First Guaranty Bancshares, Inc. is a US-listed company in the regional banks industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $94m, down 7.5% on a year earlier, a smaller fall than the 17.4% decline a quarter earlier. The diluted share count is up 24.2% on a year earlier, which dilutes existing holders.
Our model value for First Guaranty Bancshares is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
First Guaranty Bancshares, Inc.'s trailing-twelve-month revenue fell 7.5% year on year, with a free-cash-flow margin of 41.2%.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 274.7% while net income fell 245.4%: a 520pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for First Guaranty Bancshares, Inc. at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value First Guaranty Bancshares, Inc. as a bank or lender, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$9.9 ~$13–$19 | Included |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare First Guaranty Bancshares, Inc. with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard First Guaranty Bancshares's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.7% of total assets over 10 years.
Net margin has been a median 20.3%; its worst year was -38.9%.
The diluted share count rose 39.8% over five years.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).
No analyst estimates are published for First Guaranty Bancshares, Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.09 | $0.17 | +88.9% |
| Mar 2026 | $0.07 | $0.13 | +92.3% |
| Dec 2025 | −$0.29 | $0.13 | +145.0% |
| Sept 2025 | −$0.32 | −$2.30 | −619.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +57.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $101m | $94m | −7.5% |
| P/S multiple | 0.8x | 1.7x | +111.5% |
| Share count | 13m | 16m | −19.5% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years +4.2%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $104m | $94m | −10.1% |
| P/S multiple | 1.0x | 1.7x | +68.6% |
| Share count | 11m | 16m | −31.3% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| FGBI | +30% | +18% | −50% | +7% | −53% | +92% |
| Industry peers (median) | +34% | −4% | −2% | +16% | +10% | +24% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| FGBI | 58% | 58% | 25% | 50% | 25% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| FGBI | −15% | −28% | −60% | −31% | −61% | −29% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 83% from May 27, 2022 to December 5, 2025. Getting back needed a 496% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 27, 2026 | +7.3% | +0.9% | — | — |
| July 31, 2026 | +1.9% | +2.2% | +0.4% | −11.2% |
| July 27, 2026 | +3.8% | +0.3% | +4.8% | −12.5% |
| May 7, 2026 | −0.2% | +0.5% | −2.2% | +4.6% |
| April 27, 2026 | −0.2% | −0.3% | −1.3% | +13.6% |
| February 20, 2026 | −1.6% | −0.3% | −4.6% | −11.3% |
| January 28, 2026 | +0.4% | −0.2% | +7.5% | +5.0% |
| November 14, 2025 | −16.7% | −0.9% | −16.9% | −18.1% |
| October 31, 2025 | −6.5% | +0.5% | −12.9% | −25.2% |
| August 25, 2025 | +1.4% | 0.0% | +7.9% | +5.2% |
| August 1, 2025 | −6.0% | −0.1% | −6.8% | −2.3% |
| May 12, 2025 | −1.6% | +4.0% | −4.1% | −11.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $97.5M |
| FY23 Q4 | $95.3M |
| FY24 Q1 | $94.5M |
| FY24 Q2 | $107.5M |
| FY24 Q3 | $111.7M |
| FY24 Q4 | $113.2M |
| FY25 Q1 | $113.5M |
| FY25 Q2 | $101.2M |
| FY25 Q3 | $98.1M |
| FY25 Q4 | $95.4M |
| FY26 Q1 | $93.7M |
| FY26 Q2 | $93.5M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -13.6% |
| FY23 Q4 | -14.2% |
| FY24 Q1 | -13.4% |
| FY24 Q2 | 3.4% |
| FY24 Q3 | 14.6% |
| FY24 Q4 | 18.8% |
| FY25 Q1 | 20.1% |
| FY25 Q2 | -5.9% |
| FY25 Q3 | -12.1% |
| FY25 Q4 | -15.7% |
| FY26 Q1 | -17.4% |
| FY26 Q2 | -7.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 3.2% |
| FY23 Q4 | 7.2% |
| FY24 Q1 | 4.6% |
| FY24 Q2 | 6.1% |
| FY24 Q3 | 16.4% |
| FY24 Q4 | 27.1% |
| FY25 Q1 | 31.2% |
| FY25 Q2 | 10.2% |
| FY25 Q3 | 34.7% |
| FY25 Q4 | -10.5% |
| FY26 Q1 | 37.6% |
| FY26 Q2 | 41.2% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 39 | 48 | 51 | 53 | 47 | 50 | 56 | 58 | 61 | 62 | 70 | 98 | 100 | 111 | 95 | 113 | 95 | 94 |
| EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | −42 | — |
| Operating income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | −46 | — |
| Net income | 8 | 10 | 8 | 12 | 9 | 11 | 15 | 14 | 12 | 14 | 14 | 20 | 27 | 29 | 9 | 12 | −56 | −36 |
| Diluted EPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | −$2.32 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +20.9% | +6.4% | +4.8% | −11.2% | +6.4% | +12.2% | +2.5% | +6.3% | +1.3% | +12.3% | +40.7% | +2.0% | +10.6% | −14.2% | +18.8% | −15.7% | −7.5% |
| Net income | — | +32.0% | −19.9% | +50.1% | −24.2% | +22.7% | +29.2% | −2.8% | −16.6% | +21.0% | +0.2% | +42.7% | +34.3% | +5.8% | −68.1% | +35.0% | −550.0% | — |
| Margins | ||||||||||||||||||
| EBITDA margin | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | −43.9% | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | −48.4% | — |
| Net margin | 19.2% | 21.0% | 15.8% | 22.7% | 19.4% | 22.3% | 25.7% | 24.4% | 19.1% | 22.8% | 20.4% | 20.6% | 27.2% | 26.0% | 9.7% | 11.0% | −58.7% | −38.9% |
| Free-cash-flow margin | 2.3% | 32.0% | 30.8% | 28.8% | 32.6% | 30.1% | 22.7% | 31.3% | 8.9% | 37.1% | 24.5% | 17.7% | 24.2% | 30.8% | 7.2% | 27.1% | −10.5% | 41.2% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 3 | 17 | 18 | 17 | 17 | 17 | 17 | 22 | 12 | 27 | 29 | 24 | 27 | 37 | 22 | 34 | −8 | 55 |
| Capital spending | 2 | 1 | 2 | 2 | 2 | 2 | 4 | 4 | 7 | 4 | 12 | 6 | 2 | 3 | 15 | 3 | 2 | 16 |
| Free cash flow | 1 | 15 | 16 | 15 | 15 | 15 | 13 | 18 | 5 | 23 | 17 | 17 | 24 | 34 | 7 | 31 | −10 | 38 |
| Balance sheet | ||||||||||||||||||
| Cash | — | — | — | — | — | — | — | 18 | 38 | 128 | 67 | 300 | 262 | 83 | 286 | 564 | 846 | 782 |
| Total debt | — | 13 | 15 | 16 | 6 | 3 | 42 | 43 | 53 | 35 | 83 | 117 | 50 | 183 | 275 | 202 | 186 | 14 |
| Net debt (negative = net cash) | — | — | — | — | — | — | — | 25 | 15 | −93 | 16 | −183 | −212 | 100 | −11 | −362 | −660 | −767 |
| Diluted shares | 7m | 7m | 8m | 8m | 8m | 8m | 8m | 9m | 11m | 11m | 11m | 11m | 11m | 11m | 11m | 13m | 14m | 16m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 4 | 5 | 5 | 6 | 5 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 7 | 7 | 5 | 1 | 1 |
| Buybacks | — | 0 | 0 | 0 | 0 | 0 | — | — | — | — | — | — | — | — | — | — | — | — |
| Total returned | 4 | 5 | 5 | 6 | 5 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 7 | 7 | 5 | 1 | 1 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 27 | 25 | 25 | 24 | 24 | 22 | 23 | 24 |
| Net income | 2 | 1 | −6 | −7 | −45 | 2 | 3 | 3 |
| Growth (year on year) | ||||||||
| Revenue | +18.2% | +6.2% | +1.4% | −33.6% | −11.1% | −10.9% | −6.8% | −0.9% |
| Net income | +8.7% | −22.5% | −366.9% | −249.3% | <−999% | +142.6% | — | — |
| Margins | ||||||||
| Net margin | 7.1% | 4.0% | −25.1% | −29.9% | −186.7% | 11.0% | 12.0% | 14.2% |
| Free-cash-flow margin | 18.4% | 74.5% | 21.1% | −76.2% | 119.3% | −113.2% | 220.2% | −63.5% |
| Cash flow | ||||||||
| Cash from operations | 5 | 19 | 5 | −18 | 29 | −25 | 51 | −1 |
| Capital spending | −0 | 0 | 0 | 0 | 1 | 1 | 0 | 15 |
| Free cash flow | 5 | 19 | 5 | −19 | 29 | −25 | 50 | −15 |
| Last 12 months unless stated | FGBI | FUNC | FXNC | GCBC | FRAF | EBMT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $94m | $93m | $93m | $93m | $95m | $95m | $255m |
| Revenue growth, last 12 months | −7.5% | 11.4% | 12.0% | 22.9% | 22.3% | 11.0% | 12.5% |
| Revenue growth, 3-year average | −3.5% | 6.5% | 16.9% | 8.1% | 11.3% | 2.1% | 6.0% |
| Revenue growth, latest quarter | −0.9% | 9.9% | 7.0% | 22.0% | 9.6% | 5.2% | 10.7% |
| Net margin | −38.9% | 26.8% | 23.3% | 44.3% | 26.0% | 16.8% | 28.7% |
| Cash from operations / revenue | 58.3% | 32.3% | 32.4% | 45.7% | 44.6% | 23.8% | 34.3% |
| Free-cash-flow margin | 41.2% | 27.9% | 28.1% | 44.9% | 42.4% | 19.6% | 31.4% |
| Free-cash-flow margin, 3-year average | 19.1% | 27.5% | 7.6% | 39.1% | 34.1% | 17.2% | 29.9% |
| Stock pay / revenue | — | 0.9% | 1.2% | 0.4% | 0.8% | 0.8% | 1.2% |
| Change in share count | 24.2% | 0.0% | 8.6% | −0.0% | 1.9% | −0.0% | 0.4% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $4.3M | 424K | 30.2% | ▲ 1144.8% |
| Vanguard Capital Management LLC | $2.9M | 284K | 20.2% | ▲ 6.9% |
| Geode Capital Management, LLC | $1.6M | 160K | 11.4% | ▲ 105.2% |
| Bridgeway Capital Management, LLC | $876,533 | 87K | 6.2% | 0.0% |
| Cullen Investment Group, Ltd. | $626,446 | 62K | 4.4% | ▲ 0.1% |
| Northern Trust Corp | $483,129 | 48K | 3.4% | ▲ 102.6% |
| Empowered Funds, LLC | $480,873 | 48K | 3.4% | 0.0% |
| State Street Corp | $478,637 | 48K | 3.4% | ▲ 117.7% |
| Vanguard Fiduciary Trust Co | $456,584 | 45K | 3.2% | ▲ 19.7% |
| Vanguard Portfolio Management LLC | $403,948 | 40K | 2.9% | New |
| Renaissance Technologies LLC | $230,663 | 23K | 1.6% | ▲ 49.7% |
| Community Trust & Investment Co | $175,047 | 17K | 1.2% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not First Guaranty Bancshares, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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