Company: FGBI
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001408534-25-000092
Chunk: 218

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 2
Chunk 218
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 securities was $0.2 million at September 30, 2025 and December 31, 2024. 

•Total loans net of unearned income were $2.3 billion at September 30, 2025, a net decrease of $414.0 million from December 31, 2024. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $85.7 million at September 30, 2025 and $34.8 million at December 31, 2024, respectively. 

•Nonaccrual loans increased $5.7 million to $114.3 million at September 30, 2025 compared to $108.5 million at December 31, 2024. Nonaccrual loans decreased $4.9 million when compared to June 30, 2025. The decrease compared to June 30, 2025 was due principally to the payoff on an $8.8 million commercial real estate loan located in the Midwest and to associated charge-offs on existing nonaccrual loans that totaled $21.3 million in the quarter. The decrease was partially offset by the $17.2 million commercial lease placed into nonaccrual. 

•At September 30, 2025, the largest 10 non-performing loan relationships comprise 77% of total non-performing loans. Additional details on these non-performing relationships are as follows:

1.A $18.1 million loan relationship secured by an independent living center located in Louisiana; the loan was placed on nonaccrual in the fourth quarter of 2024.  The principal balance was $27.5 million at June 30, 2025 and was charged down by $9.4 million in the third quarter of 2025.

2.A $17.2 million commercial equipment lease located primarily in Kansas; it was placed in nonaccrual in the third quarter of 2025. This relates to the auto parts bankruptcy.

3.A $15.4 million loan relationship secured by a multifamily apartment complex located in Texas; the loan was placed on nonaccrual in the fourth quarter of 2024.  The principal balance was $25.8 million at June 30, 2025 and was charged down by $10.4 million in the third quarter of 2025. 

4.A $15.1 million loan relationship secured by an assisted living center located in Louisiana; the loan was placed on non