Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 150

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 150
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3-09, "Improvements to Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on First Guaranty's consolidated financial statements.

Note 3. Cash and Due from Banks

Certain reserves are required to be maintained at the Federal Reserve Bank. There was no reserve requirement as of December 31, 2024 and 2023. At December 31, 2024 First Guaranty had three accounts at correspondent banks, excluding the Federal Reserve Bank, that exceeded the FDIC insurable limit of $250,000. These accounts were over the insurable limit by $10.7 million. At December 31, 2023 First Guaranty had three accounts at correspondent banks, excluding the Federal Reserve Bank, that exceeded the FDIC insurable limit of $250,000. These accounts were over the insurable limit by $1.2 million.

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Note 4. Securities

A summary comparison of securities by type at December 31, 2024 and 2023 is shown below.December 31, 2024December 31, 2023(in thousands)Amortized CostGrossUnrealized GainsGrossUnrealized LossesFair ValueAmortized CostGrossUnrealized GainsGrossUnrealized LossesFair ValueAvailable for sale:        U.S. Treasury$147,840 $33 $(93)$147,780 $50,048 $— $(218)$49,830 U.S. Government Agencies— — — — — — — — Corporate debt securities12,250 — (668)11,582 16,750 3 (1,279)15,474 Municipal bonds21,736 220 (339)21,617 13,522 31 (372)13,181 Collateralized mortgage obligations32,065 — (446)31,619 — — — — Mortgage-backed securities70,430 — (1,931)68,499 5,144 — (144)5,000 Total available