First Guaranty Bancshares, Inc. [FGBIP] Filings

10-Q 1 fgbi-20240630.htm 10-Q fgbi-20240630

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 June 30, 2024

☐ 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

FIRST GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)


Louisiana		26-0513559
(State or other jurisdiction incorporation or organization)		(I.R.S. Employer Identification Number)

400 East Thomas Street
Hammond,	Louisiana	70401
(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

FGBI

The 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)

FGBIP

The 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 August 8, 2024 the registrant had 12,504,717 shares of $1 par value common stock outstanding.

Table of Contents


		Page
Part I.	Financial Information	4

Item 1.	Financial Statements (unaudited)	4

	Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023	4

	Consolidated Statements of Income for the three and six months ended June 30 , 2024 and 2023	5

	Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023	6

	Consolidated Statements of Shareholders' Equity for the three and six months ended June 30 , 2024 and 2023	7

	Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2024 and 2023	8

	Notes to Unaudited Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	30

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50

Item 4.	Controls and Procedures	53

Part II.	Other Information	54

Item 1.	Legal Proceedings	54

Item 1A.	Risk Factors	54

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54

Item 3.	Defaults Upon Senior Securities	54

Item 4.	Mine Safety Disclosures	54

Item 5.	Other Information	54

Item 6.	Exhibits	55

Signatures		57

-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)	June 30, 2024		December 31, 2023
Assets
Cash and cash equivalents:
Cash and due from banks	$	298,574	$	286,114
Federal funds sold	392		341
Cash and cash equivalents	298,966		286,455

Investment securities:
Available for sale, at fair value (amortized cost of $39,006 and $85,464, respectively)	37,403		83,485
Held to maturity, at cost and net of allowance for credit losses of $80 (estimated fair value of $251,247 and $253,584, respectively)	321,164		320,638
Investment securities	358,567		404,123

Federal Home Loan Bank stock, at cost	12,204		13,390
Loans held for sale	—		—

Loans, net of unearned income	2,833,350		2,748,708
Less: allowance for credit losses	30,287		30,926
Net loans	2,803,063		2,717,782

Premises and equipment, net	69,439		69,792
Goodwill	12,900		12,900
Intangible assets, net	3,881		4,298
Other real estate, net	1,032		1,250
Accrued interest receivable	18,137		15,713
Other assets	37,382		27,069
Total Assets	$	3,615,571	$	3,552,772

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	407,607	$	442,755
Interest-bearing demand	1,502,703		1,526,628
Savings	234,306		218,986
Time	898,835		820,725
Total deposits	3,043,451		3,009,094

Short-term advances from Federal Home Loan Bank	60,000		50,000
Short-term borrowings	—		10,000
Repurchase agreements	6,971		6,297
Accrued interest payable	12,991		11,807
Long-term advances from Federal Home Loan Bank	155,000		155,000
Senior long-term debt	17,156		39,099
Junior subordinated debentures	44,715		15,000
Other liabilities	20,143		6,844
Total Liabilities	3,360,427		3,303,141

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; 12,504,717 and 12,475,424 shares issued and outstanding	12,505		12,475
Surplus	149,389		149,085
Retained earnings	72,317		67,972
Accumulated other comprehensive (loss) income	(12,125)		(12,959)
Total Shareholders' Equity	255,144		249,631
Total Liabilities and Shareholders' Equity	$	3,615,571	$	3,552,772

See Notes to Consolidated Financial Statements

-4-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share data)	2024		2023		2024		2023
Interest Income:
Loans (including fees)	$	47,552	$	40,290	$	94,470	$	78,439
Deposits with other banks	3,626		1,071		7,102		1,822
Securities (including FHLB stock)	2,473		2,420		4,987		4,807
Total Interest Income	53,651		43,781		106,559		85,068

Interest Expense:
Demand deposits	17,059		15,036		34,035		28,085
Savings deposits	1,327		838		2,554		1,417
Time deposits	10,446		5,224		20,018		8,800
Borrowings	3,577		1,770		6,789		3,552
Total Interest Expense	32,409		22,868		63,396		41,854

Net Interest Income	21,242		20,913		43,163		43,214
Less: Provision for credit losses	6,805		548		9,109		862
Net Interest Income after Provision for Credit Losses	14,437		20,365		34,054		42,352

Noninterest Income:
Service charges, commissions and fees	795		818		1,528		1,603
ATM and debit card fees	804		828		1,568		1,653
Net gains on securities	—		—		—		—
Net gains on sale of loans	10		—		10		12
Net gains on sale of assets	13,207		7		13,213		18
Other	710		1,159		1,515		2,230
Total Noninterest Income	15,526		2,812		17,834		5,516

Noninterest Expense:
Salaries and employee benefits	10,440		9,932		20,340		19,936
Occupancy and equipment expense	2,547		2,219		4,818		4,421
Other	7,622		7,584		14,385		15,544
Total Noninterest Expense	20,609		19,735		39,543		39,901

Income Before Income Taxes	9,354		3,442		12,345		7,967
Less: Provision for income taxes	2,153		766		2,834		1,823
Net Income	7,201		2,676		9,511		6,144
Less: Preferred stock dividends	582		582		1,164		1,164
Net Income Available to Common Shareholders	$	6,619	$	2,094	$	8,347	$	4,980

Per Common Share:
Earnings	$	0.53	$	0.19	$	0.67	$	0.46
Cash dividends paid	$	0.16	$	0.16	$	0.32	$	0.32

Weighted Average Common Shares Outstanding	12,504,717		10,913,029		12,497,313		10,815,454
See Notes to Consolidated Financial Statements

-5-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Net Income	$	7,201	$	2,676	$	9,511	$	6,144
Other comprehensive income:
Unrealized (losses) gains on securities:
Unrealized holding gains arising during the period	261		(106)		1,056		418
Reclassification adjustments for (gains) losses included in net income	—		—		—		—
Change in unrealized gains on securities	261		(106)		1,056		418
Tax impact	(55)		22		(222)		(88)
Other comprehensive income	206		(84)		834		330
Comprehensive Income	$	7,407	$	2,592	$	10,345	$	6,474
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		Surplus		Retained Earnings		Accumulated Other Comprehensive Income/(Loss)		Total
(in thousands, except per share data)
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 (loss)	—		—		—		—		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






Balance December 31, 2023	$	33,058	$	12,475	$	149,085	$	67,972	$	(12,959)	$	249,631
Net income	—		—		—		2,310		—		2,310
Common Stock issued under Equity Bonus Plan, 29,293 shares	—		30		304		—		—		334
Other comprehensive income	—		—		—		—		628		628
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.16 per share)	—		—		—		(2,001)		—		(2,001)
Balance March 31, 2024 (unaudited)	$	33,058	$	12,505	$	149,389	$	67,699	$	(12,331)	$	250,320
Net Income	—		—		—		7,201		—		7,201
Other comprehensive income (loss)	—		—		—		—		206		206
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.16 per share)	—		—		—		(2,001)		—		(2,001)
Balance June 30, 2024 (unaudited)	33,058		12,505		149,389		72,317		(12,125)		255,144





See Notes to Consolidated Financial Statements

-7-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)


	Six Months Ended June 30,
(in thousands)	2024		2023
Cash Flows From Operating Activities
Net income	$	9,511	$	6,144
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	9,109		862
Depreciation and amortization	2,181		2,020
Amortization/Accretion of investments	206		484
(Gain) loss on sale/call of securities	—		—
(Gain) loss on sale of assets	(13,203)		(30)
Repossessed asset write downs, gains and losses on dispositions	(9)		53
FHLB stock dividends	(397)		(142)
Change in other assets and liabilities, net	2,497		2,322
Net Cash Provided By Operating Activities	9,895		11,713

Cash Flows From Investing Activities
Proceeds from maturities and calls of HTM securities	—		—
Proceeds from maturities, calls and sales of AFS securities	50,606		50,684
Funds invested in AFS securities	(4,200)		—


Funds invested in Federal Home Loan Bank stock	(1,599)		(3,656)
Proceeds from sale/redemption of Federal Home Loan Bank stock	3,182		2,425
Net increase in loans	(95,476)		(72,392)
Purchase of premises and equipment	(2,892)		(4,362)
Proceeds from sales of premises and equipment	14,816		276
Proceeds from sales of other real estate owned	295		60
Net Cash Used In Investing Activities	(35,268)		(26,965)

Cash Flows From Financing Activities
Net increase in deposits	34,357		43,627
Net (decrease) increase in federal funds purchased and short-term borrowings	674		(89,033)
Proceeds from long-term borrowings	—		120,000
Repayment of long-term borrowings	(22,015)		(1,625)
Proceeds from subordinated debentures	29,700		—
Proceeds from issuance of common stock	334		10,000
Dividends paid on preferred stock	(1,164)		(1,164)
Dividends paid on common stock	(4,002)		(3,544)
Net Cash Provided By Financing Activities	37,884		78,261

Net Increase (Decrease) In Cash and Cash Equivalents	12,511		63,009
Cash and Cash Equivalents at the Beginning of the Period	286,455		83,219
Cash and Cash Equivalents at the End of the Period	$	298,966	$	146,228

Noncash Activities:
Acquisition of real estate in settlement of loans	$	161	$	1,273

Cash Paid During The Period:
Interest on deposits and borrowed funds	$	62,212	$	39,147
Federal income taxes	$	—	$	2,500
State income taxes	$	—	$	330

See Notes to the Consolidated Financial Statements.

-8-

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, 2023.

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 June 30, 2024 and for the three and six month periods ended June 30, 2024 and 2023 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.

-9-

Note 2. Recent Accounting Pronouncements

Accounting Standards Adopted in 2024

None.

Accounting Pronouncements Not Yet Adopted

ASU No. 2023-09, "Improvements to Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on First Guaranty's consolidated financial statements.

-10-

Note 3. Securities

A summary comparison of securities by type at June 30, 2024 and December 31, 2023 is shown below.


	June 30, 2024								December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
U.S. Treasuries	$	—	$	—	$	—	$	—	$	50,048	$	—	$	(218)	$	49,830
U.S. Government Agencies	—		—		—		—		—		—		—		—
Corporate debt securities	16,750		—		(1,111)		15,639		16,750		3		(1,279)		15,474
Municipal bonds	17,167		155		(416)		16,906		13,522		31		(372)		13,181
Mortgage-backed securities	5,089		—		(231)		4,858		5,144		—		(144)		5,000
Total available for sale securities	$	39,006	$	155	$	(1,758)	$	37,403	$	85,464	$	34	$	(2,013)	$	83,485

Held to maturity:
U.S. Government Agencies	$	266,329	$	—	$	(63,618)	$	202,711	$	265,896	$	—	$	(61,532)	$	204,364
Corporate debt securities	54,915		—		(6,379)		48,536		54,822		—		(5,602)		49,220
Total held to maturity securities	$	321,244	$	—	$	(69,997)	$	251,247	$	320,718	$	—	$	(67,134)	$	253,584

The scheduled maturities of securities at June 30, 2024, 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 June 30, 2024
(in thousands)	Amortized Cost		Fair Value
Available for sale:
Due in one year or less	$	652	$	649
Due after one year through five years	4,399		4,383
Due after five years through 10 years	21,902		20,864
Over 10 years	6,964		6,649
Subtotal	33,917		32,545
Mortgage-backed securities	5,089		4,858
Total available for sale securities	$	39,006	$	37,403

Held to maturity:
Due in one year or less	$	—	$	—
Due after one year through five years	3,396		3,109
Due after five years through 10 years	138,485		117,982
Over 10 years	179,363		130,156
Total held to maturity securities	$	321,244	$	251,247

At June 30, 2024, $179.7 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $138.5 million as of June 30, 2024.

Accrued interest receivable on First Guaranty's investment securities was $1.4 million and $1.8 million at June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023.

-11-

The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at June 30, 2024.


						At June 30, 2024
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasuries	—	$	—	$	—	—	$	—	$	—	—	$	—	$	—
Corporate debt securities	1	992		(8)		15	14,647		(1,103)		16	15,639		(1,111)
Municipal bonds	14	4,714		(15)		39	6,308		(401)		53	11,022		(416)
Mortgage-backed securities	2	2,569		(41)		5	2,289		(190)		7	4,858		(231)
Total available for sale securities	17	$	8,275	$	(64)	59	$	23,244	$	(1,694)	76	$	31,519	$	(1,758)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	202,711	$	(63,618)	29	$	202,711	$	(63,618)
Corporate debt securities	—	—		—		57	48,536		(6,379)		57	48,536		(6,379)
Total held to maturity securities	—	$	—	$	—	86	$	251,247	$	(69,997)	86	$	251,247	$	(69,997)

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, 2023.


						At December 31, 2023
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasuries	—	$	—	$	—	3	$	49,830	$	(218)	3	$	49,830	$	(218)
U.S. Government Agencies	—	—		—		—	—		—		—	—		—
Corporate debt securities	—	—		—		15	14,471		(1,279)		15	14,471		(1,279)
Municipal bonds	12	3,417		(6)		41	5,895		(366)		53	9,312		(372)
Mortgage-backed securities	2	2,606		(21)		5	2,394		(123)		7	5,000		(144)
Total available for sale securities	14	$	6,023	$	(27)	64	$	72,590	$	(1,986)	78	$	78,613	$	(2,013)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	204,364	$	(61,532)	29	$	204,364	$	(61,532)
Corporate debt securities	—	—		—		57	49,220		(5,602)		57	49,220		(5,602)
Total held to maturity securities	—	$	—	$	—	86	$	253,584	$	(67,134)	86	$	253,584	$	(67,134)

As of June 30, 2024, 162 of First Guaranty's debt securities had unrealized losses totaling 20.2% of the individual securities' amortized cost basis and 19.9% of First Guaranty's total amortized cost basis of the investment securities portfolio. 145 of the 162 securities had been in a continuous loss position for over 12 months at such date. The 145 securities had an aggregate amortized cost basis of $346.2 million and an unrealized loss of $71.7 million at June 30, 2024. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery.

-12-

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 June 30, 2024. 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 were no charge-offs recognized on securities during the six months ended June 30, 2024 and 2023. There were no provisions for credit losses recognized on securities during the six months ended June 30, 2024 and 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 June 30, 2024, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below:


	At June 30, 2024
(in thousands)	Amortized Cost		Fair Value

U.S. Government Treasuries (U.S.)	$	—	$	—
Federal Home Loan Bank (FHLB)	32,249		25,729
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)	97,585		69,720

Federal Farm Credit Bank (FFCB)	138,976		109,554
Total	$	268,810	$	205,003

-13-

Note 4. Loans

The following table summarizes the components of First Guaranty's loan portfolio as of June 30, 2024 and December 31, 2023:


	June 30, 2024				December 31, 2023
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	355,216	12.5	%	$	399,435	14.5	%
Farmland	38,493		1.3	%	32,530		1.2	%
1- 4 Family	457,263		16.1	%	444,850		16.1	%
Multifamily	160,256		5.6	%	118,921		4.3	%
Non-farm non-residential	1,164,117		41.0	%	1,045,865		37.9	%
Total Real Estate	2,175,345		76.5	%	2,041,601		74.0	%
Non-Real Estate:
Agricultural	47,852		1.7	%	41,008		1.5	%
Commercial and industrial (1)	300,597		10.6	%	334,972		12.1	%
Commercial leases	269,428		9.5	%	285,415		10.4	%
Consumer and other	47,836		1.7	%	54,485		2.0	%
Total Non-Real Estate	665,713		23.5	%	715,880		26.0	%
Total Loans Before Unearned Income	2,841,058		100.0	%	2,757,481		100.0	%
Unearned income	(7,708)				(8,773)
Total Loans Net of Unearned Income	$	2,833,350			$	2,748,708

(1) Includes PPP loans fully guaranteed by the SBA of $2.3 million and $2.8 million at June 30, 2024 and December 31, 2023, respectively.

Accrued interest receivable on First Guaranty's loans totaled $16.7 million and $13.9 million at June 30, 2024 and December 31, 2023, respectively, and is included in accrued interest receivable on the consolidated balance sheet. Accrued interest receivable is excluded from First Guaranty's estimate of the allowance for credit losses.

The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of June 30, 2024 and December 31, 2023 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered.


	June 30, 2024						December 31, 2023
(in thousands)	Fixed		Floating		Total		Fixed		Floating		Total
One year or less	$	210,374	$	131,394	$	341,768	$	268,864	$	88,884	$	357,748
More than one to five years	725,809		332,564		1,058,373		782,754		357,981		1,140,735
More than five to 15 years	79,759		306,513		386,272		88,490		269,918		358,408
Over 15 years	380,859		611,461		992,320		334,337		541,066		875,403
Subtotal	$	1,396,801	$	1,381,932	2,778,733		$	1,474,445	$	1,257,849	2,732,294
Nonaccrual loans					62,325						25,187
Total Loans Before Unearned Income					2,841,058						2,757,481
Unearned income					(7,708)						(8,773)
Total Loans Net of Unearned Income					$	2,833,350

First Guaranty Bancshares, Inc. [FGBIP] Filings
First Guaranty Bancshares, Inc. [FGBI] Filings
10-Q	[2024-08-09]
10-Q	[2024-05-10]
10-K	[2024-03-15]
10-Q	[2023-11-09]
10-Q	[2023-08-09]
10-Q	[2023-05-10]
10-K	[2023-03-16]
10-Q	[2022-11-09]
10-Q	[2022-08-09]
10-Q	[2022-05-10]
10-K	[2022-03-16]
10-Q	[2021-11-09]
10-Q	[2021-08-09]
10-Q	[2021-05-10]
10-K	[2021-03-16]
10-Q	[2020-11-09]
10-Q	[2020-08-10]
10-Q	[2020-05-11]
10-K	[2020-03-16]
10-Q	[2019-11-12]
10-Q	[2019-08-09]
10-Q	[2019-05-09]
10-K	[2019-03-15]
10-Q	[2018-11-09]
10-Q	[2018-08-09]
10-Q	[2018-05-10]
10-K	[2018-03-16]
10-Q	[2017-11-14]
10-Q	[2017-08-14]
10-Q	[2017-05-12]
10-K	[2017-03-30]
10-Q	[2016-11-14]
10-Q	[2016-08-15]
10-Q	[2016-05-16]
10-K	[2016-03-28]
10-Q	[2015-11-16]
10-Q	[2015-08-13]
10-Q	[2015-05-14]
10-K	[2015-03-17]
10-Q	[2014-11-14]
S-1	[2014-10-24]
10-Q	[2014-08-14]
10-Q	[2014-05-15]
10-K	[2014-03-27]
10-Q	[2013-11-08]
10-Q	[2013-08-13]
10-Q	[2013-05-13]
10-K	[2013-03-27]
10-Q	[2012-11-13]
10-Q	[2012-08-13]
10-Q	[2012-05-15]
10-K	[2012-03-29]

First Guaranty Bancshares, Inc. [FGBIP] Filings

First Guaranty Bancshares, Inc. [FGBI] Filings