News Details

Hammond, Louisiana, January 28, 2026 – 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 December 31, 2025.

Financial Highlights for the fourth quarter and year ending December 31, 2025, are as follows:

• Net income for the fourth quarter of 2025 and 2024 was $2.5 million and $1.0 million, respectively, an increase of $1.5 million. Net (loss) income for the years ended December 31, 2025 and 2024 was $(56.0) million and $12.4 million, respectively, a decrease of $68.5 million.
  
  
• CEO Michael R. Mineer stated the following: "First Guaranty made strong progress in the fourth quarter of 2025. We reduced nonperforming assets by $31.7 million. We further reduced nonperforming assets in early January 2026 with the sale of a $7.0 million OREO property. First Guaranty generated positive earnings to our common shareholders of $1.9 million. We improved our risk weighted capital ratio 114 bps to 13.48% at December 31, 2025 from 12.34% at September 30, 2025. We charged off $43.4 million against the commercial leases to an auto parts manufacturer. First Guaranty’s remaining exposure is $5.7 million and this lease is classified as nonaccrual. First Guaranty successfully sold a nonaccrual apartment loan for $15.5 million. We foreclosed upon and transferred to OREO an independent living center in the amount of $23.3 million as of December 31, 2025. Additional details on the nonperforming assets are included in the tables associated with our press release. We continue to move forward with our business strategy to reduce balance sheet risk, improve earnings, and grow capital.”
  
  
• Total assets increased $105.6 million and were $4.1 billion at December 31, 2025 compared to $4.0 billion at December 31, 2024. Total loans at December 31, 2025 were $2.1 billion, a decrease of $624.0 million, or 2%, compared with December 31, 2024. Total deposits were $3.6 billion at December 31, 2025, an increase of $156.6 million, or 4.5%, compared with December 31, 2024. Retained earnings were $14.1 million at December 31, 2025, a decrease of $58.9 million compared to $73.0 million at December 31, 2024. Shareholders' equity was $226.2 million and $255.0 million at December 31, 2025 and December 31, 2024, respectively.
  
  
• Earnings per common share were $0.12 and $0.03 for the fourth quarter of 2025 and 2024, respectively, and $(4.17) and $0.81 for the years ended December 31, 2025 and 2024, respectively. Total weighted average shares outstanding were 15,357,735 and 12,504,717 for the fourth quarter of 2025 and 2024, respectively, and 13,985,460 and 12,501,035 for the years ended December 31, 2025 and 2024, respectively.
  
  
• The allowance for credit losses was 97% of total loans at December 31, 2025 compared to 1.29% at December 31, 2024.
  
  
• Net interest income for the fourth quarter of 2025 was $20.2 million compared to $22.6 million for the same period in 2024. Net interest income for the year ended December 31, 2025 was $86.9 million compared to $88.4 million for the year ended December 31, 2024.
  
  
• The provision for credit losses for the fourth quarter of 2025 was $2.6 million compared to $6.0 million for the same period in 2024. The provision for credit losses for the year ended December 31, 2025 was $81.7 million compared to $20.0 million for the year ended December 31, 2024.
  
  
• Charge-offs were $47.8 million for the fourth quarter of 2025 and $4.9 million for the same period in 2024. Recoveries totaled $0.9 million during each of the years ended December 31, 2025 and 2024.
  
  
• Net gains on the sale of loans for the year ended December 31, 2025 was $0 compared to $1.5 million for the year ended December 31, 2024.
  
  
• First Guaranty had $35.1 million of other real estate owned as of December 31, 2025 compared to $0.3 million at December 31, 2024. The largest component of OREO consists of a $23.3 million property that was foreclosed upon in the fourth quarter of 2025. As part of the foreclosure, the bank purchased the first mortgage from a senior lender, which resulted in a net book balance of $23.3 million. First Guaranty subsequently sold a $7.0 million OREO property in January 2026.
  
  
• The net interest margin for the three months ended December 31, 2025 was 08% which was a decrease of 24 basis points from the net interest margin of 2.32% for the same period in 2024. The net interest margin for the year ended December 31, 2025 was 2.28% which was a decrease of 19 basis points from the net interest margin of 2.47% for the year ended December 31, 2024. Loans as a percentage of average interest earning assets decreased to 63.0% at December 31, 2025 compared to 77.4% at December 31, 2024.
  
  
• Investment securities totaled $999.3 million at December 31, 2025, an increase of $396.5 million when compared to $602.7 million at December 31, 2024. At December 31, 2025, available for sale securities, at fair value, totaled $676.6 million, an increase of $395.5 million when compared to $281.1 million at December 31, 2024. The increase in available for sale securities was primarily due to purchases of mortgage-backed securities. At December 31, 2025, held to maturity securities ("HTM"), at amortized cost and net of the allowance for credit losses, totaled $322.7 million, an increase of $1.1 million when compared to $321.6 million at December 31, 2024. The allowance for credit losses for HTM securities was $0.2 million at December 31, 2025 and December 31, 2024.
  
  
• Total loans net of unearned income were $2.1 billion at December 31, 2025, a net decrease of $624.0 million from December 31, 2024. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $40.8 million at December 31, 2025 and $34.8 million at December 31, 2024, respectively.
  
  
• Nonaccrual loans decreased $48.9 million to $59.6 million at December 31, 2025 compared to $108.5 million at December 31, 2024.
  
  
• At December 31, 2025, the largest 10 nonperforming loan relationships comprise 74% of total nonperforming assets. Additional details on the nonperforming relationships are as follows:

1. 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 $14.9 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 fourth quarter of 2025 reduced the balance by $0.2 million.
   3. A $8.8 million loan relationship secured by an assisted living center located in Texas; the loan was placed on nonaccrual in the third quarter of 2025.
   4. A $7.0 million loan relationship secured by land located in Texas; the loan was transferred to other real estate owned in the second quarter of 2025. The property was charged off $0.4 million in the fourth quarter of 2025 and subsequently sold in January 2026.
   5. 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.
   6. 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.
   7. 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.
   8. A $1.3 million loan secured by commercial real estate in Texas; the loan was placed on nonaccrual during the third quarter of 2024.
   9. A $1.3 million loan secured by retail real estate in Kentucky; the loan was placed on nonaccrual during the fourth quarter of 2025.
   10. 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.

• First Guaranty charged off $47.8 million in loan balances during the fourth quarter of 2025. The details of the charged-off loans were as follows:

1. 1. First Guaranty charged off $0.3 million in consumer loans during the fourth quarter of 2025. The consumer loan charge offs included $0.1 million in credit card loans, $0.1 million of loans secured by automobiles or equipment, and $0.1 million in unsecured loans.
   2. First Guaranty charged off $0.2 million on a multifamily loan during the fourth quarter of 2025. This relationship had no remaining principal balance as of December 31, 2025.
   3. First Guaranty charged off $3.3 million on a non-farm non-residential loan during the fourth quarter of 2025. This relationship was moved into OREO in the fourth quarter.
   4. First Guaranty charged off $43.4 million against the commercial lease loans to an auto parts manufacturer during the fourth quarter of 2025. This relationship had a remaining principal balance of $5.7 million as of December 31, 2025.
   5. Smaller loans and overdrawn deposit accounts comprised the remaining $0.6 million of charge-offs for the fourth quarter of 2025.

• Substandard loan relationships totaled $347.6 million as of December 31, 2025.
  
  
• Special mention loan relationships totaled $329.4 million as of December 31, 2025.
  
  
• Noninterest expense totaled $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. Key items for the fourth quarter of 2025 are listed below:

1. 1. OREO expense of $0.8 million associated with property taxes and fair value writedowns.
   2. Personnel expense was approximately $0.4 million lower from reduced annual bonuses.

• Return on average assets for the three months ended December 31, 2025 and 2024 was 25% and 0.10%, respectively. Return on average assets for the years ended December 31, 2025 and 2024 was (1.43)% and 0.34%, respectively. Return on average common equity for the three months ended December 31, 2025 and 2024 was 3.92% and 0.76%, respectively. Return on average common equity for the years ended December 31, 2025 and 2024 was (27.05)% and 4.58% 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 $12.23 as of December 31, 2025 compared to $17.75 as of December 31, 2024. Tangible book value per common share was $12.08 as of December 31, 2025 compared to $16.48 as of December 31, 2024.
  
  
• First Guaranty's Board of Directors declared cash dividends of $0.01 per common share in the fourth quarter of 2025 and 2024. First Guaranty has paid 130 consecutive quarterly dividends as of December 31, 2025.
  
  
• First Guaranty paid preferred stock dividends of $2.3 million during the years ended December 31, 2025 and 2024.

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-one 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.