Form 8-K

8-K — First Guaranty Bancshares, Inc.

Accession: 0001408534-26-000030

Filed: 2026-04-27

Period: 2026-04-27

CIK: 0001408534

SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — fgbi-20260427.htm (Primary)

EX-99.1 (fgbi-ex991earningspressrel.htm)

GRAPHIC (fgbi-20260427_g1.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: fgbi-20260427.htm · Sequence: 1

fgbi-20260427

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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 27, 2026

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. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $1 par value FGBI The Nasdaq Stock Market LLC

Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock) FGBIP The Nasdaq Stock Market LLC

Item 2.02. Results of Operations and Financial Condition

On April 27, 2026, First Guaranty Bancshares, Inc. issued a press release reporting its financial results at and for the three months ended March 31, 2026.

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 27, 2026.

Forward Looking Statements

This letter contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact which represent our current judgement about possible future events. We believe these judgements are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or otherwise revise any forward-looking statements.

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 27, 2026

By: /s/Eric J. Dosch

Eric J. Dosch

Chief Financial Officer

INDEX TO EXHIBITS

Exhibit Number Description

Exhibit 99.1

Press Release April 27, 2026 "First Guaranty Bancshares, Inc. Announces First Quarter 2026 Financial Results."

EX-99.1

Filename: fgbi-ex991earningspressrel.htm · Sequence: 2

Document

EXHIBIT 99.1

APRIL 27, 2026

NEWS FOR IMMEDIATE RELEASE

CONTACT: ERIC J. DOSCH, CFO

985.375.0308

First Guaranty Bancshares, Inc. Announces First Quarter 2026 Financial Results

Hammond, Louisiana, April 27, 2026 – First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the first quarter and three months ending March 31, 2026.

Financial Highlights for the first quarter and three months ended March 31, 2026, are as follows:

•Net income (loss) for the three months ended March 31, 2026 and 2025 was $2.7 million and $(6.2) million, respectively, an increase of $8.9 million.

•CEO Michael R. Mineer stated the following: "First Guaranty continues to make progress reducing non-performing assets, strengthening earnings and improving our capital ratios. We reduced nonperforming assets by $12.0 million. First Guaranty generated positive earnings to our common shareholders of $2.2 million. We improved our bank risk weighted capital ratio 123 bps to 14.71% at March 31, 2026 from 13.48% at December 31, 2025. We continue to move forward with our business strategy to reduce balance sheet risk, improve earnings, and grow capital.”

•Total assets decreased $119.8 million and were $4.0 billion at March 31, 2026 compared to $4.1 billion at December 31, 2025. Total loans at March 31, 2026 were $1.9 billion, a decrease of $145.2 million, or 7.0%, compared with December 31, 2025. Total deposits were $3.5 billion at March 31, 2026, a decrease of $125.3 million, or 3.4%, compared with December 31, 2025. Retained earnings were $16.1 million at March 31, 2026, an increase of $2.0 million compared to $14.1 million at December 31, 2025. Shareholders' equity was $224.0 million and $226.2 million at March 31, 2026 and December 31, 2025, respectively.

•Earnings (loss) per common share were $0.14 and $(0.54) for the three months ended March 31, 2026 and 2025, respectively. Total weighted average shares outstanding were 15,796,040 and 12,506,792 for the three months ended March 31, 2026 and 2025, respectively.

•The allowance for credit losses was 2.00% of total loans at March 31, 2026 compared to 1.97% at December 31, 2025.

•Net interest income for the three months ended March 31, 2026 was $20.7 million compared to $22.2 million for the three months ended March 31, 2025.

•The provision for credit losses for the three months ended March 31, 2026 was $2.6 million compared to $14.5 million for the three months ended March 31, 2025.

•Charge-offs were $5.4 million during the three months ended March 31, 2026 and $6.9 million during the same period in 2025. Recoveries totaled $0.5 million during the three months ended March 31, 2026 and $0.2 million during the same period in 2025.

•First Guaranty had $28.9 million of other real estate owned as of March 31, 2026 compared to $35.1 million at December 31, 2025.

•The net interest margin for the three months ended March 31, 2026 was 2.07% which was a decrease of 28 basis points from the net interest margin of 2.35% for the same period in 2025. Loans as a percentage of average interest earning assets decreased to 49.5% at March 31, 2026 compared to 68.5% at March 31, 2025.

•Investment securities totaled $1.2 billion at March 31, 2026, an increase of $177.6 million when compared to $999.3 million at December 31, 2025. At March 31, 2026, available for sale securities, at fair value, totaled $853.9 million, an increase of $177.3 million when compared to $676.6 million at December 31, 2025. At March 31, 2026, held to maturity securities, at amortized cost and net of the allowance for credit losses totaled $322.9 million, an increase of $0.3 million when compared to $322.7 million at December 31, 2025. The allowance for credit losses for HTM securities was $0.2 million at March 31, 2026 and December 31, 2025.

•Total loans net of unearned income were $1.9 billion at March 31, 2026, a net decrease of $145.2 million from December 31, 2025. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $38.5 million at March 31, 2026 and $40.8 million at December 31, 2025, respectively.

•Nonaccrual loans decreased $5.2 million to $54.4 million at March 31, 2026 compared to $59.6 million at December 31, 2025.

•At March 31, 2026, the largest 10 non-performing loan relationships comprise 77% of total non-performing assets. Additional details on the non-performing relationships are as follows:

1.A $23.3 million loan relationship secured by an independent living center located in Louisiana; the loan was transferred to other real estate owned in the fourth quarter of 2025.

2.A $14.5 million loan relationship secured by an assisted living center located in Louisiana; the loan was placed on nonaccrual in the second quarter of 2025. Payments received on the loan in the first quarter of 2026 reduced the balance by $0.4 million.

3.A $9.1 million loan relationship secured by an assisted living center located in Texas; the loan was placed on nonaccrual in the third quarter of 2025. This loan relationship is still under construction with $1.9 million remaining to be funded as of March 31, 2026.

4.A $5.7 million commercial lease loan for an automotive parts wholesaler; the loan was placed on nonaccrual and charged down $26.2 million in the fourth quarter of 2025. This lease loan was fully reserved and was classified as doubtful as of March 31, 2026.

5.A $5.2 million loan relationship was placed on nonaccrual during the second quarter of 2025. The loan is secured by multifamily apartment complexes located in Louisiana.

6.A $1.4 million guaranteed loan secured by livestock and farmland located in Louisiana; the loan was placed in nonaccrual in the fourth quarter of 2024.

7.A $1.3 million loan secured by commercial real estate in Texas; the loan was placed on nonaccrual during the third quarter of 2024.

8.A $1.2 million loan secured by multiple office buildings located in West Virginia; the loan was placed on nonaccrual during the second quarter of 2025.

9.A $1.2 million loan secured by a mobile home park located in New Mexico; the loan was placed on nonaccrual during the third quarter of 2024.

10.A $1.0 million loan secured by a cattle farm located in Louisiana; the loan was placed on nonaccrual during the third quarter of 2025.

•First Guaranty charged off $5.4 million in loan balances during the first quarter of 2026. The details of the $5.4 million in charged-off loans were as follows:

1.First Guaranty charged off $1.8 million on a commercial and industrial loan during the first quarter of 2026. This relationship had no remaining principal balance as of March 31, 2026.

2.First Guaranty charged off $1.0 million on a non-farm non-residential loan relationship secured by retail real estate during the first quarter of 2026. This relationship had no remaining principal balance as of March 31, 2026.

3.Smaller loans and overdrawn deposit accounts comprised the remaining $2.6 million of charge-offs for the first quarter of 2026.

•Special mention loan relationships totaled $316.1 million as of March 31, 2026, a decline of $13.4 million compared to December 31, 2025.

•Substandard loan relationships totaled $300.9 million as of March 31, 2026, a decline of $46.7 million compared to December 31, 2025.

•Doubtful loan relationships totaled $5.7 million as of March 31, 2026, a decline of $3.7 million compared to December 31, 2025.

•Noninterest expense totaled $16.7 million for the first quarter 2026, $16.8 million for the fourth quarter of 2025, $30.2 million for the third quarter of 2025 (including $12.9 million of goodwill impairment), $17.3 million for the second quarter of 2025, and $18.0 million for the first quarter of 2025. Full time equivalent employees totaled 330 at March 31, 2026 compared to 380 at March 31, 2025.

•Return on average assets for the three months ended March 31, 2026 and 2025 was 0.27% and (0.63)%, respectively. Return on average common equity for the three months ended March 31, 2026 and 2025 was 4.52% and (12.29)% respectively. Return on average assets is calculated by dividing annualized net income by average assets. Return on average common equity is calculated by dividing annualized net income by average common equity.

•Book value per common share was $11.91 as of March 31, 2026 compared to $12.23 as of December 31, 2025. The decrease was due primarily to the changes in accumulated other comprehensive income ("AOCI") and recent issuance of new shares. AOCI is comprised of unrealized gains and losses on available for sale securities, including unrealized losses on available for sale securities at the time of transfer to held to maturity.

•First Guaranty's Board of Directors declared cash dividends of $0.01 per common share in the first quarter of 2026 and 2025. The reduction in the common stock dividend payment was done in order to preserve capital as part of First Guaranty’s new business strategy announced in the third quarter of 2024. First Guaranty has paid 131 consecutive quarterly dividends as of March 31, 2026.

•First Guaranty paid preferred stock dividends of $0.6 million during the first three months of 2026 and 2025.

About First Guaranty

First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank. Founded in 1934, First Guaranty Bank offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. First Guaranty Bank currently operates thirty locations throughout Louisiana, Texas, Kentucky and West Virginia. First Guaranty’s common stock trades on the NASDAQ under the symbol FGBI. For more information, visit www.fgb.net.

Forward Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended with respect to the financial condition, liquidity, results of operations, and future performance of the business of First Guaranty Bancshares, Inc. These forward-looking statements are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that are not historical facts. Forward-looking statements include statements with respect to beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond our control). Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would” and “could.” We caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. These forward-looking statements are subject to a number of factors and uncertainties, including, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and other risks and uncertainties listed from time to time in our reports and

documents filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

No Offer or Solicitation

This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of First Guaranty. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share data) March 31, 2026 December 31, 2025

Assets

Cash and cash equivalents:

Cash and due from banks $ 733,223 $ 845,150

Federal funds sold 544 551

Cash and cash equivalents 733,767 845,701

Interest-earning time deposits with banks 250 250

Investment securities:

Available for sale, at fair value (cost of $859,464 and $674,139 respectively)

853,913 676,592

Held to maturity, at cost and net of allowance for credit losses of $150 (estimated fair value of $265,579 and $268,094 respectively)

322,939 322,675

Investment securities 1,176,852 999,267

Federal Home Loan Bank stock, at cost 10,324 10,206

Loans, net of unearned income 1,924,577 2,069,802

Less: allowance for credit losses 38,488 40,755

Net loans 1,886,089 2,029,047

Premises and equipment, net 58,753 59,585

Intangible assets, net 2,429 2,638

Other real estate, net 28,872 35,084

Accrued interest receivable 13,920 12,455

Other assets 47,286 84,088

Total Assets $ 3,958,542 $ 4,078,321

Liabilities and Shareholders' Equity

Deposits:

Noninterest-bearing demand $ 411,764 $ 414,604

Interest-bearing demand 1,100,162 1,165,061

Savings 217,316 213,936

Time 1,778,302 1,839,276

Total deposits 3,507,544 3,632,877

Repurchase agreements 7,119 7,119

Accrued interest payable 22,558 17,637

Long-term advances from Federal Home Loan Bank 135,000 135,000

Senior long-term debt 14,210 14,203

Junior subordinated debentures 29,820 29,805

Other liabilities 18,301 15,462

Total Liabilities 3,734,552 3,852,103

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; 16,028,044 and 15,793,433 shares issued and outstanding 16,028 15,793

Surplus 172,209 170,621

Retained earnings 16,058 14,055

Accumulated other comprehensive (loss) income (13,363) (7,309)

Total Shareholders' Equity 223,990 226,218

Total Liabilities and Shareholders' Equity $ 3,958,542 $ 4,078,321

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) 2026 2025

Interest Income:

Loans (including fees) $ 33,279 $ 42,969

Deposits with other banks 8,637 5,999

Securities (including FHLB stock) 10,359 5,495

Total Interest Income 52,275 54,463

Interest Expense:

Demand deposits 9,610 12,204

Savings deposits 946 1,262

Time deposits 18,599 15,890

Borrowings 2,431 2,884

Total Interest Expense 31,586 32,240

Net Interest Income 20,689 22,223

Less: Provision for credit losses 2,625 14,548

Net Interest Income after Provision for Credit Losses 18,064 7,675

Noninterest Income:

Service charges, commissions and fees 758 849

ATM and debit card fees 642 747

Net gains on securities 1 —

Net gains on sale of assets 44 4

Other 763 754

Total Noninterest Income 2,208 2,354

Total Business Revenue, Net of Provision for Credit Losses 20,272 10,029

Noninterest Expense:

Salaries and employee benefits 7,352 8,441

Occupancy and equipment expense 2,464 2,640

Other 6,913 6,936

Total Noninterest Expense 16,729 18,017

Income (Loss) Before Income Taxes 3,543 (7,988)

Provision (benefit) for income taxes 800 (1,822)

Net Income (Loss) 2,743 (6,166)

Less: Preferred stock dividends 582 582

Net Income (Loss) Available to Common Shareholders $ 2,161 $ (6,748)

Per Common Share:

Earnings (Loss) $ 0.14 $ (0.54)

Cash dividends paid $ 0.01 $ 0.01

Weighted Average Common Shares Outstanding 15,796,040 12,506,792

See Notes to Consolidated Financial Statements

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025

(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 $ 945,686 $ 8,637 3.70 % $ 547,494 $ 5,999 4.44 %

Securities (including FHLB stock) 1,104,175 10,359 3.80 % 657,607 5,495 3.39 %

Federal funds sold 549 — — % 473 — — %

Loans held for sale — — — % 3,429 — — %

Loans, net of unearned income (6) 2,008,486 33,279 6.72 % 2,624,913 42,969 6.64 %

Total interest-earning assets 4,058,896 $ 52,275 5.22 % 3,833,916 $ 54,463 5.76 %

Noninterest-earning assets:

Cash and due from banks 24,032 20,357

Premises and equipment, net 59,004 66,933

Other assets 48,890 31,553

Total Assets $ 4,190,822 $ 3,952,759

Liabilities and Shareholders' Equity

Interest-bearing liabilities:

Demand deposits $ 1,229,044 $ 9,610 3.17 % $ 1,373,810 $ 12,204 3.60 %

Savings deposits 215,138 946 1.78 % 236,905 1,262 2.16 %

Time deposits 1,876,964 18,599 4.02 % 1,441,700 15,890 4.47 %

Borrowings 186,135 2,431 5.30 % 202,026 2,884 5.79 %

Total interest-bearing liabilities 3,507,281 $ 31,586 3.65 % 3,254,441 $ 32,240 4.02 %

Noninterest-bearing liabilities:

Demand deposits 417,608 401,994

Other 38,991 40,627

Total Liabilities 3,963,880 3,697,062

Shareholders' equity 226,942 255,697

Total Liabilities and Shareholders' Equity $ 4,190,822 $ 3,952,759

Net interest income $ 20,689 $ 22,223

Net interest rate spread (1) 1.57 % 1.74 %

Net interest-earning assets (2) $ 551,615 $ 579,475

Net interest margin (3), (4) 2.07 % 2.35 %

Average interest-earning assets to interest-bearing liabilities 115.73 % 117.81 %

(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 2.08% and 2.36% for the above periods ended March 31, 2026 and 2025 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, 2026 and 2025 respectively.

(5)Annualized.

(6)Includes loan fees of $1.5 million and $1.6 million for the three months ended March 31, 2026 and 2025 respectively.

The following table summarizes the components of First Guaranty's loan portfolio as of March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025:

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

(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 $ 109,758 5.7 % $ 149,493 7.2 % $ 231,156 10.1 % $ 268,828 11.1 %

Farmland 31,377 1.6 % 32,160 1.5 % 31,685 1.4 % 32,267 1.3 %

1- 4 Family 427,518 22.2 % 428,773 20.7 % 441,017 19.3 % 440,465 18.2 %

Multifamily 127,973 6.6 % 144,235 6.9 % 137,582 6.0 % 144,864 6.0 %

Non-farm non-residential 879,022 45.5 % 948,536 45.7 % 1,003,198 43.9 % 1,052,503 43.5 %

Total Real Estate 1,575,648 81.6 % 1,703,197 82.0 % 1,844,638 80.7 % 1,938,927 80.1 %

Non-Real Estate:

Agricultural 37,899 2.0 % 35,244 1.7 % 44,737 2.0 % 42,831 1.8 %

Commercial and industrial 214,368 11.1 % 228,738 11.0 % 227,077 9.9 % 238,144 9.9 %

Commercial leases 71,110 3.7 % 75,617 3.7 % 134,958 5.9 % 159,209 6.6 %

Consumer and other 31,070 1.6 % 33,023 1.6 % 34,763 1.5 % 38,240 1.6 %

Total Non-Real Estate 354,447 18.4 % 372,622 18.0 % 441,535 19.3 % 478,424 19.9 %

Total loans before unearned income 1,930,095 100.0 % 2,075,819 100.0 % 2,286,173 100.0 % 2,417,351 100.0 %

Unearned income (5,518) (6,017) (6,432) (6,846)

Total loans net of unearned income $ 1,924,577 $ 2,069,802 $ 2,279,741 $ 2,410,505

The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.

(in thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025

Nonaccrual loans:

Real Estate:

Construction and land development $ 9,466 $ 9,281 $ 8,707 $ 1,766

Farmland 2,633 2,671 2,777 1,785

1- 4 family 8,865 9,768 10,536 11,866

Multifamily 2,231 2,278 23,998 34,668

Non-farm non-residential 21,789 24,347 42,532 59,668

Total Real Estate 44,984 48,345 88,550 109,753

Non-Real Estate:

Agricultural 1,645 2,172 1,886 1,782

Commercial and industrial 1,224 2,266 5,339 5,567

Commercial leases 6,483 6,640 18,358 1,961

Consumer and other 73 158 132 116

Total Non-Real Estate 9,425 11,236 25,715 9,426

Total nonaccrual loans 54,409 59,581 114,265 119,179

Loans 90 days and greater delinquent & accruing:

Real Estate:

Construction and land development — — — —

Farmland — — — —

1- 4 family 107 763 — —

Multifamily — — — —

Non-farm non-residential 123 33 — 284

Total Real Estate 230 796 — 284

Non-Real Estate:

Agricultural — — — —

Commercial and industrial — — — —

Commercial leases — — — —

Consumer and other — — — —

Total Non-Real Estate — — — —

Total loans 90 days and greater delinquent & accruing 230 796 — 284

Total non-performing loans 54,639 60,377 114,265 119,463

Real Estate Owned:

Real Estate Loans:

Construction and land development 1,161 8,161 8,545 7,384

Farmland — — — —

1- 4 family 851 351 234 192

Multifamily — — — —

Non-farm non-residential 26,860 26,572 3,271 81

Total Real Estate 28,872 35,084 12,050 7,657

Non-Real Estate Loans:

Agricultural — — — —

Commercial and industrial — — — —

Commercial leases — — — —

Consumer and other — — — —

Total Non-Real Estate — — — —

Total Real Estate Owned 28,872 35,084 12,050 7,657

Total non-performing assets $ 83,511 $ 95,461 $ 126,315 $ 127,120

Non-performing assets to total loans 4.34 % 4.61 % 5.54 % 5.27 %

Non-performing assets to total assets 2.11 % 2.34 % 3.33 % 3.20 %

Non-performing loans to total loans 2.84 % 2.92 % 5.01 % 4.96 %

Nonaccrual loans to total loans 2.83 % 2.88 % 5.01 % 4.94 %

Allowance for credit losses to nonaccrual loans 70.74 % 68.40 % 75.01 % 49.40 %

Net loan charge-offs to average loans 0.99 % 3.17 % 1.55 % 0.60 %

The table below lists the Top 10 Nonperforming Assets at March 31, 2026.

Top 10 Non-Performing Assets

Balance Allocated Reserve Origination Year Location

Asset Description

1 Independent Living Center $ 23,301 $ — 2021 Louisiana

2 Assisted Living Center 14,488 — 2019 Louisiana

3 Assisted Living Center 9,138 — 2023 Texas

4 Commercial Lease 5,711 — 2024 Multistate

5 Apartment Complex 5,208 857 2023 Louisiana

6 Farmland 1,422 — 2020 Louisiana

7 Commercial Real Estate 1,308 28 2017 Texas

8 Commercial Building 1,199 21 2023 West Virginia

9 Mobile Home Park 1,164 — 2020 New Mexico

10 Poultry/Cattle Farm 997 — 2020 Louisiana

$ 63,936 $ 906

The table below provides a status update as of March 31, 2026 on the previously reported Top 10 Nonperforming Assets in fourth quarter 2025.

Top 10 Nonperforming Assets

December 31, 2025 March 31, 2026

Balance Allocated Reserve Location Status

Asset Description

1 Independent Living Center OREO $ 23,301 $ — Louisiana Remains in OREO

2 Assisted Living Center 14,910 — Louisiana Remains Nonaccrual

3 Assisted Living Center 8,846 — Texas Remains Nonaccrual

4 Land Development OREO 7,000 — Texas Sold

5 Commercial Lease 5,711 — Multistate Remains Nonaccrual

6 Apartment Complex 5,244 857 Louisiana Remains Nonaccrual

7 Farmland 1,450 — Louisiana Remains Nonaccrual

8 Commercial Real Estate 1,308 28 Texas Remains Nonaccrual

9 Commercial Building 1,281 1,227 Kentucky Charged off

10 Commercial Building 1,217 21 West Virginia Remains Nonaccrual

$ 70,268 $ 2,133

The tables below list the top 10 special mention and substandard (excluding nonperforming) relationships as of March 31, 2026.

Top 10 Special Mention Relationships

Balance Allocated Reserve Origination Year(s) Location

Relationship Description

1 Apartment Complex $ 40,167 $ — 2021 Louisiana

2 Apartment Complex & Hotel Property 37,489 — 2023 Florida

3 Manufacturing Company 35,009 — 2015-2024 Louisiana

4 Assisted Living Facility 33,467 — 2022 Alabama

5 Hotel Properties 20,368 — 2022 Texas

6 Owner Occupied Commercial Real Estate 20,148 — 2020 Louisiana

7 Assisted Living Facility 16,682 — 2017 Louisiana

8 Multipurpose Commercial Real Estate Building 16,506 — 2023 Louisiana

9 Warehouse Facility 15,919 — 2024 Louisiana

10 Hotel Properties 11,755 — 2022-2023 Texas

$ 247,510 $ —

Top 10 Substandard Relationships (excludes nonperforming)

Balance Allocated Reserve Origination Year(s) Location

Relationship Description

1 Medical Facilities $ 45,796 $ — 2008-2022 Louisiana

2 Owner Occupied Office Building 31,173 — 2020-2023 Utah

3 Medical Facilities 23,358 — 2020-2021 Arkansas

4 Construction Business 21,975 — 2022-2024 Louisiana & Texas

5 Assisted Living Facilities 14,520 — 2019-2022 Louisiana & Texas

6 Oil & Gas Support 14,450 — 2015-2024 Louisiana

7 Food Processor 13,513 — 2020-2024 Ohio

8 Commercial Retail Shopping Center 13,336 — 2020 Oklahoma

9 Gas Station & Convenience Store 11,471 — 2023 Louisiana

10 Assisted Living Facility 9,535 — 2023-2025 Texas

$ 199,127 $ —

The following table presents, for the periods indicated, the major categories of other noninterest expense:

Three Months Ended March 31,

(in thousands) 2026 2025

Other noninterest expense:

Legal and professional fees $ 693 $ 1,088

Data processing 325 337

ATM fees 358 350

Marketing and public relations 222 241

Taxes - sales, capital, and franchise 516 500

Operating supplies 72 37

Software expense and amortization 1,172 1,216

Travel and lodging 55 72

Telephone 94 91

Amortization of core deposit intangibles 174 174

Donations 67 58

Net costs from other real estate and repossessions 368 50

Regulatory assessment 1,808 1,544

Other 989 1,178

Total other noninterest expense $ 6,913 $ 6,936

The following table presents, for the periods indicated, the major categories of other noninterest expense:

Three Months Ended March 31, Three Months Ended December 31, Three Months Ended September 30, Three Months Ended June 30,

(in thousands) 2026 2025 2025 2025

Other noninterest expense:

Legal and professional fees $ 693 $ 665 $ 988 $ 671

Data processing 325 331 336 349

ATM fees 358 432 390 502

Marketing and public relations 222 174 151 163

Taxes - sales, capital, and franchise 516 237 542 543

Operating supplies 72 48 66 49

Software expense and amortization 1,172 1,289 1,211 1,188

Travel and lodging 55 133 88 126

Telephone 94 91 88 104

Amortization of core deposit intangibles 174 174 174 174

Donations 67 33 51 82

Net costs from other real estate and repossessions 368 815 13 24

Regulatory assessment 1,808 1,778 1,777 1,609

Other 989 1,437 1,330 1,235

Total other noninterest expense $ 6,913 $ 7,637 $ 7,205 $ 6,819

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 %) 2026 2025 2024 2023 2022

Tangible Common Equity

Total shareholders' equity $ 223,990 $ 226,218 $ 255,049 $ 249,631 $ 234,991

Adjustments:

Preferred 33,058 33,058 33,058 33,058 33,058

Goodwill — — 12,900 12,900 12,900

Acquisition intangibles 2,091 2,266 2,962 3,658 4,355

Other intangibles 100 100 100 100 —

Tangible common equity $ 188,741 $ 190,794 $ 206,029 $ 199,915 $ 184,678

Common shares outstanding

16,028,044 15,793,433 12,504,717 12,475,424 10,716,796

Book value per common share

$ 11.91 $ 12.23 $ 17.75 $ 17.36 $ 18.84

Tangible book value per common share

$ 11.78 $ 12.08 $ 16.48 $ 16.03 $ 17.23

Tangible Assets

Total Assets $ 3,958,542 $ 4,078,321 $ 3,972,728 $ 3,552,772 $ 3,151,347

Adjustments:

Goodwill — — 12,900 12,900 12,900

Acquisition intangibles 2,091 2,266 2,962 3,658 4,355

Other intangibles 100 100 100 100 —

Tangible Assets $ 3,956,351 $ 4,075,955 $ 3,956,766 $ 3,536,114 $ 3,134,092

Tangible common equity to tangible assets 4.77 % 4.68 % 5.21 % 5.65 % 5.89 %

Regulatory Capital

Risk-based capital regulations adopted by the FDIC require banks to achieve and maintain specified ratios of capital to risk-weighted assets. Similar capital regulations apply to bank holding companies over $3.0 billion in assets. The risk-based capital rules are designed to measure "Tier 1" capital (consisting of common equity, retained earnings and a limited amount of qualifying perpetual preferred stock and trust preferred securities, net of goodwill and other intangible assets and accumulated other comprehensive income) and total capital in relation to the credit risk of both on- and off- balance sheet items. Under the guidelines, one of its risk weights is applied to the different on-balance sheet items. Off-balance sheet items, such as loan commitments, are also subject to risk weighting. Applicable bank holding companies and all banks must maintain a minimum total capital to total risk weighted assets ratio of 8.00%, at least half of which must be in the form of core or Tier 1 capital. These guidelines also specify that bank holding companies that are experiencing internal growth or making acquisitions will be expected to maintain capital positions substantially above the minimum supervisory levels.

In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. As of March 31, 2026, the Bank's capital conservation buffer was 6.71% exceeding the minimum of 2.50%. As of March 31, 2026, First Guaranty's capital conservation buffer was 5.47% exceeding the minimum of 2.50%.

As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Federal Reserve Board has amended its small bank holding company and savings and loan holding company policy statement to provide that holding companies with consolidated assets of less than $3 billion that are (i) not engaged in significant nonbanking activities, (ii) do not conduct significant off-balance sheet activities, and (3) do not have a material amount of SEC-registered debt or equity securities, other than trust preferred securities, that contribute to an organization's complexity, are no longer subject to regulatory capital requirements, effective August 30, 2018. On January 1, 2024, First Guaranty ceased being considered a "small bank holding company". Accordingly, both the Bank and First Guaranty are required to maintain specified ratios of capital to risk-weighted assets.

In addition, as a result of the legislation, the federal banking agencies have developed a "Community Bank Leverage Ratio" (the ratio of a bank's Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A "qualifying community bank" that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered "well capitalized" under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies set the new Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks will have until January 1, 2022, before the Community Bank Leverage Ratio requirement will return to 9%. A financial institution can elect to be subject to this new definition. As of March 31, 2026, the Bank has not elected to follow the Community Bank Leverage Ratio. Effective April 1, 2026, the community bank leverage ratio was reduced to 8%.

At March 31, 2026, we satisfied the minimum regulatory capital requirements and were well capitalized within the meaning of federal regulatory requirements.

"Well Capitalized Minimums" As of March 31, 2026 As of December 31, 2025

Tier 1 Leverage Ratio

Bank 5.00% 6.52% 6.90%

Consolidated N/A 5.61% 5.93%

Tier 1 Risk-based Capital Ratio

Bank 8.00% 13.45% 12.24%

Consolidated 8.00% 11.60% 10.52%

Total Risk-based Capital Ratio

Bank 10.00% 14.71% 13.48%

Consolidated 10.00% 14.34% 13.12%

Common Equity Tier One Capital Ratio

Bank 6.50% 13.45% 12.24%

Consolidated N/A 9.97% 9.03%

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