v3.25.3

Securities (Tables)

9 Months Ended

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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