Louisiana
|
|
26-0513559
|
(State or other jurisdiction incorporation or organization)
|
|
(I.R.S. Employer 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)
|
|
|
|
|
|
Page
|
Part I.
|
Financial Information
|
|
|
|
|
Item 1.
|
3
|
|
|
|
|
|
3
|
|
|
|
|
|
4
|
|
|
|
|
|
5
|
|
|
|
|
|
6
|
|
|
|
|
|
7
|
|
|
|
|
|
8
|
|
|
|
|
Item 2.
|
28
|
|
|
|
|
Item 3.
|
48
|
|
|
|
|
Item 4.
|
51
|
|
|
|
|
Part II.
|
52
|
|
|
|
|
Item 1.
|
52
|
|
|
|
|
Item 1A.
|
52
|
|
|
|
|
Item 6.
|
53
|
|
|
|
|
Signatures
|
54
|
(in thousands, except share data)
|
June 30, 2018
|
December 31, 2017
|
||||||
Assets
|
||||||||
Cash and cash equivalents:
|
||||||||
Cash and due from banks
|
$
|
27,639
|
$
|
37,205
|
||||
Federal funds sold
|
165
|
823
|
||||||
Cash and cash equivalents
|
27,804
|
38,028
|
||||||
|
||||||||
Investment securities:
|
||||||||
Available for sale, at fair value
|
348,476
|
381,535
|
||||||
Held to maturity, at cost (estimated fair value of $109,660 and $118,557 respectively)
|
114,044
|
120,121
|
||||||
Investment securities
|
462,520
|
501,656
|
||||||
|
||||||||
Federal Home Loan Bank stock, at cost
|
2,359
|
2,351
|
||||||
Loans held for sale
|
639
|
1,308
|
||||||
Loans, net of unearned income
|
1,174,141
|
1,149,014
|
||||||
Less: allowance for loan losses
|
10,770
|
9,225
|
||||||
Net loans
|
1,163,371
|
1,139,789
|
||||||
|
||||||||
Premises and equipment, net
|
38,127
|
38,020
|
||||||
Goodwill
|
3,472
|
3,472
|
||||||
Intangible assets, net
|
4,075
|
4,424
|
||||||
Other real estate, net
|
1,225
|
1,281
|
||||||
Accrued interest receivable
|
7,428
|
7,982
|
||||||
Other assets
|
11,794
|
12,119
|
||||||
Total Assets
|
$
|
1,722,814
|
$
|
1,750,430
|
||||
|
||||||||
Liabilities and Shareholders' Equity
|
||||||||
Deposits:
|
||||||||
Noninterest-bearing demand
|
$
|
249,550
|
$
|
251,617
|
||||
Interest-bearing demand
|
562,222
|
611,677
|
||||||
Savings
|
111,987
|
104,661
|
||||||
Time
|
605,909
|
581,331
|
||||||
Total deposits
|
1,529,668
|
1,549,286
|
||||||
|
||||||||
Short-term borrowings
|
10,925
|
15,500
|
||||||
Accrued interest payable
|
2,457
|
2,488
|
||||||
Senior long-term debt
|
21,306
|
22,774
|
||||||
Junior subordinated debentures
|
14,682
|
14,664
|
||||||
Other liabilities
|
2,577
|
1,735
|
||||||
Total Liabilities
|
1,581,615
|
1,606,447
|
||||||
|
||||||||
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
|
49,844
|
44,464
|
||||||
Accumulated other comprehensive income (loss)
|
(9,720
|
)
|
(1,556
|
)
|
||||
Total Shareholders' Equity
|
141,199
|
143,983
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,722,814
|
$
|
1,750,430
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands, except share data)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Interest Income:
|
||||||||||||||||
Loans (including fees)
|
$
|
15,919
|
$
|
12,826
|
$
|
30,783
|
$
|
25,026
|
||||||||
Deposits with other banks
|
31
|
41
|
116
|
60
|
||||||||||||
Securities (including FHLB stock)
|
3,330
|
3,298
|
6,683
|
6,701
|
||||||||||||
Federal funds sold
|
-
|
2
|
1
|
2
|
||||||||||||
Total Interest Income
|
19,280
|
16,167
|
37,583
|
31,789
|
||||||||||||
|
||||||||||||||||
Interest Expense:
|
||||||||||||||||
Demand deposits
|
2,142
|
1,360
|
4,118
|
2,442
|
||||||||||||
Savings deposits
|
92
|
50
|
174
|
86
|
||||||||||||
Time deposits
|
2,290
|
1,591
|
4,375
|
3,035
|
||||||||||||
Borrowings
|
472
|
374
|
877
|
740
|
||||||||||||
Total Interest Expense
|
4,996
|
3,375
|
9,544
|
6,303
|
||||||||||||
|
||||||||||||||||
Net Interest Income
|
14,284
|
12,792
|
28,039
|
25,486
|
||||||||||||
Less: Provision for loan losses
|
(409
|
)
|
1,302
|
196
|
2,013
|
|||||||||||
Net Interest Income after Provision for Loan Losses
|
14,693
|
11,490
|
27,843
|
23,473
|
||||||||||||
|
||||||||||||||||
Noninterest Income:
|
||||||||||||||||
Service charges, commissions and fees
|
777
|
571
|
1,494
|
1,133
|
||||||||||||
ATM and debit card fees
|
531
|
493
|
1,032
|
967
|
||||||||||||
Net (losses) gains on securities
|
(216
|
)
|
404
|
(206
|
)
|
934
|
||||||||||
Net gains on sale of loans
|
129
|
119
|
131
|
124
|
||||||||||||
Other
|
547
|
410
|
895
|
795
|
||||||||||||
Total Noninterest Income
|
1,768
|
1,997
|
3,346
|
3,953
|
||||||||||||
|
||||||||||||||||
Noninterest Expense:
|
||||||||||||||||
Salaries and employee benefits
|
5,633
|
4,593
|
11,215
|
9,419
|
||||||||||||
Occupancy and equipment expense
|
1,397
|
1,077
|
2,738
|
2,108
|
||||||||||||
Other
|
3,647
|
3,351
|
6,931
|
6,488
|
||||||||||||
Total Noninterest Expense
|
10,677
|
9,021
|
20,884
|
18,015
|
||||||||||||
|
||||||||||||||||
Income Before Income Taxes
|
5,784
|
4,466
|
10,305
|
9,411
|
||||||||||||
Less: Provision for income taxes
|
1,187
|
1,534
|
2,107
|
3,228
|
||||||||||||
Net Income
|
$
|
4,597
|
$
|
2,932
|
$
|
8,198
|
$
|
6,183
|
||||||||
|
||||||||||||||||
Per Common Share:1
|
||||||||||||||||
Earnings
|
$
|
0.52
|
$
|
0.35
|
$
|
0.93
|
$
|
0.74
|
||||||||
Cash dividends paid
|
$
|
0.16
|
$
|
0.15
|
$
|
0.32
|
$
|
0.30
|
||||||||
|
||||||||||||||||
Weighted Average Common Shares Outstanding
|
8,807,175
|
8,441,581
|
8,807,175
|
8,405,702
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Net Income
|
$
|
4,597
|
$
|
2,932
|
$
|
8,198
|
$
|
6,183
|
||||||||
Other comprehensive income:
|
||||||||||||||||
Unrealized (losses) gains on securities:
|
||||||||||||||||
Unrealized holding (losses) gains arising during the period
|
(2,737
|
)
|
2,020
|
(10,540
|
)
|
3,340
|
||||||||||
Reclassification adjustments for gains (losses) included in net income
|
216
|
(404
|
)
|
206
|
(934
|
)
|
||||||||||
Change in unrealized (losses) gains on securities
|
(2,521
|
)
|
1,616
|
(10,334
|
)
|
2,406
|
||||||||||
Tax impact
|
529
|
(550
|
)
|
2,170
|
(818
|
)
|
||||||||||
Other comprehensive (loss) income
|
(1,992
|
)
|
1,066
|
(8,164
|
)
|
1,588
|
||||||||||
Comprehensive Income
|
$
|
2,605
|
$
|
3,998
|
$
|
34
|
$
|
7,771
|
|
Common Stock
$1 Par
|
Surplus
|
Retained
Earnings
|
Accumulated
Other Comprehensive
Income/(Loss)
|
Total
|
|||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
Balance December 31, 2016(1)
|
$
|
8,369
|
$
|
81,000
|
$
|
38,979
|
$
|
(3,999
|
)
|
$
|
124,349
|
|||||||||
Net income
|
-
|
-
|
6,183
|
-
|
6,183
|
|||||||||||||||
Common stock issued in acquisition, 437,751 shares(1)
|
438
|
11,268
|
(1,056
|
)
|
-
|
10,650
|
||||||||||||||
Other comprehensive income
|
-
|
-
|
-
|
1,588
|
1,588
|
|||||||||||||||
Cash dividends on common stock ($0.30 per share)(1)
|
-
|
-
|
(2,498
|
)
|
-
|
(2,498
|
)
|
|||||||||||||
Balance June 30, 2017 (unaudited)
|
$
|
8,807
|
$
|
92,268
|
$
|
41,608
|
$
|
(2,411
|
)
|
$
|
140,272
|
|||||||||
|
||||||||||||||||||||
Balance December 31, 2017
|
$
|
8,807
|
$
|
92,268
|
$
|
44,464
|
$
|
(1,556
|
)
|
$
|
143,983
|
|||||||||
Net income
|
-
|
-
|
8,198
|
-
|
8,198
|
|||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
-
|
(8,164
|
)
|
(8,164
|
)
|
|||||||||||||
Cash dividends on common stock ($0.32 per share)
|
-
|
-
|
(2,818
|
)
|
-
|
(2,818
|
)
|
|||||||||||||
Balance June 30, 2018 (unaudited)
|
$
|
8,807
|
$
|
92,268
|
$
|
49,844
|
$
|
(9,720
|
)
|
$
|
141,199
|
|
Six Months Ended June 30,
|
|||||||
(in thousands)
|
2018
|
2017
|
||||||
Cash Flows From Operating Activities
|
||||||||
Net income
|
$
|
8,198
|
$
|
6,183
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
196
|
2,013
|
||||||
Depreciation and amortization
|
1,383
|
1,098
|
||||||
Amortization/Accretion of investments
|
762
|
875
|
||||||
Gain (loss) on sale/call of securities
|
206
|
(934
|
)
|
|||||
Gain on sale of assets
|
(148
|
)
|
(124
|
)
|
||||
Repossessed asset write downs, gains and losses on dispositions
|
(96
|
)
|
78
|
|||||
FHLB stock dividends
|
(8
|
)
|
(8
|
)
|
||||
Net decrease in loans held for sale
|
669
|
-
|
||||||
Change in other assets and liabilities, net
|
3,609
|
(4,969
|
)
|
|||||
Net Cash Provided By Operating Activities
|
14,771
|
4,212
|
||||||
|
||||||||
Cash Flows From Investing Activities
|
||||||||
Proceeds from maturities and calls of HTM securities
|
5,768
|
5,690
|
||||||
Proceeds from maturities, calls and sales of AFS securities
|
259,964
|
378,895
|
||||||
Funds Invested in AFS securities
|
(237,510
|
)
|
(397,529
|
)
|
||||
Net increase in loans
|
(23,942
|
)
|
(42,858
|
)
|
||||
Purchase of premises and equipment
|
(1,147
|
)
|
(3,735
|
)
|
||||
Proceeds from sales of premises and equipment
|
38
|
-
|
||||||
Proceeds from sales of other real estate owned
|
316
|
233
|
||||||
Cash paid in excess of cash recieved in acquistion
|
-
|
(2,907
|
)
|
|||||
Net Cash Provided By (Used In) Investing Activities
|
3,487
|
(62,211
|
)
|
|||||
|
||||||||
Cash Flows From Financing Activities
|
||||||||
Net (decrease) increase in deposits
|
(19,618
|
)
|
87,244
|
|||||
Net decrease in federal funds purchased and short-term borrowings
|
(4,575
|
)
|
(16,200
|
)
|
||||
Proceeds from long-term borrowings
|
-
|
3,750
|
||||||
Repayment of long-term borrowings
|
(1,471
|
)
|
(1,610
|
)
|
||||
Dividends paid
|
(2,818
|
)
|
(2,498
|
)
|
||||
Net Cash (Used In) Provided By Financing Activities
|
(28,482
|
)
|
70,686
|
|||||
|
||||||||
Net (Decrease) Increase In Cash and Cash Equivalents
|
(10,224
|
)
|
12,687
|
|||||
Cash and Cash Equivalents at the Beginning of the Period
|
38,028
|
18,111
|
||||||
Cash and Cash Equivalents at the End of the Period
|
$
|
27,804
|
$
|
30,798
|
||||
|
||||||||
Noncash Activities:
|
||||||||
Loans transferred to foreclosed assets
|
$
|
164
|
$
|
427
|
||||
Common stock issued in acquistion
|
$
|
-
|
$
|
10,650
|
||||
Cash Paid During The Period:
|
||||||||
Interest on deposits and borrowed funds
|
$
|
9,575
|
$
|
6,169
|
||||
Income taxes
|
$
|
1,500
|
$
|
8,400
|
(in thousands)
|
Premier Bancshares, Inc.
|
|||
Cash and due from banks
|
$
|
4,542
|
||
Federal funds sold
|
2,855
|
|||
Securities available for sale
|
5,892
|
|||
Loans
|
128,018
|
|||
Premises and equipment
|
9,493
|
|||
Goodwill
|
1,474
|
|||
Intangible assets
|
3,809
|
|||
Other real estate
|
221
|
|||
Other assets
|
2,009
|
|||
Total assets acquired
|
$
|
158,313
|
||
Deposits
|
127,228
|
|||
FHLB borrowings
|
9,700
|
|||
Other liabilities
|
431
|
|||
Total liabilities assumed
|
$
|
137,359
|
||
Net assets acquired
|
$
|
20,954
|
(in thousands, except share data)
|
2017
|
|||
Net Interest Income
|
$
|
27,996
|
||
Noninterest Income
|
4,153
|
|||
Noninterest Expense
|
21,928
|
|||
Net Income
|
5,317
|
|||
Earnings per common share
|
$
|
0.60
|
|
June 30, 2018
|
December 31, 2017
|
||||||||||||||||||||||||||||||
(in thousands)
|
Amortized Cost
|
Gross
Unrealized Gains
|
Gross
Unrealized Losses
|
Fair Value
|
Amortized Cost
|
Gross
Unrealized Gains
|
Gross
Unrealized Losses
|
Fair Value
|
||||||||||||||||||||||||
Available-for-sale:
|
||||||||||||||||||||||||||||||||
U.S Treasuries
|
$
|
7,998
|
$
|
-
|
$
|
(1
|
)
|
$
|
7,997
|
$
|
19,490
|
$
|
-
|
$
|
(4
|
)
|
$
|
19,486
|
||||||||||||||
U.S. Government Agencies
|
186,404
|
-
|
(8,638
|
)
|
177,766
|
200,052
|
-
|
(4,069
|
)
|
195,983
|
||||||||||||||||||||||
Corporate debt securities
|
79,150
|
86
|
(3,134
|
)
|
76,102
|
91,770
|
661
|
(946
|
)
|
91,485
|
||||||||||||||||||||||
Mutual funds or other equity securities
|
482
|
-
|
-
|
482
|
500
|
-
|
(7
|
)
|
493
|
|||||||||||||||||||||||
Municipal bonds
|
35,132
|
1,005
|
(314
|
)
|
35,823
|
37,210
|
2,434
|
(75
|
)
|
39,569
|
||||||||||||||||||||||
Collateralized mortgage obligations
|
1,059
|
-
|
(23
|
)
|
1,036
|
1,191
|
-
|
(6
|
)
|
1,185
|
||||||||||||||||||||||
Mortgage-backed securities
|
50,555
|
-
|
(1,285
|
)
|
49,270
|
33,680
|
-
|
(346
|
)
|
33,334
|
||||||||||||||||||||||
Total available-for-sale securities
|
$
|
360,780
|
$
|
1,091
|
$
|
(13,395
|
)
|
$
|
348,476
|
$
|
383,893
|
$
|
3,095
|
$
|
(5,453
|
)
|
$
|
381,535
|
||||||||||||||
|
||||||||||||||||||||||||||||||||
Held-to-maturity:
|
||||||||||||||||||||||||||||||||
U.S. Government Agencies
|
$
|
28,171
|
$
|
-
|
$
|
(1,349
|
)
|
$
|
26,822
|
$
|
28,169
|
$
|
-
|
$
|
(670
|
)
|
$
|
27,499
|
||||||||||||||
Municipal bonds
|
5,262
|
-
|
(145
|
)
|
5,117
|
5,322
|
15
|
(12
|
)
|
5,325
|
||||||||||||||||||||||
Mortgage-backed securities
|
80,611
|
-
|
(2,890
|
)
|
77,721
|
86,630
|
6
|
(903
|
)
|
85,733
|
||||||||||||||||||||||
Total held-to-maturity securities
|
$
|
114,044
|
$
|
-
|
$
|
(4,384
|
)
|
$
|
109,660
|
$
|
120,121
|
$
|
21
|
$
|
(1,585
|
)
|
$
|
118,557
|
|
June 30, 2018
|
|||||||
(in thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Available For Sale:
|
||||||||
Due in one year or less
|
$
|
22,269
|
$
|
22,223
|
||||
Due after one year through five years
|
67,002
|
65,330
|
||||||
Due after five years through 10 years
|
202,914
|
194,006
|
||||||
Over 10 years
|
16,981
|
16,611
|
||||||
Subtotal
|
309,166
|
298,170
|
||||||
Collateralized mortgage obligations
|
1,059
|
1,036
|
||||||
Mortgage-backed securities
|
50,555
|
49,270
|
||||||
Total available-for-sale securities
|
$
|
360,780
|
$
|
348,476
|
||||
|
||||||||
Held to Maturity:
|
||||||||
Due in one year or less
|
$
|
-
|
$
|
-
|
||||
Due after one year through five years
|
5,249
|
5,141
|
||||||
Due after five years through 10 years
|
18,337
|
17,268
|
||||||
Over 10 years
|
9,847
|
9,530
|
||||||
Subtotal
|
33,433
|
31,939
|
||||||
Mortgage-backed securities
|
80,611
|
77,721
|
||||||
Total held to maturity securities
|
$
|
114,044
|
$
|
109,660
|
|
At June 30, 2018
|
|||||||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized Losses
|
|||||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasuries
|
1
|
$
|
2,998
|
$
|
(1
|
)
|
-
|
$
|
-
|
$
|
-
|
1
|
$
|
2,998
|
$
|
(1
|
)
|
|||||||||||||||||||
U.S. Government agencies
|
23
|
49,137
|
(1,723
|
)
|
36
|
128,629
|
(6,915
|
)
|
59
|
177,766
|
(8,638
|
)
|
||||||||||||||||||||||||
Corporate debt securities
|
147
|
45,974
|
(1,627
|
)
|
74
|
22,695
|
(1,507
|
)
|
221
|
68,669
|
(3,134
|
)
|
||||||||||||||||||||||||
Mutual funds or other equity securities
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Municipal bonds
|
25
|
11,091
|
(252
|
)
|
1
|
1,048
|
(62
|
)
|
26
|
12,139
|
(314
|
)
|
||||||||||||||||||||||||
Collateralized mortgage obligations
|
5
|
1,036
|
(23
|
)
|
-
|
-
|
-
|
5
|
1,036
|
(23
|
)
|
|||||||||||||||||||||||||
Mortgage-backed securities
|
42
|
32,761
|
(538
|
)
|
11
|
16,510
|
(747
|
)
|
53
|
49,271
|
(1,285
|
)
|
||||||||||||||||||||||||
Total available-for-sale
|
243
|
$
|
142,997
|
$
|
(4,164
|
)
|
122
|
$
|
168,882
|
$
|
(9,231
|
)
|
365
|
$
|
311,879
|
$
|
(13,395
|
)
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Government agencies
|
4
|
9,629
|
(371
|
)
|
10
|
17,193
|
(978
|
)
|
14
|
26,822
|
(1,349
|
)
|
||||||||||||||||||||||||
Municipal bonds
|
9
|
5,117
|
(145
|
)
|
-
|
-
|
-
|
9
|
5,117
|
(145
|
)
|
|||||||||||||||||||||||||
Mortgage-backed securities
|
38
|
51,050
|
(1,765
|
)
|
18
|
26,671
|
(1,125
|
)
|
56
|
77,721
|
(2,890
|
)
|
||||||||||||||||||||||||
Total held to maturity
|
51
|
$
|
65,796
|
$
|
(2,281
|
)
|
28
|
$
|
43,864
|
$
|
(2,103
|
)
|
79
|
$
|
109,660
|
$
|
(4,384
|
)
|
|
At December 31, 2017
|
|||||||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
12 Months or More
|
Total
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized Losses
|
Number
of Securities
|
Fair Value
|
Gross
Unrealized Losses
|
|||||||||||||||||||||||||||
Available for sale:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasuries
|
6
|
$
|
19,486
|
$
|
(4
|
)
|
-
|
$
|
-
|
$
|
-
|
6
|
$
|
19,486
|
$
|
(4
|
)
|
|||||||||||||||||||
U.S. Government agencies
|
30
|
62,991
|
(519
|
)
|
36
|
132,992
|
(3,550
|
)
|
66
|
195,983
|
(4,069
|
)
|
||||||||||||||||||||||||
Corporate debt securities
|
56
|
19,050
|
(240
|
)
|
70
|
22,818
|
(706
|
)
|
126
|
41,868
|
(946
|
)
|
||||||||||||||||||||||||
Mutual funds or other equity securities
|
1
|
493
|
(7
|
)
|
-
|
-
|
-
|
1
|
493
|
(7
|
)
|
|||||||||||||||||||||||||
Municipal bonds
|
9
|
4,431
|
(36
|
)
|
1
|
1,079
|
(39
|
)
|
10
|
5,510
|
(75
|
)
|
||||||||||||||||||||||||
Collateralized mortgage obligations
|
4
|
936
|
(6
|
)
|
-
|
-
|
-
|
4
|
936
|
(6
|
)
|
|||||||||||||||||||||||||
Mortgage-backed securities
|
26
|
14,737
|
(73
|
)
|
11
|
18,313
|
(273
|
)
|
37
|
33,050
|
(346
|
)
|
||||||||||||||||||||||||
Total available for sale
|
132
|
$
|
122,124
|
$
|
(885
|
)
|
118
|
$
|
175,202
|
$
|
(4,568
|
)
|
250
|
$
|
297,326
|
$
|
(5,453
|
)
|
||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Held to maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Government agencies
|
4
|
$
|
9,925
|
$
|
(75
|
)
|
10
|
$
|
17,574
|
$
|
(595
|
)
|
14
|
$
|
27,499
|
$
|
(670
|
)
|
||||||||||||||||||
Municipal bonds
|
6
|
3,191
|
(12
|
)
|
-
|
-
|
-
|
6
|
3,191
|
(12
|
)
|
|||||||||||||||||||||||||
Mortgage-backed securities
|
35
|
54,186
|
(515
|
)
|
17
|
26,852
|
(388
|
)
|
52
|
81,038
|
(903
|
)
|
||||||||||||||||||||||||
Total held to maturity
|
45
|
$
|
67,302
|
$
|
(602
|
)
|
27
|
$
|
44,426
|
$
|
(983
|
)
|
72
|
$
|
111,728
|
$
|
(1,585
|
)
|
(in thousands)
|
Six Months Ended June 30, 2018
|
Six Months Ended June 30, 2017
|
||||||
Beginning balance of credit losses at end of prior year
|
$
|
60
|
$
|
60
|
||||
Other-than-temporary impairment credit losses on securities not previously OTTI
|
-
|
-
|
||||||
Increases for additional credit losses on securities previously determined to be OTTI
|
-
|
-
|
||||||
Reduction for increases in cash flows
|
-
|
-
|
||||||
Reduction due to credit impaired securities sold or fully settled
|
-
|
-
|
||||||
Ending balance of cumulative credit losses recognized in earnings at end of period
|
$
|
60
|
$
|
60
|
|
At June 30, 2018
|
|||||||
(in thousands)
|
Amortized Cost
|
Fair Value
|
||||||
Federal Home Loan Bank (FHLB)
|
$
|
49,396
|
$
|
47,103
|
||||
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)
|
58,625
|
56,980
|
||||||
Federal National Mortgage Association (Fannie Mae-FNMA)
|
110,447
|
105,998
|
||||||
Federal Farm Credit Bank (FFCB)
|
127,273
|
121,498
|
||||||
Total
|
$
|
345,741
|
$
|
331,579
|
|
June 30, 2018
|
December 31, 2017
|
||||||||||||||
(in thousands except for %)
|
Balance
|
As % of Category
|
Balance
|
As % of Category
|
||||||||||||
Real Estate:
|
||||||||||||||||
Construction & land development
|
$
|
91,654
|
7.8
|
%
|
$
|
112,603
|
9.8
|
%
|
||||||||
Farmland
|
24,448
|
2.1
|
%
|
25,691
|
2.2
|
%
|
||||||||||
1- 4 Family
|
164,841
|
14.0
|
%
|
158,733
|
13.8
|
%
|
||||||||||
Multifamily
|
43,118
|
3.6
|
%
|
16,840
|
1.4
|
%
|
||||||||||
Non-farm non-residential
|
569,559
|
48.4
|
%
|
530,293
|
46.1
|
%
|
||||||||||
Total Real Estate
|
893,620
|
75.9
|
%
|
844,160
|
73.3
|
%
|
||||||||||
Non-Real Estate:
|
||||||||||||||||
Agricultural
|
26,517
|
2.3
|
%
|
21,514
|
1.9
|
%
|
||||||||||
Commercial and industrial
|
200,349
|
17.0
|
%
|
230,638
|
20.0
|
%
|
||||||||||
Consumer and other
|
56,458
|
4.8
|
%
|
55,185
|
4.8
|
%
|
||||||||||
Total Non-Real Estate
|
283,324
|
24.1
|
%
|
307,337
|
26.7
|
%
|
||||||||||
Total loans before unearned income
|
1,176,944
|
100.0
|
%
|
1,151,497
|
100.0
|
%
|
||||||||||
Unearned income
|
(2,803
|
)
|
(2,483
|
)
|
||||||||||||
Total loans net of unearned income
|
$
|
1,174,141
|
$
|
1,149,014
|
|
June 30, 2018
|
December 31, 2017
|
||||||||||||||||||||||
(in thousands)
|
Fixed
|
Floating
|
Total
|
Fixed
|
Floating
|
Total
|
||||||||||||||||||
One year or less
|
$
|
129,994
|
$
|
83,238
|
$
|
213,232
|
$
|
89,383
|
$
|
75,361
|
$
|
164,744
|
||||||||||||
More than one to five years
|
373,546
|
228,814
|
602,360
|
390,333
|
251,135
|
641,468
|
||||||||||||||||||
More than five to 15 years
|
129,436
|
75,821
|
205,257
|
124,215
|
70,273
|
194,488
|
||||||||||||||||||
Over 15 years
|
76,320
|
70,806
|
147,126
|
70,366
|
67,881
|
138,247
|
||||||||||||||||||
Subtotal
|
$
|
709,296
|
$
|
458,679
|
1,167,975
|
$
|
674,297
|
$
|
464,650
|
1,138,947
|
||||||||||||||
Nonaccrual loans
|
8,969
|
12,550
|
||||||||||||||||||||||
Total loans before unearned income
|
1,176,944
|
1,151,497
|
||||||||||||||||||||||
Unearned income
|
(2,803
|
)
|
(2,483
|
)
|
||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,174,141
|
$
|
1,149,014
|
|
As of June 30, 2018
|
|||||||||||||||||||||||
(in thousands)
|
30-89 Days Past Due
|
90 Days or Greater
|
Total Past Due
|
Current
|
Total Loans
|
Recorded Investment
90 Days Accruing
|
||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
160
|
$
|
326
|
$
|
486
|
$
|
91,168
|
$
|
91,654
|
$
|
-
|
||||||||||||
Farmland
|
3,585
|
638
|
4,223
|
20,225
|
24,448
|
-
|
||||||||||||||||||
1 - 4 family
|
1,183
|
2,278
|
3,461
|
161,380
|
164,841
|
28
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
43,118
|
43,118
|
-
|
||||||||||||||||||
Non-farm non-residential
|
6,821
|
3,821
|
10,642
|
558,917
|
569,559
|
-
|
||||||||||||||||||
Total Real Estate
|
11,749
|
7,063
|
18,812
|
874,808
|
893,620
|
28
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
-
|
1,360
|
1,360
|
25,157
|
26,517
|
-
|
||||||||||||||||||
Commercial and industrial
|
402
|
573
|
975
|
199,374
|
200,349
|
226
|
||||||||||||||||||
Consumer and other
|
237
|
227
|
464
|
55,994
|
56,458
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
639
|
2,160
|
2,799
|
280,525
|
283,324
|
226
|
||||||||||||||||||
Total loans before unearned income
|
$
|
12,388
|
$
|
9,223
|
$
|
21,611
|
$
|
1,155,333
|
$
|
1,176,944
|
$
|
254
|
||||||||||||
Unearned income
|
(2,803
|
)
|
||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,174,141
|
|
As of December 31, 2017
|
|||||||||||||||||||||||
(in thousands)
|
30-89 Days Past Due
|
90 Days or Greater
|
Total Past Due
|
Current
|
Total Loans
|
Recorded Investment
90 Days Accruing
|
||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
95
|
$
|
371
|
$
|
466
|
$
|
112,137
|
$
|
112,603
|
$
|
-
|
||||||||||||
Farmland
|
175
|
65
|
240
|
25,451
|
25,691
|
-
|
||||||||||||||||||
1 - 4 family
|
1,481
|
1,953
|
3,434
|
155,299
|
158,733
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
16,840
|
16,840
|
-
|
||||||||||||||||||
Non-farm non-residential
|
1,006
|
3,758
|
4,764
|
525,529
|
530,293
|
-
|
||||||||||||||||||
Total Real Estate
|
2,757
|
6,147
|
8,904
|
835,256
|
844,160
|
-
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
239
|
1,537
|
1,776
|
19,738
|
21,514
|
41
|
||||||||||||||||||
Commercial and industrial
|
630
|
5,624
|
6,254
|
224,384
|
230,638
|
798
|
||||||||||||||||||
Consumer and other
|
463
|
81
|
544
|
54,641
|
55,185
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
1,332
|
7,242
|
8,574
|
298,763
|
307,337
|
839
|
||||||||||||||||||
Total loans before unearned income
|
$
|
4,089
|
$
|
13,389
|
$
|
17,478
|
$
|
1,134,019
|
$
|
1,151,497
|
$
|
839
|
||||||||||||
Unearned income
|
(2,483
|
)
|
||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,149,014
|
(in thousands)
|
As of June 30, 2018
|
As of December 31, 2017
|
||||||
Real Estate:
|
||||||||
Construction & land development
|
$
|
326
|
$
|
371
|
||||
Farmland
|
638
|
65
|
||||||
1 - 4 family
|
2,250
|
1,953
|
||||||
Multifamily
|
-
|
-
|
||||||
Non-farm non-residential
|
3,821
|
3,758
|
||||||
Total Real Estate
|
7,035
|
6,147
|
||||||
Non-Real Estate:
|
||||||||
Agricultural
|
1,360
|
1,496
|
||||||
Commercial and industrial
|
347
|
4,826
|
||||||
Consumer and other
|
227
|
81
|
||||||
Total Non-Real Estate
|
1,934
|
6,403
|
||||||
Total Nonaccrual Loans
|
$
|
8,969
|
$
|
12,550
|
|
As of June 30, 2018
|
As of December 31, 2017
|
||||||||||||||||||||||||||||||||||||||
(in thousands)
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
88,587
|
$
|
129
|
$
|
2,938
|
$
|
-
|
$
|
91,654
|
$
|
108,200
|
$
|
125
|
$
|
4,278
|
$
|
-
|
$
|
112,603
|
||||||||||||||||||||
Farmland
|
20,186
|
3,582
|
680
|
-
|
24,448
|
25,030
|
569
|
92
|
-
|
25,691
|
||||||||||||||||||||||||||||||
1 - 4 family
|
154,371
|
2,105
|
8,365
|
-
|
164,841
|
149,426
|
1,856
|
7,451
|
-
|
158,733
|
||||||||||||||||||||||||||||||
Multifamily
|
36,340
|
-
|
6,778
|
-
|
43,118
|
9,366
|
639
|
6,835
|
-
|
16,840
|
||||||||||||||||||||||||||||||
Non-farm non-residential
|
543,734
|
6,107
|
19,177
|
541
|
569,559
|
510,494
|
2,490
|
17,309
|
-
|
530,293
|
||||||||||||||||||||||||||||||
Total Real Estate
|
843,218
|
11,923
|
37,938
|
541
|
893,620
|
802,516
|
5,679
|
35,965
|
-
|
844,160
|
||||||||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Agricultural
|
23,729
|
105
|
2,683
|
-
|
26,517
|
19,050
|
995
|
1,469
|
-
|
21,514
|
||||||||||||||||||||||||||||||
Commercial and industrial
|
195,250
|
220
|
4,879
|
-
|
200,349
|
201,722
|
19,187
|
5,169
|
4,560
|
230,638
|
||||||||||||||||||||||||||||||
Consumer and other
|
56,085
|
148
|
225
|
-
|
56,458
|
48,225
|
68
|
6,892
|
-
|
55,185
|
||||||||||||||||||||||||||||||
Total Non-Real Estate
|
275,064
|
473
|
7,787
|
-
|
283,324
|
268,997
|
20,250
|
13,530
|
4,560
|
307,337
|
||||||||||||||||||||||||||||||
Total loans before unearned income
|
$
|
1,118,282
|
$
|
12,396
|
$
|
45,725
|
$
|
541
|
$
|
1,176,944
|
$
|
1,071,513
|
$
|
25,929
|
$
|
49,495
|
$
|
4,560
|
$
|
1,151,497
|
||||||||||||||||||||
Unearned income
|
(2,803
|
)
|
(2,483
|
)
|
||||||||||||||||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,174,141
|
$
|
1,149,014
|
(in thousands)
|
As of June 30, 2018
|
As of December 31, 2017
|
||||||
Real Estate:
|
||||||||
Construction & land development
|
$
|
-
|
$
|
1,135
|
||||
Farmland
|
5
|
8
|
||||||
1 - 4 family
|
51
|
50
|
||||||
Multifamily
|
-
|
-
|
||||||
Non-farm non-residential
|
2,365
|
2,148
|
||||||
Total Real Estate
|
2,421
|
3,341
|
||||||
Non-Real Estate:
|
||||||||
Agricultural
|
-
|
-
|
||||||
Commercial and industrial
|
926
|
1,017
|
||||||
Consumer and other
|
-
|
-
|
||||||
Total Non-Real Estate
|
926
|
1,017
|
||||||
Total
|
$
|
3,347
|
$
|
4,358
|
(in thousands)
|
Six Months Ended June 30, 2018
|
Six Months Ended June 30, 2017
|
||||||
Balance, beginning of period
|
$
|
1,031
|
$
|
-
|
||||
Acquisition accretable yield
|
-
|
1,261
|
||||||
Accretion
|
(311
|
)
|
(13
|
)
|
||||
Net transfers from nonaccretable difference to accretable yield
|
-
|
-
|
||||||
Balance, end of period
|
$
|
720
|
$
|
1,248
|
|
For the Six Months Ended June 30,
|
|||||||||||||||||||||||||||||||||||||||
|
2018
|
2017
|
||||||||||||||||||||||||||||||||||||||
(in thousands)
|
Beginning
Allowance
(12/31/2017)
|
Charge-offs
|
Recoveries
|
Provision
|
Ending
Allowance
(6/30/2018)
|
Beginning
Allowance
(12/31/2016)
|
Charge-offs
|
Recoveries
|
Provision
|
Ending
Allowance
(6/30/2017)
|
||||||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
628
|
$
|
-
|
$
|
3
|
$
|
-
|
$
|
631
|
$
|
1,232
|
$
|
-
|
$
|
1
|
$
|
(307
|
)
|
$
|
926
|
|||||||||||||||||||
Farmland
|
5
|
-
|
-
|
24
|
29
|
19
|
-
|
-
|
(13
|
)
|
6
|
|||||||||||||||||||||||||||||
1 - 4 family
|
1,078
|
(97
|
)
|
84
|
(160
|
)
|
905
|
1,204
|
(1
|
)
|
25
|
(190
|
)
|
1,038
|
||||||||||||||||||||||||||
Multifamily
|
994
|
-
|
20
|
384
|
1,398
|
591
|
-
|
20
|
(235
|
)
|
376
|
|||||||||||||||||||||||||||||
Non-farm non-residential
|
2,811
|
-
|
51
|
1,813
|
4,675
|
3,451
|
(653
|
)
|
7
|
652
|
3,457
|
|||||||||||||||||||||||||||||
Total real estate
|
5,516
|
(97
|
)
|
158
|
2,061
|
7,638
|
6,497
|
(654
|
)
|
53
|
(93
|
)
|
5,803
|
|||||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||||||||||
Agricultural
|
187
|
(49
|
)
|
12
|
374
|
524
|
74
|
(33
|
)
|
8
|
33
|
82
|
||||||||||||||||||||||||||||
Commercial and industrial
|
2,377
|
(102
|
)
|
1,615
|
(1,912
|
)
|
1,978
|
3,543
|
(88
|
)
|
12
|
1,730
|
5,197
|
|||||||||||||||||||||||||||
Consumer and other
|
1,125
|
(285
|
)
|
97
|
(324
|
)
|
613
|
972
|
(997
|
)
|
150
|
371
|
496
|
|||||||||||||||||||||||||||
Unallocated
|
20
|
-
|
-
|
(3
|
)
|
17
|
28
|
-
|
-
|
(28
|
)
|
-
|
||||||||||||||||||||||||||||
Total Non-Real Estate
|
3,709
|
(436
|
)
|
1,724
|
(1,865
|
)
|
3,132
|
4,617
|
(1,118
|
)
|
170
|
2,106
|
5,775
|
|||||||||||||||||||||||||||
Total
|
$
|
9,225
|
$
|
(533
|
)
|
$
|
1,882
|
$
|
196
|
$
|
10,770
|
$
|
11,114
|
$
|
(1,772
|
)
|
$
|
223
|
$
|
2,013
|
$
|
11,578
|
|
As of June 30, 2018
|
|||||||||||||||||||||||||||||||
(in thousands)
|
Allowance
Individually
Evaluated
for Impairment
|
Allowance Individually Evaluated for Purchased Credit-Impairment
|
Allowance
Collectively Evaluated
for Impairment
|
Total Allowance
for Credit Losses
|
Loans
Individually
Evaluated
for Impairment
|
Loans Individually Evaluated for Purchased Credit-Impairment
|
Loans
Collectively
Evaluated
for Impairment
|
Total Loans
before
Unearned Income
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
42
|
$
|
-
|
$
|
589
|
$
|
631
|
$
|
316
|
$
|
-
|
$
|
91,338
|
$
|
91,654
|
||||||||||||||||
Farmland
|
-
|
-
|
29
|
29
|
-
|
5
|
24,443
|
24,448
|
||||||||||||||||||||||||
1 - 4 family
|
-
|
-
|
905
|
905
|
631
|
51
|
164,159
|
164,841
|
||||||||||||||||||||||||
Multifamily
|
-
|
-
|
1,398
|
1,398
|
-
|
-
|
43,118
|
43,118
|
||||||||||||||||||||||||
Non-farm non-residential
|
1,717
|
-
|
2,958
|
4,675
|
7,849
|
2,365
|
559,345
|
569,559
|
||||||||||||||||||||||||
Total Real Estate
|
1,759
|
-
|
5,879
|
7,638
|
8,796
|
2,421
|
882,403
|
893,620
|
||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||
Agricultural
|
145
|
-
|
379
|
524
|
1,750
|
-
|
24,767
|
26,517
|
||||||||||||||||||||||||
Commercial and industrial
|
150
|
-
|
1,828
|
1,978
|
1,114
|
926
|
198,309
|
200,349
|
||||||||||||||||||||||||
Consumer and other
|
-
|
-
|
613
|
613
|
-
|
-
|
56,458
|
56,458
|
||||||||||||||||||||||||
Unallocated
|
-
|
-
|
17
|
17
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total Non-Real Estate
|
295
|
-
|
2,837
|
3,132
|
2,864
|
926
|
279,534
|
283,324
|
||||||||||||||||||||||||
Total
|
$
|
2,054
|
$
|
-
|
$
|
8,716
|
$
|
10,770
|
$
|
11,660
|
$
|
3,347
|
$
|
1,161,937
|
$
|
1,176,944
|
||||||||||||||||
Unearned Income
|
(2,803
|
)
|
||||||||||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,174,141
|
|
As of December 31, 2017
|
|||||||||||||||||||||||||||||||
(in thousands)
|
Allowance
Individually
Evaluated
for Impairment
|
Allowance Individually Evaluated for Purchased Credit-Impairment
|
Allowance
Collectively Evaluated
for Impairment
|
Total Allowance
for Credit Losses
|
Loans
Individually
Evaluated
for Impairment
|
Loans Individually Evaluated for Purchased Credit-Impairment
|
Loans
Collectively
Evaluated
for Impairment
|
Total Loans
before
Unearned Income
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
-
|
$
|
-
|
$
|
628
|
$
|
628
|
$
|
-
|
$
|
1,135
|
$
|
111,468
|
$
|
112,603
|
||||||||||||||||
Farmland
|
-
|
-
|
5
|
5
|
-
|
8
|
25,683
|
25,691
|
||||||||||||||||||||||||
1 - 4 family
|
-
|
-
|
1,078
|
1,078
|
-
|
50
|
158,683
|
158,733
|
||||||||||||||||||||||||
Multifamily
|
-
|
-
|
994
|
994
|
-
|
-
|
16,840
|
16,840
|
||||||||||||||||||||||||
Non-farm non-residential
|
236
|
-
|
2,575
|
2,811
|
8,990
|
2,148
|
519,155
|
530,293
|
||||||||||||||||||||||||
Total Real Estate
|
236
|
-
|
5,280
|
5,516
|
8,990
|
3,341
|
831,829
|
844,160
|
||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||
Agricultural
|
66
|
-
|
121
|
187
|
861
|
-
|
20,653
|
21,514
|
||||||||||||||||||||||||
Commercial and industrial
|
565
|
-
|
1,812
|
2,377
|
5,731
|
1,017
|
223,890
|
230,638
|
||||||||||||||||||||||||
Consumer and other
|
-
|
-
|
1,125
|
1,125
|
-
|
-
|
55,185
|
55,185
|
||||||||||||||||||||||||
Unallocated
|
-
|
-
|
20
|
20
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total Non-Real Estate
|
631
|
-
|
3,078
|
3,709
|
6,592
|
1,017
|
299,728
|
307,337
|
||||||||||||||||||||||||
Total
|
$
|
867
|
$
|
-
|
$
|
8,358
|
$
|
9,225
|
$
|
15,582
|
$
|
4,358
|
$
|
1,131,557
|
$
|
1,151,497
|
||||||||||||||||
Unearned Income
|
(2,483
|
)
|
||||||||||||||||||||||||||||||
Total loans net of unearned income
|
$
|
1,149,014
|
|
As of June 30, 2018
|
|||||||||||||||||||||||
(in thousands)
|
Recorded
Investment
|
Unpaid
Principal Balance
|
Related
Allowance
|
Average
Recorded Investment
|
Interest Income
Recognized
|
Interest Income
Cash Basis
|
||||||||||||||||||
Impaired Loans with no related allowance:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
631
|
631
|
-
|
620
|
14
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
541
|
541
|
-
|
541
|
16
|
18
|
||||||||||||||||||
Total Real Estate
|
1,172
|
1,172
|
-
|
1,161
|
30
|
18
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
300
|
435
|
-
|
770
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
300
|
435
|
-
|
770
|
-
|
-
|
||||||||||||||||||
Total Impaired Loans with no related allowance
|
1,472
|
1,607
|
-
|
1,931
|
30
|
18
|
||||||||||||||||||
|
||||||||||||||||||||||||
Impaired Loans with an allowance recorded:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
5,999
|
6,352
|
1,714
|
6,135
|
67
|
69
|
||||||||||||||||||
Total Real Estate
|
5,999
|
6,352
|
1,714
|
6,135
|
67
|
69
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
1,450
|
1,499
|
145
|
1,491
|
26
|
-
|
||||||||||||||||||
Commercial and industrial
|
1,114
|
1,114
|
150
|
1,138
|
36
|
33
|
||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
2,564
|
2,613
|
295
|
2,629
|
62
|
33
|
||||||||||||||||||
Total Impaired Loans with an allowance recorded
|
8,563
|
8,965
|
2,009
|
8,764
|
129
|
102
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total Impaired Loans
|
$
|
10,035
|
$
|
10,572
|
$
|
2,009
|
$
|
10,695
|
$
|
159
|
$
|
120
|
|
As of December 31, 2017
|
|||||||||||||||||||||||
(in thousands)
|
Recorded
Investment
|
Unpaid
Principal Balance
|
Related
Allowance
|
Average
Recorded Investment
|
Interest Income
Recognized
|
Interest Income
Cash Basis
|
||||||||||||||||||
Impaired Loans with no related allowance:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
5,771
|
5,771
|
-
|
5,933
|
248
|
279
|
||||||||||||||||||
Total Real Estate
|
5,771
|
5,771
|
-
|
5,933
|
248
|
279
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Impaired Loans with no related allowance
|
5,771
|
5,771
|
-
|
5,933
|
248
|
279
|
||||||||||||||||||
|
||||||||||||||||||||||||
Impaired Loans with an allowance recorded:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Construction & land development
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
1 - 4 family
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Non-farm non-residential
|
3,219
|
3,570
|
236
|
3,555
|
183
|
127
|
||||||||||||||||||
Total Real Estate
|
3,219
|
3,570
|
236
|
3,555
|
183
|
127
|
||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||
Agricultural
|
861
|
920
|
66
|
1,117
|
70
|
17
|
||||||||||||||||||
Commercial and industrial
|
5,731
|
9,062
|
565
|
8,121
|
65
|
84
|
||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total Non-Real Estate
|
6,592
|
9,982
|
631
|
9,238
|
135
|
101
|
||||||||||||||||||
Total Impaired Loans with an allowance recorded
|
9,811
|
13,552
|
867
|
12,793
|
318
|
228
|
||||||||||||||||||
|
||||||||||||||||||||||||
Total Impaired Loans
|
$
|
15,582
|
$
|
19,323
|
$
|
867
|
$
|
18,726
|
$
|
566
|
$
|
507
|
|
June 30, 2018
|
December 31, 2017
|
||||||||||||||||||||||||||||||
|
Accruing Loans
|
Accruing Loans
|
||||||||||||||||||||||||||||||
(in thousands)
|
Current
|
30-89 Days
Past Due
|
Nonaccrual
|
Total TDRs
|
Current
|
30-89 Days
Past Due
|
Nonaccrual
|
Total TDRs
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
-
|
$
|
-
|
$
|
316
|
$
|
316
|
$
|
-
|
$
|
-
|
$
|
334
|
$
|
334
|
||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
1-4 Family
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Non-farm non residential
|
1,310
|
-
|
-
|
1,310
|
2,138
|
-
|
-
|
2,138
|
||||||||||||||||||||||||
Total Real Estate
|
1,310
|
-
|
316
|
1,626
|
2,138
|
-
|
334
|
2,472
|
||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total Non-Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Total
|
$
|
1,310
|
$
|
-
|
$
|
316
|
$
|
1,626
|
$
|
2,138
|
$
|
-
|
$
|
334
|
$
|
2,472
|
|
Troubled Debt Restructured Loans Activity
Six Months Ended June 30, 2018
|
|||||||||||||||||||||||||||||||||||
(in thousands)
|
Beginning balance
December 31, 2017
|
New TDRs
|
Charge-offs
post-modification
|
Transferred to ORE
|
Paydowns
|
Construction to
permanent financing
|
Restructured
to market terms
|
Other adjustments
|
Ending balance
June 30, 2018
|
|||||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||||||||||||||
Construction & land development
|
$
|
334
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(18
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
316
|
|||||||||||||||||
Farmland
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
1 - 4 family
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Multifamily
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Non-farm non-residential
|
2,138
|
-
|
-
|
-
|
(828
|
)
|
-
|
-
|
-
|
1,310
|
||||||||||||||||||||||||||
Total Real Estate
|
2,472
|
-
|
-
|
-
|
(846
|
)
|
-
|
-
|
-
|
1,626
|
||||||||||||||||||||||||||
Non-Real Estate:
|
||||||||||||||||||||||||||||||||||||
Agricultural
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Commercial and industrial
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Consumer and other
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Total Non-Real Estate
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Total
|
$
|
2,472
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(846
|
)
|
$
|
-
|
$
|
-
|
-
|
$
|
1,626
|
(in thousands)
|
June 30, 2018
|
December 31, 2017
|
||||||
Real Estate Owned Acquired by Foreclosure:
|
||||||||
Residential
|
$
|
164
|
$
|
23
|
||||
Construction & land development
|
250
|
304
|
||||||
Non-farm non-residential
|
811
|
954
|
||||||
Total Other Real Estate Owned and Foreclosed Property
|
$
|
1,225
|
$
|
1,281
|
(in thousands)
|
June 30, 2018
|
December 31, 2017
|
||||||
Commitments to Extend Credit
|
$
|
79,188
|
$
|
78,125
|
||||
Unfunded Commitments under lines of credit
|
$
|
112,579
|
$
|
101,344
|
||||
Commercial and Standby letters of credit
|
$
|
8,448
|
$
|
7,886
|
(in thousands)
|
June 30, 2018
|
December 31, 2017
|
||||||
Available for Sale Securities Fair Value Measurements Using:
|
||||||||
Level 1: Quoted Prices in Active Markets For Identical Assets
|
$
|
8,479
|
$
|
19,980
|
||||
Level 2: Significant Other Observable Inputs
|
335,176
|
355,022
|
||||||
Level 3: Significant Unobservable Inputs
|
4,821
|
6,533
|
||||||
Securities available for sale measured at fair value
|
$
|
348,476
|
$
|
381,535
|
Level 3 Changes
|
||||
(in thousands)
|
June 30, 2018
|
|||
Balance, beginning of year
|
$
|
6,533
|
||
Total gains or losses (realized/unrealized):
|
||||
Included in earnings
|
15
|
|||
Included in other comprehensive income
|
(36
|
)
|
||
Purchases, sales, issuances and settlements, net
|
(1,899
|
)
|
||
Transfers in and/or out of Level 3
|
208
|
|||
Balance as of end of period
|
$
|
4,821
|
(in thousands)
|
At June 30, 2018
|
At December 31, 2017
|
||||||
Impaired Loans - Fair Value Measurements Using:
|
||||||||
Level 1: Quoted Prices in Active Markets For Identical Assets
|
$
|
-
|
$
|
-
|
||||
Level 2: Significant Other Observable Inputs
|
-
|
-
|
||||||
Level 3: Significant Unobservable Inputs
|
6,855
|
12,003
|
||||||
Impaired loans measured at fair value
|
$
|
6,855
|
$
|
12,003
|
||||
|
||||||||
Other Real Estate Owned - Fair Value Measurements Using:
|
||||||||
Level 1: Quoted Prices in Active Markets For Identical Assets
|
$
|
-
|
$
|
-
|
||||
Level 2: Significant Other Observable Inputs
|
1,225
|
1,249
|
||||||
Level 3: Significant Unobservable Inputs
|
-
|
32
|
||||||
Other real estate owned measured at fair value
|
$
|
1,225
|
$
|
1,281
|
|
June 30, 2018
|
December 31, 2017
|
||||||||||||||
(in thousands)
|
Carrying Value
|
Estimated Fair Value
|
Carrying Value
|
Estimated Fair Value
|
||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
$
|
27,804
|
$
|
27,804
|
$
|
38,028
|
$
|
38,028
|
||||||||
Securities, available for sale
|
348,476
|
348,476
|
381,535
|
381,535
|
||||||||||||
Securities, held to maturity
|
114,044
|
109,659
|
120,121
|
118,557
|
||||||||||||
Federal Home Loan Bank stock
|
2,359
|
2,359
|
2,351
|
2,351
|
||||||||||||
Loans held for sale
|
639
|
703
|
1,308
|
1,439
|
||||||||||||
Loans, net
|
1,163,371
|
1,145,597
|
1,139,789
|
1,133,868
|
||||||||||||
Accrued interest receivable
|
7,428
|
7,428
|
7,982
|
7,982
|
||||||||||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Deposits
|
$
|
1,529,668
|
$
|
1,526,834
|
$
|
1,549,286
|
$
|
1,549,449
|
||||||||
Borrowings
|
32,231
|
32,248
|
38,274
|
38,294
|
||||||||||||
Junior subordinated debentures
|
14,682
|
14,429
|
14,664
|
14,324
|
||||||||||||
Accrued interest payable
|
2,457
|
2,457
|
2,488
|
2,488
|
● |
Total assets were $1.7 billion at June 30, 2018 and $1.8 billion at December 31, 2017. Total loans were $1.2 billion at June 30, 2018, an increase of $25.1 million, or 2.2%, compared with December 31, 2017. Total deposits were $1.5 billion at June 30, 2018, a decrease of $19.6 million compared with December 31, 2017. Retained earnings was $49.8 million at June 30, 2018, an increase of $5.4 million compared to $44.5 million at December 31, 2017. Shareholders' equity was $141.2 million and $144.0 million at June 30, 2018 and December 31, 2017, respectively.
|
● |
Net income for the second quarter of 2018 and 2017 was $4.6 million and $2.9 million, respectively. Net income for the six months ended June 30, 2018 was $8.2 million compared to $6.2 million for the six months ended June 30, 2017.
|
● |
Earnings per common share were $0.52 and $0.35 for the second quarter of 2018 and 2017, respectively, and $0.93 and $0.74 for the six months ended June 30, 2018 and 2017, respectively. Total weighted average shares outstanding were 8,807,175 and 8,441,581 for the second quarter of 2018 and 2017, respectively, and 8,807,175 and 8,405,702 for the six months ended June 30, 2018 and 2017, respectively.
|
● |
Net interest income for the second quarter of 2018 was $14.3 million compared to $12.8 million for the same period in 2017. Net interest income for the six months ended June 30, 2018 was $28.0 million compared to $25.5 million for the same period in 2017.
|
● |
The provision for loan losses for the second quarter of 2018 was a credit of $0.4 million compared to a provision of $1.3 million for the same period in 2017. The provision for loan losses for the six months ended June 30, 2018 was $0.2 million compared to $2.0 million for the same period in 2017. First Guaranty received a $3.6 million negotiated payment in settlement of a commercial and industrial non-accrual loan on May 9, 2018. The payment resulted in a recovery of $1.6 million. The recovery impacted the allowance for loan losses and the end result was a negative provision for loan losses in the second quarter of 2018.
|
● |
The net interest margin for the three months ended June 30, 2018 was 3.44% which was an increase of 11 basis points from the net interest margin of 3.33% for the same period in 2017. The net interest margin for the first six months of 2018 was 3.38% which was an increase of four basis points from the net interest margin of 3.34% for the first six months of 2017. First Guaranty attributed the increase in the net interest margin to a rise in interest income associated with loans and the change in balance sheet composition between higher yielding loans versus lower yielding securities. Loans as a percentage of average interest earning assets increased to 68.6% at June 30, 2018 compared to 64.4% at June 30, 2017.
|
● |
Investment securities totaled $462.5 million at June 30, 2018, a decrease of $39.1 million when compared to $501.7 million at December 31, 2017. First Guaranty sold investment securities in order to fund loan growth, fund a seasonal decrease in public fund deposits and reduce interest rate risk. First Guaranty recognized a loss on sale of securities of $0.2 million in the second quarter of 2018. At June 30, 2018, available for sale securities, at fair value, totaled $348.5 million, a decrease of $33.1 million when compared to $381.5 million at December 31, 2017. At June 30, 2018, held-to-maturity securities, at amortized cost, totaled $114.0 million, a decrease of $6.1 million when compared to $120.1 million at December 31, 2017.
|
● |
Total loans net of unearned income were $1.2 billion at June 30, 2018 compared to $1.1 billion at December 31, 2017. The net loan portfolio at June 30, 2018 totaled $1.2 billion, a net increase of $23.6 million from the December 31, 2017 net loan portfolio balance of $1.1 billion. Total loans net of unearned income are reduced by the allowance for loan losses which totaled $10.8 million at June 30, 2018 and $9.2 million at December 31, 2017, respectively.
|
● |
Total impaired loans decreased $5.6 million to $11.7 million at June 30, 2018 compared to $15.6 million at December 31, 2017. Impaired loans decreased $4.4 million during the second quarter of 2018 from $14.4 million at March 31, 2018.
|
● |
Nonaccrual loans decreased $3.6 million to $9.0 million at June 30, 2018 compared to $12.6 million at December 31, 2017. Nonaccrual loans decreased $1.5 million during the second quarter of 2018 from $10.5 million at March 31, 2018. The largest decrease in nonaccrual loans occurred as a result of the $3.6 million negotiated payment associated with a nonaccrual syndicated loan related to the oil and gas industry. This loan was impaired and rated as doubtful.
|
● |
The allowance for loan losses was 0.92% of loans at June 30, 2018 compared to 0.80% at December 31, 2017. The allowance for loan losses as a percentage of total loans was 1.01% prior to the inclusion of the acquired loans from Premier.
|
● |
Return on average assets for the three months ended June 30, 2018 and 2017 was 1.07% and 0.74%, respectively. Return on average assets for the six months ended June 30, 2018 and 2017 was 0.95% and 0.79%, respectively. Return on average common equity for the three months ended June 30, 2018 and 2017 was 13.11% and 8.98%, respectively. Return on average common equity for the six months ended June 30, 2018 and 2017 was 11.70% and 9.70%, 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 $16.03 as of June 30, 2018 compared to $15.93 as of June 30, 2017. The increase in book value was due primarily to the increase in retained earnings which was partially offset by changes in accumulated other comprehensive loss ("AOCI"). AOCI is comprised of unrealized gains and losses on available for sale securities.
|
● |
First Guaranty's Board of Directors declared cash dividends of $0.16 per common share in the second quarter of 2018. First Guaranty also declared cash dividends of $0.16 per share during the second quarter of 2017, which was the equivalent of $0.15 per share after adjusting for the 10% common stock dividend paid in December 2017. First Guaranty has paid 100 consecutive quarterly dividends as of June 30, 2018.
|
● |
In November 2017, First Guaranty announced the launch of an At-The-Market Equity Offering program ("ATM Offering"). First Guaranty may sell up to $25.0 million of common stock under the ATM Offering. First Guaranty expects to use the net proceeds of the ATM Offering for general corporate purposes, including support for organic growth and financing possible acquisitions of other financial institutions. First Guaranty did not sell any shares of common stock under the ATM Offering during the six months ended June 30, 2018.
|
(in thousands)
|
June 30, 2018
|
December 31, 2017
|
||||||
Nonaccrual loans:
|
||||||||
Real Estate:
|
||||||||
Construction and land development
|
$
|
326
|
$
|
371
|
||||
Farmland
|
638
|
65
|
||||||
1 - 4 family residential
|
2,250
|
1,953
|
||||||
Multifamily
|
-
|
-
|
||||||
Non-farm non-residential
|
3,821
|
3,758
|
||||||
Total Real Estate
|
7,035
|
6,147
|
||||||
Non-Real Estate:
|
||||||||
Agricultural
|
1,360
|
1,496
|
||||||
Commercial and industrial
|
347
|
4,826
|
||||||
Consumer and other
|
227
|
81
|
||||||
Total Non-Real Estate
|
1,934
|
6,403
|
||||||
Total nonaccrual loans
|
8,969
|
12,550
|
||||||
|
||||||||
Loans 90 days and greater delinquent & accruing:
|
||||||||
Real Estate:
|
||||||||
Construction and land development
|
-
|
-
|
||||||
Farmland
|
-
|
-
|
||||||
1 - 4 family residential
|
28
|
-
|
||||||
Multifamily
|
-
|
-
|
||||||
Non-farm non-residential
|
-
|
-
|
||||||
Total Real Estate
|
28
|
-
|
||||||
Non-Real Estate:
|
||||||||
Agricultural
|
-
|
41
|
||||||
Commercial and industrial
|
226
|
798
|
||||||
Consumer and other
|
-
|
-
|
||||||
Total Non-Real Estate
|
226
|
839
|
||||||
Total loans 90 days and greater delinquent & accruing
|
254
|
839
|
||||||
|
||||||||
Total non-performing loans
|
9,223
|
13,389
|
||||||
|
||||||||
Real Estate Owned:
|
||||||||
Real Estate Loans:
|
||||||||
Construction and land development
|
250
|
304
|
||||||
Farmland
|
-
|
-
|
||||||
1 - 4 family residential
|
164
|
23
|
||||||
Multifamily
|
-
|
-
|
||||||
Non-farm non-residential
|
811
|
954
|
||||||
Total Real Estate
|
1,225
|
1,281
|
||||||
Non-Real Estate Loans:
|
||||||||
Agricultural
|
-
|
-
|
||||||
Commercial and industrial
|
-
|
-
|
||||||
Consumer and other
|
-
|
-
|
||||||
Total Non-Real Estate
|
-
|
-
|
||||||
Total Real Estate Owned
|
1,225
|
1,281
|
||||||
|
||||||||
Total non-performing assets
|
$
|
10,448
|
$
|
14,670
|
||||
|
||||||||
Non-performing assets to total loans
|
0.89
|
%
|
1.28
|
%
|
||||
Non-performing assets to total assets
|
0.61
|
%
|
0.84
|
%
|
||||
Non-performing loans to total loans
|
0.79
|
%
|
1.17
|
%
|
(in thousands)
|
June 30, 2018
|
December 31, 2017
|
||||||
Restructured Loans:
|
||||||||
In Compliance with Modified Terms
|
$
|
1,310
|
$
|
2,138
|
||||
Past Due 30 through 89 days and still accruing
|
-
|
-
|
||||||
Past Due 90 days and greater and still accruing
|
-
|
-
|
||||||
Nonaccrual
|
316
|
334
|
||||||
Restructured Loans that subsequently defaulted
|
-
|
-
|
||||||
Total Restructured Loans
|
$
|
1,626
|
$
|
2,472
|
● |
past due and non-performing assets;
|
● |
specific internal analysis of loans requiring special attention;
|
● |
the current level of regulatory classified and criticized assets and the associated risk factors with each;
|
● |
changes in underwriting standards or lending procedures and policies;
|
● |
charge-off and recovery practices;
|
● |
national and local economic and business conditions;
|
● |
nature and volume of loans;
|
● |
overall portfolio quality;
|
● |
adequacy of loan collateral;
|
● |
quality of loan review system and degree of oversight by our board of directors;
|
● |
competition and legal and regulatory requirements on borrowers;
|
● |
examinations of the loan portfolio by federal and state regulatory agencies and examinations; and
|
● |
review by our internal loan review department and independent accountants.
|
1.
|
First Guaranty charged off $0.1 million on a one-to four-family loan in the first quarter of 2018. This loan had no remaining principal balance at June 30, 2018.
|
2.
|
First Guaranty charged off $0.1 million on a commercial and industrial loan in the second quarter of 2018. This loan had no remaining principal balance at June 30, 2018.
|
3.
|
Smaller loans and overdrawn deposit accounts comprised the remaining $0.3 million of charge-offs for the first six months of 2018.
|
(in thousands)
|
Six Months Ended June 30, 2018
|
Six Months Ended June 30, 2017
|
||||||
Loans:
|
||||||||
Average outstanding balance
|
$
|
1,148,882
|
$
|
992,883
|
||||
Balance at end of period
|
$
|
1,174,141
|
$
|
1,114,784
|
||||
|
||||||||
Allowance for Loan Losses:
|
||||||||
Balance at beginning of year
|
$
|
9,225
|
$
|
11,114
|
||||
Charge-offs
|
(533
|
)
|
(1,772
|
)
|
||||
Recoveries
|
1,882
|
223
|
||||||
Provision
|
196
|
2,013
|
||||||
Balance at end of period
|
$
|
10,770
|
$
|
11,578
|
Total Deposits
|
For the Six Months Ended June 30,
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2018
|
2017
|
2016
|
|||||||||||||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
|||||||||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
252,847
|
16.4
|
%
|
0.0
|
%
|
$
|
244,949
|
16.7
|
%
|
0.0
|
%
|
$
|
221,634
|
17.2
|
%
|
0.0
|
%
|
||||||||||||||||||
Interest-bearing Demand
|
587,132
|
37.9
|
%
|
1.4
|
%
|
539,399
|
36.9
|
%
|
1.0
|
%
|
415,410
|
32.3
|
%
|
0.6
|
%
|
|||||||||||||||||||||
Savings
|
110,333
|
7.1
|
%
|
0.3
|
%
|
102,779
|
7.0
|
%
|
0.2
|
%
|
89,279
|
7.0
|
%
|
0.1
|
%
|
|||||||||||||||||||||
Time
|
597,651
|
38.6
|
%
|
1.5
|
%
|
575,666
|
39.4
|
%
|
1.2
|
%
|
558,982
|
43.5
|
%
|
1.1
|
%
|
|||||||||||||||||||||
Total Deposits
|
$
|
1,547,963
|
100.0
|
%
|
1.1
|
%
|
$
|
1,462,793
|
100.0
|
%
|
0.9
|
%
|
$
|
1,285,305
|
100.0
|
%
|
0.7
|
%
|
Individual and Business Deposits
|
For the Six Months Ended June 30,
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2018
|
2017
|
2016
|
|||||||||||||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
|||||||||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
246,794
|
27.3
|
%
|
0.0
|
%
|
$
|
240,337
|
28.0
|
%
|
0.0
|
%
|
$
|
217,245
|
30.1
|
%
|
0.0
|
%
|
||||||||||||||||||
Interest-bearing Demand
|
207,683
|
22.9
|
%
|
0.9
|
%
|
187,439
|
21.8
|
%
|
0.6
|
%
|
117,221
|
16.2
|
%
|
0.3
|
%
|
|||||||||||||||||||||
Savings
|
84,348
|
9.3
|
%
|
0.1
|
%
|
82,442
|
9.6
|
%
|
0.1
|
%
|
72,647
|
10.0
|
%
|
0.1
|
%
|
|||||||||||||||||||||
Time
|
366,698
|
40.5
|
%
|
1.4
|
%
|
348,656
|
40.6
|
%
|
1.3
|
%
|
316,191
|
43.7
|
%
|
1.3
|
%
|
|||||||||||||||||||||
Total Individual and Business Deposits
|
$
|
905,523
|
100.0
|
%
|
0.8
|
%
|
$
|
858,874
|
100.0
|
%
|
0.7
|
%
|
$
|
723,304
|
100.0
|
%
|
0.6
|
%
|
Public Fund Deposits
|
For the Six Months Ended June 30,
|
For the Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2018
|
2017
|
2016
|
|||||||||||||||||||||||||||||||||
(in thousands except for %)
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
Average Balance
|
Percent
|
Weighted
Average Rate
|
|||||||||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
6,053
|
0.9
|
%
|
0.0
|
%
|
$
|
4,612
|
0.8
|
%
|
0.0
|
%
|
$
|
4,389
|
0.8
|
%
|
0.0
|
%
|
||||||||||||||||||
Interest-bearing Demand
|
379,449
|
59.1
|
%
|
1.7
|
%
|
351,960
|
58.3
|
%
|
1.2
|
%
|
298,189
|
53.0
|
%
|
0.8
|
%
|
|||||||||||||||||||||
Savings
|
25,985
|
4.0
|
%
|
1.2
|
%
|
20,337
|
3.4
|
%
|
0.8
|
%
|
16,632
|
3.0
|
%
|
0.3
|
%
|
|||||||||||||||||||||
Time
|
230,953
|
36.0
|
%
|
1.6
|
%
|
227,010
|
37.5
|
%
|
1.1
|
%
|
242,791
|
43.2
|
%
|
0.8
|
%
|
|||||||||||||||||||||
Total Public Fund Deposits
|
$
|
642,440
|
100.0
|
%
|
1.6
|
%
|
$
|
603,919
|
100.0
|
%
|
1.2
|
%
|
$
|
562,001
|
100.0
|
%
|
0.8
|
%
|
(in thousands)
|
June 30, 2018
|
|||
Time deposits of less than $100,000
|
$
|
168,452
|
||
Time deposits of $100,000 through $250,000
|
157,001
|
|||
Time deposits of more than $250,000
|
280,456
|
|||
Total Time Deposits
|
$
|
605,909
|
(in thousands except for %)
|
June 30, 2018
|
December 31, 2017
|
December 31, 2016
|
December 31, 2015
|
December 31, 2014
|
|||||||||||||||
Public Funds:
|
||||||||||||||||||||
Noninterest-bearing Demand
|
$
|
6,454
|
$
|
4,828
|
$
|
4,114
|
$
|
4,906
|
$
|
3,241
|
||||||||||
Interest-bearing Demand
|
370,935
|
389,788
|
324,356
|
296,416
|
321,382
|
|||||||||||||||
Savings
|
26,373
|
20,539
|
20,116
|
14,667
|
10,142
|
|||||||||||||||
Time
|
228,884
|
225,591
|
208,330
|
252,688
|
266,743
|
|||||||||||||||
Total Public Funds
|
$
|
632,646
|
$
|
640,746
|
$
|
556,916
|
$
|
568,677
|
$
|
601,508
|
||||||||||
Total Deposits
|
$
|
1,529,668
|
$
|
1,549,286
|
$
|
1,326,181
|
$
|
1,295,870
|
$
|
1,371,839
|
||||||||||
Total Public Funds as a percent of Total Deposits
|
41.4
|
%
|
41.4
|
%
|
42.0
|
%
|
43.9
|
%
|
43.9
|
%
|
|
Three Months Ended June 30, 2018
|
Three Months Ended June 30, 2017
|
||||||||||||||||||||||
(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
|
$
|
16,015
|
$
|
31
|
0.78
|
%
|
$
|
25,361
|
$
|
41
|
0.65
|
%
|
||||||||||||
Securities (including FHLB stock)
|
488,525
|
3,330
|
2.73
|
%
|
507,847
|
3,298
|
2.60
|
%
|
||||||||||||||||
Federal funds sold
|
601
|
-
|
0.00
|
%
|
878
|
2
|
0.91
|
%
|
||||||||||||||||
Loans held for sale
|
1,989
|
34
|
6.77
|
%
|
255
|
4
|
6.38
|
%
|
||||||||||||||||
Loans, net of unearned income
|
1,158,619
|
15,885
|
5.50
|
%
|
1,008,759
|
12,822
|
5.10
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,665,749
|
$
|
19,280
|
4.64
|
%
|
1,543,100
|
$
|
16,167
|
4.20
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
10,319
|
8,090
|
||||||||||||||||||||||
Premises and equipment, net
|
38,177
|
27,161
|
||||||||||||||||||||||
Other assets
|
13,245
|
5,208
|
||||||||||||||||||||||
Total Assets
|
$
|
1,727,490
|
$
|
1,583,559
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
$
|
567,141
|
$
|
2,142
|
1.51
|
%
|
$
|
535,786
|
$
|
1,360
|
1.02
|
%
|
||||||||||||
Savings deposits
|
110,425
|
92
|
0.33
|
%
|
101,684
|
50
|
0.20
|
%
|
||||||||||||||||
Time deposits
|
603,183
|
2,290
|
1.52
|
%
|
536,061
|
1,591
|
1.19
|
%
|
||||||||||||||||
Borrowings
|
44,459
|
472
|
4.26
|
%
|
38,002
|
374
|
3.95
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
1,325,208
|
$
|
4,996
|
1.51
|
%
|
1,211,533
|
$
|
3,375
|
1.12
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
255,981
|
236,099
|
||||||||||||||||||||||
Other
|
5,642
|
4,908
|
||||||||||||||||||||||
Total Liabilities
|
1,586,831
|
1,452,540
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Shareholders' equity
|
140,659
|
131,019
|
||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,727,490
|
$
|
1,583,559
|
||||||||||||||||||||
Net interest income
|
$
|
14,284
|
$
|
12,792
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest rate spread (1)
|
3.13
|
%
|
3.08
|
%
|
||||||||||||||||||||
Net interest-earning assets (2)
|
$
|
340,541
|
$
|
331,567
|
||||||||||||||||||||
Net interest margin (3), (4)
|
3.44
|
%
|
3.33
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
125.70
|
%
|
127.37
|
%
|
(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 3.45% and 3.35% for the above periods ended June 30, 2018 and 2017 respectively. A 21% and 35% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended June 30, 2018 and 2017 respectively.
|
(5) |
Annualized.
|
|
Six Months Ended June 30, 2018
|
Six Months Ended June 30, 2017
|
||||||||||||||||||||||
(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
|
$
|
24,034
|
$
|
116
|
0.97
|
%
|
$
|
22,021
|
$
|
60
|
0.55
|
%
|
||||||||||||
Securities (including FHLB stock)
|
497,953
|
6,683
|
2.71
|
%
|
525,257
|
6,701
|
2.57
|
%
|
||||||||||||||||
Federal funds sold
|
816
|
1
|
0.22
|
%
|
563
|
2
|
0.62
|
%
|
||||||||||||||||
Loans held for sale
|
1,858
|
57
|
6.19
|
%
|
140
|
4
|
5.84
|
%
|
||||||||||||||||
Loans, net of unearned income
|
1,148,882
|
30,726
|
5.39
|
%
|
992,883
|
25,022
|
5.08
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,673,543
|
$
|
37,583
|
4.53
|
%
|
1,540,864
|
$
|
31,789
|
4.16
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and due from banks
|
10,295
|
7,924
|
||||||||||||||||||||||
Premises and equipment, net
|
38,183
|
25,826
|
||||||||||||||||||||||
Other assets
|
13,818
|
4,931
|
||||||||||||||||||||||
Total Assets
|
$
|
1,735,839
|
$
|
1,579,545
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Shareholders' Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
$
|
587,132
|
$
|
4,118
|
1.41
|
%
|
$
|
535,151
|
$
|
2,442
|
0.92
|
%
|
||||||||||||
Savings deposits
|
110,333
|
174
|
0.32
|
%
|
99,736
|
86
|
0.17
|
%
|
||||||||||||||||
Time deposits
|
597,651
|
4,375
|
1.48
|
%
|
538,002
|
3,035
|
1.14
|
%
|
||||||||||||||||
Borrowings
|
41,449
|
877
|
4.27
|
%
|
39,620
|
740
|
3.77
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
1,336,565
|
$
|
9,544
|
1.44
|
%
|
1,212,509
|
$
|
6,303
|
1.05
|
%
|
||||||||||||||
|
||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
252,847
|
233,856
|
||||||||||||||||||||||
Other
|
5,107
|
4,579
|
||||||||||||||||||||||
Total Liabilities
|
1,594,519
|
1,450,944
|
||||||||||||||||||||||
|
||||||||||||||||||||||||
Shareholders' equity
|
141,320
|
128,601
|
||||||||||||||||||||||
Total Liabilities and Shareholders' Equity
|
$
|
1,735,839
|
$
|
1,579,545
|
||||||||||||||||||||
Net interest income
|
$
|
28,039
|
$
|
25,486
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest rate spread (1)
|
3.09
|
%
|
3.11
|
%
|
||||||||||||||||||||
Net interest-earning assets (2)
|
$
|
336,978
|
$
|
328,355
|
||||||||||||||||||||
Net interest margin (3), (4)
|
3.38
|
%
|
3.34
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities
|
125.21
|
%
|
127.08
|
%
|
(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 3.39% and 3.36% for the above periods ended June 30, 2018 and 2017 respectively. A 21% and 35% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended June 30, 2018 and 2017 respectively.
|
(5) |
Annualized.
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Other noninterest expense:
|
||||||||||||||||
Legal and professional fees
|
$
|
580
|
$
|
851
|
$
|
1,043
|
$
|
1,482
|
||||||||
Data processing
|
426
|
324
|
793
|
631
|
||||||||||||
ATM fees
|
331
|
299
|
605
|
576
|
||||||||||||
Marketing and public relations
|
328
|
274
|
673
|
573
|
||||||||||||
Taxes - sales, capital, and franchise
|
243
|
193
|
487
|
390
|
||||||||||||
Operating supplies
|
154
|
111
|
289
|
211
|
||||||||||||
Software expense and amortization
|
272
|
207
|
541
|
416
|
||||||||||||
Travel and lodging
|
268
|
255
|
494
|
459
|
||||||||||||
Telephone
|
47
|
36
|
102
|
76
|
||||||||||||
Amortization of core deposits
|
137
|
80
|
273
|
160
|
||||||||||||
Donations
|
103
|
91
|
190
|
181
|
||||||||||||
Net costs from other real estate and repossessions
|
71
|
72
|
38
|
149
|
||||||||||||
Regulatory assessment
|
211
|
204
|
400
|
401
|
||||||||||||
Other
|
476
|
354
|
1,003
|
783
|
||||||||||||
Total other noninterest expense
|
$
|
3,647
|
$
|
3,351
|
$
|
6,931
|
$
|
6,488
|
|
"Well Capitalized Minimums"
|
|
As of June 30, 2018
|
|
As of December 31, 2017
|
|||
Tier 1 Leverage Ratio
|
|
|
|
|
|
|||
Consolidated
|
|
5.00%
|
|
|
8.35%
|
|
|
8.27%
|
Bank
|
|
5.00%
|
|
|
9.76%
|
|
|
9.88%
|
|
|
|
|
|
|
|
|
|
Tier 1 Risk-based Capital Ratio
|
|
|
|
|
|
|
|
|
Consolidated
|
|
8.00%
|
|
|
10.72%
|
|
|
10.35%
|
Bank
|
|
8.00%
|
|
|
12.55%
|
|
|
12.39%
|
|
|
|
|
|
|
|
|
|
Total Risk-based Capital Ratio
|
|
|
|
|
|
|
|
|
Consolidated
|
|
10.00%
|
|
|
12.63%
|
|
|
12.14%
|
Bank
|
|
10.00%
|
|
|
13.35%
|
|
|
13.07%
|
|
|
|
|
|
|
|
|
|
Common Equity Tier One Capital Ratio
|
|
|
|
|
|
|
|
|
Consolidated
|
|
6.50%
|
|
|
10.72%
|
|
|
10.35%
|
Bank
|
|
6.50%
|
|
|
12.55%
|
|
|
12.39%
|
|
June 30, 2018
|
|||||||||||||||||||
|
Interest Sensitivity Within
|
|||||||||||||||||||
(in thousands except for %)
|
3 Months Or Less
|
Over 3 Months
thru 12 Months
|
Total One Year
|
Over One Year
|
Total
|
|||||||||||||||
Earning Assets:
|
||||||||||||||||||||
Loans (including loans held for sale)
|
$
|
413,460
|
$
|
99,011
|
$
|
512,471
|
$
|
662,309
|
$
|
1,174,780
|
||||||||||
Securities (including FHLB stock)
|
11,644
|
12,938
|
24,582
|
440,297
|
464,879
|
|||||||||||||||
Federal Funds Sold
|
165
|
-
|
165
|
-
|
165
|
|||||||||||||||
Other earning assets
|
17,852
|
-
|
17,852
|
-
|
17,852
|
|||||||||||||||
Total earning assets
|
$
|
443,121
|
$
|
111,949
|
$
|
555,070
|
$
|
1,102,606
|
$
|
1,657,676
|
||||||||||
|
||||||||||||||||||||
Source of Funds:
|
||||||||||||||||||||
Interest-bearing accounts:
|
||||||||||||||||||||
Demand deposits
|
$
|
562,222
|
$
|
-
|
$
|
562,222
|
$
|
-
|
$
|
562,222
|
||||||||||
Savings deposits
|
111,987
|
-
|
111,987
|
-
|
111,987
|
|||||||||||||||
Time deposits
|
200,002
|
181,099
|
381,101
|
224,808
|
605,909
|
|||||||||||||||
Short-term borrowings
|
10,925
|
-
|
10,925
|
-
|
10,925
|
|||||||||||||||
Senior long-term debt
|
21,306
|
-
|
21,306
|
-
|
21,306
|
|||||||||||||||
Junior subordinated debt
|
-
|
-
|
-
|
14,682
|
14,682
|
|||||||||||||||
Noninterest-bearing, net
|
-
|
-
|
-
|
330,645
|
330,645
|
|||||||||||||||
Total source of funds
|
$
|
906,442
|
$
|
181,099
|
$
|
1,087,541
|
$
|
570,135
|
$
|
1,657,676
|
||||||||||
|
||||||||||||||||||||
Period gap
|
$
|
(463,321
|
)
|
$
|
(69,150
|
)
|
$
|
(532,471
|
)
|
$
|
532,471
|
|||||||||
Cumulative gap
|
$
|
(463,321
|
)
|
$
|
(532,471
|
)
|
$
|
(532,471
|
)
|
$
|
-
|
|||||||||
|
||||||||||||||||||||
Cumulative gap as a percent of earning assets
|
-28.0
|
%
|
-32.1
|
%
|
-32.1
|
%
|
Instantaneous Changes in Interest Rates (In Basis Points)
|
Percent Change In Net Interest Income
|
+400
|
(12.48)%
|
+300
|
(8.99)%
|
+200
|
(5.99)%
|
+100
|
(2.82)%
|
Base
|
-%
|
-100
|
3.75%
|
Gradual Change in Interest Rates (In Basis Points)
|
Percent Change In Net Interest Income
|
+400
|
(5.34)%
|
+300
|
(3.93)%
|
+200
|
(2.56)%
|
+100
|
(1.14)%
|
Base
|
-%
|
-100
|
1.79%
|
Exhibit Number
|
Exhibit
|
101.SCH
|
XBRL Taxonomy Extension Schema.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase.
|
101.INS
|
XBRL Instance Document.
|
Date: August 9, 2018
|
|
By: /s/ Alton B. Lewis
|
|
|
Alton B. Lewis
|
|
|
Principal Executive Officer
|
|
|
|
Date: August 9, 2018
|
|
By: /s/ Eric J. Dosch
|
|
|
Eric J. Dosch
|
|
|
Principal Financial Officer
|
|
|
Secretary and Treasurer
|
1. |
I have reviewed this Quarterly Report on Form 10-Q of First Guaranty Bancshares, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d) |
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
|
5. |
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b) |
any fraud, whether or not material, that involves Management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1. |
I have reviewed this Quarterly Report on Form 10-Q of First Guaranty Bancshares, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c) |
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d) |
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
|
5. |
The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b) |
any fraud, whether or not material, that involves Management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
(1) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
(1) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
83YL.?]X#(_$8]Z^;:*RE0IRZ%JI)'W):W=O?6L=S93Q7$$@RD
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M\P'N0!7'@E6!4D$'(([5,J5.HKK\!JZH#@?B3]!7F^I_$;QAJ[$WGB*_PW5(93"I_X"F!6+I>D:CK=ZMGI%E/
M>7#
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Aug. 08, 2018 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | First Guaranty Bancshares, Inc. | |
Entity Central Index Key | 0001408534 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,807,175 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 |
CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Investment securities: | ||
Held to maturity, estimated fair value | $ 109,660 | $ 118,557 |
Common stock: | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,600,000 | 100,600,000 |
Common stock, shares issued (in shares) | 8,807,175 | 8,807,175 |
CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
Interest Income: | |||||||
Loans (including fees) | $ 15,919 | $ 12,826 | $ 30,783 | $ 25,026 | |||
Deposits with other banks | 31 | 41 | 116 | 60 | |||
Securities (including FHLB stock) | 3,330 | 3,298 | 6,683 | 6,701 | |||
Federal funds sold | 0 | 2 | 1 | 2 | |||
Total Interest Income | 19,280 | 16,167 | 37,583 | 31,789 | |||
Interest Expense: | |||||||
Demand deposits | 2,142 | 1,360 | 4,118 | 2,442 | |||
Savings deposits | 92 | 50 | 174 | 86 | |||
Time deposits | 2,290 | 1,591 | 4,375 | 3,035 | |||
Borrowings | 472 | 374 | 877 | 740 | |||
Total Interest Expense | 4,996 | 3,375 | 9,544 | 6,303 | |||
Net Interest Income | 14,284 | 12,792 | 28,039 | 25,486 | |||
Less: Provision for loan losses | (409) | 1,302 | 196 | 2,013 | |||
Net Interest Income after Provision for Loan Losses | 14,693 | 11,490 | 27,843 | 23,473 | |||
Noninterest Income: | |||||||
Service charges, commissions and fees | 777 | 571 | 1,494 | 1,133 | |||
ATM and debit card fees | 531 | 493 | 1,032 | 967 | |||
Net (losses) gains on securities | (216) | 404 | (206) | 934 | |||
Net gains on sale of loans | 129 | 119 | 131 | 124 | |||
Other | 547 | 410 | 895 | 795 | |||
Total Noninterest Income | 1,768 | 1,997 | 3,346 | 3,953 | |||
Noninterest Expense: | |||||||
Salaries and employee benefits | 5,633 | 4,593 | 11,215 | 9,419 | |||
Occupancy and equipment expense | 1,397 | 1,077 | 2,738 | 2,108 | |||
Other | 3,647 | 3,351 | 6,931 | 6,488 | |||
Total Noninterest Expense | 10,677 | 9,021 | 20,884 | 18,015 | |||
Income Before Income Taxes | 5,784 | 4,466 | 10,305 | 9,411 | |||
Less: Provision for income taxes | 1,187 | 1,534 | 2,107 | 3,228 | |||
Net Income | $ 4,597 | $ 2,932 | $ 8,198 | $ 6,183 | |||
Per Common Share: | |||||||
Earnings (in dollars per share) | [1] | $ 0.52 | $ 0.35 | $ 0.93 | $ 0.74 | ||
Cash dividends paid (in dollars per share) | [1] | $ 0.16 | $ 0.15 | $ 0.32 | $ 0.30 | ||
Weighted Average Common Shares Outstanding (in shares) | 8,807,175 | 8,441,581 | 8,807,175 | 8,405,702 | |||
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CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Parenthetical) |
6 Months Ended | |
---|---|---|
Dec. 14, 2017 |
Jun. 30, 2018 |
|
Per Common Share: | ||
Common stock, dividend paid percentage | 10.00% | |
Common stock, dividend paid date | Dec. 14, 2017 | |
Common stock, dividend record date | Dec. 08, 2017 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) [Abstract] | ||||
Net Income | $ 4,597 | $ 2,932 | $ 8,198 | $ 6,183 |
Unrealized (losses) gains on securities: | ||||
Unrealized holding (losses) gains arising during the period | (2,737) | 2,020 | (10,540) | 3,340 |
Reclassification adjustments for gains (losses) included in net income | 216 | (404) | 206 | (934) |
Change in unrealized (losses) gains on securities | (2,521) | 1,616 | (10,334) | 2,406 |
Tax impact | 529 | (550) | 2,170 | (818) |
Other comprehensive (loss) income | (1,992) | 1,066 | (8,164) | 1,588 |
Comprehensive Income | $ 2,605 | $ 3,998 | $ 34 | $ 7,771 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands |
Common Stock $1 Par [Member] |
Surplus [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income/(Loss) [Member] |
Total |
|||
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2016 | [1] | $ 8,369 | $ 81,000 | $ 38,979 | $ (3,999) | $ 124,349 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 0 | 0 | 6,183 | 0 | 6,183 | |||
Common stock issued in acquisition | [1] | 438 | 11,268 | (1,056) | 0 | 10,650 | ||
Other comprehensive income (loss) | 0 | 0 | 0 | 1,588 | 1,588 | |||
Cash dividends on common stock | [1] | 0 | 0 | (2,498) | 0 | (2,498) | ||
Balance at Jun. 30, 2017 | 8,807 | 92,268 | 41,608 | (2,411) | 140,272 | |||
Balance at Dec. 31, 2017 | 8,807 | 92,268 | 44,464 | (1,556) | 143,983 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 0 | 0 | 8,198 | 0 | 8,198 | |||
Other comprehensive income (loss) | 0 | 0 | 0 | (8,164) | (8,164) | |||
Cash dividends on common stock | 0 | 0 | (2,818) | 0 | (2,818) | |||
Balance at Jun. 30, 2018 | $ 8,807 | $ 92,268 | $ 49,844 | $ (9,720) | $ 141,199 | |||
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2017
$ / shares
shares
| ||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) [Abstract] | ||||
Common stock issued in acquisition (in shares) | shares | 437,751 | |||
Cash dividends per share (in dollars per share) | $ / shares | $ 0.30 | [1] | ||
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Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2018 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2017. The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at June 30, 2018 and for the three and six month periods ended June 30, 2018 and 2017 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. |
Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2018 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 2. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, "Leases: Conforming Amendments Related to Leases". This ASU amends the codification regarding leases in order to increase transparency and comparability. The ASU requires companies to recognize lease assets and liabilities on the balance sheet and disclose key information about leasing arrangements. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the leased asset for the lease term. The ASU is effective for annual and interim periods beginning after December 15, 2018. The adoption of this ASU is not expected to have a material effect on First Guaranty's Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. This ASU is effective for annual and interim periods beginning after December 15, 2019. First Guaranty is currently evaluating the impact of this accounting standard and is implementing a new software application to assist in determining the impact on the Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment". This ASU amends the guidance on impairment testing. The ASU eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This ASU is effective for annual and interim periods beginning after December 15, 2019. First Guaranty is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-08, "Receivables- Nonrefundable Fees and Other Costs, Premium Amortization on Purchased Callable Debt Securities". This ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, this ASU requires the premium to be amortized to the earliest call date. This ASU does not require an accounting change for securities held at a discount, the discount continues to be amortized to maturity. This ASU is effective for annual and interim periods beginning after December 15, 2018. First Guaranty is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". This ASU provides an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. This ASU requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI; whether election is made to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and information about the other income tax effects that are reclassified. This ASU is effective for annual and interim periods beginning after December 15, 2018. First Guaranty is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements and plans to adopt this ASU in the third quarter of 2018. |
Merger Transaction |
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Merger Transaction [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merger Transaction | Note 3. Merger Transaction Effective at the close of business on June 16, 2017, First Guaranty completed its acquisition of 100% of the outstanding shares of Premier Bancshares, Inc., a Texas corporation ("Premier"), a single bank holding company headquartered in McKinney, Texas and its wholly owned subsidiary, Synergy Bank. This acquisition allowed First Guaranty to expand its presence into the North Central Texas market area. Under terms of an agreement and plan of merger dated January 30, 2017, First Guaranty issued 0.119 of a share of its common stock for each share of Premier for a total of 397,988 shares at a price of $25.86 (unadjusted for the 10% stock dividend in December 2017) and paid $10.3 million in cash for an acquisition value of approximately $21.0 million. The purchase price resulted in $1.5 million in goodwill and $2.7 million in core deposit intangible, none of which is deductible for tax purposes. First Guaranty accounts for business combinations under the acquisition method in accordance with ASC Topic 805, Business Combinations. Accordingly, for each transaction, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of the acquisition. In conjunction with the adoption of ASU 2015-16, upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition dates, First Guaranty records any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined. During the second quarter of 2018, First Guaranty finalized the purchase price allocations related to the Premier acquisition. No adjustments to goodwill were made in 2018.
The following pro forma information for the six months ended June 30, 2017 reflects First Guaranty's estimated consolidated results of operations as if the acquisition of Premier occurred at January 1, 2016, unadjusted for potential cost savings.
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Securities |
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Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Note 4. Securities A summary comparison of securities by type at June 30, 2018 and December 31, 2017 is shown below.
The scheduled maturities of securities at June 30, 2018, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to call or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason they are presented separately in the maturity table below.
At June 30, 2018, $380.3 million of First Guaranty's securities were pledged to secure public fund deposits and borrowings. The pledged securities had a market value of $376.1 million as of June 30, 2018. The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at June 30, 2018.
The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2017.
As of June 30, 2018, 444 of First Guaranty's debt securities had unrealized losses totaling 4.0% of the individual securities' amortized cost basis and 3.7% of First Guaranty's total amortized cost basis of the investment securities portfolio. 150 of the 444 securities had been in a continuous loss position for over 12 months at such date. The 150 securities had an aggregate amortized cost basis of $224.1 million and an unrealized loss of $11.3 million at June 30, 2018. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery. Securities are evaluated for other-than-temporary impairment at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Investment securities issued by the U.S. Government and Government sponsored enterprises with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be other-than-temporarily impaired. First Guaranty has the ability and intent to hold these securities until recovery, which may not be until maturity. Corporate debt securities in a loss position consist primarily of corporate bonds issued by businesses in the financial, insurance, utility, manufacturing, industrial, consumer products and oil and gas industries. Two securities with an other-than-temporary impairment loss were held at June 30, 2018. First Guaranty believes that the remaining issuers will be able to fulfill the obligations of these securities based on evaluations described above. First Guaranty has the ability and intent to hold these securities until they recover, which could be at their maturity dates. There were no other-than-temporary impairment losses recognized on securities during the six months ended June 30, 2018 and 2017. The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the six months ended June 30, 2018 and 2017:
In the first six months of 2018 there were no other-than-temporary impairment credit losses on securities for which we had previously recognized OTTI. For securities that have indications of credit related impairment, management analyzes future expected cash flows to determine if any credit related impairment is evident. Estimated cash flows are determined using management's best estimate of future cash flows based on specific assumptions. The assumptions used to determine the cash flows were based on estimates of loss severity and credit default probabilities. Management reviews reports from credit rating agencies and public filings of issuers. At June 30, 2018, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below:
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Loans |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Note 5. Loans The following table summarizes the components of First Guaranty's loan portfolio as of June 30, 2018 and December 31, 2017:
The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of June 30, 2018 and December 31, 2017 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered.
As of June 30, 2018, $50.0 million of floating rate loans were at their interest rate floor. At December 31, 2017, $95.4 million of floating rate loans were at the interest rate floor. Nonaccrual loans have been excluded from these totals. The following tables present the age analysis of past due loans at June 30, 2018 and December 31, 2017:
The tables above include $9.0 million and $12.6 million of nonaccrual loans at June 30, 2018 and December 31, 2017, respectively. See the tables below for more detail on nonaccrual loans. The following is a summary of nonaccrual loans by class at the dates indicated:
The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated:
Purchased Impaired Loans As part of the acquisition of Premier on June 16, 2017, First Guaranty purchased credit impaired loans for which there was, at acquisition, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at June 30, 2018 and December 31, 2017.
For those purchased loans disclosed above, there was no allowance for loan losses at June 30, 2018 or December 31, 2017. Where First Guaranty can reasonably estimate the cash flows expected to be collected on the loans, a portion of the purchase discount is allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion is being recognized as interest income over the remaining life of the loan. Where First Guaranty cannot reasonably estimate the cash flows expected to be collected on the loans, it has decided to account for those loans using the cost recovery method of income recognition. As such, no portion of a purchase discount adjustment has been determined to meet the definition of an accretable yield adjustment on those loans accounted for using the cost recovery method. If, in the future, cash flows from the borrower(s) can be reasonably estimated, a portion of the purchase discount would be allocated to an accretable yield adjustment based upon the present value of the future estimated cash flows versus the current carrying value of the loan and the accretable yield portion would be recognized as interest income over the remaining life of the loan. Until such accretable yield can be calculated, under the cost recovery method of income recognition, all payments will be used to reduce the carrying value of the loan and no income will be recognized on the loan until the carrying value is reduced to zero. The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the six months ended June 30, 2018 and 2017.
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Allowance for Loan Losses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Note 6. Allowance for Loan Losses A summary of changes in the allowance for loan losses, by portfolio type, for the six months ended June 30, 2018 and 2017 are as follows:
Negative provisions are caused by changes in the composition and credit quality of the loan portfolio and by recoveries. The result is an allocation of the loan loss reserve from one category to another. A summary of the allowance and loans, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows:
A loan is considered impaired when, based on current information and events, it is probable that First Guaranty will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Payment status, collateral value and the probability of collecting scheduled principal and interest payments when due are considered in evaluating loan impairment. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated:
The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated:
Troubled Debt Restructurings A troubled debt restructuring ("TDR") is considered such if the lender for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. The modifications to First Guaranty's TDRs were concessions on either the interest rate charged or the amortization. The effect of the modifications to First Guaranty was a reduction in interest income. These loans have an allocated reserve in First Guaranty's allowance for loan losses. First Guaranty has not restructured any loans that are considered TDRs in the six months ended June 30, 2018. The following table identifies the TDRs as of June 30, 2018 and December 31, 2017:
The following table discloses TDR activity for the six months ended June 30, 2018.
There were no commitments to lend additional funds to debtors whose terms have been modified in a TDR at June 30, 2018. |
Goodwill and Other Intangible Assets |
6 Months Ended |
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Jun. 30, 2018 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are no longer amortized, but are subject to impairment testing. Other intangible assets continue to be amortized over their useful lives. First Guaranty's goodwill is the difference in purchase price over the fair value of net assets acquired from its acquisition of Homestead Bancorp in 2007 and Premier in 2017. Goodwill totaled $3.5 million at June 30, 2018 and December 31, 2017. No impairment charges have been recognized on First Guaranty's intangible assets. Loan servicing assets decreased $0.1 million to $1.1 million at June 30, 2018 compared to December 31, 2017. Other intangible assets recorded include core deposit intangibles, which are subject to amortization. The weighted-average amortization period remaining for First Guaranty's core deposit intangibles is 9.6 years at June 30, 2018. The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions. |
Other Real Estate (ORE) |
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Other Real Estate (ORE) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate (ORE) | Note 8. Other Real Estate (ORE) Other real estate owned consists of the following at the dates indicated:
Loans secured by one-to-four family residential properties in the process of foreclosure totaled $0.6 million as of June 30, 2018. |
Commitments and Contingencies |
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Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Note 9. Commitments and Contingencies Off-balance sheet commitments First Guaranty is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual notional amount of those instruments. The same credit policies are used in making commitments and conditional obligations as it does for balance sheet instruments. Unless otherwise noted, collateral or other security is not required to support financial instruments with credit risk. Below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at June 30, 2018 and December 31, 2017: Contract Amount
Litigation The nature of First Guaranty's business ordinarily results in a certain amount of claims, litigation and legal and administrative cases, all of which are considered incidental to the normal conduct of business. When First Guaranty determines it has defenses to the claims asserted, it defends itself. First Guaranty will consider settlement of cases when it is in the best interests of both First Guaranty and its shareholders. While the final outcome of legal proceedings is inherently uncertain, based on information currently available as of June 30, 2018, any incremental liability arising from First Guaranty's legal proceedings will not have a material adverse effect on First Guaranty's financial position or results of operations. |
Fair Value Measurements |
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Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Note 10. Fair Value Measurements The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds or credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy. Securities available for sale. Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Securities classified within Level 3 in First Guaranty's portfolio as of June 30, 2018 includes corporate debt and municipal securities. Impaired loans. Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Other real estate owned. Properties are recorded at the balance of the loan or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Fair values of other real estate owned ("OREO") are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values or recent sales activity for similar assets in the property's market; thus OREO measured at fair value would be classified within either Level 2 or Level 3 of the hierarchy. Certain non-financial assets and non-financial liabilities are measured at fair value on a non-recurring basis including assets and liabilities related to reporting units measured at fair value in the testing of goodwill impairment, as well as intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment. The following table summarizes financial assets measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
First Guaranty's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the methodologies used are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value. The change in Level 1 securities available for sale from December 31, 2017 to June 30, 2018 was due principally to a net decrease in Treasury bills of $11.5 million. The change in Level 2 securities available for sale from December 31, 2017 to June 30, 2018 was due principally to a reduction in corporate and municipal bonds related to sales and maturities offset by the purchase of mortgage-backed securities. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2017 to June 30, 2018. The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):
There were no gains or losses for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held as of June 30, 2018. The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of June 30, 2018 and December 31, 2017, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:
ASC 825-10 provides First Guaranty with an option to report selected financial assets and liabilities at fair value. The fair value option established by this statement permits First Guaranty to choose to measure eligible items at fair value at specified election dates and report unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date subsequent to implementation. First Guaranty has chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States. |
Financial Instruments |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Note 11. Financial Instruments Fair value estimates are generally subjective in nature and are dependent upon a number of significant assumptions associated with each instrument or group of similar instruments, including estimates of discount rates, risks associated with specific financial instruments, estimates of future cash flows and relevant available market information. Fair value information is intended to represent an estimate of an amount at which a financial instrument could be exchanged in a current transaction between a willing buyer and seller engaging in an exchange transaction. However, since there are no established trading markets for a significant portion of First Guaranty's financial instruments, First Guaranty may not be able to immediately settle financial instruments; as such, the fair values are not necessarily indicative of the amounts that could be realized through immediate settlement. In addition, the majority of the financial instruments, such as loans and deposits, are held to maturity and are realized or paid according to the contractual agreement with the customer. Quoted market prices are used to estimate fair values when available. However, due to the nature of the financial instruments, in many instances quoted market prices are not available. Accordingly, estimated fair values have been estimated based on other valuation techniques, such as discounting estimated future cash flows using a rate commensurate with the risks involved or other acceptable methods. Fair values are estimated without regard to any premium or discount that may result from concentrations of ownership of financial instruments, possible income tax ramifications or estimated transaction costs. The fair value estimates are subjective in nature and involve matters of significant judgment and, therefore, cannot be determined with precision. Fair values are also estimated at a specific point in time and are based on interest rates and other assumptions at that date. As events change the assumptions underlying these estimates, the fair values of financial instruments will change. Disclosure of fair values is not required for certain items such as lease financing, investments accounted for under the equity method of accounting, obligations of pension and other postretirement benefits, premises and equipment, other real estate, prepaid expenses, the value of long-term relationships with depositors (core deposit intangibles) and other customer relationships, other intangible assets and income tax assets and liabilities. Fair value estimates are presented for existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses have not been considered in the estimates. Accordingly, the aggregate fair value amounts presented do not purport to represent and should not be considered representative of the underlying market or franchise value of First Guaranty. Because the standard permits many alternative calculation techniques and because numerous assumptions have been used to estimate the fair values, reasonable comparison of the fair value information with other financial institutions' fair value information cannot necessarily be made. The methods and assumptions used to estimate the fair values of financial instruments are as follows: Cash and due from banks, interest-bearing deposits with banks, federal funds sold and federal funds purchased. These items are generally short-term and the carrying amounts reported in the consolidated balance sheets are a reasonable estimation of the fair values. Investment Securities. Fair values are principally based on quoted market prices. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments or the use of discounted cash flow analyses. Loans Held for Sale. Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices. These loans are classified within level 3 of the fair value hierarchy. Loans, net. Market values are computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. These loans are classified within level 3 of the fair value hierarchy. Impaired loans. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation. Accrued interest receivable. The carrying amount of accrued interest receivable approximates its fair value. Deposits. The fair value of demand deposits, savings and interest-bearing demand deposits is the amount payable on demand. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Deposits are classified within level 3 of the fair value hierarchy. Accrued interest payable. The carrying amount of accrued interest payable approximates its fair value. Borrowings. The carrying amount of federal funds purchased and other short-term borrowings approximate their fair values. The fair value of First Guaranty's long-term borrowings is computed using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Borrowings are classified within level 3 of the fair value hierarchy. Other Unrecognized Financial Instruments. The fair value of commitments to extend credit is estimated using the fees charged to enter into similar legally binding agreements, taking into account the remaining terms of the agreements and customers' credit ratings. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. Noninterest-bearing deposits are held at cost. The fair values of letters of credit are based on fees charged for similar agreements or on estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At June 30, 2018 and December 31, 2017 the fair value of guarantees under commercial and standby letters of credit was not material. The estimated fair values and carrying values of the financial instruments at June 30, 2018 and December 31, 2017 are presented in the following table:
There is no material difference between the contract amount and the estimated fair value of off-balance sheet items that are primarily comprised of short-term unfunded loan commitments that are generally at market prices. |
Basis of Presentation (Policies) |
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Basis of Presentation [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2017. The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at June 30, 2018 and for the three and six month periods ended June 30, 2018 and 2017 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. |
Recent Accounting Pronouncements (Policies) |
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Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, "Leases: Conforming Amendments Related to Leases". This ASU amends the codification regarding leases in order to increase transparency and comparability. The ASU requires companies to recognize lease assets and liabilities on the balance sheet and disclose key information about leasing arrangements. A lessee would recognize a liability to make lease payments and a right-of-use asset representing its right to use the leased asset for the lease term. The ASU is effective for annual and interim periods beginning after December 15, 2018. The adoption of this ASU is not expected to have a material effect on First Guaranty's Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments- Credit Losses: Measurement of Credit Losses on Financial Instruments". This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The ASU amendments require the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU requires assets held at cost basis to reflect the company's current estimate of all expected credit losses. For available for sale debt securities, credit losses should be presented as an allowance rather than as a write-down. In addition, this ASU amends the accounting for purchased financial assets with credit deterioration. This ASU is effective for annual and interim periods beginning after December 15, 2019. First Guaranty is currently evaluating the impact of this accounting standard and is implementing a new software application to assist in determining the impact on the Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment". This ASU amends the guidance on impairment testing. The ASU eliminates Step 2 from the goodwill impairment test. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This ASU is effective for annual and interim periods beginning after December 15, 2019. First Guaranty is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-08, "Receivables- Nonrefundable Fees and Other Costs, Premium Amortization on Purchased Callable Debt Securities". This ASU shortens the amortization period for certain callable debt securities held at a premium. Specifically, this ASU requires the premium to be amortized to the earliest call date. This ASU does not require an accounting change for securities held at a discount, the discount continues to be amortized to maturity. This ASU is effective for annual and interim periods beginning after December 15, 2018. First Guaranty is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". This ASU provides an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. This ASU requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI; whether election is made to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act; and information about the other income tax effects that are reclassified. This ASU is effective for annual and interim periods beginning after December 15, 2018. First Guaranty is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements and plans to adopt this ASU in the third quarter of 2018. |
Merger Transaction (Tables) |
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Fair Value of Tangible and Intangible Assets Acquired and Liabilities Assumed | During the second quarter of 2018, First Guaranty finalized the purchase price allocations related to the Premier acquisition. No adjustments to goodwill were made in 2018.
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Pro Forma Information | The following pro forma information for the six months ended June 30, 2017 reflects First Guaranty's estimated consolidated results of operations as if the acquisition of Premier occurred at January 1, 2016, unadjusted for potential cost savings.
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Securities (Tables) |
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Summary Comparison of Securities by Type | A summary comparison of securities by type at June 30, 2018 and December 31, 2017 is shown below.
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Investments Classified by Contractual Maturity Date | The scheduled maturities of securities at June 30, 2018, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to call or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason they are presented separately in the maturity table below.
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Fair Value of Securities With Gross Unrealized Loss on Investments | The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at June 30, 2018.
The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2017.
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Credit Losses on Debt Securities for which Portion of OTTI Recognized in OCI | The following table presents a roll-forward of the amount of credit losses on debt securities held by First Guaranty for which a portion of OTTI was recognized in other comprehensive income for the six months ended June 30, 2018 and 2017:
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Exposure to Bond Issuers that Exceeded 10% of Stockholders' Equity | At June 30, 2018, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below:
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Loan Portfolio | The following table summarizes the components of First Guaranty's loan portfolio as of June 30, 2018 and December 31, 2017:
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Fixed and Floating Rate Loans by Contractual Maturity, Excluding Nonaccrual Loans | The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of June 30, 2018 and December 31, 2017 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered.
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Age Analysis of Past Due Loans | The following tables present the age analysis of past due loans at June 30, 2018 and December 31, 2017:
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Nonaccrual Loans by Class | The following is a summary of nonaccrual loans by class at the dates indicated:
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Credit Exposure of Loan Portfolio, Including Loans Acquired with Deteriorated Credit Quality, by Specific Credit Ratings | The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the dates indicated:
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Carrying Amount of Purchased Impaired Loans | The carrying amount of those loans is as follows at June 30, 2018 and December 31, 2017.
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Accretable Yield, or Income Expected to be Collected, on Purchased Loans | The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the six months ended June 30, 2018 and 2017.
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Allowance for Loan Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Allowance for Loan Losses and Allowance and Loans Individually and Collectively Evaluated for Impairment | A summary of changes in the allowance for loan losses, by portfolio type, for the six months ended June 30, 2018 and 2017 are as follows:
A summary of the allowance and loans, including loans acquired with deteriorated credit quality, individually and collectively evaluated for impairment are as follows:
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Summary of Impaired Loans, Excluding Loans Acquired with Deteriorated Credit Quality, by Class | The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated:
The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated:
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Troubled Debt Restructurings | The following table identifies the TDRs as of June 30, 2018 and December 31, 2017:
The following table discloses TDR activity for the six months ended June 30, 2018.
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Other Real Estate (ORE) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate (ORE) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned | Other real estate owned consists of the following at the dates indicated:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Notional Amounts of Financial Instruments with Off-Balance Sheet Risk | Below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at June 30, 2018 and December 31, 2017: Contract Amount
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on Recurring Basis | The following table summarizes financial assets measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:
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Fair value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):
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Financial Assets and Financial Liabilities Measured at Fair Value on Non-Recurring Basis | The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of June 30, 2018 and December 31, 2017, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:
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Financial Instruments (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values and Carrying Values of Financial Instruments | The estimated fair values and carrying values of the financial instruments at June 30, 2018 and December 31, 2017 are presented in the following table:
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Securities, Held-to-maturity Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Held-to-maturity [Abstract] | ||
Amortized cost | $ 114,044 | $ 120,121 |
Gross unrealized gains | 0 | 21 |
Gross unrealized losses | (4,384) | (1,585) |
Fair value | 109,660 | 118,557 |
U.S. Government Agencies [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 28,171 | 28,169 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (1,349) | (670) |
Fair value | 26,822 | 27,499 |
Municipal Bonds [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 5,262 | 5,322 |
Gross unrealized gains | 0 | 15 |
Gross unrealized losses | (145) | (12) |
Fair value | 5,117 | 5,325 |
Mortgage-backed Securities [Member] | ||
Held-to-maturity [Abstract] | ||
Amortized cost | 80,611 | 86,630 |
Gross unrealized gains | 0 | 6 |
Gross unrealized losses | (2,890) | (903) |
Fair value | $ 77,721 | $ 85,733 |
Securities, Pledged Securities (Details) $ in Millions |
Jun. 30, 2018
USD ($)
|
---|---|
Securities [Abstract] | |
Pledged securities as collateral for public fund deposits and borrowings | $ 380.3 |
Pledged securities, market value | $ 376.1 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Goodwill and Other Intangible Assets [Abstract] | ||
Goodwill | $ 3,472 | $ 3,472 |
Other intangible assets [Abstract] | ||
Impairment charges recognized on the Company's intangible assets | 0 | |
Decrease in loan servicing assets | (100) | |
Loan servicing assets | $ 1,100 | |
Core Deposits [Member] | ||
Other intangible assets [Abstract] | ||
Weighted-average remaining amortization period | 9 years 7 months 6 days |
Other Real Estate (ORE) (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Real Estate Owned Acquired by Foreclosure [Abstract] | ||
Residential | $ 164 | $ 23 |
Construction & land development | 250 | 304 |
Non-farm non-residential | 811 | 954 |
Total Other Real Estate Owned and Foreclosed Property | 1,225 | $ 1,281 |
Loans secured by one to four family residential properties in the process of foreclosure | $ 600 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Commitments to Extend Credit [Member] | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 79,188 | $ 78,125 |
Unfunded Commitments under Lines of Credit [Member] | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | 112,579 | 101,344 |
Commercial and Standby Letters of Credit [Member] | ||
Off-balance sheet commitments [Abstract] | ||
Notional value | $ 8,448 | $ 7,886 |
Fair Value Measurements, Unobservable Input Reconciliation (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Reconciliation assets measured at fair value on a recurring basis using unobservable inputs (Level 3) [Roll Forward] | |
Balance, beginning of year | $ 6,533 |
Total gains or losses (realized/unrealized) [Abstract] | |
Included in earnings | 15 |
Included in other comprehensive income | (36) |
Purchases, sales, issuances and settlements, net | (1,899) |
Transfers in and/or out of Level 3 | 208 |
Balance as of end of period | $ 4,821 |
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