Company: FGBI
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001408534-25-000092
Chunk: 83

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 million, or 33.2%, compared to $281.1 million at December 31, 2024. The increase was primarily due to the purchase of collateralized mortgage obligations and mortgage-backed securities. In the third quarter of 2025, First Guaranty has primarily purchased U.S. Government securities and U.S. Government mortgage-backed and collateralized mortgage obligations. 

Our held to maturity securities portfolio net of the allowance for credit losses totaled $322.4 million at September 30, 2025, an increase of $0.8 million, or 0.2%, compared to $321.6 million at December 31, 2024. 

At September 30, 2025, $3.6 million, or 0.5%, of the securities portfolio was scheduled to mature in less than one year. $30.5 million, or 4.4%, 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. $132.0 million, or 18.9%, 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 $182.0 million, or 26.1%, of the total securities portfolio at September 30, 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 September 30, 2025, management believes that the securities portfolio has a forecasted weighted average life of approximately 7.02 years based on the current interest rate environment. The portfolio had an estimated effective duration of 5.28 years at September 30, 2025.

There were no credit related impairment of available for sale securities during the nine months ended September 30, 2025 or 2024. The allowance for credit losses for held to maturity securities was $0.2 million at September 30, 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