v3.26.1
Securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
 
A summary comparison of securities by type at March 31, 2026 and December 31, 2025 is shown below. 

 March 31, 2026December 31, 2025
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair ValueAmortized CostGross Unrealized GainsGross
Unrealized Losses		Fair Value
Available for sale:        
U.S. Treasuries$73,940 $— $(33)$73,907 $98,123 $26 $— $98,149 
Corporate debt securities5,480 — (91)5,389 6,500 — (51)6,449 
Municipal bonds14,868 46 (973)13,941 21,211 218 (373)21,056 
Collateralized mortgage obligations494,435 474 (3,989)490,920 301,685 1,232 (336)302,581 
Mortgage-backed securities270,741 759 (1,744)269,756 246,620 2,085 (348)248,357 
Total available for sale securities$859,464 $1,279 $(6,830)$853,913 $674,139 $3,561 $(1,108)$676,592 
Held to maturity:        
U.S. Government Agencies$267,842 $— $(53,750)$214,092 $267,626 $— $(51,627)$215,999 
Corporate debt securities55,247 8 (3,768)51,487 55,199 8 (3,112)52,095 
Total held to maturity securities$323,089 $8 $(57,518)$265,579 $322,825 $8 $(54,739)$268,094 
 
The scheduled maturities of securities at March 31, 2026, 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 March 31, 2026
(in thousands)Amortized CostFair Value
Available for sale:  
Due in one year or less$75,129 $75,077 
Due after one year through five years8,868 8,697 
Due after five years through 10 years8,643 7,997 
Over 10 years1,648 1,466 
Subtotal94,288 93,237 
Collateralized mortgage obligations494,435 490,920 
Mortgage-backed securities270,741 269,756 
Total available for sale securities$859,464 $853,913 
Held to maturity:  
Due in one year or less$— $— 
Due after one year through five years60,479 55,865 
Due after five years through 10 years101,929 89,166 
Over 10 years160,681 120,548 
Total held to maturity securities$323,089 $265,579 
 
At March 31, 2026, $740.3 million of First Guaranty's securities were pledged to secure public funds deposits and borrowings. The pledged securities had a market value of $688.4 million as of March 31, 2026.

Accrued interest receivable on First Guaranty's investment securities was $4.9 million and $3.0 million at March 31, 2026 and December 31, 2025, respectively, and was included in accrued interest receivable on the consolidated balance sheet. First Guaranty had a $0.2 million allowance for credit losses related to the held to maturity portfolio at March 31, 2026 and 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 March 31, 2026.

  At March 31, 2026 
 Less Than 12 Months12 Months or MoreTotal
(in thousands)Number
of Securities		Fair ValueGross
Unrealized
Losses		Number
of Securities		Fair ValueGross
Unrealized
Losses		Number
of Securities		Fair ValueGross
Unrealized Losses
Available for sale:         
U.S. Treasuries6 $73,907 $(33)— $— $— 6 $73,907 $(33)
Corporate debt securities2 1,980 (20)3 2,429 (71)5 4,409 (91)
Municipal bonds42 7,463 (208)26 5,679 (765)68 13,142 (973)
Collateralized mortgage obligations86 400,627 (3,989)— — — 86 400,627 (3,989)
Mortgage-backed securities44 147,023 (1,429)6 12,282 (315)50 159,305 (1,744)
Total available for sale securities180 $631,000 $(5,679)35 $20,390 $(1,151)215 $651,390 $(6,830)
Held to maturity:         
U.S. Government Agencies— $— $— 29 $214,092 $(53,750)29 $214,092 $(53,750)
Corporate debt securities2 1,795 (148)54 49,368 (3,620)56 51,163 (3,768)
Total held to maturity securities2 $1,795 $(148)83 $263,460 $(57,370)85 $265,255 $(57,518)

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. 

  At December 31, 2025 
 Less Than 12 Months12 Months or MoreTotal
(in thousands)Number
of Securities		Fair ValueGross
Unrealized
Losses		Number
of Securities		Fair ValueGross
Unrealized Losses		Number
of Securities		Fair ValueGross
Unrealized Losses
Available for sale:         
U.S. Treasuries2 $19,646 $— — $— $— 2 $19,646 $— 
Corporate debt securities2 1,989 (11)4 3,460 (40)6 5,449 (51)
Municipal bonds— — — 28 6,261 (373)28 6,261 (373)
Collateralized mortgage obligations31 137,608 (336)— — — 31 137,608 (336)
Mortgage-backed securities14 40,812 (130)10 27,421 (218)24 68,233 (348)
Total available for sale securities49 $200,055 $(477)42 $37,142 $(631)91 $237,197 $(1,108)
Held to maturity:
U.S. Government Agencies— $— $— 29 $215,999 $(51,627)29 $215,999 $(51,627)
Corporate debt securities2 1,805 (136)54 49,965 (2,976)56 51,770 (3,112)
Total held to maturity securities2 $1,805 $(136)83 $265,964 $(54,603)85 $267,769 $(54,739)

As of March 31, 2026, 300 of First Guaranty's debt securities had unrealized losses totaling 6.6% of the individual securities' amortized cost basis and 5.4% of First Guaranty's total amortized cost basis of the investment securities portfolio. 118 of the 300 securities had been in a continuous loss position for over 12 months at such date. The 118 securities had an aggregate amortized cost basis of $342.4 million and an unrealized loss of $58.5 million at March 31, 2026. 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 with unrealized losses and the amount of unrealized losses on those investment securities that are the result of changes in market interest rates will not be 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 as of March 31, 2026. 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 three months ended March 31, 2026 and 2025. There were no provisions for credit losses recognized on securities during the three months ended March 31, 2026 and 2025.

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. 
 
At March 31, 2026, First Guaranty's exposure to bond issuers that exceeded 10% of shareholders' equity is below: 

 At March 31, 2026
(in thousands)Amortized CostFair Value
U.S. Government Treasuries (U.S.)$73,940 $73,907 
Federal Home Loan Bank (FHLB)32,434 27,172 
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)101,889 76,600 
Federal Farm Credit Bank (FFCB)139,839 116,542 
Government National Mortgage Association (Ginnie Mae-GNMA)756,634 752,209 
Total$1,104,736 $1,046,430