First Guaranty Bancshares, Inc. (FGBI) is a financial holding company headquartered in Hammond, Louisiana. It operates through its wholly owned subsidiary, First Guaranty Bank, providing personalized commercial banking services primarily in Louisiana and Texas, with additional operations in Kentucky and West Virginia. The company offers a range of financial products and services, focusing on loans, securities, and deposit services to meet the needs of its customers.
- Loans - Offers various types of loans, including non-farm non-residential loans, commercial and industrial loans, residential loans, construction loans, agricultural loans, and consumer loans, which are the largest contributors to interest income.
- Securities - Generates interest income from securities, including Federal Home Loan Bank (FHLB) stock.
- Deposits - Provides interest income from deposits with other banks.
- Noninterest Income - Includes service charges, commissions, fees, ATM and debit card fees, net gains on the sale of loans and assets, and other miscellaneous income.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael R. Mineer ExecutiveBoard | President and Chief Executive Officer | Michael R. Mineer has over 35 years of banking experience and has served as the President and Chief Executive Officer of FGBI since May 28, 2024, following Alton B. Lewis, Jr.'s retirement. He was also appointed to the Board of Directors on June 20, 2024. | View Report → | |
Eric J. Dosch Executive | Chief Financial Officer, Secretary, and Treasurer | Board of Directors, Smitty's Supply Inc. (2021) | Eric J. Dosch has been the CFO of FGBI since 2010 , contributing to the company’s financial operations since he joined First Guaranty Bank in 2003. Prior to that, he held commercial lending roles including Chief Credit Officer and currently serves on the Board of Directors at Smitty's Supply Inc. since 2021. |
Recent press releases and 8-K filings for FGBI.
- First Guaranty Bancshares, Inc. issued a total of 2,201,448 shares of its common stock on June 30, 2025.
- This included 131,460 shares sold in a private placement at $8.10 per share for general corporate purposes.
- Additionally, 1,981,506 shares were issued to Edgar Ray Smith, III, a director and significant shareholder, in exchange for a $15,000,000 Floating Rate Subordinated Note.
- The company also issued 36,060 shares and 52,422 shares to Smith & Tate Investment, L.L.C. (controlled by Edgar Ray Smith, III) as interest payments on a Promissory Note and a Subordinated Note, respectively.
- On June 16, 2025, First Guaranty Bancshares entered into an Exchange Agreement with director Edgar Ray Smith III to swap a $15 million Floating Rate Subordinated Note due June 21, 2032 for 1,981,506 newly issued common shares, with closing expected on or about June 30, 2025.
- Upon closing, interest on the subordinated note will cease, the note will be retired, and all of Mr. Smith’s rights under the note will terminate.
- The agreement includes customary representations and warranties, conditions precedent (including absence of injunctions and required consents), and mutual termination rights if the transaction isn’t completed by July 31, 2025.
- FGBI entered into several amendments affecting its debt instruments, including a Promissory Note and a Floating Rate Subordinated Note, as disclosed in the 8-K filing on June 9, 2025.
- The Promissory Note Amendment includes a four-quarter waiver of principal payments from June 30, 2025, to March 31, 2026, and provides an option for interest payments to be made in either cash or common stock.
- The Floating Rate Subordinated Note is modified to shift from monthly to quarterly interest payments, also offering the opportunity to pay interest in common stock during the specified period.
- Management Commentary: Reflects on a challenging 2024 period and the transition after long-serving CEO Alton Lewis retired, highlighting the commitment to improved capital and risk management strategies.
- Q1 2025 Financial Highlights & Strategy Shift: CFO Eric Dosch reported a loss of $0.54 per share in Q1 2025 with increased loan provision expenses, alongside measures such as reducing risk-weighted assets and cost-cutting initiatives.
- Governance Actions: The meeting featured proxy voting on board elections and ratification of prior board actions, emphasizing continued leadership and governance adjustments.
- Financial Performance: Reported a Q1 2025 net loss of $(6.2) million with earnings per common share of $(0.54), compared to a net income of $2.3 million and EPS of $0.14 in Q1 2024.
- Asset & Loan Reduction: Total assets declined to $3.8 billion and net loan balances dropped to $2.51 billion as of March 31, 2025, reflecting the bank’s strategy to reduce loan concentration risk.
- Risk Management Initiative: Executed the sale of two commercial real estate loans totaling $70.0 million, realizing a loss of $5.8 million on the sale to mitigate credit risk.
- Dividend Update: The Board declared a reduced common stock dividend of $0.01 per share in Q1 2025, down from $0.16 in Q1 2024, as part of a broader capital enhancement strategy.