FIRST GUARANTY BANCSHARES, INC. FI R ST G UA R A N TY B A N CS H A R ES , I N C. 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...

FIRST GUARANTY BANCSHARES, INC. FI R ST G UA R A N TY B A N CS H A R ES , I N C. 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 At A Glance (unaudited) Bank Officers Total Assets $3.2 Billion Deposits $2.7 Billion *Officers of First Guaranty Bancshares, Inc. and First Guaranty Bank 2022 4th Quarter Report xxx.xxx | Locations 36 ATMs 48 $5.1 Million 4Q 2022 Earnings $28.9 Million YTD2022 Earnings 118 Consecutive dividends paid and counting 88 Years in Banking Total Loans $2.5 Billion Member FDIC NASDAQ Symbol: FGBI Have Questions? Xxxxxxx Xxxx | XxxxxxxxXxxxxxxxx@xxx.xxx We’re Social: Chairman Xxxxxxxx X. Xxxxxxxx* Executive Officers Xxxxx X. Xxxxx, Xx.* President and CEO | Xxxxxxx Xxxx X. Xxxxx* Chief Financial Officer | Xxxxxxx Senior Vice Presidents Xxxxxx X. Xxxxxxx, General Counsel Xxxxxxxxx X. Xxxxxxxx, Controller Xxxxx X. Xxxx Xxxx X. Xxxxxxx, Chief Deposit Officer Xxxxx X. Xxxxx, Xx. Xxxxxx X. Xxxxxx, Director of Lending Development Xxxxx X. Xxxxxx Xxx X. Xxxxx C. Xxxxx Xxxxxx, Chief Technology Officer Xxxxx X. Xxxxxx Xxxxxxx X. Xxxxx, Chief Information Officer Xxxxxx X. Xxxxx, Texas Area President Xxxxxxx X. Xxxxxx, Mideastern Market President Xxxx X. Xxxxxxxxxx Xxxxxx X. Xxxx Xxxxxxx X. Xxxxxx Xxxxxxxxxxx X. Xxxx Xxxx X. Xxxxxxxxxx, Chief Information Security Officer Xxxxxxx X. Xxxxxxxxx Xxxxx X. Xxxxxx Xxxxxxx X. Xxxxxxx, Chief Administrative Officer Xxxx X. Xxxxxx, Chief Mergers & Acquisitions Officer X. Xxxxxxx Xxxxx, Operations Xxxxx X. Xxxxxx Xxxxx X. Xxxxxxxx, Chief Lending Officer Xxxxxxx X. Xxxxx Xxxxxxx X. Xxxx, Chief Credit Officer Vice Presidents Xxxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxxxxx Xxxxxxxxx X. Xxxxxx Xxxxx X. Xxxxxx Xxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxx Xxxxxxx X. Xxxxxxx X. Xxxxx Xxxxxx Xxxxxxx X. Xxxxx XxXxxxx X. Xxxxxx, BSA Officer Xxxxx X. Xxxxxx Xxxxxxx X. Xxxxxxxx Xxxx X. Xxxx Xxxxxx X. XxXxxxxxx Xxxxxx X. XxXxxxxx Xxxx X. Xxxxxxxx Xxxxx X. Xxxxxxx Xxxxxx X. Xxxxx Xxxxx X. Xxxxxxxxx Xxxxx X. Xxxxx Xxxx X. Xxxxxx Xxxx X. Xxxxx Xxxxxx X. Xxxxx Assistant Vice Presidents Xxxxxxx X. Xxxxxxxx Xxxxx X. Xxxxxx Xxxxxxxx X. Xxxxxx Xxxxx X. Xxxxxxxx Xxxxxxx X. Xxxx Xxxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxxx Xxxxx X. Xxxxxx Xxxxxx X. Xxxxxxxxx Xxxxx X. Xxxxxxx Xxxxx X. Xxxxx Xxxxx X. Xxxxxxx Xxxxxx X. Xxx Xxxxxxxxx X. Xxxxxx Xxxxxx X. Xxxxxx Xxxxxx X. Xxxxxxx Xxxxx X. Xxxxx Xxxxxx X. Xxxxxxx Xxxxx Xxxxxx Xxxxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxxx Xxxxx X. Xxxxxxxx Officers Xxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxx Xxxxxxxxx X. Xxxxx Xxxxxxx X. Xxxxxxxx

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) Consolidated Statements of Income (in thousands, except share, per share data & percentages) Years Ended December 31, 2022 2021 (unaudited) Interest Income: Loans (including fees) $ 126,002 $ 103,353 Deposits with other banks 1,324 316 Securities (including FHLB stock) 9,250 8,248 Total Interest Income 136,576 111,917 Interest Expense: Demand deposits 21,419 7,237 Savings deposits 915 204 Time deposits 10,682 12,893 Borrowings 3,518 1,965 Total Interest Expense 36,534 22,299 Net Interest Income 100,042 89,618 Less: Provision for loan losses 3,656 2,055 Net Interest Income after Provision for Loan Losses 96,386 87,563 Noninterest Income: Service charges, commissions and fees 3,160 2,699 ATM and debit card fees 3,406 3,562 Net (losses) gains on securities (17) 714 Net gains on sale of loans 1,774 942 Other 2,686 2,843 Total Noninterest Income 11,009 10,760 Total Business Revenue, Net of Provision for Loan Losses 107,395 98,323 Noninterest Expense: Salaries and employee benefits 36,699 32,179 Occupancy and equipment expense 8,932 8,681 Other 25,374 23,008 Total Noninterest Expense 71,005 63,868 Income Before Income Taxes 36,390 34,455 Less: Provision for income taxes 7,506 7,158 Net Income 28,884 27,297 Less: Preferred stock dividends 2,328 1,384 Income Available to Common Shareholders $26,556 $25,913 Per Common Share1: Earnings $2.48 $2.42 Cash dividends paid $0.64 $0.60 Book Value Per Common Share1 $18.84 $17.81 Weighted Average Common Shares Outstanding 10,716,796 10,716,796 Return on Average Assets 0.97% 1.01% Return on Average Common Equity 13.64% 14.06% Dear Shareholders, 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. Xxxxx X. Xxxxx Chief Executive Officer/President First Guaranty Bancshares, Inc. December 31, 2022 2021 (unaudited) Three-Months Ended December 31, 2022 2021 (unaudited) Interest Income: Loans (including fees) $35,579 $27,724 Deposits with other banks 400 106 Securities (including FHLB stock) 2,328 2,344 Total Interest Income 38,307 30,174 Interest Expense: Demand deposits 10,016 2,015 Savings deposits 486 52 Time deposits 2,854 2,963 Borrowings 1,594 407 Total Interest Expense 14,950 5,437 Net Interest Income 23,357 24,737 Less: Provision for loan losses 758 243 Net Interest Income after Provision for Loan Losses 22,599 24,494 Noninterest Income: Service charges, commissions and fees 796 765 ATM and debit card fees 815 913 Net (losses) gains on securities - (162) Net gains on sale of loans 61 507 Other 830 751 Total Noninterest Income 2,502 2,774 Total Business Revenue, Net of Provision for Loan Losses 25,101 27,268 Noninterest Expense: Salaries and employee benefits 9,453 8,501 Occupancy and equipment expense 2,184 1,935 Other 7,067 6,668 Total Noninterest Expense 18,704 17,104 Income Before Income Taxes 6,397 10,164 Less: Provision for income taxes 1,276 2,115 Net Income 5,121 8,049 Less: Preferred stock dividends 582 582 Income Available to Common Shareholders $4,539 $7,467 Per Common Share1: Earnings $0.42 $0.70 Cash dividends paid $0.16 $0.16 Weighted Average Common Shares Outstanding 10,716,796 10,716,796 Return on Average Assets 0.66% 1.13% Return on Average Common Equity 8.94% 15.51% 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. 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. Sincerely, 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 authorized; 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 & Shareholders’ Equity $3,151,347 $2,878,120