Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 56

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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2,554 Balance at end of period$43,022 $31,450 

Deposits

Managing the mix and pricing the maturities of deposit liabilities is an important factor affecting our ability to maximize our net interest margin. The strategies used to manage interest-bearing deposit liabilities are designed to adjust as the interest rate environment changes. We regularly assess our funding needs, deposit pricing and interest rate outlooks. From December 31, 2024 to March 31, 2025, total deposits decreased $136.8 million, or 3.9%, to $3.3 billion. Noninterest-bearing demand deposits increased $21.6 million, or 5.3%, to $425.6 million at March 31, 2025. The increase in noninterest-bearing demand deposits was primarily concentrated in individual and business noninterest-bearing demand deposits. Interest-bearing demand deposits decreased $138.4 million, or 10.0%, to $1.2 billion at March 31, 2025. The decrease in interest-bearing demand deposits was primarily concentrated in public funds interest-bearing demand deposits that have seasonal fluctuations. Savings deposits increased $9.3 million, or 3.9%, to $243.7 million at March 31, 2025, primarily related to increases in business and individual savings deposits. Time deposits decreased $29.2 million, or 2.0%, to $1.4 billion at March 31, 2025, primarily due to decreases in brokered time deposits.

Management will continue to evaluate and update our product mix and related technology in its efforts to attract additional customers. We currently offer a number of deposit products that are competitively priced and designed to attract and retain customers with primary emphasis on noninterest-bearing deposits, select time deposits and other lower cost deposits. 

As of March 31, 2025, the aggregate amount of outstanding certificates of deposit in amounts greater than $250,000 was approximately $197.6 million. At March 31, 2025, approximately $25.7 million of First Guaranty's certificates of deposit greater than $250,000 had a remaining term greater than one year.

The total amount of our uninsured deposits (deposits in excess of $250,000, as calculated in accordance with FDIC regulations) was estimated at $294.9 million at March 31, 2025