.04
%
Net interest-earning assets (2)
 
$
341,896

 
 

 
 

 
$
333,375

 
 

 
 

Net interest margin (3), (4)
 
 

 
 

 
3.29
%
 
 
 
 
 
3.32
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Average interest-earning assets to interest-bearing liabilities
 
 

 
 

 
123.49
%
 
 
 
 
 
124.73
%
(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 3.30% and 3.34% for the above periods ended March 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 March 31, 2019 and 2018 respectively.
(5)
Annualized.








The following table summarizes the components of First Guaranty's loan portfolio as of March 31, 2019, December 31, 2018, September 30, 2018 and June 30, 2018:
 
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
(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
 
$
142,861

 
11.0
%
 
$
124,644

 
10.1
%
 
$
107,578

 
9.0
%
 
$
91,654

 
7.8
%
Farmland
 
18,904

 
1.5
%
 
18,401

 
1.5
%
 
19,422

 
1.6
%
 
24,448

 
2.1
%
1- 4 Family
 
179,798

 
13.8
%
 
172,760

 
14.1
%
 
166,399

 
14.0
%
 
164,841

 
14.0
%
Multifamily
 
42,186

 
3.2
%
 
42,918

 
3.5
%
 
43,015

 
3.6
%
 
43,118

 
3.6
%
Non-farm non-residential
 
607,928

 
46.7
%
 
586,263

 
47.7
%
 
566,625

 
47.6
%
 
569,559

 
48.4
%
Total Real Estate
 
991,677

 
76.2
%
 
944,986

 
76.9
%
 
903,039

 
75.8
%
 
893,620

 
75.9
%
Non-Real Estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agricultural
 
21,465

 
1.7
%
 
23,108

 
1.9
%
 
29,118

 
2.4
%
 
26,517

 
2.3
%
Commercial and industrial
 
210,187

 
16.1
%
 
200,877

 
16.4
%
 
194,136

 
16.3
%
 
200,349

 
17.0
%
Consumer and other
 
78,162

 
6.0
%
 
59,443

 
4.8
%
 
65,763

 
5.5
%
 
56,458

 
4.8
%
Total Non-Real Estate
 
309,814

 
23.8
%
 
283,428

 
23.1
%
 
289,017

 
24.2
%
 
283,324

 
24.1
%
Total loans before unearned income
 
1,301,491

 
100.0
%
 
1,228,414

 
100.0
%
 
1,192,056

 
100.0
%
 
1,176,944

 
100.0
%
Unearned income
 
(3,335
)
 
 

 
(3,146
)
 
 

 
(2,670
)
 
 

 
(2,803
)
 
 

Total loans net of unearned income
 
$
1,298,156

 
 

 
$
1,225,268

 
 

 
$
1,189,386

 
 

 
$
1,174,141

 
 






The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.
(in thousands)
 
March 31, 2019
 
December 31, 2018
 
September 30, 2018
 
June 30, 2018
Nonaccrual loans:
 
 
 
 
 
 
 
 
Real Estate:
 
 
 
 
 
 
 
 
Construction and land development
 
$
305

 
$
311

 
$
316

 
$
326

Farmland
 
1,286

 
1,293

 
492

 
638

1- 4 family
 
2,538

 
2,246

 
2,094

 
2,250

Multifamily
 
—

 
—

 
—

 
—

Non-farm non-residential
 
3,650

 
864

 
609

 
3,821

Total Real Estate
 
7,779

 
4,714

 
3,511

 
7,035

Non-Real Estate:
 
 

 
 
 
 

 
 

Agricultural
 
4,916

 
3,651

 
1,898

 
1,360

Commercial and industrial
 
250

 
317

 
320

 
347

Consumer and other
 
50

 
61

 
92

 
227

Total Non-Real Estate
 
5,216

 
4,029

 
2,310

 
1,934

Total nonaccrual loans
 
12,995

 
8,743

 
5,821

 
8,969

 
 
 
 
 
 
 
 
 
Loans 90 days and greater delinquent & accruing:
 
 

 
 
 
 

 
 

Real Estate:
 
 

 
 
 
 

 
 

Construction and land development
 
—

 
—

 
479

 
—

Farmland
 
—

 
—

 
—

 
—

1- 4 family
 
363

 
26

 
—

 
28

Multifamily
 
—

 
—

 
—

 
—

Non-farm non-residential
 
—

 
—

 
—

 
—

Total Real Estate
 
363

 
26

 
479

 
28

Non-Real Estate:
 
 

 
 
 
 

 
 

Agricultural
 
—

 
—

 
—

 
—

Commercial and industrial
 
135

 
53

 
—

 
226

Consumer and other
 
115

 
66

 
29

 
—

Total Non-Real Estate
 
250

 
119

 
29

 
226

Total loans 90 days and greater delinquent & accruing
 
613

 
145

 
508

 
254

 
 
 
 
 
 
 
 
 
Total non-performing loans
 
13,608

 
8,888

 
6,329

 
9,223

 
 
 
 
 
 
 
 
 
Real Estate Owned:
 
 

 
 
 
 

 
 

Real Estate Loans:
 
 

 
 
 
 

 
 

Construction and land development
 
219

 
241

 
241

 
250

Farmland
 
—

 
—

 
—

 
—

1- 4 family
 
135

 
120

 
120

 
164

Multifamily
 
—

 
—

 
—

 
—

Non-farm non-residential
 
766

 
777

 
800

 
811

Total Real Estate
 
1,120

 
1,138

 
1,161

 
1,225

Non-Real Estate Loans:
 
 

 
 
 
 

 
 

Agricultural
 
—

 
—

 
—

 
—

Commercial and industrial
 
—

 
—

 
—

 
—

Consumer and other
 
—

 
—

 
—

 
—

Total Non-Real Estate
 
—

 
—

 
—

 
—

Total Real Estate Owned
 
1,120

 
1,138

 
1,161

 
1,225

 
 
 
 
 
 
 
 
 
Total non-performing assets
 
$
14,728

 
$
10,026

 
$
7,490

 
$
10,448

 
 
 
 
 
 
 
 
 
Non-performing assets to total loans
 
1.13
%
 
0.82
%
 
0.63
%
 
0.89
%
Non-performing assets to total assets
 
0.77
%
 
0.55
%
 
0.43
%
 
0.61
%
Non-performing loans to total loans
 
1.05
%
 
0.73
%
 
0.53
%
 
0.79
%




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 March 31,
 
At December 31,
(in thousands except for share data and %)
 
2019
 
2018
 
2017
 
2016
 
2015
Tangible Common Equity
 
 
 
 
 
 
 
 
 
 
Total shareholders' equity
 
$
154,582

 
$
147,284

 
$
143,983

 
$
124,349

 
$
118,224

Adjustments:
 
 
 
 
 
 

 
 

 
 

Goodwill
 
3,472

 
3,472

 
3,472

 
1,999

 
1,999

Acquisition intangibles
 
2,614

 
2,704

 
3,249

 
978

 
1,298

Tangible common equity
 
$
148,496

 
$
141,108

 
$
137,262

 
$
121,372

 
$
114,927

Common shares outstanding1
 
8,807,175

 
8,807,175

 
8,807,175

 
8,369,424

 
8,369,424

Book value per common share1
 
$
17.55

 
$
16.72

 
$
16.35

 
$
14.86

 
$
14.13

Tangible book value per common share1
 
$
16.86

 
$
16.02

 
$
15.59

 
$
14.50

 
$
13.73

Tangible Assets
 
 
 
 
 
 

 
 

 
 

Total Assets
 
$
1,907,491

 
$
1,817,211

 
$
1,750,430

 
$
1,500,946

 
$
1,459,753

Adjustments:
 
 
 
 
 
 

 
 

 
 

Goodwill
 
3,472

 
3,472

 
3,472

 
1,999

 
1,999

Acquisition intangibles
 
2,614

 
3,704

 
3,249

 
978

 
1,298

Tangible Assets
 
$
1,901,405

 
$
1,811,035

 
$
1,743,709

 
$
1,497,969

 
$
1,456,456

Tangible common equity to tangible assets
 
7.81
%
 
7.79
%
 
7.87
%
 
8.10
%
 
7.89
%
1 All share amounts have been restated to reflect the ten percent stock dividend paid December 14, 2017 to shareholders of record as of December 8, 2017.



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