FGBI Stock: Insider Activity, Filings & Research

First Guaranty Bancshares, Inc. (FGBI) — Drillr’s hub for FGBI insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, FGBI insiders filed 6 open-market buys and 0 sales (SEC Form 4).

Sentiment

100/100

Buys (3m)

Sells (3m)

Net (3m)

$4.6M

Insiders buyingCluster buying

Insider trades by month Buys Sells

Oct

Nov

Dec

Jan

Apr

May

Context3-month price +6.8%Institutions reducing (13F)

Date	Insider	Type	Shares	Price
May 5, 2026	REYNOLDS MARSHALL Tdirector, 10 percent owner:	Buy	109,051	$9.17
May 4, 2026	McAnally Brucedirector	Buy	109,051	$9.17
May 4, 2026	Smith Edgar R. IIIdirector, 10 percent owner:	Buy	109,051	$9.17
Apr 2, 2026	McAnally Brucedirector	Buy	32,176	$7.77
Apr 2, 2026	Smith Edgar R. IIIdirector, 10 percent owner:	Buy	138,083	$7.77
Apr 2, 2026	REYNOLDS MARSHALL Tdirector, 10 percent owner:	Buy	32,176	$7.77
Jan 2, 2026	REYNOLDS MARSHALL Tdirector	Buy	46,297	$5.40
Jan 2, 2026	McAnally Brucedirector	Buy	92,600	$5.40
Jan 2, 2026	Smith Edgar R. IIIdirector	Buy	208,996	$5.40
Dec 15, 2025	WALKER ROBERT Wdirector	Buy	5,745	$4.53
Dec 11, 2025	WALKER ROBERT Wdirector	Buy	7,500	$4.54
Dec 5, 2025	WALKER ROBERT Wdirector	Buy	1,800	$4.99
Nov 21, 2025	Smith Edgar R. IIIdirector	Buy	15,000	$4.97
Nov 21, 2025	Smith Edgar R. IIIdirector	Buy	1,500	$4.85
Nov 21, 2025	Smith Edgar R. IIIdirector	Buy	800	$4.95

Source: FGBI SEC Form 4 filings, latest May 5, 2026. For informational purposes only — not investment advice.

Overview

First Guaranty Bancshares, Inc. (NASDAQ:FGBI) is a regional bank holding company founded in 1934 and headquartered in Hammond, Louisiana. The company operates through its subsidiary First Guaranty Bank, which provides commercial banking services across Louisiana and Texas through 36 banking facilities. Since going public in 2012, First Guaranty has established itself as a community-focused financial institution serving small to medium-sized businesses, professionals, and individual consumers in key metropolitan areas including Hammond, Baton Rouge, Lafayette, Shreveport-Bossier City, Lake Charles, Alexandria, Dallas-Fort Worth-Arlington, and Waco, with recent expansion into Kentucky and West Virginia markets.

Business

First Guaranty Bancshares operates in the regional banking industry, which sits between large national banks and small community banks in terms of scale and geographic footprint. Regional banks like First Guaranty typically serve specific geographic regions with multiple branch locations, offering comprehensive banking services while maintaining closer community ties than their larger counterparts. The company's core business revolves around traditional banking services delivered through two primary segments. The deposit-gathering business represents approximately 60-70% of the bank's funding base, offering various deposit products including personal and business checking accounts, savings accounts, money market accounts, demand deposits, and time deposits (certificates of deposit) to consumers, small businesses, and municipalities. These deposits provide the bank with low-cost funding that forms the foundation of its lending operations. The lending business generates the majority of the bank's revenue through interest income on loans. First Guaranty's loan portfolio is diversified across several categories: non-farm, non-residential real estate loans (typically the largest segment), commercial and industrial loans to businesses, one- to four-family residential mortgages, multifamily property loans, construction and land development financing, agricultural loans, farmland loans, and various consumer loans. This lending focus on small to medium-sized businesses and professionals reflects the bank's community banking model. Additionally, the company operates an investment securities portfolio, investing a portion of its assets in U.S. Government securities, municipal obligations, corporate debt, mutual funds, equity securities, and mortgage-backed securities primarily issued or guaranteed by government agencies. The bank also provides ancillary services including credit cards, mobile banking, ATM services, safe deposit boxes, merchant services, remote deposit capture, and lockbox services, which generate fee income and enhance customer relationships.

Revenue model

First Guaranty generates revenue primarily through the traditional banking model of net interest income - the difference between interest earned on loans and investments and interest paid on deposits and borrowings. This spread-based business model typically accounts for 80-85% of total revenue. The bank borrows money from depositors at relatively low interest rates and lends it out at higher rates to borrowers, capturing the spread as profit. The company's paying customers fall into three main categories: deposit customers who provide funding (consumers, small businesses, and municipalities), borrowing customers who pay interest on loans (small to medium-sized businesses, professionals, and individual consumers), and fee-based service customers who utilize additional banking products like merchant services and remote deposit capture. Non-interest income represents the remaining 15-20% of revenue, generated through service charges on deposit accounts, loan origination fees, credit card fees, ATM fees, safe deposit box rentals, and other banking services. This fee income provides some diversification from pure interest rate dependency. Several factors significantly impact the bank's profitability margins. Interest rate environment is the most critical factor - rising rates generally benefit banks by expanding net interest margins, while falling rates compress margins. Credit quality directly affects profitability through loan loss provisions, with economic downturns potentially requiring significant reserves for bad debts. Competition from other banks can pressure both deposit rates (increasing funding costs) and loan rates (reducing income), while regulatory compliance costs create ongoing operational expenses. Economic conditions in the bank's Louisiana and Texas markets affect loan demand and credit quality, making the bank somewhat vulnerable to regional economic cycles, particularly in energy-dependent areas. Technology investments represent both a cost pressure and competitive necessity, as customers increasingly expect digital banking capabilities.

Competitive moat

First Guaranty's competitive moat is relatively modest, typical of smaller regional banks operating in a highly competitive industry. The company's primary defensive characteristics stem from its local market relationships and community banking focus. Having operated since 1934, First Guaranty has developed deep relationships with small and medium-sized businesses in its markets, creating some customer stickiness through personalized service and local decision-making that larger national banks often cannot match. The bank's branch network and local presence in specific Louisiana and Texas markets provides some geographic advantages, as customers often prefer banking relationships with institutions that understand local economic conditions and can provide face-to-face service. This local knowledge can translate into better credit underwriting and stronger customer relationships. However, these moats face significant challenges. Digital banking disruption continues to erode the importance of physical branch networks, as customers increasingly conduct banking online and through mobile apps. Fintech companies are capturing market share in lending, payments, and other traditional banking services, often offering more convenient and cost-effective solutions. Larger regional and national banks possess significant advantages in technology investment, product offerings, and pricing power due to their scale economies. The banking industry's regulatory barriers to entry provide some protection, as starting a new bank requires substantial capital and regulatory approval. However, this protection is weakened by non-bank financial service providers that can offer many banking services without full banking charters. First Guaranty's small size (approximately $4 billion in assets) limits its ability to invest in technology and compete on pricing with larger institutions, making it vulnerable to continued industry consolidation pressures.

Risks & safety

First Guaranty presents moderate financial risk with some concerning liquidity metrics but reasonable overall solvency. • Cash and liquidity concerns: Current ratio of 0.61 indicates potential short-term liquidity pressure, though this is somewhat typical for banks given their business model structure • Debt levels: Debt-to-equity ratio of 0.76 is reasonable for a bank, indicating moderate leverage without excessive risk • Profitability trends: Net income declined significantly from $28.9 million in 2022 to $12.4 million in 2024, showing concerning earnings volatility • Valuation metrics: Trading at P/E ratio of 11.4x and price-to-book of 0.56x, suggesting the stock is reasonably valued or potentially undervalued relative to book value • Cash flow generation: Positive operating cash flow of $33.7 million and free cash flow of $30.7 million in 2024 provide some financial stability • Return metrics: ROE of 4.9% in 2024 is below historical levels and industry averages, indicating operational challenges • Asset quality: Limited visibility into loan loss provisions and non-performing assets from available data, representing a key risk factor to monitor

Recent development

Based on available financial data, First Guaranty has experienced significant operational challenges over the past few years. The bank's profitability has declined substantially, with net income falling from $28.9 million in 2022 to $12.4 million in 2024, despite revenue remaining relatively stable around $110 million annually. This suggests rising operational costs or increased credit provisions are pressuring margins. The company has maintained its geographic expansion strategy, extending operations beyond its traditional Louisiana and Texas markets into Kentucky and West Virginia. This expansion represents an attempt to diversify the bank's geographic risk and access new customer bases, though it also increases operational complexity and costs. Balance sheet management has been a key focus, with the bank significantly increasing its cash and short-term investment holdings from $83 million in 2022 to $564 million in 2024. This dramatic increase in liquidity could indicate either preparation for growth opportunities or defensive positioning amid uncertain economic conditions, though it may also reflect challenges in deploying capital into profitable lending opportunities. The bank's current ratio deterioration from 3.76 in 2022 to 0.61 in 2024 suggests potential working capital management challenges, though this metric can be volatile for banks depending on deposit flows and loan originations. Without access to recent earnings call transcripts, specific strategic initiatives around digital transformation, credit risk management, or operational efficiency improvements remain unclear, though these are likely areas of focus given industry trends and the bank's performance challenges.

FGBI company profile · for informational purposes only — not investment advice.

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