FIRST GUARANTY BANCSHARES, INC. FI R ST G UA R A N TY B A N CS H A R ES , I N C. FI R ST G UA R A N TY B A N CS H A R ES , I N C. Po st O ffi ce B ox 2 00 9 H am m on d, L ou is ia na 7 04 04 -2 00 9 PR ES O R TE D FI R ST -C LA SS M A IL U. S. P O ST AG E PA ID B AT O N R O UG E, L A PE R M IT N O . 9 84 At A Glance (unaudited) Bank Officers Total Assets $3.1 Billion Deposits $2.7 Billion *Officers of First Guaranty Bancshares, Inc. and First Guaranty Bank 2022 3rd Quarter Report fgb.net | Locations 36 ATMs 48 $8.1 Million 3Q 2022 Earnings $23.8 Million YTD2022 Earnings 117 Consecutive dividends paid and counting 88 Years in Banking Total Loans $2.4 Billion Member FDIC NASDAQ Symbol: FGBI Have Questions? Vanessa Drew | InvestorRelations@fgb.net We’re Social: Chairman Marshall T. Reynolds* Executive Officers Alton B. Lewis, Jr.* President and CEO | Hammond Eric J. Dosch* Chief Financial Officer | Hammond Senior Vice Presidents Thomas F. Brothers, Director of Internal Audit Marty B. Cole Mark J. Ducoing, Chief Deposit Officer Glenn A. Duhon, Sr. Ronnie R. Foshee, Director of Lending Development Kevin J. Foster Sam J. Gallo C. Aaron Glaser, Chief Technology Officer Adam J. Johnston Mikki M. Kelley William F. Leach, Chief Information Officer Jordan M. Lewis, Texas Area President Michael R. Mineer, Mideastern Market President Jane A. Muehlbauer Daniel W. Pack Michael E. Parham Christopher W. Parr Coby L. Pennington, Chief Information Security Officer Gregory P. Prudhomme Craig E. Scelfo Desiree B. Simmons, Chief Administrative Officer Evan M. Singer, Chief Mergers & Acquisitions Officer J. Richard Stark, Operations Jason M. Turner Randy S. Vicknair, Chief Lending Officer Christy L. Wells Matthew B. Wise, Chief Credit Officer Vice Presidents Ashley N. Bell Darryl P. Boudreaux Brenda A. Briscoe Cheryl Q. Brumfield Katherine K. Campbell, Controller Christina M. Carter Ammon L. Cooper Louis J. Cusimano Vikki W. Dupaquier Ronald W. Edmonds Denise D. Fletcher Craig E. Hriblan Matthew P. Hudnall A. Shane Hughes Shirley P. Jones JoEllen K. Juhasz, BSA Officer Diana L. Kinder Michael D. Knighten Mary T. Mayo Terrie E. McCartney Colton C. McDaniel Lisa A. Musgrave Jason D. Normand Steven F. Osman Scott B. Schilling Amber L. Smith Lisa K. Stoker John A. Synco Lauryn H. Waits Assistant Vice Presidents Miranda M. Derveloy Susan M. Desoto Michelle A. Dionne Landa G. Domangue Vanessa R. Drew Harrison R. Gill Ludrick P. Hildago Leslie A. Hinzman Donna S. Hodges Martin R. Holifield Sarah E. Jenkins Keith T. Klein Laura L. Lacoste Daniel L. Loe Catherine E. Mathes Nicole M. Mouton Pamela R. Normand Dollie D. Ogletree Dev M. Patel Rahul R. Patel Kristy L. Puckett Areeb Rashid Niekitsha S. Ridley Chanyon O. Robinson Donna D. Scamardo Stacy J. Thompson Officers Mandi B. Aguillard Calvin P. Ducote Jeannette N. Ernst Kristin M. Williams

A Message to Our Shareholders Consolidated Balance Sheets (in thousands, except share data) Consolidated Statements of Income (in thousands, except share, per share data & percentages) Consolidated Statements of Income (in thousands, except share, per share data & percentages) Nine-Months Ended September 30, 2022 2021 (unaudited) Interest Income: Loans (including fees) $ 90,423 $ 75,629 Deposits with other banks 924 210 Securities (including FHLB stock) 6,922 5,904 Total Interest Income 98,269 81,743 Interest Expense: Demand deposits 11,403 5,222 Savings deposits 429 152 Time deposits 7,828 9,930 Borrowings 1,867 1,558 Total Interest Expense 21,527 16,862 Net Interest Income 76,742 64,881 Less: Provision for loan losses 2,898 1,812 Net Interest Income after Provision for Loan Losses 73,844 63,069 Noninterest Income: Service charges, commissions and fees 2,364 1,934 ATM and debit card fees 2,591 2,649 Net (losses) gains on securities (17) 876 Net gains on sale of loans 1,713 435 Other 1,856 2,092 Total Noninterest Income 8,507 7,986 Total Business Revenue, Net of Provision for Loan Losses 82,351 71,055 Noninterest Expense: Salaries and employee benefits 27,246 23,678 Occupancy and equipment expense 6,748 6,746 Other 18,364 16,340 Total Noninterest Expense 52,358 46,764 Income Before Income Taxes 29,993 24,291 Less: Provision for income taxes 6,230 5,043 Net Income 23,763 19,248 Less: Preferred stock dividends 1,747 802 Income Available to Common Shareholders $22,016 $18,446 Per Common Share1: Earnings $2.05 $1.72 Cash dividends paid $0.48 $0.44 Book Value Per Common Share1 $18.51 $17.36 Weighted Average Common Shares Outstanding 10,716,796 10,716,796 Return on Average Assets 1.07% 0.92% Return on Average Common Equity 15.29% 13.55% Dear Shareholders, The real strength of your progress is shown when you are swimming against the tide. In the third quarter 2022, First Guaranty Bank showed continued progress and strength by improving its earnings, asset quality and equity while overcoming interest rate increases, adversity due to natural disasters, and market doubts about the economy. With all of these questions, First Guaranty’s earnings for the nine months ending September 30th increased from $1.72 per share in 2021 to $2.05 in 2022 and the earnings for the three months ending September 30th increased from $0.67 per share in 2021 to $0.70 in 2022. This performance resulted in you receiving today, your 117th consecutive quarterly dividend. For the period from September 30, 2021, until September 30, 2022, Fed funds interest rates increased from 0.08% to 3.08%. This is a percentage increase of 3,750%. For that same period of time, First Guaranty’s total interest expense increased by only 28%. This management of our deposits allowed us to not only overcome other adversities of the marketplace; but, to increase our earnings. Perhaps the most significant adversity to crop up was the losses we took on “relief loans.” Over the past seven years, our areas have been hit with a series of natural disasters including two floods, a Covid pandemic, several hurricanes, and an ice storm. For each of these, First Guaranty has quickly stepped forward and offered “relief loans” to its employees, customers, and community members to help them get through the sudden extra expenses and sudden loss of income which comes with these types of events. First Guaranty Bank sees this as part of its duty as a community bank. Hurricane Ida hit parts of Louisiana much more severely than even Katrina. Although the denominations of the relief loans are relatively small ($5,000), the number of losses was much greater than any past experience. We were still able to overcome this adversity and maintain our profitability. Going forward, we have reviewed the criteria for these relief loans in order to still assist our communities, but reduce losses incurred. The strength is in large part, due to the continuing growth and strength of our loan portfolio. For the nine-month period ending September 30, 2022, our total interest income increased to $98,269,000 from $81,743,000, an increase of 20%. Our loan portfolio increased from $2,073,461,000 at September 30, 2021 to $2,417,327,000, an increase of 17%. Our deposits increased from $2,544,374,000 at September 30, 2021 to $2,708,572,000. So, what does all this mean to you? It means that your First Guaranty Bancshares, Inc. has grown and gotten stronger so that it can continue to grow even more profitable while overcoming “bumps in the road.” It means that our balance sheet has grown stronger so that we can remain a profitable, income producing asset, as we go forward. Our aim is to increase our shareholder value while continuing to build a fortress balance sheet. We appreciate your support. Alton B. Lewis Chief Executive Officer/President First Guaranty Bancshares, Inc. September 30, 2022 2021 (unaudited) Three-Months Ended September 30, 2022 2021 (unaudited) Interest Income: Loans (including fees) $32,386 $26,685 Deposits with other banks 561 69 Securities (including FHLB stock) 2,303 2,660 Total Interest Income 35,250 29,414 Interest Expense: Demand deposits 6,243 1,983 Savings deposits 267 50 Time deposits 2,533 3,079 Borrowings 758 470 Total Interest Expense 9,801 5,582 Net Interest Income 25,449 23,832 Less: Provision for loan losses 1,509 304 Net Interest Income after Provision for Loan Losses 23,940 23,528 Noninterest Income: Service charges, commissions and fees 814 556 ATM and debit card fees 864 874 Net (losses) gains on securities - (184) Net gains on sale of loans 1,624 110 Other 716 706 Total Noninterest Income 4,018 2,062 Total Business Revenue, Net of Provision for Loan Losses 27,958 25,590 Noninterest Expense: Salaries and employee benefits 9,181 8,131 Occupancy and equipment expense 2,295 2,227 Other 6,312 5,394 Total Noninterest Expense 17,788 15,752 Income Before Income Taxes 10,170 9,838 Less: Provision for income taxes 2,117 2,047 Net Income 8,053 7,791 Less: Preferred stock dividends 582 582 Income Available to Common Shareholders $7,471 $7,209 Per Common Share1: Earnings $0.70 $0.67 Cash dividends paid $0.16 $0.15 Weighted Average Common Shares Outstanding 10,716,796 10,716,796 Return on Average Assets 1.06% 1.03% Return on Average Common Equity 15.15% 15.36% 1All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021. 1All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021. Sincerely, Assets Cash and cash equivalents: Cash and due from banks $109,174 $269,617 Federal funds sold 183 160 Cash and cash equivalents 109,357 269,777 Investment securities: Available for sale, at fair value 131,318 226,814 Held to maturity, at cost (estimated fair value of $243,800 and $152,235 respectively) 319,899 153,333 Investment securities 451,217 380,147 Federal Home Loan Bank stock, at cost 4,830 1,358 Loans held for sale - - Loans, net of unearned income 2,417,327 2,073,461 Less: allowance for loan and lease losses 23,468 25,338 Net loans 2,393,859 2,048,123 Premises and equipment, net 58,209 59,312 Goodwill 12,900 12,900 Intangible assets, net 5,267 6,027 Other real estate, net 1,667 2,531 Accrued interest receivable 12,067 14,097 Other assets 47,424 30,232 Total Assets $3,096,797 $2,824,504 Liabilities and Shareholders’ Equity Deposits: Noninterest-bearing demand 534,548 499,649 Interest-bearing demand 1,421,877 1,245,969 Savings 217,820 200,094 Time 534,327 598,662 Total deposits 2,708,572 2,544,374 Short-term advances from Federal Home Loan Bank 80,000 - Short-term borrowings 20,000 - Repurchase agreements 6,408 6,079 Accrued interest payable 3,641 4,304 Long-term advances from Federal Home Loan Bank - 3,248 Senior long-term debt 22,738 25,981 Junior subordinated debentures 15,000 14,807 Other liabilities 9,000 6,626 Total Liabilities 2,865,359 2,605,419 Shareholders’ Equity Preferred Stock, Series A - $1,000 par value 100,000 shares authorized; non-cumulative perpetual; 34,500 issued and outstanding 33,058 33,058 Common stock - $1 par value 100,600,000 shares authorized; 10,716,796 shares issued1 10,717 10,717 Surplus 130,093 130,093 Retained earnings 73,526 50,903 Accumulated other comprehensive (loss) income (15,956) (5,686) Total Shareholders’ Equity 231,438 219,085 Total Liabilities & Shareholders’ Equity $3,096,797 $2,824,504 1All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021.