Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 172

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 172
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 2024 and 2023, respectively. 

Note 8. Goodwill and Other Intangible Assets

Goodwill and intangible assets deemed to have indefinite lives are no longer amortized, but are subject to impairment testing. Other intangible assets, such as core deposit intangibles and loan servicing assets, continue to be amortized over their useful lives. Goodwill represents the purchase price over the fair value of net assets acquired from the Homestead Bancorp in 2007, Premier Bancshares, Inc. in 2017 and Union Bancshares, Incorporated in 2019. No impairment charges have been recognized since acquisition. Goodwill totaled $12.9 million at December 31, 2024 and 2023. Other intangible assets not subject to amortization totaled $0.1 million at December 31, 2024 and 2023.The following table summarizes intangible assets subject to amortization. December 31, 2024December 31, 2023(in thousands)GrossCarrying AmountAccumulatedAmortizationNetCarrying AmountGrossCarrying AmountAccumulatedAmortizationNetCarrying AmountCore deposit intangibles$16,266 $13,303 $2,963 $16,266 $12,607 $3,659 Loan servicing assets2,200 1,789 411 2,198 1,659 539 Total$18,466 $15,092 $3,374 $18,464 $14,266 $4,198 The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions. The weighted-average amortization period remaining for the core deposit intangibles is 4.3 years.Amortization expense relating to purchase accounting intangibles totaled $0.7 million for the years ended December 31, 2024 and 2023, respectively.Amortization expense of the core deposit intangible assets for the next five years is as follows:For the Years EndedEstimated Amortization Expense(in thousands)December 31, 2025$696 December 31, 2026$696 December 31, 2027$696 December 31, 2028$696 December 31, 2029$179 

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Note 9. Other Real Estate

Other real estate owned consists of the following at the dates indicated:(in