First Guaranty Bancshares - 10-Q quarterly report FY2025 Q1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

For the transition period from __________ to __________

Commission File Number: 001-37621

FIRST GUARANTY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)


Louisiana		26-0513559
(State or other jurisdiction incorporation or organization)		(I.R.S. Employer Identification Number)

400 East Thomas Street
Hammond,	Louisiana	70401
(Address of principal executive offices)		(Zip Code)

(985)		345-7685
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1 par value

FGBI

The Nasdaq Stock Market LLC

Depository Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)

FGBIP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filers," "accelerated filers," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐

Smaller reporting company ☒

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of May 9, 2025 the registrant had 12,888,424 shares of $1 par value common stock outstanding.

Table of Contents


		Page
Part I.	Financial Information	4

Item 1.	Financial Statements (unaudited)	4

	Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	4

	Consolidated Statements of Income for the three months ended March 31 , 202 5 and 2024	5

	Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024	6

	Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2025 and 2024	7

	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	8

	Notes to Unaudited Consolidated Financial Statements	9

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Controls and Procedures	52

Part II.	Other Information	53

Item 1.	Legal Proceedings	53

Item 1A.	Risk Factors	53

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53

Item 3.	Defaults Upon Senior Securities	53

Item 4.	Mine Safety Disclosures	53

Item 5.	Other Information	53

Item 6.	Exhibits	54

Signatures		55

-3-

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS (unaudited)


(in thousands, except share data)	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	617,866	$	563,778
Federal funds sold	563		430
Cash and cash equivalents	618,429		564,208

Interest-earning time deposits with banks	250		250

Investment securities:
Available for sale, at fair value	273,027		281,097
Held to maturity, at cost and net of allowance for credit losses of $150 (estimated fair value of $259,641 and $251,458, respectively)	321,883		321,622
Investment securities	594,910		602,719

Federal Home Loan Bank stock, at cost	9,835		9,706
Loans held for sale	—		—

Loans, net of unearned income	2,512,788		2,693,780
Less: allowance for credit losses	43,022		34,811
Net loans	2,469,766		2,658,969

Premises and equipment, net	66,579		67,789
Goodwill	12,900		12,900
Intangible assets, net	3,265		3,474
Other real estate, net	152		319
Accrued interest receivable	14,574		14,850
Other assets	38,609		37,544
Total Assets	$	3,829,269	$	3,972,728

Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand	$	425,617	$	404,056
Interest-bearing demand	1,248,633		1,387,068
Savings	243,701		234,444
Time	1,421,515		1,450,692
Total deposits	3,339,466		3,476,260

Short-term advances from Federal Home Loan Bank	—		—
Short-term borrowings	—		—
Repurchase agreements	7,113		7,009
Accrued interest payable	19,505		20,437
Long-term advances from Federal Home Loan Bank	135,000		135,000
Senior long-term debt	14,174		15,169
Junior subordinated debentures	44,760		44,745
Other liabilities	17,806		19,059
Total Liabilities	3,577,824		3,717,679

Shareholders' Equity
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized
Non-cumulative perpetual; 34,500 shares issued and outstanding	33,058		33,058
Common stock, $1 par value - 100,600,000 shares authorized; 12,691,504 and 12,504,717 shares issued and outstanding	12,691		12,505
Surplus	150,784		149,389
Retained earnings	66,092		72,965
Accumulated other comprehensive (loss) income	(11,180)		(12,868)
Total Shareholders' Equity	251,445		255,049
Total Liabilities and Shareholders' Equity	$	3,829,269	$	3,972,728

See Notes to Consolidated Financial Statements

-4-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME (unaudited)


	Three Months Ended March 31,
(in thousands, except share data)		2025		2024
Interest Income:
Loans (including fees)		$	42,969	$	46,918
Deposits with other banks		5,999		3,476
Securities (including FHLB stock)		5,495		2,514
Total Interest Income		54,463		52,908

Interest Expense:
Demand deposits		12,204		16,976
Savings deposits		1,262		1,227
Time deposits		15,890		9,572
Borrowings		2,884		3,212
Total Interest Expense		32,240		30,987

Net Interest Income		22,223		21,921
Less: Provision for credit losses		14,548		2,304
Net Interest Income after Provision for Credit Losses		7,675		19,617

Noninterest Income:
Service charges, commissions and fees		849		733
ATM and debit card fees		747		764
Net gains on securities		—		—
Net gains on sale of loans		—		—
Net gains on sale of assets		4		6
Other		754		805
Total Noninterest Income		2,354		2,308

Noninterest Expense:
Salaries and employee benefits		8,441		9,900
Occupancy and equipment expense		2,640		2,271
Other		6,936		6,763
Total Noninterest Expense		18,017		18,934

(Loss) Income Before Income Taxes		(7,988)		2,991
Less: (Benefit) provision for income taxes		(1,822)		681
Net (Loss) Income		(6,166)		2,310
Less: Preferred stock dividends		582		582
Net (Loss) Income Available to Common Shareholders		$	(6,748)	$	1,728

Per Common Share:
(Loss) Earnings		$	(0.54)	$	0.14
Cash dividends paid		$	0.01	$	0.16

Weighted Average Common Shares Outstanding		12,506,792		12,489,910
See Notes to Consolidated Financial Statements

-5-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


	Three Months Ended March 31,
(in thousands)		2025		2024
Net (Loss) Income		$	(6,166)	$	2,310
Other comprehensive income:
Unrealized (losses) gains on securities:
Unrealized holding gains arising during the period		2,137		795
Reclassification adjustments for (gains) losses included in net income		—		—
Change in unrealized gains on securities		2,137		795
Tax impact		(449)		(167)
Other comprehensive income		1,688		628
Comprehensive (Loss) Income		$	(4,478)	$	2,938
See Notes to Consolidated Financial Statements

-6-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)


	Preferred Stock $1,000 Par		Common Stock $1 Par		Surplus		Retained Earnings		Accumulated Other Comprehensive Income/(Loss)		Total
(in thousands, except per share data)
Balance December 31, 2023	$	33,058	$	12,475	$	149,085	$	67,972	$	(12,959)	$	249,631
Net income	—		—		—		2,310		—		2,310
Common Stock issued under Equity Bonus Plan, 29,293 shares	—		30		304		—		—		334
Other comprehensive income (loss)	—		—		—		—		628		628
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.16 per share)	—		—		—		(2,001)		—		(2,001)
Balance March 31, 2024 (unaudited)	$	33,058	$	12,505	$	149,389	$	67,699	$	(12,331)	$	250,320

Balance December 31, 2024	$	33,058	$	12,505	$	149,389	$	72,965	$	(12,868)	$	255,049
Net (loss) income	—		—		—		(6,166)		—		(6,166)
Common Stock issued in private placement, 186,787 shares	—		186		1,395		—		—		1,581
Other comprehensive income	—		—		—		—		1,688		1,688
Preferred stock dividends	—		—		—		(582)		—		(582)
Cash dividends on common stock ($0.01 per share)	—		—		—		(125)		—		(125)
Balance March 31, 2025 (unaudited)	$	33,058	$	12,691	$	150,784	$	66,092	$	(11,180)	$	251,445
See Notes to Consolidated Financial Statements

-7-

FIRST GUARANTY BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash Flows From Operating Activities
Net (loss) income	$	(6,166)	$	2,310
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	14,548		2,304
Depreciation and amortization	1,095		1,001
Amortization of operating leases	124		17
Amortization/Accretion of investments	(1,430)		127
(Gain) loss on sale/call of securities	—		—
(Gain) loss on sale of assets	(4)		(6)
Repossessed asset write downs, gains and losses on dispositions	14		101
FHLB stock dividends	(129)		(202)
Change in operating lease liabilities	(115)		(17)
Change in other assets and liabilities, net	(2,548)		(3,639)
Net Cash Provided By Operating Activities	5,389		1,996

Cash Flows From Investing Activities
Proceeds from maturities and calls of HTM securities	2		—
Proceeds from maturities, calls and sales of AFS securities	110,649		50,339

Funds invested in AFS securities	(99,276)		(4,200)


Funds invested in Federal Home Loan Bank stock	—		—
Proceeds from sale/redemption of Federal Home Loan Bank stock	—		3,182
Net decrease (increase) in loans	174,355		(6,153)
Purchase of premises and equipment	(208)		(1,600)
Proceeds from sales of premises and equipment	4		6
Proceeds from sales of other real estate owned	130		269
Net Cash Provided By Investing Activities	185,656		41,843

Cash Flows From Financing Activities
Net (decrease) increase in deposits	(136,794)		54,782
Net increase (decrease) in federal funds purchased and short-term borrowings	104		(59,463)
Proceeds from long-term borrowings	—		—
Repayment of long-term borrowings	(1,008)		(21,007)
Proceeds from subordinated debentures	—		29,700
Proceeds from issuance of common stock	1,581		334
Dividends paid on preferred stock	(582)		(582)
Dividends paid on common stock	(125)		(2,001)
Net Cash (Used In) Provided By Financing Activities	(136,824)		1,763

Net Increase In Cash and Cash Equivalents	54,221		45,602
Cash and Cash Equivalents at the Beginning of the Period	564,208		286,455
Cash and Cash Equivalents at the End of the Period	$	618,429	$	332,057

Noncash Activities:
Acquisition of real estate in settlement of loans	$	—	$	149

Cash Paid During The Period:
Interest on deposits and borrowed funds	$	33,172	$	32,612
Federal income taxes	$	2,000	$	—
State income taxes	$	—	$	—

See Notes to the Consolidated Financial Statements.

-8-

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles. The consolidated financial statements and the footnotes of First Guaranty Bancshares, Inc. ("First Guaranty") thereto should be read in conjunction with the audited consolidated financial statements and note disclosures for First Guaranty previously filed with the Securities and Exchange Commission in First Guaranty's Annual Report on Form 10-K for the year ended December 31, 2024.

The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc. and its wholly owned subsidiary First Guaranty Bank (the "Bank"). All significant intercompany balances and transactions have been eliminated in consolidation.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary for a fair presentation of the consolidated financial statements. Those adjustments are of a normal recurring nature. The results of operations at March 31, 2025 and for the three month periods ended March 31, 2025 and 2024 are not necessarily indicative of the results expected for the full year or any other interim period. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for credit losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities.

-9-

Note 2. Recent Accounting Pronouncements

Accounting Standards Adopted in 2025

None.

Accounting Pronouncements Not Yet Adopted

ASU No. 2023-09, "Improvements to Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on First Guaranty's consolidated financial statements.

ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" (ASU 2024-03") requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 31, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this update will have on its disclosures in the consolidated financial statements.

-10-

Note 3. Securities

A summary comparison of securities by type at March 31, 2025 and December 31, 2024 is shown below.


	March 31, 2025								December 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale:
U.S. Treasuries	$	49,173	$	—	$	(62)	$	49,111	$	147,840	$	33	$	(93)	$	147,780
U.S. Government Agencies	—		—		—		—		—		—		—		—
Corporate debt securities	12,250		70		(514)		11,806		12,250		—		(668)		11,582
Municipal bonds	16,485		132		(521)		16,096		21,736		220		(339)		21,617
Collateralized mortgage obligations	44,036		159		(49)		44,146		32,065		—		(446)		31,619
Mortgage-backed securities	152,511		419		(1,062)		151,868		70,430		—		(1,931)		68,499
Total available for sale securities	$	274,455	$	780	$	(2,208)	$	273,027	$	284,321	$	253	$	(3,477)	$	281,097

Held to maturity:
U.S. Government Agencies	$	266,978	$	—	$	(57,559)	$	209,419	$	266,761	$	—	$	(64,671)	$	202,090
Corporate debt securities	55,055		2		(4,835)		50,222		55,011		—		(5,643)		49,368
Total held to maturity securities	$	322,033	$	2	$	(62,394)	$	259,641	$	321,772	$	—	$	(70,314)	$	251,458

The scheduled maturities of securities at March 31, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to calls or prepayments. Mortgage-backed securities are not due at a single maturity because of amortization and potential prepayment of the underlying mortgages. For this reason, they are presented separately in the maturity table below:


	At March 31, 2025
(in thousands)	Amortized Cost		Fair Value
Available for sale:
Due in one year or less	$	50,395	$	50,331
Due after one year through five years	5,645		5,653
Due after five years through 10 years	19,153		18,558
Over 10 years	2,715		2,471
Subtotal	77,908		77,013
Collateralized mortgage obligations	44,036		44,146
Mortgage-backed securities	152,511		151,868
Total available for sale securities	$	274,455	$	273,027

Held to maturity:
Due in one year or less	$	—	$	—
Due after one year through five years	8,395		7,872
Due after five years through 10 years	133,892		117,585
Over 10 years	179,746		134,184
Total held to maturity securities	$	322,033	$	259,641

At March 31, 2025, $289.6 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $239.8 million as of March 31, 2025.

Accrued interest receivable on First Guaranty's investment securities was $3.0 million and $1.4 million at March 31, 2025 and December 31, 2024, respectively, and was included in accrued interest receivable on the consolidated balance sheet. First Guaranty had a $0.2 million allowance for credit losses related to the held to maturity portfolio at March 31, 2025 and December 31, 2024.

-11-

The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at March 31, 2025.


						At March 31, 2025
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasuries	2	$	49,112	$	(62)	—	$	—	$	—	2	$	49,112	$	(62)
Corporate debt securities	—	—		—		11	8,986		(514)		11	8,986		(514)
Municipal bonds	10	3,600		(64)		31	4,977		(457)		41	8,577		(521)
Collateralized mortgage obligations	3	16,054		(49)		—	—		—		3	16,054		(49)
Mortgage-backed securities	15	70,429		(904)		6	3,441		(158)		21	73,870		(1,062)
Total available for sale securities	30	$	139,195	$	(1,079)	48	$	17,404	$	(1,129)	78	$	156,599	$	(2,208)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	209,418	$	(57,559)	29	$	209,418	$	(57,559)
Corporate debt securities	—	—		—		56	49,899		(4,835)		56	49,899		(4,835)
Total held to maturity securities	—	$	—	$	—	85	$	259,317	$	(62,394)	85	$	259,317	$	(62,394)

The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at December 31, 2024.


						At December 31, 2024
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasuries	2	$	48,615	$	(93)	—	$	—	$	—	2	$	48,615	$	(93)
U.S. Government Agencies	—	—		—		—	—		—		—	—		—
Corporate debt securities	2	1,965		(35)		12	9,617		(633)		14	11,582		(668)
Municipal bonds	2	505		(4)		34	5,406		(335)		36	5,911		(339)
Collateralized mortgage obligations	8	31,619		(446)		—	—		—		8	31,619		(446)
Mortgage-backed securities	15	65,089		(1,721)		6	3,410		(210)		21	68,499		(1,931)
Total available for sale securities	29	$	147,793	$	(2,299)	52	$	18,433	$	(1,178)	81	$	166,226	$	(3,477)

Held to maturity:
U.S. Government Agencies	—	$	—	$	—	29	$	202,090	$	(64,671)	29	$	202,090	$	(64,671)
Corporate debt securities	1	322		(3)		56	49,046		(5,640)		57	49,368		(5,643)
Total held to maturity securities	1	$	322	$	(3)	85	$	251,136	$	(70,311)	86	$	251,458	$	(70,314)

As of March 31, 2025, 163 of First Guaranty's debt securities had unrealized losses totaling 13.4% of the individual securities' amortized cost basis and 10.8% of First Guaranty's total amortized cost basis of the investment securities portfolio. 133 of the 163 securities had been in a continuous loss position for over 12 months at such date. The 133 securities had an aggregate amortized cost basis of $340.2 million and an unrealized loss of $63.5 million at March 31, 2025. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery.

-12-

Securities are evaluated for impairment from credit losses at least quarterly and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (i) the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, (iii) the recovery of contractual principal and interest and (iv) the intent and ability of First Guaranty to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value.

Investment securities issued by the U.S. Government and Government sponsored enterprises with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be credit impaired. First Guaranty has the ability and intent to hold these securities until recovery, which may not be until maturity.

Corporate debt securities in a loss position consist primarily of corporate bonds issued by businesses in the financial, insurance, utility, manufacturing, industrial, consumer products and oil and gas industries. There were no held to maturity corporate securities with a credit related impairment loss at March 31, 2025. First Guaranty believes that the remaining issuers will be able to fulfill the obligations of these securities based on evaluations described above. First Guaranty has the ability and intent to hold these securities until they recover, which could be at their maturity dates.

There were no charge-offs recognized on securities during the three months ended March 31, 2025 and 2024. There were no provisions for credit losses recognized on securities during the three months ended March 31, 2025 and 2024.

For securities that have indications of credit related impairment, management analyzes future expected cash flows to determine if any credit related impairment is evident. Estimated cash flows are determined using management's best estimate of future cash flows based on specific assumptions. The assumptions used to determine the cash flows were based on estimates of loss severity and credit default probabilities. Management reviews reports from credit rating agencies and public filings of issuers.

At March 31, 2025, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below:


	At March 31, 2025
(in thousands)	Amortized Cost		Fair Value
U.S. Government Treasuries (U.S.)	$	49,173	$	49,112
Federal Home Loan Bank (FHLB)	32,328		26,596
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)	99,036		73,146

Federal Farm Credit Bank (FFCB)	139,346		113,253
Government National Mortgage Association (Ginnie Mae-GNMA)	147,770		147,277
Total	$	467,653	$	409,384

-13-

Note 4. Loans

The following table summarizes the components of First Guaranty's loan portfolio as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	288,291	11.4	%	$	330,048	12.2	%
Farmland	29,961		1.2	%	35,991		1.3	%
1- 4 Family	444,373		17.6	%	450,371		16.7	%
Multifamily	144,518		5.7	%	165,121		6.1	%
Non-farm non-residential	1,117,174		44.4	%	1,159,842		42.9	%
Total Real Estate	2,024,317		80.3	%	2,141,373		79.2	%
Non-Real Estate:
Agricultural	37,599		1.5	%	40,722		1.5	%
Commercial and industrial (1)	234,511		9.3	%	257,518		9.5	%
Commercial leases	183,993		7.3	%	220,200		8.2	%
Consumer and other	39,773		1.6	%	42,267		1.6	%
Total Non-Real Estate	495,876		19.7	%	560,707		20.8	%
Total Loans Before Unearned Income	2,520,193		100.0	%	2,702,080		100.0	%
Unearned income	(7,405)				(8,300)
Total Loans Net of Unearned Income	$	2,512,788			$	2,693,780

(1) Includes PPP loans fully guaranteed by the SBA of $1.4 million and $1.6 million at March 31, 2025 and December 31, 2024, respectively.

Accrued interest receivable on First Guaranty's loans totaled $11.6 million and $13.4 million at March 31, 2025 and December 31, 2024, respectively, and is included in accrued interest receivable on the consolidated balance sheet. Accrued interest receivable is excluded from First Guaranty's estimate of the allowance for credit losses.

The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of March 31, 2025 and December 31, 2024 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered.


	March 31, 2025						December 31, 2024
(in thousands)	Fixed		Floating		Total		Fixed		Floating		Total
One year or less	$	203,468	$	196,711	$	400,179	$	240,685	$	245,272	$	485,957
More than one to five years	445,987		278,773		724,760		501,800		256,720		758,520
More than five to 15 years	62,545		253,222		315,767		62,412		293,173		355,585
Over 15 years	340,688		605,406		946,094		358,727		634,762		993,489
Subtotal	$	1,052,688	$	1,334,112	2,386,800		$	1,163,624	$	1,429,927	2,593,551
Nonaccrual loans					133,393						108,529
Total Loans Before Unearned Income					2,520,193						2,702,080
Unearned income					(7,405)						(8,300)
Total Loans Net of Unearned Income					$	2,512,788					$	2,693,780

Included in floating rate loans are loans that adjust to a floating rate following an initial fixed rate period. The initial fixed rate periods are typically one, three, or five years.

-14-

The following tables present the age analysis of past due loans at March 31, 2025 and December 31, 2024:


	As of March 31, 2025
(in thousands)	30-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans		Recorded Investment 90 Days Accruing
Real Estate:
Construction & land development	$	212	$	11,502	$	11,714	$	276,577	$	288,291	$	—
Farmland	—		2,177		2,177		27,784		29,961		—
1- 4 family	12,861		10,582		23,443		420,930		444,373		—
Multifamily	7,080		26,533		33,613		110,905		144,518		—
Non-farm non-residential	5,372		73,336		78,708		1,038,466		1,117,174		387
Total Real Estate	25,525		124,130		149,655		1,874,662		2,024,317		387
Non-Real Estate:
Agricultural	175		1,798		1,973		35,626		37,599		—
Commercial and industrial	889		6,152		7,041		227,470		234,511		—
Commercial leases	309		1,533		1,842		182,151		183,993		—
Consumer and other	629		167		796		38,977		39,773		—
Total Non-Real Estate	2,002		9,650		11,652		484,224		495,876		—
Total Loans Before Unearned Income	$	27,527	$	133,780	$	161,307	$	2,358,886	$	2,520,193	$	387
Unearned income									(7,405)
Total Loans Net of Unearned Income									$	2,512,788


	As of December 31, 2024
(in thousands)	30-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans		Recorded Investment 90 Days Accruing
Real Estate:
Construction & land development	$	1,562	$	11,018	$	12,580	$	317,468	$	330,048	$	7,394
Farmland	—		2,619		2,619		33,372		35,991		—
1- 4 family	12,917		10,053		22,970		427,401		450,371		—
Multifamily	199		27,542		27,741		137,380		165,121		—
Non-farm non-residential	38,607		58,279		96,886		1,062,956		1,159,842		4,108
Total Real Estate	53,285		109,511		162,796		1,978,577		2,141,373		11,502
Non-Real Estate:
Agricultural	677		1,992		2,669		38,053		40,722		—
Commercial and industrial	1,293		6,762		8,055		249,463		257,518		—
Commercial leases	—		1,533		1,533		218,667		220,200		—
Consumer and other	860		233		1,093		41,174		42,267		—
Total Non-Real Estate	2,830		10,520		13,350		547,357		560,707		—
Total Loans Before Unearned Income	$	56,115	$	120,031	$	176,146	$	2,525,934	$	2,702,080	$	11,502
Unearned income									(8,300)
Total Loans Net of Unearned Income									$	2,693,780

The tables above include $133.4 million and $108.5 million of nonaccrual loans at March 31, 2025 and December 31, 2024, respectively. See the tables below for more detail on nonaccrual loans.

-15-

The following is a summary of nonaccrual loans by class at the dates indicated:


	As of March 31, 2025
(in thousands)	With Related Allowance		Without Related Allowance		Total
Real Estate:
Construction & land development	$	9,952	$	1,550	$	11,502
Farmland	665		1,512		2,177
1- 4 family	7,837		2,745		10,582
Multifamily	25,985		548		26,533
Non-farm non-residential	10,386		62,563		72,949
Total Real Estate	54,825		68,918		123,743
Non-Real Estate:
Agricultural	883		915		1,798
Commercial and industrial	1,666		4,486		6,152
Commercial leases	286		1,247		1,533
Consumer and other	167		—		167
Total Non-Real Estate	3,002		6,648		9,650
Total Nonaccrual Loans	$	57,827	$	75,566	$	133,393


	As of December 31, 2024
(in thousands)	With Related Allowance		Without Related Allowance		Total
Real Estate:
Construction & land development	$	697	$	2,927	$	3,624
Farmland	678		1,941		2,619
1- 4 family	7,309		2,744		10,053
Multifamily	25,986		1,556		27,542
Non-farm non-residential	7,976		46,195		54,171
Total Real Estate	42,646		55,363		98,009
Non-Real Estate:
Agricultural	729		1,263		1,992
Commercial and industrial	1,724		5,038		6,762
Commercial leases	—		1,533		1,533
Consumer and other	233		—		233
Total Non-Real Estate	2,686		7,834		10,520
Total Nonaccrual Loans	$	45,332	$	63,197	$	108,529

-16-

The following table presents First Guaranty's loan portfolio by credit quality classification and origination year as of the date indicated:


	As of March 31, 2025
	Term Loans by Origination Year
(in thousands)	2025		2024		2023		2022		2021		Prior	Revolving Loans		Total
Real Estate:
Construction & land development:
Pass	$	526	$	18,550	$	123,362	$	62,581	$	16,906	7,965	$	5,969	$	235,859
Special Mention	—		1,206		169		4,962		—		140	7,968		14,445
Substandard	1,350		—		27,460		8,561		142		474	—		37,987
Doubtful	—		—		—		—		—		—	—		—
Total Construction & land development	1,876		19,756		150,991		76,104		17,048		8,579	13,937		288,291
Current period gross charge-offs	—		—		—		5,794		—		—	—		5,794
Farmland
Pass	—		2,329		7,723		3,459		3,294		3,189	1,975		21,969
Special Mention	—		3,021		—		54		—		1,729	—		4,804
Substandard	—		—		381		24		—		2,783	—		3,188
Doubtful	—		—		—		—		—		—	—		—
Total Farmland	—		5,350		8,104		3,537		3,294		7,701	1,975		29,961
Current period gross charge-offs	—		—		—		—		—		—	—		—
1- 4 family
Pass	6,103		60,918		95,807		100,387		56,939		78,843	6,825		405,822
Special Mention	—		608		3,651		1,767		4,565		3,850	633		15,074
Substandard	—		23		4,587		3,413		5,304		6,154	3,648		23,129
Doubtful	—		—		—		73		82		120	73		348
Total 1- 4 family	6,103		61,549		104,045		105,640		66,890		88,967	11,179		444,373
Current period gross charge-offs	—		—		—		—		—		—	—		—
Multifamily
Pass	—		442		9,106		42,957		46,571		6,415	1,280		106,771
Special Mention	—		—		—		19		502		1,558	—		2,079
Substandard	—		—		—		35,120		—		548	—		35,668
Doubtful	—		—		—		—		—		—	—		—
Total Multifamily	—		442		9,106		78,096		47,073		8,521	1,280		144,518
Current period gross charge-offs	—		—		—		—		—		—	—		—
Non-farm non-residential
Pass	4,981		37,771		157,936		205,590		91,433		299,799	42,580		840,090
Special Mention	—		15,919		37,483		348		8,586		45,797	8,729		116,862
Substandard	—		11,372		19,926		68,066		27,391		29,084	4,317		160,156
Doubtful	—		—		—		—		—		66	—		66
Total non-farm non-residential	4,981		65,062		215,345		274,004		127,410		374,746	55,626		1,117,174
Current period gross charge-offs	—		—		—		—		—		—	—		—
Total Real Estate	12,960		152,159		487,591		537,381		261,715		488,514	83,997		2,024,317

Non-Real Estate:
Agricultural
Pass	592		1,887		2,255		3,375		2,872		3,716	13,716		28,413
Special Mention	90		112		74		1,909		9		294	219		2,707
Substandard	—		—		97		4,260		155		1,876	75		6,463
Doubtful	—		—		—		—		—		16	—		16
Total Agricultural	682		1,999		2,426		9,544		3,036		5,902	14,010		37,599
Current period gross charge-offs	—		169		—		—		—		—	—		169
Commercial and industrial
Pass	5,722		24,124		23,885		15,202		36,600		22,706	82,885		211,124

-17-


Special Mention	9		4,050		280		75		203		231		2,622		7,470
Substandard	36		23		402		838		861		996		12,761		15,917
Doubtful	—		—		—		—		—		—		—		—
Total Commercial and industrial	5,767		28,197		24,567		16,115		37,664		23,933		98,268		234,511
Current period gross charge-offs	—		73		43		231		58		13		—		418
Commercial leases
Pass	2,173		44,235		57,420		33,907		26,143		—		—		163,878
Special Mention	—		—		—		18,582		—		—		—		18,582
Substandard	—		—		—		1,533		—		—		—		1,533
Doubtful	—		—		—		—		—		—		—		—
Total Commercial leases	2,173		44,235		57,420		54,022		26,143		—		—		183,993
Current period gross charge-offs	—		—		—		—		—		—		—		—
Consumer and other loans
Pass	2,269		7,179		13,612		3,302		2,602		9,960		—		38,924
Special Mention	—		—		29		35		92		19		—		175
Substandard	—		75		70		234		241		54		—		674
Doubtful	—		—		—		—		—		—		—		—
Total Consumer and other loans	2,269		7,254		13,711		3,571		2,935		10,033		—		39,773
Current period gross charge-offs	100		71		119		111		72		23		—		496
Total Non-Real Estate	10,891		81,685		98,124		83,252		69,778		39,868		112,278		495,876
Total Loans
Pass	22,366		197,435		491,106		470,760		283,360		432,593		155,230		2,052,850
Special Mention	99		24,916		41,686		27,751		13,957		53,618		20,171		182,198
Substandard	1,386		11,493		52,923		122,049		34,094		41,969		20,801		284,715
Doubtful	—		—		—		73		82		202		73		430
Total Loans Before Unearned Income	$	23,851	$	233,844	$	585,715	$	620,633	$	331,493	$	528,382	$	196,275	$	2,520,193
Unearned income															(7,405)
Total Loans Net of Unearned Income															$	2,512,788
Total Current Period Gross Charge-offs	$	100	$	313	$	162	$	6,136	$	130	$	36	$	—	$	6,877


	As of December 31, 2024
	Term Loans by Origination Year
(in thousands)	2024		2023		2022		2021		2020		Prior	Revolving Loans		Total
Real Estate:
Construction & land development:
Pass	$	18,411	$	110,178	$	135,554	$	17,703	$	1,728	4,422	$	12,734	$	300,730
Special Mention	609		16,956		91		—		81		64	30		17,831
Substandard	—		1,461		8,572		599		246		525	—		11,403
Doubtful	—		—		—		84		—		—	—		84
Total Construction & land development	19,020		128,595		144,217		18,386		2,055		5,011	12,764		330,048
Current period gross charge-offs	—		—		39		—		—		—	—		39
Farmland
Pass	2,373		11,976		3,499		3,312		1,599		1,922	2,865		27,546
Special Mention	3,029		—		57		—		1,656		76	—		4,818
Substandard	—		381		27		—		2,592		627	—		3,627
Doubtful	—		—		—		—		—		—	—		—
Total Farmland	5,402		12,357		3,583		3,312		5,847		2,625	2,865		35,991
Current period gross charge-offs	—		—		258		—		—		—	—		258

-18-


1- 4 family
Pass	62,044	98,098	101,780	63,313	36,285	47,263	9,896	418,679
Special Mention	431	1,644	1,775	326	2,383	2,320	1,039	9,918
Substandard	—	4,186	3,129	4,689	1,619	4,343	3,543	21,509
Doubtful	—	—	73	—	—	119	73	265
Total 1- 4 family	62,475	103,928	106,757	68,328	40,287	54,045	14,551	450,371
Current period gross charge-offs	—	—	174	59	5	796	—	1,034
Multifamily
Pass	446	9,196	44,395	48,143	14,607	5,135	4,419	126,341
Special Mention	—	—	7,100	506	—	1,577	—	9,183
Substandard	—	—	28,041	—	—	1,556	—	29,597
Doubtful	—	—	—	—	—	—	—	—
Total Multifamily	446	9,196	79,536	48,649	14,607	8,268	4,419	165,121
Current period gross charge-offs	—	—	—	—	—	—	—	—
Non-farm non-residential
Pass	68,227	202,084	250,338	95,588	96,967	251,914	38,698	1,003,816
Special Mention	—	4,390	354	8,509	1,067	34,467	9,208	57,995
Substandard	11,356	9,213	32,688	37,181	916	2,917	3,694	97,965
Doubtful	—	—	—	—	66	—	—	66
Total non-farm non-residential	79,583	215,687	283,380	141,278	99,016	289,298	51,600	1,159,842
Current period gross charge-offs	—	3,793	1,031	3,009	331	836	—	9,000
Total Real Estate	166,926	469,763	617,473	279,953	161,812	359,247	86,199	2,141,373

Non-Real Estate:
Agricultural
Pass	2,102	2,766	7,815	2,904	1,142	5,676	13,130	35,535
Special Mention	18	74	1,793	10	132	112	91	2,230
Substandard	169	51	—	663	128	1,915	12	2,938
Doubtful	—	—	—	—	—	19	—	19
Total Agricultural	2,289	2,891	9,608	3,577	1,402	7,722	13,233	40,722
Current period gross charge-offs	—	—	—	33	—	—	—	33
Commercial and industrial
Pass	27,172	26,410	19,230	39,601	30,833	13,946	80,769	237,961
Special Mention	4,082	660	78	91	38	80	306	5,335
Substandard	25	59	815	939	193	1,229	10,962	14,222
Doubtful	—	—	—	—	—	—	—	—
Total Commercial and industrial	31,279	27,129	20,123	40,631	31,064	15,255	92,037	257,518
Current period gross charge-offs	185	702	913	563	2,168	342	—	4,873
Commercial leases
Pass	48,856	61,057	47,140	38,027	3,554	398	—	199,032
Special Mention	—	—	18,153	—	—	—	—	18,153
Substandard	—	—	3,015	—	—	—	—	3,015
Doubtful	—	—	—	—	—	—	—	—
Total Commercial leases	48,856	61,057	68,308	38,027	3,554	398	—	220,200
Current period gross charge-offs	—	—	—	—	—	—	—	—
Consumer and other loans
Pass	8,457	14,710	4,083	3,257	4,467	6,262	—	41,236
Special Mention	—	29	42	98	26	—	—	195
Substandard	96	176	276	221	29	38	—	836
Doubtful	—	—	—	—	—	—	—	—
Total Consumer and other loans	8,553	14,915	4,401	3,576	4,522	6,300	—	42,267
Current period gross charge-offs	438	802	1,013	693	283	125	—	3,354
Total Non-Real Estate	90,977	105,992	102,440	85,811	40,542	29,675	105,270	560,707
Total Loans

-19-


Pass	238,088		536,475		613,834		311,848		191,182		336,938		162,511		2,390,876
Special Mention	8,169		23,753		29,443		9,540		5,383		38,696		10,674		125,658
Substandard	11,646		15,527		76,563		44,292		5,723		13,150		18,211		185,112
Doubtful	—		—		73		84		66		138		73		434
Total Loans Before Unearned Income	$	257,903	$	575,755	$	719,913	$	365,764	$	202,354	$	388,922	$	191,469	$	2,702,080
Unearned income															(8,300)
Total Loans Net of Unearned Income															$	2,693,780
Total Current Period Gross Charge-offs	$	623	$	5,297	$	3,428	$	4,357	$	2,787	$	2,099	$	—	$	18,591

-20-

Note 5. Allowance for Credit Losses on Loans

A summary of changes in the allowance for credit losses, by portfolio type, for the three months ended March 31, 2025 and 2024 are as follows:


	For the Three Months Ended March 31,
	2025
(in thousands)	Beginning Allowance (12/31/2024)		Charge-offs		Recoveries		Provision		Ending Allowance (3/31/2025)
Real Estate:
Construction & land development	$	3,930	$	(5,794)	$	—	$	8,285	$	6,421
Farmland	50		—		—		—		50
1- 4 family	9,243		—		10		618		9,871
Multifamily	3,949		—		—		1,345		5,294
Non-farm non-residential	11,531		—		5		3,584		15,120
Total Real Estate	28,703		(5,794)		15		13,832		36,756
Non-Real Estate:
Agricultural	204		(169)		—		52		87
Commercial and industrial	1,994		(418)		25		514		2,115
Commercial leases	1,719		—		—		107		1,826
Consumer and other	1,337		(496)		200		107		1,148
Unallocated	854		—		—		236		1,090
Total Non-Real Estate	6,108		(1,083)		225		1,016		6,266
Total Loans	$	34,811	$	(6,877)	$	240	$	14,848	$	43,022
Unfunded lending commitments	1,210		—		—		(300)		910
Total	$	36,021	$	(6,877)	$	240	$	14,548	$	43,932


	For the Three Months Ended March 31,
	2024
(in thousands)	Beginning Allowance (12/31/2023)		Charge-offs		Recoveries		Provision		Ending Allowance (3/31/2024)
Real Estate:
Construction & land development	$	5,845	$	—	$	1	$	(1,016)	$	4,830
Farmland	36		—		—		27		63
1- 4 family	6,653		(41)		3		(20)		6,595
Multifamily	1,614		—		—		163		1,777
Non-farm non-residential	10,596		—		8		712		11,316
Total Real Estate	24,744		(41)		12		(134)		24,581
Non-Real Estate:
Agricultural	97		(33)		10		46		120
Commercial and industrial	2,711		(627)		115		1,684		3,883
Commercial leases	1,948		—		—		(564)		1,384
Consumer and other	1,426		(1,584)		118		1,522		1,482
Unallocated	—		—		—		—		—
Total Non-Real Estate	6,182		(2,244)		243		2,688		6,869
Total Loans	$	30,926	$	(2,285)	$	255	$	2,554	$	31,450
Unfunded lending commitments	2,810		—		—		(250)		2,560
Total	$	33,736	$	(2,285)	$	255	$	2,304	$	34,010

Negative provisions are caused by changes in the composition and credit quality of the loan portfolio and by recoveries. The result is an allocation of the credit loss reserve from one category to another.

-21-

A summary of the allowance along with loans and leases individually and collectively evaluated are as follows:


	As of March 31, 2025
(in thousands)	Allowance Individually Evaluated		Allowance Collectively Evaluated		Total Allowance for Credit Losses		Loans Individually Evaluated		Loans Collectively Evaluated		Total Loans before Unearned Income
Real Estate:
Construction & land development	$	3,010	$	3,411	$	6,421	$	20,386	$	267,905	$	288,291
Farmland	—		50		50		2,543		27,418		29,961
1- 4 family	437		9,434		9,871		10,389		433,984		444,373
Multifamily	4,262		1,032		5,294		35,668		108,850		144,518
Non-farm non-residential	4,748		10,372		15,120		91,799		1,025,375		1,117,174
Total Real Estate	12,457		24,299		36,756		160,785		1,863,532		2,024,317
Non-Real Estate:
Agricultural	—		87		87		915		36,684		37,599
Commercial and industrial	113		2,002		2,115		4,898		229,613		234,511
Commercial leases	233		1,593		1,826		1,533		182,460		183,993
Consumer and other	—		1,148		1,148		—		39,773		39,773
Unallocated	—		1,090		1,090		—		—		—
Total Non-Real Estate	346		5,920		6,266		7,346		488,530		495,876
Total	$	12,803	$	30,219	$	43,022	$	168,131	$	2,352,062	2,520,193
Unearned Income											(7,405)
Total Loans Net of Unearned Income											$	2,512,788

All loans individually evaluated for impairment as of March 31, 2025 were considered collateral dependent loans.


	As of December 31, 2024
(in thousands)	Allowance Individually Evaluated		Allowance Collectively Evaluated		Total Allowance for Credit Losses		Loans Individually Evaluated		Loans Collectively Evaluated		Total Loans before Unearned Income
Real Estate:
Construction & land development	$	403	$	3,527	$	3,930	$	10,724	$	319,324	$	330,048
Farmland	—		50		50		2,973		33,018		35,991
1- 4 family	430		8,813		9,243		3,174		447,197		450,371
Multifamily	2,942		1,007		3,949		27,516		137,605		165,121
Non-farm non-residential	1,229		10,302		11,531		54,201		1,105,641		1,159,842
Total Real Estate	5,004		23,699		28,703		98,588		2,042,785		2,141,373
Non-Real Estate:
Agricultural	129		75		204		2,151		38,571		40,722
Commercial and industrial	3		1,991		1,994		5,194		252,324		257,518
Commercial leases	—		1,719		1,719		3,015		217,185		220,200
Consumer and other	—		1,337		1,337		—		42,267		42,267
Unallocated	—		854		854		—		—		—
Total Non-Real Estate	132		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 March 31, 2025 and December 31, 2024, First Guaranty had loans totaling $133.4 million and $108.5 million, respectively, not accruing interest. As of March 31, 2025, and December 31, 2024, First Guaranty had loans past due 90 days or more and still accruing interest totaling $0.4 million and $11.5 million, respectively. The average outstanding balance of nonaccrual loans at March 31, 2025 was $117.0 million compared to $63.4 million as of December 31, 2024.

-22-

The Bank held loans that were individually evaluated for impairment at March 31, 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 Difficulty

Occasionally, the Bank modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, interest only for a specified period of time, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Bank’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is charged-off. Reportable modifications to borrowers experiencing financial difficulty (MEFD) during the three months ended March 31, 2025 consisted of a $16.7 million term extension. The bank had $0 unfunded commitments to borrowers whose terms have been modified as a reportable MEFD as of March 31, 2025.

As of March 31, 2025, there have been no loans that were modified with in the previous 12 months for which there has been payment default during the period.

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Note 6. Goodwill and Other Intangible Assets

Goodwill and intangible assets deemed to have indefinite lives are no longer amortized but are subject to impairment testing. Other intangible assets continue to be amortized over their useful lives. First Guaranty's goodwill is the difference in purchase price over the fair value of net assets acquired from its acquisition of Homestead Bancorp in 2007, Premier Bancshares, Inc. in 2017 and Union Bancshares, Incorporated in 2019. Goodwill totaled $12.9 million at March 31, 2025 and December 31, 2024. No impairment charges have been recognized on First Guaranty's intangible assets since acquisition. Loan servicing assets totaled $0.4 million at March 31, 2025 and December 31, 2024. Other intangible assets recorded include core deposit intangibles, which are subject to amortization. The weighted-average amortization period remaining for First Guaranty's core deposit intangibles is 4 years at March 31, 2025. The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions.

Note 7. Other Real Estate (ORE)

Other real estate owned consists of the following at the dates indicated:


(in thousands)	March 31, 2025		December 31, 2024
Real Estate Owned Acquired by Foreclosure:
Residential	$	62	$	226
Construction & land development	—		3
Non-farm non-residential	90		90
Total Other Real Estate Owned and Foreclosed Property	152		319
Allowance for Other Real Estate Owned losses	—		—
Net Other Real Estate Owned and Foreclosed Property	$	152	$	319

Loans secured by one-to-four family residential properties in the process of foreclosure totaled $1.6 million as of March 31, 2025.

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Note 8. Commitments and Contingencies

Off-balance sheet commitments

First Guaranty is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement in particular classes of financial instruments.

The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual notional amount of those instruments. The same credit policies are used in making commitments and conditional obligations as it does for balance sheet instruments. Unless otherwise noted, collateral or other security is not required to support financial instruments with credit risk.

Below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at March 31, 2025 and December 31, 2024:

Contract Amount


(in thousands)	March 31, 2025		December 31, 2024
Commitments to Extend Credit	$	119,196	$	134,178
Unfunded Commitments under lines of credit	$	176,757	$	186,006
Commercial and Standby letters of credit	$	13,526	$	13,576

Allowance For Credit Losses - Off- Balance-Sheet Credit Exposures

The provision for credit losses on unfunded commitments was a reversal of $0.3 million for both the three months ended March 31, 2025 and March 31, 2024. The ACL on off-balance-sheet credit exposures total $0.9 million at March 31, 2025 and $1.2 million at December 31, 2024 and is included in other liabilities on the accompanying consolidated balance sheets.

Litigation

First Guaranty is subject to various legal proceedings in the normal course of its business. First Guaranty assesses its liabilities and contingencies in connection with outstanding legal proceedings. Where it is probable that First Guaranty will incur a loss and the amount of the loss can be reasonably estimated, First Guaranty records a liability in its consolidated financial statements. First Guaranty does not record a loss if the loss is not probable or the amount of the loss is not estimable. First Guaranty Bank is a defendant in a lawsuit alleging fault for a loss of funds by a customer related to fraud by a third party with a possible loss range of $0.0 million to $1.5 million. The Bank denies the allegations and intends to vigorously defend against this lawsuit, which is in early stages and no trial date has been set. No accrued liability has been recorded related to this lawsuit. First Guaranty settled a case in the third quarter of 2021 for $1.1 million. A receivable for $0.9 million was recorded for recovery by a claim against First Guaranty's insurer. During the second quarter of 2024, First Guaranty received $0.5 million of the $0.9 million receivable. The remaining $0.4 million was written off. In the opinion of management, neither First Guaranty nor First Guaranty Bank is currently involved in such legal proceedings, either individually or in the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably.

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Note 9. Leases

First Guaranty’s primary leasing activities relate to certain real estate leases of a portion of the main office, certain branches, and certain ATM locations. These leases have all been designated as operating leases. First Guaranty does not lease equipment under operating leases, and does not have leases designated as financing leases.

On June 28, 2024 First Guaranty sold three properties owned by it, two stand-alone branches and a portion of the headquarters building which also contains a branch, to a partnership owned by certain directors of First Guaranty. The aggregate purchase price was approximately $14.7 million. All of the properties are located in Louisiana.

First Guaranty concurrently entered into absolute net lease agreements with the partnership under which First Guaranty will lease each of the properties. Each of the lease agreements has an initial term of 15 years with specified renewal options. Annual payments due under the leases total approximately $1.3 million. The sale-leaseback transaction resulted in a pre-tax gain of approximately $13.3 million.

First Guaranty recorded operating right-of-use ("ROU") assets and corresponding lease liabilities of $11.5 million and $11.5 million, respectively.

Information concerning First Guaranty’s leases is as follows:


	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Weighted-average lease term (in years)	14		4.3
Weighted-average discount rate	7.9	%	2.9	%

First Guaranty’s operating lease ROU assets were $11.5 million and $11.6 million at March 31, 2025 and December 31, 2024, respectively, and the related operating lease liabilities were $11.5 million and $11.6 million, respectively. The ROU asset is included in Other Assets on the balance sheet, and the related operating lease liabilities are included in Other liabilities.

Operating lease expense, including short-term leases, is included in occupancy expense in the amount of $0.4 million and $0.1 million for the three months end March 31, 2025 and 2024, respectively. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Cash payment for amounts included in the measurement of lease liabilities of $0.4 million and $30,000 were included in operating cash flows for the respective three-month periods.

The following table reports minimum lease payments under non-cancelable operating leases at March 31, 2025:


(in thousands)
2025	$	1,055
2026	1,406
2027	1,406
2028	1,351
2029	1,307
Thereafter	12,797
Total lease payments	19,322
Less: interest	(7,798)
Present value of lease liabilities	$	11,524

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Note 10. Fair Value Measurements

The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

Level 1 Inputs – Unadjusted quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds or credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means.

Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy.

Securities available for sale. Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Securities classified within Level 3 in First Guaranty's portfolio as of March 31, 2025 includes corporate debt and municipal securities.

Loan individually evaluated for impairment. Fair value is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation.

Other real estate owned. Properties are recorded at the balance of the loan or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Fair values of other real estate owned ("OREO") are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values or recent sales activity for similar assets in the property's market; thus, OREO measured at fair value would be classified within either Level 2 or Level 3 of the hierarchy.

Certain non-financial assets and non-financial liabilities are measured at fair value on a non-recurring basis including assets and liabilities related to reporting units measured at fair value in the testing of goodwill impairment, as well as intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment.

The following table summarizes financial assets measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:


(in thousands)	March 31, 2025		December 31, 2024
Available for Sale Securities Fair Value Measurements Using:
Level 1: Quoted Prices in Active Markets For Identical Assets	$	49,112	$	147,780
Level 2: Significant Other Observable Inputs	218,084		127,222
Level 3: Significant Unobservable Inputs	5,831		6,095
Securities available for sale measured at fair value	$	273,027	$	281,097

First Guaranty's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While the methodologies used are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value.

The change in Level 1 securities available for sale from December 31, 2024 to March 31, 2025 was due to a net decrease in Treasury bills of $98.7 million. There were no transfers between Level 2 and Level 3 from December 31, 2024 to March 31, 2025. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2024 to March 31, 2025.

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The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):


	Level 3 Changes
(in thousands)	March 31, 2025
Balance, beginning of year	$	6,095
Total gains or losses (realized/unrealized):
Included in earnings	—
Included in other comprehensive income	(9)
Purchases, sales, issuances and settlements, net	(255)
Transfers in and/or out of Level 3	—
Balance as of end of period	$	5,831

There were no gains or losses for the period included in earnings attributable to the change in unrealized gains or losses related to assets still held as of March 31, 2025.

The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:


(in thousands)	At March 31, 2025		At December 31, 2024
Fair Value Measurements Using: Loans Individually Evaluated for Impairment
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	—		—
Level 3: Significant Unobservable Inputs	62,072		50,449
Loans individually evaluated for impairment measured at fair value	$	62,072	$	50,449

Fair Value Measurements Using: Other Real Estate Owned
Level 1: Quoted Prices in Active Markets For Identical Assets	$	—	$	—
Level 2: Significant Other Observable Inputs	152		319
Level 3: Significant Unobservable Inputs	—		—
Other real estate owned measured at fair value	$	152	$	319

ASC 825-10 provides First Guaranty with an option to report selected financial assets and liabilities at fair value. The fair value option established by this statement permits First Guaranty to choose to measure eligible items at fair value at specified election dates and report unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date subsequent to implementation.

First Guaranty has chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States.

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Note 11. Financial Instruments

Fair value estimates are generally subjective in nature and are dependent upon a number of significant assumptions associated with each instrument or group of similar instruments, including estimates of discount rates, risks associated with specific financial instruments, estimates of future cash flows and relevant available market information. Fair value information is intended to represent an estimate of an amount at which a financial instrument could be exchanged in a current transaction between a willing buyer and seller engaging in an exchange transaction. However, since there are no established trading markets for a significant portion of First Guaranty's financial instruments, First Guaranty may not be able to immediately settle financial instruments; as such, the fair values are not necessarily indicative of the amounts that could be realized through immediate settlement. In addition, the majority of the financial instruments, such as loans and deposits, are held to maturity and are realized or paid according to the contractual agreement with the customer.

Quoted market prices are used to estimate fair values when available. However, due to the nature of the financial instruments, in many instances quoted market prices are not available. Accordingly, estimated fair values have been estimated based on other valuation techniques, such as discounting estimated future cash flows using a rate commensurate with the risks involved or other acceptable methods. Fair values are estimated without regard to any premium or discount that may result from concentrations of ownership of financial instruments, possible income tax ramifications or estimated transaction costs. The fair value estimates are subjective in nature and involve matters of significant judgment and, therefore, cannot be determined with precision. Fair values are also estimated at a specific point in time and are based on interest rates and other assumptions at that date. As events change the assumptions underlying these estimates, the fair values of financial instruments will change.

Disclosure of fair values is not required for certain items such as lease financing, investments accounted for under the equity method of accounting, obligations of pension and other postretirement benefits, premises and equipment, other real estate, prepaid expenses, the value of long-term relationships with depositors (core deposit intangibles) and other customer relationships, other intangible assets and income tax assets and liabilities. Fair value estimates are presented for existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses have not been considered in the estimates. Accordingly, the aggregate fair value amounts presented do not purport to represent and should not be considered representative of the underlying market or franchise value of First Guaranty.

Because the standard permits many alternative calculation techniques and because numerous assumptions have been used to estimate the fair values, reasonable comparison of the fair value information with other financial institutions' fair value information cannot necessarily be made. The methods and assumptions used to estimate the fair values of financial instruments are as follows:

Cash and due from banks, interest-bearing deposits with banks, federal funds sold and federal funds purchased.

These items are generally short-term and the carrying amounts reported in the consolidated balance sheets are a reasonable estimation of the fair values.

Investment Securities.

Fair values are principally based on quoted market prices. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments or the use of discounted cash flow analyses.

Loans Held for Sale.

Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices. These loans are classified within level 3 of the fair value hierarchy.

Loans, net.

Market values are computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. These loans are classified within level 3 of the fair value hierarchy.

Loan individually evaluated for impairment.

Fair value is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation.

Cash Surrender of BOLI.

The cash surrender value of BOLI approximates fair value.

Accrued interest receivable.

The carrying amount of accrued interest receivable approximates its fair value.

Deposits.

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The fair value of customer deposits, excluding certificates of deposit, is the amount payable on demand. Market values of certificates of deposit are actually computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Deposits are classified within level 3 of the fair value hierarchy.

Accrued interest payable.

The carrying amount of accrued interest payable approximates its fair value.

Borrowings.

The carrying amount of federal funds purchased and other short-term borrowings approximate their fair values. The fair value of First Guaranty's long-term borrowings is computed using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Borrowings are classified within level 3 of the fair value hierarchy.

Other Unrecognized Financial Instruments.

The fair value of commitments to extend credit is estimated using the fees charged to enter into similar legally binding agreements, taking into account the remaining terms of the agreements and customers' credit ratings. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit are based on fees charged for similar agreements or on estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At March 31, 2025 and December 31, 2024, the fair value of guarantees under commercial and standby letters of credit was not material.

The carrying amounts and estimated fair values of financial instruments at March 31, 2025 were as follows:


	Fair Value Measurements at March 31, 2025 Using
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets
Cash and due from banks	$	617,866	$	617,866	$	—	$	—	$	617,866
Federal funds sold	563		563		—		—		563
Securities, available for sale	273,027		49,112		218,084		5,831		273,027
Securities, held for maturity	321,883		—		259,641		—		259,641
Loans held for sale	—		—		—		—		—
Loans, net	2,469,766		—		—		2,308,012		2,308,012
Cash surrender value of BOLI	6,047		—		—		6,047		6,047
Accrued interest receivable	14,574		—		—		14,574		14,574

Liabilities
Deposits	$	3,339,466	$	—	$	—	$	3,342,880	3,342,880
Short-term advances from Federal Home Loan Bank	—						—		—
Short-term borrowings	—		—		—		—		—
Repurchase agreements	7,113		—		—		7,130		7,130
Accrued interest payable	19,505		—		—		19,505		19,505
Long-term advances from Federal Home Loan Bank	135,000		—		—		136,019		136,019
Senior long-term debt	14,174		—		—		14,266		14,266
Junior subordinated debentures	44,760		—		—		45,000		45,000

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The carrying amounts and estimated fair values of financial instruments at December 31, 2024 were as follows:


			Fair Value Measurements at December 31, 2023 Using
(in thousands)	Carrying Amount		Level 1		Level 2		Level 3		Total
Assets
Cash and due from banks	$	563,778	$	563,778	$	—	$	—	$	563,778
Federal funds sold	430		430		—		—		430
Securities, available for sale	281,097		147,780		127,222		6,095		281,097
Securities, held for maturity	321,622		—		251,458		—		251,458
Loans, net	2,658,969		—		—		2,508,440		2,508,440
Cash surrender value of BOLI	6,012		—		—		6,012		6,012
Accrued interest receivable	14,850		—		—		14,850		14,850

Liabilities
Deposits	$	3,476,260	$	—	$	—	$	3,475,411	3,475,411
Short-term advances from Federal Home Loan Bank	—		—		—		—		—
Short-term borrowings	—		—		—		—		—
Repurchase agreements	7,009		—		—		7,005		7,005
Accrued interest payable	20,437		—		—		20,437		20,437
Long-term advances from Federal Home Loan Bank	135,000		—		—		134,977		134,977
Senior long-term debt	15,169		—		—		15,274		15,274
Junior subordinated debentures	44,745		—		—		45,000		45,000

There is no material difference between the contract amount and the estimated fair value of off-balance sheet items that are primarily comprised of short-term unfunded loan commitments that are generally at market prices.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of First Guaranty's financial condition and results of operations is intended to highlight the significant factors affecting First Guaranty's financial condition and results of operations presented in the consolidated financial statements included in this Form 10-Q. This discussion is designed to provide readers with a more comprehensive view of the operating results and financial position than would be obtained from reading the consolidated financial statements alone. Reference should be made to those statements for an understanding of the following review and analysis. The financial data at March 31, 2025 and for the three months ended March 31, 2025 and 2024 have been derived from unaudited consolidated financial statements and include, in the opinion of management, all adjustments (consisting of normal recurring accruals and provisions) necessary to present fairly First Guaranty's financial position and results of operations for such periods.

Special Note Regarding Forward-Looking Statements

Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about a company's anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects us from unwarranted litigation, if actual results are different from management expectations. This discussion and analysis contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "may," "should," "expect," "anticipate," "intend," "plan," "continue," "believe," "seek," "estimate" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of factors and uncertainties, including, changes in general economic conditions, either nationally or in our market areas, that are worse than expected; competition among depository and other financial institutions; inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; our ability to enter new markets successfully and capitalize on growth opportunities; our ability to successfully integrate acquired entities; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board; changes in our organization, compensation and benefit plans; changes in our financial condition or results of operations that reduce capital available to pay dividends; increases in our provision for credit losses and changes in the financial condition or future prospects of issuers of securities that we own, which could cause our actual results and experience to differ from the anticipated results and expectations, expressed in such forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

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Three Months Ended March 31, 2025 Financial Overview

First Guaranty Bancshares is a Louisiana corporation and a financial holding company headquartered in Hammond, Louisiana. Our wholly-owned subsidiary, First Guaranty Bank, a Louisiana-chartered commercial bank, provides personalized commercial banking services primarily to Louisiana and Texas customers through 31 banking facilities primarily located in the MSAs of Hammond, Baton Rouge, Lafayette, Shreveport-Bossier City, Lake Charles and Alexandria, Louisiana and Dallas-Fort Worth-Arlington, Waco, Texas and Mideast markets in Kentucky and West Virginia. We emphasize personal relationships and localized decision making to ensure that products and services are matched to customer needs. We compete for business principally on the basis of personal service to customers, customer access to officers and directors and competitive interest rates and fees.

Financial highlights for the three months ended March 31, 2025 are as follows:

•First Guaranty continued with its business strategy to reduce risk in the loan portfolio during the first quarter of 2025. First Guaranty completed the sale of two commercial real estate loans that totaled $70.0 million that the bank identified as experiencing credit deterioration. First Guaranty realized a loss on the sale of the two loans of $5.8 million which was recorded through the allowance for credit losses and subsequent charge offs to the allowance. The first loan was a construction project located in Louisiana with a balance of $41.0 million. The second loan was a land development project located in Texas with a balance of $28.9 million. Both credits were performing at December 31, 2024 but displayed credit related weaknesses that prompted First Guaranty to sell the two loans in order to reduce risk.

•First Guaranty recorded a provision to the credit allowance of $14.5 million for the first quarter of 2025. $5.8 million of the provision was related to 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 of $181.0 million, or 6.7%, compared with December 31, 2024. Total deposits were $3.3 billion at March 31, 2025, a decrease of $136.8 million, or 3.9%, compared with December 31, 2024. Retained earnings were $66.1 million at March 31, 2025, a decrease of $6.9 million compared to $73.0 million at December 31, 2024. Shareholders' equity was $251.4 million and $255.0 million at March 31, 2025 and December 31, 2024, respectively.

•Net (loss) income for the three months ended March 31, 2025 and 2024 was $(6.2) million and $2.3 million, respectively, a decrease of $8.5 million.

•Earnings per common share were $(0.54) and $0.14 for three months ended March 31, 2025 and 2024, respectively. Total weighted average shares outstanding were 12,506,792 and 12,489,910 for the three months ended March 31, 2025 and 2024, respectively. The change in shares was due to the issuance of 186,787 shares of common stock under private placement in 2025.

•The allowance for credit losses was $43.0 million or 1.71% of total loans at March 31, 2025 compared to $34.8 million or 1.29% at December 31, 2024.

•Net interest income for the three months ended March 31, 2025 was $22.2 million compared to $21.9 million for the three months ended March 31, 2024.

•The provision for credit losses for the three months ended March 31, 2025 was $14.5 million compared to $2.3 million for the three months ended March 31, 2024. As previously noted, $5.8 million of the provision was related to the sale of two commercial real estate loans.

•Charge-offs were $6.9 million during the first three months ended March 31, 2025 and $2.3 million during the same period in 2024. $5.8 million of the charge-offs in 2025 was related to the loan sales noted above. Recoveries totaled $0.2 million during the first three months ended March 31, 2025 and $0.3 million during the same period in 2024.

•First Guaranty had $0.2 million of other real estate owned as of March 31, 2025 compared to $0.3 million at December 31, 2024.

•The net interest margin for the three months ended March 31, 2025 was 2.35% which was a decrease of 23 basis points from the net interest margin of 2.58% for the same period in 2024. Loans as a percentage of average interest earning assets decreased to 68.5% at March 31, 2025 compared to 80.8% at March 31, 2024.

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•Investment securities totaled $594.9 million at March 31, 2025, a decrease of $7.8 million when compared to $602.7 million at December 31, 2024. At March 31, 2025, available for sale securities, at fair value, totaled $273.0 million, a decrease of $8.1 million when compared to $281.1 million at December 31, 2024. The decrease in available for sale securities was primarily due to maturity of Treasury securities. At March 31, 2025, held to maturity securities, at amortized cost and net of the allowance for credit losses totaled $321.9 million, an increase of $0.3 million when compared to $321.6 million at December 31, 2024. The allowance for credit losses for HTM securities was $0.2 million at March 31, 2025 and December 31, 2024.

•Total loans net of unearned income were $2.5 billion at March 31, 2025, a net decrease of $181.0 million from December 31, 2024. Total loans net of unearned income are reduced by the allowance for credit losses which totaled $43.0 million at March 31, 2025 and $34.8 million at December 31, 2024, respectively.

•Nonaccrual loans increased $24.9 million to $133.4 million at March 31, 2025 compared to $108.5 million at December 31, 2024. The increase in total nonaccrual loans was concentrated primarily in two commercial real estate relationships that totaled $40.3 million.

•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.

•First Guaranty charged off $6.9 million in loan balances during the first quarter of 2025. The details of the $6.9 million in charged-off loans were as follows:

1.First Guaranty charged off $0.4 million in consumer loans during the first quarter of 2025. The consumer loan charge offs included $0.1 million in credit card loans, $0.1 million of loans secured by automobiles or equipment, and $0.2 million in unsecured loans.

2.First Guaranty charged off $4.9 million on a construction and land development loan that was subsequently sold during the first quarter of 2025. This relationship had no remaining principal balance as of March 31, 2025.

3.First Guaranty charged off $0.9 million on a construction and land development loan that was subsequently sold during the first quarter of 2025. This relationship had no remaining principal balance as of March 31, 2025.

4.Smaller loans and overdrawn deposit accounts comprised the remaining $0.7 million of charge-offs for the first quarter of 2025.

•Noninterest expense totaled $18.0 million for the first quarter of 2025 which included $0.7 million in fees related to the loan sale. Noninterest expense totaled $17.9 million for the fourth quarter of 2024, $19.7 million for the third quarter of 2024, $20.6 million for the second quarter of 2024, and $18.9 million for the first quarter of 2024. Full time equivalent employees totaled 380 at March 31, 2025. Full time equivalent employees totaled 399 at December 31, 2024, 404 at September 30, 2024, and 491 at December 31, 2023.

•Return on average assets for the three months ended March 31, 2025 and 2024 was (0.63)% and 0.26%, respectively. Return on average common equity for the three months ended March 31, 2025 and 2024 was (12.29)% and 3.17%, respectively. Return on average assets is calculated by dividing annualized net income by average assets. Return on average common equity is calculated by dividing annualized net income by average common equity.

•Book value per common share was $17.21 as of March 31, 2025 compared to $17.75 as of December 31, 2024. The decrease was due primarily to the decrease in retained earnings and recent issuance of new shares, offset by changes in accumulated other comprehensive income ("AOCI"). AOCI is comprised of unrealized gains and losses on available for sale securities, including unrealized losses on available for sale securities at the time of transfer to held to maturity.

•First Guaranty's Board of Directors declared cash dividends of $0.01 and $0.16 per common share in the first quarter of 2025 and 2024. The reduction in the common stock dividend payment was done in order to increase capital as part of First Guaranty’s new business strategy announced in the third quarter of 2024. First Guaranty has paid 127 consecutive quarterly dividends as of March 31, 2025.

•First Guaranty paid preferred stock dividends of $0.6 million during the first three months of 2025 and 2024.

•First Guaranty closed three branches and consolidated two existing branches into one location on March 7, 2025. These branches were located in Louisiana. The impact of the branch closures and consolidation did not materially affect operations.

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Financial Condition

Changes in Financial Condition from December 31, 2024 to March 31, 2025

Assets

Total assets at March 31, 2025 were $3.8 billion, a decrease of $143.5 million, or 3.6%, from December 31, 2024. Assets decreased primarily due to decreases in investment securities of $7.8 million and net loans of $189.2 million offset by an increase in cash and cash equivalents of $54.2 million at March 31, 2025 compared to December 31, 2024.

Loans

Net loans decreased $189.2 million, or 7.1%, to $2.5 billion at March 31, 2025 from December 31, 2024. Non-farm non-residential loan balances decreased $42.7 million due to paydowns. Construction and land development loans decreased $41.8 million principally due to the sale of loans and the conversion of existing loans to permanent financing. Commercial lease loan balances decreased $36.2 million primarily due to paydowns on the existing lease portfolio. First Guaranty's commercial lease portfolio generally has higher yields than commercial real estate loans but shorter average lives. Commercial and industrial loans decreased $23.0 million primarily due to paydowns. Multifamily loans decreased $20.6 million primarily due to paydowns. Farmland loans decreased $6.0 million primarily due to seasonal activity. One-to-four family residential loans decreased $6.0 million primarily due to paydowns. Agricultural loans decreased $3.1 million due to seasonal activity. Consumer and other loans decreased $2.5 million primarily due to paydowns. First Guaranty had approximately 3.3% of funded and 1.9% of unfunded commitments in our loan portfolio to businesses engaged in support or service activities for oil and gas operations. First Guaranty's hotel and hospitality portfolio totaled $176.6 million at March 31, 2025. As part of the management of risks in our loan portfolio, First Guaranty had previously established an internal guidance limit of approximately $200.0 million for its hotel and hospitality portfolio. First Guaranty had $336.2 million in loans related to our Texas markets at March 31, 2025 compared to $407.1 million at December 31, 2024. First Guaranty had $332.5 million in loans related to our Mideast markets in Kentucky and West Virginia at March 31, 2025 compared to $335.5 million at December 31, 2024. Syndicated loans at March 31, 2025 were $54.5 million, of which $27.2 million were shared national credits. Syndicated loans increased $0.7 million from $53.9 million at December 31, 2024.

As of March 31, 2025, 80.3% of our loan portfolio was secured by real estate. The largest portion of our loan portfolio, at 44.4% as of March 31, 2025, was non-farm non-residential loans secured by real estate. Approximately 55.9% of the loan portfolio was based on a floating rate tied to the prime rate, Secured Overnight Financing Rate ("SOFR"), or Treasury rates as of March 31, 2025. 47.1% of the loan portfolio is scheduled to mature within five years from March 31, 2025.

Commercial real estate (“CRE”) has received increased regulatory scrutiny in recent quarters due to valuation concerns associated with the increase in market interest rates and the impact of the COVID-19 pandemic. First Guaranty has utilized enhanced risk management practices for CRE concentration analysis for several years. First Guaranty Bank’s credit department conducts an annual stress test for CRE related loans that is presented to the Bank’s board of directors. The stress test analyzes the impact of changes in interest rates and cash flow on loan customers with credit exposures of $2.5 million or greater. First Guaranty generally requires personal guarantees on CRE loans. First Guaranty generally approves CRE loans with loan-to-values of 80% or less. First Guaranty also generally requires for construction related CRE loans that the borrower provides their equity contribution upfront before loan funds are advanced. First Guaranty modified its business strategy in 2024 to reduce exposure to commercial real estate related loans, particularly loans secured by non-owner occupied properties and construction loans for commercial real estate. First Guaranty continued this strategy in the first quarter of 2025.

First Guaranty has diversified its CRE portfolio across both industries and geographic location. The following is a summary of the largest CRE related loans associated with hotel and motels, office properties, apartment complexes, healthcare related properties, and properties under construction as of March 31, 2025. First Guaranty generally does not finance standalone multi-story office buildings in major metropolitan areas. The largest CRE loan secured by a hotel or motel totaled $19.8 million. The property is a flagged hotel located in Texas. The largest CRE loan secured by an office related property totaled $24.5 million and is located in Utah. The largest CRE loan secured by an apartment complex totaled $41.1 million and is located in Louisiana. The largest healthcare related loan is a $32.9 million property secured by an assisted living center located in Alabama. This healthcare loan is in non-accrual status. The largest CRE loan under construction totaled $29.1 million for an apartment complex and is secured by a property located in Texas.

The increase in classified assets at March 31, 2025 as compared to December 31, 2024 was due to a $99.6 million increase in substandard loans. The increase in substandard loans was primarily the result of downgrades during the first quarter of 2025 of one non-farm non-residential loan relationship totaling $48.6 million, from pass to substandard status, one construction and land development loan totaling $16.8 million, from special mention to substandard, one non-farm non-residential loan relationship totaling $15.8 million, from pass to substandard, and one commercial loan relationship totaling $11.1 million, from pass to substandard. Special mention loans increased by $56.5 million in 2025. The increase in special mention loans was primarily the result of downgrade during the first quarter of 2025 of two non-farm non-residential loan relationships, with balances of $26.6 million and $20.0 million, from pass to special mention status.

Net loans are reduced by the allowance for credit losses which totaled $43.0 million at March 31, 2025 and $34.8 million at December 31, 2024. Loan charge-offs were $6.9 million during the first three months of 2025 and $2.3 million during the same period in 2024. Recoveries totaled $0.2 million during the first three months of 2025 and $0.3 million during the same period in 2024. The provision for credit losses totaled $14.5 million for the first three months of 2025 and $2.3 million for the same period in 2024. See Note 4 of the Notes to Consolidated Financial Statements for more information on loans and Note 5 for more information on the allowance for credit losses.

Investment Securities

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Investment securities at March 31, 2025 totaled $594.9 million, a decrease of $7.8 million compared to $602.7 million at December 31, 2024. The portfolio consists of both available for sale (AFS) and held to maturity securities (HTM). The securities designated as held to maturity are agency and corporate debt securities that are part of First Guaranty’s investment strategy and public funds collateralization program. We purchase securities for our investment portfolio to provide a source of liquidity, to provide an appropriate return on funds invested, to manage interest rate risk and meet pledging requirements for public funds and borrowings.

The securities portfolio consisted principally of U.S. Government and Government agency securities, agency mortgage-backed securities, U.S. Government mortgage-backed securities, corporate debt securities and municipal bonds. U.S. government agencies consist of FHLB, Federal Farm Credit Bank ("FFCB"), Freddie Mac and Fannie Mae obligations. Mortgage-backed securities that we purchase are issued by Freddie Mac, Fannie Mae, or the U.S Government (GNMA). Management monitors the securities portfolio for both credit and interest rate risk. We generally limit the purchase of corporate securities to individual issuers to manage concentration and credit risk. Corporate securities generally have a maturity of 10 years or less. U.S. Government securities consist of U.S. Treasury securities that have maturities of less than two years. Government agency securities generally have maturities of 15 years or less. Agency and Government mortgage-backed securities generally stated final maturities of 15 to 20 years.

Our available for sale securities portfolio totaled $273.0 million at March 31, 2025, a decrease of $8.1 million, or 2.9%, compared to $281.1 million at December 31, 2024. The decrease was primarily due to the maturity of U.S. Treasury securities.

Our held to maturity securities portfolio totaled $321.9 million at March 31, 2025, an increase of $0.3 million, or 0.1%, compared to $321.6 million at December 31, 2024.

At March 31, 2025, $50.3 million, or 8.5%, of the securities portfolio was scheduled to mature in less than one year. $14.0 million, or 2.4%, of the securities portfolio, not including collateralized mortgage obligations and mortgage-backed securities, were scheduled to mature between one and five years. The majority of these securities were corporate bonds. $152.5 million, or 25.6%, of the securities portfolio, not including collateralized mortgage obligations and mortgage-backed securities, were scheduled to mature between five and ten years. Securities, not including collateralized mortgage obligations and mortgage-backed securities, with contractual maturity dates over 10 years totaled $182.2 million, or 30.6%, of the total securities portfolio at March 31, 2025. The average maturity of the securities portfolio is affected by call options that may be exercised by the issuer of the securities and are influenced by market interest rates. Prepayments of mortgages that collateralize mortgage-backed securities also affect the maturity of the securities portfolio. Based on internal forecasts as of March 31, 2025, management believes that the securities portfolio has a forecasted weighted average life of approximately 7.66 years based on the current interest rate environment. The portfolio had an estimated effective duration of 5.73 years at March 31, 2025.

There were no credit related impairment of available for sale securities during the three months ended March 31, 2025 or 2024. The allowance for credit losses for held to maturity securities was $0.2 million at March 31, 2025 and December 31, 2024.

Nonperforming Assets

Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are those on which the accrual of interest has stopped or loans which are contractually 90 days past due on which interest continues to accrue. Loans are ordinarily placed on nonaccrual status when principal and interest is delinquent for 90 days or more. However, management may elect to continue the accrual when the asset is well secured and in the process of collection. It is our policy to discontinue the accrual of interest income on any loan for which we have reasonable doubt as to the payment of interest or principal. When a loan is placed on nonaccrual status, unpaid interest credited to income is reversed. Nonaccrual loans are returned to accrual status when the financial position of the borrower indicates there is no longer any reasonable doubt as to the payment of principal or interest and a reasonable payment performance period is observed (generally considered six months or longer). Other real estate owned consists of property acquired through formal foreclosure, in-substance foreclosure or by deed in lieu of foreclosure.

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The table below sets forth the amounts and categories of our nonperforming assets at the dates indicated.


(in thousands)	March 31, 2025			December 31, 2024
Nonaccrual loans:
Real Estate:
Construction and land development	$	11,502		$	3,624
Farmland	2,177			2,619
1- 4 family	10,582			10,053
Multifamily	26,533			27,542
Non-farm non-residential	72,949			54,171
Total Real Estate	123,743			98,009
Non-Real Estate:
Agricultural	1,798			1,992
Commercial and industrial	6,152			6,762
Commercial leases	1,533			1,533
Consumer and other	167			233
Total Non-Real Estate	9,650			10,520
Total nonaccrual loans	133,393			108,529

Loans 90 days and greater delinquent & accruing:
Real Estate:
Construction and land development	—			7,394
Farmland	—			—
1- 4 family	—			—
Multifamily	—			—
Non-farm non-residential	387			4,108
Total Real Estate	387			11,502
Non-Real Estate:
Agricultural	—			—
Commercial and industrial	—			—
Commercial leases	—			—
Consumer and other	—			—
Total Non-Real Estate	—			—
Total loans 90 days and greater delinquent & accruing	387			11,502

Total nonperforming loans	133,780			120,031

Real Estate Owned:
Construction and land development	—			226
Farmland	—			—
1- 4 family	62			3
Multifamily	—			—
Non-farm non-residential	90			90
Total Real Estate Owned	152			319

Total nonperforming assets	$	133,932		$	120,350

Nonperforming assets to total loans	5.33		%	4.47		%
Nonperforming assets to total assets	3.50		%	3.03		%
Nonperforming loans to total loans	5.32		%	4.46		%
Nonaccrual loans to total loans	5.31		%	4.03		%
Allowance for credit losses to nonaccrual loans	32.25		%	32.08		%
Net loan charge-offs to average loans	1.03		%	0.64		%

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At March 31, 2025, nonperforming assets totaled $133.9 million, or 3.50% of total assets, compared to $120.4 million, or 3.03%, of total assets at December 31, 2024, which represented an increase of $13.6 million, or 11.3%. The increase in nonperforming assets occurred primarily due to an increase in nonaccrual loans, partially offset by a decrease in loans 90 days greater delinquent and still accruing and other real estate owned. Nonperforming loans included loans previously classified as purchase credit deteriorated following the adoption of CECL.

Nonaccrual loans increased from $108.5 million at December 31, 2024 to $133.4 million at March 31, 2025. The increase in total nonaccrual loans was concentrated primarily in two commercial real estate relationships that totaled $40.3 million. Nonaccrual loans included $3.7 million in loans with a government guarantee. These are structured as net loss guarantees in which up to 90% of loss exposure is covered.

At March 31, 2025, loans 90 days or greater delinquent and still accruing totaled $0.4 million, a decrease of $11.1 million compared to $11.5 million at December 31, 2024. The decrease in loans 90 days or greater delinquent and still accruing was attributed to moving those loans to nonaccrual, 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.

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 Expected Credit Loss (“CECL”) standard, requires financial assets measured on an amortized cost basis, including loans and held-to-maturity debt securities, to be presented at an amount net of an allowance for credit losses, which reflects expected losses for the full life of the financial asset. Unfunded lending commitments are also within the scope of this topic. Under prior GAAP losses were not recognized until the occurrence of the loss was probable.

The allowance for credit losses on loans is maintained to absorb potential losses in the loan portfolio. The allowance is increased by the provision for loan losses, offset by recoveries of previously charged-off loans and is decreased by loan charge-offs. The provision is a charge to current expense to provide for current expected loan losses and to maintain the allowance commensurate with management's evaluation of the risks inherent in the loan portfolio. Various factors are taken into consideration when determining the amount of the provision and the adequacy of the allowance. These factors include but are not limited to:

•past due and nonperforming assets;

•specific internal analysis of loans requiring special attention;

•the current level of regulatory classified and criticized assets and the associated risk factors with each;

•changes in underwriting standards or lending procedures and policies;

•charge-off and recovery practices;

•national and local economic and business conditions;

•nature and volume of loans;

•overall portfolio quality;

•adequacy of loan collateral;

•quality of loan review system and degree of oversight by our board of directors;

•competition and legal and regulatory requirements on borrowers;

•examinations of the loan portfolio by federal and state regulatory agencies and examinations; and

•review by our internal loan review department and independent accountants.

The data collected from all sources in determining the adequacy of the allowance is evaluated on a regular basis by management with regard to current national and local economic trends, prior loss history, underlying collateral values, credit concentrations and industry risks. An estimate of potential loss on specific loans is developed in conjunction with an overall risk evaluation of the total loan portfolio. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as new information becomes available.

The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, or collateral dependent. For such loans that are also classified as collateral dependent, an allowance is established when the collateral value is lower than the carrying value of that loan. The general component covers non-classified loans and special mention loans and is based on historical loss experience for the past three years adjusted for qualitative factors described above. An unallocated component is maintained to cover uncertainties that could affect the estimate of probable losses.

The balance in the allowance for credit losses is principally influenced by the provision for loan losses, recoveries, and by net loan loss experience. Additions to the allowance are charged to the provision for credit losses. Losses are charged to the allowance as incurred and recoveries on losses previously charged to the allowance are credited to the allowance at the time recovery is collected.

The allowance for credit losses on loans was $43.0 million, or 1.71% of total loans, and 32.2% of nonperforming loans at March 31, 2025.

Comparing March 31, 2025 to December 31, 2024, there were changes within the specific components of the allowance balance.

A provision for credit losses of $14.5 million was made during the three months ended March 31, 2025 and $2.3 million for the same period in 2024. The $14.5 million provision made in 2025 included a $0.3 million negative provision for credit losses related to unfunded commitments. First Guaranty's unfunded commitments declined during the first three months of 2025 which resulted in a reduced liability. The provisions made were taken to provide for current credit losses and to maintain the allowance proportionate to risks inherent in the loan portfolio.

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The loan portfolio factors in the first three months of 2025 that primarily affected the allocation of the allowance included the following:

•Construction and land development loans decreased during the first three months of 2025 due to the sale of loans. The allowance increase related to this portfolio was due to an increase in the allowance for loans individually evaluated of $2.6 million.

•One-to-four family residential loans decreased $6.0 million during the first three months of 2025. The allowance increase was due to changes in the qualitative analysis of the portfolio.

•Multifamily loans decreased $20.6 million during the first three months of 2025. The allowance increase related to this portfolio was due to changes in the qualitative analysis of the portfolio, and a $1.3 million increase in the allowance for loan individually evaluated.

•Non-farm non-residential loans decreased by $42.7 million during the first three months of 2025. The allowance increase related to this portfolio was due to changes in the qualitative analysis of the portfolio related to economic conditions, and a $3.5 million increase in the allowance for loans individually evaluated.

•Commercial and industrial loans decreased $23.0 million during the first three months of 2025. The allowance increase related to this portfolio was due to changes in the qualitative analysis of the portfolio.

•Commercial leases decreased $36.2 million during the first three months of 2025. The allowance increase related to this portfolio was due to changes in the qualitative analysis of the portfolio.

•Consumer and other loans decreased $2.5 million during the first three months of 2025. The decrease in the related loan loss allowance balance was due primarily to charge-offs and qualitative analysis of the portfolio.

First Guaranty charged off $6.9 million in loan balances during the first three months of 2025. The details of the $6.9 million in charged-off loans were as follows:

4.Smaller loans and overdrawn deposit accounts comprised the remaining $0.7 million of charge-offs for the first quarter of 2025.

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Other information related to the allowance for credit losses is as follows:


(in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Loans:
Average outstanding balance	$	2,624,913	$	2,761,533
Balance at end of period	$	2,512,788	$	2,752,230

Allowance for Credit Losses:
Balance at beginning of year	$	34,811	$	30,926
Charge-offs	(6,877)		(2,285)
Recoveries	240		255
Provision	14,848		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. This total excludes public funds deposits that are collateralized by securities or FHLB letters of credit. The amount of uninsured deposits including collateralized public funds deposits was estimated at $941.1 million at March 31, 2025.

The following table sets forth the distribution of our time deposit accounts.


(in thousands)	March 31, 2025
Time deposits of less than $100,000	$	865,814
Time deposits of $100,000 through $250,000	358,087
Time deposits of more than $250,000	197,614
Total Time Deposits	$	1,421,515

The following table sets forth the maturity of the time deposits greater than $250,000 at March 31, 2025.


(in thousands)	March 31, 2025
Three months or less	$	43,644
Three to six months	85,469
Six months to one year	42,785
One to three years	9,246
More than three years	16,470
Total Time Deposits greater than $250,000	$	197,614

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Public funds deposits totaled $928.4 million at March 31, 2025 and $1.0 billion at December 31, 2024. Public funds time deposits totaled $75.2 million at March 31, 2025 compared to $78.4 million at December 31, 2024. Public funds deposits decreased due to seasonal fluctuations. First Guaranty has developed a program for the retention and management of public funds deposits. Since the end of 2012, First Guaranty has maintained public funds deposits in excess of $400.0 million. These deposits are from public entities such as school districts, hospital districts, sheriff departments and municipalities. The majority of these funds are under fiscal agency agreements with terms of three years or less. Deposits under fiscal agency agreements are generally stable but public entities may maintain the ability to negotiate term deposits on a specific basis including with other financial institutions. These deposits generally have stable balances as we maintain both operating accounts and time deposits for these entities. There is a seasonal component to public deposit levels associated with annual tax collections. Public funds will increase at the end of the year and during the first quarter. In addition to seasonal fluctuations, there are monthly fluctuations associated with internal payroll and short-term tax collection accounts for our public funds deposit accounts. Public funds deposit accounts are collateralized by FHLB letters of credit, by expanded reciprocal deposit insurance programs, by Louisiana municipal bonds and by eligible government and government agency securities such as those issued by the FHLB, FFCB, Fannie Mae, and Freddie Mac. First Guaranty continues to grow the proportion of its public funds portfolio that is collateralized by reciprocal deposit insurance as an alternative to pledging securities or utilizing FHLB letters of credit. First Guaranty initiated this strategy to invest these deposits more efficiently in higher yielding loans to improve the net interest margin and earnings. Total public funds collateralized by reciprocal deposit insurance programs decreased to $546.8 million at March 31, 2025 compared to $609.4 million at December 31, 2024.

The following table sets forth public funds as a percent of total deposits.


(in thousands except for %)	March 31, 2025			December 31, 2024
Public Funds:
Noninterest-bearing Demand	$	6,618		$	4,385
Interest-bearing Demand	797,006			915,067
Savings	49,574			48,925
Time	75,203			78,420
Total Public Funds	$	928,401		$	1,046,797
Total Deposits	$	3,339,466		$	3,476,260
Total Public Funds as a percent of Total Deposits	27.8		%	30.1		%

Borrowings

First Guaranty maintains borrowing relationships with other financial institutions as well as the Federal Home Loan Bank on a short and long-term basis to meet liquidity needs. First Guaranty had $7.1 million in short-term borrowings outstanding at March 31, 2025 compared to $7.0 million at December 31, 2024. The short-term borrowings at March 31, 2025 were comprised of repurchase agreements of $7.1 million. The short-term borrowings outstanding at December 31, 2024 were comprised of repurchase agreements of $7.0 million.

First Guaranty had long-term borrowings from the FHLB that totaled $135.0 million at March 31, 2025 and December 31, 2024. First Guaranty converted previous short-term floating rate borrowings from the FHLB into long-term lower fixed rate borrowings in order to reduce interest expense. First Guaranty has a $100.0 million FHLB advance that matures in the second quarter of 2027, and a $35.0 million FHLB advance that matures in the third quarter of 2027.

First Guaranty had senior long-term debt totaling $14.2 million as of March 31, 2025 and $15.2 million at December 31, 2024.

First Guaranty had subordinated debt totaling $44.8 million at March 31, 2025 and $44.7 million at December 31, 2024.

First Guaranty had $453.4 million in Federal Home Loan Bank letters of credit as of March 31, 2025 compared to $455.7 million at December 31, 2024. Federal Home Loan Bank letters of credit are obtained primarily for collateralizing public deposits.

Total Shareholders' Equity

Total shareholders' equity decreased to $251.4 million at March 31, 2025 from $255.0 million at December 31, 2024. The decrease in shareholders' equity was principally the result of a decrease of $6.9 million in retained earnings, offset by an increase of $1.4 million in surplus and a decrease of $1.7 million in accumulated other comprehensive loss. The $6.9 million decrease in retained earnings was primarily due to net loss of $6.2 million during the three months ended March 31, 2025, $0.1 million in cash dividends paid on shares of our common stock and $0.6 million in cash dividends paid on shares of our preferred stock. The $1.4 million increase in surplus was due to common stock issued in a private placement during the first quarter of 2025. The decrease in accumulated other comprehensive loss was primarily attributed to the decrease in unrealized losses on available for sale securities during the three months ended March 31, 2025.

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Results of Operations for the First Quarter Ended March 31, 2025 and 2024

Performance Summary

Three months ended March 31, 2025 compared to the three months ended March 31, 2024. Net loss for the three months ended March 31, 2025 was $6.2 million, a decrease of $8.5 million, from net income of $2.3 million for the three months ended March 31, 2024. The decrease in net income for the three months ended March 31, 2025 as compared to the prior year period was primarily the result of the provision to the credit allowance. The increase in the provision for credit losses was related to changes within the portfolio, loan sales and charge-offs experienced in the first quarter. This was partially offset by an increase in interest income, an increase in noninterest income, and a decrease in noninterest expense. Loan interest income decreased primarily due to the decrease in First Guaranty's loan portfolio. Securities interest income increased due to an increase in the average balance and average yield of the investment portfolio. Noninterest income increased primarily due to an increase in service charges, commisions and fees. Noninterest expense decreased primarily due to decreased personnel expenses, travel and lodging, other real estate and repossession expense, sales taxes, and marketing expense. Loss per common share for the three months ended March 31, 2025 was $(0.54) per common share, $0.68 per common share from $0.14 per common share for the three months ended March 31, 2024.

Net Interest Income

Our operating results depend primarily on our net interest income, which is the difference between interest income earned on interest-earning assets, including loans and securities, and interest expense incurred on interest-bearing liabilities, including deposits and other borrowed funds. Interest rate fluctuations, as well as changes in the amount and type of interest-earning assets and interest-bearing liabilities, combine to affect net interest income. First Guaranty’s assets and liabilities are generally most affected by changes in the Federal Funds rate, SOFR rate, short term Treasury rates such as one month and three month Treasury bills, and longer term Treasury rates such as the U.S. ten year Treasury rate. Our net interest income is affected by changes in the amount and mix of interest-earning assets and interest-bearing liabilities. There may also be a time lag in the effect of interest rate changes on assets and liabilities. It is also affected by changes in yields earned on interest-earning assets and rates paid on interest-bearing deposits and other borrowed funds.

A financial institution's asset and liability structure is substantially different from that of a non-financial company, in that virtually all assets and liabilities are monetary in nature. Accordingly, changes in interest rates may have a significant impact on a financial institution's performance. The impact of interest rate changes depends on the sensitivity to the change of our interest-earning assets and interest-bearing liabilities. The effects of the changing interest rate environment in recent periods and our interest sensitivity position is discussed below.

Three months ended March 31, 2025 compared to the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025 and 2024 was $22.2 million and $21.9 million, respectively. The increase in net interest income for the three months ended March 31, 2025 as compared to the prior year period was primarily due to an increase in the average balance of our total interest-earning assets and a decrease in the average rate of our total interest-bearing liabilities, partially offset by a decrease in the average yield of our total interest-earning assets and an increase in the average balance of our total interest-bearing liabilities. For the three months ended March 31, 2025, the average balance of our total interest-earning assets increased by $417.9 million to $3.8 billion due to growth in the securities portfolio and an increase in interest-earning deposits with banks. The average yield of our interest-earning assets decreased by 47 basis points to 5.76% for the three months ended March 31, 2025 from 6.23% for the three months ended March 31, 2024 primarily due to a lower yield on interest-earning deposits with banks. For the three months ended March 31, 2025, the average balance of our total interest-bearing liabilities increased by $410.9 million to $3.3 billion primarily due to growth in interest-bearing deposits. The average rate of our total interest-bearing liabilities decreased by 36 basis points to 4.02% for the three months ended March 31, 2025 from 4.38% for the three months ended March 31, 2024. The primary source of the decrease in liabilities cost was associated with the repricing of interest bearing demand deposits for public funds that are primarily indexed to Treasury rates. As a result, our net interest rate spread decreased 11 basis points to 1.74% for the three months ended March 31, 2025 from 1.85% for the three months ended March 31, 2024. Our net interest margin decreased 23 basis points to 2.35% for the three months ended March 31, 2025 from 2.58% for the three months ended March 31, 2024.

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Interest Income

Three months ended March 31, 2025 compared to the three months ended March 31, 2024. Interest income increased $1.6 million, or 2.9%, to $54.5 million for the three months ended March 31, 2025 as compared to the prior year period. These factors contributed to the increase in interest income as the average balance of our total interest-earning assets, primarily associated with securities and interest-earning deposits with banks, increased, partially offset by the decrease in the average yield of interest-earning assets. The average balance of our interest-earning assets increased $417.9 million to $3.8 billion for the three months ended March 31, 2025 as compared to the same period in the prior year. The average yield of interest-earning assets decreased by 47 basis points to 5.76% for the three months ended March 31, 2025 compared to 6.23% for the three months ended March 31, 2024.

Interest income on securities increased $3.0 million to $5.5 million for the three months ended March 31, 2025 as compared to the prior year period primarily as a result of an increase in average balance and average yield of securities. The average balance of securities increased $265.4 million to $657.6 million for the three months ended March 31, 2025 from $392.2 million for the three months ended March 31, 2024 primarily due to a increase in the average balance of our U.S. Treasuries, mortgage-backed securities, and collateralized mortgage obligations securities portfolio compared to the prior year. The average yield on securities increased 81 basis points to 3.39% for the three months ended March 31, 2025 compared to 2.58% for the three months ended March 31, 2024 due to the increase in higher yielding securities.

Interest income on loans decreased $3.9 million or 8.4%, to $43.0 million for the three months ended March 31, 2025 as compared to the prior year period as a result of an decrease in the average balance and average yield of loans. The average balance of loans (excluding loans held for sale) decreased by $136.6 million to $2.6 billion for the three months ended March 31, 2025 from $2.8 billion for the three months ended March 31, 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 19 basis points to 6.64% for the three months ended March 31, 2025 from 6.83% for the three months ended March 31, 2024. Nonaccrual loans were $133.4 million at March 31, 2025 compared to $108.5 million at December 31, 2024.

Interest income on interest-earning deposits with banks increased $2.5 million to $6.0 million for the three months ended March 31, 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 $285.5 million to $547.5 million for the three months ended March 31, 2025 from $262.0 million for the three months ended March 31, 2024. This was partially offset by a decrease in the yield on interest-earning deposits of 90 basis points.

Interest Expense

Three months ended March 31, 2025 compared to the three months ended March 31, 2024. Interest expense increased $1.3 million, or 4.0%, to $32.2 million for the three months ended March 31, 2025 from $31.0 million for the three months ended March 31, 2024 due primarily to an increase in the average balance of interest-bearing liabilities offset by a decrease on the average rate of interest-bearing deposits. The average balance of interest-bearing liabilities increased by $410.9 million during the three months ended March 31, 2025 to $3.3 billion as compared to the prior year period. This increase was a result of a $12.9 million increase in the average balance of savings deposits, a $591.0 million increase in the average balance of time deposits, offset by a $167.0 million decrease in the average balance of interest-bearing demand deposits and a $26.1 million decrease in the average balance of borrowings. The average rate of interest-bearing demand deposits was 3.60% for the three months ended March 31, 2025 and 4.43% for the three months ended March 31, 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 6 basis points during the three months ended March 31, 2025 to 4.47% as compared to the prior year period. The decrease in the average rate of time deposits was due to changes in market rates as existing time deposits repriced.

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The following tables set forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments were made, as the effect thereof was not material. All average balances are daily average balances. Non-accrual loans were included in the computation of average balances but have been reflected in the tables as loans carrying a zero yield. The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

The net interest income yield shown below in the average balance sheet is calculated by dividing net interest income by average interest-earning assets and is a measure of the efficiency of the earnings from balance sheet activities. It is affected by changes in the difference between interest on interest-earning assets and interest-bearing liabilities and the percentage of interest-earning assets funded by interest-bearing liabilities.


	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
(in thousands except for %)	Average Balance		Interest		Yield/Rate (5)		Average Balance		Interest		Yield/Rate (5)
Assets
Interest-earning assets:
Interest-earning deposits with banks	$	547,494	$	5,999	4.44	%	$	261,981	$	3,476	5.34	%
Securities (including FHLB stock)	657,607		5,495		3.39	%	392,214		2,514		2.58	%
Federal funds sold	473		—		—	%	329		—		—	%
Loans held for sale	3,429		—		—	%	—		—		—	%
Loans, net of unearned income(6)	2,624,913		42,969		6.64	%	2,761,533		46,918		6.83	%
Total interest-earning assets	3,833,916		$	54,463	5.76	%	3,416,057		$	52,908	6.23	%

Noninterest-earning assets:
Cash and due from banks	20,357						19,036
Premises and equipment, net	66,933						70,101
Other assets	31,553						27,836
Total Assets	$	3,952,759					$	3,533,030

Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Demand deposits	$	1,373,810	$	12,204	3.60	%	$	1,540,763	$	16,976	4.43	%
Savings deposits	236,905		1,262		2.16	%	223,959		1,227		2.20	%
Time deposits	1,441,700		15,890		4.47	%	850,712		9,572		4.53	%
Borrowings	202,026		2,884		5.79	%	228,157		3,212		5.66	%
Total interest-bearing liabilities	3,254,441		$	32,240	4.02	%	2,843,591		$	30,987	4.38	%

Noninterest-bearing liabilities:
Demand deposits	401,994						419,916
Other	40,627						17,174
Total Liabilities	3,697,062						3,280,681

Shareholders' equity	255,697						252,349
Total Liabilities and Shareholders' Equity	$	3,952,759					$	3,533,030
Net interest income			$	22,223					$	21,921

Net interest rate spread (1)					1.74	%					1.85	%
Net interest-earning assets (2)	$	579,475					$	572,466
Net interest margin (3), (4)					2.35	%					2.58	%

Average interest-earning assets to interest-bearing liabilities					117.81	%					120.13	%

(1)Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(2)Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

(3)Net interest margin represents net interest income divided by average total interest-earning assets.

(4)The tax adjusted net interest margin was 2.36% and 2.58% for the above periods ended March 31, 2025 and 2024, respectively. A 21% tax rate was used to calculate the effect on securities income from tax exempt securities for the above periods ended March 31, 2025 and 2024, respectively.

(5)Annualized.

(6)Includes loan fees of $1.6 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively.

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Provision for Credit Losses

A provision for credit losses is a charge to income in an amount that management believes is necessary to maintain an adequate allowance for credit losses. The allowance for loan losses is calculated under ASC 326 and is management's evaluation of expected credit losses over the life of the loans in the portfolio. The provision is based on management's regular evaluation of current economic conditions in our specific markets as well as regionally and nationally, changes in the character and size of the loan portfolio, underlying collateral values securing loans, and other factors which deserve recognition in estimating loan losses. Past events, current conditions, and reasonable forecasts, along with quantitative and qualitative adjustments, are used in calculating the allowance for credit losses. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available or as future events change.

For the three months ended March 31, 2025, the provision for credit losses was $14.5 million compared to $2.3 million for the same period in 2024. The $14.5 million provision included a $0.3 million negative provision for credit losses related to unfunded commitments. Total charge-offs were $6.9 million for the three months ended March 31, 2025 and $2.3 million for the same period in 2024. Charge-offs for the three months ended March 31, 2025 were concentrated in consumer auto and equipment secured loans, unsecured consumer loan and two construction and land development loans, both were subsequently sold during the first quarter of 2025. Partially offsetting these charge-offs were recoveries that totaled $0.2 million for the three months ended March 31, 2025 and $0.3 million for the same period in 2024.

We believe that the allowance is adequate to cover current expected losses in the loan portfolio given the current economic conditions, and current expected net charge-offs and nonperforming asset levels. Economic uncertainty may result in additional increases to the allowance for credit losses in future periods.

There was no provision for credit losses on AFS or HTM securities in the three months ended March 31, 2025 and 2024.

Noninterest Income

Our primary sources of recurring noninterest income are customer service fees, ATM and debit card fees, loan fees, gains on the sales of loans and available for sale securities and other service fees. Noninterest income does not include loan origination fees which are recognized over the life of the related loan as an adjustment to yield using the interest method.

Noninterest income totaled $2.4 million for the three months ended March 31, 2025, an increase of $46,000 from $2.3 million for the three months ended March 31, 2024. The increase was primarily due to increased service charges, commissions and fees. Service charges, commissions and fees totaled $0.8 million for the three months ended March 31, 2025 and $0.7 million for the same period in 2024. ATM and debit card fees totaled $0.7 million for the three months ended March 31, 2025 and $0.8 million for the same period in 2024. Net securities losses were $0 for the three months ended March 31, 2025 and 2024. Net gains on the sale of loans were $0 for the three months ended March 31, 2025 and 2024. Net gains on the sale of assets were $4,000 for the three months ended March 31, 2025 compared to $6,000 for the same period in 2024. Other noninterest income totaled $0.8 million for the three months ended March 31, 2025 and 2024.

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Noninterest Expense

Noninterest expense includes salaries and employee benefits, occupancy and equipment expense and other types of expenses. Noninterest expense totaled $18.0 million for the three months ended March 31, 2025 and $18.9 million for the three months ended March 31, 2024. Salaries and benefits expense totaled $8.4 million for the three months ended March 31, 2025 and $9.9 million for the three months ended March 31, 2024. Occupancy and equipment expense totaled $2.6 million for the three months ended March 31, 2025 and $2.3 million for the same period in 2024. Other noninterest expense totaled $6.9 million for the three months ended March 31, 2025 and $6.8 million for the same period in 2024.

The following table presents, for the periods indicated, the major categories of other noninterest expense:


	Three Months Ended March 31,
(in thousands)	2025		2024
Other noninterest expense:
Legal and professional fees	$	1,088	$	972
Data processing	337		377
ATM fees	350		420
Marketing and public relations	241		332
Taxes - sales, capital, and franchise	500		605
Operating supplies	37		101
Software expense and amortization	1,216		1,253
Travel and lodging	72		228
Telephone	91		106
Amortization of core deposit intangibles	174		174
Donations	58		75
Net costs from other real estate and repossessions	50		204
Regulatory assessment	1,544		933
Other	1,178		983
Total other noninterest expense	$	6,936	$	6,763

Income Taxes

The amount of income tax expense is influenced by the amount of pre-tax income, the amount of tax-exempt income and the amount of other non-deductible expenses and the statutory tax rate. The benefit for income taxes for the three months ended March 31, 2025 was $1.8 million compared to a provision of $0.7 million for the same period in 2024. The provision for income taxes decreased due to a decrease in income before income taxes. First Guaranty's statutory tax rate was 21.0% for the three months ended March 31, 2025 and 2024.

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Liquidity and Capital Resources

Liquidity

Liquidity refers to the ability or flexibility to manage future cash flows to meet the needs of depositors and borrowers and fund operations. Maintaining appropriate levels of liquidity allows us to have sufficient funds available to meet customer demand for loans, withdrawal of deposit balances and maturities of deposits and other liabilities. Liquid assets include cash and due from banks, interest-earning demand deposits with banks, federal funds sold and available for sale investment securities.

First Guaranty's cash and cash equivalents totaled $618.4 million at March 31, 2025 compared to $564.2 million at December 31, 2024. Loans maturing within one year or less at March 31, 2025 totaled $400.2 million compared to $486.0 million at December 31, 2024. At March 31, 2025, time deposits maturing within one year or less totaled $890.0 million compared to $804.1 million at December 31, 2024. Time deposits maturing after one year through three years totaled $372.5 million at March 31, 2025 compared to $489.6 million at December 31, 2024. Time deposits maturing after three years totaled $158.9 million at March 31, 2025 compared to $157.0 million at December 31, 2024. First Guaranty's held to maturity ("HTM") securities portfolio at March 31, 2025 was $321.9 million, or 54.1% of the investment portfolio, compared to $321.6 million, or 53.4% at December 31, 2024. First Guaranty's available for sale ("AFS") securities portfolio was $273.0 million, or 45.9% of the investment portfolio as of March 31, 2025 compared to $281.1 million, or 46.6% of the investment portfolio at December 31, 2024. The majority of the AFS portfolio was comprised of U.S. Treasury securities, corporate debt securities, municipal bonds, collaterlized mortgage obligations and mortgage-backed securities.

First Guaranty maintained a net borrowing capacity at the Federal Home Loan Bank totaling $371.9 million and $339.2 million at March 31, 2025 and December 31, 2024, respectively with $135.0 million in FHLB advances outstanding at March 31, 2025 and December 31, 2024. The advances outstanding at March 31, 2025 and December 31, 2024 were comprised of two long-term advances that totaled $135.0 million. The change in borrowing capacity with the Federal Home Loan Bank was due to changes in the value that First Guaranty receives on pledged collateral and due to First Guaranty's usage of the line. First Guaranty has increasingly transitioned public funds deposits into reciprocal deposit programs for collateralization as an alternative to FHLB letters of credit. We also maintain federal funds lines of credit at various correspondent banks with borrowing capacity of $93.0 million as of March 31, 2025. We also have a discount window line with the Federal Reserve Bank that totaled $226.5 million at March 31, 2025 which was a decrease of $23.9 million compared to availability of $250.4 million at December 31, 2024. First Guaranty did not have any advances under this facility at March 31, 2025. Management believes there is sufficient liquidity to satisfy current operating needs.

Capital Resources

First Guaranty's capital position is reflected in shareholders' equity, subject to certain adjustments for regulatory purposes. Further, our capital base allows us to take advantage of business opportunities while maintaining the level of resources we deem appropriate to address business risks inherent in daily operations.

Total shareholders' equity decreased to $251.4 million at March 31, 2025 from $255.0 million at December 31, 2024. The decrease in shareholders' equity was principally the result of a decrease of $6.9 million in retained earnings, offset by an increase of $1.4 million in surplus and a decrease of $1.7 million in accumulated other comprehensive loss. The $6.9 million decrease in retained earnings was primarily due to net loss of $6.2 million, $0.1 million in cash dividends paid on shares of our common stock and $0.6 million in cash dividends paid on shares of our preferred stock during the three months ended March 31, 2025. The $1.4 million increase in surplus was due to common stock issued in a private placement during the first quarter of 2025. The decrease in accumulated other comprehensive loss was primarily attributed to the decrease in unrealized losses on available for sale securities during the three months ended March 31, 2025.

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Regulatory Capital

Risk-based capital regulations adopted by the FDIC require banks to achieve and maintain specified ratios of capital to risk-weighted assets. Similar capital regulations apply to bank holding companies over $3.0 billion in assets. The risk-based capital rules are designed to measure "Tier 1" capital (consisting of common equity, retained earnings and a limited amount of qualifying perpetual preferred stock and trust preferred securities, net of goodwill and other intangible assets and accumulated other comprehensive income) and total capital in relation to the credit risk of both on- and off- balance sheet items. Under the guidelines, one of its risk weights is applied to the different on-balance sheet items. Off-balance sheet items, such as loan commitments, are also subject to risk weighting. Applicable bank holding companies and all banks must maintain a minimum total capital to total risk weighted assets ratio of 8.00%, at least half of which must be in the form of core or Tier 1 capital. These guidelines also specify that bank holding companies that are experiencing internal growth or making acquisitions will be expected to maintain capital positions substantially above the minimum supervisory levels.

In order to avoid limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers, an institution must hold a capital conservation buffer above its minimum risk-based capital requirements. As of March 31, 2025, the Bank's capital conservation buffer was 4.74% exceeding the minimum of 2.50%. As of March 31, 2025, First Guaranty's capital conservation buffer was 3.38% exceeding the minimum of 2.50%.

As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Federal Reserve Board has amended its small bank holding company and savings and loan holding company policy statement to provide that holding companies with consolidated assets of less than $3 billion that are (i) not engaged in significant nonbanking activities, (ii) do not conduct significant off-balance sheet activities, and (3) do not have a material amount of SEC-registered debt or equity securities, other than trust preferred securities, that contribute to an organization's complexity, are no longer subject to regulatory capital requirements, effective August 30, 2018. On January 1, 2024, First Guaranty ceased being considered a "small bank holding company". Accordingly, both the Bank and First Guaranty are required to maintain specified ratios of capital to risk-weighted assets.

In addition, as a result of the legislation, the federal banking agencies have developed a "Community Bank Leverage Ratio" (the ratio of a bank's Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A "qualifying community bank" that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered "well capitalized" under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies set the new Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks will have until January 1, 2022, before the Community Bank Leverage Ratio requirement will return to 9%. A financial institution can elect to be subject to this new definition. As of March 31, 2025, the Bank has not elected to follow the Community Bank Leverage Ratio.

At March 31, 2025, we satisfied the minimum regulatory capital requirements and were well capitalized within the meaning of federal regulatory requirements.


	"Well Capitalized Minimums"		As of March 31, 2025		As of December 31, 2024
Tier 1 Leverage Ratio
Bank	5.00	%	7.73	%	7.82	%
Consolidated	5.00	%	6.32	%	6.42	%
Tier 1 Risk-based Capital Ratio
Bank	8.00	%	11.49	%	11.00	%
Consolidated	8.00	%	9.38	%	9.04	%
Total Risk-based Capital Ratio
Bank	10.00	%	12.74	%	12.11	%
Consolidated	10.00	%	12.33	%	11.73	%
Common Equity Tier One Capital Ratio
Bank	6.50	%	11.49	%	11.00	%
Consolidated	6.50	%	8.13	%	7.87	%

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Asset/Liability Management and Market Risk

Our asset/liability management (ALM) process consists of quantifying, analyzing and controlling interest rate risk (IRR) to maintain reasonably stable net interest income levels under various interest rate environments. The principal objective of ALM is to maximize net interest income while operating within acceptable limits established for interest rate risk and to maintain adequate levels of liquidity.

The majority of our assets and liabilities are monetary in nature. Consequently, one of our most significant forms of market risk is interest rate risk, which is inherent in our lending and deposit-taking activities. Our assets, consisting primarily of loans secured by real estate and fixed rate securities in our investment portfolio, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage interest rate risk and reduce the exposure of our net interest income to changes in market interest rates. The board of directors of First Guaranty Bank has established two committees, the management asset liability committee and the board investment committee, to oversee the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the board of directors. The management asset liability committee is comprised of senior officers of the Bank and meets as needed to review our asset liability policies and interest rate risk position. The board ALCO investment committee is comprised of certain members of the board of directors of the Bank and meets monthly. The management asset liability committee provides a monthly report to the board ALCO investment committee.

The need for interest sensitivity gap management is most critical in times of rapid changes in overall interest rates. First Guaranty has generally been liability sensitive. We modified our business plan in 2024 to reduce the liability sensitive nature of our balance sheet. We are working to limit our future exposure to interest rate fluctuations by creating a more balanced mix of rate sensitive assets and liabilities on a one-year time horizon and greater than one-year time horizon. We purchased amortizing mortgage backed securities in 2024 and 2025. We also purchased U.S. Treasury securities with a maturity of one year or less in 2024. Because of the significant impact on net interest margin from mismatches in repricing opportunities, we monitor the asset-liability mix periodically depending upon the management asset liability committee's assessment of current business conditions and the interest rate outlook. These strategies include, but are not limited to, frequent internal modeling of asset and liability values and behavior due to changes in interest rates. We monitor cash flow forecasts closely and evaluate the impact of both prepayments and extension risk.

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The following interest sensitivity analysis is one measurement of interest rate risk. This analysis reflects the contractual maturity characteristics of assets and liabilities over various time periods. This analysis does not factor in prepayments or interest rate floors on loans which may significantly change the report. This table includes nonaccrual loans in their respective maturity periods. The gap indicates whether more assets or liabilities are subject to repricing over a given time period. The interest sensitivity analysis at March 31, 2025 illustrated below reflects a liability-sensitive position with a negative cumulative gap on a one-year basis.

The interest spread and liability funding discussed below are directly related to changes in asset and liability mixes, volumes, maturities and repricing opportunities for interest-earning assets and interest-bearing liabilities. Interest-sensitive assets and liabilities are those which are subject to repricing in the near term, including both floating or adjustable rate instruments and instruments approaching maturity. The interest sensitivity gap is the difference between total interest-sensitive assets and total interest-sensitive liabilities. Interest rates on our various asset and liability categories do not respond uniformly to changing market conditions. Interest rate risk is the degree to which interest rate fluctuations in the marketplace can affect net interest income.


	March 31, 2025
	Interest Sensitivity Within
(in thousands except for %)	3 Months Or Less			Over 3 Months thru 12 Months			Total One Year			Over One Year		Total
Earning Assets:
Loans (including loans held for sale)	$	791,841		$	423,336		$	1,215,177		$	1,297,611	$	2,512,788
Securities (including FHLB stock)	9,940			50,223			60,163			544,582		604,745
Federal Funds Sold	563			—			563			—		563
Other earning assets	606,900			—			606,900			—		606,900
Total earning assets	$	1,409,244		$	473,559		$	1,882,803		$	1,842,193	$	3,724,996

Source of Funds:
Interest-bearing accounts:
Demand deposits	$	1,248,633		$	—		$	1,248,633		$	—	$	1,248,633
Savings deposits	243,701			—			243,701			—		243,701
Time deposits	187,888			702,173			890,061			531,454		1,421,515
Short-term borrowings	—			—			—			7,030		7,030
Long-term borrowings	14,174			—			14,174			135,000		149,174
Junior subordinated debt	44,760			—			44,760			—		44,760
Noninterest-bearing, net	—			—			—			610,183		610,183
Total source of funds	$	1,739,156		$	702,173		$	2,441,329		$	1,283,667	$	3,724,996

Period gap	$	(329,912)		$	(228,614)		$	(558,526)		$	558,526
Cumulative gap	$	(329,912)		$	(558,526)		$	(558,526)		$	—

Cumulative gap as a percent of earning assets	(8.9)		%	(15.0)		%	(15.0)		%

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As defined by the Securities and Exchange Commission in Exchange Act Rules 13a-15(e) and 15d-15(e), a Company's "disclosure controls and procedures" means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within time periods specified in the Commission's rules and forms. First Guaranty maintains such controls designed to ensure this material information is communicated to Management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decision regarding required disclosure.

Management, with the participation of the CEO and CFO, have evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report on Form 10-Q. Based on that evaluation, the CEO and CFO have concluded that the disclosure controls and procedures as of the end of the period covered by this quarterly report are effective. There were no changes in First Guaranty's internal control over financial reporting during the last fiscal quarter in the period covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, First Guaranty's internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

First Guaranty is subject to various legal proceedings in the normal course of its business. First Guaranty assesses its liabilities and contingencies in connection with outstanding legal proceedings. Where it is probable that First Guaranty will incur a loss and the amount of the loss can be reasonably estimated, First Guaranty records a liability in its consolidated financial statements. First Guaranty does not record a loss if the loss is not probable, or the amount of the loss is not estimable. First Guaranty Bank is a defendant in a lawsuit alleging fault for a loss of funds by a customer related to fraud by a third party, with a possible loss range of $0.0 million to $1.5 million. The Bank denies the allegations and intends to vigorously defend against this lawsuit, which is in early stages, and no trial has been set. No accrued liability has been recorded related to this lawsuit. First Guaranty settled a case in the third quarter of 2021 for $1.1 million. A receivable for $0.9 million was recorded for recovery by a claim against First Guaranty's insurer. During the second quarter of 2024, First Guaranty received $0.5 million of the $0.9 million receivable. The remaining $0.4 million was written off. In the opinion of management, neither First Guaranty nor First Guaranty Bank is currently involved in such legal proceedings, either individually or in the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably.

Item 1A. Risk Factors

There have been no material changes to our risk factors as disclosed in First Guaranty's Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a)On March 31, 2025, First Guaranty completed a private placement of 186,787 shares of its common stock, $1.00 par value per share (the "Common Stock") at $1.00 per share for aggregate offering proceeds of $1.6 million. On April 2, 2025, First Guaranty completed a private placement of 196,920 shares of its common stock, $1.00 par value per share of Common Stock at $1.00 per share for aggregate offering proceeds of $1.7 million. The offer and sale of the Common Stock by First Guaranty was made to "accredited investors" in reliance upon the exemptions from registration available under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D. The proceeds of the private placement were used for general corporate purposes, including to support continued growth and to enhance regulatory capital ratios.

(b)Not applicable.

(c)Not applicable.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a)Not applicable.

(b)Not applicable.

(c)During the three months ended March 31, 2025, no First Guaranty officer or director adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading agreement", as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

The following exhibits are either filed as part of this report or are incorporated herein by reference.


Exhibit Number			Exhibit
3.1			Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (1)
3.2			Articles of Amendment to the Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (2)
3.3			Articles of Amendment to the Restated Articles of Incorporation of First Guaranty Bancshares, Inc. (3).
3.4			Bylaws of First Guaranty Bancshares, Inc. (4)
3.5			Amendment to Bylaws of First Guaranty Bancshares, Inc. (5)
4.1			Form of Common Stock Certificate of First Guaranty Bancshares, Inc. (6)
4.2			Subordinated Note, dated as of June 21, 2022, by and between First Guaranty Bancshares, Inc. and Edgar Ray Smith, III. (7)
4.2			Subordinated Note, dated as of March 28, 2024, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investments L.L.C. (1 3 )
4.3			Description of Common Stock. (8)
4.4			Preferred Stock Specimen Certificate (9)
4.5			Description of Preferred Stock. (10)
4.6			Deposit Agreement, dated as of April 27, 2021, by and between First Guaranty Bancshares, Inc. and Zions Bancorporation, National Association, and the holders from time to time of the depositary receipts described herein (11)
4.7			Form of Depositary Receipt representing Depositary Shares (11)
31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.SCH			XBRL Taxonomy Extension Schema.
101.CAL			XBRL Taxonomy Extension Calculation Linkbase.
101.DEF			XBRL Taxonomy Extension Definition Linkbase.
101.PRE			XBRL Taxonomy Extension Presentation Linkbase.
101.LAB			XBRL Taxonomy Extension Label Linkbase.
101.INS			XBRL Instance Document.

(1)Incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(2)Incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on September 23, 2011.

(3)Incorporated by reference to Exhibit 3.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 27, 2021.

(4)Incorporated by reference to Exhibit 3.2 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(5)Incorporated by reference to Exhibit 3.3 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(6)Incorporated by reference to Exhibit 4 of the Current Report on Form 8-K12G3 filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on August 2, 2007.

(7)Incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on June 23, 2022.

(8)Incorporated by reference to Exhibit 4.3 of the Annual Report on Form 10-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on March 16, 2023.

(9)Incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 27, 2021.

(10)Incorporated by reference to Exhibit 4.5 of the Annual Report on Form 10-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on March 16, 2023.

(11)Incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 27, 2021.

(12)Incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on July 10, 2023.

(13)Incorporated by reference to Exhibit 4.2 of the Current Report on Form 8-K filed by First Guaranty Bancshares, Inc. with the Securities and Exchange Commission on April 3, 2024.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, First Guaranty has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FIRST GUARANTY BANCSHARES, INC.


Date: May 12, 2025						By: /s/ Michael R. Mineer
						Michael R. Mineer
						President and Chief Executive Officer
						Principal Executive Officer

Date: May 12, 2025						By: /s/ Eric J. Dosch
						Eric J. Dosch
						Chief Financial Officer, Secretary and Treasurer
						Principal Financial Officer

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First Guaranty Bancshares - 10-Q quarterly report FY2025 Q1

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