Company: FGBI
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001408534-25-000070
Chunk: 86

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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,204 $2,017,674 $1,789,193 $3,806,867 Source of Funds:     Interest-bearing accounts:     Demand deposits$1,402,960 $— $1,402,960 $— $1,402,960 Savings deposits247,120 — 247,120 — 247,120 Time deposits166,803 698,275 865,078 523,913 1,388,991 Short-term borrowings— — — 7,093 7,093 Long-term borrowings14,186 — 14,186 135,000 149,186 Junior subordinated debt29,775 — 29,775 — 29,775 Noninterest-bearing, net— — — 581,742 581,742 Total source of funds$1,860,844 $698,275 $2,559,119 $1,247,748 $3,806,867 Period gap$(293,374)$(248,071)$(541,445)$541,445  Cumulative gap$(293,374)$(541,445)$(541,445)$—  Cumulative gap as a percent of earning assets(7.7)%(14.2)%(14.2)%  

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As defined by the Securities and Exchange Commission in Exchange Act Rules 13a-15(e) and 15d-15(e), a Company's "disclosure controls and procedures" means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within time periods specified in the Commission's rules and forms. The Company maintains such controls to ensure this material information is communicated to Management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decision regarding required disclosure. Based on our evaluation, our CEO and CFO have concluded that the Company’s disclosure controls and procedures were not effective as of June 30, 2025 because of the material weakness in our internal control over financial reporting described below.

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that