Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 90

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 90
---
, or five year periods.

-42-

Non-performing Assets

Non-performing assets consist of non-performing loans and other real-estate owned. Non-performing 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. Loans are ordinarily placed on nonaccrual status when principal and interest is delinquent for 90 days or more. However, management may elect to continue the accrual when the estimated net available value of collateral is sufficient to cover the principal balance and accrued interest. It is our policy to discontinue the accrual of interest income on any loan for which we have reasonable doubt as to the payment of interest or principal. When a loan is placed on nonaccrual status, unpaid interest credited to income is reversed. Nonaccrual loans are returned to accrual status when the financial position of the borrower indicates there is no longer any reasonable doubt as to the payment of principal or interest. Other real estate owned consists of property acquired through formal foreclosure, in-substance foreclosure or by deed in lieu of foreclosure.

The following table shows the principal amounts and categories of our non-performing assets at December 31, 2024 and 2023. 

-43-

 December 31,(in thousands)20242023Nonaccrual loans:  Real Estate:  Construction and land development$3,624 $530 Farmland2,619 836 1- 4 family10,053 6,985 Multifamily27,542 537 Non-farm non-residential54,171 9,740 Total Real Estate98,009 18,628 Non-Real Estate:  Agricultural1,992 1,369 Commercial and industrial6,762 1,581 Commercial leases1,533 1,799 Consumer and other233 1,810 Total Non-Real Estate10,520 6,559 Total nonaccrual loans108,529 25,187 Loans 90 days and greater delinquent & still accruing:  Real Estate:  Construction and land development7,394 — Farmland— — 1- 4 family— 124 Multifamily— — Non-farm non-residential4,108 14,711 Total Real Estate11,502 14,835 Non-Real Estate: