Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 101

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 101
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— %$7 $333,107 — %Farmland(256)37,897 (0.7)%— 29,089 — %1- 4 Family(1,022)459,045 (0.2)%(871)414,007 (0.2)%Multifamily— 163,192 — %— 120,522 — %Non-farm non-residential(8,907)1,155,757 (0.8)%92 1,037,722 — %Non-Real Estate:Agricultural(15)44,887 — %414 44,308 0.9 %Commercial and industrial(4,638)281,462 (1.6)%(1,489)343,041 (0.4)%Commercial leases— 247,802 — %— 290,559 — %Consumer and other(2,803)46,308 (6.1)%(2,549)49,370 (5.2)%

1Average loans outstanding was calculated using the trailing four quarters total for loans.

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Investment Securities

Investment securities at December 31, 2024 totaled $602.7 million, an increase of $198.6 million, or 49.1%, compared to $404.1 million at December 31, 2023. The portfolio consists of both available for sale (AFS) and held to maturity securities (HTM). The securities designated as held to maturity are agency and corporate debt securities that are part of First Guaranty’s investment strategy and public funds collateralization program. We purchase securities for our investment portfolio to provide a source of liquidity, to provide an appropriate return on funds invested, to manage interest rate risk and meet pledging requirements for public funds and borrowings.

The securities portfolio consisted principally of U.S. Government and Government agency securities, agency mortgage-backed securities, corporate debt securities and municipal bonds. U.S. government agencies consist of FHLB, Federal Farm Credit Bank ("FFCB"), Freddie Mac and Fannie Mae obligations. Mortgage-backed securities that we purchase are issued by Freddie Mac and Fannie Mae. Management monitors the securities portfolio for both credit and interest rate risk. We generally limit the purchase of corporate securities to individual issuers to manage concentration and credit risk. Corporate securities generally have a maturity of 10 years or