Company: FGBI
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001408534-25-000092
Chunk: 268

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 3
Chunk 268
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,077 — 215,077 — 215,077 Time deposits261,324 647,356 908,680 444,015 1,352,695 Short-term borrowings— — — 7,044 7,044 Long-term borrowings14,196 — 14,196 135,000 149,196 Junior subordinated debt29,790 — 29,790 — 29,790 Noninterest-bearing, net— — — 585,242 585,242 Total source of funds$1,910,606 $647,356 $2,557,962 $1,171,301 $3,729,263 Period gap$(308,945)$(234,914)$(543,859)$543,859  Cumulative gap$(308,945)$(543,859)$(543,859)$—  Cumulative gap as a percent of earning assets(8.3)%(14.6)%(14.6)%  

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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 September 30, 2025. This conclusion was reached because of the material weakness in our internal control over financial reporting initially identified in Part I, Item 4 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 18, 2025, and described below. 

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim consolidated financial statements will