Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 91

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 91
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  Agricultural— 57 Commercial and industrial— 395 Commercial leases— — Consumer and other— — Total Non-Real Estate— 452 Total loans 90 days and greater delinquent & still accruing11,502 15,287 Total non-performing loans$120,031 $40,474 Other real estate owned and foreclosed assets:  Real Estate:  Construction and land development226 251 Farmland— — 1- 4 family3 309 Multifamily— — Non-farm non-residential90 690 Total Real Estate319 1,250 Non-Real Estate:  Agricultural— — Commercial and industrial— — Commercial leases— — Consumer and other— — Total Non-Real estate— — Total other real estate owned and foreclosed assets319 1,250 Total non-performing assets$120,350 $41,724 Non-performing assets to total loans4.47 %1.52 %Non-performing assets to total assets3.03 %1.17 %Non-performing loans to total loans4.46 %1.47 %Nonaccrual loans to total loans4.03 %0.92 %Allowance for credit losses to nonaccrual loans32.08 %122.79 %

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Non-performing assets were $120.4 million, or 3.03%, of total assets at December 31, 2024, compared to $41.7 million, or 1.17%, of total assets at December 31, 2023, which represented an increase in non-performing assets of $78.6 million. The increase in non-performing assets occurred primarily due to an increase in nonaccrual loans, partially offset by a decrease in loans 90 days greater delinquent and still accruing and other real estate owned. Nonperforming loans included loans previously classified as purchase credit deteriorated following the adoption of CECL.

Nonaccrual loans increased from $25.2 million at December 31, 2023 to $108.5 million at December 31, 2024. The increase in total nonaccrual loans was concentrated primarily in non-farm non-residential and multifamily loans. Non-performing assets included $3