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First Guaranty Bancshares

FGBI on Nasdaq. Market value $144m.

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Should I look at this?

We have not checked this company yet

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Who owns it

None of the long-term investors we follow own it. 41 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • Smith Edgar R. III
    at least 18.2%−0.7 pts
    (filed with 6 related holders)
    Since 31 December 2025
    What they said

    The Reporting Persons acquired the Common Stock reported on this Schedule 13D for investment purposes. The Reporting Persons may in the future acquire additional shares of Common Stock or dispose of some or all of the shares of Common Stock held by them on the open-market or in…

    Read the filing
  • REYNOLDS MARSHALL T
    Insider or founder
    at least 12.9%
    (filed with 5 related holders)
    Since 31 December 2025
    What they said

    The Reporting Persons acquired the Common Stock reported on this Schedule 13D for investment purposes. The Reporting Persons may in the future acquire additional shares of Common Stock or dispose of some or all of the shares of Common Stock held by them on the open-market or in…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 4 insiders bought $9m of shares on the open market.

Cluster buy3 insiders bought within 30 days (31 August 2026 to 30 September 2026).
  • Smith Edgar R. III
    Director
    Bought
    Date
    30 September 2026
    Shares
    99,277
    Price
    $8.28
    Value
    $822,014
  • McAnally Bruce
    Director
    Bought
    Date
    17 September 2026
    Shares
    500
    Price
    $17.60
    Value
    $8,800
  • McAnally Bruce
    Director
    Bought
    Date
    16 September 2026
    Shares
    20
    Price
    $17.60
    Value
    $352
  • McAnally Bruce
    Director
    Bought
    Date
    15 September 2026
    Shares
    860
    Price
    $17.74
    Value
    $15,256
  • WALKER ROBERT W
    Director
    Bought
    Date
    15 September 2026
    Shares
    4,000
    Price
    $17.74
    Value
    $70,960
  • WALKER ROBERT W
    Director
    Bought
    Date
    10 September 2026
    Shares
    8,500
    Price
    $10.91
    Value
    $92,730
  • McAnally Bruce
    Director
    Bought
    Date
    9 September 2026
    Shares
    250
    Price
    $18.25
    Value
    $4,563
  • McAnally Bruce
    Director
    Bought
    Date
    8 September 2026
    Shares
    500
    Price
    $18.40
    Value
    $9,200
  • McAnally Bruce
    Director
    Bought
    Date
    3 September 2026
    Shares
    200
    Price
    $18.50
    Value
    $3,700
  • McAnally Bruce
    Director
    Bought
    Date
    2 September 2026
    Shares
    200
    Price
    $18.75
    Value
    $3,750

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 13 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from

An insider just bought shares with their own money. The deep dive asks why.

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.