Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 194

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 194
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 the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably.

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Note 24. Condensed Parent Company Information

The following condensed financial information reflects the accounts and transactions of First Guaranty Bancshares, Inc. for the dates indicated:First Guaranty Bancshares, Inc.Condensed Balance Sheets December 31,(in thousands)20242023Assets  Cash$2,541 $8,955 Investment in bank subsidiary310,558 302,327 Other assets2,707 2,952 Total Assets$315,806 $314,234 Liabilities and Shareholders' Equity  Short-term debt— 10,000 Senior long-term debt15,169 39,099 Junior subordinated debentures44,745 15,000 Other liabilities843 504 Total Liabilities60,757 64,603 Shareholders' Equity255,049 249,631 Total Liabilities and Shareholders' Equity$315,806 $314,234 First Guaranty Bancshares, Inc.Condensed Statements of Income December 31,(in thousands)20242023Operating Income  Dividends received from bank subsidiary$9,330 $10,579 Net gains on sale of equity securities— — Other income655 638 Total operating income9,985 11,217 Operating Expenses  Interest expense5,748 4,532 Salaries & Benefits205 313 Other expenses1,076 2,365 Total operating expenses7,029 7,210 Income before income tax benefit and increase in equity in undistributed earnings of subsidiary2,956 4,007 Income tax benefit1,352 1,273 Income before increase in equity in undistributed earnings of subsidiary4,308 5,280 Increase in equity in undistributed earnings of subsidiary8,140 3,939 Net Income$12,448