v3.25.3

Borrowings | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Borrowings | Borrowings During the quarter ended June 30, 2025, First Guaranty entered into an Exchange Agreement which provided for the exchange of certain floating rate subordinated debt due June 21, 2032, in the principal amount of $15.0 million, held by a related party for 1,981,506 shares of newly issued common stock of First Guaranty. First Guaranty also entered into the amendments to the promissory note for the senior debt owed to a related party and subordinated note to a related party which allows First Guaranty to make payment of interest either in cash or shares of common stock for the period June 30, 2025 through March 31, 2026. As of March 31, 2025, First Guaranty was not in compliance with one financial covenant under its credit agreement for its senior debt. First Guaranty’s adjusted Texas Ratio exceeded 35% at March 31, 2025. As a result, the interest rate on the senior loan was increased by one percent to 8.0% for the second quarter of 2025. The lender has provided a waiver for this covenant breach effective June 30, 2025 through March 31, 2026. First Guaranty issued 31,701 shares of common stock for payment in kind ("PIK") interest due on the senior debt for the quarter ended September 30, 2025. First Guaranty issued 78,571 shares of common stock as PIK payments of interest on a $30.0 million subordinated debt for the quarter ended September 30, 2025.

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