Company: FGBI
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001408534-25-000070
Chunk: 152

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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 months ended June 30, 2025 from 6.82% for the six months ended June 30, 2024. Nonaccrual loans were $119.2 million at June 30, 2025 compared to $108.5 million at December 31, 2024.

Interest income on interest-earning deposits with banks increased $6.4 million to $13.5 million for the six months ended June 30, 2025 as compared to the prior year period as a result of an increase in the average balance of interest-bearing deposits with banks. The average balance of interest-bearing deposits with banks increased $345.8 million to $612.3 million for the six months ended June 30, 2025 from $266.5 million for the six months ended June 30, 2024. This was partially offset by a decrease in the yield on interest-earning deposits of 91 basis points.

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Interest Expense

Three months ended June 30, 2025 compared to the three months ended June 30, 2024. Interest expense decreased $0.3 million, or 1.0%, to $32.1 million for the three months ended June 30, 2025 from $32.4 million for the three months ended June 30, 2024 due primarily to a decrease on the average rate of interest- bearing deposits offset by an increase in the average balance of interest-bearing liabilities. The average rate of interest-bearing demand deposits was 3.73% for the three months ended June 30, 2025 and 4.52% for the three months ended June 30, 2024. The decrease in market interest rates, particularly U.S. Treasury rates, contributed to the decrease in rates paid on interest-bearing demand deposits. The largest concentration of interest-bearing demand deposits is associated with public funds deposits that are primarily indexed to Treasury rates. The average rate of time deposits decreased 41 basis points during the three months ended June 30, 2025 to 4.33% as compared to the prior year period. The decrease in the average rate of time deposits was due to changes in market rates as existing time deposits repriced. The average balance of interest-bearing liabilities increased by $342.7 million during the three months ended June 30, 2025 to $3.2 billion as