Company: FGBI
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001408534-25-000070
Chunk: 62

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 or utilizing FHLB letters of credit. First Guaranty initiated this strategy to invest these deposits more efficiently in higher yielding loans to improve the net interest margin and earnings. Total public funds collateralized by reciprocal deposit insurance programs decreased to $514.7 million at June 30, 2025 compared to $609.4 million at December 31, 2024.

The following table sets forth public funds as a percent of total deposits.

(in thousands except for %)June 30, 2025December 31, 2024Public Funds:  Noninterest-bearing Demand$4,721 $4,385 Interest-bearing Demand981,771 915,067 Savings50,863 48,925 Time69,551 78,420 Total Public Funds$1,106,906 $1,046,797 Total Deposits$3,481,338 $3,476,260 Total Public Funds as a percent of Total Deposits31.8 %30.1 %

Borrowings

First Guaranty maintains borrowing relationships with other financial institutions as well as the Federal Home Loan Bank on a short and long-term basis to meet liquidity needs. First Guaranty had $7.1 million in short-term borrowings outstanding at June 30, 2025 compared to $7.0 million at December 31, 2024. The short-term borrowings at June 30, 2025 were comprised of repurchase agreements of $7.1 million. The short-term borrowings outstanding at December 31, 2024 were comprised of repurchase agreements of $7.0 million. 

First Guaranty had long-term borrowings from the FHLB that totaled $135.0 million at June 30, 2025 and December 31, 2024. First Guaranty converted previous short-term floating rate borrowings from the FHLB into long-term lower fixed rate borrowings in order to reduce interest expense. First Guaranty has a $100.0 million FHLB advance that matures in the second quarter of 2027, and a $35.0 million FHLB advance that matures in the third quarter of 2027.

First Guaranty had senior long-term debt totaling $14.2 million as of June 30, 2025 and $15.2 million at December 31, 2024. 

First Guaranty had subordinated debt totaling $