Company: FGBI
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0001408534-25-000015
Chunk: 97

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 7
Chunk 97
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 development(39)— Farmland(258)— 1- 4 family (1,034)(964)Multifamily— — Non-farm non-residential(9,000)(138)Total Real Estate(10,331)(1,102)Non-Real Estate:  Agricultural(33)— Commercial and industrial loans(4,873)(1,694)Commercial leases— — Consumer and other(3,354)(2,975)Total Non-Real Estate(8,260)(4,669)Total charge-offs(18,591)(5,771)Recoveries:  Real Estate:  Construction and land development1 7 Farmland2 — 1- 4 family 12 93 Multifamily— — Non-farm non-residential93 230 Total Real Estate108 330 Non-Real Estate:  Agricultural18 414 Commercial and industrial loans235 205 Commercial leases— — Consumer and other551 426 Total Non-Real Estate804 1,045 Total recoveries912 1,375 Net charge-offs(17,679)(4,396)Provision for credit losses21,564 3,684 Balance at end of year$34,811 $30,926 Ratios:  Net loan charge-offs to average loans0.64 %0.17 %Net loan charge-offs to loans at end of year0.66 %0.16 %Allowance for credit losses to loans at end of year1.29 %1.13 %Net loan charge-offs to allowance for credit losses50.79 %14.21 %Net loan charge-offs to provision charged to expense81.98 %119.33 %

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A provision for credit losses of $20.0 million was made during the year ended December 31, 2024 and $3.7 million for the same period in 2023. The provisions made in 2024 included a $1.6 million negative provision for credit losses related to unfunded commitments and a $0.1 million provision for credit losses on HTM securities. The provisions made were taken to provide for current credit losses and to maintain the allowance proportionate to risks inherent in the loan portfolio.

The loan portfolio factors in 2024 that primarily affected the allocation of the allowance included the following: