Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 68

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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2024. Occupancy and equipment expense totaled $2.6 million for the three months ended March 31, 2025 and $2.3 million for the same period in 2024. Other noninterest expense totaled $6.9 million for the three months ended March 31, 2025 and $6.8 million for the same period in 2024. 

The following table presents, for the periods indicated, the major categories of other noninterest expense:

 Three Months Ended March 31,(in thousands)20252024Other noninterest expense:  Legal and professional fees$1,088 $972 Data processing337 377 ATM fees350 420 Marketing and public relations241 332 Taxes - sales, capital, and franchise500 605 Operating supplies37 101 Software expense and amortization1,216 1,253 Travel and lodging72 228 Telephone91 106 Amortization of core deposit intangibles174 174 Donations58 75 Net costs from other real estate and repossessions50 204 Regulatory assessment1,544 933 Other1,178 983 Total other noninterest expense$6,936 $6,763   

Income Taxes

The amount of income tax expense is influenced by the amount of pre-tax income, the amount of tax-exempt income and the amount of other non-deductible expenses and the statutory tax rate. The benefit for income taxes for the three months ended March 31, 2025 was $1.8 million compared to a provision of $0.7 million for the same period in 2024. The provision for income taxes decreased due to a decrease in income before income taxes. First Guaranty's statutory tax rate was 21.0% for the three months ended March 31, 2025 and 2024. 

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Liquidity and Capital Resources

Liquidity

Liquidity refers to the ability or flexibility to manage future cash flows to meet the needs of depositors and borrowers and fund operations. Maintaining appropriate levels of liquidity allows us to have sufficient funds available to meet customer demand for loans, withdrawal of deposit balances and maturities of deposits and other liabilities. Liquid assets include cash and due from banks, interest-earning demand deposits with banks, federal funds sold and available for sale investment securities.

First Guaranty's cash and cash equivalents totaled $618.4 million at