SEC Comment Letter 0000000000-23-013952 to First Guaranty Bancshares, Inc. (FGBI, FGBIP) (CIK 0001408534) (FGBI)
First Guaranty Bancshares, Inc. (FGBI, FGBIP) (CIK 0001408534)
Date: Dec. 21, 2023 · CIK: 0001408534 · Accession: 0000000000-23-013952
AI Filing Summary & Sentiment
File numbers found in text: 001-37621
Letter
United States securities and exchange commission logo December 21, 2023 Eric J. Dosch Chief Financial Officer First Guaranty Bancshares, Inc. 400 East Thomas Street Hammond, LA 70401 Re:First Guaranty Bancshares, Inc. Form 10-K for Fiscal Year Ended December 31, 2022 File No. 001-37621 Dear Eric J. Dosch: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for Fiscal Year Ended December 31, 2022 Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations, page 40 1.We note your disclosure on pages 10 and 44 that non-farm non-residential loans secured by commercial real estate ("CRE") make up 39.3% of your total loan portfolio as of December 31, 2022. Given the significance of CRE loans in your total loan portfolio, please revise your disclosures, in future filings, to further disaggregate the composition of your CRE loan portfolio by borrower type (e.g., by office, hotel, multifamily, etc.), geographic concentrations and other characteristics (e.g., current weighted average and/or range of loan-to-value ratios, occupancy rates, etc.) material to an investor’s understanding of your CRE loan portfolio. In addition, revise to describe the specific details of any risk management policies, procedures or other actions undertaken by management in response to the current environment.
FirstName LastNameEric J. Dosch Comapany NameFirst Guaranty Bancshares, Inc. December 21, 2023 Page 2 FirstName LastName Eric J. Dosch First Guaranty Bancshares, Inc. December 21, 2023 Page 2 In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Katharine Garrett at 202-551-2332 or William Schroeder at 202-551-3294 with any questions. Sincerely, Division of Corporation Finance Office of Finance
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United States securities and exchange commission logo
December 21, 2023
Eric J. Dosch
Chief Financial Officer
First Guaranty Bancshares, Inc.
400 East Thomas Street
Hammond, LA 70401
Re:First Guaranty Bancshares, Inc.
Form 10-K for Fiscal Year Ended December 31, 2022
File No. 001-37621
Dear Eric J. Dosch:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for Fiscal Year Ended December 31, 2022
Item 7 – Management's Discussion and Analysis of Financial Condition and Results of
Operations, page 40
1.We note your disclosure on pages 10 and 44 that non-farm non-residential loans secured
by commercial real estate ("CRE") make up 39.3% of your total loan portfolio as of
December 31, 2022. Given the significance of CRE loans in your total loan portfolio,
please revise your disclosures, in future filings, to further disaggregate the composition of
your CRE loan portfolio by borrower type (e.g., by office, hotel, multifamily, etc.),
geographic concentrations and other characteristics (e.g., current weighted average and/or
range of loan-to-value ratios, occupancy rates, etc.) material to an investor’s
understanding of your CRE loan portfolio. In addition, revise to describe the specific
details of any risk management policies, procedures or other actions undertaken by
management in response to the current environment.
FirstName LastNameEric J. Dosch
Comapany NameFirst Guaranty Bancshares, Inc.
December 21, 2023 Page 2
FirstName LastName
Eric J. Dosch
First Guaranty Bancshares, Inc.
December 21, 2023
Page 2
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
Please contact Katharine Garrett at 202-551-2332 or William Schroeder at 202-551-3294
with any questions.
Sincerely,
Division of Corporation Finance
Office of Finance