Company: FGBI
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001408534-25-000092
Chunk: 109

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 109
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 two lease loan relationships, consumer loans and two construction and land development loans, both were subsequently sold during the first quarter of 2025. Partially offsetting these charge-offs were recoveries that totaled $0.7 million for the nine months ended September 30, 2025 and $0.7 million for the same period in 2024. 

We believe that the allowance is adequate to cover current expected losses in the loan portfolio given the current economic conditions, and current expected net charge-offs and nonperforming asset levels. Economic uncertainty may result in additional increases to the allowance for credit losses in future periods.

There was no provision for credit losses on AFS or HTM securities in the nine months ended September 30, 2025 and 2024.

Noninterest Income

Our primary sources of recurring noninterest income are customer service fees, ATM and debit card fees, loan fees, gains on the sales of loans and available for sale securities and other service fees. Noninterest income does not include loan origination fees which are recognized over the life of the related loan as an adjustment to yield using the interest method.

Noninterest income totaled $1.9 million for the three months ended September 30, 2025, a decrease of $2.5 million from $4.4 million for the three months ended September 30, 2024. The decrease was primarily due to a decrease in gains on the sale of loans. Service charges, commissions and fees totaled $0.8 million for the three months ended September 30, 2025 and $0.8 million for the same period in 2024. ATM and debit card fees totaled $0.7 million for the three months ended September 30, 2025 and $0.8 million for the same period in 2024. There were no net securities losses for the three months ended September 30, 2025 and 2024. There were no net gains on the sale of loans for the three months ended September 30, 2025 and $1.5 million for the same period in 2024. Net (losses) gains on the sale of assets were $(0.4) million for the three months ended September 30, 2025 compared to $31,000 for the same period in 2024. Other noninterest income totaled $0.7 million for the three months ended September 30, 2025 and $1.3 million for the same period