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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

For the transition period from __________ to __________

Commission File Number: 001-37621

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FIRST GUARANTY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
 
Louisiana26-0513559
(State or other jurisdiction incorporation or organization)(I.R.S. Employer Identification Number)
  
400 East Thomas Street 
Hammond,Louisiana70401
(Address of principal executive offices)(Zip Code)
  
(985)345-7685
(Registrant's telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par valueFGBIThe Nasdaq Stock Market LLC
Depository Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)FGBIPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filers," "accelerated filers," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐     Accelerated filer ☒   Non-accelerated filer ☐
Smaller reporting company
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.   ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No

As of November 8, 2023 the registrant had 11,431,083 shares of $1 par value common stock outstanding.




Table of Contents
  Page
 4
   
   
 
   
 
   
 
 
   
 
   
 
   
   
   
   
   
   
   
  

-3-


PART I. FINANCIAL INFORMATION
Item 1.     Consolidated Financial Statements
FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS (unaudited) 
(in thousands, except share data)September 30, 2023December 31, 2022
Assets  
Cash and cash equivalents:  
Cash and due from banks$200,825 $82,796 
Federal funds sold450 423 
Cash and cash equivalents201,275 83,219 
Investment securities:  
Available for sale, at fair value79,857 131,458 
Held to maturity, at cost and net of allowance for credit losses of $80 and $0 (estimated fair value of $234,771 and $242,560 respectively)
320,624 320,068 
Investment securities400,481 451,526 
Federal Home Loan Bank stock, at cost13,241 6,528 
Loans held for sale  
Loans, net of unearned income2,699,393 2,519,077 
Less: allowance for credit losses31,936 23,518 
Net loans2,667,457 2,495,559 
Premises and equipment, net64,006 58,206 
Goodwill12,900 12,900 
Intangible assets, net4,366 4,979 
Other real estate, net1,135 113 
Accrued interest receivable16,728 13,002 
Other assets36,645 25,315 
Total Assets$3,418,234 $3,151,347 
Liabilities and Shareholders' Equity  
Deposits:  
Noninterest-bearing demand$458,392 $524,415 
Interest-bearing demand1,435,555 1,460,259 
Savings214,371 205,760 
Time706,691 533,358 
Total deposits2,815,009 2,723,792 
Short-term advances from Federal Home Loan Bank125,000 120,000 
Short-term borrowings20,000 20,000 
Repurchase agreements7,659 6,442 
Accrued interest payable10,780 4,289 
Long-term advances from Federal Home Loan Bank155,000  
Senior long-term debt20,306 21,927 
Junior subordinated debentures15,000 15,000 
Other liabilities10,658 4,906 
Total Liabilities3,179,412 2,916,356 
Shareholders' Equity  
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized
  
   Non-cumulative perpetual; 34,500 shares issued and outstanding
33,058 33,058 
Common stock, $1 par value - 100,600,000 shares authorized; 11,431,083 and 10,716,796 shares issued and outstanding
11,431 10,717 
Surplus139,379 130,093 
Retained earnings69,247 76,351 
Accumulated other comprehensive (loss) income(14,293)(15,228)
Total Shareholders' Equity238,822 234,991 
Total Liabilities and Shareholders' Equity$3,418,234 $3,151,347 
See Notes to Consolidated Financial Statements
-4-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (unaudited) 

 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share data)2023202220232022
Interest Income:  
Loans (including fees)$43,407 $32,386 $121,846 $90,423 
Deposits with other banks1,897 561 3,719 924 
Securities (including FHLB stock)2,323 2,303 7,130 6,922 
Total Interest Income47,627 35,250 132,695 98,269 
Interest Expense:  
Demand deposits16,102 6,243 44,187 11,403 
Savings deposits1,001 267 2,418 429 
Time deposits6,504 2,533 15,304 7,828 
Borrowings3,575 758 7,127 1,867 
Total Interest Expense27,182 9,801 69,036 21,527 
Net Interest Income20,445 25,449 63,659 76,742 
Less: Provision for credit losses627 1,509 1,489 2,898 
Net Interest Income after Provision for Credit Losses19,818 23,940 62,170 73,844 
Noninterest Income:  
Service charges, commissions and fees858 814 2,461 2,364 
ATM and debit card fees796 864 2,449 2,591 
Net gains (losses) on securities   (17)
Net gains (losses) on sale of loans 1,624 12 1,713 
Other835 716 3,083 1,856 
Total Noninterest Income2,489 4,018 8,005 8,507 
Noninterest Expense:  
Salaries and employee benefits10,429 9,181 30,365 27,246 
Occupancy and equipment expense2,121 2,295 6,542 6,748 
Other7,446 6,312 22,990 18,364 
Total Noninterest Expense19,996 17,788 59,897 52,358 
Income Before Income Taxes2,311 10,170 10,278 29,993 
Less: Provision for income taxes539 2,117 2,362 6,230 
Net Income1,772 8,053 7,916 23,763 
Less: Preferred stock dividends582 582 1,747 1,747 
Net Income Available to Common Shareholders$1,190 $7,471 $6,169 $22,016 
Per Common Share:
  
Earnings$0.10 $0.70 $0.56 $2.05 
Cash dividends paid$0.16 $0.16 $0.48 $0.48 
Weighted Average Common Shares Outstanding11,431,083 10,716,796 11,022,919 10,716,796 
See Notes to Consolidated Financial Statements





-5-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net Income$1,772 $8,053 $7,916 $23,763 
Other comprehensive income:  
Unrealized (losses) gains on securities:  
Unrealized holding (losses) gains arising during the period766 (1,082)1,184 (11,818)
Reclassification adjustments for (gains) losses included in net income   17 
Change in unrealized (losses) gains on securities766 (1,082)1,184 (11,801)
Tax impact(161)227 (249)2,478 
Other comprehensive (loss) income605 (855)935 (9,323)
Comprehensive Income$2,377 $7,198 $8,851 $14,440 
See Notes to Consolidated Financial Statements
 
-6-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) 

 
Preferred Stock $1,000 Par
Common Stock
$1 Par
SurplusRetained
Earnings
Accumulated
Other Comprehensive
Income/(Loss)
Total
(in thousands, except per share data)
     
Balance December 31, 2021$33,058 $10,717 $130,093 $56,654 $(6,633)$223,889 
Net income— — — 7,585 — 7,585 
Other comprehensive income (loss)— — — — (7,425)(7,425)
Preferred stock dividends— — — (582)— (582)
Cash dividends on common stock ($0.16 per share)
— — — (1,715)— (1,715)
Balance March 31, 2022 (unaudited)33,058 10,717 130,093 61,942 (14,058)221,752 
Net income— — — 8,124 — 8,124 
Other comprehensive income (loss)— — — — (1,043)(1,043)
Preferred stock dividends— — — (582)— (582)
Cash dividends on common stock ($0.16 per share)
— — — (1,715)— (1,715)
Balance June 30, 2022 (unaudited)33,058 10,717 130,093 67,769 (15,101)226,536 
Net income— — — 8,053 — 8,053 
Other comprehensive income (loss)— — — — (855)(855)
Preferred stock dividends— — — (582)— (582)
Cash dividends on common stock ($0.16 per share)
— — — (1,714)— (1,714)
Balance September 30, 2022 (unaudited)$33,058 $10,717 $130,093 $73,526 $(15,956)$231,438 
-7-


Balance December 31, 2022$33,058 $10,717 $130,093 $76,351 $(15,228)$234,991 
Net income— — — 3,468 — 3,468 
Cumulative effect of adoption of ASC Topic 326, net of tax— — — (7,900)— (7,900)
Other comprehensive income— — — — 414 414 
Preferred stock dividends— — — (582)— (582)
Cash dividends on common stock ($0.16 per share)
— — — (1,715)— (1,715)
Balance March 31, 2023 (unaudited)33,058 10,717 130,093 69,622 (14,814)228,676 
Net Income— — — 2,676 — 2,676 
Common stock issued in private placement, 714,287 shares
— 714 9,286 — — 10,000 
Other comprehensive income (loss)— — — — (84)(84)
Preferred stock dividends— — — (582)— (582)
Cash dividends on common stock ($0.16 per share)
— — — (1,829)— (1,829)
Balance June 30, 2023 (unaudited)33,058 11,431 139,379 69,887 (14,898)238,857 
Net Income— — — 1,772 — 1,772 
Other comprehensive income— — — — 605 605 
Preferred stock dividends— — — (582)— (582)
Cash dividends on common stock ($0.16 per share)
— — — (1,830)— (1,830)
Balance September 30, 2023 (unaudited)$33,058 $11,431 $139,379 $69,247 $(14,293)$238,822 
See Notes to Consolidated Financial Statements



-8-


FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) 

 Nine Months Ended September 30,
(in thousands)20232022
Cash Flows From Operating Activities  
Net income$7,916 $23,763 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses1,489 2,898 
Depreciation and amortization3,031 3,000 
Amortization/Accretion of investments709 1,298 
(Gain) loss on sale/call of securities 17 
(Gain) loss on sale of assets(23)(1,774)
Repossessed asset write downs, gains and losses on dispositions150 146 
FHLB stock dividends(209)(7)
Change in other assets and liabilities, net(4,216)4,221 
Net Cash Provided By Operating Activities8,847 33,562 
Cash Flows From Investing Activities  
Proceeds from maturities and calls of HTM securities180  
Proceeds from maturities, calls and sales of AFS securities51,196 52,876 
Funds invested in AFS securities (153,053)
Funds invested in Federal Home Loan Bank stock(8,929)(3,464)
Proceeds from sale/redemption of Federal Home Loan Bank stock2,425  
Net increase in loans(181,469)(281,615)
Purchase of premises and equipment(8,260)(1,903)
Proceeds from sales of premises and equipment276 47 
Proceeds from sales of other real estate owned101 787 
Net Cash Used In Investing Activities(144,480)(386,325)
Cash Flows From Financing Activities  
Net increase in deposits91,217 112,080 
Net (decrease) increase in federal funds purchased and short-term borrowings6,217 99,969 
Proceeds from long-term borrowings155,000  
Repayment of long-term borrowings(1,625)(4,970)
Proceeds from issuance of common stock10,000  
Dividends paid on preferred stock(1,747)(1,747)
Dividends paid on common stock(5,373)(5,144)
Net Cash Provided By Financing Activities253,689 200,188 
Net Increase (Decrease) In Cash and Cash Equivalents118,056 (152,575)
Cash and Cash Equivalents at the Beginning of the Period83,219 261,932 
Cash and Cash Equivalents at the End of the Period$201,275 $109,357 
Noncash Activities:  
Acquisition of real estate in settlement of loans$1,273 $558 
Transfer of securities from AFS to HTM$ $176,181 
Cash Paid During The Period:  
Interest on deposits and borrowed funds$62,545 $22,366 
Federal income taxes$3,100 $6,600 
State income taxes$330 $ 
 See Notes to the Consolidated Financial Statements.
-9-


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Basis of Presentation
 
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2022.
 
The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation.
 
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at September 30, 2023 and for the three and nine month periods ended September 30, 2023 and 2022 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for credit losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities.
-10-


Note 2. Recent Accounting Pronouncements

Accounting Standards Adopted in 2023

First Guaranty adopted FASB ASC Topic 326 “Financial InstrumentsCredit Losses: Measurement of Credit Losses on Financial InstrumentsUpdate No. 2016-13 (ASU 2016-13). ASU 2016-13 on January 1, 2023. ASU 2016-13, referred to as the Current Expected Credit Loss (“CECL”) standard, requires financial assets measured on an amortized cost basis, including loans and held-to-maturity debt securities, to be presented at an amount net of an allowance for credit losses, which reflects expected losses for the full life of the financial asset. Unfunded lending commitments are also within the scope of this topic. Under prior GAAP losses were not recognized until the occurrence of the loss was probable.

CECL requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. The CECL methodology requires that lifetime expected credit losses be recorded at the time the financial asset is originated or acquired, and be adjusted each period as a provision for credit losses for changes in expected lifetime credit losses. ASU 2016-13 does not specify the method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the lifetime credit loss estimate. First Guaranty developed a CECL model methodology that calculates expected credit losses over the life of the portfolio by analyzing the composition, characteristics and quality of the loan and securities portfolios, as well as prevailing economic conditions and forecasts. First Guaranty’s CECL calculation estimates loan losses using a combination of discounted cash flow and remaining life analyses.

First Guaranty adopted ASU 2016-13 using the modified retrospective approach for all loans and off-balance sheet credit exposures measured at amortized cost, other than purchased credit deteriorated (“PCD”) financial assets. Results for reporting periods beginning after December 31, 2022 are presented in accordance with ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP.

ASU 2016-13 also amended the accounting model for purchased financial assets and replaced the guidance for purchased credit impaired (“PCI”) financial assets with the concept of PCDs. For PCD assets, the CECL estimate is recognized through the allowance for credit losses with an offset to the amortized cost basis of the PCD asset at the date of acquisition. Subsequent changes in the allowance for credit losses for PCD assets are recognized through a provision for credit losses on loans. First Guaranty used the prospective transition approach for PCD loans that were previously classified as PCI and accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). First Guaranty determined that certain PCI assets no longer met meet the criteria of PCD assets as of the date of adoption.

First Guaranty adopted ASU 2016-13 on January 1, 2023, and recorded a one-time, cumulative effect adjustment as shown in the table below (dollars in thousands).

  December 31, 2022Impact of ASU 2016-13 AdoptionJanuary 1, 2023
Assets:    
   Allowance for credit losses $(23,518)$(8,220)$(31,738)
   Deferred tax asset 6,420 2,100 8,520 
   Remaining purchase discount on loans (1,120)1,120  
Liabilities:   
   Reserve for unfunded loan commitments  (2,900)(2,900)
Shareholders' Equity:    
   Retained earnings 76,351 (7,900)68,451 

In addition, ASU 2016-13 amends the accounting for credit losses on available for sale (“AFS”) securities, requiring expected credit losses on AFS securities to be recorded in an allowance for credit losses rather than as a write-down of the securities’ amortized cost. Declines in the fair value of AFS securities that are not considered credit related are recognized in accumulated other comprehensive income. In addition, expected credit losses on held to maturity (“HTM”) securities are required to be recorded in an allowance for credit losses rather than as a write-down of the securities’ amortized cost basis. First Guaranty’s AFS securities portfolio was not materially impacted by the adoption of ASC 326. A $100,000 allowance for HTM securities was recorded at the adoption of ASC 326.

The allowance for credit losses is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. For modeling purposes, loan pools include: Real Estate based pools for construction and land development, farmland, 1-4 family residential, multifamily, and non-farm non-residential and non-real-estate pools for agricultural, commercial and industrial, commercial leases and consumer and other. Management periodically reassesses each pool to confirm the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded lending commitments to calculate an allowance for credit losses.

Loans that do not share similar risk characteristics with other loans are excluded from the loan pools and individually evaluated for impairment. Individually evaluated loans are loans for which it is probable that all the amounts due under the contractual terms of the loan will not be collected.


-11-


FASB ASC Topic 326 “Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures” Update No. 2022-02 (“ASU 2022-02”). ASU 2022-02 became effective for First Guaranty on January 1, 2023 and is applied prospectively. ASU 2022-02 amends Topic 326 to eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors that have adopted ASU 2016-13 and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendment also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases. The adoption of ASU 2022-02 did not have a material impact on First Guaranty’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

None.








-12-


Note 3. Securities
 
A summary comparison of securities by type at September 30, 2023 and December 31, 2022 is shown below. 

 September 30, 2023December 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains
Gross
Unrealized Losses
Fair ValueAmortized CostGross Unrealized GainsGross
Unrealized Losses
Fair Value
Available for sale:        
U.S. Treasuries$50,183 $ $(769)$49,414 $100,642 $ $(2,142)$98,500 
U.S. Government Agencies        
Corporate debt securities16,750  (1,558)15,192 16,750  (752)15,998 
Municipal bonds13,715 10 (746)12,979 14,742 31 (426)14,347 
Mortgage-backed securities2,536  (264)2,272 2,711  (98)2,613 
Total available for sale securities$83,184 $10 $(3,337)$79,857 $134,845 $31 $(3,418)$131,458 
Held to maturity:        
U.S. Government Agencies$265,680 $ $(77,067)$188,613 $265,032 $ $(69,503)$195,529 
Corporate debt securities55,024  (8,866)46,158 55,036  (8,005)47,031 
Total held to maturity securities$320,704 $ $(85,933)$234,771 $320,068 $ $(77,508)$242,560 
 
The scheduled maturities of securities at September 30, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to calls or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason, they are presented separately in the maturity table below:  
 At September 30, 2023
(in thousands)Amortized CostFair Value
Available for sale:  
Due in one year or less$51,091 $50,317 
Due after one year through five years2,842 2,776 
Due after five years through 10 years20,078 18,427 
Over 10 years6,637 6,065 
Subtotal80,648 77,585 
Mortgage-backed securities2,536 2,272 
Total available for sale securities$83,184 $79,857 
Held to maturity:  
Due in one year or less$ $ 
Due after one year through five years2,253 2,029 
Due after five years through 10 years115,461 93,746 
Over 10 years202,990 138,996 
Total held to maturity securities$320,704 $234,771 
 
At September 30, 2023, $163.8 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $119.6 million as of September 30, 2023.

Accrued interest receivable on First Guaranty's investment securities was $2.6 million and $2.0 million at September 30, 2023 and December 31, 2022, respectively, and was included in accrued interest receivable on the consolidated balance sheet. First Guaranty had a $0.1 million allowance for credit losses related to the held to maturity portfolio at September 30, 2023.
-13-



The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at September 30, 2023.

  At September 30, 2023 
 Less Than 12 Months12 Months or MoreTotal
(in thousands)Number
of Securities
Fair ValueGross
Unrealized
Losses
Number
of Securities
Fair ValueGross
Unrealized
Losses
Number
of Securities
Fair ValueGross
Unrealized Losses
Available for sale:         
U.S. Treasuries $ $ 3 $49,414 $(769)3 $49,414 $(769)
Corporate debt securities   16 15,192 (1,558)16 15,192 (1,558)
Municipal bonds24 6,155 (135)41 5,651 (611)65 11,806 (746)
Mortgage-backed securities   5 2,272 (264)5 2,272 (264)
Total available for sale securities24 $6,155 $(135)65 $72,529 $(3,202)89 $78,684 $(3,337)
Held to maturity:         
U.S. Government Agencies $ $ 29 $188,614 $(77,067)29 $188,614 $(77,067)
Corporate debt securities   58 46,157 (8,866)58 46,157 (8,866)
Total held to maturity securities $ $ 87 $234,771 $(85,933)87 $234,771 $(85,933)

The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2022. 

  At December 31, 2022 
 Less Than 12 Months12 Months or MoreTotal
(in thousands)Number
of Securities
Fair ValueGross
Unrealized
Losses
Number
of Securities
Fair ValueGross
Unrealized Losses
Number
of Securities
Fair ValueGross
Unrealized Losses
Available for sale:         
U.S. Treasuries $ $ 6 $98,500 $(2,142)6 $98,500 $(2,142)
U.S. Government Agencies         
Corporate debt securities14 14,628 (622)2 1,370 (130)16 15,998 (752)
Municipal bonds46 5,854 (394)6 673 (32)52 6,527 (426)
Mortgage-backed securities3 2,608 (98)4 5  7 2,613 (98)
Total available for sale securities63 $23,090 $(1,114)18 $100,548 $(2,304)81 $123,638 $(3,418)
Held to maturity:
U.S. Government Agencies13 $89,695 $(21,724)16 $105,834 $(47,779)29 $195,529 $(69,503)
Corporate debt securities59 47,031 (8,005)   59 47,031 (8,005)
Total held to maturity securities72 $136,726 $(29,729)16 $105,834 $(47,779)88 $242,560 $(77,508)

As of September 30, 2023, 176 of First Guaranty's debt securities had unrealized losses totaling 22.2% of the individual securities' amortized cost basis and 22.1% of First Guaranty's total amortized cost basis of the investment securities portfolio. 152 of the 176 securities had been in a continuous loss position for over 12 months at such date. The 152 securities had an aggregate amortized cost basis of $396.4 million and an unrealized loss of $89.1 million at September 30, 2023. Management has determined that the declines in the fair value of these securities was not attributed to credit losses, and no allowance for credit losses was recorded for available for sale securities at September 30, 2023.

-14-



Securities are evaluated for impairment from credit losses at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.
 
Investment securities issued by the U.S. Government and Government sponsored enterprises with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be credit impaired. First Guaranty has the ability and intent to hold these securities until recovery, which may not be until maturity.
 
Corporate debt securities in a loss position consist primarily of corporate bonds issued by businesses in the financial, insurance, utility, manufacturing, industrial, consumer products and oil and gas industries. There was one held to maturity corporate security with a credit related impairment loss at September 30, 2023. First Guaranty believes that the remaining issuers will be able to fulfill the obligations of these securities based on evaluations described above. First Guaranty has the ability and intent to hold these securities until they recover, which could be at their maturity dates.

There was one charge-off, net of recovery, of $0.1 million recognized on a corporate security classed as held to maturity during the nine months ended September 30, 2023. There was a $0.1 million provision for credit losses recognized on securities during the nine months ended September 30, 2023.

For securities that have indications of credit related impairment, management analyzes future expected cash flows to determine if any credit related impairment is evident. Estimated cash flows are determined using management's best estimate of future cash flows based on specific assumptions. The assumptions used to determine the cash flows were based on estimates of loss severity and credit default probabilities. Management reviews reports from credit rating agencies and public filings of issuers. 
 
At September 30, 2023, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: 

 At September 30, 2023
(in thousands)Amortized CostFair Value
U.S. Government Treasuries (U.S.)$50,183 $49,414 
Federal Home Loan Bank (FHLB)32,170 24,081 
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)97,439 64,373 
Federal Farm Credit Bank (FFCB)138,606 102,430 
Total$318,398 $240,298 

-15-


Note 4. Loans
 
The following table summarizes the components of First Guaranty's loan portfolio as of September 30, 2023 and December 31, 2022: 

 September 30, 2023December 31, 2022
(in thousands except for %)BalanceAs % of CategoryBalanceAs % of Category
Real Estate:    
Construction & land development$342,246 12.6 %$233,091 9.2 %
Farmland31,361 1.1 %