Try our mobile app

Published: 2023-01-31 00:00:00 ET
<<<  go to FGBI company page
HTTP/1.1 200 OK HTTP/1.1 200 OK X-Crawlera-Slave: 107.172.255.37:3128 X-Crawlera-Version: 1.60.1 accept-ranges: bytes content-type: text/html last-modified: Tue, 31 Jan 2023 21:34:59 GMT server: AmazonS3 x-amz-id-2: MqT2x6hCSaa7eW09DJ1sdz6CHw4qjiRgLHfqpIJxb+BCSQgMYrRUQRopmmxkeAJqgUJZxYXfpP8= x-amz-meta-mode: 33188 x-amz-meta-s3cmd-attrs: uid:504/gname:fitrprnt/uname:fitrprnt/gid:504/mode:33184/mtime:1675200896/atime:1675200896/md5:017f0869dfd01318005484677afe18d4/ctime:1675200896 x-amz-replication-status: COMPLETED x-amz-request-id: T9X9TPQ9X2XRZGJX x-amz-server-side-encryption: AES256 x-amz-version-id: BhVH_0J15wfG8Wo9ML6gGV6hI4vAkcyi x-content-type-options: nosniff x-frame-options: SAMEORIGIN x-xss-protection: 1; mode=block x-akamai-transformed: 9 20822 0 pmb=mTOE,2 expires: Tue, 04 Apr 2023 18:52:29 GMT cache-control: max-age=0, no-cache, no-store pragma: no-cache date: Tue, 04 Apr 2023 18:52:29 GMT vary: Accept-Encoding akamai-x-true-ttl: -1 strict-transport-security: max-age=31536000 ; includeSubDomains ; preload set-cookie: ak_bmsc=25F8EF83B829C48937DD33243EE5BC1C~000000000000000000000000000000~YAAQn3hGaEeSQj+HAQAArwidTRPof2Q227mwIOmEGyne9VikKm15dw0M0LUTRMQf15hEPdtoPTq/2K3bL9A1e3Z+boZdRdd+nnTMfZZY372yx+pM0HcFWpIfadqk2H7KT8XkuBNR/V6UZ7ODE26Ec1jGlI/WNBop0JECOn8zBn2UTM/2mJNxRk+Rbq/5XmsHG+aAbp0CsdBqh6GEMrXAqEMvcafd0Ph821sEltn4KECNv7V4PrL/Q3By47kA9Fd6HWbiJYFTqicZgK2ztd0DbRs7lzFLSyTPnMGUHWb88aMyX5DXdwc64ozmVPy0nWy/Ie4rNkpjQZytxa1z0+PBSrzCmuLffaUyNJN5Ks/cldKsDR/jpV+pH+aZjZWoz6JKJLy1KY7+Pu4=; Domain=.sec.gov; Path=/; Expires=Tue, 04 Apr 2023 20:52:29 GMT; Max-Age=7200; HttpOnly set-cookie: bm_mi=383D5680F0A9BBAA0FF0F50BD0A219BF~YAAQn3hGaEiSQj+HAQAArwidTRMfPIn+646e3EIlIUfPoQjKnvfC0OQSmMRxho4ZmXoDUgnuKKu59So1TXvMpOm8Ny7ePjyvAH475kdhENGQifY5A2cTI9oI/ORDaRcxV4aNvWzUkKAavHCEYkZYPgj9CwQHORzhumiDhivk7goAu/HemwGLNO9mnDjSNZ8qIru2jzLAZHXAFnVJ5dv4jozLHpTPZtj0Y3d40ij0Sk1RbkVlA3mLztZDzIhGZ8AVroL0ww/godU69VTcpF67UdVDTR/rfLgZikCTtDYfurhDz4dBHxuuqvPpwu6ZZutQFqrU9JrG7+YZAQAPx1WrkxzvpLfPLqIBOLUTYG5o864s2diIWd4vT2Xb0szaRBFNNZvG2ZzPozLot6pUGCqbIJKcRBgdpqs=~1; Domain=.sec.gov; Path=/; Expires=Tue, 04 Apr 2023 18:52:29 GMT; Max-Age=0; Secure Transfer-Encoding: chunked Proxy-Connection: close Connection: close EX-99.1 2 fgbi-ex991earningspressrel.htm PRESS RELEASE DATED JANUARY 31, 2023 Document

EXHIBIT 99.1
January 31, 2023
NEWS FOR IMMEDIATE RELEASE
CONTACT: ERIC J. DOSCH, CFO
985.375.0308
 
First Guaranty Bancshares, Inc. Announces Fourth Quarter 2022 Results

Hammond, Louisiana, January 31, 2023 – First Guaranty Bancshares, Inc. ("First Guaranty") (NASDAQ: FGBI), the holding company for First Guaranty Bank, announced its unaudited financial results for the quarter and year ending December 31, 2022.

2022 marked another very successful year for First Guaranty Bancshares, Inc. Earnings increased for the fifth year consecutively. The number of consecutive quarters with a quarterly dividend paid to shareholders increased to 118. Total assets broke through the $3 billion mark to a total of $3,151,347,000 compared to $2,878,120,000 as of the end of December 2021, an increase of 9% year over year. The loan portfolio increased to $2,519,077,000 from $2,159,359,000, an increase of 17% year over year. Asset quality continued to improve as the Texas capital ratio dropped from 6.63% as of December 31, 2021 to 4.48% as of December 31, 2022. The Texas capital ratio was 13.54% as of January 2021. The lower the Texas capital ratio is, the better.

The increase in earnings for the year was modest, $1,600,000 as noted above. The loan portfolio increased in size by 17%. The net earnings were limited by the increase in interest expense as the Federal Reserve raised rates to try to control inflation. The key number is the yield rate on interest earning assets. For the three month period ending December 31, 2021, the yield rate was 5.35%; however, that included PPP fees. If the PPP fees were taken out of that number, the yield rate reduces to 5.12%. For the three months ending December 31, 2022, the yield was 5.77%, an increase of 65 basis points. When you match the significantly higher size of the portfolio with the significantly higher yield as of December 2022, it is clear that First Guaranty Bancshares, Inc. is positioned for significantly stronger earnings in 2023.

Our original markets continue to be strong. Texas, West Virginia and Kentucky have all become major contributors to growth, as expected. The entry into the Houston, Texas market is in process. The table is set for continued financial success. We have continued to improve and strengthen our personnel. We have made significant improvements in our IT processes and our internal loan production processes. We have continued to improve our facilities.

We continue to make First Guaranty Bancshares, Inc. stronger and safer.

Thank you for your continued support.

Sincerely,
Alton B. Lewis
President and CEO
First Guaranty, Bancshares, Inc.
 
About First Guaranty
First Guaranty Bancshares, Inc. is the holding company for First Guaranty Bank, a Louisiana state-chartered bank. Founded in 1934, First Guaranty Bank offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. First Guaranty Bank currently operates thirty-six locations throughout Louisiana, Texas, Kentucky and West Virginia. First Guaranty’s common stock trades on the NASDAQ under the symbol FGBI. For more information, visit www.fgb.net.
Certain statements contained herein are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, as described in our SEC filings, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which First Guaranty operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.First Guaranty wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. First Guaranty wishes to advise readers that the factors listed above could affect First Guaranty's financial performance and could cause First Guaranty's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. First Guaranty does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data)December 31, 2022December 31, 2021
Assets  
Cash and cash equivalents:  
Cash and due from banks$82,796 $261,749 
Federal funds sold423 183 
Cash and cash equivalents83,219 261,932 
Investment securities:  
Available for sale, at fair value131,458 210,620 
Held to maturity, at cost (estimated fair value of $242,560 and $150,585 respectively)320,068 153,536 
Investment securities451,526 364,156 
Federal Home Loan Bank stock, at cost6,528 1,359 
Loans held for sale— — 
Loans, net of unearned income2,519,077 2,159,359 
Less: allowance for loan and lease losses23,518 24,029 
Net loans2,495,559 2,135,330 
Premises and equipment, net58,206 58,637 
Goodwill12,900 12,900 
Intangible assets, net4,979 5,922 
Other real estate, net113 2,072 
Accrued interest receivable13,002 12,047 
Other assets25,315 23,765 
Total Assets$3,151,347 $2,878,120 
Liabilities and Shareholders' Equity  
Deposits:  
Noninterest-bearing demand$524,415 $532,578 
Interest-bearing demand1,460,259 1,275,544 
Savings205,760 201,699 
Time533,358 586,671 
Total deposits2,723,792 2,596,492 
Short-term advances from Federal Home Loan Bank120,000 — 
Short-term borrowings20,000 — 
Repurchase agreements6,442 6,439 
Accrued interest payable4,289 4,480 
Long-term advances from Federal Home Loan Bank— 3,208 
Senior long-term debt21,927 25,170 
Junior subordinated debentures15,000 14,818 
Other liabilities4,906 3,624 
Total Liabilities2,916,356 2,654,231 
Shareholders' Equity  
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized  
Non-cumulative perpetual; 34,500 issued and outstanding33,058 33,058 
Common stock, $1 par value - 100,600,000 shares outstanding; 10,716,796 shares issued10,717 10,717 
Surplus130,093 130,093 
Retained earnings76,351 56,654 
Accumulated other comprehensive (loss) income(15,228)(6,633)
Total Shareholders' Equity234,991 223,889 
Total Liabilities and Shareholders' Equity$3,151,347 $2,878,120 
See Notes to Consolidated Financial Statements  



FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED STATEMENTS OF INCOME (unaudited)        
 Three Months Ended December 31,Years Ended December 31,
(in thousands, except share data)2022202120222021
Interest Income:   
Loans (including fees)$35,579 $27,724 $126,002 $103,353 
Deposits with other banks400 106 1,324 316 
Securities (including FHLB stock)2,328 2,344 9,250 8,248 
Total Interest Income38,307 30,174 136,576 111,917 
Interest Expense:    
Demand deposits10,016 2,015 21,419 7,237 
Savings deposits486 52 915 204 
Time deposits2,854 2,963 10,682 12,893 
Borrowings1,594 407 3,518 1,965 
Total Interest Expense14,950 5,437 36,534 22,299 
Net Interest Income23,357 24,737 100,042 89,618 
Less: Provision for loan losses758 243 3,656 2,055 
Net Interest Income after Provision for Loan Losses22,599 24,494 96,386 87,563 
Noninterest Income:    
Service charges, commissions and fees796 765 3,160 2,699 
ATM and debit card fees815 913 3,406 3,562 
Net (losses) gains on securities— (162)(17)714 
Net gains on sale of loans61 507 1,774 942 
Other830 751 2,686 2,843 
Total Noninterest Income2,502 2,774 11,009 10,760 
Total Business Revenue, Net of Provision for Loan Losses25,101 27,268 107,395 98,323 
Noninterest Expense:    
Salaries and employee benefits9,453 8,501 36,699 32,179 
Occupancy and equipment expense2,184 1,935 8,932 8,681 
Other7,067 6,668 25,374 23,008 
Total Noninterest Expense18,704 17,104 71,005 63,868 
Income Before Income Taxes6,397 10,164 36,390 34,455 
Less: Provision for income taxes1,276 2,115 7,506 7,158 
Net Income5,121 8,049 28,884 27,297 
Less: Preferred stock dividends582 582 2,328 1,384 
Net Income Available to Common Shareholders$4,539 $7,467 $26,556 $25,913 
Per Common Share:1
    
Earnings$0.42 $0.70 $2.48 $2.42 
Cash dividends paid $0.16 $0.16 $0.64 $0.60 
Weighted Average Common Shares Outstanding10,716,796 10,716,796 10,716,796 10,716,796 
 See Notes to Consolidated Financial Statements                      
1All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021.



              FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 Three Months Ended December 31, 2022Three Months Ended December 31, 2021
(in thousands except for %)Average BalanceInterestYield/Rate (5)Average BalanceInterestYield/Rate (5)
Assets      
Interest-earning assets:      
Interest-earning deposits with banks$47,913 $400 3.31 %$281,028 $106 0.15 %
Securities (including FHLB stock)458,483 2,328 2.01 %373,514 2,344 2.49 %
Federal funds sold359 — — %191 — — %
Loans held for sale — — — %21 — — %
Loans, net of unearned income (6)2,446,131 35,579 5.77 %2,056,487 27,724 5.35 %
Total interest-earning assets2,952,886 $38,307 5.15 %2,711,241 $30,174 4.42 %
Noninterest-earning assets:
Cash and due from banks19,905 17,896 
Premises and equipment, net58,036 58,849 
Other assets32,618 28,936 
Total Assets$3,063,445 $2,816,922 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits$1,398,616 $10,016 2.84 %$1,210,596 $2,015 0.66 %
Savings deposits213,267 486 0.91 %203,447 52 0.10 %
Time deposits530,266 2,854 2.13 %593,171 2,963 1.98 %
Borrowings125,515 1,594 5.04 %50,313 407 3.21 %
Total interest-bearing liabilities2,267,664 $14,950 2.62 %2,057,527 $5,437 1.05 %
Noninterest-bearing liabilities:
Demand deposits548,031 523,067 
Other13,361 12,252 
Total Liabilities2,829,056 2,592,846 
Shareholders' equity234,389 224,076 
Total Liabilities and Shareholders' Equity$3,063,445 $2,816,922 
Net interest income$23,357 $24,737 
Net interest rate spread (1)2.53 %3.37 %
Net interest-earning assets (2)$685,222 $653,714 
Net interest margin (3), (4)3.14 %3.62 %
Average interest-earning assets to interest-bearing liabilities130.22 %131.77 %
(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 3.14% and 3.62% for the above periods ended December 31, 2022 and 2021 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended December 31, 2022 and 2021 respectively.
(5)Annualized.
(6)Includes loan fees of $1.5 million and $2.8 million for the three months ended December 31, 2022 and 2021 respectively. PPP loan fee income of $20,000 and $1.2 million was recognized for the three months ended December 31, 2022 and 2021 respectively.



              FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY       
CONSOLIDATED AVERAGE BALANCE SHEETS (unaudited)       
 Years Ended December 31, 2022Years Ended December 31, 2021
(in thousands except for %)Average BalanceInterestYield/RateAverage BalanceInterestYield/Rate
Assets      
Interest-earning assets:      
Interest-earning deposits with banks$130,406 $1,324 1.02 %$258,916 $316 0.12 %
Securities (including FHLB stock)452,213 9,250 2.05 %332,566 8,248 2.48 %
Federal funds sold256 — — %1,052 — — %
Loans held for sale — — %16 — — %
Loans, net of unearned income (6)2,298,273 126,002 5.48 %2,014,095 103,353 5.13 %
Total interest-earning assets2,881,148 $136,576 4.74 %2,606,645 $111,917 4.29 %
Noninterest-earning assets:      
Cash and due from banks18,833 15,077   
Premises and equipment, net58,197 59,739   
Other assets29,509 26,551   
Total Assets$2,987,687   $2,708,012   
Liabilities and Shareholders' Equity      
Interest-bearing liabilities:      
Demand deposits$1,362,396 $21,419 1.57 %$1,082,922 $7,237 0.67 %
Savings deposits212,329 915 0.43 %191,967 204 0.11 %
Time deposits546,776 10,682 1.95 %655,025 12,893 1.97 %
Borrowings75,962 3,518 4.63 %82,565 1,965 2.38 %
Total interest-bearing liabilities2,197,463 $36,534 1.66 %2,012,479 $22,299 1.11 %
Noninterest-bearing liabilities:      
Demand deposits552,786 477,802   
Other9,669 10,619   
Total Liabilities2,759,918   2,500,900   
Shareholders' equity227,769 207,112   
Total Liabilities and Shareholders' Equity$2,987,687   $2,708,012   
Net interest income $100,042   $89,618  
Net interest rate spread (1)  3.08 %  3.18 %
Net interest-earning assets (2)$683,685   $594,166   
Net interest margin (3), (4)  3.47 %3.44 %
Average interest-earning assets to interest-bearing liabilities  131.11 %129.52 %
(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 3.48% and 3.44% for the above periods ended December 31, 2022 and 2021 respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended December 31, 2022 and 2021 respectively.
(5)Includes loan fees of $7.8 million and $7.2 million for the years ended December 31, 2022 and 2021 respectively. PPP loan fee income of $1.3 million and $2.0 million was recognized for the years ended December 31, 2022 and 2021 respectively.




The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022:

 December 31, 2022September 30, 2022June 30, 2022March 31, 2022
(in thousands except for %)BalanceAs % of CategoryBalanceAs % of CategoryBalanceAs % of CategoryBalanceAs % of Category
Real Estate:    
Construction & land development$233,091 9.2 %$204,640 8.4 %$175,221 7.6 %$200,504 9.0 %
Farmland24,823 1.0 %24,556 1.0 %28,152 1.2 %31,840 1.4 %
1- 4 Family366,330 14.5 %352,501 14.5 %310,403 13.5 %293,773 13.1 %
Multifamily119,785 4.7 %118,273 4.9 %105,454 4.6 %69,264 3.1 %
Non-farm non-residential992,929 39.3 %981,954 40.5 %962,442 41.8 %894,105 40.0 %
Total Real Estate1,736,958 68.7 %1,681,924 69.3 %1,581,672 68.7 %1,489,486 66.6 %
Non-Real Estate:
Agricultural39,045 1.5 %47,642 2.0 %37,164 1.6 %28,850 1.3 %
Commercial and industrial(1)
385,279 15.3 %365,549 15.1 %397,233 17.3 %412,672 18.4 %
Commercial leases317,574 12.6 %281,010 11.6 %237,560 10.3 %257,323 11.5 %
Consumer and other47,864 1.9 %48,188 2.0 %48,448 2.1 %48,702 2.2 %
Total Non-Real Estate789,762 31.3 %742,389 30.7 %720,405 31.3 %747,547 33.4 %
Total loans before unearned income2,526,720 100.0 %2,424,313 100.0 %2,302,077 100.0 %2,237,033 100.0 %
Unearned income(7,643) (6,986)(6,339)(5,914)
Total loans net of unearned income$2,519,077  $2,417,327 $2,295,738 $2,231,119 
(1) Includes PPP loans fully guaranteed by the SBA of $5.9 million, $6.1 million, $12.0 million, and $20.2 million at December 31, 2022, September 30, 2022, June 30, 2022, and March 31, 2022, respectively.





The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.
(in thousands)December 31, 2022September 30, 2022June 30, 2022March 31, 2022
Nonaccrual loans: 
Real Estate: 
Construction and land development$225 $104 $— $257 
Farmland290 290 290 291 
1- 4 family3,826 3,646 3,148 3,266 
Multifamily— — — — 
Non-farm non-residential3,746 2,629 2,925 8,172 
Total Real Estate8,087 6,669 6,363 11,986 
Non-Real Estate:
Agricultural1,622 1,645 1,791 1,690 
Commercial and industrial819 876 864 671 
Commercial leases1,799 — 152 — 
Consumer and other1,239 1,168 991 784 
Total Non-Real Estate5,479 3,689 3,798 3,145 
Total nonaccrual loans13,566 10,358 10,161 15,131 
Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development427 326 — 21 
Farmland— — — — 
1- 4 family332 359 210 170 
Multifamily157 13 — 162 
Non-farm non-residential103 318 508 478 
Total Real Estate1,019 1,016 718 831 
Non-Real Estate:
Agricultural— — — — 
Commercial and industrial123 444 123 123 
Commercial leases— — — — 
Consumer and other— — — — 
Total Non-Real Estate123 444 123 123 
Total loans 90 days and greater delinquent & accruing1,142 1,460 841 954 
Total non-performing loans14,708 11,818 11,002 16,085 
Real Estate Owned:
Real Estate Loans:
Construction and land development— — — — 
Farmland— — — — 
1- 4 family113 249 218 362 
Multifamily— — — — 
Non-farm non-residential— 1,418 1,416 1,492 
Total Real Estate113 1,667 1,634 1,854 
Non-Real Estate Loans:
Agricultural— — — — 
Commercial and industrial— — — — 
Commercial leases— — — — 
Consumer and other— — — — 
Total Non-Real Estate— — — — 
Total Real Estate Owned113 1,667 1,634 1,854 
Total non-performing assets$14,821 $13,485 $12,636 $17,939 
Non-performing assets to total loans0.59 %0.56 %0.55 %0.80 %
Non-performing assets to total assets0.47 %0.44 %0.43 %0.62 %
Non-performing loans to total loans0.58 %0.49 %0.48 %0.72 %
Nonaccrual loans to total loans0.54 %0.43 %0.44 %0.68 %
Allowance for loan and lease losses to nonaccrual loans173.36 %226.57 %232.09 %159.57 %


Non-GAAP Financial Measures
 
Our accounting and reporting policies conform to accounting principles generally accepted in the United States, or GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional metrics. Tangible book value per share and the ratio of tangible equity to tangible assets are not financial measures recognized under GAAP and, therefore, are considered non-GAAP financial measures.
 
Our management, banking regulators, many financial analysts and other investors use these non-GAAP financial measures to compare the capital adequacy of banking organizations with significant amounts of preferred equity and/or goodwill or other intangible assets, which typically stem from the use of the purchase accounting method of accounting for mergers and acquisitions. Tangible equity, tangible assets, tangible book value per share or related measures should not be considered in isolation or as a substitute for total shareholders' equity, total assets, book value per share or any other measure calculated in accordance with GAAP. Moreover, the manner in which we calculate tangible equity, tangible assets, tangible book value per share and any other related measures may differ from that of other companies reporting measures with similar names.
 
The following table reconciles, as of the dates set forth below, shareholders' equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.

 At December 31,
(in thousands except for share data and %)20222021202020192018
Tangible Common Equity 
Total shareholders' equity$234,991 $223,889 $178,591 $166,035 $147,284 
Adjustments:
Preferred33,058 33,058 — — — 
Goodwill12,900 12,900 12,900 12,942 3,472 
Acquisition intangibles4,355 5,051 5,815 6,527 2,704 
Tangible common equity$184,678 $172,880 $159,876 $146,566 $141,108 
Common shares outstanding1
10,716,796 10,716,796 10,716,796 10,716,796 10,657,245 
Book value per common share1
$18.84 $17.81 $16.66 $15.49 $13.82 
Tangible book value per common share1
$17.23 $16.13 $14.92 $13.68 $13.24 
Tangible Assets
Total Assets$3,151,347 $2,878,120 $2,473,078 $2,117,216 $1,817,211 
Adjustments:
Goodwill12,900 12,900 12,900 12,942 3,472 
Acquisition intangibles4,355 5,051 5,815 6,527 2,704 
Tangible Assets$3,134,092 $2,860,169 $2,454,363 $2,097,747 $1,811,035 
Tangible common equity to tangible assets5.89 %6.04 %6.51 %6.99 %7.79 %
1All share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021.