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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

For the transition period from __________ to __________

Commission File Number: 001-37621

FIRST GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)


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)

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

FGBI

The Nasdaq Stock Market LLC

Depository Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)

FGBIP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filers," "accelerated filers," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒

Smaller reporting company ☒

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of May 12, 2026 the registrant had 16,464,248 shares of $1 par value common stock outstanding.

Table of Contents


		Page
Part I.	Financial Information	4

Item 1.	Financial Statements (unaudited)	4

	Consolidated Balance Sheets	4

	Consolidated Statements of Income	5

	Consolidated Statements of Comprehensive Income	6

	Consolidated Statements of Shareholders' Equity	7

	Consolidated Statements of Cash Flows	8

	Notes to Unaudited Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	33

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53

Item 4.	Controls and Procedures	56

Part II.	Other Information	57

Item 1.	Legal Proceedings	57

Item 1A.	Risk Factors	57

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57

Item 3.	Defaults Upon Senior Securities	57

Item 4.	Mine Safety Disclosures	57

Item 5.	Other Information	57

Item 6.	Exhibits	58

Signatures		60

-3-

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS (unaudited)


(in thousands, except share data)	March 31, 2026		December 31, 2025
Assets
Cash and cash equivalents:
Cash and due from banks	$	733,223	$	845,150
Federal funds sold	544		551
Cash and cash equivalents	733,767		845,701

Interest-earning time deposits with banks	250		250

Investment securities:
Available for sale, at fair value (cost of $859,464 and $674,139, respectively)	853,913		676,592
Held to maturity, at cost and net of allowance for credit losses of $150 (estimated fair value of $265,579 and $268,094, respectively)	322,939		322,675
Investment securities	1,176,852		999,267

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


Loans, net of unearned income	1,924,577		2,069,802
Less: allowance for credit losses	38,488		40,755
Net loans	1,886,089		2,029,047

Premises and equipment, net	58,753		59,585

Intangible assets, net	2,429		2,638
Other real estate, net	28,872		35,084
Accrued interest receivable	13,920		12,455
Other assets	47,286		84,088
Total Assets	$	3,958,542	$	4,078,321

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	411,764	$	414,604
Interest-bearing demand	1,100,162		1,165,061
Savings	217,316		213,936
Time	1,778,302		1,839,276
Total deposits	3,507,544		3,632,877



Repurchase agreements	7,119		7,119
Accrued interest payable	22,558		17,637
Long-term advances from Federal Home Loan Bank	135,000		135,000
Senior long-term debt	14,210		14,203
Junior subordinated debentures	29,820		29,805
Other liabilities	18,301		15,462
Total Liabilities	3,734,552		3,852,103

Shareholders' Equity
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized
Non-cumulative perpetual; 34,500 shares issued and outstanding	33,058		33,058
Common stock, $1 par value - 100,600,000 shares authorized; 16,028,044 and 15,793,433 shares issued and outstanding	16,028		15,793
Surplus	172,209		170,621
Retained earnings	16,058		14,055
Accumulated other comprehensive (loss) income	(13,363)		(7,309)
Total Shareholders' Equity	223,990		226,218
Total Liabilities and Shareholders' Equity	$	3,958,542	$	4,078,321

See Notes to Consolidated Financial Statements

-4-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (unaudited)


	Three Months Ended March 31,
(in thousands, except share data)	2026		2025
Interest Income:
Loans (including fees)	$	33,279	$	42,969
Deposits with other banks	8,637		5,999
Securities (including FHLB stock)	10,359		5,495
Total Interest Income	52,275		54,463

Interest Expense:
Demand deposits	9,610		12,204
Savings deposits	946		1,262
Time deposits	18,599		15,890
Borrowings	2,431		2,884
Total Interest Expense	31,586		32,240

Net Interest Income	20,689		22,223
Less: Provision for credit losses	2,625		14,548
Net Interest Income after Provision for Credit Losses	18,064		7,675

Noninterest Income:
Service charges, commissions and fees	758		849
ATM and debit card fees	642		747
Net gains on securities	1		—

Net gains on sale of assets	44		4
Other	763		754
Total Noninterest Income	2,208		2,354

Noninterest Expense:
Salaries and employee benefits	7,352		8,441
Occupancy and equipment expense	2,464		2,640

Other	6,913		6,936
Total Noninterest Expense	16,729		18,017

Income (Loss) Before Income Taxes	3,543		(7,988)
Provision (benefit) for income taxes	800		(1,822)
Net Income (Loss)	2,743		(6,166)
Less: Preferred stock dividends	582		582
Net Income (Loss) Available to Common Shareholders	$	2,161	$	(6,748)

Per Common Share:
Earnings (Loss)	$	0.14	$	(0.54)
Cash dividends paid	$	0.01	$	0.01

Weighted Average Common Shares Outstanding	15,796,040		12,506,792
See Notes to Consolidated Financial Statements

-5-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


	Three Months Ended March 31,
(in thousands)		2026		2025
Net Income (Loss)		$	2,743	$	(6,166)
Other comprehensive (loss) income:
Unrealized (losses) gains on securities:
Unrealized holding (losses) gains arising during the period		(7,662)		2,137
Reclassification adjustments for (gains) losses included in net income		(1)		—
Change in unrealized (losses) gains on securities		(7,663)		2,137
Tax impact		1,609		(449)
Other comprehensive (loss) income		(6,054)		1,688
Comprehensive Loss		$	(3,311)	$	(4,478)
See Notes to Consolidated Financial Statements

-6-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)


	Preferred Stock $1,000 Par		Common Stock $1 Par		Surplus		Retained Earnings		Accumulated Other Comprehensive Income/(Loss)		Total
(in thousands, except per share data)
Balance December 31, 2024	$	33,058	$	12,505	$	149,389	$	72,965	$	(12,868)	$	255,049
Net (loss) income	—		—		—		(6,166)		—		(6,166)
Common Stock issued in private placement, 186,787 shares	—		186		1,395		—		—		1,581
Other comprehensive income	—		—		—		—		1,688		1,688
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.01 per share)	—		—		—		(125)		—		(125)
Balance March 31, 2025 (unaudited)	$	33,058	$	12,691	$	150,784	$	66,092	$	(11,180)	$	251,445












Balance December 31, 2025	$	33,058	$	15,793	$	170,621	$	14,055	$	(7,309)	$	226,218
Net income	—		—		—		2,743		—		2,743
Common Stock issued in private placement, 128,704 shares	—		129		871		—		—		1,000
Common Stock issued as payment-in-kind, 105,907 shares	—		106		717		—		—		823
Other comprehensive (loss) income	—		—		—		—		(6,054)		(6,054)
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.01 per share)	—		—		—		(158)		—		(158)
Balance March 31, 2026 (unaudited)	$	33,058	$	16,028	$	172,209	$	16,058	$	(13,363)	$	223,990















See Notes to Consolidated Financial Statements

-7-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)


	Three Months Ended March 31,
(in thousands)	2026		2025
Cash Flows From Operating Activities
Net income (loss)	$	2,743	$	(6,166)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for credit losses	2,625		14,548

Depreciation and amortization	977		1,095
Change in right of use asset	229		124
Amortization/Accretion of investments	(1,112)		(1,430)
(Gain) loss on sale/call of securities	(1)		—
Gain on sale of assets	(44)		(4)
Repossessed asset write downs, gains and losses on dispositions	50		14
Interest expense paid-in-kind	823		—
FHLB stock dividends	(118)		(129)
Change in operating lease liabilities	(230)		(115)
Change in other assets and liabilities, net	44,651		(2,548)
Net Cash Provided By Operating Activities	50,593		5,389

Cash Flows From Investing Activities
Proceeds from maturities and calls of HTM securities	—		2
Proceeds from maturities, calls and sales of AFS securities	54,245		110,649

Funds invested in AFS securities	(238,381)		(99,276)




Net decrease in loans	139,451		174,355
Purchase of premises and equipment	(167)		(208)
Proceeds from sales of premises and equipment	338		4
Proceeds from sales of other real estate owned	7,060		130
Net Cash (Used In) Provided By Investing Activities	(37,454)		185,656

Cash Flows From Financing Activities
Net decrease in deposits	(125,333)		(136,794)
Net increase (decrease) in federal funds purchased and short-term borrowings	—		104

Repayment of long-term borrowings	—		(1,008)

Proceeds from issuance of common stock	1,000		1,581
Dividends paid on preferred stock	(582)		(582)
Dividends paid on common stock	(158)		(125)
Net Cash Used In Financing Activities	(125,073)		(136,824)

Net (Decrease) Increase In Cash and Cash Equivalents	(111,934)		54,221
Cash and Cash Equivalents at the Beginning of the Period	845,701		564,208
Cash and Cash Equivalents at the End of the Period	$	733,767	$	618,429

Noncash Activities:
Acquisition of real estate in settlement of loans	$	882	$	—

Common stock issued for payment-in-kind	$	823	$	—


Cash Paid During The Period:
Interest on deposits and borrowed funds	$	26,665	$	33,172
Federal income taxes	$	—	$	2,000

See Notes to the Consolidated Financial Statements.

-8-

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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, 2025.

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 March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025 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 credit losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of the deferred tax asset, and the valuation of investment securities.

-9-

Note 2. Recent Accounting Pronouncements

Accounting Standards Adopted in 2026

None.

Accounting Pronouncements Not Yet Adopted

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" (ASU 2024-03") requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU may be applied either prospectively or retrospectively. First Guaranty is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.

ASU 2025-08, "Financial Instruments—Credit Losses (Topic 326): Purchased Loans" (ASU 2025-08") amendments expand the application of the gross‑up approach to certain acquired loans, referred to as “purchased seasoned loans,” which will be recorded at purchase price plus an allowance for expected credit losses at acquisition rather than through a provision for credit losses. The guidance is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years, and is to be applied prospectively. Early adoption is permitted. First Guaranty is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements.

-10-

Note 3. Securities

A summary comparison of securities by type at March 31, 2026 and December 31, 2025 is shown below.


	March 31, 2026								December 31, 2025
(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	$	73,940	$	—	$	(33)	$	73,907	$	98,123	$	26	$	—	$	98,149

Corporate debt securities	5,480		—		(91)		5,389		6,500		—		(51)		6,449
Municipal bonds	14,868		46		(973)		13,941		21,211		218		(373)		21,056
Collateralized mortgage obligations	494,435		474		(3,989)		490,920		301,685		1,232		(336)		302,581
Mortgage-backed securities	270,741		759		(1,744)		269,756		246,620		2,085		(348)		248,357
Total available for sale securities	$	859,464	$	1,279	$	(6,830)	$	853,913	$	674,139	$	3,561	$	(1,108)	$	676,592

Held to maturity:
U.S. Government Agencies	$	267,842	$	—	$	(53,750)	$	214,092	$	267,626	$	—	$	(51,627)	$	215,999
Corporate debt securities	55,247		8		(3,768)		51,487		55,199		8		(3,112)		52,095
Total held to maturity securities	$	323,089	$	8	$	(57,518)	$	265,579	$	322,825	$	8	$	(54,739)	$	268,094

The scheduled maturities of securities at March 31, 2026, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to calls 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 March 31, 2026
(in thousands)	Amortized Cost		Fair Value
Available for sale:
Due in one year or less	$	75,129	$	75,077
Due after one year through five years	8,868		8,697
Due after five years through 10 years	8,643		7,997
Over 10 years	1,648		1,466
Subtotal	94,288		93,237
Collateralized mortgage obligations	494,435		490,920
Mortgage-backed securities	270,741		269,756
Total available for sale securities	$	859,464	$	853,913

Held to maturity:
Due in one year or less	$	—	$	—
Due after one year through five years	60,479		55,865
Due after five years through 10 years	101,929		89,166
Over 10 years	160,681		120,548
Total held to maturity securities	$	323,089	$	265,579

At March 31, 2026, $740.3 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $688.4 million as of March 31, 2026.

Accrued interest receivable on First Guaranty's investment securities was $4.9 million and $3.0 million at March 31, 2026 and December 31, 2025, respectively, and was included in accrued interest receivable on the consolidated balance sheet. First Guaranty had a $0.2 million allowance for credit losses related to the held to maturity portfolio at March 31, 2026 and December 31, 2025.

-11-

The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at March 31, 2026.


						At March 31, 2026
	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	$	73,907	$	(33)	—	$	—	$	—	6	$	73,907	$	(33)
Corporate debt securities	2	1,980		(20)		3	2,429		(71)		5	4,409		(91)
Municipal bonds	42	7,463		(208)		26	5,679		(765)		68	13,142		(973)
Collateralized mortgage obligations	86	400,627		(3,989)		—	—		—		86	400,627		(3,989)
Mortgage-backed securities	44	147,023		(1,429)		6	12,282		(315)		50	159,305		(1,744)
Total available for sale securities	180	$	631,000	$	(5,679)	35	$	20,390	$	(1,151)	215	$	651,390	$	(6,830)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	214,092	$	(53,750)	29	$	214,092	$	(53,750)
Corporate debt securities	2	1,795		(148)		54	49,368		(3,620)		56	51,163		(3,768)
Total held to maturity securities	2	$	1,795	$	(148)	83	$	263,460	$	(57,370)	85	$	265,255	$	(57,518)

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, 2025.


						At December 31, 2025
	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	2	$	19,646	$	—	—	$	—	$	—	2	$	19,646	$	—

Corporate debt securities	2	1,989		(11)		4	3,460		(40)		6	5,449		(51)
Municipal bonds	—	—		—		28	6,261		(373)		28	6,261		(373)
Collateralized mortgage obligations	31	137,608		(336)		—	—		—		31	137,608		(336)
Mortgage-backed securities	14	40,812		(130)		10	27,421		(218)		24	68,233		(348)
Total available for sale securities	49	$	200,055	$	(477)	42	$	37,142	$	(631)	91	$	237,197	$	(1,108)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	215,999	$	(51,627)	29	$	215,999	$	(51,627)
Corporate debt securities	2	1,805		(136)		54	49,965		(2,976)		56	51,770		(3,112)
Total held to maturity securities	2	$	1,805	$	(136)	83	$	265,964	$	(54,603)	85	$	267,769	$	(54,739)

As of March 31, 2026, 300 of First Guaranty's debt securities had unrealized losses totaling 6.6% of the individual securities' amortized cost basis and 5.4% of First Guaranty's total amortized cost basis of the investment securities portfolio. 118 of the 300 securities had been in a continuous loss position for over 12 months at such date. The 118 securities had an aggregate amortized cost basis of $342.4 million and an unrealized loss of $58.5 million at March 31, 2026. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery.

-12-

Securities are evaluated for impairment from credit losses at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) 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 credit 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. There were no held to maturity corporate securities with a credit related impairment loss as of March 31, 2026. 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 charge-offs recognized on securities during the three months ended March 31, 2026 and 2025. There were no provisions for credit losses recognized on securities during the three months ended March 31, 2026 and 2025.

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 March 31, 2026, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below:


	At March 31, 2026
(in thousands)	Amortized Cost		Fair Value
U.S. Government Treasuries (U.S.)	$	73,940	$	73,907
Federal Home Loan Bank (FHLB)	32,434		27,172
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)	101,889		76,600

Federal Farm Credit Bank (FFCB)	139,839		116,542
Government National Mortgage Association (Ginnie Mae-GNMA)	756,634		752,209
Total	$	1,104,736	$	1,046,430

-13-

Note 4. Loans

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


	March 31, 2026				December 31, 2025
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	109,758	5.7	%	$	149,493	7.2	%
Farmland	31,377		1.6	%	32,160		1.5	%
1- 4 Family	427,518		22.2	%	428,773		20.7	%
Multifamily	127,973		6.6	%	144,235		6.9	%
Non-farm non-residential	879,022		45.5	%	948,536		45.7	%
Total Real Estate	1,575,648		81.6	%	1,703,197		82.0	%
Non-Real Estate:
Agricultural	37,899		2.0	%	35,244		1.7	%
Commercial and industrial	214,368		11.1	%	228,738		11.0	%
Commercial leases	71,110		3.7	%	75,617		3.7	%
Consumer and other	31,070		1.6	%	33,023		1.6	%
Total Non-Real Estate	354,447		18.4	%	372,622		18.0	%
Total Loans Before Unearned Income	1,930,095		100.0	%	2,075,819		100.0	%
Unearned income	(5,518)				(6,017)
Total Loans Net of Unearned Income	$	1,924,577			$	2,069,802

Accrued interest receivable on First Guaranty's loans totaled $9.0 million and $9.4 million at March 31, 2026 and December 31, 2025, respectively, and is included in accrued interest receivable on the consolidated balance sheet. Accrued interest receivable is excluded from First Guaranty's estimate of the allowance for credit losses.

The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of March 31, 2026 and December 31, 2025 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.


	March 31, 2026						December 31, 2025
(in thousands)	Fixed		Floating		Total		Fixed		Floating		Total
One year or less	$	267,278	$	214,345	$	481,623	$	269,181	$	200,350	$	469,531
More than one to five years	136,014		130,032		266,046		174,719		175,338		350,057
More than five to 15 years	50,973		226,311		277,284		54,639		254,314		308,953
Over 15 years	341,208		509,525		850,733		338,713		548,984		887,697
Subtotal	$	795,473	$	1,080,213	1,875,686		$	837,252	$	1,178,986	2,016,238
Nonaccrual loans					54,409						59,581
Total Loans Before Unearned Income					1,930,095						2,075,819
Unearned income					(5,518)						(6,017)
Total Loans Net of Unearned Income					$	1,924,577					$	2,069,802

Included in floating rate loans are loans that adjust to a floating rate following an initial fixed rate period. The initial fixed rate periods are typically one, three, or five years.

-14-

The following tables present the age analysis of past due loans at March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(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	$	10,021	$	9,466	$	19,487	$	90,271	$	109,758	$	—
Farmland	170		2,633		2,803		28,574		31,377		—
1- 4 family	9,815		8,972		18,787		408,731		427,518		107
Multifamily	174		2,231		2,405		125,568		127,973		—
Non-farm non-residential	5,162		21,912		27,074		851,948		879,022		123
Total Real Estate	25,342		45,214		70,556		1,505,092		1,575,648		230
Non-Real Estate:
Agricultural	561		1,645		2,206		35,693		37,899		—
Commercial and industrial	374		1,224		1,598		212,770		214,368		—
Commercial leases	—		6,483		6,483		64,627		71,110		—
Consumer and other	230		73		303		30,767		31,070		—
Total Non-Real Estate	1,165		9,425		10,590		343,857		354,447		—
Total Loans Before Unearned Income	$	26,507	$	54,639	$	81,146	$	1,848,949	$	1,930,095	$	230
Unearned income									(5,518)
Total Loans Net of Unearned Income									$	1,924,577


	As of December 31, 2025
(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	$	42	$	9,281	$	9,323	$	140,170	$	149,493	$	—
Farmland	17		2,671		2,688		29,472		32,160		—
1- 4 family	12,875		10,531		23,406		405,367		428,773		763
Multifamily	175		2,278		2,453		141,782		144,235		—
Non-farm non-residential	6,456		24,380		30,836		917,700		948,536		33
Total Real Estate	19,565		49,141		68,706		1,634,491		1,703,197		796
Non-Real Estate:
Agricultural	1,263		2,172		3,435		31,809		35,244		—
Commercial and industrial	3,004		2,266		5,270		223,468		228,738		—
Commercial leases	2,123		6,640		8,763		66,854		75,617		—
Consumer and other	527		158		685		32,338		33,023		—
Total Non-Real Estate	6,917		11,236		18,153		354,469		372,622		—
Total Loans Before Unearned Income	$	26,482	$	60,377	$	86,859	$	1,988,960	$	2,075,819	$	796
Unearned income									(6,017)
Total Loans Net of Unearned Income									$	2,069,802

The tables above include $54.4 million and $59.6 million of nonaccrual loans at March 31, 2026 and December 31, 2025, respectively. See the tables below for more detail on nonaccrual loans.

-15-

The following is a summary of nonaccrual loans by class at the dates indicated:


	As of March 31, 2026
(in thousands)	With Related Allowance		Without Related Allowance		Total
Real Estate:
Construction & land development	$	328	$	9,138	$	9,466
Farmland	214		2,419		2,633
1- 4 family	8,229		636		8,865
Multifamily	167		2,064		2,231
Non-farm non-residential	4,559		17,230		21,789
Total Real Estate	13,497		31,487		44,984
Non-Real Estate:
Agricultural	991		654		1,645
Commercial and industrial	1,224		—		1,224
Commercial leases	5,711		772		6,483
Consumer and other	73		—		73
Total Non-Real Estate	7,999		1,426		9,425
Total Nonaccrual Loans	$	21,496	$	32,913	$	54,409


	As of December 31, 2025
(in thousands)	With Related Allowance		Without Related Allowance		Total
Real Estate:
Construction & land development	$	436	$	8,845	$	9,281
Farmland	224		2,447		2,671
1- 4 family	9,091		677		9,768
Multifamily	197		2,081		2,278
Non-farm non-residential	5,641		18,706		24,347
Total Real Estate	15,589		32,756		48,345
Non-Real Estate:
Agricultural	1,257		915		2,172
Commercial and industrial	912		1,354		2,266
Commercial leases	5,803		837		6,640
Consumer and other	158		—		158
Total Non-Real Estate	8,130		3,106		11,236
Total Nonaccrual Loans	$	23,719	$	35,862	$	59,581

-16-

The following table presents First Guaranty's loan portfolio by credit quality classification and origination year as of the date indicated:


	As of March 31, 2026
	Term Loans by Origination Year
(in thousands)	2026		2025		2024		2023		2022		Prior	Revolving Loans		Total
Real Estate:
Construction & land development:
Pass	$	2,627	$	9,050	$	6,041	$	6,634	$	25,632	6,741	$	421	$	57,146
Special Mention	—		—		83		16,849		12,380		520	—		29,832
Substandard	—		1,649		1,863		17,066		189		2,013	—		22,780
Doubtful	—		—		—		—		—		—	—		—
Total Construction & land development	2,627		10,699		7,987		40,549		38,201		9,274	421		109,758
Current period gross charge-offs	—		—		—		—		—		—	—		—
Farmland
Pass	733		1,458		2,744		2,525		3,659		5,993	1,830		18,942
Special Mention	—		—		120		—		—		1,464	—		1,584
Substandard	—		—		2,838		3,790		30		4,143	50		10,851
Doubtful	—		—		—		—		—		—	—		—
Total Farmland	733		1,458		5,702		6,315		3,689		11,600	1,880		31,377
Current period gross charge-offs	—		—		—		—		—		—	—		—
1- 4 family
Pass	8,402		33,829		51,802		84,888		89,883		115,737	7,198		391,739
Special Mention	123		—		67		523		1,811		4,973	120		7,617
Substandard	—		2,424		3,301		5,272		4,274		12,509	382		28,162
Doubtful	—		—		—		—		—		—	—		—
Total 1- 4 family	8,525		36,253		55,170		90,683		95,968		133,219	7,700		427,518
Current period gross charge-offs	—		—		28		95		160		1,209	—		1,492
Multifamily
Pass	—		—		431		6,674		28,667		11,492	3,932		51,196
Special Mention	—		—		—		22,947		14		40,167	—		63,128
Substandard	—		—		—		341		13,308		—	—		13,649
Doubtful	—		—		—		—		—		—	—		—
Total Multifamily	—		—		431		29,962		41,989		51,659	3,932		127,973
Current period gross charge-offs	—		—		—		25		—		—	—		25
Non-farm non-residential
Pass	4,873		14,091		37,541		104,087		148,144		218,787	4,902		532,425
Special Mention	—		194		16,831		21,296		31,095		72,071	29,152		170,639
Substandard	—		839		8,118		42,060		40,236		83,817	888		175,958
Doubtful	—		—		—		—		—		—	—		—
Total non-farm non-residential	4,873		15,124		62,490		167,443		219,475		374,675	34,942		879,022
Current period gross charge-offs	—		—		—		994		205		135	—		1,334
Total Real Estate	16,758		63,534		131,780		334,952		399,322		580,427	48,875		1,575,648

Non-Real Estate:
Agricultural
Pass	253		1,815		1,639		1,214		1,700		3,762	17,619		28,002
Special Mention	—		70		84		180		—		269	78		681
Substandard	—		—		17		17		7,094		1,839	249		9,216
Doubtful	—		—		—		—		—		—	—		—
Total Agricultural	253		1,885		1,740		1,411		8,794		5,870	17,946		37,899
Current period gross charge-offs	—		—		—		28		—		185	—		213
Commercial and industrial
Pass	5,408		34,925		10,980		12,804		5,827		30,579	53,666		154,189

-17-


Special Mention	—		33,520		634		2,000		5,069		760		567		42,550
Substandard	—		55		32		18		413		3,147		13,964		17,629
Doubtful	—		—		—		—		—		—		—		—
Total Commercial and industrial	5,408		68,500		11,646		14,822		11,309		34,486		68,197		214,368
Current period gross charge-offs	—		66		1,851		19		57		9		—		2,002
Commercial leases
Pass	—		3,127		3,613		10,671		18,140		7,493		—		43,044
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		12,266		6,952		3,137		—		—		22,355
Doubtful	—		—		—		5,711		—		—		—		5,711
Total Commercial leases	—		3,127		15,879		23,334		21,277		7,493		—		71,110
Current period gross charge-offs	—		—		—		—		—		92		—		92
Consumer and other loans
Pass	1,634		5,597		2,614		10,440		1,109		9,345		—		30,739
Special Mention	—		—		—		—		5		33		—		38
Substandard	—		28		51		47		43		124		—		293
Doubtful	—		—		—		—		—		—		—		—
Total Consumer and other loans	1,634		5,625		2,665		10,487		1,157		9,502		—		31,070
Current period gross charge-offs	31		31		11		72		75		60		—		280
Total Non-Real Estate	7,295		79,137		31,930		50,054		42,537		57,351		86,143		354,447
Total Loans
Pass	23,930		103,892		117,405		239,937		322,761		409,929		89,568		1,307,422
Special Mention	123		33,784		17,819		63,795		50,374		120,257		29,917		316,069
Substandard	—		4,995		28,486		75,563		68,724		107,592		15,533		300,893
Doubtful	—		—		—		5,711		—		—		—		5,711
Total Loans Before Unearned Income	$	24,053	$	142,671	$	163,710	$	385,006	$	441,859	$	637,778	$	135,018	$	1,930,095
Unearned income															(5,518)
Total Loans Net of Unearned Income															$	1,924,577
Total Current Period Gross Charge-offs	$	31	$	97	$	1,890	$	1,233	$	497	$	1,690	$	—	$	5,438


	As of December 31, 2025
	Term Loans by Origination Year
(in thousands)	2025		2024		2023		2022		2021		Prior	Revolving Loans		Total
Real Estate:
Construction & land development:
Pass	$	11,416	$	8,479	$	6,888	$	31,030	$	5,894	2,626	$	6,005	$	72,338
Special Mention	—		32		16,735		12,348		—		120	—		29,235
Substandard	1,273		1,810		41,808		961		2,066		2	—		47,920
Doubtful	—		—		—		—		—		—	—		—
Total Construction & land development	12,689		10,321		65,431		44,339		7,960		2,748	6,005		149,493
Current period gross charge-offs	—		—		—		5,794		—		—	—		5,794
Farmland
Pass	1,474		2,869		2,538		3,697		4,674		1,741	3,037		20,030
Special Mention	—		155		—		30		—		2,607	—		2,792
Substandard	—		2,852		3,797		35		—		2,654	—		9,338
Doubtful	—		—		—		—		—		—	—		—
Total Farmland	1,474		5,876		6,335		3,762		4,674		7,002	3,037		32,160
Current period gross charge-offs	—		—		—		—		—		68	—		68

-18-


1- 4 family
Pass	32,828	55,162	88,161	91,666	51,709	72,022	7,636	399,184
Special Mention	—	68	410	1,736	499	3,902	246	6,861
Substandard	2,285	116	4,898	4,535	3,436	6,746	636	22,652
Doubtful	—	—	—	76	—	—	—	76
Total 1- 4 family	35,113	55,346	93,469	98,013	55,644	82,670	8,518	428,773
Current period gross charge-offs	—	—	—	21	180	456	—	657
Multifamily
Pass	2,994	435	6,936	41,186	5,258	6,148	3,658	66,615
Special Mention	—	—	22,950	15	40,890	—	—	63,855
Substandard	—	—	372	13,393	—	—	—	13,765
Doubtful	—	—	—	—	—	—	—	—
Total Multifamily	2,994	435	30,258	54,594	46,148	6,148	3,658	144,235
Current period gross charge-offs	—	—	—	10,670	—	—	—	10,670
Non-farm non-residential
Pass	16,962	38,215	113,566	150,487	65,144	171,799	10,726	566,899
Special Mention	194	16,662	25,187	31,289	10,533	71,231	27,969	183,065
Substandard	878	9,666	38,876	50,372	21,811	70,695	6,274	198,572
Doubtful	—	—	—	—	—	—	—	—
Total non-farm non-residential	18,034	64,543	177,629	232,148	97,488	313,725	44,969	948,536
Current period gross charge-offs	—	9,432	—	33	3,360	66	—	12,891
Total Real Estate	70,304	136,521	373,122	432,856	211,914	412,293	66,187	1,703,197

Non-Real Estate:
Agricultural
Pass	1,713	1,716	1,435	1,779	1,219	2,705	14,328	24,895
Special Mention	70	85	72	1,014	—	79	—	1,320
Substandard	—	20	46	6,187	239	2,297	240	9,029
Doubtful	—	—	—	—	—	—	—	—
Total Agricultural	1,783	1,821	1,553	8,980	1,458	5,081	14,568	35,244
Current period gross charge-offs	—	169	—	—	—	—	—	169
Commercial and industrial
Pass	36,431	14,475	13,846	6,284	28,635	8,722	54,165	162,558
Special Mention	33,579	160	2,098	5,052	607	256	516	42,268
Substandard	135	36	39	697	1,327	4,009	14,052	20,295
Doubtful	—	3,617	—	—	—	—	—	3,617
Total Commercial and industrial	70,145	18,288	15,983	12,033	30,569	12,987	68,733	228,738
Current period gross charge-offs	29	220	599	281	184	26	—	1,339
Commercial leases
Pass	2,902	4,262	11,901	16,586	8,790	—	—	44,441
Special Mention	—	—	—	—	—	—	—	—
Substandard	—	12,831	7,337	3,426	1,457	414	—	25,465
Doubtful	—	—	5,711	—	—	—	—	5,711
Total Commercial leases	2,902	17,093	24,949	20,012	10,247	414	—	75,617
Current period gross charge-offs	—	17,728	18,899	233	7,347	—	—	44,207
Consumer and other loans
Pass	6,860	3,134	11,118	1,433	1,370	8,580	—	32,495
Special Mention	—	—	1	6	36	—	—	43
Substandard	32	37	94	147	142	33	—	485
Doubtful	—	—	—	—	—	—	—	—
Total Consumer and other loans	6,892	3,171	11,213	1,586	1,548	8,613	—	33,023
Current period gross charge-offs	237	189	240	338	259	120	—	1,383
Total Non-Real Estate	81,722	40,373	53,698	42,611	43,822	27,095	83,301	372,622
Total Loans

-19-


Pass	113,580		128,747		256,389		344,148		172,693		274,343		99,555		1,389,455
Special Mention	33,843		17,162		67,453		51,490		52,565		78,195		28,731		329,439
Substandard	4,603		27,368		97,267		79,753		30,478		86,850		21,202		347,521
Doubtful	—		3,617		5,711		76		—		—		—		9,404
Total Loans Before Unearned Income	$	152,026	$	176,894	$	426,820	$	475,467	$	255,736	$	439,388	$	149,488	$	2,075,819
Unearned income															(6,017)
Total Loans Net of Unearned Income															$	2,069,802
Total Current Period Gross Charge-offs	$	266	$	27,738	$	19,738	$	17,370	$	11,330	$	736	$	—	$	77,178

-20-

Note 5. Allowance for Credit Losses on Loans

A summary of changes in the allowance for credit losses, by portfolio type, for the three months ended March 31, 2026 and 2025 are as follows:


	For the Three Months Ended March 31,
	2026
(in thousands)	Beginning Allowance (12/31/2025)		Charge-offs		Recoveries		Provision		Ending Allowance (3/31/2026)
Real Estate:
Construction & land development	$	2,079	$	—	$	—	$	(423)	$	1,656
Farmland	183		—		—		(36)		147
1- 4 family	13,340		(1,492)		203		1,260		13,311
Multifamily	1,377		(25)		—		(528)		824
Non-farm non-residential	12,054		(1,334)		5		(465)		10,260
Total Real Estate	29,033		(2,851)		208		(192)		26,198
Non-Real Estate:
Agricultural	173		(213)		147		140		247
Commercial and industrial	6,271		(2,002)		92		(2,016)		2,345
Commercial leases	1,192		(92)		—		5,559		6,659
Consumer and other	1,007		(280)		99		40		866
Unallocated	3,079		—		—		(906)		2,173
Total Non-Real Estate	11,722		(2,587)		338		2,817		12,290
Total Loans	$	40,755	$	(5,438)	$	546	$	2,625	$	38,488
Unfunded lending commitments	700		—		—		—		700
Total	$	41,455	$	(5,438)	$	546	$	2,625	$	39,188


	For the Three Months Ended March 31,
	2025
(in thousands)	Beginning Allowance (12/31/2024)		Charge-offs		Recoveries		Provision		Ending Allowance (3/31/2025)
Real Estate:
Construction & land development	$	3,930	$	(5,794)	$	—	$	8,285	$	6,421
Farmland	50		—		—		—		50
1- 4 family	9,243		—		10		618		9,871
Multifamily	3,949		—		—		1,345		5,294
Non-farm non-residential	11,531		—		5		3,584		15,120
Total Real Estate	28,703		(5,794)		15		13,832		36,756
Non-Real Estate:
Agricultural	204		(169)		—		52		87
Commercial and industrial	1,994		(418)		25		514		2,115
Commercial leases	1,719		—		—		107		1,826
Consumer and other	1,337		(496)		200		107		1,148
Unallocated	854		—		—		236		1,090
Total Non-Real Estate	6,108		(1,083)		225		1,016		6,266
Total Loans	$	34,811	$	(6,877)	$	240	$	14,848	$	43,022
Unfunded lending commitments	1,210		—		—		(300)		910
Total	$	36,021	$	(6,877)	$	240	$	14,548	$	43,932

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 credit loss reserve from one category to another.

-21-

A summary of the allowance along with loans and leases individually and collectively evaluated are as follows:


	As of March 31, 2026
(in thousands)	Allowance Individually Evaluated		Allowance Collectively Evaluated		Total Allowance for Credit Losses		Loans Individually Evaluated		Loans Collectively Evaluated		Total Loans before Unearned Income
Real Estate:
Construction & land development	$	255	$	1,401	$	1,656	$	19,337	$	90,421	$	109,758
Farmland	—		147		147		2,419		28,958		31,377
1- 4 family	1,303		12,008		13,311		8,460		419,058		427,518
Multifamily	—		824		824		8,379		119,594		127,973
Non-farm non-residential	1,000		9,260		10,260		49,810		829,212		879,022
Total Real Estate	2,558		23,640		26,198		88,405		1,487,243		1,575,648
Non-Real Estate:
Agricultural	—		247		247		654		37,245		37,899
Commercial and industrial	28		2,317		2,345		332		214,036		214,368
Commercial leases	5,711		948		6,659		6,483		64,627		71,110
Consumer and other	—		866		866		—		31,070		31,070
Unallocated	—		2,173		2,173		—		—		—
Total Non-Real Estate

First Guaranty Bancshares, Inc. 10-Q