First Guaranty Bancshares, Inc.FGBI

First Guaranty Bancshares, Inc. Debt Disclosure

10-KFiled Mar 17, 20253 min read
Borrowings
Short-term borrowings are summarized as follows:

(in thousands)December 31, 2024December 31, 2023
Federal Home Loan Bank advances$— $50,000 
Repurchase agreements7,009 6,297 
Line of credit— 10,000 
Total short-term borrowings$7,009 $66,297 

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 $7.0 million in short-term borrowings outstanding at December 31, 2024 compared to $66.3 million outstanding at December 31, 2023.

Available lines of credit totaled $682.7 million at December 31, 2024 and $589.2 million at December 31, 2023.

The following schedule provides certain information about First Guaranty's short-term borrowings for the periods indicated:

 December 31,
(in thousands except for %)20242023
Outstanding at year end$7,009 $66,297 
Maximum month-end outstanding$66,982 $152,659 
Average daily outstanding$24,849 $67,102 
Weighted average rate during the year5.60 %5.78 %
Weighted average rate at year end5.56 %5.65 %
Long-term debt is summarized as follows:

Senior long-term debt with a commercial bank, priced at floating Wall Street Journal Prime less 50 basis points (7.50% as of December 31, 2024), totaled $15.2 million at December 31, 2024 and $39.1 million at December 31, 2023. First Guaranty refinanced this note on October 2023. First Guaranty pays $1.0 million principal plus interest quarterly. 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 (8.75% as of December 31, 2024), totaled $15.0 million at December 31, 2024 and December 31, 2023. 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 June 21, 2032. The Note qualifies for treatment as Tier 2 capital for regulatory capital purposes.

Junior subordinated debt, priced at Wall Street Journal Prime plus 75 basis points (9.25% as of December 31, 2024), totaled $29.7 million at December 31, 2024 and $0 at December 31, 2023. This note was issued in March of 2024. First Guaranty pays interest monthly. 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, 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. At December 31, 2023, letters of credit issued by the FHLB totaling $513.3 million were outstanding and carried as off-balance sheet items, all of which expire by 2024. 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, 2024 obligations on long-term advances from FHLB, senior long-term debt and junior subordinated debentures totaled $194.9 million.

The scheduled payments are as follows:

(in thousands)Long-term Advances from FHLBSenior
Long-term Debt		Junior
Subordinated Debentures
2025$— $4,031 $— 
2026— 4,031 — 
2027135,000 4,031 — 
2028— 3,180 — 
2029— — — 
2030 and thereafter— — 45,000 
Subtotal$135,000 $15,273 $45,000 
Debt issuance costs— (104)(255)
Total$135,000 $15,169 $44,745 
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About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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