v3.25.3

Securities (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Comparison of Securities by Type | A summary comparison of securities by type at September 30, 2025 and December 31, 2024 is shown below.
|  | September 30, 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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 147,840 |  |  | $ | 33 |  |  | $ | (93) |  |  | $ | 147,780 |
U.S. Government Agencies |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate debt securities |  | 8,300 |  |  | — |  |  | (245) |  |  | 8,055 |  |  | 12,250 |  |  | — |  |  | (668) |  |  | 11,582 |
Municipal bonds |  | 17,723 |  |  | 190 |  |  | (460) |  |  | 17,453 |  |  | 21,736 |  |  | 220 |  |  | (339) |  |  | 21,617 |
Collateralized mortgage obligations |  | 136,305 |  |  | 824 |  |  | (101) |  |  | 137,028 |  |  | 32,065 |  |  | — |  |  | (446) |  |  | 31,619 |
Mortgage-backed securities |  | 210,545 |  |  | 1,637 |  |  | (383) |  |  | 211,799 |  |  | 70,430 |  |  | — |  |  | (1,931) |  |  | 68,499 |
Total available for sale securities |  | $ | 372,873 |  |  | $ | 2,651 |  |  | $ | (1,189) |  |  | $ | 374,335 |  |  | $ | 284,321 |  |  | $ | 253 |  |  | $ | (3,477) |  |  | $ | 281,097 |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies |  | $ | 267,410 |  |  | $ | — |  |  | $ | (54,569) |  |  | $ | 212,841 |  |  | $ | 266,761 |  |  | $ | — |  |  | $ | (64,671) |  |  | $ | 202,090 |
Corporate debt securities |  | 55,153 |  |  | 6 |  |  | (3,434) |  |  | 51,725 |  |  | 55,011 |  |  | — |  |  | (5,643) |  |  | 49,368 |
Total held to maturity securities |  | $ | 322,563 |  |  | $ | 6 |  |  | $ | (58,003) |  |  | $ | 264,566 |  |  | $ | 321,772 |  |  | $ | — |  |  | $ | (70,314) |  |  | $ | 251,458 |
Schedule of Investments Classified by Contractual Maturity Date | The scheduled maturities of securities at September 30, 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 September 30, 2025
(in thousands) |  | Amortized Cost |  | Fair Value
Available for sale: |  |  |  |
Due in one year or less |  | $ | 3,564 |  |  | $ | 3,572 |
Due after one year through five years |  | 6,860 |  |  | 6,930 |
Due after five years through 10 years |  | 13,394 |  |  | 13,022 |
Over 10 years |  | 2,205 |  |  | 1,984 |
Subtotal |  | 26,023 |  |  | 25,508 |
Collateralized mortgage obligations |  | 136,305 |  |  | 137,028 |
Mortgage-backed securities |  | 210,545 |  |  | 211,799 |
Total available for sale securities |  | $ | 372,873 |  |  | $ | 374,335 |
Held to maturity: |  |  |  |
Due in one year or less |  | $ | — |  |  | $ | — |
Due after one year through five years |  | 23,612 |  |  | 22,532 |
Due after five years through 10 years |  | 118,949 |  |  | 106,441 |
Over 10 years |  | 180,002 |  |  | 135,593 |
Total held to maturity securities |  | $ | 322,563 |  |  | $ | 264,566 |
Schedule of Unrealized Loss on Investments | The following is a summary of the fair value of securities with gross unrealized losses and an aging of those gross unrealized losses at September 30, 2025.
|  |  | At September 30, 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 | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
Corporate debt securities | 2 |  |  | 1,484 |  |  | (16) |  |  | 8 |  |  | 6,571 |  |  | (229) |  |  | 10 |  |  | 8,055 |  |  | (245) |
Municipal bonds | 3 |  |  | 1,350 |  |  | (40) |  |  | 26 |  |  | 5,135 |  |  | (420) |  |  | 29 |  |  | 6,485 |  |  | (460) |
Collateralized mortgage obligations | 9 |  |  | 42,883 |  |  | (101) |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 42,883 |  |  | (101) |
Mortgage-backed securities | 2 |  |  | 6,822 |  |  | (14) |  |  | 14 |  |  | 34,715 |  |  | (369) |  |  | 16 |  |  | 41,537 |  |  | (383) |
Total available for sale securities | 16 |  |  | $ | 52,539 |  |  | $ | (171) |  |  | 48 |  |  | $ | 46,421 |  |  | $ | (1,018) |  |  | 64 |  |  | $ | 98,960 |  |  | $ | (1,189) |
Held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government Agencies | — |  |  | $ | — |  |  | $ | — |  |  | 29 |  |  | $ | 212,841 |  |  | $ | (54,569) |  |  | 29 |  |  | $ | 212,841 |  |  | $ | (54,569) |
Corporate debt securities | 1 |  |  | 897 |  |  | (73) |  |  | 55 |  |  | 50,502 |  |  | (3,361) |  |  | 56 |  |  | 51,399 |  |  | (3,434) |
Total held to maturity securities | 1 |  |  | $ | 897 |  |  | $ | (73) |  |  | 84 |  |  | $ | 263,343 |  |  | $ | (57,930) |  |  | 85 |  |  | $ | 264,240 |  |  | $ | (58,003) |
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) |
Schedule of Exposure to Investment Securities Issuers that Exceeded 10% of Shareholders' Equity | At September 30, 2025, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below:
|  | At September 30, 2025
(in thousands) |  | Amortized Cost |  | Fair Value
U.S. Government Treasuries (U.S.) |  | $ | — |  |  | $ | — |
Federal Home Loan Bank (FHLB) |  | 32,381 |  |  | 27,130 |
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC) |  | 101,934 |  |  | 76,483 |
Federal Farm Credit Bank (FFCB) |  | 139,592 |  |  | 115,615 |
Government National Mortgage Association (Ginnie Mae-GNMA) |  | 201,795 |  |  | 203,136 |
Total |  | $ | 475,702 |  |  | $ | 422,364 |

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