Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 181

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 181
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 of 2024, 29,293 shares were distributed to five members of executive management. Grant date fair market value of the shares issued was $333,000. All shares were vested on the date of issuance. In December 31, 2023, 44,341 shares were distributed to a total of 311 employees. Grant date fair market value of the shares issued was $750,000. All shares were vested on the date of issuance.

Note 16. Other Expenses

The following is a summary of the significant components of other noninterest expense: December 31,(in thousands)20242023Other noninterest expense:  Legal and professional fees$4,465 $5,709 Data processing1,555 2,100 ATM Fees1,668 1,804 Marketing and public relations1,240 1,927 Taxes - sales, capital and franchise2,237 2,263 Operating supplies336 778 Software expense and amortization5,093 5,282 Travel and lodging685 1,362 Telephone424 382 Amortization of core deposits696 696 Donations267 595 Net costs from other real estate and repossessions827 157 Regulatory assessment4,688 3,136 Other4,465 4,032 Total other noninterest expense$28,646 $30,223 First Guaranty does not capitalize advertising costs. They are expensed as incurred and are included in other noninterest expense on the Consolidated Statements of Income. Advertising expense was $0.4 million for 2024 and $1.0 million for 2023.

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Note 17. Income Taxes

The following is a summary of the provision for income taxes included in the Consolidated Statements of Income: December 31,(in thousands)20242023Current$3,518 $2,857 Deferred40 (180)Total$3,558 $2,677 The difference between income taxes computed by applying the statutory federal income tax rate and the provision for income taxes in the financial statements is reconciled as follows: December 31,(in thousands except for %)20242023Statutory tax rate21.0 %21.0 %Federal income taxes at statutory rate$3,290 $2,452 Tax exempt municipal income(146)(102)Other74 107 State tax expense340 220