v3.25.3

Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 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 recorded operating right-of-use ("ROU") assets and corresponding lease liabilities of $11.5 million and $11.5 million, respectively. 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. Information concerning First Guaranty’s leases is as follows:
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
Weighted-average lease term (in years) |  | 13.5 |  | 14.5
Weighted-average discount rate |  | 7.9 | % |  | 7.9 | %
First Guaranty’s operating lease ROU assets were $11.2 million and $11.6 million at September 30, 2025 and December 31, 2024, respectively, and the related operating lease liabilities were $11.3 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 $1.3 million and $0.6 million for the nine months ended September 30, 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 $1.1 million and $0.4 million were included in operating cash flows for the respective nine- periods. The following table reports minimum lease payments under non-cancelable operating leases at September 30, 2025:
(in thousands) |  |  |  |
2025 |  | $ | 352 |  |  |
2026 |  | 1,406 |  |  |
2027 |  | 1,406 |  |  |
2028 |  | 1,351 |  |  |
2029 |  | 1,307 |  |  |
Thereafter |  | 12,797 |  |  |
Total lease payments |  | 18,619 |  |  |
Less: interest |  | (7,332) |  |  |
Present value of lease liabilities |  | $ | 11,287 |  |  |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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