Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 174

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 174
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$152,659 Average daily outstanding$24,849 $67,102 Weighted average rate during the year5.60 %5.78 %Weighted average rate at year end5.56 %5.65 %

-96-

Long-term debt is summarized as follows:Senior long-term debt with a commercial bank, priced at floating Wall Street Journal Prime less 50 basis points (7.50% as of December 31, 2024), totaled $15.2 million at December 31, 2024 and $39.1 million at December 31, 2023. First Guaranty refinanced this note on October 2023. First Guaranty pays $1.0 million principal plus interest quarterly. This loan has a contractual maturity date of October 5, 2033. This long-term debt is secured by a pledge of 86.77% (4,823,899 shares) of First Guaranty's interest in First Guaranty Bank (a wholly owned subsidiary). Junior subordinated debt, priced at Wall Street Journal Prime plus 75 basis points (8.75% as of December 31, 2024), totaled $15.0 million at December 31, 2024 and December 31, 2023. First Guaranty pays interest quarterly. The Note is unsecured and ranks junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The current Note is scheduled to mature on June 21, 2032. The Note qualifies for treatment as Tier 2 capital for regulatory capital purposes.Junior subordinated debt, priced at Wall Street Journal Prime plus 75 basis points (9.25% as of December 31, 2024), totaled $29.7 million at December 31, 2024 and $0 at December 31, 2023. This note was issued in March of 2024. First Guaranty pays interest monthly. The Note is unsecured and ranks junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The current Note is scheduled to mature on March 28, 2034. The Note qualifies for treatment as Tier 2 capital for regulatory capital purposes.At December 31, 2024, letters of credit issued by the FHLB totaling $455.7 million were outstanding and carried as off-balance sheet items, all of which expire by 2029.