Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 158

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 158
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 31, 2025.

•First Guaranty paid preferred stock dividends of $0.6 million during the first three months of 2025 and 2024.  

•First Guaranty closed three branches and consolidated two existing branches into one location on March 7, 2025. These branches were located in Louisiana. The impact of the branch closures and consolidation did not materially affect operations.

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Financial Condition

Changes in Financial Condition from December 31, 2024 to March 31, 2025 

Assets

Total assets at March 31, 2025 were $3.8 billion, a decrease of $143.5 million, or 3.6%, from December 31, 2024. Assets decreased primarily due to decreases in investment securities of $7.8 million and net loans of $189.2 million offset by an increase in cash and cash equivalents of $54.2 million at March 31, 2025 compared to December 31, 2024.

Loans

Net loans decreased $189.2 million, or 7.1%, to $2.5 billion at March 31, 2025 from December 31, 2024. Non-farm non-residential loan balances decreased $42.7 million due to paydowns. Construction and land development loans decreased $41.8 million principally due to the sale of loans and the conversion of existing loans to permanent financing. Commercial lease loan balances decreased $36.2 million primarily due to paydowns on the existing lease portfolio. First Guaranty's commercial lease portfolio generally has higher yields than commercial real estate loans but shorter average lives. Commercial and industrial loans decreased $23.0 million primarily due to paydowns. Multifamily loans decreased $20.6 million primarily due to paydowns. Farmland loans decreased $6.0 million primarily due to seasonal activity. One-to-four family residential loans decreased $6.0 million primarily due to paydowns. Agricultural loans decreased $3.1 million due to seasonal activity. Consumer and other loans decreased $2.5 million primarily due to paydowns. First Guaranty had approximately 3.3% of funded and 1.9% of unfunded commitments in our loan portfolio to businesses engaged in support or service activities for oil and gas operations. First Guarant