Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 40

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 the loan sale. Loan charge-offs totaled $1.1 million excluding the charge-offs recorded for the loan sale. Nonaccrual loan balances increased to $133.4 million at March 31, 2025, an increase of $24.9 million compared to December 31, 2024. The increase in nonaccrual loans was concentrated in two credits. The first was a $33.0 million loan related to an assisted living center located in Alabama. This loan was performing at December 31, 2024 but was placed in nonaccrual during the first quarter of 2025. The second nonaccrual loan was a $7.4 million land development loan located in Texas previously recorded as accruing but greater than 90 days. Partially offsetting this increase in nonaccrual loans was the sale of $14.1 million in nonaccrual loans secured by a shopping center.

•First Guaranty loan balances declined to $2.51 billion at March 31, 2025 compared to $2.69 billion at December 31, 2024, $2.77 billion at September 30, 2024 and $2.83 billion at June 30, 2024. The reduction in loan balances occurred due to participations, payoffs, write offs, loan sales and loan amortization. The continued reduction was part of First Guaranty’s strategy to reduce loan concentration risk particularly related to commercial real estate loans. Total real estate secured loans declined to $2.02 billion at March 31, 2025 compared to $2.14 billion at December 31, 2024, $2.16 billion at September 30, 2024 and $2.18 billion at June 30, 2024. First Guaranty’s unfunded loan commitments for commercial real estate construction declined to $58 million at March 31, 2025 compared to $72 million at December 31, 2024, $108 million at September 30, 2024 and $147 million at June 30, 2024. First Guaranty anticipates continuing to reduce commercial real estate secured loans in 2025.

•Total assets decreased $143.5 million and were $3.8 billion at March 31, 2025 and $4.0 billion at December 31, 2024. Total loans at March 31, 2025 were $2.5 billion, a decrease