Company: FGBI
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001408534-25-000092
Chunk: 103

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 103
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 year period. The decrease in the average rate of time deposits was due to changes in market rates as existing time deposits repriced. The average balance of interest-bearing liabilities increased by $119.4 million during the three months ended September 30, 2025 to $3.2 billion as compared to the prior year period. This increase was a result of a $326.2 million increase in the average balance of time deposits, offset by a $100.2 million decrease in the average balance of interest-bearing demand deposits, $20.7 million decrease in the average balance of savings deposits, and a $85.9 million decrease in the average balance of borrowings.

Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Interest expense decreased $2.5 million, or 2.6%, to $95.6 million for the nine months ended September 30, 2025 from $98.1 million for the nine months ended September 30, 2024 due primarily to a decrease on the average rate of interest-bearing deposits, partially offset by an increase in the average balance of interest-bearing liabilities. The average balance of interest-bearing liabilities increased by $290.2 million during the nine months ended September 30, 2025 to $3.2 billion as compared to the prior year period. This increase was a result of a $1.4 million increase in the average balance of savings deposits, a $478.5 million increase in the average balance of time deposits, partially offset by a $139.5 million decrease in the average balance of interest-bearing demand deposits and a $50.2 million decrease in the average balance of borrowings. The average rate of interest-bearing demand deposits was 3.69% for the nine months ended September 30, 2025 and 4.48% for the nine months ended September 30, 2024. The decrease in market interest rates, particularly U.S. Treasury rates, contributed to the decrease in rates paid on interest-bearing demand deposits. The largest concentration of interest-bearing demand deposits is associated with public funds deposits that are primarily indexed to Treasury rates. The average rate of time deposits decreased 38 basis points during the nine months ended September 30, 2025 to 4.34% as compared to the prior year period. The decrease