Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 9

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 — — Corporate debt securities2 1,965 (35)12 9,617 (633)14 11,582 (668)Municipal bonds2 505 (4)34 5,406 (335)36 5,911 (339)Collateralized mortgage obligations8 31,619 (446)— — — 8 31,619 (446)Mortgage-backed securities15 65,089 (1,721)6 3,410 (210)21 68,499 (1,931)Total available for sale securities29 $147,793 $(2,299)52 $18,433 $(1,178)81 $166,226 $(3,477)Held to maturity:U.S. Government Agencies— $— $— 29 $202,090 $(64,671)29 $202,090 $(64,671)Corporate debt securities1 322 (3)56 49,046 (5,640)57 49,368 (5,643)Total held to maturity securities1 $322 $(3)85 $251,136 $(70,311)86 $251,458 $(70,314)As of March 31, 2025, 163 of First Guaranty's debt securities had unrealized losses totaling 13.4% of the individual securities' amortized cost basis and 10.8% of First Guaranty's total amortized cost basis of the investment securities portfolio. 133 of the 163 securities had been in a continuous loss position for over 12 months at such date. The 133 securities had an aggregate amortized cost basis of $340.2 million and an unrealized loss of $63.5 million at March 31, 2025. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery.

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Securities are evaluated for impairment from credit losses at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer