Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 27

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Bank’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off. Reportable modifications to borrowers experiencing financial difficulty (MEFD) during the three months ended March 31, 2025 consisted of a $16.7 million term extension. The bank had $0 unfunded commitments to borrowers whose terms have been modified as a reportable MEFD as of March 31, 2025.As of March 31, 2025, there have been no loans that were modified with in the previous 12 months for which there has been payment default during the period.

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Note 6. Goodwill and Other Intangible Assets

 Goodwill and intangible assets deemed to have indefinite lives are no longer amortized but are subject to impairment testing. Other intangible assets continue to be amortized over their useful lives. First Guaranty's goodwill is the difference in purchase price over the fair value of net assets acquired from its acquisition of Homestead Bancorp in 2007, Premier Bancshares, Inc. in 2017 and Union Bancshares, Incorporated in 2019. Goodwill totaled $12.9 million at March 31, 2025 and December 31, 2024. No impairment charges have been recognized on First Guaranty's intangible assets since acquisition. Loan servicing assets totaled $0.4 million at March 31, 2025 and December 31, 2024. Other intangible assets recorded include core deposit intangibles, which are subject to amortization. The weighted-average amortization period remaining for First Guaranty's core deposit intangibles is 4 years at March 31, 2025. The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions.

Note 7. Other Real Estate (ORE)

 Other real estate owned consists of the following at the dates indicated: (in thousands)March 31, 2025December 31, 2024Real Estate Owned Acquired by Foreclosure:  Residential$62 $226 Construction & land development— 3 Non-farm non-residential90 90 Total Other Real Estate Owned and Foreclosed Property152 319 Allowance for Other Real Estate Owned losses— —