v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The following is a summary of the provision for income taxes included in the Consolidated Statements of Income:

 December 31,
(in thousands)20252024
Current:
   Federal$(73)$3,178 
   State(1)
(417)340 
   Total Current(490)3,518 
Deferred:
   Federal(11,817)40 
   State(231)— 
   Total Deferred(12,048)40 
Total$(12,538)$3,558 
(1) For the years presented , Texas, West Virginia and Kentucky make up the taxes in this category.
Schedule of Income Taxes Paid, Net of Refunds
The following table presents income taxes paid, net of refunds for the periods below:

 December 31,
(in thousands)20252024
Federal$4,100 $— 
State50 — 
Total$4,150 $ 
Schedule of Statutory Federal Income Tax Rate
The difference between income taxes computed by applying the statutory federal income tax rate and the provision for income taxes in the financial statements is reconciled as follows:

 December 31, 2025December 31, 2024
(in thousands except for %)AmountRateAmountRate
Federal income taxes at statutory rate$(14,398)(21.0)%$3,361 21.0 %
State tax, net of federal income tax effect (1)
(512)(0.8)%268 1.7 %
Tax exempt municipal income(152)(0.2)%(146)(0.9)%
Goodwill impairment not deductible2,709 4.0 %— — %
Other(185)(0.3)%75 0.4 %
Total$(12,538)(18.3)%$3,558 22.2 %
(1) For the years presented , Texas, West Virginia and Kentucky make up the taxes in this category.
Schedule of Components of Deferred Taxes The significant components of deferred taxes classified in First Guaranty's Consolidated Balance Sheets at December 31, 2025 and 2024 are as follows:
 December 31,
(in thousands)20252024
Deferred tax assets:  
Allowance for credit losses$8,907 $7,596 
Unrealized losses on available for sale securities— 677 
Unrealized losses on available for sale securities transferred to held to maturity2,458 2,743 
Net operating loss10,638 822 
Other705 277 
Gross deferred tax assets22,708 12,115 
Deferred tax liabilities:  
Depreciation and amortization(1,668)(2,058)
Core deposit intangibles(485)(622)
Discount on purchased loans(99)(118)
Other real estate owned(75)— 
Unrealized gains on available for sale securities(515)— 
Other(1,196)(1,367)
Gross deferred tax liabilities(4,038)(4,165)
Net deferred tax assets (liabilities)$18,670 $7,950