Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 176

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 176
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 ended March 31, 2024 largely as a result of loan sales and payoffs on the portfolio. The average yield on loans (excluding loans held for sale) decreased by 19 basis points to 6.64% for the three months ended March 31, 2025 from 6.83% for the three months ended March 31, 2024. Nonaccrual loans were $133.4 million at March 31, 2025 compared to $108.5 million at December 31, 2024.

Interest income on interest-earning deposits with banks increased $2.5 million to $6.0 million for the three months ended March 31, 2025 as compared to the prior year period as a result of an increase in the average balance of interest-bearing deposits with banks. The average balance of interest-bearing deposits with banks increased $285.5 million to $547.5 million for the three months ended March 31, 2025 from $262.0 million for the three months ended March 31, 2024. This was partially offset by a decrease in the yield on interest-earning deposits of 90 basis points.

Interest Expense

Three months ended March 31, 2025 compared to the three months ended March 31, 2024. Interest expense increased $1.3 million, or 4.0%, to $32.2 million for the three months ended March 31, 2025 from $31.0 million for the three months ended March 31, 2024 due primarily to an increase in the average balance of interest-bearing liabilities offset by a decrease on the average rate of interest-bearing deposits. The average balance of interest-bearing liabilities increased by $410.9 million during the three months ended March 31, 2025 to $3.3 billion as compared to the prior year period. This increase was a result of a $12.9 million increase in the average balance of savings deposits, a $591.0 million increase in the average balance of time deposits, offset by a $167.0 million decrease in the average balance of interest-bearing demand deposits and a $26.1 million decrease in the average balance of borrowings. The average rate of interest-bearing demand deposits was 3.60% for the three months ended March 31, 2025 and 4