Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 36

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 approximates its fair value. Borrowings. The carrying amount of federal funds purchased and other short-term borrowings approximate their fair values. The fair value of First Guaranty's long-term borrowings is computed using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Borrowings are classified within level 3 of the fair value hierarchy. Other Unrecognized Financial Instruments. The fair value of commitments to extend credit is estimated using the fees charged to enter into similar legally binding agreements, taking into account the remaining terms of the agreements and customers' credit ratings. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit are based on fees charged for similar agreements or on estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At March 31, 2025 and December 31, 2024, the fair value of guarantees under commercial and standby letters of credit was not material. The carrying amounts and estimated fair values of financial instruments at March 31, 2025 were as follows:Fair Value Measurements at March 31, 2025 Using(in thousands)Carrying AmountLevel 1Level 2Level 3TotalAssetsCash and due from banks$617,866 $617,866 $— $— $617,866 Federal funds sold563 563 — — 563 Securities, available for sale273,027 49,112 218,084 5,831 273,027 Securities, held for maturity321,883 — 259,641 — 259,641 Loans held for sale— — — — — Loans, net2,469,766 — — 2,308,012 2,308,012 Cash surrender value of BOLI6,047 — — 6,047 6,047 Accrued interest receivable14,574 — — 14,574 14,574 LiabilitiesDeposits$3,339,466 $— $— $3,342,880 3,342,880 Short-term advances from Federal Home Loan Bank— —