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Bank of America, but as a community bank focused on Louisiana and Texas.

A local Wells Fargo, operating independently for specific communities in Louisiana and Texas.

A regional bank like PNC, but operating on a smaller, community-focused scale in Louisiana and Texas.

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• Deposit Accounts: The bank provides various deposit products, including checking, savings, money market, and certificates of deposit for individuals and businesses.
• Commercial Loans: It offers financing solutions to businesses for operating capital, equipment purchases, commercial real estate, and other business growth needs.
• Real Estate Loans: The bank provides residential mortgage loans for home purchases and refinancing, alongside commercial real estate financing.
• Consumer Loans: Individuals can access a range of personal lending options, such as auto loans, personal loans, and home equity lines of credit.
• Wealth Management & Trust Services: These services encompass financial planning, investment management, and trust administration for individuals and institutional clients.

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First Guaranty Bancshares (FGBI) is a bank holding company. As such, it operates primarily by providing financial services to a broad base of customers, rather than having a few "major customers" in the traditional sense of a supplier-client relationship common in manufacturing or other industries.

The company sells its services primarily to individuals and businesses. Its customer base can be categorized as follows:

1. Retail/Individual Customers: These include individuals and households seeking personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), mortgage loans, home equity loans, auto loans, and other consumer loans.
2. Commercial/Business Customers: This category comprises small to medium-sized businesses and corporations that utilize commercial banking services, including business checking and savings accounts, commercial real estate loans, business lines of credit, term loans, equipment financing, treasury management services, and other business-specific financial solutions.
3. Wealth Management/Trust Customers: While often overlapping with individual customers, this category specifically refers to individuals, families, and potentially institutional clients who utilize the bank's wealth management, investment advisory, and trust services for estate planning, portfolio management, and other specialized financial needs.

Given its business model as a community bank, FGBI does not have major customer companies that it primarily sells to, as might be the case for a supplier to large corporations.

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Michael Ray Mineer

President and Chief Executive Officer

Michael Mineer was appointed President and CEO of First Guaranty Bancshares, Inc. and First Guaranty Bank in June 2024, succeeding Alton Lewis. He joined First Guaranty in 2021 as the Mideast Area President and brings over 35 years of banking experience. Previously, he served as President and CEO of Citizens Deposit Bank in Vanceburg, KY, from 2003, where he grew the company's assets from $89 million to $650 million. Mineer also held the position of Senior Vice President at Premier Financial Bancorp in Huntington, WV, since 2013, where he digitalized deposit and loan origination processes and contributed to the company's growth from $500 million to $2.2 billion in assets.

Eric J. Dosch

Chief Accounting Officer; Chief Financial Officer, Treasurer and Secretary

Eric J. Dosch serves as the Chief Accounting Officer, Chief Financial Officer, Treasurer, and Secretary of First Guaranty Bancshares, Inc. and First Guaranty Bank. He has been recognized for his performance in these roles.

Marshall T. Reynolds

Chairman of the Board

Marshall T. Reynolds has served as Chairman of the Board of First Guaranty Bancshares, Inc. since 2007 and First Guaranty Bank since 1996. He has a long and varied career as a business leader, including serving as Chairman and CEO of Champion Industries, Inc. (1992-2016), President and General Manager of The Harrah and Reynolds Corporation since 1964, and Chairman of McCorkle Machine and Engineering Company. Reynolds was also Chairman of Premier Financial Bancorp, Inc. from 1996 to 2021. He previously served as chairman of a state's largest bank holding company prior to its sale to Banc One. His enterprises span across several states including West Virginia, Louisiana, and also the United Kingdom.

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Key Risks to First Guaranty Bancshares (FGBI)

• Credit Quality Issues and Nonperforming Assets: First Guaranty Bancshares has experienced ongoing challenges with loan performance and a substantial increase in nonperforming assets (NPAs). Nonperforming assets have surged from less than 1% to over 5% of gross loans, and nonperforming loans now constitute over 5% of total assets. This issue has been exacerbated by significant credit exposure, such as a $52.0 million commercial lease financing to an auto parts manufacturer that filed for Chapter 11 bankruptcy, leading to a $47.9 million provision for credit losses.
• Declining Net Interest Margin and Profitability: The company has seen a deterioration in its net interest margin (NIM) and overall earnings profile. The bank's asset yields have fallen faster than borrowing costs, impacting profitability. This has resulted in real earnings decreasing in fiscal year 2024, with net interest income also experiencing a decline.
• Material Weakness in Financial Reporting Controls and Regulatory Concerns: First Guaranty Bancshares faces material weakness in its financial reporting controls, which could impact investor confidence and its Nasdaq listing. The company also previously faced charges from the SEC in 2023 for failing to disclose stock repurchases and paid a $600,000 civil penalty. The resolution of these financial control issues is crucial for the company's future investment outlook.

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First Guaranty Bancshares (symbol: FGBI) operates primarily through its subsidiary, First Guaranty Bank, offering a range of financial products and services including personal banking, business banking, and various types of loans. These services encompass commercial real estate loans, commercial and industrial loans, construction and land development loans, agricultural and farmland loans, consumer loans, and multifamily loans. Additionally, the bank provides deposit services, cash management, and digital banking solutions.

The addressable markets for First Guaranty Bancshares' main products and services in the U.S. are sized as follows:

• Commercial Banking: The U.S. commercial banking market is estimated at USD 732.5 billion in 2025 and is projected to reach USD 915.45 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.56%. Another estimate placed the U.S. commercial banking market size at USD 1.5 trillion in 2024, growing to USD 1.6 trillion in 2025.
• Mortgage Loans: The total outstanding mortgage debt in the U.S. is approximately USD 12.94 trillion. The U.S. home loan market is expected to reach USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030, with a 5.63% CAGR. Separately, the U.S. purchase-mortgage market is valued at USD 1,145.4 billion (or USD 1.1454 trillion) with a projected CAGR of 6.3%.
• Deposits: The total deposits held by all commercial banks in the U.S. were reported at USD 19.66 trillion in Q2 2025. Another report indicates that deposits in all U.S. commercial banks were USD 18,121.04570 billion in April 2025.
• Consumer Lending (excluding mortgages): The non-mortgage consumer debt in the U.S. totaled USD 4.66 trillion as of April 2023, encompassing products such as auto loans, student loans, and credit card balances.

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Here are 3-5 expected drivers of future revenue growth for First Guaranty Bancshares (FGBI) over the next 2-3 years, considering their current strategic adjustments:

1. Strategic Resumption of Lending Growth: While First Guaranty Bancshares is currently focused on reducing risk, slowing asset growth, and managing its loan portfolio, particularly commercial real estate loans, the company's past strategy included strong loan growth across consumer, commercial, mortgage, and national lending. Its current low loan-to-deposit ratio could position the bank to fund future loan growth with lower-cost deposits once current credit quality issues are resolved and loan demand returns. This implies a potential return to an emphasis on increasing lending activity as a revenue driver in the medium term, following successful risk mitigation.
2. Expansion into New Geographic Markets: First Guaranty Bancshares has selectively expanded its operations into central Florida, with the aim of broadening its customer base. This geographic expansion could lead to increased market share and customer acquisition, thereby driving future revenue growth. The bank also operates in Louisiana, Texas, Kentucky, and West Virginia.
3. Development and Enhancement of Financial Products and Digital Banking Solutions: Future revenue growth could be driven by offering new and appealing financial products and services, such as specialized loan programs or improved digital banking solutions. This strategy can enhance customer acquisition and retention. The company already provides online and mobile banking platforms as part of its ancillary services.
4. Growth in Non-Interest Income: The bank generates non-interest income from various sources, including service charges, commissions, fees, and ATM and debit card fees. A focused effort on expanding these fee-based services and other non-interest income streams could contribute to future revenue growth.

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Share Repurchases

• Between September 2016 and February 2021, approximately 120,000 shares of FGBI common stock were purchased for about $2.5 million by a third party for employee stock grant programs and year-end executive bonuses, which led to an SEC settlement regarding disclosure violations in May 2023.
• There is no readily available information indicating large-scale, open-market share repurchase programs for First Guaranty Bancshares during the 2020-2025 period beyond those related to employee compensation and subsequent disclosure issues.

Share Issuance

• On June 30, 2025, First Guaranty Bancshares issued an aggregate of 2,231,748 shares of common stock. This included 161,760 shares sold in a private placement at $8.10 per share, along with shares issued through the conversion of $15.0 million in subordinated debt and an exchange agreement.
• In May 2023, the company completed a private placement offering of $10 million through the sale of 714,286 shares of common stock at $14 per share. The proceeds were intended to support growth and enhance regulatory capital ratios.
• In April 2021, First Guaranty Bancshares priced an underwritten public offering of 1,200,000 depositary shares, each representing a 1/40th interest in a share of its Series A Preferred Stock, with an equivalent value of $25.00 per depositary share. The gross proceeds were expected to be $30 million, with net proceeds of approximately $28.95 million, designated for general corporate purposes, including working capital and funding organic growth or potential acquisitions.

Outbound Investments

• In January 2023, First Guaranty Bancshares announced a definitive agreement to acquire Lone Star Bank in an all-stock transaction. This acquisition aimed to expand FGBI's presence in Texas, with the combined entities expected to hold approximately $3.2 billion in total assets.

Capital Expenditures

• First Guaranty Bancshares reported property, plant & equipment net of accumulated depreciation values of $66.04 million as of June 30, 2025, $79.39 million as of December 31, 2024, $70.09 million as of December 31, 2023, $58.21 million as of December 31, 2022, $58.64 million as of December 31, 2021, and $59.89 million as of December 31, 2020.