First Guaranty Bancshares - 10-Q quarterly report FY

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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	5,739		6,551		12,290		7,469		346,978		354,447
Total	$	8,297	$	30,191	$	38,488	$	95,874	$	1,834,221	1,930,095
Unearned Income											(5,518)
Total Loans Net of Unearned Income											$	1,924,577

$88.9 million of loans individually evaluated for impairment as of March 31, 2026 were considered collateral dependent loans.


	As of December 31, 2025
(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	$	—	$	2,079	$	2,079	$	28,237	$	121,256	$	149,493
Farmland	—		183		183		2,447		29,713		32,160
1- 4 family	857		12,483		13,340		7,816		420,957		428,773
Multifamily	11		1,366		1,377		8,446		135,789		144,235
Non-farm non-residential	1,398		10,656		12,054		41,888		906,648		948,536
Total Real Estate	2,266		26,767		29,033		88,834		1,614,363		1,703,197
Non-Real Estate:
Agricultural	—		173		173		915		34,329		35,244
Commercial and industrial	3,534		2,737		6,271		5,308		223,430		228,738
Commercial leases	—		1,192		1,192		6,548		69,069		75,617
Consumer and other	—		1,007		1,007		—		33,023		33,023
Unallocated	—		3,079		3,079		—		—		—
Total Non-Real Estate	3,534		8,188		11,722		12,771		359,851		372,622
Total	$	5,800	$	34,955	$	40,755	$	101,605	$	1,974,214	2,075,819
Unearned Income											(6,017)
Total loans net of unearned income											$	2,069,802

$91.8 million of loans individually evaluated for impairment as of December 31, 2025 were considered collateral dependent loans.

As of March 31, 2026 and December 31, 2025, First Guaranty had loans totaling $54.4 million and $59.6 million, respectively, not accruing interest. First Guaranty had $0.2 million of loans past due 90 days or more and still accruing interest as of March 31, 2026 as compared to $0.8 million as of December 31, 2025. The average outstanding balance of nonaccrual loans for the three months ended March 31, 2026 was $57.0 million compared to $114.6 million for the year ended December 31, 2025.

-22-

The Bank held loans that were individually evaluated for impairment at March 31, 2026 for which the repayment, on the basis of the assessment at the reporting date, is expected to be provided substantially though the operation or sale of the collateral and the borrower is experiencing financial difficulty. The Allowance for Credit Losses for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the type of collateral that secure collateral dependent loans:

•Residential real estate loans are primarily secured by first liens on residential real estate.

•Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants.

•Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land.

•Commercial loans are primarily secured by accounts receivable, inventory and equipment.

•Agriculture loans are primarily secured by farmland and equipment.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

Occasionally, the Bank modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, interest only for a specified period of time, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Bank’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off.

The Bank did not execute any new reportable modifications to borrowers experiencing financial difficulty (MEFD) during the three months ended March 31, 2026. As of March 31, 2026, loans that had been previously modified for borrowers experiencing financial difficulty consisted of $19.0 million of term extensions, $13.1 million of loan term modifications, and $0.3 million of payment delays. The Bank had no unfunded commitments to borrowers whose terms have been modified as a reportable MEFD as of March 31, 2026.

As of March 31, 2026, there have been no loans that were modified within the previous 12 months for which there has been payment default during the period.

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Note 6. Goodwill and Other Intangible Assets

Goodwill and intangible assets deemed to have indefinite lives are not amortized but are evaluated for impairment. First Guaranty performs impairment testing when events or changes in circumstances indicate it is more likely than not that the carrying amount may not be recoverable. As a result of prior impairment testing, no goodwill remains on the balance sheet.

During 2025, First Guaranty performed a quantitative impairment test as of September 30, 2025, using a combination of market and income approaches, including the guideline public company method, guideline precedent transaction method, and discounted cash flow analysis. The test was triggered by First Guaranty's stock price trading below book value and the recent increase in credit provisions. Based on the results of the test, First Guaranty concluded the goodwill of $12.9 million was impaired and recorded a one-time non-cash impairment charge during 2025. No goodwill impairment charges were recorded in periods prior to 2025.

Other intangible assets continue to be amortized over their useful lives. Loan servicing assets totaled $0.2 million at March 31, 2026 and $0.3 million at December 31, 2025. 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 3.0 years at March 31, 2026. The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions.

Note 7. Other Real Estate (ORE)

Other real estate owned consists of the following at the dates indicated:


(in thousands)	March 31, 2026		December 31, 2025
Other Real Estate Owned:
Residential	$	851	$	351
Construction & land development	1,161		8,161
Non-farm non-residential	26,860		26,572
Total Other Real Estate Owned	$	28,872	$	35,084

During 2025, First Guaranty transferred $4.4 million of existing bank owned properties previously used as either operating branches or future branch development to other real estate owned. The properties were for sale as of March 31, 2026.

Loans secured by one-to-four family residential properties in the process of foreclosure totaled $1.6 million as of March 31, 2026.

Note 8. Borrowings

During the three months ended March 31, 2026, First Guaranty entered into amendments to further amend the promissory note for the senior debt owed to a related party and subordinated note to a related party which allows First Guaranty to extend the waiver of principal payments and permit quarterly interest payments in cash or shares of common stock through March 31, 2028.

First Guaranty issued 28,687 shares of common stock for payment in kind ("PIK") interest due on the senior debt for the quarter ended March 31, 2026. First Guaranty issued 77,220 shares of common stock as PIK payments of interest on a $30.0 million subordinated debt for the quarter ended March 31, 2026.

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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 March 31, 2026 and December 31, 2025:

Contract Amount


(in thousands)	March 31, 2026		December 31, 2025
Commitments to Extend Credit	$	42,104	$	70,846
Unfunded Commitments under lines of credit	$	154,623	$	161,690
Commercial and Standby letters of credit	$	18,806	$	18,531

Allowance For Credit Losses - Off- Balance-Sheet Credit Exposures

The provision for credit losses on unfunded commitments was $0 for the three months ended March 31, 2026 compared to a reversal of $0.3 million for the three months ended March 31, 2025. The ACL on off-balance-sheet credit exposures totaled $0.7 million at March 31, 2026 and December 31, 2025 and is included in other liabilities on the accompanying consolidated balance sheets.

Litigation

First Guaranty is subject to various legal proceedings in the normal course of its business. First Guaranty assesses its liabilities and contingencies in connection with outstanding legal proceedings. Where it is probable that First Guaranty will incur a loss and the amount of the loss can be reasonably estimated, First Guaranty records a liability in its consolidated financial statements. First Guaranty does not record a loss if the loss is not probable or the amount of the loss is not estimable. First Guaranty Bank is a defendant in a lawsuit alleging fault for a loss of funds by a customer related to fraud by a third party with a possible loss range of $0.0 million to $1.5 million. The Bank denies the allegations and intends to vigorously defend against this lawsuit, which is in early stages and no trial date has been set. No accrued liability has been recorded related to this lawsuit. In the opinion of management, neither First Guaranty nor First Guaranty Bank is currently involved in such legal proceedings, either individually or in the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably.

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Note 10. Leases

First Guaranty’s primary leasing activities relate to certain real estate leases of a portion of the main office, certain branches, and certain ATM locations. These leases have all been designated as operating leases. First Guaranty does not lease equipment under operating leases, and does not have leases designated as financing leases.

On June 28, 2024 First Guaranty sold three properties owned by it, two stand-alone branches and a portion of the headquarters building which also contains a branch, to a partnership owned by certain directors of First Guaranty. The aggregate purchase price was approximately $14.7 million, and all of the properties are located in Louisiana. First Guaranty concurrently entered into absolute net lease agreements with the partnership under which First Guaranty will lease each of the properties.

As a result of the sale-leaseback transaction, First Guaranty recorded operating right-of-use ("ROU") assets and corresponding lease liabilities of $11.5 million and $11.5 million, respectively. Each lease agreement had an initial term of 15 years with specified renewal options, and aggregate annual lease payments totaled approximately $1.3 million. The sale-leaseback transaction resulted in a pre-tax gain of approximately $13.3 million.

On April 29, 2026, First Guaranty repurchased the properties for an aggregate purchase price of $14.8 million. Upon repurchase, the related lease agreements were terminated and no further lease payments are required. Lease expense associated with the sale‑leaseback arrangement totaled approximately $0.3 million per quarter prior to termination. As a result of the repurchase, this lease expense will be eliminated and partially offset by depreciation expense, which is expected to increase by approximately $0.2 million per quarter.

Information concerning First Guaranty’s leases is as follows:


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Weighted-average lease term (in years)	12.8		14.0
Weighted-average discount rate	7.9	%	7.9	%

First Guaranty’s operating lease ROU assets were $10.9 million and $11.1 million at March 31, 2026 and December 31, 2025, respectively, and the related operating lease liabilities were $10.9 million and $11.2 million, respectively. The ROU asset is included in Other Assets on the balance sheet, and the related operating lease liabilities are included in Other Liabilities.

Operating lease expense, including short-term leases, is included in occupancy expense in the amount of $0.5 million and $0.4 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Cash payment for amounts included in the measurement of lease liabilities of $0.4 million and $0.4 million were included in operating cash flows for the respective three-month periods.

The following table reports minimum lease payments under non-cancelable operating leases at March 31, 2026:


(in thousands)
2026	$	1,055
2027	1,406
2028	1,351
2029	1,307
2030	1,326
Thereafter	11,471
Total lease payments	17,916
Less: interest	(6,981)
Present value of lease liabilities	$	10,935

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Note 11. 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 March 31, 2026 include corporate debt and municipal securities.

Loan individually evaluated for impairment. Fair value 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. First Guaranty transferred $4.4 million of existing bank owned properties previously used as either operating branches or future branch development to other real estate owned. Those properties were available for sale as of March 31, 2026. The properties are included in Level 3 as of March 31, 2026.

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 March 31, 2026 and December 31, 2025, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:


(in thousands)	March 31, 2026		December 31, 2025
Available for Sale Securities Fair Value Measurements Using:
Level 1: Quoted Prices in Active Markets For Identical Assets	$	73,908	$	98,149
Level 2: Significant Other Observable Inputs	764,224		555,565
Level 3: Significant Unobservable Inputs	15,781		22,878
Securities available for sale measured at fair value	$	853,913	$	676,592

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, 2025 to March 31, 2026 was due to a net decrease in Treasury bills of $24.2 million. There were no transfers between Level 2 and Level 3 from December 31, 2025 to March 31, 2026. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2025 to March 31, 2026.

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The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):


	Level 3 Changes
(in thousands)	March 31, 2026		December 31, 2025
Balance, beginning of year	$	22,878	$	6,095
Total gains or losses (realized/unrealized):
Included in earnings	—		—
Included in other comprehensive income	(773)		121
Purchases, sales, issuances and settlements, net	(6,324)		(473)
Transfers in and/or out of Level 3	—		17,135
Balance as of end of period	$	15,781	$	22,878

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 March 31, 2026.

The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of March 31, 2026 and December 31, 2025, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:


(in thousands)	At March 31, 2026		At December 31, 2025
Fair Value Measurements Using: Loans Individually Evaluated for Impairment
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	—		—
Level 3: Significant Unobservable Inputs	36,295		43,809
Loans individually evaluated for impairment measured at fair value	$	36,295	$	43,809

Fair Value Measurements Using: Other Real Estate Owned
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	—		—
Level 3: Significant Unobservable Inputs	28,872		35,084
Other real estate owned measured at fair value	$	28,872	$	35,084

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.

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Note 12. 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. Cash and due from bank for the purposes of the Consolidated Statements of Cash Flows include cash on hand, balances due from banks: which includes non-interest and interest-bearing accounts, and federal funds sold, all of which mature within ninety days.

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.

Loan individually evaluated for impairment.

Fair value 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 customer deposits, excluding certificates of deposit, is the amount payable on demand. Market values of certificates of deposit are actually 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

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specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. 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.

The carrying amounts and estimated fair values of financial instruments at March 31, 2026 were as follows:


	Fair Value Measurements at March 31, 2026 Using
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets
Cash and due from banks	$	733,223	$	733,223	$	—	$	—	$	733,223
Federal funds sold	544		544		—		—		544
Securities, available for sale	853,913		73,908		764,224		15,781		853,913
Securities, held for maturity	322,939		—		265,579		—		265,579
Loans held for sale	—		—		—		—		—
Loans, net	1,886,089		—		—		1,881,395		1,881,395
Accrued interest receivable	13,920		—		—		13,920		13,920

Liabilities
Deposits	$	3,507,544	$	—	$	—	$	3,507,868	3,507,868


Repurchase agreements	7,119		—		—		7,120		7,120
Accrued interest payable	22,558		—		—		22,558		22,558
Long-term advances from Federal Home Loan Bank	135,000		—		—		135,745		135,745
Senior long-term debt	14,210		—		—		14,266		14,266
Junior subordinated debentures	29,820		—		—		30,000		30,000

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The carrying amounts and estimated fair values of financial instruments at December 31, 2025 were as follows:


			Fair Value Measurements at December 31, 2025 Using
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets
Cash and due from banks	$	845,150	$	845,150	$	—	$	—	$	845,150
Federal funds sold	551		551		—		—		551
Securities, available for sale	676,592		98,149		555,565		22,878		676,592
Securities, held for maturity	322,675		—		268,094		—		268,094
Loans, net	2,029,047		—		—		2,025,685		2,025,685
Accrued interest receivable	12,455		—		—		12,455		12,455

Liabilities
Deposits	$	3,632,877	$	—	$	—	$	3,643,821	3,643,821


Repurchase agreements	7,119		—		—		7,160		7,160
Accrued interest payable	17,637		—		—		17,637		17,637
Long-term advances from Federal Home Loan Bank	135,000		—		—		136,529		136,529
Senior long-term debt	14,203		—		—		14,266		14,266
Junior subordinated debentures	29,805		—		—		30,000		30,000

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.

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Note 13. Segment Reporting

First Guaranty is engaged in a single line of business as a financial institution, which provides a full range of banking, financial and trust services to state, county and local government entities and individuals and small and commercial businesses. First Guaranty has identified its President and Chief Executive Officer as the chief operating decision maker (“CODM”), who uses consolidated net income (see Consolidated Statements of Income) to determine how resources should be allocated and manage First Guaranty. First Guaranty’s operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of First Guaranty as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies described in Note 1 included in Form 10-K for the year ended December 31, 2025. First Guaranty’s most significant reported source of income and expense are interest income and interest expense (see Consolidated Statements of Income). The remaining significant segment income and expenses are described in the Consolidated Statements of Income.

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

The following discussion of First Guaranty's financial condition and results of operations is intended to highlight the significant factors affecting First Guaranty's financial condition and results of operations presented in the consolidated financial statements included in this Form 10-Q. This discussion is designed to provide readers with a more comprehensive view of the operating results and financial position than would be obtained from reading the consolidated financial statements alone. Reference should be made to those statements for an understanding of the following review and analysis. The financial data at March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been derived from unaudited consolidated financial statements and include, in the opinion of management, all adjustments (consisting of normal recurring accruals and provisions) necessary to present fairly First Guaranty's financial position and results of operations for such periods.

Special Note Regarding Forward-Looking Statements

Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about a company's anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects us from unwarranted litigation, if actual results are different from management expectations. This discussion and analysis contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "may," "should," "expect," "anticipate," "intend," "plan," "continue," "believe," "seek," "estimate" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of factors and uncertainties, including, changes in general economic conditions, either nationally or in our market areas, that are worse than expected; competition among depository and other financial institutions; inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate acquired entities; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board; changes in our organization, compensation and benefit plans; changes in our financial condition or results of operations that reduce capital available to pay dividends; increases in our provision for credit losses and changes in the financial condition or future prospects of issuers of securities that we own, which could cause our actual results and experience to differ from the anticipated results and expectations, expressed in such forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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First Quarter and Three Months Ended March 31, 2026, Financial Overview

First Guaranty Bancshares is a Louisiana corporation and a financial holding company headquartered in Hammond, Louisiana. Our wholly-owned subsidiary, First Guaranty Bank, a Louisiana-chartered commercial bank, provides personalized commercial banking services primarily to Louisiana and Texas customers through 30 banking facilities primarily located in the MSAs of Hammond, Baton Rouge, Lafayette, Shreveport-Bossier City, and Alexandria, Louisiana and Dallas-Fort Worth-Arlington, Waco, Texas and Mideast markets in Kentucky and West Virginia. As announced in a Current Report on Form 8-K filed on March 10, 2026, First Guaranty has entered into a purchase and assumption agreement pursuant to which it would exit the Dallas-Fort Worth-Arlington and Waco, Texas markets. We emphasize personal relationships and localized decision making to ensure that products and services are matched to customer needs. We compete for business principally on the basis of personal service to customers, customer access to officers and directors and competitive interest rates and fees.

Financial highlights for the first quarter and three months ended March 31, 2026 are as follows:

•Net income (loss) for the three months ended March 31, 2026 and 2025 was $2.7 million and $(6.2) million, respectively, an increase of $8.9 million.

•Total assets decreased $119.8 million and were $4.0 billion at March 31, 2026 compared to $4.1 billion at December 31, 2025. Total loans at March 31, 2026 were $1.9 billion, a decrease of $145.2 million, or 7.0%, compared with December 31, 2025. Total deposits were $3.5 billion at March 31, 2026, a decrease of $125.3 million, or 3.4%, compared with December 31, 2025. Retained earnings were $16.1 million at March 31, 2026, an increase of $2.0 million compared to $14.1 million at December 31, 2025. Shareholders' equity was $224.0 million and $226.2 million at March 31, 2026 and December 31, 2025, respectively.

•Earnings (loss) per common share were $0.14 and $(0.54) for the three months ended March 31, 2026 and 2025, respectively. Total weighted average shares outstanding were 15,796,040 and 12,506,792 for the three months ended March 31, 2026 and 2025, respectively.

•The allowance for credit losses was 2.00% of total loans at March 31, 2026 compared to 1.97% at December 31, 2025.

•Net interest income for the three months ended March 31, 2026 was $20.7 million compared to $22.2 million for the three months ended March 31, 2025.

•The provision for credit losses for the three months ended March 31, 2026 was $2.6 million compared to $14.5 million for the three months ended March 31, 2025.

•Charge-offs were $5.4 million during the three months ended March 31, 2026 and $6.9 million during the same period in 2025. Recoveries totaled $0.5 million during the three months ended March 31, 2026 and $0.2 million during the same period in 2025.

•First Guaranty had $28.9 million of other real estate owned as of March 31, 2026 compared to $35.1 million at December 31, 2025.

•The net interest margin for the three months ended March 31, 2026 was 2.07% which was a decrease of 28 basis points from the net interest margin of 2.35% for the same period in 2025. Loans as a percentage of average interest earning assets decreased to 49.5% at March 31, 2026 compared to 68.5% at March 31, 2025.

•Investment securities totaled $1.2 billion at March 31, 2026, an increase of $177.6 million when compared to $999.3 million at December 31, 2025. At March 31, 2026, available for sale securities, at fair value, totaled $853.9 million, an increase of $177.3 million when compared to $676.6 million at December 31, 2025. At March 31, 2026, held to maturity securities, at amortized cost and net of the allowance for credit losses totaled $322.9 million, an increase of $0.3 million when compared to $322.7 million at December 31, 2025. The allowance for credit losses for HTM securities was $0.2 million at March 31, 2026 and December 31, 2025.

•Total loans net of unearned income were $1.9 billion at March 31, 2026, a net decrease of $145.2 million from December 31, 2025. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $38.5 million at March 31, 2026 and $40.8 million at December 31, 2025, respectively.

•Nonaccrual loans decreased $5.2 million to $54.4 million at March 31, 2026 compared to $59.6 million at December 31, 2025.

•At March 31, 2026, the largest 10 non-performing loan relationships comprise 77% of total non-performing assets. Additional details on the non-performing relationships are as follows:

1.A $23.3 million loan relationship secured by an independent living center located in Louisiana; the loan was transferred to other real estate owned in the fourth quarter of 2025.

2.A $14.5 million loan relationship secured by an assisted living center located in Louisiana; the loan was placed on nonaccrual in the second quarter of 2025. Payments received on the loan in the first quarter of 2026 reduced the balance by $0.4 million.

3.A $9.1 million loan relationship secured by an assisted living center located in Texas; the loan was placed on nonaccrual in the third quarter of 2025. This loan relationship is still under construction with $1.9 million remaining to be funded as of March 31, 2026.

4.A $5.7 million commercial lease loan for an automotive parts wholesaler; the loan was placed on nonaccrual and charged down $26.2 million in the fourth quarter of 2025. This lease loan was fully reserved and was classified as doubtful as of March 31, 2026.

5.A $5.2 million loan relationship was placed on nonaccrual during the second quarter of 2025. The loan is secured by multifamily apartment complexes located in Louisiana. This loan relationship had a specific reserve of $0.8 million as of March 31, 2026.

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6.A $1.4 million guaranteed loan secured by livestock and farmland located in Louisiana; the loan was placed in nonaccrual in the fourth quarter of 2024.

7.A $1.3 million loan secured by commercial real estate in Texas; the loan was placed on nonaccrual during the third quarter of 2024.

8.A $1.2 million loan secured by multiple office buildings located in West Virginia; the loan was placed on nonaccrual during the second quarter of 2025.

9.A $1.2 million loan secured by a mobile home park located in New Mexico; the loan was placed on nonaccrual during the third quarter of 2024.

10.A $1.0 million loan secured by a cattle farm located in Louisiana; the loan was placed on nonaccrual during the third quarter of 2025.

•First Guaranty charged off $5.4 million in loan balances during the first quarter of 2026. The details of the $5.4 million in charged-off loans were as follows:

1.First Guaranty charged off $1.8 million on a commercial and industrial loan during the first quarter of 2026. The relationship had a balance of $3.7 million at December 31, 2025, and no remaining principal balance as of March 31, 2026, as the relationship was subsequently sold after the charge-down.

2.First Guaranty charged off $1.0 million on a non-farm non-residential loan relationship secured by retail real estate during the first quarter of 2026. This relationship had no remaining principal balance as of March 31, 2026.

3.Smaller loans and overdrawn deposit accounts comprised the remaining $2.6 million of charge-offs for the first quarter of 2026.

•Special mention loan relationships totaled $316.1 million as of March 31, 2026, a decline of $13.4 million compared to December 31, 2025.

•Substandard loan relationships totaled $300.9 million as of March 31, 2026, a decline of $46.7 million compared to December 31, 2025.

•Doubtful loan relationships totaled $5.7 million as of March 31, 2026, a decline of $3.7 million compared to December 31, 2025.

•Noninterest expense totaled $16.7 million for the first quarter 2026, $16.8 million for the fourth quarter of 2025, $30.2 million for the third quarter of 2025 (including $12.9 million of goodwill impairment), $17.3 million for the second quarter of 2025, and $18.0 million for the first quarter of 2025. Full time equivalent employees totaled 330 at March 31, 2026 compared to 380 at March 31, 2025.

•Return on average assets for the three months ended March 31, 2026 and 2025 was 0.27% and (0.63)%, respectively. Return on average common equity for the three months ended March 31, 2026 and 2025 was 4.52% and (12.29)% 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 $11.91 as of March 31, 2026 compared to $12.23 as of December 31, 2025. The decrease was due primarily to the changes in accumulated other comprehensive income ("AOCI") and recent issuance of new shares. AOCI is comprised of unrealized gains and losses on available for sale securities, including unrealized losses on available for sale securities at the time of transfer to held to maturity.

•First Guaranty's Board of Directors declared cash dividends of $0.01 per common share in the first quarter of 2026 and 2025. First Guaranty has paid 131 consecutive quarterly dividends as of March 31, 2026.

•First Guaranty paid preferred stock dividends of $0.6 million during the first three months of 2026 and 2025.

•On March 10, 2026, First Guaranty Bank entered into an agreement with Armstrong Bank, Muskogee, Oklahoma, to sell the Bank's Texas operations, consisting of five branches and related deposits, loans and certain other assets, to Armstrong Bank. The transaction is expected to consist of approximately $270 million in deposits and $110 million in loans.

•On March 20, 2026, First Guaranty entered into a second amendment to its promissory note with Smith & Tate Investment, L.L.C. ("Smith and Tate"), which further amends the promissory note originally dated October 5, 2023, as previously amended on June 4, 2025. The second amendment extends the existing waiver of quarterly principal payments from March 31, 2026 through March 31, 2028 and extends First Guaranty’s option during this period to satisfy interest payments either in cash or through the issuance of shares of First Guaranty’s common stock, based on the closing bid price immediately preceding the interest payment date. Smith & Tate is controlled by Edgar Ray Smith, III, a director and principal shareholder of First Guaranty.

•On March 20, 2026, First Guaranty entered into a second amendment to its Floating Rate Subordinated Note due March 28, 2034 with Smith & Tate, which further amended the subordinated note previously amended on June 4, 2025. The second amendment extends First Guaranty’s ability to elect to satisfy quarterly interest payments either in cash or through the issuance of shares of First Guaranty’s common stock, based on the closing bid price immediately preceding the interest payment date. Smith & Tate is controlled by Edgar Ray Smith, III, a director and principal shareholder of First Guaranty.

Recent Developments

•On April 29, 2026, First Guaranty Bank purchased three properties owned by FGB Partners, LLC, two stand-alone branches and a portion of the headquarters building which also contains a branch, for an aggregate cash purchase price of $14.7 million. The properties were initially sold to FGB Partners, LLC on June 28, 2024, as part of a sale-leaseback transaction. Lease expense related to the sale‑leaseback arrangement totaled approximately $0.3 million per quarter. As a result of the repurchase, this lease expense will be eliminated, partially offset by an increase in depreciation expense of approximately $0.2 million per quarter.

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•On April 30, 2026, First Guaranty completed a private placement of 436,204 shares of its common stock to certain directors of First Guaranty and First Guaranty Bank at a purchase price of $9.17 per share. The private placement generated aggregate gross proceeds of approximately $4.0 million, which First Guaranty intends to use for general corporate purposes.

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Financial Condition

Changes in Financial Condition from December 31, 2025 to March 31, 2026

Assets

Total assets at March 31, 2026 were $4.0 billion, a decrease of $119.8 million from December 31, 2025. Assets decreased primarily due to a decrease in net loans of $143.0 million and cash and cash equivalents of $111.9 million partially offset by an increase in investment securities of $177.6 million at March 31, 2026 compared to December 31, 2025.

Loans

Net loans decreased $143.0 million, or 7.0%, to $1.9 billion at March 31, 2026 from December 31, 2025. First Guaranty adopted a change in its business plan in July 2024 that focused on reducing risk in the balance sheet, including risk associated with the loan portfolio. As part of this strategy, First Guaranty has reduced loan originations, charged-off loan balances and conducted select loan sales, which have each contributed to a decline in loan balances. Non-farm non-residential loan balances decreased $69.5 million due to paydowns on the existing portfolio. Construction and land development loans decreased $39.7 million principally due to the conversion of existing loans to permanent financing. Multifamily loans decreased $16.3 million primarily due to paydowns. Commercial and industrial loans decreased $14.4 million primarily due to the sale of loans, paydowns and charge-offs. Commercial lease loan balances decreased $4.5 million primarily due to paydowns on the existing lease portfolio. First Guaranty's commercial lease portfolio generally has higher yields than commercial real estate loans but shorter average lives. Consumer and other loans decreased $2.0 million primarily due to paydowns. One-to-four family residential loans decreased $1.3 million primarily due to charge-offs and paydowns. Farmland loans decreased $0.8 million primarily due to seasonal activity. Agricultural loans increased $2.7 million due to seasonal activity. First Guaranty had approximately 3.8% of funded and 1.4% of unfunded commitments in our loan portfolio to businesses engaged in support or service activities for oil and gas operations. First Guaranty's hotel and hospitality portfolio totaled $130.9 million at March 31, 2026. First Guaranty had $122.7 million in loans related to our Texas markets at March 31, 2026 compared to $192.6 million at December 31, 2025. As noted above, First Guaranty has entered into an agreement to sell its Texas operations. First Guaranty had $343.3 million in loans related to our Mideast markets in Kentucky and West Virginia at March 31, 2026 compared to $323.1 million at December 31, 2025. Syndicated loans at March 31, 2026 were $51.6 million, of which $22.3 million were shared national credits. Syndicated loans increased $1.3 million from $50.3 million at December 31, 2025.

As of March 31, 2026, 81.6% of our loan portfolio was secured by real estate. The largest portion of our loan portfolio, at 45.5% as of March 31, 2026, was non-farm non-residential loans secured by real estate. Approximately 57.6% of the loan portfolio was based on a floating rate tied to the prime rate, Secured Overnight Financing Rate ("SOFR"), or Treasury rates as of March 31, 2026. This amount includes loans that convert to floating rates following an initial fixed rate period, which typically ranges from one, three, or five year periods. 39.9% of the loan portfolio is scheduled to mature within five years from March 31, 2026.

Commercial real estate (“CRE”) has received increased regulatory scrutiny in recent quarters due to valuation concerns associated with the increase in market interest rates and the impact of the COVID-19 pandemic. First Guaranty has utilized enhanced risk management practices for CRE concentration analysis for several years. First Guaranty Bank’s credit department conducts an annual stress test for CRE related loans that is presented to the Bank’s board of directors. The stress test analyzes the impact of changes in interest rates and cash flow on loan customers with credit exposures of $2.5 million or greater. First Guaranty generally requires personal guaranties on CRE loans. First Guaranty generally approves CRE loans with loan-to-values of 80% or less. First Guaranty also generally requires for construction related CRE loans that the borrower provides their equity contribution upfront before loan funds are advanced. First Guaranty modified its business strategy in 2024 to reduce exposure to commercial real estate related loans, particularly loans secured by non-owner occupied properties and construction loans for commercial real estate. First Guaranty continued this strategy in 2026.

First Guaranty has diversified its CRE portfolio across both industries and geographic location. The following is a summary of the largest CRE related loans associated with hotel and motels, office properties, apartment complexes, healthcare related properties, and properties under construction as of March 31, 2026. First Guaranty generally does not finance multi-story office buildings in major metropolitan areas. The largest CRE loan secured by a hotel or motel totaled $19.2 million. The property is a flagged hotel located in Texas. The largest CRE loan secured by an office related property totaled $20.8 million and is located in West Virginia. The largest CRE loan secured by an apartment complex totaled $40.2 million and is located in Louisiana. The largest healthcare related loan is a $33.5 million property secured by an assisted living center located in Alabama. The largest CRE loan under construction totaled $16.5 million for a multipurpose CRE building and is secured by a property located in Louisiana.

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As of March 31, 2026, the Bank’s total exposure (including outstanding loans and commitments) to its ten largest borrower relationships represented approximately 20.3% of the Bank’s loan portfolio. The majority of these relationships are real estate secured. Below is a summary of those ten largest lending relationships:


Top 10 Large Loan Relationships
	(in thousands)
	Relationship Description	Balance		Risk Rating	No. Loans	Origination Year	Location
1	Non-Owner Occupied Commercial Real Estate	$	78,889	Pass	6	2021-2023	West Virginia & Pennsylvania
2	Medical Facilities	45,796		Substandard	11	2008-2022	Louisiana
3	Loan Note Purchaser	42,503		Pass	19	2012-2024	West Virginia
4	Apartment Complex	40,167		Special Mention	1	2021	Louisiana
5	Apartment Complex / Hotel Property	37,489		Special Mention	2	2023	Florida
6	Manufacturing Company	35,009		Special Mention	10	2015-2023	Louisiana
7	Assisted Living Facility	33,467		Special Mention	1	2025	Alabama
8	Owner Occupied Office Building	31,173		Substandard	2	2019-2023	Utah
9	Casino	23,885		Pass	3	2020-2023	Louisiana
10	Medical Facilities	23,358		Substandard	2	2020-2021	Arkansas
		$	391,736

The decrease in classified assets at March 31, 2026 as compared to December 31, 2025 was due to a $46.6 million decrease in substandard loans and a $3.7 million decrease in doubtful loans. The decrease in substandard loans was primarily the result of $31.5 million in loan payoffs and $1.7 million in charge-offs in the first quarter of 2026. The decrease in doubtful loans was driven by the sale of a $3.7 million commercial and industrial loan relationship. The Bank recorded as $1.8 million charge-off as the result of the sale Special mention loans decreased by $13.4 million in 2026. The decrease in special mention loans was primarily the result of $10.3 million in loan payoffs.


Top 10 Substandard Relationships
		March 31, 2026
	(in thousands)	Balance		Allocated Reserve		Origination Year(s)	Location
	Relationship Description
1	Medical Facilities	$	45,796	$	—	2008-2022	Louisiana
2	Owner Occupied Office Building	31,173		—		2020-2023	Utah
3	Medical Facilities	23,358		—		2020-2021	Arkansas
4	Construction Business	21,975		—		2022-2024	Louisiana & Texas
5	Assisted Living Facilities	14,520		—		2019-2022	Louisiana & Alabama
6	Oil & Gas Support	14,450		—		2015-2024	Louisiana
7	Food Processor	13,513		—		2020-2024	Ohio
8	Commercial Retail Shopping Center	13,336		—		2020	Oklahoma
9	Gas Station & Convenience Store	11,471		—		2023	Louisiana
10	Assisted Living Facility	9,535		—		2023-2025	Texas
		$	199,127	$	—

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Top 10 Special Mention Relationships
		March 31, 2026
		Balance		Allocated Reserve		Origination Year(s)	Location
	Relationship Description
1	Apartment Complex	$	40,167	$	—	2021	Louisiana
2	Apartment Complex & Hotel Property	37,489		—		2023	Florida
3	Manufacturing Company	35,009		—		2015-2024	Louisiana
4	Assisted Living Facility	33,467		—		2022	Alabama
5	Hotel Properties	20,368		—		2022	Texas
6	Owner Occupied Commercial Real Estate	20,148		—		2020	Louisiana
7	Assisted Living Facility	16,682		—		2017	Louisiana
8	Multipurpose Commercial Real Estate Building	16,506		—		2023	Louisiana
9	Warehouse Facility	15,919		—		2024	Louisiana
10	Hotel Properties	11,755		—		2022-2023	Texas
		$	247,510	$	—

Net loans are reduced by the allowance for credit losses which totaled $38.5 million at March 31, 2026 and $40.8 million at December 31, 2025. Loan charge-offs were $5.4 million during the first three months of 2026 and $6.9 million during the same period in 2025. Recoveries totaled $0.5 million during the first three months of 2026 and $0.2 million during the same period in 2025. The provision for credit losses totaled $2.6 million for the first three months of 2026 and $14.5 million for the same period in 2025. See Note 4 of the Notes to Consolidated Financial Statements for more information on loans and Note 5 for more information on the allowance for credit losses.

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Investment Securities

Investment securities net of the allowance for credit losses at March 31, 2026 totaled $1.2 billion, an increase of $177.6 million compared to $999.3 million at December 31, 2025. The portfolio consists of both available for sale (AFS) and held to maturity securities (HTM). The securities designated as held to maturity are agency and corporate debt securities that are part of First Guaranty’s investment strategy and public funds collateralization program. We purchase securities for our investment portfolio to provide a source of liquidity, to provide an appropriate return on funds invested, to manage interest rate risk and meet pledging requirements for public funds and borrowings.

The securities portfolio consisted principally of U.S. Government and Government agency securities, agency mortgage-backed securities, collateralized mortgage obligations ("CMOs"), corporate debt securities and municipal bonds. U.S. government agencies consist of FHLB, FFCB, Freddie Mac and Federal National Mortgage Association ("Fannie Mae") obligations. Mortgage-backed securities that we purchase are issued by Freddie Mac and Fannie Mae. CMOs are also issued by Freddie Mac and Fannie Mae and are structured to provide varying repayment profiles. Management monitors the securities portfolio for both credit and interest rate risk. We generally limit the purchase of corporate securities to individual issuers to manage concentration and credit risk. Corporate securities generally have a maturity of 10 years or less. U.S. Government securities consist of U.S. Treasury bills that have maturities of less than 30 days. Government agency securities generally have maturities of 15 years or less. Agency mortgage-backed securities have stated final maturities of 15 to 20 years, while CMOs generally have stated final maturities ranging from 15 to 30 years, although actual maturities may vary based on prepayment activity.

Our available for sale securities portfolio totaled $853.9 million at March 31, 2026, an increase of $177.3 million, or 26.2%, compared to $676.6 million at December 31, 2025. The increase was primarily due to the purchase of collateralized mortgage obligations and mortgage-backed securities.

Our held to maturity securities portfolio net of the allowance for credit losses totaled $322.9 million at March 31, 2026, an increase of $0.3 million, or 0.1%, compared to $322.7 million at December 31, 2025. The increase in carrying value was primarily attributable to the continued accretion of the fair value discount that was recognized in amortized cost at the time the securities were designated as held to maturity in 2021.

At March 31, 2026, $75.1 million, or 6.4%, of the securities portfolio was scheduled to mature in less than one year. $69.2 million, or 5.9%, of the securities portfolio, not including collateralized mortgage obligations and mortgage-backed securities, were scheduled to mature between one and five years. The majority of these securities were corporate bonds. $109.9 million, or 9.3%, of the securities portfolio, not including collateralized mortgage obligations and mortgage-backed securities, were scheduled to mature between five and ten years. Securities, not including collateralized mortgage obligations and mortgage-backed securities, with contractual maturity dates over 10 years totaled $162.1 million, or 13.8%, of the total securities portfolio at March 31, 2026. The average maturity of the securities portfolio is affected by call options that may be exercised by the issuer of the securities and are influenced by market interest rates. Prepayments of mortgages that collateralize mortgage-backed securities also affect the maturity of the securities portfolio. Based on internal forecasts as of March 31, 2026, management believes that the securities portfolio has a forecasted weighted average life of approximately 5.63 years based on the current interest rate environment. The portfolio had an estimated effective duration of 4.23 years at March 31, 2026.

There were no credit related impairment of available for sale securities during the three months ended March 31, 2026 or 2025. The allowance for credit losses for held to maturity securities was $0.2 million at March 31, 2026 and December 31, 2025.

Nonperforming Assets

Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are those on which the accrual of interest has stopped or loans which are contractually 90 days past due on which interest continues to accrue. Loans are ordinarily placed on nonaccrual status when principal and interest is delinquent for 90 days or more. However, management may elect to continue the accrual when the asset is well secured and in the process of collection. It is our policy to discontinue the accrual of interest income on any loan for which we have reasonable doubt as to the payment of interest or principal. When a loan is placed on nonaccrual status, unpaid interest credited to income is reversed. Nonaccrual loans are returned to accrual status when the financial position of the borrower indicates there is no longer any reasonable doubt as to the payment of principal or interest and a reasonable payment performance period is observed (generally considered six months or longer). Other real estate owned consists of property acquired through formal foreclosure, in-substance foreclosure or by deed in lieu of foreclosure.

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The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.


(in thousands)	March 31, 2026			December 31, 2025
Nonaccrual loans:
Real Estate:
Construction and land development	$	9,466		$	9,281
Farmland	2,633			2,671
1- 4 family	8,865			9,768
Multifamily	2,231			2,278
Non-farm non-residential	21,789			24,347
Total Real Estate	44,984			48,345
Non-Real Estate:
Agricultural	1,645			2,172
Commercial and industrial	1,224			2,266
Commercial leases	6,483			6,640
Consumer and other	73			158
Total Non-Real Estate	9,425			11,236
Total nonaccrual loans	54,409			59,581

Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	—			—
Farmland	—			—
1- 4 family	107			763
Multifamily	—			—
Non-farm non-residential	123			33
Total Real Estate	230			796
Non-Real Estate:
Agricultural	—			—
Commercial and industrial	—			—
Commercial leases	—			—
Consumer and other	—			—
Total Non-Real Estate	—			—
Total loans 90 days and greater delinquent & accruing	230			796

Total nonperforming loans	54,639			60,377

Real Estate Owned:
Construction and land development	1,161			8,161
Farmland	—			—
1- 4 family	851			351
Multifamily	—			—
Non-farm non-residential	26,860			26,572
Total Real Estate Owned	28,872			35,084

Total nonperforming assets	$	83,511		$	95,461

Nonperforming assets to total loans	4.34		%	4.61		%
Nonperforming assets to total assets	2.11		%	2.34		%
Nonperforming loans to total loans	2.84		%	2.92		%
Nonaccrual loans to total loans	2.83		%	2.88		%
Allowance for credit losses to nonaccrual loans	70.74		%	68.40		%
Net loan charge-offs to average loans	0.99		%	3.17		%

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Top 10 Non-Performing Assets
		March 31, 2026
		Balance		Allocated Reserve		Origination Year	Location
	Asset Description
1	Independent Living Center	$	23,301	$	—	2021	Louisiana
2	Assisted Living Center	14,488		—		2019	Louisiana
3	Assisted Living Center	9,138		—		2023	Texas
4	Commercial Lease	5,711		5,711		2024	Multistate
5	Apartment Complex	5,208		857		2023	Louisiana
6	Farmland	1,422		—		2020	Louisiana
7	Commercial Real Estate	1,308		28		2017	Texas
8	Commercial Building	1,199		21		2023	West Virginia
9	Mobile Home Park	1,164		—		2020	New Mexico
10	Poultry/Cattle Farm	997		—		2020	Louisiana
		$	63,936	$	6,617

At March 31, 2026, nonperforming assets totaled $83.5 million, or 2.11% of total assets, compared to $95.5 million, or 2.34%, of total assets at December 31, 2025, which represented a decrease of $12.0 million, or 12.5%. The decrease in nonperforming assets occurred primarily due to a decrease in nonaccrual loans, other real estate, and in loans 90 days greater delinquent. Nonperforming loans included loans previously classified as purchase credit deteriorated following the adoption of CECL.

Nonaccrual loans decreased from $59.6 million at December 31, 2025 to $54.4 million at March 31, 2026. Nonaccrual loans included $4.3 million in loans with a government guarantee. These are structured as net loss guarantees in which up to 90% of loss exposure is covered.

At March 31, 2026, there were $0.2 million loans 90 days or greater delinquent and still accruing, compared to $0.8 million at December 31, 2025.

Other real estate owned totaled $28.9 million at March 31, 2026, a decrease of $6.2 million compared to $35.1 million at December 31, 2025. Other real estate owned decreased primarily due to the sale of $7.4 million of other real estate owned comprised of a land development project in January 2026.

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Allowance for Credit Losses

First Guaranty adopted FASB ASC Topic 326 “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” Update No. 2016-13 (“ASU 2016-13”). ASU 2016-13 on January 1, 2023. ASU 2016-13, referred to as the Current Expected Credit Loss (“CECL”) standard, requires financial assets measured on an amortized cost basis, including loans and held-to-maturity debt securities, to be presented at an amount net of an allowance for credit losses, which reflects expected losses for the full life of the financial asset. Unfunded lending commitments are also within the scope of this topic. Under prior GAAP losses were not recognized until the occurrence of the loss was probable.

The allowance for credit losses on loans is maintained to absorb potential losses in the loan portfolio. The allowance is increased by the provision for loan losses, offset by recoveries of previously charged-off loans and is decreased by loan charge-offs. The provision is a charge to current expense to provide for current expected loan losses and to maintain the allowance commensurate with management's evaluation of the risks inherent in the loan portfolio. Various factors are taken into consideration when determining the amount of the provision and the adequacy of the allowance. These factors include but are not limited to:

•past due and nonperforming 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.

The data collected from all sources in determining the adequacy of the allowance is evaluated on a regular basis by management with regard to current national and local economic trends, prior loss history, underlying collateral values, credit concentrations and industry risks. An estimate of potential loss on specific loans is developed in conjunction with an overall risk evaluation of the total loan portfolio. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as new information becomes available.

The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, or collateral dependent. For such loans that are also classified as collateral dependent, an allowance is established when the collateral value is lower than the carrying value of that loan. The general component covers non-classified loans and special mention loans and is based on historical loss experience for the past three years adjusted for qualitative factors described above. An unallocated component is maintained to cover uncertainties that could affect the estimate of probable losses.

The balance in the allowance for credit losses is principally influenced by the provision for loan losses, recoveries, and by net loan loss experience. Additions to the allowance are charged to the provision for credit losses. Losses are charged to the allowance as incurred and recoveries on losses previously charged to the allowance are credited to the allowance at the time recovery is collected.

The allowance for credit losses on loans was $38.5 million, or 2.00% of total loans, and 70.4% of nonperforming loans at March 31, 2026.

A provision for credit losses of $2.6 million was made during the three months ended March 31, 2026 and $14.5 million for the same period in 2025. The provisions made during the three months ended March 31, 2025 included a $0.3 million negative provision for credit losses related to unfunded commitments. First Guaranty's unfunded commitments declined during the first three months of 2025 which resulted in a reduced liability. The provisions made were taken to provide for current credit losses and to maintain the allowance proportionate to risks inherent in the loan portfolio.

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The loan portfolio factors in the first three months of 2026 that primarily affected the allocation of the allowance included the following:

•Construction and land development loans decreased $39.7 million during the first three months of 2026. The allowance decrease was due to changes in the qualitative analysis of the portfolio

•One-to-four family residential loans decreased $1.3 million during the first three months of 2026. The allowance decrease related to this portfolio was due primarily to charge-offs of the portfolio.

•Multifamily loans decreased $16.3 million during the first three months of 2026. The allowance decrease related to this portfolio was due primarily to charge-offs and changes in the qualitative analysis of the portfolio.

•Non-farm non-residential loans decreased by $69.5 million during the first three months of 2026. The allowance decrease related to this portfolio was due primarily to charge-offs of the portfolio.

•Commercial and industrial loans decreased $14.4 million during the first three months of 2026. The allowance decrease related to this portfolio was due primarily to charge-offs and changes in the qualitative analysis of the portfolio.

•Commercial leases decreased $4.5 million during the first three months of 2026. The allowance increase related to this portfolio was due primarily to a $5.7 million increase in the allowance for loans individually evaluated.

•Consumer and other loans decreased $2.0 million during the first three months of 2026. The decrease in the related allowance balance was due primarily to charge-offs and changes in the qualitative analysis of the portfolio.

Other information related to the allowance for credit losses is as follows:


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Loans:
Average outstanding balance	$	2,008,486	$	2,624,913
Balance at end of period	$	1,924,577	$	2,512,788

Allowance for Credit Losses:
Balance at beginning of year	$	40,755	$	34,811
Charge-offs	(5,438)		(6,877)
Recoveries	546		240
Provision	2,625		14,848
Balance at end of period	$	38,488	$	43,022

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Deposits

Managing the mix and pricing the maturities of deposit liabilities is an important factor affecting our ability to maximize our net interest margin. The strategies used to manage interest-bearing deposit liabilities are designed to adjust as the interest rate environment changes. We regularly assess our funding needs, deposit pricing and interest rate outlooks. First Guaranty Bank uses reciprocal deposit insurance products for collateralization of deposits. In addition to reciprocal deposits, First Guaranty may periodically utilize one-way sell options under these networks that results in a drop in deposits and corresponding drop in cash, removing those assets and deposit liabilities from the balance sheet. Total deposits in the one-way sell network were $330.3 million at March 31, 2026. From December 31, 2025 to March 31, 2026, total deposits decreased $125.3 million, or 3.4%, to $3.5 billion. Noninterest-bearing demand deposits decreased $2.8 million, or 0.7%, to $411.8 million at March 31, 2026. The decrease in noninterest-bearing demand deposits was primarily concentrated in business noninterest-bearing demand deposits. Interest-bearing demand deposits decreased $64.9 million, or 5.6%, to $1.1 billion at March 31, 2026. The decrease in interest-bearing demand deposits was primarily concentrated in public funds interest-bearing demand deposits that were in the reciprocal deposit network. Savings deposits increased $3.4 million, or 1.6%, to $217.3 million at March 31, 2026, primarily related to increases in individual savings deposits. Time deposits decreased $61.0 million, or 3.3%, to $1.8 billion at March 31, 2026, primarily due to decreases in individual and brokered time deposits.

Management will continue to evaluate and update our product mix and related technology in its efforts to attract additional customers. We currently offer a number of deposit products that are competitively priced and designed to attract and retain customers with primary emphasis on noninterest-bearing deposits, select time deposits and other lower cost deposits.

As of March 31, 2026, the aggregate amount of outstanding certificates of deposit in amounts greater than $250,000 was approximately $165.6 million. At March 31, 2026, approximately $26.7 million of First Guaranty's certificates of deposit greater than $250,000 had a remaining term greater than one year.

The total amount of our uninsured deposits (deposits in excess of $250,000, as calculated in accordance with FDIC regulations) was estimated at $266.8 million at March 31, 2026. This total excludes public funds deposits that are collateralized by securities or FHLB letters of credit. The amount of uninsured deposits including collateralized public funds deposits was estimated at $896.7 million at March 31, 2026.

The following table sets forth the distribution of our time deposit accounts.


(in thousands)	March 31, 2026
Time deposits of less than $100,000	$	1,308,543
Time deposits of $100,000 through $250,000	304,119
Time deposits of more than $250,000	165,640
Total Time Deposits	$	1,778,302

The following table sets forth the maturity of the time deposits greater than $250,000 at March 31, 2026.


(in thousands)	March 31, 2026
Three months or less	$	40,939
Three to six months	40,372
Six months to one year	57,619
One to three years	21,921
More than three years	4,789
Total Time Deposits greater than $250,000	$	165,640

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Public funds deposits totaled $0.9 billion at March 31, 2026 and December 31, 2025. Public funds time deposits totaled $76.8 million at March 31, 2026 compared to $78.7 million at December 31, 2025. First Guaranty has developed a program for the retention and management of public funds deposits. Since the end of 2012, First Guaranty has maintained public funds deposits in excess of $400.0 million. These deposits are from public entities such as school districts, hospital districts, sheriff departments and municipalities. The majority of these funds are under fiscal agency agreements with terms of three years or less. Deposits under fiscal agency agreements are generally stable but public entities may maintain the ability to negotiate term deposits on a specific basis including with other financial institutions. These deposits generally have stable balances as we maintain both operating accounts and time deposits for these entities. There is a seasonal component to public deposit levels associated with annual tax collections. Public funds will increase at the end of the year and during the first quarter. In addition to seasonal fluctuations, there are monthly fluctuations associated with internal payroll and short-term tax collection accounts for our public funds deposit accounts. Public funds deposit accounts are collateralized by FHLB letters of credit, by expanded reciprocal deposit insurance programs, by Louisiana municipal bonds and by eligible government and government agency securities such as those issued by the FHLB, FFCB, Fannie Mae, and Freddie Mac. First Guaranty intends to grow the proportion of its public funds portfolio that is collateralized by reciprocal deposit insurance as an alternative to pledging securities or utilizing FHLB letters of credit. First Guaranty initiated this strategy to invest these deposits more efficiently in higher yielding loans to improve the net interest margin and earnings. Total public funds collateralized by reciprocal deposit insurance programs decreased to $498.8 million at March 31, 2026 compared to $602.2 million at December 31, 2025.

The following table sets forth public funds as a percent of total deposits.


(in thousands except for %)	March 31, 2026			December 31, 2025
Public Funds:
Noninterest-bearing Demand	$	6,838		$	4,091
Interest-bearing Demand	842,046			826,099
Savings	19,852			18,275
Time	76,800			78,722
Total Public Funds	$	945,536		$	927,187
Total Deposits	$	3,507,544		$	3,632,877
Total Public Funds as a percent of Total Deposits	27.0		%	25.5		%

Borrowings

First Guaranty maintains borrowing relationships with other financial institutions as well as the Federal Home Loan Bank on a short and long-term basis to meet liquidity needs. First Guaranty had $7.1 million in short-term borrowings outstanding at March 31, 2026 and December 31, 2025. The short-term borrowings at March 31, 2026 and December 31, 2025 were comprised of repurchase agreements.

First Guaranty had long-term borrowings from the FHLB that totaled $135.0 million at March 31, 2026 and December 31, 2025. First Guaranty converted previous short-term floating rate borrowings from the FHLB into long-term lower fixed rate borrowings in order to reduce interest expense. First Guaranty has a $100.0 million FHLB advance that matures in the second quarter of 2027, and a $35.0 million FHLB advance that matures in the third quarter of 2027.

First Guaranty had senior long-term debt totaling $14.2 million as of March 31, 2026 and December 31, 2025. In the quarter ended June 30, 2025, the parties amended the note to waive principal payments and permit quarterly interest payments in cash or common stock through March 31, 2026. On March 20, 2026, the parties extended the waiver of principal payments and the ability to make interest payments in cash or common stock through March 31, 2028.

First Guaranty had subordinated debt totaling $29.8 million at March 31, 2026 and December 31, 2025. During the quarter ended June 30, 2025, First Guaranty entered into an amendment permitting quarterly interest to be paid in cash or common stock through March 31, 2026. On March 20, 2026, the parties extended the ability to make interest payments in cash or common stock through March 31, 2028.

First Guaranty had $285.4 million in Federal Home Loan Bank letters of credit as of March 31, 2026 compared to $327.2 million at December 31, 2025. Federal Home Loan Bank letters of credit are obtained primarily for collateralizing public deposits.

Total Shareholders' Equity

Total shareholders' equity decreased to $224.0 million at March 31, 2026 from $226.2 million at December 31, 2025. The decrease in shareholders' equity was principally the result of an increase of $6.1 million in accumulated other comprehensive loss, partially offset by an increase of $2.0 million in retained earnings, an increase of $1.6 million in surplus, and an increase of $0.2 million in common stock. The increase in accumulated other comprehensive loss was primarily attributed to the increase in unrealized losses on available for sale securities during the three months ended March 31, 2026. The $2.0 million increase in retained earnings was primarily due to net income of $2.7 million during the three months ended March 31, 2026, partially offset by $0.2 million in cash dividends paid on shares of our common stock and $0.6 million in cash dividends paid on shares of our preferred stock. The $1.6 million increase in surplus and $0.2 million increase in common stock was primarily due to the issuance of common stock under private placement during the first three months of 2026, and common stock issued as payment-in-kind for interest on senior long-term and subordinated debt.

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Results of Operations for the First Quarter Ended March 31, 2026 and 2025

Performance Summary

Three months ended March 31, 2026 compared to the three months ended March 31, 2025. Net income for the three months ended March 31, 2026 was $2.7 million, an increase of $8.9 million, from net loss of $6.2 million for the three months ended March 31, 2025. The increase in net income for the three months ended March 31, 2026 as compared to the prior year period was primarily the result of a decrease in the provision to the credit allowance. Income per common share for the three months ended March 31, 2026 was $0.14 per common share, an increase of $0.68 per common share from $(0.54) per common share for the three months ended March 31, 2025.

Net Interest Income

Our operating results depend primarily on our net interest income, which is the difference between interest income earned on interest-earning assets, including loans and securities, and interest expense incurred on interest-bearing liabilities, including deposits and other borrowed funds. Interest rate fluctuations, as well as changes in the amount and type of interest-earning assets and interest-bearing liabilities, combine to affect net interest income. First Guaranty’s assets and liabilities are generally most affected by changes in the Federal Funds rate, SOFR rate, short-term Treasury rates such as one month and three month Treasury bills, and longer term Treasury rates such as the U.S. ten year Treasury rate. Our net interest income is affected by changes in the amount and mix of interest-earning assets and interest-bearing liabilities. There may also be a time lag in the effect of interest rate changes on assets and liabilities. It is also affected by changes in yields earned on interest-earning assets and rates paid on interest-bearing deposits and other borrowed funds.

A financial institution's asset and liability structure is substantially different from that of a non-financial company, in that virtually all assets and liabilities are monetary in nature. Accordingly, changes in interest rates may have a significant impact on a financial institution's performance. The impact of interest rate changes depends on the sensitivity to the change of our interest-earning assets and interest-bearing liabilities. The effects of the changing interest rate environment in recent periods and our interest sensitivity position is discussed below.

Three months ended March 31, 2026 compared to the three months ended March 31, 2025. Net interest income for the three months ended March 31, 2026 and 2025 was $20.7 million and $22.2 million, respectively. The decrease in net interest income for the three months ended March 31, 2026 as compared to the prior year period was primarily due to an increase in the average balance of our total interest-earning assets and a decrease in the average rate of our interest-bearing liabilities, partially offset by a decrease in the average yield of our total interest-earning assets and an increase in the average balance of our total interest-bearing liabilities. For the three months ended March 31, 2026, the average balance of our total interest-earning assets increased by $225.0 million to $4.1 billion due to growth in the securities portfolio and an increase in interest-earning deposits with banks. The average yield of our interest-earning assets decreased by 54 basis points to 5.22% for the three months ended March 31, 2026 from 5.76% for the three months ended March 31, 2025 primarily due to a lower yield on interest-earning deposits with banks. For the three months ended March 31, 2026, the average balance of our total interest-bearing liabilities increased by $252.8 million to $3.5 billion primarily due to growth in interest-bearing deposits. The average rate of our total interest-bearing liabilities decreased by 37 basis points to 3.65% for the three months ended March 31, 2026 from 4.02% for the three months ended March 31, 2025. The primary source of the decrease in liabilities cost was associated with the repricing of interest bearing demand deposits for public funds that are primarily indexed to Treasury rates. As a result, our net interest rate spread decreased 17 basis points to 1.57% for the three months ended March 31, 2026 from 1.74% for the three months ended March 31, 2025. Our net interest margin decreased 28 basis points to 2.07% for the three months ended March 31, 2026 from 2.35% for the three months ended March 31, 2025.

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Interest Income

Three months ended March 31, 2026 compared to the three months ended March 31, 2025. Interest income decreased $2.2 million, or 4.0%, to $52.3 million for the three months ended March 31, 2026 as compared to the prior year period. The decrease in interest income was attributable to a $616.4 million decrease in the average balance of loans. The average balance of our total interest-earning assets, primarily associated with securities and interest-earning deposits with banks, increased, partially offset by the decrease in the average yield of interest-earning assets. The average balance of our interest-earning assets increased $225.0 million to $4.1 billion for the three months ended March 31, 2026 as compared to the same period in the prior year. The average yield of interest-earning assets decreased by 54 basis points to 5.22% for the three months ended March 31, 2026 compared to 5.76% for the three months ended March 31, 2025.

Interest income on securities increased $4.9 million to $10.4 million for the three months ended March 31, 2026 as compared to the prior year period primarily as a result of an increase in average balance and average yield of securities. The average balance of securities increased $446.6 million to $1.1 billion for the three months ended March 31, 2026 from $657.6 million for the three months ended March 31, 2025 primarily due to a increase in the average balance of our mortgage-backed securities and collateralized mortgage obligations securities portfolio compared to the prior year. The average yield on securities increased 41 basis points to 3.80% for the three months ended March 31, 2026 compared to 3.39% for the three months ended March 31, 2025 due to the increase in higher yielding securities.

Interest income on loans decreased $9.7 million or 22.6%, to $33.3 million for the three months ended March 31, 2026 as compared to the prior year period as a result of a decrease in the average balance of loans. The average balance of loans (excluding loans held for sale) decreased by $616.4 million to $2.0 billion for the three months ended March 31, 2026 from $2.6 billion for the three months ended March 31, 2025 largely as a result of loan sales and payoffs on the portfolio. This was partially offset by an increase in the average yield on loans (excluding loans held for sale) of 8 basis points to 6.72% for the three months ended March 31, 2026 from 6.64% for the three months ended March 31, 2025.

Interest income on interest-earning deposits with banks increased $2.6 million to $8.6 million for the three months ended March 31, 2026 as compared to the prior year period as a result of an increase in the average balance of interest-bearing deposits with banks. The average balance of interest-bearing deposits with banks increased $398.2 million to $945.7 million for the three months ended March 31, 2026 from $547.5 million for the three months ended March 31, 2025. This was partially offset by a decrease in the yield on interest-earning deposits of 74 basis points.

Interest Expense

Three months ended March 31, 2026 compared to the three months ended March 31, 2025. Interest expense decreased $0.7 million, or 2.0%, to $31.6 million for the three months ended March 31, 2026 from $32.2 million for the three months ended March 31, 2025 due primarily to a decrease on the average rate of interest-bearing deposits, partially offset by an increase in the average balance of interest-bearing liabilities. The average balance of interest-bearing liabilities increased by $252.8 million during the three months ended March 31, 2026 to $3.5 billion as compared to the prior year period. This increase was a result of a $435.3 million increase in the average balance of time deposits, partially offset by a $144.8 million decrease in the average balance of interest-bearing demand deposits, a $21.8 million decrease in the average balance of savings deposits, and a $15.9 million decrease in the average balance of borrowings. The average rate of interest-bearing demand deposits was 3.17% for the three months ended March 31, 2026 and 3.60% for the three months ended March 31, 2025. The decrease in market interest rates, particularly U.S. Treasury rates, contributed to the decrease in rates paid on interest-bearing demand deposits. The largest concentration of interest-bearing demand deposits is associated with public funds deposits that are primarily indexed to Treasury rates. The average rate of time deposits decreased 45 basis points during the three months ended March 31, 2026 to 4.02% as compared to the prior year period. The decrease in the average rate of time deposits was due to changes in market rates as existing time deposits repriced.

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The following tables set forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments were made, as the effect thereof was not material. All average balances are daily average balances. Non-accrual loans were included in the computation of average balances but have been reflected in the tables as loans carrying a zero yield. The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

The net interest income yield shown below in the average balance sheet is calculated by dividing net interest income by average interest-earning assets and is a measure of the efficiency of the earnings from balance sheet activities. It is affected by changes in the difference between interest on interest-earning assets and interest-bearing liabilities and the percentage of interest-earning assets funded by interest-bearing liabilities.


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
(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	$	945,686	$	8,637	3.70	%	$	547,494	$	5,999	4.44	%
Securities (including FHLB stock)	1,104,175		10,359		3.80	%	657,607		5,495		3.39	%
Federal funds sold	549		—		—	%	473		—		—	%
Loans held for sale	—		—		—	%	3,429		—		—	%
Loans, net of unearned income(6)	2,008,486		33,279		6.72	%	2,624,913		42,969		6.64	%
Total interest-earning assets	4,058,896		$	52,275	5.22	%	3,833,916		$	54,463	5.76	%

Noninterest-earning assets:
Cash and due from banks	24,032						20,357
Premises and equipment, net	59,004						66,933
Other assets	48,890						31,553
Total Assets	$	4,190,822					$	3,952,759

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,229,044	$	9,610	3.17	%	$	1,373,810	$	12,204	3.60	%
Savings deposits	215,138		946		1.78	%	236,905		1,262		2.16	%
Time deposits	1,876,964		18,599		4.02	%	1,441,700		15,890		4.47	%
Borrowings	186,135		2,431		5.30	%	202,026		2,884		5.79	%
Total interest-bearing liabilities	3,507,281		$	31,586	3.65	%	3,254,441		$	32,240	4.02	%

Noninterest-bearing liabilities:
Demand deposits	417,608						401,994
Other	38,991						40,627
Total Liabilities	3,963,880						3,697,062

Shareholders' equity	226,942						255,697
Total Liabilities and Shareholders' Equity	$	4,190,822					$	3,952,759
Net interest income			$	20,689					$	22,223

Net interest rate spread (1)					1.57	%					1.74	%
Net interest-earning assets (2)	$	551,615					$	579,475
Net interest margin (3), (4)					2.07	%					2.35	%

Average interest-earning assets to interest-bearing liabilities					115.73	%					117.81	%

(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 2.08% and 2.36% for the above periods ended March 31, 2026 and 2025, respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended March 31, 2026 and 2025, respectively.

(5)Annualized.

(6)Includes loan fees of $1.5 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.

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Provision for Credit Losses

A provision for credit losses is a charge to income in an amount that management believes is necessary to maintain an adequate allowance for credit losses. The allowance for loan losses is calculated under ASC 326 and is management's evaluation of expected credit losses over the life of the loans in the portfolio. The provision is based on management's regular evaluation of current economic conditions in our specific markets as well as regionally and nationally, changes in the character and size of the loan portfolio, underlying collateral values securing loans, and other factors which deserve recognition in estimating loan losses. Past events, current conditions, and reasonable forecasts, along with quantitative and qualitative adjustments, are used in calculating the allowance for credit losses. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available or as future events change.

For the three months ended March 31, 2026, the provision for credit losses was $2.6 million compared to $14.5 million for the same period in 2025. The decrease in the provision was primarily impacted by changes in the loan portfolio. Total charge-offs were $5.4 million for the three months ended March 31, 2026 and $6.9 million for the same period in 2025. Charge-offs for the three months ended March 31, 2026 were concentrated in one commercial and industrial loan and one non-farm non-residential loan relationship secured by retail real estate. Partially offsetting these charge-offs were recoveries that totaled $0.5 million for the three months ended March 31, 2026 and $0.2 million for the same period in 2025.

We believe that the allowance is adequate to cover current expected losses in the loan portfolio given the current economic conditions, and current expected net charge-offs and nonperforming asset levels. Economic uncertainty may result in additional increases to the allowance for credit losses in future periods.

There was no provision for credit losses on AFS or HTM securities in the three months ended March 31, 2026 and 2025.

Noninterest Income

Our primary sources of recurring noninterest income are customer service fees, ATM and debit card fees, loan fees, gains on the sales of loans and available for sale securities and other service fees. Noninterest income does not include loan origination fees which are recognized over the life of the related loan as an adjustment to yield using the interest method.

Noninterest income totaled $2.2 million for the three months ended March 31, 2026, a decrease of $0.1 million from $2.4 million for the three months ended March 31, 2025. The decrease was primarily due to a decrease in ATM and debit card fees and service charges, commissions, and fees. Service charges, commissions and fees totaled $0.8 million for the three months ended March 31, 2026 and 2025. ATM and debit card fees totaled $0.6 million for the three months ended March 31, 2026 and $0.7 million for the same period in 2025. Net gains on the sale of securities were $1,000 for the three months ended March 31, 2026 compared to $0 for the same period in 2025. Net gains on the sale of assets were $44,000 for the three months ended March 31, 2026 compared to $4,000 for the same period in 2025. Other noninterest income totaled $0.8 million for the three months ended March 31, 2026 and 2025.

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Noninterest Expense

Noninterest expense totaled $16.7 million for the three months ended March 31, 2026, compared to $18.0 million for the same period in 2025. The decrease was primarily attributable to lower salaries and employee benefits expense, partially offset by increases in other real estate and regulatory assessment expenses.

Salaries and employee benefits expense decreased to $7.4 million for the three months ended March 31, 2026, compared to $8.4 million for the same period in 2025. Occupancy and equipment expense was $2.5 million for the three months ended March 31, 2026, compared to $2.6 million for the same period in 2025. Other noninterest expense totaled $6.9 million for the three months ended March 31, 2026 and 2025. Legal fees decreased to $0.7 million during the three months ended March 31, 2026, compared to $1.1 million for the same period in 2025, primarily due to higher legal costs in the first quarter of 2025 related to loan sales. This decrease was partially offset by higher costs associated with other real estate owned and increased regulatory assessment expense. Net costs related to other real estate and repossessions totaled $0.4 million for the three months ended March 31, 2026, compared to $0.1 million for the same period in 2025, primarily due to costs associated with an independent living center that is in other real estate owned. Regulatory assessment expense increased to $1.8 million for the three months ended March 31, 2026, from $1.5 million for the same period in 2025.

The following table presents, for the periods indicated, the major categories of other noninterest expense:


	Three Months Ended March 31,
(in thousands)	2026		2025
Other noninterest expense:
Legal and professional fees	$	693	$	1,088
Data processing	325		337
ATM fees	358		350
Marketing and public relations	222		241
Taxes - sales, capital, and franchise	516		500
Operating supplies	72		37
Software expense and amortization	1,172		1,216
Travel and lodging	55		72
Telephone	94		91
Amortization of core deposit intangibles	174		174
Donations	67		58
Net costs from other real estate and repossessions	368		50
Regulatory assessment	1,808		1,544
Other	989		1,178
Total other noninterest expense	$	6,913	$	6,936

Income Taxes

The amount of income tax expense is influenced by the amount of pre-tax income, the amount of tax-exempt income and the amount of other non-deductible expenses and the statutory tax rate. The provision for income taxes for the three months ended March 31, 2026 was $0.8 million compared to a benefit of $1.8 million for the same period in 2025. The provision for income taxes increased due to an increase in income before income taxes. First Guaranty's statutory tax rate was 21.0% for the three months ended March 31, 2026 and 2025.

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Liquidity and Capital Resources

Liquidity

Liquidity refers to the ability or flexibility to manage future cash flows to meet the needs of depositors and borrowers and fund operations. Maintaining appropriate levels of liquidity allows us to have sufficient funds available to meet customer demand for loans, withdrawal of deposit balances and maturities of deposits and other liabilities. Liquid assets include cash and due from banks, interest-earning demand deposits with banks, federal funds sold and available for sale investment securities.

First Guaranty's cash and cash equivalents totaled $733.8 million at March 31, 2026 compared to $845.7 million at December 31, 2025. Loans maturing within one year or less at March 31, 2026 totaled $481.6 million compared to $469.5 million at December 31, 2025. At March 31, 2026, time deposits maturing within one year or less totaled $812.7 million compared to $977.0 million at December 31, 2025. Time deposits maturing after one year through three years totaled $633.5 million at March 31, 2026 compared to $507.8 million at December 31, 2025. Time deposits maturing after three years totaled $332.0 million at March 31, 2026 compared to $52.2 million at December 31, 2025. First Guaranty's held to maturity ("HTM") securities portfolio at March 31, 2026 was $322.9 million, or 27.4% of the investment portfolio, compared to $322.7 million, or 32.3% at December 31, 2025. First Guaranty's available for sale ("AFS") securities portfolio was $853.9 million, or 72.6% of the investment portfolio as of March 31, 2026 compared to $676.6 million, or 67.7% of the investment portfolio at December 31, 2025. The majority of the AFS portfolio was comprised of corporate debt securities, municipal bonds, collateralized mortgage obligations and mortgage-backed securities.

First Guaranty maintained a net borrowing capacity at the Federal Home Loan Bank totaling $86.2 million and $97.5 million at March 31, 2026 and December 31, 2025, respectively with $135.0 million in FHLB advances outstanding at March 31, 2026 and December 31, 2025. The advances outstanding at March 31, 2026 and December 31, 2025 were comprised of two long-term advances that totaled $135.0 million. The change in borrowing capacity with the Federal Home Loan Bank was due to changes in the value that First Guaranty receives on pledged collateral and due to First Guaranty's usage of the line. First Guaranty has increasingly transitioned public funds deposits into reciprocal deposit programs for collateralization as an alternative to FHLB letters of credit. We also maintain federal funds lines of credit at various correspondent banks with borrowing capacity of $93.0 million as of March 31, 2026. We also have a discount window line with the Federal Reserve Bank that totaled $88.0 million at March 31, 2026 which was a decrease of $21.2 million compared to availability of $109.2 million at December 31, 2025. First Guaranty did not have any advances under this facility at March 31, 2026. Management believes there is sufficient liquidity to satisfy current operating needs.

Capital Resources

First Guaranty's capital position is reflected in shareholders' equity, subject to certain adjustments for regulatory purposes. Further, our capital base allows us to take advantage of business opportunities while maintaining the level of resources we deem appropriate to address business risks inherent in daily operations.

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Regulatory Capital

Risk-based capital regulations adopted by the FDIC require banks to achieve and maintain specified ratios of capital to risk-weighted assets. Similar capital regulations apply to bank holding companies over $3.0 billion in assets. The risk-based capital rules are designed to measure "Tier 1" capital (consisting of common equity, retained earnings and a limited amount of qualifying perpetual preferred stock and trust preferred securities, net of goodwill and other intangible assets and accumulated other comprehensive income) and total capital in relation to the credit risk of both on- and off- balance sheet items. Under the guidelines, one of its risk weights is applied to the different on-balance sheet items. Off-balance sheet items, such as loan commitments, are also subject to risk weighting. Applicable bank holding companies and all banks must maintain a minimum total capital to total risk weighted assets ratio of 8.00%, at least half of which must be in the form of core or Tier 1 capital. These guidelines also specify that bank holding companies that are experiencing internal growth or making acquisitions will be expected to maintain capital positions substantially above the minimum supervisory levels.

In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. As of March 31, 2026, the Bank's capital conservation buffer was 6.71% exceeding the minimum of 2.50%. As of March 31, 2026, First Guaranty's capital conservation buffer was 5.47% exceeding the minimum of 2.50%.

As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Federal Reserve Board has amended its small bank holding company and savings and loan holding company policy statement to provide that holding companies with consolidated assets of less than $3 billion that are (i) not engaged in significant nonbanking activities, (ii) do not conduct significant off-balance sheet activities, and (3) do not have a material amount of SEC-registered debt or equity securities, other than trust preferred securities, that contribute to an organization's complexity, are no longer subject to regulatory capital requirements, effective August 30, 2018. On January 1, 2024, First Guaranty ceased being considered a "small bank holding company". Accordingly, both the Bank and First Guaranty are required to maintain specified ratios of capital to risk-weighted assets.

In addition, as a result of the legislation, the federal banking agencies have developed a "Community Bank Leverage Ratio" (the ratio of a bank's Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A "qualifying community bank" that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered "well capitalized" under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies initially set the new Community Bank Leverage Ratio at 9%. In April 2026, the federal banking agencies finalized a rule lowering the Community Bank Leverage Ratio to 8%, effective July 1, 2026; early adoption is not permitted. As of March 31, 2026, the Bank has not elected to follow the Community Bank Leverage Ratio.

At March 31, 2026, we satisfied the minimum regulatory capital requirements and were well capitalized within the meaning of federal regulatory requirements.


	"Well Capitalized Minimums"		As of March 31, 2026		As of December 31, 2025
Tier 1 Leverage Ratio
Bank	5.00	%	6.52	%	6.90	%
Consolidated	N/A		5.61	%	5.93	%
Tier 1 Risk-based Capital Ratio
Bank	8.00	%	13.45	%	12.24	%
Consolidated	6.00	%	11.60	%	10.52	%
Total Risk-based Capital Ratio
Bank	10.00	%	14.71	%	13.48	%
Consolidated	10.00	%	14.34	%	13.12	%
Common Equity Tier One Capital Ratio
Bank	6.50	%	13.45	%	12.24	%
Consolidated	N/A		9.97	%	9.03	%

Item 3. Quantitative and Qualitative Disclosures about Market Risk

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Asset/Liability Management and Market Risk

Our asset/liability management (ALM) process consists of quantifying, analyzing and controlling interest rate risk (IRR) to maintain reasonably stable net interest income levels under various interest rate environments. The principal objective of ALM is to maximize net interest income while operating within acceptable limits established for interest rate risk and to maintain adequate levels of liquidity.

The majority of our assets and liabilities are monetary in nature. Consequently, one of our most significant forms of market risk is interest rate risk, which is inherent in our lending and deposit-taking activities. Our assets, consisting primarily of loans secured by real estate and fixed rate securities in our investment portfolio, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage interest rate risk and reduce the exposure of our net interest income to changes in market interest rates. The board of directors of First Guaranty Bank has established two committees, the management asset liability committee and the board investment committee, to oversee the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the board of directors. The management asset liability committee is comprised of senior officers of the Bank and meets as needed to review our asset liability policies and interest rate risk position. The board ALCO investment committee is comprised of certain members of the board of directors of the Bank and meets monthly. The management asset liability committee provides a monthly report to the board ALCO investment committee.

The need for interest sensitivity gap management is most critical in times of rapid changes in overall interest rates. First Guaranty has generally been liability sensitive. We modified our business plan in 2024 to reduce the liability sensitive nature of our balance sheet. We are working to limit our future exposure to interest rate fluctuations by creating a more balanced mix of rate sensitive assets and liabilities on a one-year time horizon and greater than one-year time horizon. We purchased amortizing mortgage backed securities in 2024, 2025 and 2026. We also purchased U.S. Treasury securities with a maturity of one year or less in 2024. Because of the significant impact on net interest margin from mismatches in repricing opportunities, we monitor the asset-liability mix periodically depending upon the management asset liability committee's assessment of current business conditions and the interest rate outlook. These strategies include, but are not limited to, frequent internal modeling of asset and liability values and behavior due to changes in interest rates. We monitor cash flow forecasts closely and evaluate the impact of both prepayments and extension risk.

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The following interest sensitivity analysis is one measurement of interest rate risk. This analysis reflects the contractual maturity characteristics of assets and liabilities over various time periods. This analysis does not factor in prepayments or interest rate floors on loans which may significantly change the report. This table includes nonaccrual loans in their respective maturity periods. The gap indicates whether more assets or liabilities are subject to repricing over a given time period. The interest sensitivity analysis at March 31, 2026 illustrated below reflects a liability-sensitive position with a negative cumulative gap on a one-year basis.

The interest spread and liability funding discussed below are directly related to changes in asset and liability mixes, volumes, maturities and repricing opportunities for interest-earning assets and interest-bearing liabilities. Interest-sensitive assets and liabilities are those which are subject to repricing in the near term, including both floating or adjustable rate instruments and instruments approaching maturity. The interest sensitivity gap is the difference between total interest-sensitive assets and total interest-sensitive liabilities. Interest rates on our various asset and liability categories do not respond uniformly to changing market conditions. Interest rate risk is the degree to which interest rate fluctuations in the marketplace can affect net interest income.


	March 31, 2026
	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)	$	771,457		$	333,996		$	1,105,453		$	819,124	$	1,924,577
Securities (including FHLB stock)	35,167			50,235			85,402			1,101,774		1,187,176
Federal Funds Sold	544			—			544			—		544
Other earning assets	718,219			—			718,219			—		718,219
Total earning assets	$	1,525,387		$	384,231		$	1,909,618		$	1,920,898	$	3,830,516

Source of Funds:
Interest-bearing accounts:
Demand deposits	$	1,100,162		$	—		$	1,100,162		$	—	$	1,100,162
Savings deposits	217,316			—			217,316			—		217,316
Time deposits	173,347			639,396			812,743			965,559		1,778,302
Short-term borrowings	—			—			—			7,026		7,026
Long-term borrowings	14,210			—			14,210			135,000		149,210
Junior subordinated debt	29,820			—			29,820			—		29,820
Noninterest-bearing, net	—			—			—			548,680		548,680
Total source of funds	$	1,534,855		$	639,396		$	2,174,251		$	1,656,265	$	3,830,516

Period gap	$	(9,468)		$	(255,165)		$	(264,633)		$	264,633
Cumulative gap	$	(9,468)		$	(264,633)		$	(264,633)		$	—

Cumulative gap as a percent of earning assets	(0.2)		%	(6.9)		%	(6.9)		%

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As defined by the Securities and Exchange Commission in Exchange Act Rules 13a-15(e) and 15d-15(e), a Company's "disclosure controls and procedures" means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within time periods specified in the Commission's rules and forms. First Guaranty maintains such controls designed to ensure this material information is communicated to Management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decision regarding required disclosure.

Management, with the participation of the CEO and CFO, have evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q. Based on that evaluation, the CEO and CFO have concluded that the disclosure controls and procedures as of the end of the period covered by this quarterly report are effective. There were no changes in First Guaranty's internal control over financial reporting during the last fiscal quarter in the period covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, First Guaranty's internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

First Guaranty is subject to various legal proceedings in the normal course of its business. First Guaranty assesses its liabilities and contingencies in connection with outstanding legal proceedings. Where it is probable that First Guaranty will incur a loss and the amount of the loss can be reasonably estimated, First Guaranty records a liability in its consolidated financial statements. First Guaranty does not record a loss if the loss is not probable, or the amount of the loss is not estimable. First Guaranty Bank is a defendant in a lawsuit alleging fault for a loss of funds by a customer related to fraud by a third party, with a possible loss range of $0.0 million to $1.5 million. The Bank denies the allegations and intends to vigorously defend against this lawsuit, which is in early stages, and no trial has been set. No accrued liability has been recorded related to this lawsuit. In the opinion of management, neither First Guaranty nor First Guaranty Bank is currently involved in such legal proceedings, either individually or in the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably.

Item 1A. Risk Factors

There have been no material changes to our risk factors as disclosed in First Guaranty's Annual Report on Form 10-K.

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

(a)On March 31, 2026, First Guaranty issued an aggregate of 234,611 shares of its common stock, $1.00 par value per share (the “Common Stock”), for aggregate offering proceeds of $1.0 million. 128,704 shares were issued in a private placement, with the proceeds used for general corporate purposes, including to support continued growth and to enhance regulatory capital ratios. An additional 105,907 shares were issued as payment-in-kind in lieu of interest payments pursuant to that certain Promissory Note, dated as of March 20, 2026, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investment, L.L.C. (the “Promissory Note Amendment”), and that certain Second Amendment to the First Guaranty Bancshares, Inc. Floating Rate Subordinated Note due March 28, 2034, dated as of March 20, 2026, by and between First Guaranty and Smith & Tate Investment, L.L.C. (the “Subordinated Note Amendment”). First Guaranty did not receive any proceeds of the payment-in-kind issuance. These issuances of common stock by First Guaranty were made to “accredited investors” in reliance upon the exemptions from registration available under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D.

(b)Not applicable.

(c)Not applicable.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a)Not applicable.

(b)Not applicable.

(c)During the three months ended March 31, 2026, no First Guaranty officer or director adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading agreement", as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

The following exhibits are either filed as part of this report or are incorporated herein by reference.


Exhibit Number			Exhibit
3.1			Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (1)
3.2			Articles of Amendment to the Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (2)
3.3			Articles of Amendment to the Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (3).
3.4			Bylaws of First Guaranty Bancshares, Inc. (4)
3.5			Amendment to Bylaws of First Guaranty Bancshares, Inc. (5)
4.1			Form of Common Stock Certificate of First Guaranty Bancshares, Inc. (6)
4.2			Subordinated Note, dated as of June 21, 2022, by and between First Guaranty Bancshares, Inc. and Edgar Ray Smith, III. (7)
4.2			Subordinated Note, dated as of March 28, 2024, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investments L.L.C. (12)
4.3			Description of Common Stock. (8)
4.4			Preferred Stock Specimen Certificate (9)
4.5			Description of Preferred Stock. (10)
4.6			Deposit Agreement, dated as of April 27, 2021, by and between First Guaranty Bancshares, Inc. and Zions Bancorporation, National Association, and the holders from time to time of the depositary receipts described herein (11)
4.7			Form of Depositary Receipt representing Depositary Shares (11)
10.1			Second Amendment to the Promissory Note, dated as of March 20, 2026, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investment, L.L.C. (13)
10.2			Second Amendment to the First Guaranty Bancshares, Inc. Floating Rate Subordinated Note due March 28, 2034, dated as of March 20, 2026, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investment, L.L.C. (14)
31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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.

(1)Incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(2)Incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on September 23, 2011.

(3)Incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 27, 2021.

(4)Incorporated by reference to Exhibit 3.2 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(5)Incorporated by reference to Exhibit 3.3 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(6)Incorporated by reference to Exhibit 4 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(7)Incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on June 23, 2022.

(8)Incorporated by reference to Exhibit 4.3 of the Annual Report on Form 10-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on March 16, 2023.

(9)Incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 27, 2021.

(10)Incorporated by reference to Exhibit 4.5 of the Annual Report on Form 10-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on March 16, 2023.

(11)Incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 27, 2021.

(12)Incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 3, 2024.

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(13)Incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on March 24, 2026.

(14)Incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on March 24, 2026.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, First Guaranty has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FIRST GUARANTY BANCSHARES, INC.


Date: May 13, 2026						By: /s/ Michael R. Mineer
						Michael R. Mineer
						President and Chief Executive Officer
						Principal Executive Officer

Date: May 13, 2026						By: /s/ Eric J. Dosch
						Eric J. Dosch
						Chief Financial Officer, Secretary and Treasurer
						Principal Financial Officer

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First Guaranty Bancshares - 10-Q quarterly report FY

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