Company: FGBI
Filing Date: 2025-08-18
Form Type: 10-Q
Source: 0001408534-25-000070
Chunk: 109

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-08-18
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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,267 Unallocated— 854 854 — — — Total Non-Real Estate132 5,976 6,108 10,360 550,347 560,707 Total$5,136 $29,675 $34,811 $108,948 $2,593,132 2,702,080 Unearned Income     (8,300)Total loans net of unearned income     $2,693,780 All loans individually evaluated for impairment as of December 31, 2024 were considered collateral dependent loans.As of June 30, 2025 and December 31, 2024, First Guaranty had loans totaling $119.2 million and $108.5 million, respectively, not accruing interest. As of June 30, 2025, and December 31, 2024, First Guaranty had loans past due 90 days or more and still accruing interest totaling $0.3 million and $11.5 million, respectively. The average outstanding balance of nonaccrual loans for the six months ended June 30, 2025 was $126.4 million compared to $63.4 million for the year ended December 31, 2024.

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The Bank held loans that were individually evaluated for impairment at June 30, 2025 for which the repayment, on the basis of the assessment at the reporting date, is expected to be provided substantially though the operation or sale of the collateral and the borrower is experiencing financial difficulty. The Allowance for Credit Losses for these collateral-dependent loans is primarily based on the fair value of the underlying collateral at the reporting date. The following describes the type of collateral that secure collateral dependent loans:•Residential real estate loans are primarily secured by first liens on residential real estate.•Commercial real estate loans are primarily secured by office and industrial buildings, warehouses, retail shopping facilities and various special purpose properties, including hotels and restaurants.•Construction and land loans are primarily secured by residential and commercial properties, which are under construction and/or redevelopment, and by raw land.•Commercial loans are primarily secured by accounts receivable, inventory and equipment.•Agriculture loans are primarily secured by farmland and equipment.Loan Modifications Made to Borrowers Experiencing Financial DifficultyOccasionally, the Bank modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment