First Guaranty Bancshares, Inc. (Form: 8-K, Received: 01/31/2023 16:35:18)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2023

FIRST GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)




Louisiana	001-37621	26-0513559
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
incorporation or organization)		Identification Number)

400 East Thomas Street
Hammond, Louisiana		70401
(Address of principal executive offices)		(Zip Code)


(985) 345-7685
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

FGBI

The Nasdaq Stock Market LLC

Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)

FGBIP

The Nasdaq Stock Market LLC

Item 2.02. Results of Operations and Financial Condition

On January 31, 2023, First Guaranty Bancshares, Inc. issued a press release reporting its financial results at and for the three months and year ended December 31, 2022.

The Press Release is enclosed as Exhibit 99.1 to this report. The information in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Press Release dated January 31, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	FIRST GUARANTY BANCSHARES, INC.
	(Registrant)
Date: January 31, 2023
	By:	/s/Eric J. Dosch
		Eric J. Dosch
		Chief Financial Officer

INDEX TO EXHIBITS


Exhibit Number			Description
Exhibit 99.1			Press Release January 31, 2023 "First Guaranty Bancshares, Inc. Announces Fourth Quarter 2022 Results."

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, 2022		December 31, 2021
Assets
Cash and cash equivalents:
Cash and due from banks	$	82,796	$	261,749
Federal funds sold	423		183
Cash and cash equivalents	83,219		261,932

Investment securities:
Available for sale, at fair value	131,458		210,620
Held to maturity, at cost (estimated fair value of $242,560 and $150,585 respectively)	320,068		153,536
Investment securities	451,526		364,156

Federal Home Loan Bank stock, at cost	6,528		1,359
Loans held for sale	—		—

Loans, net of unearned income	2,519,077		2,159,359
Less: allowance for loan and lease losses	23,518		24,029
Net loans	2,495,559		2,135,330

Premises and equipment, net	58,206		58,637
Goodwill	12,900		12,900
Intangible assets, net	4,979		5,922
Other real estate, net	113		2,072
Accrued interest receivable	13,002		12,047
Other assets	25,315		23,765
Total Assets	$	3,151,347	$	2,878,120

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	524,415	$	532,578
Interest-bearing demand	1,460,259		1,275,544
Savings	205,760		201,699
Time	533,358		586,671
Total deposits	2,723,792		2,596,492

Short-term advances from Federal Home Loan Bank	120,000		—
Short-term borrowings	20,000		—
Repurchase agreements	6,442		6,439
Accrued interest payable	4,289		4,480
Long-term advances from Federal Home Loan Bank	—		3,208
Senior long-term debt	21,927		25,170
Junior subordinated debentures	15,000		14,818
Other liabilities	4,906		3,624
Total Liabilities	2,916,356		2,654,231

Shareholders' Equity
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized
Non-cumulative perpetual; 34,500 issued and outstanding	33,058		33,058
Common stock, $1 par value - 100,600,000 shares outstanding; 10,716,796 shares issued	10,717		10,717
Surplus	130,093		130,093
Retained earnings	76,351		56,654
Accumulated other comprehensive (loss) income	(15,228)		(6,633)
Total Shareholders' Equity	234,991		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)	2022		2021		2022		2021
Interest Income:
Loans (including fees)	$	35,579	$	27,724	$	126,002	$	103,353
Deposits with other banks	400		106		1,324		316
Securities (including FHLB stock)	2,328		2,344		9,250		8,248
Total Interest Income	38,307		30,174		136,576		111,917

Interest Expense:
Demand deposits	10,016		2,015		21,419		7,237
Savings deposits	486		52		915		204
Time deposits	2,854		2,963		10,682		12,893
Borrowings	1,594		407		3,518		1,965
Total Interest Expense	14,950		5,437		36,534		22,299

Net Interest Income	23,357		24,737		100,042		89,618
Less: Provision for loan losses	758		243		3,656		2,055
Net Interest Income after Provision for Loan Losses	22,599		24,494		96,386		87,563

Noninterest Income:
Service charges, commissions and fees	796		765		3,160		2,699
ATM and debit card fees	815		913		3,406		3,562
Net (losses) gains on securities	—		(162)		(17)		714
Net gains on sale of loans	61		507		1,774		942
Other	830		751		2,686		2,843
Total Noninterest Income	2,502		2,774		11,009		10,760

Total Business Revenue, Net of Provision for Loan Losses	25,101		27,268		107,395		98,323

Noninterest Expense:
Salaries and employee benefits	9,453		8,501		36,699		32,179
Occupancy and equipment expense	2,184		1,935		8,932		8,681
Other	7,067		6,668		25,374		23,008
Total Noninterest Expense	18,704		17,104		71,005		63,868

Income Before Income Taxes	6,397		10,164		36,390		34,455
Less: Provision for income taxes	1,276		2,115		7,506		7,158
Net Income	5,121		8,049		28,884		27,297
Less: Preferred stock dividends	582		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 Outstanding	10,716,796		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, 2022						Three Months Ended December 31, 2021
(in thousands except for %)	Average Balance		Interest		Yield/Rate (5)		Average Balance		Interest		Yield/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 sold	359		—		—	%	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 assets	2,952,886		$	38,307	5.15	%	2,711,241		$	30,174	4.42	%

Noninterest-earning assets:
Cash and due from banks	19,905						17,896
Premises and equipment, net	58,036						58,849
Other assets	32,618						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 deposits	213,267		486		0.91	%	203,447		52		0.10	%
Time deposits	530,266		2,854		2.13	%	593,171		2,963		1.98	%
Borrowings	125,515		1,594		5.04	%	50,313		407		3.21	%
Total interest-bearing liabilities	2,267,664		$	14,950	2.62	%	2,057,527		$	5,437	1.05	%

Noninterest-bearing liabilities:
Demand deposits	548,031						523,067
Other	13,361						12,252
Total Liabilities	2,829,056						2,592,846

Shareholders' equity	234,389						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 liabilities					130.22	%					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, 2022						Years Ended December 31, 2021
(in thousands except for %)	Average Balance		Interest		Yield/Rate		Average Balance		Interest		Yield/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 sold	256		—		—	%	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 assets	2,881,148		$	136,576	4.74	%	2,606,645		$	111,917	4.29	%

Noninterest-earning assets:
Cash and due from banks	18,833						15,077
Premises and equipment, net	58,197						59,739
Other assets	29,509						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 deposits	212,329		915		0.43	%	191,967		204		0.11	%
Time deposits	546,776		10,682		1.95	%	655,025		12,893		1.97	%
Borrowings	75,962		3,518		4.63	%	82,565		1,965		2.38	%
Total interest-bearing liabilities	2,197,463		$	36,534	1.66	%	2,012,479		$	22,299	1.11	%

Noninterest-bearing liabilities:
Demand deposits	552,786						477,802
Other	9,669						10,619
Total Liabilities	2,759,918						2,500,900

Shareholders' equity	227,769						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, 2022				September 30, 2022				June 30, 2022				March 31, 2022
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category		Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	233,091	9.2	%	$	204,640	8.4	%	$	175,221	7.6	%	$	200,504	9.0	%
Farmland	24,823		1.0	%	24,556		1.0	%	28,152		1.2	%	31,840		1.4	%
1- 4 Family	366,330		14.5	%	352,501		14.5	%	310,403		13.5	%	293,773		13.1	%
Multifamily	119,785		4.7	%	118,273		4.9	%	105,454		4.6	%	69,264		3.1	%
Non-farm non-residential	992,929		39.3	%	981,954		40.5	%	962,442		41.8	%	894,105		40.0	%
Total Real Estate	1,736,958		68.7	%	1,681,924		69.3	%	1,581,672		68.7	%	1,489,486		66.6	%
Non-Real Estate:
Agricultural	39,045		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 leases	317,574		12.6	%	281,010		11.6	%	237,560		10.3	%	257,323		11.5	%
Consumer and other	47,864		1.9	%	48,188		2.0	%	48,448		2.1	%	48,702		2.2	%
Total Non-Real Estate	789,762		31.3	%	742,389		30.7	%	720,405		31.3	%	747,547		33.4	%
Total loans before unearned income	2,526,720		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, 2022			September 30, 2022			June 30, 2022			March 31, 2022
Nonaccrual loans:
Real Estate:
Construction and land development	$	225		$	104		$	—		$	257
Farmland	290			290			290			291
1- 4 family	3,826			3,646			3,148			3,266
Multifamily	—			—			—			—
Non-farm non-residential	3,746			2,629			2,925			8,172
Total Real Estate	8,087			6,669			6,363			11,986
Non-Real Estate:
Agricultural	1,622			1,645			1,791			1,690
Commercial and industrial	819			876			864			671
Commercial leases	1,799			—			152			—
Consumer and other	1,239			1,168			991			784
Total Non-Real Estate	5,479			3,689			3,798			3,145
Total nonaccrual loans	13,566			10,358			10,161			15,131

Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	427			326			—			21
Farmland	—			—			—			—
1- 4 family	332			359			210			170
Multifamily	157			13			—			162
Non-farm non-residential	103			318			508			478
Total Real Estate	1,019			1,016			718			831
Non-Real Estate:
Agricultural	—			—			—			—
Commercial and industrial	123			444			123			123
Commercial leases	—			—			—			—
Consumer and other	—			—			—			—
Total Non-Real Estate	123			444			123			123
Total loans 90 days and greater delinquent & accruing	1,142			1,460			841			954

Total non-performing loans	14,708			11,818			11,002			16,085

Real Estate Owned:
Real Estate Loans:
Construction and land development	—			—			—			—
Farmland	—			—			—			—
1- 4 family	113			249			218			362
Multifamily	—			—			—			—
Non-farm non-residential	—			1,418			1,416			1,492
Total Real Estate	113			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 Owned	113			1,667			1,634			1,854

Total non-performing assets	$	14,821		$	13,485		$	12,636		$	17,939

Non-performing assets to total loans	0.59		%	0.56		%	0.55		%	0.80		%
Non-performing assets to total assets	0.47		%	0.44		%	0.43		%	0.62		%
Non-performing loans to total loans	0.58		%	0.49		%	0.48		%	0.72		%
Nonaccrual loans to total loans	0.54		%	0.43		%	0.44		%	0.68		%
Allowance for loan and lease losses to nonaccrual loans	173.36		%	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 %)	2022			2021			2020			2019			2018
Tangible Common Equity
Total shareholders' equity	$	234,991		$	223,889		$	178,591		$	166,035		$	147,284
Adjustments:
Preferred	33,058			33,058			—			—			—
Goodwill	12,900			12,900			12,900			12,942			3,472
Acquisition intangibles	4,355			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:
Goodwill	12,900			12,900			12,900			12,942			3,472
Acquisition intangibles	4,355			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 assets	5.89		%	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.