Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 49

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 49
---
 portfolio totaled $273.0 million at March 31, 2025, a decrease of $8.1 million, or 2.9%, compared to $281.1 million at December 31, 2024. The decrease was primarily due to the maturity of U.S. Treasury securities.

Our held to maturity securities portfolio totaled $321.9 million at March 31, 2025, an increase of $0.3 million, or 0.1%, compared to $321.6 million at December 31, 2024. 

At March 31, 2025, $50.3 million, or 8.5%, of the securities portfolio was scheduled to mature in less than one year. $14.0 million, or 2.4%, of the securities portfolio, not including collateralized mortgage obligations and mortgage-backed securities, were scheduled to mature between one and five years. The majority of these securities were corporate bonds. $152.5 million, or 25.6%, of the securities portfolio, not including collateralized mortgage obligations and mortgage-backed securities, were scheduled to mature between five and ten years. Securities, not including collateralized mortgage obligations and mortgage-backed securities, with contractual maturity dates over 10 years totaled $182.2 million, or 30.6%, of the total securities portfolio at March 31, 2025. The average maturity of the securities portfolio is affected by call options that may be exercised by the issuer of the securities and are influenced by market interest rates. Prepayments of mortgages that collateralize mortgage-backed securities also affect the maturity of the securities portfolio. Based on internal forecasts as of March 31, 2025, management believes that the securities portfolio has a forecasted weighted average life of approximately 7.66 years based on the current interest rate environment. The portfolio had an estimated effective duration of 5.73 years at March 31, 2025.

There were no credit related impairment of available for sale securities during the three months ended March 31, 2025 or 2024. The allowance for credit losses for held to maturity securities was $0.2 million at March 31, 2025 and December 31, 2024. 

Nonperforming Assets

Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are those on which the accrual of interest has stopped or loans which are contractually 90 days past due on which interest continues to accrue