Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 102

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 102
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 less. U.S. Government securities consist of U.S. Treasury bills that have maturities of less than 30 days. Government agency securities generally have maturities of 15 years or less. Agency mortgage-backed securities have stated final maturities of 15 to 20 years.

At December 31, 2024, the U.S. Government and Government agency securities and municipal bonds qualified as securities available to collateralize public funds. Securities pledged as collateral totaled $233.9 million at December 31, 2024 and $192.2 million at December 31, 2023. Our public funds deposits have a seasonal increase due to tax collections at the end of the year and the first quarter. We typically collateralize the seasonal public fund increases with short term instruments such as U.S. Treasuries or other agency backed securities.

Our available for sale securities portfolio totaled $281.1 million at December 31, 2024, an increase of $197.6 million, or 236.7%, compared to $83.5 million at December 31, 2023. The increase was primarily due to the purchase of U.S. Treasury securities, collateralized mortgage obligations, and mortgage-backed securities.

Our held to maturity securities portfolio had an amortized cost of $321.6 million, net of allowance at December 31, 2024, compared to $320.6 million at December 31, 2023. 

There were no credit related impairment of available for sale securities during 2024. There were no charge-offs recorded during 2024. There was a  provision of $0.1 million recorded in the fourth quarter of 2024. The allowance for credit losses for held to maturity securities was $0.2 million at December 31, 2024.

The following tables set forth the stated maturities and weighted average yields of our investment securities at December 31, 2024. 

 At December 31, 2024 One Year or LessMore than One Yearthrough Five YearsMore than Five Yearsthrough Ten YearsMore than Ten Years(in thousands except for %)Carrying ValueWeightedAverage YieldCarrying ValueWeightedAverage YieldCarrying ValueWeightedAverage YieldCarrying ValueWeightedAverage YieldAvailable for sale:        U.S. Treasuries$147,780 4.2 %$— — %$— — %$— — %