First Guaranty Bancshares, Inc. Financial Ratios — FGBI

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	12.88	21.77	16.35	21.22	26.68	26.87	23.36	29.03	29.17	40.28	44.98	34.39	8.23	12.2	-101.2
Return on Assets (%)	0.65	0.87	0.64	0.76	0.97	0.95	0.72	0.8	0.72	0.89	1.02	0.96	0.28	0.33	-1.39
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	3.5	3.93	4.47	4.36	3.6	3.86	4.05	5.38	4.45	3.89	4.84	3.76	4.31	3.97	4.58
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	23.94	33.61	29.06	34.01	38.75	37.42	31.74	28.93	26.03	26.3	34.94	33.29	12.73	14.35	-73.14
Profit Margin (%)	16.36	22.61	19.36	22.84	26.18	24.81	19.48	23.27	20.71	20.92	27.68	26.43	9.86	11.16	-59.76
Net Income to Common Margin (%)	12.34	18.92	17.86	22.03	25.49	24.81	19.48	23.27	20.71	20.92	26.28	24.3	7.37	9.07	-62.24
Effective Tax Rate (%)	31.67	32.71	33.35	32.85	32.43	33.7	38.64	19.59	20.43	20.44	20.77	20.63	22.5	22.23	- -
Dvd Payout Ratio (%)	57.07	40	47.75	37.18	30.08	34.56	44.34	39.65	40.75	30.68	24.67	25.83	106.95	50.66	-0.96
Sustainable Growth Rate (%)	5.53	13.06	8.54	13.33	18.66	17.59	13	17.52	17.28	27.92	33.88	25.51	-0.57	6.02	-102.17

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	3	3	2	3	42	43	53	35	80	111	43	177	269	195	179
ST Debt	- -	2	2	2	2	6	16	- -	13	50	- -	140	60	- -	- -
LT Debt	3	1	- -	1	40	37	37	35	67	61	43	37	209	195	179
Total Debt/EBITDA	1.86	1.38	1.09	1.52	21.16	19.74	21.66	10.5	26.14	29.23	9.05	43.06	66.84	43.98	41.73
Net Debt/EBITDA	-23.64	-38.74	-28.07	-23.97	2.27	11.59	6.44	-28.24	4.38	-49.83	-45.77	22.91	-4.23	-83.28	-155.34
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.2	3.51	3.74	3.18	3.94	3.15	3.04	2.46	2.5	1.93	2.34	2.76	2.26	2.15	0.73
Long-Term Debt/Equity (%)	2.53	0.82	0.41	1.04	34.19	29.54	26	23.45	40.25	33.88	19.29	15.71	83.76	76.42	79.13
Long-Term Debt/Capital (%)	3.72	1.2	0.52	1.6	40.52	40.55	35.25	43.62	50.27	38.21	30.08	12.43	54.65	62.19	74
Long-Term Debt/Total Assets (%)	0.24	0.08	0.03	0.1	2.77	2.45	2.14	1.9	3.16	2.45	1.5	1.17	5.89	4.91	4.39
Total Debt/Equity (%)	2.53	2.16	1.86	2.33	35.71	34.77	36.77	23.45	48.13	61.88	19.29	75.29	107.8	76.42	79.13
Total Debt/Capital (%)	3.72	3.16	2.41	3.58	42.32	47.73	49.84	43.62	60.11	69.78	30.08	59.56	70.33	62.19	74
Total Debt/Total Assets (%)	0.24	0.21	0.16	0.21	2.89	2.88	3.02	1.9	3.77	4.47	1.5	5.61	7.57	4.91	4.39
Net Debt to Equity	-32.08	-60.51	-48.03	-36.79	3.84	20.42	10.93	-63.06	8.07	-105.49	-97.62	40.06	-6.82	-144.72	-294.58
Net Debt/Capital (%)	-96.38	-1,066.73	-174.62	-141.12	7.3	34.91	22.8	192.52	20.17	134.05	185.02	43.93	-17.63	147.3	110.42
EBITDA	2	2	2	2	2	2	2	3	3	4	5	4	4	4	4
EBITDA-CapEx	-1	1	- -	- -	-2	-2	-4	- -	-9	-3	3	1	-11	1	3
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	3.2	3.51	3.74	3.18	3.94	3.15	3.04	2.46	2.5	1.93	2.34	2.76	2.26	2.15	0.73
Long-Term Debt/Equity (%)	2.53	0.82	0.41	1.04	34.19	29.54	26	23.45	40.25	33.88	19.29	15.71	83.76	76.42	79.13
Long-Term Debt/Capital (%)	3.72	1.2	0.52	1.6	40.52	40.55	35.25	43.62	50.27	38.21	30.08	12.43	54.65	62.19	74
Long-Term Debt/Total Assets (%)	0.24	0.08	0.03	0.1	2.77	2.45	2.14	1.9	3.16	2.45	1.5	1.17	5.89	4.91	4.39
Total Debt/Equity (%)	2.53	2.16	1.86	2.33	35.71	34.77	36.77	23.45	48.13	61.88	19.29	75.29	107.8	76.42	79.13
Total Debt/Capital (%)	3.72	3.16	2.41	3.58	42.32	47.73	49.84	43.62	60.11	69.78	30.08	59.56	70.33	62.19	74
Total Debt/Total Assets (%)	0.24	0.21	0.16	0.21	2.89	2.88	3.02	1.9	3.77	4.47	1.5	5.61	7.57	4.91	4.39
CFO/Total Liabilities	1.46	1.33	1.31	1.22	1.28	1.61	0.76	1.61	1.49	1.04	1	1.26	0.66	0.91	-0.21
CFO/CapEx	7.69	10.79	9.77	10.07	3.91	5.41	1.8	7.1	2.44	3.76	12.03	13.95	1.45	11.08	-4.88
Altman's Z-Score	0.1	0.12	0.12	0.13	0.14	0.15	0.15	0.13	0.13	0.11	0.11	0.12	0.08	0.08	0.04

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	6.22	7.19	7.28	7.78	8.94	8.7	8.03	8.31	9.09	9.55	8.23	8.73	6.51	7.3	6.87
Days Sales Outstanding	58.7	50.79	50.11	46.94	40.84	41.94	45.44	43.91	40.15	38.23	44.38	41.82	56.06	50.02	53.16
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	61	89	97	131	132	182	215	204	211	173	218	251	124	142	75
- Cash & Cash Equivalents	44	84	62	55	38	18	37	127	67	299	262	83	286	564	845
+ Preferred Equity and Hybrid Capital	39	39	39	39	- -	- -	- -	- -	- -	- -	33	33	33	33	33
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	3	3	2	3	42	43	53	35	80	111	43	177	269	195	179
Enterprise Value	-460	-553	-407	-380	-240	-190	-151	-185	-115	-254	-178	247	57	-475	-1,215
Total Capital	86	92	96	91	100	91	106	79	133	158	144	297	383	313	242
Total Debt/Capital (%)	3.72	3.16	2.41	3.58	42.32	47.73	49.84	43.62	60.11	69.78	30.08	59.56	70.33	62.19	74
Total Debt / EV	-0.01	-0.01	-0.01	-0.01	-0.18	-0.23	-0.35	-0.19	-0.69	-0.44	-0.24	0.72	4.74	-0.41	-0.15
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.26	0.61	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60.12	14.09	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.7	2.61	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.25	1.55	- -	- -
Diluted Market Cap	61	89	97	131	132	182	215	204	211	173	218	251	124	142	75
Diluted Enterprise Value	60	47	77	120	136	207	231	112	224	-15	33	378	140	-194	-558
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	23.05	5.08	- -	- -
TTM Sales	49	53	47	49	55	57	60	61	69	97	99	109	93	112	94
TTM EBITDA	2	2	2	2	2	2	2	3	3	4	5	4	4	4	4
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	18	17	17	17	17	22	12	27	29	24	27	37	22	34	-8
TTM Free Cash Flow to Firm	20	18	19	18	22	26	19	31	41	30	29	40	37	37	-7

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	3.03	4.82	5.13	7.12	6.09	6.92	11.27	6.66	5.15	5.75	7.6	6.36	3.39	3.86	-11.41
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-460	-553	-407	-380	-240	-190	-151	-185	-115	-254	-178	247	57	-475	-1,215
Low Price	5.54	6.15	9.58	10.53	11.95	10.97	16.17	15.87	14.88	10.26	13.94	19.13	9.24	8.39	4.31
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.26	0.61	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60.12	14.09	- -	- -
Price/Earnings	10.14	8.81	11.5	12.14	9.31	12.92	18.31	14.38	14.82	8.52	8.43	9.46	18.02	14.03	- -
Price/Earnings Average	10.11	8.33	11.37	9.89	9.22	9.13	17.31	15.66	13.11	7.16	7.25	9.51	22.55	13.47	-1.95
Price/Earnings High	10.52	9.51	12.59	13.1	10.8	13.1	21.61	17.66	15.16	10.73	9.54	11.97	39.09	18.84	-2.76
Price/Earnings Low	9.14	5.62	10.46	8.96	7.9	7.88	14.33	11.9	11.14	5.41	5.77	7.72	14.97	10.37	-1.03
Price/Book Value	1.42	1.8	1.8	2.72	2.29	3.85	4.04	4.58	3.98	3.62	3.24	2.89	1.54	1.66	2.52
Price/Book Value Average	1.41	1.7	1.78	2.22	2.26	2.72	3.82	4.99	3.52	3.04	2.79	2.9	1.93	1.59	3.81
Price/Book Value High	1.47	1.94	1.97	2.94	2.65	3.9	4.77	5.62	4.07	4.56	3.67	3.65	3.35	2.23	5.39
Price/Book Value Low	1.28	1.15	1.64	2.01	1.94	2.35	3.16	3.79	2.99	2.3	2.22	2.35	1.28	1.23	2.02
Price/Tangible Book Value	0.75	0.98	1.21	1.36	1.15	1.5	1.58	1.46	1.45	1.09	1.27	1.37	0.62	0.69	0.39
Price/Tangible Book Value Average	0.74	0.93	1.2	1.11	1.13	1.06	1.5	1.59	1.28	0.91	1.09	1.37	0.78	0.66	0.6
Price/Tangible Book Value High	0.77	1.06	1.33	1.47	1.33	1.52	1.87	1.79	1.48	1.37	1.44	1.73	1.35	0.93	0.84
Price/Tangible Book Value Low	0.67	0.63	1.1	1.01	0.97	0.92	1.24	1.21	1.09	0.69	0.87	1.11	0.52	0.51	0.32
Price/Sales	1.25	1.67	2.05	2.67	2.37	3.21	3.57	3.35	3.07	1.78	2.21	2.3	1.33	1.27	0.8
Price/Sales Average	1.25	1.58	2.03	2.18	2.35	2.26	3.37	3.64	2.71	1.5	1.9	2.31	1.66	1.22	1.21
Price/Sales High	1.3	1.8	2.25	2.89	2.75	3.25	4.21	4.11	3.14	2.25	2.51	2.91	2.88	1.71	1.72
Price/Sales Low	1.13	1.06	1.87	1.97	2.01	1.96	2.79	2.77	2.31	1.13	1.51	1.88	1.1	0.94	0.64
Price/Cash Flow	3.42	5.26	5.65	7.83	7.64	8.2	17.53	7.6	7.26	7.28	8.24	6.82	5.72	4.21	-9.07
Price/Cash Flow Average	3.41	4.97	5.58	6.38	7.57	5.79	16.58	8.27	6.42	6.13	7.08	6.85	7.16	4.04	-13.75
Price/Cash Flow High	3.55	5.68	6.19	8.45	8.86	8.31	20.69	9.33	7.43	9.18	9.32	8.62	12.4	5.65	-19.42
Price/Cash Flow Low	3.08	3.35	5.14	5.78	6.48	5	13.72	6.29	5.46	4.63	5.63	5.56	4.75	3.11	-7.28
Price/Free Cash Flow Average	3.02	4.55	5.07	5.8	6.03	4.89	10.66	7.25	4.55	4.84	6.54	6.39	4.24	3.71	-17.29
Price/Free Cash Flow High	3.14	5.19	5.61	7.68	7.05	7.01	13.3	8.18	5.27	7.25	8.6	8.04	7.34	5.18	-24.43
Price/Free Cash Flow Low	2.73	3.07	4.66	5.25	5.16	4.22	8.82	5.51	3.87	3.66	5.2	5.19	2.81	2.85	-9.16
EV/Sales Average	1.22	0.79	1.61	1.94	2.43	2.71	3.63	2.12	2.91	- -	0.02	3.47	1.83	- -	- -
EV/Sales High	1.27	1.02	1.83	2.64	2.83	3.7	4.47	2.59	3.34	0.31	0.62	4.07	3.05	- -	- -
EV/Sales Low	1.1	0.28	1.45	1.73	2.1	2.4	3.05	1.25	2.5	- -	- -	3.04	1.28	- -	- -
EV/EBITDA Average	34.97	20.15	36.02	44.43	67.56	70.33	89.69	39.41	65.44	-11.33	0.48	92.42	42.58	-45.08	-121.09
EV/EBITDA High	36.41	25.84	40.91	60.63	78.69	95.9	110.34	48.07	75.03	7.85	12.91	108.28	70.88	-32.81	-110.14
EV/EBITDA Low	31.54	7.11	32.4	39.69	58.19	62.33	75.35	23.18	56.29	-20.75	-7.56	80.85	29.61	-52.16	-133.58
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	6.15	9.65	10.53	14.27	14.09	17.98	20.66	19.18	19.79	16.15	20.38	23.45	11.12	11.36	5.37
High Price	6.38	10.41	11.53	15.4	16.33	18.23	24.38	23.55	20.25	20.35	23.06	29.65	24.12	15.25	11.5
Enterprise Value Average	60	42	76	95	135	154	219	130	200	-43	2	380	171	-200	-519
Enterprise Value High	63	54	86	130	157	210	270	158	229	30	62	445	285	-145	-473
Enterprise Value Low	54	15	68	85	116	136	184	76	172	-78	-36	332	119	-231	-573

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	9	9	9	9	10	10	11	11	11	11	11	11	12	13	16
Diluted Weighted Avg Shares	10	9	9	9	9	10	10	11	11	11	11	11	11	13	14
Basic Weighted Avg Shares	10	9	9	9	9	10	10	11	11	11	11	11	11	13	14
Revenue per Share	4.91	5.79	5.13	5.34	5.93	5.61	5.79	5.73	6.45	9.06	9.2	10.2	8.37	8.92	6.7
EBITDA per Share	0.17	0.23	0.23	0.23	0.21	0.22	0.23	0.31	0.29	0.35	0.45	0.38	0.36	0.35	0.31
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.61	1.09	0.92	1.18	1.51	1.39	1.13	1.33	1.34	1.9	2.42	2.48	0.62	0.81	-4.17
Basic EPS from Cont Ops	0.8	1.31	0.99	1.22	1.55	1.39	1.13	1.33	1.34	1.9	2.55	2.7	0.83	1	-4.01
Diluted EPS, GAAP	0.61	1.09	0.92	1.18	1.51	1.39	1.13	1.33	1.34	1.9	2.42	2.48	0.62	0.81	-4.17
Diluted EPS from Cont Ops	0.8	1.31	0.99	1.22	1.55	1.39	1.13	1.33	1.34	1.9	2.55	2.7	0.83	1	-4.01
Dividend per Share	0.54	0.65	0.51	0.48	0.5	0.48	0.5	0.53	0.54	0.58	0.73	0.86	0.87	0.6	0.21
Cash Flow per Share	1.8	1.83	1.86	1.82	1.84	2.19	1.18	2.52	2.73	2.22	2.47	3.44	1.94	2.7	-0.59
Free Cash Flow per Basic Share	1.56	1.66	1.67	1.64	1.37	1.79	0.52	2.17	1.61	1.63	2.27	3.19	0.61	2.45	-0.71
Cash & Equivalents per Share	56.46	74.28	59.26	60.19	44.35	41.01	40.2	39.82	38.11	50.16	44.08	19.99	33.1	67.6	107.38
Book Value per Share	4.33	5.36	5.84	5.25	6.16	4.68	5.11	4.19	4.97	4.47	6.29	8.12	7.21	6.84	2.13
Tangible Book Value per Share	8.24	9.8	8.67	10.47	12.3	11.98	13.07	13.16	13.68	14.85	16.05	17.17	17.86	16.45	13.62

First Guaranty Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)