Company: FGBI
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001408534-25-000036
Chunk: 52

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 and was concentrated primarily in non-farm non-residential and construction and land development loans. 

Other real estate owned totaled $0.2 million at March 31, 2025, a decrease of $0.2 million compared to $0.3 million at December 31, 2024. 

At March 31, 2025, the largest 6 non-performing loan relationships comprise 78% of total non-performing loans. Additional details on the non-performing relationships are as follows:

1.A $32.9 million loan relationship secured by an assisted living center located in Alabama; the loan was placed on nonaccrual in the first quarter of 2025.

2.A $27.5 million loan relationship secured by an assisted living center located in Louisiana; the loan was placed on nonaccrual in the fourth quarter of 2024.

3.A $26.0 million loan relationship secured by a multifamily apartment complex located in Texas; the loan was placed on nonaccrual in the fourth quarter of 2024.

4.A $8.8 million loan relationship was placed on nonaccrual at June 30, 2024. The loan relationship originally totaled $37.0 million and was secured by five retail shopping center properties located in the Midwest. First Guaranty initiated liquidation of the collateral with two properties sold in the fourth quarter of 2024 and two properties sold in the first quarter of 2025. The proceeds, net of charge-offs, reduced the balance to $8.8 million at March 31, 2025. First Guaranty anticipates continued reduction in this loan relationship through additional sales of properties in 2025.

5.A $7.4 million loan relationship was placed on nonaccrual during the first quarter of 2025.  The loan is secured by land located in Texas.

6.A $2.0 million loan relationship secured by a one- to four- family residential property located in West Virginia; the loan was placed on nonaccrual at June 30, 2024.

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Allowance for Credit Losses

First Guaranty adopted FASB ASC Topic 326 “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” Update No. 2016-13 (“ASU 2016-13”). ASU 2016-13 on January 1, 2023. ASU 2016-13, referred to as the Current