Securities |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securities | Securities A summary comparison of securities by type at December 31, 2025 and 2024 is shown below.
The scheduled maturities of securities at December 31, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities due to call 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 December 31, 2025 and 2024 the carrying value of pledged securities totaled $695.4 million and $233.9 million, respectively. Accrued interest receivable on First Guaranty's investment securities was $3.0 million and $1.4 million at December 31, 2025 and 2024, respectively, and was 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 allowance for credit losses related to the held to maturity portfolio was $0.2 million for the years ended December 31, 2025 and December 31, 2024. 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, 2025.
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.
As of December 31, 2025, 176 of First Guaranty's debt securities had gross unrealized losses totaling 10.0% of the individual securities' amortized cost basis and 5.6% of First Guaranty's total amortized cost basis of the investment securities portfolio. 125 of the 176 securities had been in a continuous loss position for over 12 months at such date. The 125 securities had an aggregate amortized cost basis of $358.3 million and an unrealized loss of $55.2 million at December 31, 2025. Management has the intent and ability to hold these debt securities until maturity or until anticipated recovery. 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 that have unrealized losses attributable to changes in market interest rates are not considered 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 December 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 years ended December 31, 2025 and December 31, 2024 . There were no provisions for credit losses recognized on securities for the year ended December 31, 2025 compared to a $0.1 million provision recognized for the year ended 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. Gross realized gains on sales of securities were $0 for both years ended December 31, 2025 and 2024. Gross realized losses were $0 for the years ended December 31, 2025 and 2024. Net unrealized losses on available for sale securities included in accumulated other comprehensive income (loss) ("AOCI"), net of applicable income taxes, totaled $7.3 million and $12.9 million at December 31, 2025 and 2024. AOCI included $9.3 million and $10.4 million of losses related to the amortization of transfers of securities from held to maturity to available for sale at December 31, 2025 and 2024. Included in the statement of changes in comprehensive income was $1.4 million of amortization during the period. During 2025 and 2024 net gains, net of tax, reclassified out of AOCI into earnings totaled $0. At December 31, 2025, First Guaranty's exposure to investment securities issuers that exceeded 10% of shareholders' equity was as follows:
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