Condensed Parent Company Information

12 Months Ended

Dec. 31, 2023

The following condensed financial information reflects the accounts and transactions of First Guaranty Bancshares, Inc. for the dates indicated:

First Guaranty Bancshares, Inc.

Condensed Balance Sheets


	December 31,
(in thousands)	2023		2022
Assets
Cash	$	8,955	$	3,324
Investment in bank subsidiary	302,327		287,019
Other assets	2,952		2,375
Total Assets	$	314,234	$	292,718

Liabilities and Shareholders' Equity
Short-term debt	10,000		20,000
Senior long-term debt	39,099		21,927
Junior subordinated debentures	15,000		15,000
Other liabilities	504		800
Total Liabilities	64,603		57,727
Shareholders' Equity	249,631		234,991
Total Liabilities and Shareholders' Equity	$	314,234	$	292,718

First Guaranty Bancshares, Inc.

Condensed Statements of Income


	December 31,
(in thousands)	2023		2022
Operating Income
Dividends received from bank subsidiary	$	10,579	$	21,863
Net gains on sale of equity securities	—		—
Other income	638		526
Total operating income	11,217		22,389

Operating Expenses
Interest expense	4,532		2,703
Salaries & Benefits	313		252
Other expenses	2,365		1,783
Total operating expenses	7,210		4,738

Income before income tax benefit and increase in equity in undistributed earnings of subsidiary	4,007		17,651
Income tax benefit	1,273		910
Income before increase in equity in undistributed earnings of subsidiary	5,280		18,561
Increase in equity in undistributed earnings of subsidiary	3,939		10,323
Net Income	$	9,219	$	28,884

First Guaranty Bancshares, Inc.

Condensed Statements of Cash Flows


	December 31,
(in thousands)	2023		2022
Cash flows from operating activities:
Net income	$	9,219	$	28,884
Adjustments to reconcile net income to net cash provided by operating activities:
Increase in equity in undistributed earnings of subsidiary	(3,939)		(10,323)
Depreciation and amortization	24		225
Net change in other liabilities	(296)		350
Net change in other assets	(580)		1,482
Net cash provided by operating activities	4,428		20,618

Cash flows from investing activities:
Proceeds from sales of equity securities	—		—
Funds invested in equity securities	—		—
Funds invested in bank subsidiary	(17,000)		(30,000)
Net cash used in investing activities	(17,000)		(30,000)

Cash flows from financing activities:
Net (decrease) increase in short-term borrowings	(10,000)		20,000
Proceeds from long-term borrowings, net of costs	40,097		—
Repayment of long-term debt	(22,946)		(3,250)
Net proceeds from issuance of common stock	20,000		—
Subsidiary payment for stock grants issued	750		—
Dividends paid	(9,698)		(9,187)
Net cash provided by financing activities	18,203		7,563

Net (decrease) increase in cash and cash equivalents	5,631		(1,819)
Cash and cash equivalents at the beginning of the period	3,324		5,143
Cash and cash equivalents at the end of the period	$	8,955	$	3,324