Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 154

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 154
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 until maturity or until anticipated recovery.

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Securities are evaluated for impairment from credit losses at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Investment securities issued by the U.S. Government and Government sponsored enterprises with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be credit impaired. First Guaranty has the ability and intent to hold these securities until recovery, which may not be until maturity.There were no charge-offs recognized on securities during the year ended December 31, 2024. There was one charge-off, net of recovery, of $0.1 million recognized on a corporate security during the year ended December 31, 2023. There was a $0.1 million provision for credit losses recognized on securities during each of the years ended December 31, 2024 and 2023.Gross realized gains on sales of securities were $0 for the years ended December 31, 2024 and 2023, respectively. Gross realized losses were $0 for the years ended December 31, 2024 and 2023. The tax applicable to these transactions amounted to $0 for 2024 and 2023, respectively. Proceeds from sales of securities classified as available for sale amounted to $0 for the years ended December 31, 2024 and 2023, respectively.Net unrealized losses on available for sale securities included in accumulated other comprehensive income (loss) ("AOCI"), net of applicable income taxes, totaled $12.9 million and $13.0 million at December 31, 2024 and 2023. During 2024 and 2023 net gains, net of tax, reclassified out of AOCI into earnings totaled $0. At December 31, 2024, First Guaranty's exposure to investment securities issuers that exceeded 10% of shareholders' equity was as follows: December 31, 2024(in thousands)Amortized CostFair ValueU.S. Government Treasuries (U.S.)