a2025_1stxquarterreportx

Total Assets $3.8 Billion Deposits $3.3 Billion Locations 31 ATMs 42 1Q 2025 Earnings (unaudited) 127 Consecutive dividends paid and counting 91 Years in Banking Total Loans $2.5 Billion Have Questions? Vanessa Drew | [email protected] NASDAQ Symbol: FGBI We’re Social: FI R ST G UA R A N TY B A N CS H A R ES , I N C. Po st O ffi ce B ox 2 00 9 H am m on d, L ou is ia na 7 04 04 -2 00 9 PR ES O R TE D FI R ST -C LA SS M A IL U. S. P O ST AG E PA ID B AT O N R O UG E, L A PE R M IT N O . 9 84 FIRST GUARANTY BANCSHARES, INC. 1st Quarter Report 2025 At A Glance (unaudited) Member FDIC fgb.net | $(6.2) Million Scan here or go to investors.fgb.net to visit our Investor Relations site.

Michael R. Mineer Chief Executive Officer/President First Guaranty Bancshares, Inc. A Message to Our Shareholders Consolidated Balance Sheets (in thousands, except share data) Consolidated Statements of Income (in thousands, except share, per share data & percentages) Assets Cash and cash equivalents: Cash and due from banks $617,866 $331,592 Federal funds sold 563 465 Cash and cash equivalents 618,429 332,057 Interest-earning time deposits with banks 250 - Investment securities: Available for sale, at fair value 273,027 37,752 Held to maturity, at cost and net of allowance for credit losses of $150 and $80 (estimated fair value of $259,641 and $251,627 respectively) 321,883 320,901 Investment securities 594,910 358,653 Federal Home Loan Bank stock, at cost 9,835 10,410 Loans, net of unearned income 2,512,788 2,752,230 Less: allowance for credit losses 43,022 31,450 Net loans 2,469,766 2,720,780 Premises and equipment, net 66,579 70,646 Goodwill 12,900 12,900 Intangible assets, net 3,265 4,088 Other real estate, net 152 1,284 Accrued interest receivable 14,574 17,339 Other assets 38,609 27,634 Total Assets $3,829,269 $3,555,791 Liabilities and Shareholders’ Equity Deposits: Noninterest-bearing demand $425,617 $415,113 Interest-bearing demand 1,248,633 1,556,257 Savings 243,701 229,098 Time 1,421,515 863,408 Total deposits 3,339,466 3,063,876 Repurchase agreements 7,113 6,834 Accrued interest payable 19,505 10,182 Long-term advances from Federal Home Loan Bank 135,000 155,000 Senior long-term debt 14,174 18,102 Junior subordinated debentures 44,760 44,700 Other liabilities 17,806 6,777 Total Liabilities 3,577,824 3,305,471 Shareholders’ Equity Preferred Stock, Series A - $1,000 par value 100,000 shares authorized; non-cumulative perpetual; 34,500 issued and outstanding, respectively 33,058 33,058 Common stock - $1 par value 100,600,000 shares authorized; 12,691,504 and 12,504,717shares issued and outstanding 12,691 12,505 Surplus 150,784 149,389 Retained earnings 66,092 67,699 Accumulated other comprehensive (loss) income (11,180) (12,331) Total Shareholders’ Equity 251,445 250,320 Total Liabilities & Shareholders’ Equity $ 3,829,269 $3,555,791 March 31, 2025 2024 (unaudited) Three-Months Ended March 31, 2025 2024 (unaudited) Interest Income: Loans (including fees) $ 42,969 $ 46,918 Deposits with other banks 5,999 3,476 Securities (including FHLB stock) 5,495 2,514 Total Interest Income 54,463 52,908 Interest Expense: Demand deposits 12,204 16,976 Savings deposits 1,262 1,227 Time deposits 15,890 9,572 Borrowings 2,884 3,212 Total Interest Expense 32,240 30,987 Net Interest Income 22,223 21,921 Less: Provision for credit losses 14,548 2,304 Net Interest Income after Provision for Credit Losses 7,675 19,617 Noninterest Income: Service charges, commissions and fees 849 733 ATM and debit card fees 747 764 Net gains on sale of assets 4 6 Other 754 805 Total Noninterest Income 2,354 2,308 Total Business Revenue, Net of Provision for Credit Losses 10,029 21,925 Noninterest Expense: Salaries and employee benefits 8,441 9,900 Occupancy and equipment expense 2,640 2,271 Other 6,936 6,763 Total Noninterest Expense 18,017 18,934 Income Before Income Taxes (7,988) 2,991 Less: Provision for income taxes (1,822) 681 Net Income (6,166) 2,310 Less: Preferred stock dividends 582 582 Income Available to Common Shareholders $ (6,748) $1,728 Per Common Share: Earnings $(0.54) $0.14 Cash dividends paid $0.01 $0.16 Weighted Average Common Shares Outstanding 12,506,792 12,489,910 Return on Average Assets -0.63% 0.26% Return on Average Common Equity -12.29% 3.17% Dear Shareholders, We continued in the first quarter of 2025 to enact our business strategy previously announced in July of last year. As part of our strategy, First Guaranty sold two commercial real estate loans that totaled $70.0 million. Management identified significant credit quality concerns with these two loans and we believed that they would become non-performing during 2025. The loan sale resulted in a loss of $5.8 million that was recorded to our allowance for credit losses. We downgraded additional loan relationships in the first quarter which required increasing our loan loss provision. The end result was that First Guaranty reported a loss to common shareholders of $6.7 million for the quarter. First Guaranty continued to increase its risk weighted capital ratios for the bank despite the loss related to the loan sale. Total risk based capital for First Guaranty Bank increased to 12.74% at March 31, 2025 compared to 12.11% at December 31, 2024. First Guaranty has increased this ratio 146 bps since June 30, 2024 when the ratio was 11.28%. We have continued to focus on reducing expenses and becoming more efficient. Non-interest expense totaled $18.0 million in the first quarter of 2025 which included $0.7 million of costs related to the loan sale. Our non- interest expense, particularly excluding the impact of the loan sale costs, has declined from the $20.6 million in non-interest expense that we had in the second quarter of 2024, the last full quarter prior to the initiation of our cost saving measures. Total full time equivalent employees has declined to 382 as if March 31, 2025 compared to 495 at June 30, 2024. Our original goal from July 2024 was for our company to achieve $12.0 million in annualized cost savings compared to prior quarterly expense trends. We are currently on track to achieve this goal. I am confident that we have made the required strategic changes to make First Guaranty stronger and more profitable in the future. Our path forward is focused on reducing non-performing assets and continuing to become more efficient with our business operations. Once we achieve this goal I look forward to a future of increased profitability, return on equity, and higher shareholder value. Please see our press release and investor presentations filed with the SEC and on our website for additional information. These can be located via the QR code on the pamphlet and via our website at investors.fgb.net. Please feel free to email me questions at [email protected] or give me a direct call. My number at the bank is 985 375-0350. Sincerely,