Company: FGBI
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001408534-25-000092
Chunk: 71

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 13,523,009 and 12,499,799 for the nine months ended September 30, 2025 and 2024, respectively. The change in shares was primarily due to the conversion into common stock of $15.0 million in subordinated debt in the second quarter and the issuance of 667,970 shares of common stock under private placement during 2025, of which 122,503 shares were issued in the third quarter. In addition, 198,754 shares were issued in 2025 as payment in kind, including 110,272 shares in the third quarter. 

•The allowance for credit losses was $85.7 million or 3.76% of total loans at September 30, 2025 compared to $34.8 million or 1.29% at December 31, 2024. 

•Net interest income for the three months ended September 30, 2025 was $22.2 million compared to $22.7 million for the three months ended September 30, 2024. Net interest income for the nine months ended September 30, 2025 was $66.7 million compared to $65.9 million for the nine months ended September 30, 2024.

•The provision for credit losses for the three months ended September 30, 2025 was $47.9 million compared to $4.9 million for the three months ended September 30, 2024. The provision for credit losses for the nine months ended September 30, 2025 was $79.1 million compared to $14.0 million for the nine months ended September 30, 2024. 

•Charge-offs were $21.3 million during the three months ended September 30, 2025 and $2.6 million during the same period in 2024. Charge-offs for the third quarter of 2025 were concentrated with two commercial real estate credits. $9.4 million was charged off on an independent living center located in Louisiana. $10.4 million was charged off on an apartment complex located in Texas. Recoveries totaled $0.3 million during the three months ended September 30, 2025 and $0.2 million during the same period in 2024. Charge-offs were $29.4 million during the nine months ended September 30, 2025 and $13.7 million during the same period in 2024. Recoveries totaled $0.7