Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 172

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 172
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2 million as of March 31, 2025 and $15.2 million at December 31, 2024. 

First Guaranty had subordinated debt totaling $44.8 million at March 31, 2025 and $44.7 million at December 31, 2024. 

First Guaranty had $453.4 million in Federal Home Loan Bank letters of credit as of March 31, 2025 compared to $455.7 million at December 31, 2024. Federal Home Loan Bank letters of credit are obtained primarily for collateralizing public deposits. 

Total Shareholders' Equity

Total shareholders' equity decreased to $251.4 million at March 31, 2025 from $255.0 million at December 31, 2024. The decrease in shareholders' equity was principally the result of a decrease of $6.9 million in retained earnings, offset by an increase of $1.4 million in surplus and a decrease of $1.7 million in accumulated other comprehensive loss. The $6.9 million decrease in retained earnings was primarily due to net loss of $6.2 million during the three months ended March 31, 2025, $0.1 million in cash dividends paid on shares of our common stock and $0.6 million in cash dividends paid on shares of our preferred stock. The $1.4 million increase in surplus was due to common stock issued in a private placement during the first quarter of 2025. The decrease in accumulated other comprehensive loss was primarily attributed to the decrease in unrealized losses on available for sale securities during the three months ended March 31, 2025.

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Results of Operations for the First Quarter Ended March 31, 2025 and 2024 

Performance Summary 

Three months ended March 31, 2025 compared to the three months ended March 31, 2024. Net loss for the three months ended March 31, 2025 was $6.2 million, a decrease of $8.5 million, from net income of $2.3 million for the three months ended March 31, 2024. The decrease in net income for the three months ended March 31, 2025 as compared to the prior year period was primarily the result of the provision to the credit allowance.  The increase in the provision for credit losses was related to changes within