Company: FGBI
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001408534-25-000092
Chunk: 247

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 2
Chunk 247
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5 billion for the nine months ended September 30, 2025 from $2.8 billion for the nine months ended September 30, 2024 largely as a result of loan sales and payoffs on the portfolio. The average yield on loans (excluding loans held for sale) decreased by 24 basis points to 6.66% for the nine months ended September 30, 2025 from 6.90% for the nine months ended September 30, 2024. Nonaccrual loans were $114.3 million at September 30, 2025 compared to $108.5 million at December 31, 2024.

Interest income on interest-earning deposits with banks increased $9.5 million to $21.3 million for the nine months ended September 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 $341.5 million to $641.0 million for the nine months ended September 30, 2025 from $299.4 million for the nine months ended September 30, 2024. This was partially offset by a decrease in the yield on interest-earning deposits of 80 basis points.

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Interest Expense

Three months ended September 30, 2025 compared to the three months ended September 30, 2024. Interest expense decreased $3.5 million, or 10.0%, to $31.3 million for the three months ended September 30, 2025 from $34.7 million for the three months ended September 30, 2024 due primarily to a decrease on the average rate of interest-bearing deposits, partially offset by an increase in the average balance of interest-bearing liabilities. The average rate of interest-bearing demand deposits was 3.74% for the three months ended September 30, 2025 and 4.50% for the three months ended September 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 62 basis points during the three months ended September