[Form 4] Triumph Financial, Inc. Insider Trading Activity
SEC Form 4 filed for First Guaranty Bancshares, Inc. (FGBI) discloses that director Edgar R. Smith III markedly increased his ownership on 30 June 2025.
- Open-market purchase: 30,865 common shares acquired at $8.10 (Code P).
- Debt-for-equity exchange: 1,981,506 new shares issued at $7.57 in exchange for a $15 million floating-rate subordinated note under an Exchange Agreement dated 16 June 2025.
- Note amendments: 88,482 shares issued at $8.00 to Smith & Tate Investments, LLC pursuant to amendments to an existing promissory note and a subordinated note.
Following these transactions, Smith reports 2,852,467 shares held directly. Indirectly, he controls additional positions through several LLCs, including Smith & Hood Holding Company, LLC (1,062,817 shares) and three other investment entities, taking total reported beneficial ownership well above three million shares.
The filing signals a net addition of roughly 2.1 million shares, replacing interest-bearing debt with equity and reflecting continued insider confidence. Because the new shares were issued below recent market purchases ($7.57 vs. $8.10), the company reduces debt at a valuation apparently acceptable to both parties while the director deepens alignment with common shareholders.
Il modulo SEC Form 4 presentato per First Guaranty Bancshares, Inc. (FGBI) rivela che il direttore Edgar R. Smith III ha aumentato significativamente la sua partecipazione azionaria il 30 giugno 2025.
- Acquisto sul mercato aperto: 30.865 azioni ordinarie acquistate a 8,10 $ (Codice P).
- Scambio debito-azioni: 1.981.506 nuove azioni emesse a 7,57 $ in cambio di una nota subordinata a tasso variabile da 15 milioni di dollari ai sensi di un Accordo di Scambio datato 16 giugno 2025.
- Modifiche alle note: 88.482 azioni emesse a 8,00 $ a Smith & Tate Investments, LLC in base alle modifiche apportate a una cambiale esistente e a una nota subordinata.
A seguito di queste operazioni, Smith detiene direttamente 2.852.467 azioni. Indirettamente controlla ulteriori posizioni tramite diverse LLC, tra cui Smith & Hood Holding Company, LLC (1.062.817 azioni) e altre tre entit脿 di investimento, portando la partecipazione totale dichiarata ben oltre i tre milioni di azioni.
Il deposito segnala un incremento netto di circa 2,1 milioni di azioni, sostituendo il debito con interessi con capitale azionario e riflettendo la continua fiducia degli insider. Poich茅 le nuove azioni sono state emesse a un prezzo inferiore rispetto agli acquisti recenti sul mercato (7,57 $ contro 8,10 $), la societ脿 riduce il debito a una valutazione apparentemente accettabile per entrambe le parti, mentre il direttore rafforza l鈥檃llineamento con gli azionisti comuni.
El formulario SEC Form 4 presentado para First Guaranty Bancshares, Inc. (FGBI) revela que el director Edgar R. Smith III aument贸 significativamente su participaci贸n accionaria el 30 de junio de 2025.
- Compra en mercado abierto: 30,865 acciones comunes adquiridas a $8.10 (C贸digo P).
- Intercambio deuda-acciones: 1,981,506 nuevas acciones emitidas a $7.57 a cambio de un pagar茅 subordinado a tasa variable por $15 millones bajo un Acuerdo de Intercambio fechado el 16 de junio de 2025.
- Modificaciones al pagar茅: 88,482 acciones emitidas a $8.00 a Smith & Tate Investments, LLC conforme a enmiendas a un pagar茅 existente y un pagar茅 subordinado.
Tras estas transacciones, Smith reporta tener 2,852,467 acciones en propiedad directa. Indirectamente controla posiciones adicionales a trav茅s de varias LLC, incluyendo Smith & Hood Holding Company, LLC (1,062,817 acciones) y otras tres entidades de inversi贸n, llevando la propiedad beneficiaria total reportada a m谩s de tres millones de acciones.
La presentaci贸n indica una adici贸n neta de aproximadamente 2.1 millones de acciones, reemplazando deuda con intereses por capital accionario y reflejando la continua confianza de los insiders. Dado que las nuevas acciones se emitieron a un precio inferior al de las compras recientes en el mercado ($7.57 frente a $8.10), la empresa reduce la deuda a una valoraci贸n aparentemente aceptable para ambas partes, mientras que el director profundiza su alineaci贸n con los accionistas comunes.
First Guaranty Bancshares, Inc. (FGBI)鞐� 雽�頃� 鞝滌稖霅� SEC 鞏戩嫕 4電� 鞚挫偓 Edgar R. Smith III臧赌 2025雲� 6鞗� 30鞚�鞐� 靻岇湢 歆�攵勳潉 韥矊 電橂牳鞚岇潉 瓿店皽頃╇媹雼�.
- 鞁滌灔 雮� 毵れ垬: 氤错喌欤� 30,865欤茧ゼ $8.10鞐� 旆摑 (旖旊摐 P).
- 毂勲 雽� 欤检嫕 甑愴櫂: 2025雲� 6鞗� 16鞚检瀽 甑愴櫂 瓿勳暯鞐� 霐半澕 1,981,506欤检潣 鞁犾＜毳� $7.57鞐� 氚滍枆頃橁碃 1,500毵� 雼煬鞚� 氤�霃� 旮堧Μ 頉勳垳鞙� 毂勱秾瓿� 甑愴櫂.
- 毂勱秾 靾橃爼: 旮办〈 鞎届啀鞏挫潓 氚� 頉勳垳鞙� 毂勱秾 靾橃爼鞐� 霐半澕 Smith & Tate Investments, LLC鞐� 88,482欤茧ゼ $8.00鞐� 氚滍枆.
鞚� 瓯半灅 鞚错泟 Smith電� 歆侅爲 氤挫湢 欤检嫕 2,852,467欤�毳� 氤搓碃頄堨姷雼堧嫟. 臧勳爲鞝侅溂搿滊姅 Smith & Hood Holding Company, LLC(1,062,817欤�) 氚� 旮绊儉 靹� 臧� 韴瀽 氩曥澑鞚� 韱淀暣 於旉岸� 歆�攵勳潉 韱奠牅頃橃棳 齑� 氤搓碃霅� 鞁れ 靻岇湢 歆�攵勳澊 300毵� 欤茧ゼ 頉敩 雱橃姷雼堧嫟.
鞚措矆 鞝滌稖鞚� 鞎� 210毵� 欤检潣 靾滌臧赌毳� 雮橅儉雮措┌, 鞚挫瀽 攵�毂勲ゼ 欤检嫕鞙茧 雽�觳错晿瓿� 雮措秬鞛愳潣 歆�靻嶌爜鞚� 鞁犽毳� 氚橃榿頃╇媹雼�. 鞁犾＜臧赌 斓滉芳 鞁滌灔 毵れ垬臧赌瓴�($7.57 雽� $8.10)氤措嫟 雮潃 臧赌瓴╈棎 氚滍枆霅橃柎 須岇偓電� 鞏戩浮 氇憪鞐愱矊 靾橃毄 臧赌電ロ暅 韽夑岸碾 攵�毂勲ゼ 欷勳澊瓿�, 鞚挫偓電� 氤错喌欤� 欤检＜鞕�鞚� 鞚错暣甏�瓿勲ゼ 雿旍毐 臧曧檾頃╇媹雼�.
Le formulaire SEC Form 4 d茅pos茅 pour First Guaranty Bancshares, Inc. (FGBI) r茅v猫le que le directeur Edgar R. Smith III a consid茅rablement augment茅 sa participation le 30 juin 2025.
- Achat sur le march茅 libre : 30 865 actions ordinaires acquises 脿 8,10 $ (Code P).
- 脡change dette contre actions : 1 981 506 nouvelles actions 茅mises 脿 7,57 $ en 茅change d鈥檜ne note subordonn茅e 脿 taux variable de 15 millions de dollars dans le cadre d鈥檜n accord d鈥櫭ヽhange dat茅 du 16 juin 2025.
- Modifications des notes : 88 482 actions 茅mises 脿 8,00 $ 脿 Smith & Tate Investments, LLC suite aux modifications d鈥檜ne reconnaissance de dette existante et d鈥檜ne note subordonn茅e.
Apr猫s ces op茅rations, Smith d茅tient directement 2 852 467 actions. Indirectement, il contr么le des positions suppl茅mentaires via plusieurs LLC, dont Smith & Hood Holding Company, LLC (1 062 817 actions) et trois autres entit茅s d鈥檌nvestissement, portant la participation b茅n茅ficiaire totale d茅clar茅e bien au-del脿 de trois millions d鈥檃ctions.
Le d茅p么t signale une augmentation nette d鈥檈nviron 2,1 millions d鈥檃ctions, rempla莽ant une dette portant int茅r锚t par des capitaux propres et refl茅tant la confiance continue des initi茅s. Comme les nouvelles actions ont 茅t茅 茅mises 脿 un prix inf茅rieur aux achats r茅cents sur le march茅 (7,57 $ contre 8,10 $), la soci茅t茅 r茅duit sa dette 脿 une valorisation apparemment acceptable pour les deux parties tandis que le directeur renforce son alignement avec les actionnaires ordinaires.
Das f眉r First Guaranty Bancshares, Inc. (FGBI) eingereichte SEC-Formular 4 zeigt, dass der Direktor Edgar R. Smith III am 30. Juni 2025 seinen Besitz deutlich erh枚ht hat.
- Kauf am offenen Markt: Erwerb von 30.865 Stammaktien zu je 8,10 $ (Code P).
- Schulden-gegen-Aktien-Tausch: Ausgabe von 1.981.506 neuen Aktien zu 7,57 $ im Austausch gegen eine nachrangige, variabel verzinsliche Schuldverschreibung 眉ber 15 Millionen US-Dollar gem盲脽 einem Austauschvertrag vom 16. Juni 2025.
- 脛nderungen an Schuldverschreibungen: Ausgabe von 88.482 Aktien zu 8,00 $ an Smith & Tate Investments, LLC aufgrund von 脛nderungen an einem bestehenden Schuldschein und einer nachrangigen Schuldverschreibung.
Nach diesen Transaktionen h盲lt Smith direkt 2.852.467 Aktien. Indirekt kontrolliert er weitere Positionen 眉ber mehrere LLCs, darunter Smith & Hood Holding Company, LLC (1.062.817 Aktien) und drei weitere Investmentgesellschaften, wodurch die insgesamt gemeldete wirtschaftliche Beteiligung deutlich 眉ber drei Millionen Aktien liegt.
Die Meldung signalisiert eine netto Hinzuf眉gung von etwa 2,1 Millionen Aktien, ersetzt verzinsliche Schulden durch Eigenkapital und spiegelt das fortgesetzte Vertrauen der Insider wider. Da die neuen Aktien unter dem Preis der j眉ngsten Markttransaktionen ausgegeben wurden (7,57 $ vs. 8,10 $), reduziert das Unternehmen die Schulden zu einer f眉r beide Seiten offenbar akzeptablen Bewertung, w盲hrend der Direktor seine Ausrichtung mit den Stammaktion盲ren vertieft.
- $15 million subordinated note retired in exchange for equity, reducing leverage and future interest expense.
- Director purchased and received ~2.1 million shares, signalling insider confidence and stronger alignment with common shareholders.
- Share issuance dilutes existing shareholders by increasing the outstanding share count.
- Large insider concentration may raise governance concerns regarding voting control.
Insights
TL;DR Director converts $15 m debt into equity and buys more shares, lowering leverage and showing insider confidence; dilution risk modest.
Debt-for-equity conversion: The exchange of a $15 million subordinated note for 1.98 million shares at $7.57 removes a future interest expense stream and lengthens common equity, marginally improving Tier 1 capital metrics. At the stated price, the implied conversion multiple is roughly 0.76脳 tangible book (assuming TBV near $10), suggesting the company issued shares at a discount but still eliminates costly debt.
Open-market buy: Smith鈥檚 additional 30,865-share purchase at $8.10鈥攁bove the negotiated exchange price鈥攔einforces a bullish insider signal.
Dilution considerations: The newly issued shares enlarge the float by about 18% if the company previously had ~11 million shares outstanding (exact figure not provided), a factor investors should weigh against the balance-sheet de-risking.
Net impact: Positive; strengthens capital and demonstrates insider commitment, though valuation impact hinges on how investors price the incremental shares.
TL;DR Large insider ownership increase enhances alignment but concentrated control rises; governance impact mixed.
The filing lifts Smith鈥檚 direct stake to 2.85 million shares, plus significant indirect holdings via multiple LLCs. Such concentration can be beneficial鈥攁ligning management with shareholder value鈥攜et it also increases voting power that may sway strategic decisions. The disclosures satisfy Section 16 requirements, and the explicit disclaimer of pecuniary interest in certain entities mitigates conflict-of-interest concerns.
Overall, governance risk remains moderate; transparency is adequate, and insider participation in capital restructuring may reassure minority investors.
Il modulo SEC Form 4 presentato per First Guaranty Bancshares, Inc. (FGBI) rivela che il direttore Edgar R. Smith III ha aumentato significativamente la sua partecipazione azionaria il 30 giugno 2025.
- Acquisto sul mercato aperto: 30.865 azioni ordinarie acquistate a 8,10 $ (Codice P).
- Scambio debito-azioni: 1.981.506 nuove azioni emesse a 7,57 $ in cambio di una nota subordinata a tasso variabile da 15 milioni di dollari ai sensi di un Accordo di Scambio datato 16 giugno 2025.
- Modifiche alle note: 88.482 azioni emesse a 8,00 $ a Smith & Tate Investments, LLC in base alle modifiche apportate a una cambiale esistente e a una nota subordinata.
A seguito di queste operazioni, Smith detiene direttamente 2.852.467 azioni. Indirettamente controlla ulteriori posizioni tramite diverse LLC, tra cui Smith & Hood Holding Company, LLC (1.062.817 azioni) e altre tre entit脿 di investimento, portando la partecipazione totale dichiarata ben oltre i tre milioni di azioni.
Il deposito segnala un incremento netto di circa 2,1 milioni di azioni, sostituendo il debito con interessi con capitale azionario e riflettendo la continua fiducia degli insider. Poich茅 le nuove azioni sono state emesse a un prezzo inferiore rispetto agli acquisti recenti sul mercato (7,57 $ contro 8,10 $), la societ脿 riduce il debito a una valutazione apparentemente accettabile per entrambe le parti, mentre il direttore rafforza l鈥檃llineamento con gli azionisti comuni.
El formulario SEC Form 4 presentado para First Guaranty Bancshares, Inc. (FGBI) revela que el director Edgar R. Smith III aument贸 significativamente su participaci贸n accionaria el 30 de junio de 2025.
- Compra en mercado abierto: 30,865 acciones comunes adquiridas a $8.10 (C贸digo P).
- Intercambio deuda-acciones: 1,981,506 nuevas acciones emitidas a $7.57 a cambio de un pagar茅 subordinado a tasa variable por $15 millones bajo un Acuerdo de Intercambio fechado el 16 de junio de 2025.
- Modificaciones al pagar茅: 88,482 acciones emitidas a $8.00 a Smith & Tate Investments, LLC conforme a enmiendas a un pagar茅 existente y un pagar茅 subordinado.
Tras estas transacciones, Smith reporta tener 2,852,467 acciones en propiedad directa. Indirectamente controla posiciones adicionales a trav茅s de varias LLC, incluyendo Smith & Hood Holding Company, LLC (1,062,817 acciones) y otras tres entidades de inversi贸n, llevando la propiedad beneficiaria total reportada a m谩s de tres millones de acciones.
La presentaci贸n indica una adici贸n neta de aproximadamente 2.1 millones de acciones, reemplazando deuda con intereses por capital accionario y reflejando la continua confianza de los insiders. Dado que las nuevas acciones se emitieron a un precio inferior al de las compras recientes en el mercado ($7.57 frente a $8.10), la empresa reduce la deuda a una valoraci贸n aparentemente aceptable para ambas partes, mientras que el director profundiza su alineaci贸n con los accionistas comunes.
First Guaranty Bancshares, Inc. (FGBI)鞐� 雽�頃� 鞝滌稖霅� SEC 鞏戩嫕 4電� 鞚挫偓 Edgar R. Smith III臧赌 2025雲� 6鞗� 30鞚�鞐� 靻岇湢 歆�攵勳潉 韥矊 電橂牳鞚岇潉 瓿店皽頃╇媹雼�.
- 鞁滌灔 雮� 毵れ垬: 氤错喌欤� 30,865欤茧ゼ $8.10鞐� 旆摑 (旖旊摐 P).
- 毂勲 雽� 欤检嫕 甑愴櫂: 2025雲� 6鞗� 16鞚检瀽 甑愴櫂 瓿勳暯鞐� 霐半澕 1,981,506欤检潣 鞁犾＜毳� $7.57鞐� 氚滍枆頃橁碃 1,500毵� 雼煬鞚� 氤�霃� 旮堧Μ 頉勳垳鞙� 毂勱秾瓿� 甑愴櫂.
- 毂勱秾 靾橃爼: 旮办〈 鞎届啀鞏挫潓 氚� 頉勳垳鞙� 毂勱秾 靾橃爼鞐� 霐半澕 Smith & Tate Investments, LLC鞐� 88,482欤茧ゼ $8.00鞐� 氚滍枆.
鞚� 瓯半灅 鞚错泟 Smith電� 歆侅爲 氤挫湢 欤检嫕 2,852,467欤�毳� 氤搓碃頄堨姷雼堧嫟. 臧勳爲鞝侅溂搿滊姅 Smith & Hood Holding Company, LLC(1,062,817欤�) 氚� 旮绊儉 靹� 臧� 韴瀽 氩曥澑鞚� 韱淀暣 於旉岸� 歆�攵勳潉 韱奠牅頃橃棳 齑� 氤搓碃霅� 鞁れ 靻岇湢 歆�攵勳澊 300毵� 欤茧ゼ 頉敩 雱橃姷雼堧嫟.
鞚措矆 鞝滌稖鞚� 鞎� 210毵� 欤检潣 靾滌臧赌毳� 雮橅儉雮措┌, 鞚挫瀽 攵�毂勲ゼ 欤检嫕鞙茧 雽�觳错晿瓿� 雮措秬鞛愳潣 歆�靻嶌爜鞚� 鞁犽毳� 氚橃榿頃╇媹雼�. 鞁犾＜臧赌 斓滉芳 鞁滌灔 毵れ垬臧赌瓴�($7.57 雽� $8.10)氤措嫟 雮潃 臧赌瓴╈棎 氚滍枆霅橃柎 須岇偓電� 鞏戩浮 氇憪鞐愱矊 靾橃毄 臧赌電ロ暅 韽夑岸碾 攵�毂勲ゼ 欷勳澊瓿�, 鞚挫偓電� 氤错喌欤� 欤检＜鞕�鞚� 鞚错暣甏�瓿勲ゼ 雿旍毐 臧曧檾頃╇媹雼�.
Le formulaire SEC Form 4 d茅pos茅 pour First Guaranty Bancshares, Inc. (FGBI) r茅v猫le que le directeur Edgar R. Smith III a consid茅rablement augment茅 sa participation le 30 juin 2025.
- Achat sur le march茅 libre : 30 865 actions ordinaires acquises 脿 8,10 $ (Code P).
- 脡change dette contre actions : 1 981 506 nouvelles actions 茅mises 脿 7,57 $ en 茅change d鈥檜ne note subordonn茅e 脿 taux variable de 15 millions de dollars dans le cadre d鈥檜n accord d鈥櫭ヽhange dat茅 du 16 juin 2025.
- Modifications des notes : 88 482 actions 茅mises 脿 8,00 $ 脿 Smith & Tate Investments, LLC suite aux modifications d鈥檜ne reconnaissance de dette existante et d鈥檜ne note subordonn茅e.
Apr猫s ces op茅rations, Smith d茅tient directement 2 852 467 actions. Indirectement, il contr么le des positions suppl茅mentaires via plusieurs LLC, dont Smith & Hood Holding Company, LLC (1 062 817 actions) et trois autres entit茅s d鈥檌nvestissement, portant la participation b茅n茅ficiaire totale d茅clar茅e bien au-del脿 de trois millions d鈥檃ctions.
Le d茅p么t signale une augmentation nette d鈥檈nviron 2,1 millions d鈥檃ctions, rempla莽ant une dette portant int茅r锚t par des capitaux propres et refl茅tant la confiance continue des initi茅s. Comme les nouvelles actions ont 茅t茅 茅mises 脿 un prix inf茅rieur aux achats r茅cents sur le march茅 (7,57 $ contre 8,10 $), la soci茅t茅 r茅duit sa dette 脿 une valorisation apparemment acceptable pour les deux parties tandis que le directeur renforce son alignement avec les actionnaires ordinaires.
Das f眉r First Guaranty Bancshares, Inc. (FGBI) eingereichte SEC-Formular 4 zeigt, dass der Direktor Edgar R. Smith III am 30. Juni 2025 seinen Besitz deutlich erh枚ht hat.
- Kauf am offenen Markt: Erwerb von 30.865 Stammaktien zu je 8,10 $ (Code P).
- Schulden-gegen-Aktien-Tausch: Ausgabe von 1.981.506 neuen Aktien zu 7,57 $ im Austausch gegen eine nachrangige, variabel verzinsliche Schuldverschreibung 眉ber 15 Millionen US-Dollar gem盲脽 einem Austauschvertrag vom 16. Juni 2025.
- 脛nderungen an Schuldverschreibungen: Ausgabe von 88.482 Aktien zu 8,00 $ an Smith & Tate Investments, LLC aufgrund von 脛nderungen an einem bestehenden Schuldschein und einer nachrangigen Schuldverschreibung.
Nach diesen Transaktionen h盲lt Smith direkt 2.852.467 Aktien. Indirekt kontrolliert er weitere Positionen 眉ber mehrere LLCs, darunter Smith & Hood Holding Company, LLC (1.062.817 Aktien) und drei weitere Investmentgesellschaften, wodurch die insgesamt gemeldete wirtschaftliche Beteiligung deutlich 眉ber drei Millionen Aktien liegt.
Die Meldung signalisiert eine netto Hinzuf眉gung von etwa 2,1 Millionen Aktien, ersetzt verzinsliche Schulden durch Eigenkapital und spiegelt das fortgesetzte Vertrauen der Insider wider. Da die neuen Aktien unter dem Preis der j眉ngsten Markttransaktionen ausgegeben wurden (7,57 $ vs. 8,10 $), reduziert das Unternehmen die Schulden zu einer f眉r beide Seiten offenbar akzeptablen Bewertung, w盲hrend der Direktor seine Ausrichtung mit den Stammaktion盲ren vertieft.
FAQ
How many FGBI shares did Edgar R. Smith III acquire on 30 June 2025?
What price was used in the debt-for-equity exchange at First Guaranty Bancshares?
How much debt did FGBI eliminate through the exchange with Edgar R. Smith III?
What is Edgar R. Smith III鈥檚 direct ownership after the reported transactions?
Why were additional shares issued to Smith & Tate Investments, LLC?
