v3.26.1
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Short-term borrowings are summarized as follows:

(in thousands)December 31, 2025December 31, 2024
Federal Home Loan Bank advances$— $— 
Repurchase agreements7,119 7,009 
Line of credit— — 
Total short-term borrowings$7,119 $7,009 

First Guaranty maintains borrowing relationships with other financial institutions as well as the Federal Home Loan Bank on a short and long-term basis to meet liquidity needs. First Guaranty had $7.1 million in short-term borrowings outstanding at December 31, 2025 compared to $7.0 million outstanding at December 31, 2024.

Available lines of credit totaled $299.7 million at December 31, 2025 and $682.7 million at December 31, 2024.
The following schedule provides certain information about First Guaranty's short-term borrowings for the periods indicated:

 December 31,
(in thousands except for %)20252024
Outstanding at year end$7,119 $7,009 
Maximum month-end outstanding$7,119 $66,982 
Average daily outstanding$7,108 $24,849 
Weighted average rate during the year4.84 %5.60 %
Weighted average rate at year end4.84 %5.56 %

Long-term debt is summarized as follows:

Senior long-term debt, priced at floating Wall Street Journal Prime less 50 basis points (6.75% as of December 31, 2025), totaled $14.2 million at December 31, 2025 and $15.2 million at December 31, 2024. First Guaranty refinanced this note with a commercial bank on October 2023, and a related party subsequently purchased the note from the commercial bank in the first quarter of 2025. In the quarter ended June 30, 2025, the parties amended the note to waive principal payments and permit interest payments in cash or common stock quarterly through March 30, 2026. On March 20, 2026, the note was further amended to extend the waiver of principal payments and permit quarterly interest payments in cash or common stock through March 31, 2028. This loan has a contractual maturity date of October 5, 2033. This long-term debt is secured by a pledge of 86.77% (4,823,899 shares) of First Guaranty's interest in First Guaranty Bank (a wholly owned subsidiary).

Junior subordinated debt, priced at Wall Street Journal Prime plus 75 basis points, totaled $0 at December 31, 2025 and $15.0 million December 31, 2024. During the quarter ended June 30, 2025, First Guaranty entered into an Exchange Agreement under which the 2022 Note, due June 21, 2032, was exchanged for 1,981,506 shares of newly issued common stock.

Junior subordinated debt, priced at Wall Street Journal Prime plus 75 basis points (8.25% as of December 31, 2025), totaled $29.8 million at December 31, 2025 and $29.7 million at December 31, 2024. This note was issued in March of 2024. During the quarter ended June 30, 2025, First Guaranty entered into an amendment permitting interest to be paid in cash or common stock through March 30, 2026. On March 20, 2026, the note was further amended to extend this provision through March 31, 2028. First Guaranty pays interest quarterly. The Note is unsecured and ranks junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The current Note is scheduled to mature on March 28, 2034. The Note qualifies for treatment as Tier 2 capital for regulatory capital purposes.

At December 31, 2025, letters of credit issued by the FHLB totaling $327.2 million were outstanding and carried as off-balance sheet items, all of which expire by 2029. At December 31, 2024, letters of credit issued by the FHLB totaling $455.7 million were outstanding and carried as off-balance sheet items, all of which expire by 2029. The letters of credit are solely used for pledging towards public fund deposits. The FHLB has a blanket lien on substantially all of the loans in First Guaranty's portfolio which is used to secure borrowing availability from the FHLB. First Guaranty has obtained a subordination agreement from the FHLB on First Guaranty's farmland, agricultural, and commercial and industrial loans. These loans are available to be pledged for additional reserve liquidity.

As of December 31, 2025 obligations on long-term advances from FHLB, senior long-term debt and junior subordinated debentures totaled $179.0 million.

The scheduled payments are as follows:

(in thousands)Long-term Advances from FHLBSenior
Long-term Debt		Junior
Subordinated Debentures
2026$— $— $— 
2027135,000 — — 
2028— 3,023 — 
2029— 4,031 — 
2030— 4,031 — 
2031 and thereafter— 3,181 30,000 
Subtotal$135,000 $14,266 $30,000 
Debt issuance costs— (63)(195)
Total$135,000 $14,203 $29,805