FIRST GUARANTY BANCSHARES, INC., 10-K filed on 3/15/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Mar. 14, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-37621    
Entity Registrant Name FIRST GUARANTY BANCSHARES, INC.    
Entity Incorporation, State or Country Code LA    
Entity Tax Identification Number 26-0513559    
Entity Address, Address Line One 400 East Thomas Street    
Entity Address, City or Town Hammond,    
Entity Address, State or Province LA    
Entity Address, Postal Zip Code 70401    
City Area Code (985)    
Local Phone Number 345-7685    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 66,517,000
Shares Outstanding (in shares)   12,504,717  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE:
 
(1)Proxy Statement for the 2024 Annual Meeting of Shareholders of the Registrant (Part III).
    
Entity Central Index Key 0001408534    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Stock $1 Par      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, $1 par value    
Trading Symbol FGBI    
Security Exchange Name NASDAQ    
Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares (each representing a 1/40th interest in a share of 6.75% Series A Fixed-Rate Non-Cumulative perpetual preferred stock)    
Trading Symbol FGBIP    
Security Exchange Name NASDAQ    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Griffith, DeLaney, Hillman & Lett, CPAs, PSC
Auditor Location Ashland, Kentucky
Auditor Firm ID 6982
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Cash and cash equivalents:    
Cash and due from banks $ 286,114 $ 82,796
Federal funds sold 341 423
Cash and cash equivalents 286,455 83,219
Investment securities:    
Available for sale, at fair value 83,485 131,458
Held to maturity, at cost and net of allowance for credit losses of $80 and $0 (estimated fair value of $253,584 and $242,560, respectively) 320,638 320,068
Investment securities 404,123 451,526
Federal Home Loan Bank stock, at cost 13,390 6,528
Loans held for sale 0 0
Loans, net of unearned income 2,748,708 2,519,077
Less: allowance for credit losses 30,926 23,518
Net loans 2,717,782 2,495,559
Premises and equipment, net 69,792 58,206
Goodwill 12,900 12,900
Intangible assets, net 4,298 4,979
Other real estate, net 1,250 113
Accrued interest receivable 15,713 13,002
Other assets 27,069 25,315
Total Assets 3,552,772 3,151,347
Deposits:    
Noninterest-bearing demand 442,755 524,415
Interest-bearing demand 1,526,628 1,460,259
Savings 218,986 205,760
Time 820,725 533,358
Total deposits 3,009,094 2,723,792
Short-term advances from Federal Home Loan Bank 50,000 120,000
Short-term borrowings 10,000 20,000
Repurchase agreements 6,297 6,442
Accrued interest payable 11,807 4,289
Long-term advances from Federal Home Loan Bank 155,000 0
Senior long-term debt 39,099 21,927
Junior subordinated debentures 15,000 15,000
Other liabilities 6,844 4,906
Total Liabilities 3,303,141 2,916,356
Preferred stock, Series A - $1,000 par value - 100,000 shares authorized    
Non-cumulative perpetual; 34,500 shares issued and outstanding, respectively 33,058 33,058
Common stock, $1 par value - 100,600,000 shares authorized; 12,475,424 and 10,716,796 shares issued and outstanding 12,475 10,717
Surplus 149,085 130,093
Retained earnings 67,972 76,351
Accumulated other comprehensive (loss) income (12,959) (15,228)
Total Shareholders' Equity 249,631 234,991
Total Liabilities and Shareholders' Equity $ 3,552,772 $ 3,151,347
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Held to maturity, allowance for credit losses $ 80 $ 0
Held-to-maturity, fair value $ 253,584 $ 242,560
Preferred stock, par value (in dollars per share) $ 1,000 $ 1,000
Preferred stock, shares authorized (in shares) 100,000 100,000
Preferred stock, shares issued (in shares) 34,500 34,500
Preferred stock, shares outstanding (in shares) 34,500 34,500
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 100,600,000 100,600,000
Common stock, shares issued (in shares) 12,475,424 10,716,796
Common stock, shares outstanding (in shares) 12,475,424 10,716,796
v3.24.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Interest Income:    
Loans (including fees) $ 167,140 $ 126,002
Deposits with other banks 6,268 1,324
Securities (including FHLB stock) 9,601 9,250
Federal funds sold 0 0
Total Interest Income 183,009 136,576
Interest Expense:    
Demand deposits 60,243 21,419
Savings deposits 3,554 915
Time deposits 23,967 10,682
Borrowings 10,540 3,518
Total Interest Expense 98,304 36,534
Net Interest Income 84,705 100,042
Less: Provision for credit losses 3,714 3,656
Net Interest Income after Provision for Credit Losses 80,991 96,386
Noninterest Income:    
Service charges, commissions and fees 3,401 3,160
ATM and debit card fees 3,242 3,406
Net gains (losses) on securities 0 (17)
Net gains on sale of loans 12 1,774
Other 3,922 2,686
Total Noninterest Income 10,577 11,009
Noninterest Expense:    
Salaries and employee benefits 40,422 36,699
Occupancy and equipment expense 9,027 8,932
Other 30,223 25,374
Total Noninterest Expense 79,672 71,005
Income Before Income Taxes 11,896 36,390
Less: Provision for income taxes 2,677 7,506
Net Income 9,219 28,884
Less: Preferred stock dividends 2,329 2,328
Net Income Available to Common Shareholders $ 6,890 $ 26,556
Per Common Share:    
Earnings (in dollars per share) $ 0.62 $ 2.48
Cash dividends paid (in dollars per share) $ 0.64 $ 0.64
Weighted Average Common Shares Outstanding (in shares) 11,165,303 10,716,796
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net Income $ 9,219 $ 28,884
Unrealized gains (losses) on securities:    
Unrealized holding gains (losses) arising during the period 2,872 (10,897)
Reclassification adjustments for losses (gains) included in net income 0 17
Change in unrealized gains (losses) on securities 2,872 (10,880)
Tax impact (603) 2,285
Other comprehensive income (loss) 2,269 (8,595)
Comprehensive Income $ 11,488 $ 20,289
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Equity Bonus Plan
Private Placement
Cumulative effect of adoption of ASC Topic 326, net of tax
Preferred Stock $1,000 Par
Common Stock $1 Par
Common Stock $1 Par
Equity Bonus Plan
Common Stock $1 Par
Private Placement
Surplus
Surplus
Equity Bonus Plan
Surplus
Private Placement
Retained Earnings
Retained Earnings
Cumulative effect of adoption of ASC Topic 326, net of tax
Accumulated Other Comprehensive Income/(Loss)
Beginning balance at Dec. 31, 2021 $ 223,889       $ 33,058 $ 10,717     $ 130,093     $ 56,654   $ (6,633)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 7,585                     7,585    
Other comprehensive income (loss) (7,425)                         (7,425)
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,715)                     (1,715)    
Ending balance at Mar. 31, 2022 221,752       33,058 10,717     130,093     61,942   (14,058)
Beginning balance at Dec. 31, 2021 223,889       33,058 10,717     130,093     56,654   (6,633)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 28,884                          
Other comprehensive income (loss) (8,595)                          
Preferred stock dividends (2,328)                          
Ending balance at Dec. 31, 2022 234,991     $ (7,900) 33,058 10,717     130,093     76,351 $ (7,900) (15,228)
Beginning balance at Mar. 31, 2022 221,752       33,058 10,717     130,093     61,942   (14,058)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 8,124                     8,124    
Other comprehensive income (loss) (1,043)                         (1,043)
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,715)                     (1,715)    
Ending balance at Jun. 30, 2022 226,536       33,058 10,717     130,093     67,769   (15,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 8,053                     8,053    
Other comprehensive income (loss) (855)                         (855)
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,714)                     (1,714)    
Ending balance at Sep. 30, 2022 $ 231,438       33,058 10,717     130,093     73,526   (15,956)
Accounting Standards Update [Extensible Enumeration] Accounting Standards Update 2016-13 [Member]                          
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income $ 5,122                     5,122    
Other comprehensive income (loss) 728                         728
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,715)                     (1,715)    
Ending balance at Dec. 31, 2022 234,991     (7,900) 33,058 10,717     130,093     76,351 (7,900) (15,228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 3,468                     3,468    
Other comprehensive income (loss) 414                         414
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,715)                     (1,715)    
Ending balance at Mar. 31, 2023 228,676       33,058 10,717     130,093     69,622   (14,814)
Beginning balance at Dec. 31, 2022 234,991     $ (7,900) 33,058 10,717     130,093     76,351 $ (7,900) (15,228)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 9,219                          
Other comprehensive income (loss) 2,269                          
Preferred stock dividends (2,329)                          
Ending balance at Dec. 31, 2023 249,631       33,058 12,475     149,085     67,972   (12,959)
Beginning balance at Mar. 31, 2023 228,676       33,058 10,717     130,093     69,622   (14,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 2,676                     2,676    
Stock issued 10,000         714     9,286          
Other comprehensive income (loss) (84)                         (84)
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,829)                     (1,829)    
Ending balance at Jun. 30, 2023 238,857       33,058 11,431     139,379     69,887   (14,898)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 1,772                     1,772    
Other comprehensive income (loss) 605                         605
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,830)                     (1,830)    
Ending balance at Sep. 30, 2023 238,822       33,058 11,431     139,379     69,247   (14,293)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net income 1,303                     1,303    
Stock issued   $ 750 $ 10,000       $ 44 $ 1,000   $ 706 $ 9,000      
Other comprehensive income (loss) 1,334                         1,334
Preferred stock dividends (582)                     (582)    
Cash dividends on common stock (1,996)                     (1,996)    
Ending balance at Dec. 31, 2023 $ 249,631       $ 33,058 $ 12,475     $ 149,085     $ 67,972   $ (12,959)
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Preferred stock, par value (in dollars per share) $ 1,000 $ 1,000       $ 1,000       $ 1,000 $ 1,000
Common stock, par value (in dollars per share) $ 1 1       1       1 1
Cash dividends paid (in dollars per share)   $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.16 $ 0.64 $ 0.64
Stock issued (in shares)       714,287              
Equity Bonus Plan                      
Stock issued (in shares) 44,341 44,341                  
Private Placement                      
Stock issued (in shares)   1,000,000                  
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities:    
Net income $ 9,219 $ 28,884
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 3,714 3,656
Depreciation and amortization 4,026 4,109
Amortization/Accretion of investments 987 1,801
(Gain) loss on sale/call of securities 0 17
Gain on sale of assets (35) (1,857)
Repossessed asset write downs, gains and losses on dispositions 150 96
FHLB stock dividends (358) (20)
Change in other assets and liabilities, net 4,011 179
Net Cash Provided by Operating Activities 21,714 36,865
Cash Flows From Investing Activities:    
Proceeds from maturities, calls and sales of AFS securities 51,406 52,986
Funds invested in AFS securities (2,626) (153,053)
Funds invested in intangibles (100) 0
Proceeds from maturities and calls of HTM securities 289 0
Proceeds from sale/redemption of Federal Home Loan Bank stock 2,425 2,182
Funds invested in Federal Home Loan Bank stock (8,929) (7,331)
Net increase in loans (234,123) (362,543)
Purchases of premises and equipment (14,855) (2,643)
Proceeds from sales of premises and equipment 324 70
Proceeds from sales of other real estate owned 101 2,421
Net Cash Used In Investing Activities (206,088) (467,911)
Cash Flows From Financing Activities:    
Net increase in deposits 285,302 127,300
Net (decrease) increase in federal funds purchased and short-term borrowings (80,145) 140,003
Proceeds from long-term borrowings, net of costs 195,097 0
Repayment of long-term borrowings (22,946) (5,783)
Common stock issued in private placement 20,000 0
Dividends paid on preferred stock (2,328) (2,328)
Dividends paid on common stock (7,370) (6,859)
Net Cash Provided By Financing Activities 387,610 252,333
Net (Decrease) Increase In Cash and Cash Equivalents 203,236 (178,713)
Cash and Cash Equivalents at the Beginning of the Period 83,219 261,932
Cash and Cash Equivalents at the End of the Period 286,455 83,219
Noncash Activities:    
Acquisition of real estate in settlement of loans 1,388 558
Transfer of securities from AFS to HTM 0 176,181
Common stock issued for stock grants 750 0
Cash Paid During the Period:    
Interest on deposits and borrowed funds 90,786 36,725
Federal    
Cash Paid During the Period:    
Income taxes paid 3,100 7,600
State    
Cash Paid During the Period:    
Income taxes paid $ 330 $ 20
v3.24.0.1
Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Business and Summary of Significant Accounting Policies Business and Summary of Significant Accounting Policies
Business

First Guaranty Bancshares, Inc. ("First Guaranty") is a Louisiana corporation and a financial holding company headquartered in Hammond, LA. First Guaranty owns all of the outstanding shares of common stock of First Guaranty Bank. First Guaranty Bank (the "Bank") is a Louisiana-chartered commercial bank that offers a wide range of financial services and focuses on building client relationships and providing exceptional customer service. These services include consumer and commercial lending, mortgage loan origination, the issuance of credit cards and retail banking services. The Bank also maintains an investment portfolio comprised of government, government agency, corporate, and municipal securities. The Bank has thirty-six banking facilities and forty-nine automated teller machines (ATMs) in Southeast, Southwest, Central and North Louisiana, North Central Texas, Kentucky and West Virginia.

Summary of significant accounting policies

The accounting and reporting policies of First Guaranty conform to generally accepted accounting principles and to predominant accounting practices within the banking industry. The more significant accounting and reporting policies are as follows:

Consolidation

The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc., and its wholly owned subsidiary, First Guaranty Bank. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan and lease losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. In connection with the determination of the allowance for loan and lease losses and real estate owned, First Guaranty obtains independent appraisals for significant properties.

Cash and cash equivalents

For purposes of reporting cash flows, cash and cash equivalents are defined as cash, due from banks, interest-bearing demand deposits with banks and federal funds sold with maturities of three months or less.

Securities

First Guaranty reviews its financial position, liquidity and future plans in evaluating the criteria for classifying investment securities. Debt securities that Management has the ability and intent to hold to maturity are classified as held to maturity and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities available for sale are stated at fair value. The unrealized difference, if any, between amortized cost and fair value of these AFS securities is excluded from income and is reported, net of deferred taxes, in accumulated other comprehensive income as a part of shareholders' equity. Details of other comprehensive income are reported in the consolidated statements of comprehensive income. Realized gains and losses on securities are computed based on the specific identification method and are reported as a separate component of other income. Amortization of premiums and discounts is included in interest income. Discounts and premiums related to debt securities are amortized using the effective interest rate method.

On January 1, 2023 the Bank adopted ASC 326, which requires expected credit related losses on available for sale debt securities to be recorded through an allowance for credit losses, while non-credit related losses or declines in fair value continue to be recognized through other comprehensive income. Under the new guidance, First Guaranty is also required to evaluate held to maturity debt securities for expected credit losses.

Management evaluates securities for impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In estimating losses, management considers the extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through an allowance for credit losses. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) impairment related to credit loss, which must be recognized in the income statement and 2) impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis but cannot be more than the difference between amortized cost and the fair value of the security.
Loans held for sale

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans held for sale have primarily been fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within thirty days. Buyers generally have recourse to return a purchased loan under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties and documentation deficiencies. Mortgage loans held for sale are generally sold with the mortgage servicing rights released. Gains or losses on sales of mortgage loans are recognized based on the differences between the selling price and the carrying value of the related mortgage loans sold.

Loans

Loans are stated at the principal amounts outstanding, net of unearned income and deferred loan fees. In addition to loans issued in the normal course of business, overdrafts on customer deposit accounts are considered to be loans and reclassified as such. Interest income on all classifications of loans is calculated using the simple interest method on daily balances of the principal amount outstanding.

Accrual of interest is discontinued on a loan when Management believes, after considering economic and business conditions and collection efforts, the borrower's financial condition is such that reasonable doubt exists as to the full and timely collection of principal and interest. This evaluation is made for all loans that are 90 days or more contractually past due. When a loan is placed in nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of interest and principal is probable. Loans are returned to accrual status when, in the judgment of Management, all principal and interest amounts contractually due are reasonably assured to be collected within a reasonable time frame and when the borrower has demonstrated payment performance of cash or cash equivalents; generally for a period of 6 months. All loans, except mortgage loans, are considered past due if they are past due 30 days. Mortgage loans are considered past due when two consecutive payments have been missed. Loans that are past due 90-120 days and deemed uncollectible are charged-off. The loan charge off is a reduction of the allowance for credit losses.

Troubled Debt Restructurings (TDRs)

TDRs are loans in which the borrower is experiencing financial difficulty at the time of restructuring, and the Bank has granted a concession to the borrower. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications made with the stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in limited circumstances forgiveness of principal and / or interest. TDRs can involve loans remaining on non-accrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. TDRs are subject to policies governing accrual and nonaccrual evaluation consistent with all other loans as discussed in the "Loans" section above. All loans with the TDR designation are considered to be impaired, even if they are accruing.

First Guaranty's policy is to evaluate TDRs that have subsequently been restructured and returned to market terms after 6 months of performance. The evaluation includes a review of the loan file and analysis of the credit to assess the loan terms, including interest rate to insure such terms are consistent with market terms. The loan terms are compared to a sampling of loans with similar terms and risk characteristics, including loans originated by First Guaranty and loans lost to a competitor. The sample provides a guide to determine market terms pursuant to ASC 310-40-50-2. The loan is also evaluated at that time for impairment. A loan determined to be restructured to market terms and not considered impaired will no longer be disclosed as a TDR in the years following the restructuring. These loans will continue to be individually evaluated for impairment. A loan determined to either be restructured to below market terms or to be impaired will remain a TDR.

The TDR requirements became inapplicable to First Guaranty upon our adoption of CECL on January 1, 2023.

Credit Quality

First Guaranty's credit quality indicators are pass, special mention, substandard, and doubtful.

Loans included in the pass category are performing loans with satisfactory debt coverage ratios, collateral, payment history, and documentation requirements.

Special mention loans have potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices.
A substandard loan is inadequately protected by the paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness. They are characterized by the distinct possibility that First Guaranty will sustain some loss if the deficiencies are not corrected. These loans require more intensive supervision. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigates. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and interest is no longer accrued. Consumer loans that are 90 days or more past due or that are nonaccrual are considered substandard.

Doubtful loans have the weaknesses of substandard loans with the additional characteristic that the weaknesses make collection or liquidation in full questionable and there is a high probability of loss based on currently existing facts, conditions and values.

Loan fees and costs

Nonrefundable loan origination and commitment fees and direct costs associated with originating loans are deferred and recognized over the lives of the related loans as an adjustment to the loans' yield using the level yield method.

Allowance for credit losses

The allowance for credit losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. The allowance is based on management’s evaluation of expected credit losses over the life of the loans in the portfolio, in accordance with ASC 326. The loan portfolio is divided into segments to evaluate expected losses. Loans that do not share risk characteristics with a segment are evaluated individually. Management estimates the allowance balance using available information such as past events, current conditions and reasonable forecasts. Adjustments to historical information are made using qualitative and qualitative factors developed by management.

The following are general credit risk factors that affect our loan portfolio segments. These factors do not encompass all risks associated with each loan category. Construction and land development loans have risks associated with interim construction prior to permanent financing and repayment risks due to the future sale of developed property. Farmland and agricultural loans have risks such as weather, government agricultural policies, fuel and fertilizer costs, and market price volatility. One- to four-family residential, multifamily, and consumer credits are strongly influenced by employment levels, consumer debt loads and the general economy. Non-farm non-residential loans include both owner-occupied real estate and non-owner occupied real estate. Common risks associated with these properties is the ability to maintain tenant leases and keep lease income at a level able to service required debt and operating expenses. Commercial and industrial loans generally have non-real estate secured collateral which requires closer monitoring than real estate collateral.

The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, and individually evaluated for impairment. For such loans that are also classified as individually evaluated for impairment, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the loan is lower than the carrying value of that loan. The general component covers non-classified loans and special mention loans and is based on historical loss experience adjusted for qualitative factors. Qualitative factors include analysis of levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, loan risk ratings, trends in volume and terms of loans, changes in lending policy, credit concentrations, portfolio stress test results, national and local economic trends, industry conditions, and other relevant factors. An unallocated component is maintained to cover uncertainties that could affect the estimate of probable losses.

The allowance for credit losses on unfunded commitments represents expected credit losses over the contractual period for which First Guaranty is exposed to credit risk from a contractual obligation to extend credit. No allowance is recorded if there is an unconditional right to cancel the obligation. The allowance is reported as a component of Other Liabilities on the Consolidated Balance Sheets. Adjustments to the allowance for unfunded commitments are included in the provision for credit losses on the Consolidated Statements of Income.
Goodwill and intangible assets

Goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in an acquisition. First Guaranty's goodwill is tested for impairment on an annual basis, or more often if events or circumstances indicate that there may be impairment in accordance with ASC Topic 350.

Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with the related contract, asset or liability. First Guaranty's intangible assets primarily relate to core deposits and loan servicing assets related to the SBA portfolio. These core deposit intangibles are amortized on a straight-line basis over terms ranging from seven to fifteen years. Management periodically evaluates whether events or circumstances have occurred that impair this deposit intangible.

Premises and equipment

Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the respective assets as follows:

Buildings and improvements 10-40 years
Equipment, fixtures and automobiles 3-10 years

Expenditures for renewals and betterments are capitalized and depreciated over their estimated useful lives. Repairs, maintenance and minor improvements are charged to operating expense as incurred. Gains or losses on disposition, if any, are recorded as a separate line item in noninterest income on the Statements of Income.

Other real estate

Other real estate includes properties acquired through foreclosure or acceptance of deeds in lieu of foreclosure. These properties are recorded at the lower of the recorded investment in the property or its fair value less the estimated cost of disposition. Any valuation adjustments required prior to foreclosure are charged to the allowance for loan and lease losses. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged to current period earnings as other real estate expense or to the allowance for other real estate. Costs of operating and maintaining the properties are charged to other real estate expense as incurred. Any subsequent gains or losses on dispositions are credited or charged to income in the period of disposition.

Off-balance sheet financial instruments

In the ordinary course of business, First Guaranty has entered into commitments to extend credit, including commitments under credit card arrangements, commitments to fund commercial real estate, construction and land development loans secured by real estate, and performance standby letters of credit. Such financial instruments are recorded when they are funded.
Income taxes

First Guaranty and its subsidiary file a consolidated federal income tax return on a calendar year basis. In lieu of Louisiana state income tax, the Bank is subject to the Louisiana bank shares tax, which is included in noninterest expense in First Guaranty's consolidated financial statements. With few exceptions, First Guaranty is no longer subject to U.S. federal, state or local income tax examinations for years before 2019. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax assets or liabilities are expected to be settled or realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be utilized.

Comprehensive income

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are presented in the Statements of Comprehensive Income.

Fair Value Measurements

The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. See Note 19 for a detailed description of fair value measurements.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from First Guaranty, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) First Guaranty does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.

Earnings per common share

Earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. In December of 2021, First Guaranty issued a pro rata, 10% common stock dividend. The shares issued for the stock dividend have been retrospectively factored into the calculation of earnings per share as well as cash dividends paid on common stock and represented on the face of the financial statements. No convertible shares of First Guaranty's stock are outstanding.

Operating Segments

All of First Guaranty's operations are considered by management to be aggregated into one reportable operating segment. While the chief decision-makers monitor the revenue streams of the various products and services, the identifiable segments are not material. Operations are managed and financial performance is evaluated on a Company-wide basis.

Reclassifications

Certain reclassifications have been made to prior year end financial statements in order to conform to the classification adopted for reporting in 2023.
v3.24.0.1
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Accounting Standards Adopted in 2023

First Guaranty adopted FASB ASC Topic 326 “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” Update No. 2016-13 (“ASU 2016-13”). ASU 2016-13 on January 1, 2023. ASU 2016-13, referred to as the Current Expected Credit Loss (“CECL”) standard, requires financial assets measured on an amortized cost basis, including loans and held-to-maturity debt securities, to be presented at an amount net of an allowance for credit losses, which reflects expected losses for the full life of the financial asset. Unfunded lending commitments are also within the scope of this topic. Under prior GAAP losses were not recognized until the occurrence of the loss was probable.

CECL requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. The CECL methodology requires that lifetime expected credit losses be recorded at the time the financial asset is originated or acquired, and be adjusted each period as a provision for credit losses for changes in expected lifetime credit losses. ASU 2016-13 does not specify the method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the lifetime credit loss estimate. First Guaranty developed a CECL model methodology that calculates expected credit losses over the life of the portfolio by analyzing the composition, characteristics and quality of the loan and securities portfolios, as well as prevailing economic conditions and forecasts. First Guaranty’s CECL calculation estimates loan losses using a combination of discounted cash flow and remaining life analyses.

First Guaranty adopted ASU 2016-13 using the modified retrospective approach for all loans and off-balance sheet credit exposures measured at amortized cost, other than purchased credit deteriorated (“PCD”) financial assets. Results for reporting periods beginning after December 31, 2022 are presented in accordance with ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP.

ASU 2016-13 also amended the accounting model for purchased financial assets and replaced the guidance for purchased credit impaired (“PCI”) financial assets with the concept of PCDs. For PCD assets, the CECL estimate is recognized through the allowance for credit losses with an offset to the amortized cost basis of the PCD asset at the date of acquisition. Subsequent changes in the allowance for credit losses for PCD assets are recognized through a provision for credit losses on loans. First Guaranty used the prospective transition approach for PCD loans that were previously classified as PCI and accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). First Guaranty determined that certain PCI assets no longer met meet the criteria of PCD assets as of the date of adoption.

First Guaranty adopted ASU 2016-13 on January 1, 2023, and recorded a one-time, cumulative effect adjustment as shown in the table below (dollars in thousands).
December 31, 2022Impact of ASU 2016-13 AdoptionJanuary 1, 2023
Assets:
  Allowance for credit losses$(23,518)$(8,220)$(31,738)
  Deferred tax asset 6,420 2,100 8,520 
  Remaining purchase discount on loans(1,120)1,120 — 
Liabilities:
  Reserve for unfunded loan commitments— (2,900)(2,900)
Stockholders’ Equity
  Retained earnings76,351 (7,900)68,451 

In addition, ASU 2016-13 amends the accounting for credit losses on available for sale (“AFS”) securities, requiring expected credit losses on AFS securities to be recorded in an allowance for credit losses rather than as a write-down of the securities’ amortized cost. Declines in the fair value of AFS securities that are not considered credit related are recognized in accumulated other comprehensive income. In addition, expected credit losses on held to maturity (“HTM”) securities are required to be recorded in an allowance for credit losses rather than as a write-down of the securities’ amortized cost basis. First Guaranty’s AFS securities portfolio was not materially impacted by the adoption of ASC 326. A $100,000 allowance for HTM securities was recorded at the adoption of ASC 326.

The allowance for credit losses is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. For modeling purposes, loan pools include: Real Estate based pools for construction and land development, farmland, 1-4 family residential, multifamily, and non-farm non-residential and non-real-estate pools for agricultural, commercial and industrial, commercial leases and consumer and other. Management periodically reassesses each pool to confirm the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded lending commitments to calculate an allowance for credit losses.

Loans that do not share similar risk characteristics with other loans are excluded from the loan pools and individually evaluated for impairment. Individually evaluated loans are loans for which it is probable that all the amounts due under the contractual terms of the loan will not be collected.
FASB ASC Topic 326 “Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures” Update No. 2022-02 (“ASU 2022-02”). ASU 2022-02 became effective for First Guaranty on January 1, 2023 and is applied prospectively. ASU 2022-02 amends Topic 326 to eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors that have adopted ASU 2016-13 and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendment also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases. The adoption of ASU 2022-02 did not have a material impact on First Guaranty’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

ASU No. 2023-09, "Improvements to Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on First Guaranty's consolidated financial statements.
v3.24.0.1
Cash and Due from Banks
 12 Months Ended
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]  
Cash and Due from Banks Cash and Due from Banks
Certain reserves are required to be maintained at the Federal Reserve Bank. There was no reserve requirement as of December 31, 2023 and 2022. At December 31, 2023 First Guaranty had three accounts at correspondent banks, excluding the Federal Reserve Bank, that exceeded the FDIC insurable limit of $250,000. These accounts were over the insurable limit by $1.2 million. At December 31, 2022 First Guaranty had three accounts at correspondent banks, excluding the Federal Reserve Bank, that exceeded the FDIC insurable limit of $250,000. These accounts were over the insurable limit by $4.6 million.
v3.24.0.1
Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
A summary comparison of securities by type at December 31, 2023 and 2022 is shown below.

December 31, 2023December 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair ValueAmortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available for sale:        
U.S. Treasuries$50,048 $— $(218)$49,830 $100,642 $— $(2,142)$98,500 
U.S. Government Agencies— — — — — — — — 
Corporate debt securities16,750 3 (1,279)15,474 16,750 — (752)15,998 
Municipal bonds13,522 31 (372)13,181 14,742 31 (426)14,347 
Mortgage-backed securities5,144 — (144)5,000 2,711 — (98)2,613 
Total available for sale securities$85,464 $34 $(2,013)$83,485 $134,845 $31 $(3,418)$131,458 
Held to maturity:        
U.S. Government Agencies$265,896 $— $(61,532)$204,364 $265,032 $— $(69,503)$195,529 
Corporate debt securities54,822 — (5,602)49,220 55,036 — (8,005)47,031 
Total held to maturity securities$320,718 $— $(67,134)$253,584 $320,068 $— $(77,508)$242,560 

The scheduled maturities of securities at December 31, 2023, 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.
 December 31, 2023
(in thousands)Amortized CostFair Value
Available for sale:  
Due in one year or less$50,858 $50,637 
Due after one year through five years2,784 2,762 
Due after five years through 10 years20,041 18,764 
Over 10 years6,637 6,322 
Subtotal80,320 78,485 
Mortgage-backed Securities5,144 5,000 
Total available for sale securities$85,464 $83,485 
Held to maturity:
Due in one year or less$— $— 
Due after one year through five years2,004 1,865 
Due after five years through 10 years115,574 100,500 
Over 10 years203,140 151,219 
Total held to maturity securities$320,718 $253,584 

At December 31, 2023 and 2022 the carrying value of pledged securities totaled $192.2 million and $260.8 million, respectively.

Accrued interest receivable on First Guaranty's investment securities was $1.8 million and $2.0 million at December 31, 2023 and 2022, respectively, and was included in accrued interest receivable on the consolidated balance sheet. First Guaranty had a $0.1 million allowance for credit losses related to the held to maturity portfolio at December 31, 2023.
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, 2023.

 December 31, 2023
 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. Treasuries— $— $— 3 $49,830 $(218)3 $49,830 $(218)
U.S. Government Agencies— — — — — — — — — 
Corporate debt securities— — — 15 14,471 (1,279)15 14,471 (1,279)
Municipal bonds12 3,417 (6)41 5,895 (366)53 9,312 (372)
Mortgage-backed securities2 2,606 (21)5 2,394 (123)7 5,000 (144)
Total available for sale securities14 $6,023 $(27)64 $72,590 $(1,986)78 $78,613 $(2,013)
Held to maturity:
U.S. Government Agencies— $— — 29 $204,364 $(61,532)29 $204,364 $(61,532)
Corporate debt securities— — — 57 49,220 (5,602)57 49,220 (5,602)
Total held to maturity securities— $— $— 86 $253,584 $(67,134)86 $253,584 $(67,134)

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, 2022.

 December 31, 2022
 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. Treasuries— $— $— 6 $98,500 $(2,142)6 $98,500 $(2,142)
U.S. Government Agencies— — — — — — — — — 
Corporate debt securities14 14,628 (622)2 1,370 (130)16 15,998 (752)
Municipal bonds46 5,854 (394)6 673 (32)52 6,527 (426)
Mortgage-backed securities3 2,608 (98)4 5 — 7 2,613 (98)
Total available for sale securities63 $23,090 $(1,114)18 $100,548 $(2,304)81 $123,638 $(3,418)
Held to maturity:
U.S. Government Agencies13 $89,695 (21,724)16 $105,834 $(47,779)29 $195,529 $(69,503)
Corporate debt securities59 47,031 (8,005)— — — 59 47,031 (8,005)
Total held to maturity securities72 $136,726 $(29,729)16 $105,834 $(47,779)88 $242,560 $(77,508)

As of December 31, 2023, 164 of First Guaranty's debt securities had gross unrealized losses totaling 17.2% of the individual securities' amortized cost basis and 17.0% of First Guaranty's total amortized cost basis of the investment securities portfolio. 150 of the 164 securities had been in a continuous loss position for over 12 months at such date. The 150 securities had an aggregate amortized cost basis of $395.3 million and an unrealized loss of $69.1 million at December 31, 2023. 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.

There was one charge-off, net of recovery, of $0.1 million recognized on a corporate security during the year ended December 31, 2023. There was a $0.1 million provision for credit losses recognized on securities during the year ended December 31, 2023.

Gross realized gains on sales of securities were $0 and $0.1 million for the years ended December 31, 2023 and 2022, respectively. Gross realized losses were $0 and $0.1 million for the years ended December 31, 2023 and 2022. The tax applicable to these transactions amounted to $0 and $3,000 for 2023 and 2022, respectively. Proceeds from sales of securities classified as available for sale amounted to $0 and $3.1 million for the years ended December 31, 2023 and 2022, respectively.

Net unrealized losses on available for sale securities included in accumulated other comprehensive income (loss) ("AOCI"), net of applicable income taxes, totaled $13.0 million and $15.2 million at December 31, 2023 and 2022. During 2023 net gains, net of tax, reclassified out of AOCI into earnings totaled $0. During 2022 net gains, net of tax, reclassified out of AOCI into earnings totaled $13,000.

At December 31, 2023, First Guaranty's exposure to investment securities issuers that exceeded 10% of shareholders' equity was as follows:

 December 31, 2023
(in thousands)Amortized CostFair Value
U.S. Government Treasuries (U.S.)$50,048 $49,830 
Federal Home Loan Bank (FHLB)32,196 26,109 
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)97,488 69,941 
Federal Farm Credit Bank (FFCB)138,730 110,707 
Total$318,462 $256,587 
v3.24.0.1
Loans
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Loans Loans
The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2023 and December 31, 2022:

 December 31, 2023December 31, 2022
(in thousands except for %)BalanceAs % of CategoryBalanceAs % of Category
Real Estate:    
Construction & land development$399,435 14.5 %$233,091 9.2 %
Farmland32,530 1.2 %24,823 1.0 %
1- 4 Family444,850 16.1 %366,330 14.5 %
Multifamily118,921 4.3 %119,785 4.7 %
Non-farm non-residential1,045,865 37.9 %992,929 39.3 %
Total Real Estate2,041,601 74.0 %1,736,958 68.7 %
Non-Real Estate:    
Agricultural41,008 1.5 %39,045 1.5 %
Commercial and industrial(1)
334,972 12.1 %385,279 15.3 %
Commercial leases285,415 10.4 %317,574 12.6 %
Consumer and other54,485 2.0 %47,864 1.9 %
Total Non-Real Estate715,880 26.0 %789,762 31.3 %
Total Loans Before Unearned Income2,757,481 100.0 %2,526,720 100.0 %
Unearned income(8,773) (7,643) 
Total Loans Net of Unearned Income$2,748,708  $2,519,077  

(1) Includes PPP loans fully guaranteed by the SBA of $2.8 million and $5.9 million at December 31, 2023 and December 31, 2022, respectively.

Accrued interest receivable on First Guaranty's loans totaled $13.9 million and $11.0 million at December 31, 2023 and December 31, 2022, respectively, and is 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 following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of December 31, 2023 and December 31, 2022 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered.

 December 31, 2023December 31, 2022
(in thousands)FixedFloatingTotalFixedFloatingTotal
One year or less$268,864 $88,884 $357,748 $234,921 $137,203 $372,124 
One to five years782,754 357,981 1,140,735 900,960 339,894 1,240,854 
Five to 15 years88,490 269,918 358,408 114,425 216,251 330,676 
Over 15 years334,337 541,066 875,403 261,209 308,291 569,500 
Subtotal$1,474,445 $1,257,849 2,732,294 $1,511,515 $1,001,639 2,513,154 
Nonaccrual loans  25,187   13,566 
Total Loans Before Unearned Income  2,757,481   2,526,720 
Unearned income  (8,773)  (7,643)
Total Loans Net of Unearned Income  $2,748,708   $2,519,077 

Included in floating rate loans are loans that adjust to a floating rate following an initial fixed rate period. The initial fixed rate periods are typically one, three, or five years.
The following tables present the age analysis of past due loans at December 31, 2023 and December 31, 2022:

 As of December 31, 2023
(in thousands)30-89 Days Past Due90 Days or
Greater Past Due		Total Past DueCurrentTotal LoansRecorded Investment
90 Days Accruing
Real Estate:      
Construction & land development$1,281 $530 $1,811 $397,624 $399,435 $— 
Farmland97 836 933 31,597 32,530 — 
1- 4 family3,929 7,109 11,038 433,812 444,850 124 
Multifamily824 537 1,361 117,560 118,921 — 
Non-farm non-residential1,020 24,451 25,471 1,020,394 1,045,865 14,711 
Total Real Estate7,151 33,463 40,614 2,000,987 2,041,601 14,835 
Non-Real Estate:      
Agricultural240 1,426 1,666 39,342 41,008 57 
Commercial and industrial2,483 1,976 4,459 330,513 334,972 395 
Commercial leases— 1,799 1,799 283,616 285,415 — 
Consumer and other1,037 1,810 2,847 51,638 54,485 — 
Total Non-Real Estate3,760 7,011 10,771 705,109 715,880 452 
Total Loans Before Unearned Income$10,911 $40,474 $51,385 $2,706,096 2,757,481 $15,287 
Unearned income    (8,773) 
Total Loans Net of Unearned Income    $2,748,708  
 As of December 31, 2022
(in thousands)30-89 Days Past Due90 Days or
Greater Past Due		Total Past DueCurrentTotal LoansRecorded Investment
90 Days Accruing
Real Estate:      
Construction & land development$1,029 $652 $1,681 $231,410 $233,091 $427 
Farmland357 290 647 24,176 24,823 — 
1- 4 family4,512 4,158 8,670 357,660 366,330 332 
Multifamily874 157 1,031 118,754 119,785 157 
Non-farm non-residential1,133 3,849 4,982 987,947 992,929 103 
Total Real Estate7,905 9,106 17,011 1,719,947 1,736,958 1,019 
Non-Real Estate:      
Agricultural120 1,622 1,742 37,303 39,045 — 
Commercial and industrial1,369 942 2,311 382,968 385,279 123 
Commercial leases— 1,799 1,799 315,775 317,574 — 
Consumer and other1,997 1,239 3,236 44,628 47,864 — 
Total Non-Real Estate3,486 5,602 9,088 780,674 789,762 123 
Total Loans Before Unearned Income$11,391 $14,708 $26,099 $2,500,621 2,526,720 $1,142 
Unearned income    (7,643) 
Total Loans Net of Unearned Income    $2,519,077  

The tables above include $25.2 million and $13.6 million of nonaccrual loans for December 31, 2023 and 2022, respectively. See the tables below for more detail on nonaccrual loans.
The following is a summary of nonaccrual loans by class at the dates indicated:

As of December 31, 2023
(in thousands)With Related Allowance Without Related Allowance Total
Real Estate:
Construction & land development$530 $— $530 
Farmland511 325 836 
1 - 4 family5,417 1,568 6,985 
Multifamily— 537 537 
Non-farm non-residential8,730 1,010 9,740 
Total Real Estate15,188 3,440 18,628 
Non-Real Estate:
Agricultural399 970 1,369 
Commercial and industrial1,581 — 1,581 
Commercial leases— 1,799 1,799 
Consumer and other1,810 — 1,810 
Total Non-Real Estate3,790 2,769 6,559 
Total Nonaccrual Loans$18,978 $6,209 $25,187 

 
(in thousands)As of December 31, 2022
Real Estate: 
Construction & land development$225 
Farmland290 
1- 4 family3,826 
Multifamily— 
Non-farm non-residential3,746 
Total Real Estate8,087 
Non-Real Estate: 
Agricultural1,622 
Commercial and industrial819 
Commercial leases1,799 
Consumer and other1,239 
Total Non-Real Estate5,479 
Total Nonaccrual Loans$13,566 
The following table presents First Guaranty's loan portfolio by credit quality classification and origination year as of the date indicated:
 As of December 31, 2023
Term Loans by Origination Year
(in thousands)20232022202120202019PriorRevolving LoansTotal
Real Estate:        
Construction & land development:
   Pass $134,527 $140,068 $75,884 $3,369 $8,533 11,940 $18,907 $393,228 
   Special Mention789 1,579 170 — 90 250 — 2,878 
   Substandard— 716 458 263 94 1,668 — 3,199 
   Doubtful— 39 91 — — — — 130 
Total Construction & land development135,316 142,402 76,603 3,632 8,717 13,858 18,907 399,435 
Current period gross charge-offs— — — — — — — — 
Farmland
      Pass9,513 4,032 3,340 1,768 253 2,730 2,162 23,798 
      Special Mention— 194 — 514 — 359 — 1,067 
   Substandard— 251 1,369 3,877 115 653 1,355 7,620 
   Doubtful— — — — — — 45 45 
 Total Farmland9,513 4,477 4,709 6,159 368 3,742 3,562 32,530 
Current period gross charge-offs— — — — — — — — 
 1- 4 family
   Pass112,636 110,978 70,599 41,766 19,542 47,374 17,215 420,110 
      Special Mention
1,307 2,505 749 1,544 775 997 667 8,544 
      Substandard48 2,625 5,368 1,357 1,956 3,086 773 15,213 
      Doubtful— 122 391 — 239 159 72 983 
   Total 1- 4 family113,991 116,230 77,107 44,667 22,512 51,616 18,727 444,850 
  Current period gross charge-offs — — — — — 964 — 964 
   Multifamily
      Pass9,945 76,217 6,121 15,131 1,877 2,311 5,110 116,712 
      Special Mention— — — — — 1,648 24 1,672 
      Substandard— — — — — 537 — 537 
      Doubtful— — — — — — — — 
   Total Multifamily9,945 76,217 6,121 15,131 1,877 4,496 5,134 118,921 
  Current period gross charge-offs— — — — — — — — 
   Non-farm non-residential
      Pass162,234 247,182 111,054 88,039 73,797 256,032 33,907 972,245 
      Special Mention708 369 1,014 388 15,846 5,191 1,525 25,041 
      Substandard247 18,930 18,488 — — 6,125 4,723 48,513 
      Doubtful— — — 66 — — — 66 
   Total non-farm non-residential163,189 266,481 130,556 88,493 89,643 267,348 40,155 1,045,865 
  Current period gross charge-offs— — — 138 — — — 138 
Total Real Estate431,954 605,807 295,096 158,082 123,117 341,060 86,485 2,041,601 
Non-Real Estate:
   Agricultural
      Pass2,555 10,406 3,142 1,336 1,532 2,378 16,259 37,608 
      Special Mention— 104 — 81 — — 25 210 
      Substandard— — 692 279 20 2,100 57 3,148 
      Doubtful— — — — — 42 — 42 
   Total Agricultural2,555 10,510 3,834 1,696 1,552 4,520 16,341 41,008 
  Current period gross charge-offs— — — — — — — — 
   Commercial and industrial
      Pass41,105 27,800 48,097 53,585 5,613 27,634 119,886 323,720 
      Special Mention63 37 4,382 146 — 53 598 5,279 
      Substandard45 283 178 602 27 4,531 145 5,811 
      Doubtful— — — — — 162 — 162 
   Total Commercial and industrial41,213 28,120 52,657 54,333 5,640 32,380 120,629 334,972 
  Current period gross charge-offs29 791 133 532 — 209 — 1,694 
   Commercial leases
      Pass74,456 117,566 67,615 6,087 4,428 — — 270,152 
      Special Mention— 11,867 1,597 — — — — 13,464 
      Substandard— 1,799 — — — — — 1,799 
      Doubtful— — — — — — — — 
   Total Commercial leases74,456 131,232 69,212 6,087 4,428 — — 285,415 
  Current period gross charge-offs— — — — — — — — 
   Consumer and other loans
      Pass21,257 8,770 6,463 6,164 650 7,887 150 51,341 
      Special Mention36 151 255 87 15 19 — 563 
      Substandard164 1,077 790 265 86 68 — 2,450 
      Doubtful— — 34 79 2 16 — 131 
   Total Consumer and other loans21,457 9,998 7,542 6,595 753 7,990 150 54,485 
  Current period gross charge-offs598 1,126 820 359 28 44 — 2,975 
Total Non-Real Estate139,681 179,860 133,245 68,711 12,373 44,890 137,120 715,880 
   Total Loans
      Pass568,228 743,019 392,315 217,245 116,225 358,286 213,596 2,608,914 
      Special Mention2,903 16,806 8,167 2,760 16,726 8,517 2,839 58,718 
      Substandard504 25,681 27,343 6,643 2,298 18,768 7,053 88,290 
      Doubtful— 161 516 145 241 379 117 1,559 
Total Loans Before Unearned Income $571,635 $785,667 $428,341 $226,793 $135,490 $385,950 $223,605 $2,757,481 
Unearned income(8,773)
Total Loans Net of Unearned Income$2,748,708 
   Total Current Period Gross Charge-offs$627 $1,917 $953 $1,029 $28 $1,217 $— $5,771 
The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the date indicated:
 As of December 31, 2022
(in thousands)PassSpecial MentionSubstandardDoubtfulTotal
Real Estate:     
Construction & land development$229,416 $2,846 $829 $— $233,091 
Farmland19,722 35 5,066 — 24,823 
1- 4 family347,842 8,667 9,821 — 366,330 
Multifamily117,081 444 2,260 — 119,785 
Non-farm non-residential968,861 15,071 8,997 — 992,929 
Total Real Estate1,682,922 27,063 26,973 — 1,736,958 
Non-Real Estate:     
Agricultural34,827 198 4,020 — 39,045 
Commercial and industrial374,947 2,016 8,316 — 385,279 
Commercial leases315,775 — 1,799 — 317,574 
Consumer and other45,225 1,031 1,608 — 47,864 
Total Non-Real Estate770,774 3,245 15,743 — 789,762 
Total Loans Before Unearned Income$2,453,696 $30,308 $42,716 $— 2,526,720 
Unearned income    (7,643)
Total Loans Net of Unearned Income    $2,519,077 

Purchased Credit Deteriorated Loans

As part of the acquisition of Union Bancshares, Inc. on November 7, 2019 and Premier Bancshares, Inc. on June 16, 2017, First Guaranty purchased credit impaired loans for which there was, at acquisition, evidence of deterioration of credit quality since their origination and it was probable, at acquisition, that all contractually required payments would not be collected. The carrying amount of those loans is as follows at December 31, 2022.

(in thousands)As of December 31, 2022
Real Estate:
Construction & land development$301 
Farmland— 
1- 4 family1,311 
Multifamily— 
Non-farm non-residential1,904 
Total Real Estate3,516 
Non-Real Estate:
Agricultural— 
Commercial and industrial742 
Commercial leases— 
Consumer and other— 
Total Non-Real Estate742 
Total$4,258 
v3.24.0.1
Allowance for Credit Losses on Loans
 12 Months Ended
Dec. 31, 2023
Allowance for Credit Loss [Abstract]  
Allowance for Credit Losses on Loans Allowance for Credit Losses on Loans
A summary of changes in the allowance for credit losses, by portfolio type, for the years ended December 31, 2023 and 2022 are as follows:

 For the Year ended December 31,
 2023
(in thousands)Beginning Allowance (12/31/2022)ASC 326 Adoption Day 1 AdjustmentCharge-offsRecoveriesProvisionEnding Allowance (12/31/2023)
Real Estate:     
Construction & land development$1,232 $1,891 $— $7 $2,715 $5,845 
Farmland83 (39)— — (8)36 
1- 4 family1,761 3,465 (964)93 2,298 6,653 
Multifamily746 1,418 — — (550)1,614 
Non-farm non-residential9,280 307 (138)230 917 10,596 
Total Real Estate13,102 7,042 (1,102)330 5,372 24,744 
Non-Real Estate:     
Agricultural240 (98)— 414 (459)97 
Commercial and industrial2,194 2,971 (1,694)205 (965)2,711 
Commercial leases4,879 (162)— — (2,769)1,948 
Consumer and other2,506 (1,042)(2,975)426 2,511 1,426 
Unallocated597 (591)— — (6)— 
Total Non-Real Estate10,416 1,078 (4,669)1,045 (1,688)6,182 
Total$23,518 $8,120 $(5,771)$1,375 $3,684 $30,926 

For the Year ended December 31,
2022
(in thousands)Beginning Allowance (12/31/2021)Charge-offsRecoveriesProvisionEnding Allowance (12/31/2022)
Real Estate:
Construction & land development$769 $(65)$340 $188 $1,232 
Farmland478 — — (395)83 
1- 4 family1,921 (94)76 (142)1,761 
Multifamily940 — 452 (646)746 
Non-farm non-residential12,730 (603)349 (3,196)9,280 
Total Real Estate16,838 (762)1,217 (4,191)13,102 
Non-Real Estate:
Agricultural183 (460)133 384 240 
Commercial and industrial2,363 (563)91 303 2,194 
Commercial leases2,486 (150)5 2,538 4,879 
Consumer and other1,371 (4,151)473 4,813 2,506 
Unallocated788 — — (191)597 
Total Non-Real Estate7,191 (5,324)702 7,847 10,416 
Total$24,029 $(6,086)$1,919 $3,656 $23,518 

Negative provisions are caused by changes in the composition and credit quality of the loan portfolio and by recoveries. The result is an allocation of the credit loss reserve from one category to another.
A summary of the allowance along with loans and leases individually and collectively evaluated are as follows:

 As of December 31, 2023
(in thousands)Allowance
Individually
Evaluated		Allowance
Collectively Evaluated		Total Allowance
for Credit Losses		Loans
Individually
Evaluated		Loans
Collectively
Evaluated		Total Loans
before
Unearned Income
Real Estate:      
Construction & land development$— $5,845 $5,845 $1,389 $398,046 $399,435 
Farmland— 36 36 5,670 26,860 32,530 
1- 4 family316 6,337 6,653 5,066 439,784 444,850 
Multifamily— 1,614 1,614 537 118,384 118,921 
Non-farm non-residential3,047 7,549 10,596 46,571 999,294 1,045,865 
Total Real Estate3,363 21,381 24,744 59,233 1,982,368 2,041,601 
Non-Real Estate:      
Agricultural1 96 97 1,466 39,542 41,008 
Commercial and industrial758 1,953 2,711 4,464 330,508 334,972 
Commercial leases— 1,948 1,948 1,799 283,616 285,415 
Consumer and other— 1,426 1,426 — 54,485 54,485 
Unallocated— — — — — — 
Total Non-Real Estate759 5,423 6,182 7,729 708,151 715,880 
Total$4,122 $26,804 $30,926 $66,962 $2,690,519 $2,757,481 
Unearned Income     (8,773)
Total Loans Net of Unearned Income     $2,748,708 
All loans individually evaluated for impairment as of December 31, 2023 were considered collateral dependent loans.

 As of December 31, 2022
(in thousands)Allowance
Individually
Evaluated
for Impairment		Allowance Individually Evaluated for Purchased Credit-ImpairmentAllowance
Collectively
Evaluated
for Impairment		Total Allowance
for Credit Losses		Loans
Individually
Evaluated
for Impairment		Loans Individually Evaluated for Purchased Credit-ImpairmentLoans
Collectively
Evaluated
for Impairment		Total Loans
before
Unearned Income
Real Estate:      
Construction & land development$— $— $1,232 $1,232 $68 $301 $232,722 $233,091 
Farmland— — 83 83 4,240 — 20,583 24,823 
1- 4 family— — 1,761 1,761 949 1,311 364,070 366,330 
Multifamily— — 746 746 — — 119,785 119,785 
Non-farm non-residential666 512 8,102 9,280 4,095 1,904 986,930 992,929 
Total Real Estate666 512 11,924 13,102 9,352 3,516 1,724,090 1,736,958 
Non-Real Estate:      
Agricultural— — 240 240 2,366 — 36,679 39,045 
Commercial and industrial412 212 1,570 2,194 5,919 742 378,618 385,279 
Commercial leases1,799 — 3,080 4,879 1,799 — 315,775 317,574 
Consumer and other— — 2,506 2,506 — — 47,864 47,864 
Unallocated— — 597 597 — — — — 
Total Non-Real Estate2,211 212 7,993 10,416 10,084 742 778,936 789,762 
Total$2,877 $724 $19,917 $23,518 $19,436 $4,258 $2,503,026 $2,526,720 
Unearned Income     (7,643)
Total Loans Net of Unearned Income     $2,519,077 
As of December 31, 2023 and 2022, First Guaranty had loans totaling $25.2 million and $13.6 million, respectively, not accruing interest. As of December 31, 2023, and 2022, First Guaranty had loans past due 90 days or more and still accruing interest totaling $15.3 million and $1.1 million, respectively. The average outstanding balance of nonaccrual loans in 2023 was $22.5 million compared to $12.8 million in 2022.

A loan is considered impaired when, based on current information and events, it is probable that First Guaranty will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Payment status, collateral value and the probability of collecting scheduled principal and interest payments when due are considered in evaluating loan impairment. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired.

The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated:

 As of December 31, 2022
(in thousands)Recorded
Investment		Unpaid
Principal Balance		Related
Allowance		Average
Recorded Investment		Interest Income
Recognized
Impaired Loans with no related allowance:     
Real Estate:     
Construction & land development$68 $68 $— $68 $— 
Farmland4,240 4,240 — 4,242 51 
1- 4 family949 949 — 949 5 
Multifamily— — — — — 
Non-farm non-residential1,814 1,814 — 1,817 56 
Total Real Estate7,071 7,071 — 7,076 112 
Non-Real Estate:     
Agricultural2,366 2,521 — 2,366 7 
Commercial and industrial4,871 4,988 — 4,988 33 
Commercial leases— — — — — 
Consumer and other— — — — — 
Total Non-Real Estate7,237 7,509 — 7,354 40 
Total Impaired Loans with no related allowance14,308 14,580 — 14,430 152 
Impaired Loans with an allowance recorded:     
Real estate:     
Construction & land development— — — — — 
Farmland— — — — — 
1- 4 family— — — — — 
Multifamily— — — — — 
Non-farm non-residential2,281 2,855 666 2,279 5 
Total Real Estate2,281 2,855 666 2,279 5 
Non-Real Estate:     
Agricultural— — — — — 
Commercial and industrial1,048 1,048 412 1,112 35 
Commercial leases1,799 1,812 1,799 1,817 27 
Consumer and other— — — — — 
Total Non-Real Estate2,847 2,860 2,211 2,929 62 
Total Impaired Loans with an allowance recorded5,128 5,715 2,877 5,208 67 
Total Impaired Loans$19,436 $20,295 $2,877 $19,638 $219 
v3.24.0.1
Premises and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Premises and Equipment Premises and Equipment
The components of premises and equipment at December 31, 2023 and 2022 are as follows:
(in thousands)December 31, 2023December 31, 2022
Land$15,541 $15,284 
Bank premises55,452 54,423 
Furniture and equipment31,681 31,109 
Construction in progress14,368 1,854 
Acquired value117,042 102,670 
Less: accumulated depreciation47,250 44,464 
Net book value$69,792 $58,206 
Depreciation expense amounted to $3.0 million and $3.1 million for 2023 and 2022, respectively. Interest cost capitalized as a construction cost was $0 for 2023 and 2022, respectively.
v3.24.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill and intangible assets deemed to have indefinite lives are no longer amortized, but are subject to impairment testing. Other intangible assets, such as core deposit intangibles and loan servicing assets, continue to be amortized over their useful lives. Goodwill represents the purchase price over the fair value of net assets acquired from the Homestead Bancorp in 2007, Premier Bancshares, Inc. in 2017 and Union Bancshares, Incorporated in 2019. No impairment charges have been recognized since acquisition. Goodwill totaled $12.9 million at December 31, 2023 and 2022. Other intangible assets not subject to amortization totaled $0.1 million and $0 at December 31, 2023 and 2022.

The following table summarizes intangible assets subject to amortization.

 December 31, 2023December 31, 2022
(in thousands)Gross
Carrying Amount		Accumulated
Amortization		Net
Carrying Amount		Gross
Carrying Amount		Accumulated
Amortization		Net
Carrying Amount
Core deposit intangibles$16,266 $12,607 $3,659 $16,266 $11,911 $4,355 
Loan servicing assets2,198 1,659 539 2,195 1,571 624 
Total$18,464 $14,266 $4,198 $18,461 $13,482 $4,979 

The core deposits intangible reflect the value of deposit relationships, including the beneficial rates, which arose from acquisitions. The weighted-average amortization period remaining for the core deposit intangibles is 5.3 years.

Amortization expense relating to purchase accounting intangibles totaled $0.7 million for the years ended December 31, 2023 and 2022, respectively.

Amortization expense of the core deposit intangible assets for the next five years is as follows:

For the Years Ended
Estimated Amortization Expense
(in thousands)
December 31, 2024$696 
December 31, 2025$696 
December 31, 2026$696 
December 31, 2027$696 
December 31, 2028$696 
v3.24.0.1
Other Real Estate
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Other Real Estate Other Real Estate
Other real estate owned consists of the following at the dates indicated:

(in thousands)December 31, 2023December 31, 2022
Real Estate Owned Acquired by Foreclosure:  
Residential$309 $113 
Construction & land development251 — 
Non-farm non-residential690 — 
Total Other Real Estate Owned and Foreclosed Property1,250 113 
Allowance for Other Real Estate Owned losses— — 
Net Other Real Estate Owned and Foreclosed Property$1,250 $113 

Loans secured by one-to-four family residential properties in the process of foreclosure totaled $1.3 million as of December 31, 2023.
v3.24.0.1
Deposits
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Deposits Deposits
A schedule of maturities of all time deposits are as follows:

(in thousands)December 31, 2023
2024$505,561 
2025179,990 
202632,228 
202710,520 
2028 and thereafter92,426 
Total$820,725 

The table above includes $175.1 million in brokered deposits for December 31, 2023. The aggregate amount of jumbo time deposits, each with a minimum denomination of $250,000 totaled $196.9 million and $155.0 million at December 31, 2023 and 2022, respectively.
v3.24.0.1
Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Borrowings Borrowings
Short-term borrowings are summarized as follows:

(in thousands)December 31, 2023December 31, 2022
Federal Home Loan Bank advances$50,000 $120,000 
Repurchase agreements6,297 6,442 
Line of credit10,000 20,000 
Total short-term borrowings$66,297 $146,442 

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 $66.3 million in short-term borrowings outstanding at December 31, 2023 compared to $146.4 million outstanding at December 31, 2022. First Guaranty has available lines of credit of $20.0 million, with $10.0 million outstanding balance at December 31, 2023.

Available lines of credit totaled $589.2 million at December 31, 2023 and $505.5 million at December 31, 2022.

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

 December 31,
(in thousands except for %)20232022
Outstanding at year end$66,297 $146,442 
Maximum month-end outstanding$152,659 $146,442 
Average daily outstanding$67,102 $42,149 
Weighted average rate during the year5.78 %5.12 %
Weighted average rate at year end5.65 %4.86 %
Long-term debt is summarized as follows:

Senior long-term debt with a commercial bank, priced at floating Wall Street Journal Prime less 70 basis points (6.80%), totaled $21.9 million at December 31, 2022. First Guaranty refinanced this note in October of 2023.

Senior long-term debt with a commercial bank, priced at floating Wall Street Journal Prime less 50 basis points (currently 8.00%), totaled $39.1 million at December 31, 2023 and $0 at December 31, 2022. First Guaranty refinanced this note on October 2023. First Guaranty pays $1.0 million principal plus interest quarterly. First Guaranty refinanced this note on October 2023. 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 (9.25% as of December 31, 2023), totaled 15.0 million at December 31, 2023 and December 31, 2022. 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.

First Guaranty maintains one revolving line of credit. A $20.0 million line of credit with an availability of $10.0 million at December 31, 2023. This line of credit 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) and is priced at 8.50%.

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. At December 31, 2022, letters of credit issued by the FHLB totaling $388.6 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, 2023 obligations on long-term advances from FHLB, senior long-term debt and junior subordinated debentures totaled $209.1 million.

The scheduled payments are as follows:

(in thousands)Long-term Advances from FHLBSenior
Long-term Debt		Junior
Subordinated Debentures
2024$— $4,031 $— 
202520,000 4,031 — 
2026— 4,031 — 
2027135,000 4,031 — 
2028— 4,031 — 
2029 and thereafter— 19,149 15,000 
Subtotal$155,000 $39,304 $15,000 
Debt issuance costs— (205)— 
Total$155,000 $39,099 $15,000 
v3.24.0.1
Capital Requirements
 12 Months Ended
Dec. 31, 2023
Regulatory Capital Requirements Under Banking Regulations [Abstract]  
Capital Requirements Capital Requirements
First Guaranty Bank is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on First Guaranty's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of December 31, 2023 and 2022, that the Bank met all capital adequacy requirements.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a "capital conservation buffer" consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. First Guaranty Bank's capital conservation buffer was 3.20% at December 31, 2023.

In addition, as a result of the legislation, the federal banking agencies have developed a "Community Bank Leverage Ratio" (the ratio of a bank's Tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A "qualifying community bank" that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered "well capitalized" under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies set the new Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. Beginning in 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks will have until Jan. 1, 2022, before the Community Bank Leverage Ratio requirement will return to 9%. A financial institution can elect to be subject to this new definition. The new rule took effect on January 1, 2020. The Bank has not elected to follow the Community Bank Leverage Ratio.

As of December 31, 2023, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the notification that Management believes have changed the Bank's category. First Guaranty Bank's actual capital amounts and ratios as of December 31, 2023 and 2022 are presented in the following table.

 ActualMinimum Capital RequirementsMinimum to be Well Capitalized
Under Action Provisions
(in thousands except for %)AmountRatioAmountRatioAmountRatio
December 31, 2023
Total Risk-based Capital:$330,944 11.20 %$236,321 8.00 %$295,402 10.00 %
Tier 1 Capital:$304,553 10.31 %$177,241 6.00 %$236,321 8.00 %
Tier 1 Leverage Capital:$304,553 8.94 %$121,821 4.00 %$152,277 5.00 %
Common Equity Tier One Capital:$304,553 10.31 %$132,931 4.50 %$192,011 6.50 %
December 31, 2022
Total Risk-based Capital:$308,510 11.16 %$221,066 8.00 %$276,333 10.00 %
Tier 1 Capital:$284,992 10.31 %$165,800 6.00 %$221,066 8.00 %
Tier 1 Leverage Capital:$284,992 9.35 %$121,884 4.00 %$152,355 5.00 %
Common Equity Tier One Capital:$284,992 10.31 %$124,350 4.50 %$179,616 6.50 %
v3.24.0.1
Dividend Restrictions
 12 Months Ended
Dec. 31, 2023
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]  
Dividend Restrictions Dividend Restrictions
The Federal Reserve Bank ("FRB") has stated that, generally, a bank holding company should not maintain a rate of distributions to shareholders unless its available net income has been sufficient to fully fund the distributions, and the prospective rate of earnings retention appears consistent with the bank holding company's capital needs, asset quality and overall financial condition. As a Louisiana corporation, First Guaranty is restricted under the Louisiana corporate law from paying dividends under certain conditions.

First Guaranty Bank may not pay dividends or distribute capital assets if it is in default on any assessment due to the FDIC. First Guaranty Bank is also subject to regulations that impose minimum regulatory capital and minimum state law earnings requirements that affect the amount of cash available for distribution. In addition, under the Louisiana Banking Law, dividends may not be paid if it would reduce the unimpaired surplus below 50% of outstanding capital stock in any year.

The Bank is restricted under applicable laws in the payment of dividends to an amount equal to current year earnings plus undistributed earnings for the immediately preceding year, unless prior permission is received from the Commissioner of Financial Institutions for the State of Louisiana. Dividends payable by the Bank in 2024 without permission will be limited to 2024 earnings plus the undistributed earnings of $3.9 million from 2023.

Accordingly, at January 1, 2024, $298.4 million of First Guaranty's equity in the net assets of the Bank was restricted. In addition, dividends paid by the Bank to First Guaranty would be prohibited if the effect thereof would cause the Bank's capital to be reduced below applicable minimum capital requirements.
v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
In the normal course of business, First Guaranty and its subsidiary, First Guaranty Bank, have loans, deposits and other transactions with its executive officers, directors, affiliates and certain business organizations and individuals with which such persons are associated. These transactions are completed with terms no less favorable than current market rates. An analysis of the activity of loans made to such borrowers during the year ended December 31, 2023 and 2022 follows:

 December 31,
(in thousands)20232022
Balance, beginning of year$89,735 $93,270 
Net (Decrease) Increase(33,850)(3,535)
Balance, end of year$55,885 $89,735 

Unfunded commitments to First Guaranty and Bank directors and executive officers totaled $19.6 million and $45.6 million at December 31, 2023 and 2022, respectively. At December 31, 2023 First Guaranty and the Bank had deposits from directors and executives totaling $54.8 million. There were no participations in loans purchased from affiliated financial institutions included in First Guaranty's loan portfolio in 2023 or 2022.

During the years ended 2023 and 2022, First Guaranty paid approximately $0.3 million, respectively, for printing services and supplies and office furniture and equipment to Champion Industries, Inc., of which Mr. Marshall T. Reynolds, the Chairman of First Guaranty's Board of Directors, is President, Chief Executive Officer, Chairman of the Board of Directors and a major shareholder of Champion.

On December 21, 2015, First Guaranty issued a $15.0 million subordinated note (the "2015 Note") to Edgar Ray Smith III, a director of First Guaranty. The 2015 Note had a ten-year term (non-callable for first five years) and bore interest at a fixed annual rate of 4.0% for the first five years of the term and then adjusted to a floating rate based on the Prime Rate as reported by the Wall Street Journal plus 75 basis points for the period of time after the fifth year until redemption or maturity. On June 21, 2022, First Guaranty issued a $15.0 million subordinated note (the “2022 Note”) to Mr. Smith, and used the proceeds of such issuance to redeem the 2015 Note in full. The 2022 Note has a ten-year term, maturing on June 21, 2032, is non-callable for the first five years, and bears interest at a floating rate based on the Prime Rate as reported by the Wall Street Journal plus 75 basis points. During the years ended 2023 and 2022, First Guaranty paid interest of $1.2 million and $0.7 million, respectively, under the 2015 Note and the 2022 Note.

During the years ended 2023 and 2022, First Guaranty paid approximately $0.1 million and $0.1 million, respectively, for the purchase and maintenance of First Guaranty's automobiles to subsidiaries of Hood Automotive Group, of which William K. Hood, a director of First Guaranty, is President.
                                                                                                                                                                                                                             
During the years ended 2023 and 2022, First Guaranty paid approximately $0.7 million and $58,000, respectively, for architectural services in relation to bank branches to Gasaway Gasaway Bankston Architects, of which bank subsidiary board member Andrew B. Gasaway is part owner.
During the years ended 2023 and 2022, First Guaranty paid approximately $0.8 million and $0.7 million, respectively, to Centurion Insurance, an insurance brokerage agency, to bind coverage at market terms for property casualty insurance and health insurance. First Guaranty owns a 50% interest in Centurion and accounts for this investment under the equity method.
v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans Employee Benefit Plans
First Guaranty has an employee savings plan to which employees, who meet certain service requirements, may defer 1% up to the IRS legal limit of their base salaries, 6% of which may be matched up to 100%, at its sole discretion. Contributions to the savings plan were $80,000 and $440,000 in 2023 and 2022, respectively. First Guaranty has an Employee Stock Ownership Plan ("ESOP") which was frozen in 2010. No contributions were made to the ESOP for the years 2023 or 2022. As of December 31, 2023, the ESOP held 1,003 shares. First Guaranty is in the process of terminating the plan.

On May 19, 2022 the shareholders of First Guaranty adopted the First Guaranty Bank Equity Bonus Plan. The plan established an equity bonus pool of 80,000 shares. All full time employees of First Guaranty are eligible to participate. In December 31, 2023, 44,341 shares were distributed to a total of 311 employees. Grant date fair market value of the shares issued was $750,000. All shares were vested on the date of issuance.
v3.24.0.1
Other Expenses
 12 Months Ended
Dec. 31, 2023
Other Expenses [Abstract]  
Other Expenses Other Expenses
The following is a summary of the significant components of other noninterest expense:
 December 31,
(in thousands)20232022
Other noninterest expense:  
Legal and professional fees$5,709 $4,159 
Data processing2,100 1,596 
ATM Fees1,804 1,750 
Marketing and public relations1,927 1,747 
Taxes - sales, capital and franchise2,263 1,949 
Operating supplies778 728 
Software expense and amortization5,282 4,191 
Travel and lodging1,362 1,236 
Telephone382 406 
Amortization of core deposits696 696 
Donations595 638 
Net costs from other real estate and repossessions157 393 
Regulatory assessment3,136 1,997 
Other4,032 3,888 
Total other noninterest expense$30,223 $25,374 

First Guaranty does not capitalize advertising costs. They are expensed as incurred and are included in other noninterest expense on the Consolidated Statements of Income. Advertising expense was $1.0 million for 2023 and 2022.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following is a summary of the provision for income taxes included in the Consolidated Statements of Income:

 December 31,
(in thousands)20232022
Current$2,857 $7,761 
Deferred(180)(255)
Total$2,677 $7,506 

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,
(in thousands except for %)20232022
Statutory tax rate21.0 %21.0 %
Federal income taxes at statutory rate$2,452 $7,642 
Tax exempt municipal income(102)(108)
Other107 (28)
State tax expense220 — 
Total$2,677 $7,506 

Deferred taxes are recorded based upon differences between the financial statement and tax basis of assets and liabilities, and available tax credit carry forwards. Temporary differences between the financial statement and tax values of assets and liabilities give rise to deferred taxes. The significant components of deferred taxes classified in First Guaranty's Consolidated Balance Sheets at December 31, 2023 and 2022 are as follows:

 December 31,
(in thousands)20232022
Deferred tax assets:  
Allowance for credit losses$7,101 $4,939 
Other real estate owned18 5 
Unrealized losses on available for sale securities416 711 
Unrealized losses on available for sale securities transferred to held to maturity3,029 3,337 
Net operating loss914 1,006 
Other473 648 
Gross deferred tax assets11,951 10,646 
Deferred tax liabilities:  
Depreciation and amortization(1,871)(2,116)
Core deposit intangibles(768)(914)
Unrealized gains on available for sale securities— — 
Discount on purchased loans(180)(60)
Other(927)(880)
Gross deferred tax liabilities(3,746)(3,970)
Net deferred tax assets (liabilities)$8,205 $6,676 

First Guaranty determined that the net deferred tax asset at December 31, 2023 and 2022 was more likely than not to be realized based on an assessment of all available positive and negative evidence, and therefore no valuation allowance was recorded.

Net operating loss carryforwards for income tax purposes were $4.4 million as of December 31, 2023 and $4.8 million in 2022. The carryforwards were acquired in 2017 in the Premier acquisition and expire from 2027 to 2034, and will be utilized subject to annual Internal Revenue Code Section 382 limitations.
ASC 740-10, Income Taxes, clarifies the accounting for uncertainty in income taxes and prescribes a recognition threshold and measurement attribute for the consolidated financial statements recognition and measurement of a tax position taken or expected to be taken in a tax return. First Guaranty does not believe it has any unrecognized tax benefits included in its consolidated financial statements. First Guaranty has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. First Guaranty recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in noninterest expense. During the years ended December 31, 2023 and 2022, First Guaranty did not recognize any interest or penalties in its consolidated financial statements, nor has it recorded an accrued liability for interest or penalty payments.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Off-balance sheet commitments

First Guaranty is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of the involvement in particular classes of financial instruments.

The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby and commercial letters of credit is represented by the contractual notional amount of those instruments. The same credit policies are used in making commitments and conditional obligations as it does for balance sheet instruments. Unless otherwise noted, collateral or other security is not required to support financial instruments with credit risk.

Set forth below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at December 31, 2023 and December 31, 2022.

Contract AmountDecember 31, 2023December 31, 2022
(in thousands)  
Commitments to Extend Credit$304,218 $246,968 
Unfunded Commitments under lines of credit$214,546 $253,906 
Commercial and Standby letters of credit$13,971 $14,222 

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer's creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on Management's credit evaluation of the counterpart. Collateral requirements vary but may include accounts receivable, inventory, property, plant and equipment, residential real estate and commercial properties.

Standby and commercial letters of credit are conditional commitments to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. The majority of these guarantees are short-term, one year or less; however, some guarantees extend for up to three years. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. Collateral requirements are the same as on-balance sheet instruments and commitments to extend credit.

There were no losses incurred on off-balance sheet commitments in 2023 or 2022.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

Level 1 Inputs – Unadjusted quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds or credit risks) or inputs that are derived principally from or corroborated by market data by correlation or other means.

Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

A description of the valuation methodologies used for instruments measured at fair value follows, as well as the classification of such instruments within the valuation hierarchy.

Securities available for sale. Securities are classified within Level 1 where quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. If quoted market prices are unavailable, fair value is estimated using quoted prices of securities with similar characteristics, at which point the securities would be classified within Level 2 of the hierarchy. Securities classified Level 3 as of December 31, 2023 includes corporate debt and municipal securities.

Impaired loans. Loans are measured for impairment using the methods permitted by ASC Topic 310. Fair value of impaired loans is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation.

Other real estate owned. Properties are recorded at the balance of the loan or at estimated fair value less estimated selling costs, whichever is less, at the date acquired. Fair values of other real estate owned ("OREO") at December 31, 2023 and 2022 are determined by sales agreement or appraisal, and costs to sell are based on estimation per the terms and conditions of the sales agreement or amounts commonly used in real estate transactions. Inputs include appraisal values or recent sales activity for similar assets in the property's market; thus OREO measured at fair value would be classified within either Level 2 or Level 3 of the hierarchy.

Certain non-financial assets and non-financial liabilities are measured at fair value on a non-recurring basis including assets and liabilities related to reporting units measured at fair value in the testing of goodwill impairment, as well as intangible assets and other non-financial long-lived assets measured at fair value for impairment assessment.

The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2023 and 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

(in thousands)December 31, 2023December 31, 2022
Available for Sale Securities Fair Value Measurements Using:  
Level 1: Quoted Prices in Active Markets For Identical Assets$49,830 $98,466 
Level 2: Significant Other Observable Inputs23,172 21,890 
Level 3: Significant Unobservable Inputs10,483 11,102 
Securities available for sale measured at fair value$83,485 $131,458 

First Guaranty's valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While Management believes the methodologies used are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value.

The change in Level 1 securities available for sale from December 31, 2022 to December 31, 2023 was due to a net decrease in Treasury bills of $48.6 million. There were no transfers between Level 1 and 2 securities available for sale from December 31, 2022 to December 31, 2023. There were no transfers between Level 2 and Level 3 from December 31, 2022 to December 31, 2023.
The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):

Level 3 Changes
(in thousands)December 31, 2023December 31, 2022
Balance, beginning of year$11,102 $12,305 
Total gains or losses (realized/unrealized):
Included in earnings— — 
Included in other comprehensive income(38)(676)
Purchases, sales, issuances and settlements, net(581)(527)
Transfers in and/or out of Level 3— — 
Balance as of end of year$10,483 $11,102 

There were no gains or losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held as of December 31, 2023.

The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of December 31, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

(in thousands)At December 31, 2023At December 31, 2022
Fair Value Measurements Using: Loan Individually Evaluated for Impairment  
Level 1: Quoted Prices in Active Markets For Identical Assets$— $— 
Level 2: Significant Other Observable Inputs— — 
Level 3: Significant Unobservable Inputs8,083 2,251 
Impaired loans measured at fair value$8,083 $2,251 
Fair Value Measurements Using: Other Real Estate Owned  
Level 1: Quoted Prices in Active Markets For Identical Assets$— $— 
Level 2: Significant Other Observable Inputs1,250 — 
Level 3: Significant Unobservable Inputs— 113 
Other real estate owned measured at fair value$1,250 $113 

ASC 825-10 provides First Guaranty with an option to report selected financial assets and liabilities at fair value. The fair value option established by this statement permits First Guaranty to choose to measure eligible items at fair value at specified election dates and report unrealized gains and losses on items for which the fair value option has been elected in earnings at each reporting date subsequent to implementation.

First Guaranty has chosen not to elect the fair value option for any items that are not already required to be measured at fair value in accordance with accounting principles generally accepted in the United States.
v3.24.0.1
Financial Instruments
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
Financial Instruments Financial Instruments
Fair value estimates are generally subjective in nature and are dependent upon a number of significant assumptions associated with each instrument or group of similar instruments, including estimates of discount rates, risks associated with specific financial instruments, estimates of future cash flows and relevant available market information. Fair value information is intended to represent an estimate of an amount at which a financial instrument could be exchanged in a current transaction between a willing buyer and seller engaging in an exchange transaction. However, since there are no established trading markets for a significant portion of First Guaranty's financial instruments, First Guaranty may not be able to immediately settle financial instruments; as such, the fair values are not necessarily indicative of the amounts that could be realized through immediate settlement. In addition, the majority of the financial instruments, such as loans and deposits, are held to maturity and are realized or paid according to the contractual agreement with the customer.

Quoted market prices are used to estimate fair values when available. However, due to the nature of the financial instruments, in many instances quoted market prices are not available. Accordingly, estimated fair values have been estimated based on other valuation techniques, such as discounting estimated future cash flows using a rate commensurate with the risks involved or other acceptable methods. Fair values are estimated without regard to any premium or discount that may result from concentrations of ownership of financial instruments, possible income tax ramifications or estimated transaction costs. The fair value estimates are subjective in nature and involve matters of significant judgment and, therefore, cannot be determined with precision. Fair values are also estimated at a specific point in time and are based on interest rates and other assumptions at that date. As events change the assumptions underlying these estimates, the fair values of financial instruments will change.

Disclosure of fair values is not required for certain items such as lease financing, investments accounted for under the equity method of accounting, obligations of pension and other postretirement benefits, premises and equipment, other real estate, prepaid expenses, the value of long-term relationships with depositors (core deposit intangibles) and other customer relationships, other intangible assets and income tax assets and liabilities. Fair value estimates are presented for existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses have not been considered in the estimates. Accordingly, the aggregate fair value amounts presented do not purport to represent and should not be considered representative of the underlying market or franchise value of First Guaranty.

Because the standard permits many alternative calculation techniques and because numerous assumptions have been used to estimate the fair values, reasonable comparison of the fair value information with other financial institutions' fair value information cannot necessarily be made. The methods and assumptions used to estimate the fair values of financial instruments are as follows:

Cash and due from banks, interest-bearing deposits with banks, federal funds sold and federal funds purchased.

These items are generally short-term and the carrying amounts reported in the consolidated balance sheets are a reasonable estimation of the fair values.

Investment Securities.

Fair values are principally based on quoted market prices. If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments or the use of discounted cash flow analyses.

Loans Held for Sale.

Fair values of mortgage loans held for sale are based on commitments on hand from investors or prevailing market prices. These loans are classified within level 3 of the fair value hierarchy.

Loans, net.

Market values are computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. These loans are classified within level 3 of the fair value hierarchy.

Loan individually evaluated for impairment.

Fair value is measured by either the fair value of the collateral if the loan is collateral dependent (Level 2 or Level 3), or the present value of expected future cash flows, discounted at the loan's effective interest rate (Level 3). Fair value of the collateral is determined by appraisals or by independent valuation.

Cash Surrender of BOLI.

The cash surrender value of BOLI approximates fair value.

Accrued interest receivable.

The carrying amount of accrued interest receivable approximates its fair value.
Deposits.

The fair value of customer deposits, excluding certificates of deposit, is the amount payable on demand. Market values of certificates of deposit are actually computed present values using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Deposits are classified within level 3 of the fair value hierarchy.

Accrued interest payable.

The carrying amount of accrued interest payable approximates its fair value.

Borrowings.

The carrying amount of federal funds purchased and other short-term borrowings approximate their fair values. The fair value of First Guaranty's long-term borrowings is computed using net present value formulas. The present value is the sum of the present value of all projected cash flows on an item at a specified discount rate. The discount rate is set as an appropriate rate index, plus or minus an appropriate spread. Borrowings are classified within level 3 of the fair value hierarchy.

Other Unrecognized Financial Instruments.

The fair value of commitments to extend credit is estimated using the fees charged to enter into similar legally binding agreements, taking into account the remaining terms of the agreements and customers' credit ratings. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit are based on fees charged for similar agreements or on estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. At December 31, 2023 and 2022 the fair value of guarantees under commercial and standby letters of credit was not material.

The carrying amounts and estimated fair values of financial instruments at December 31, 2023 were as follows:

Fair Value Measurements at December 31, 2023 Using
(in thousands)Carrying AmountLevel 1Level 2Level 3Total
Assets
Cash and due from banks$286,114 $286,114 $— $— $286,114 
Federal funds sold341 341 — — 341 
Securities, available for sale83,485 49,830 23,172 10,483 83,485 
Securities, held for maturity320,638 — 253,584 — 253,584 
Loans, net2,717,782 — — 2,581,979 2,581,979 
Cash surrender value of BOLI5,861 — — 5,861 5,861 
Accrued interest receivable15,713 — — 15,713 15,713 
Liabilities
Deposits$3,009,094 $— $— $3,001,498 3,001,498 
Short-term advances from Federal Home Loan Bank50,000 — — 50,000 50,000 
Short-term borrowings10,000 — — 10,000 10,000 
Repurchase agreements6,297 — — 6,285 6,285 
Accrued interest payable11,807 — — 11,807 11,807 
Long-term advances from Federal Home Loan Bank155,000 — — 152,299 152,299 
Senior long-term debt39,099 — — 39,304 39,304 
Junior subordinated debentures15,000 — — 15,000 15,000 
The carrying amounts and estimated fair values of financial instruments at December 31, 2022 were as follows:

Fair Value Measurements at December 31, 2022 Using
(in thousands)Carrying AmountLevel 1Level 2Level 3Total
Assets
Cash and due from banks$82,796 $82,796 $— $— $82,796 
Federal funds sold423 423 — — 423 
Securities, available for sale131,458 98,466 21,890 11,102 131,458 
Securities, held for maturity320,068 — 242,560 — 242,560 
Loans, net2,495,559 — — 2,404,402 2,404,402 
Cash surrender value of BOLI5,712 — — 5,712 5,712 
Accrued interest receivable13,002 — — 13,002 13,002 
Liabilities
Deposits$2,723,792 $— $— $2,717,471 2,717,471 
Short-term advances from Federal Home Loan Bank120,000 — — 120,000 120,000 
Short-term borrowings20,000 — — 20,000 20,000 
Repurchase agreements6,442 — — 6,509 6,509 
Accrued interest payable4,289 — — 4,289 4,289 
Long-term advances from Federal Home Loan Bank— — — — — 
Senior long-term debt21,927 — — 21,938 21,938 
Junior subordinated debentures15,000 — — 15,000 15,000 
                                        
There is no material difference between the contract amount and the estimated fair value of off-balance sheet items that are primarily comprised of short-term unfunded loan commitments that are generally at market prices.
v3.24.0.1
Concentrations of Credit and Other Risks
 12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Concentrations of Credit and Other Risks Concentrations of Credit and Other Risks
First Guaranty monitors loan portfolio concentrations by region, collateral type, loan type, and industry on a monthly basis and has established maximum thresholds as a percentage of its capital to ensure that the desired mix and diversification of its loan portfolio is achieved. First Guaranty is compliant with the established thresholds as of December 31, 2023. Personal, commercial and residential loans are granted to customers, most of who reside in northern and southern areas of Louisiana. Although First Guaranty has a diversified loan portfolio, significant portions of the loans are collateralized by real estate located in Tangipahoa Parish and surrounding parishes in Southeast Louisiana. Declines in the Louisiana economy could result in lower real estate values which could, under certain circumstances, result in losses to First Guaranty.

The distribution of commitments to extend credit approximates the distribution of loans outstanding. Commercial and standby letters of credit were granted primarily to commercial borrowers.

Approximately 39.7% of First Guaranty's deposits are derived from local governmental agencies at December 31, 2023. These governmental depositing authorities are generally long-term customers. A number of the depositing authorities are under contractual obligation to maintain their operating funds exclusively with First Guaranty. In most cases, First Guaranty is required to pledge securities or letters of credit issued by the Federal Home Loan Bank to the depositing authorities to collateralize their deposits. Under certain circumstances, the withdrawal of all of, or a significant portion of, the deposits of one or more of the depositing authorities may result in a temporary reduction in liquidity, depending primarily on the maturities and/or classifications of the securities pledged against such deposits and the ability to replace such deposits with either new deposits or other borrowings. Public fund deposits totaled $1.2 billion at December 31, 2023.
v3.24.0.1
Litigation
 12 Months Ended
Dec. 31, 2023
Loss Contingency [Abstract]  
Litigation Litigation
First Guaranty is subject to various legal proceedings in the normal course of its business. First Guaranty assesses its liabilities and contingencies in connection with outstanding legal proceedings. Where it is probable that First Guaranty will incur a loss and the amount of the loss can be reasonably estimated, First Guaranty records a liability in its consolidated financial statements. First Guaranty does not record a loss if the loss is not probable or the amount of the loss is not estimable. First Guaranty Bank is a defendant in a lawsuit alleging fault for a loss of funds by a customer related to fraud by a third party with a possible loss range of $0.0 million to $1.5 million. The Bank denies the allegations and intends to vigorously defend against this lawsuit, which is in early stages and no trial date has been set. No accrued liability has been recorded related to this lawsuit. First Guaranty settled a case in the third quarter of 2021 for $1.1 million. A receivable for $0.9 million has been recorded for recovery by a claim against First Guaranty's insurer. In the opinion of management, neither First Guaranty nor First Guaranty Bank is currently involved in such legal proceedings, either individually or in the aggregate, that the resolution is expected to have a material adverse effect on First Guaranty’s consolidated results of operations, financial condition, or cash flows. However, one or more unfavorable outcomes in these ordinary claims or litigation against First Guaranty or First Guaranty Bank could have a material adverse effect for the period in which they are resolved. In addition, regardless of their merits or ultimate outcomes, such matters are costly, divert management’s attention, and may materially and adversely affect the reputation of First Guaranty and First Guaranty Bank, even if resolved favorably.
v3.24.0.1
Condensed Parent Company Information
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Parent Company Information Condensed Parent Company Information
The following condensed financial information reflects the accounts and transactions of First Guaranty Bancshares, Inc. for the dates indicated:

First Guaranty Bancshares, Inc.
Condensed Balance Sheets
 December 31,
(in thousands)20232022
Assets  
Cash$8,955 $3,324 
Investment in bank subsidiary302,327 287,019 
Other assets2,952 2,375 
Total Assets$314,234 $292,718 
Liabilities and Shareholders' Equity  
Short-term debt10,000 20,000 
Senior long-term debt39,099 21,927 
Junior subordinated debentures15,000 15,000 
Other liabilities504 800 
Total Liabilities64,603 57,727 
Shareholders' Equity249,631 234,991 
Total Liabilities and Shareholders' Equity$314,234 $292,718 


First Guaranty Bancshares, Inc.
Condensed Statements of Income
 December 31,
(in thousands)20232022
Operating Income  
Dividends received from bank subsidiary$10,579 $21,863 
Net gains on sale of equity securities— — 
Other income638 526 
Total operating income11,217 22,389 
Operating Expenses  
Interest expense4,532 2,703 
Salaries & Benefits313 252 
Other expenses2,365 1,783 
Total operating expenses7,210 4,738 
Income before income tax benefit and increase in equity in undistributed earnings of subsidiary4,007 17,651 
Income tax benefit1,273 910 
Income before increase in equity in undistributed earnings of subsidiary5,280 18,561 
Increase in equity in undistributed earnings of subsidiary3,939 10,323 
Net Income$9,219 $28,884 
First Guaranty Bancshares, Inc.
Condensed Statements of Cash Flows
 December 31,
(in thousands)20232022
Cash flows from operating activities:  
Net income$9,219 $28,884 
Adjustments to reconcile net income to net cash provided by operating activities:
Increase in equity in undistributed earnings of subsidiary(3,939)(10,323)
Depreciation and amortization24 225 
Net change in other liabilities(296)350 
Net change in other assets(580)1,482 
Net cash provided by operating activities4,428 20,618 
Cash flows from investing activities:  
Proceeds from sales of equity securities— — 
Funds invested in equity securities— — 
Funds invested in bank subsidiary(17,000)(30,000)
Net cash used in investing activities(17,000)(30,000)
Cash flows from financing activities:  
Net (decrease) increase in short-term borrowings(10,000)20,000 
Proceeds from long-term borrowings, net of costs40,097 — 
Repayment of long-term debt(22,946)(3,250)
Net proceeds from issuance of common stock20,000 — 
Subsidiary payment for stock grants issued750 — 
Dividends paid(9,698)(9,187)
Net cash provided by financing activities18,203 7,563 
Net (decrease) increase in cash and cash equivalents5,631 (1,819)
Cash and cash equivalents at the beginning of the period3,324 5,143 
Cash and cash equivalents at the end of the period$8,955 $3,324 
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure                    
Net Income $ 1,303 $ 1,772 $ 2,676 $ 3,468 $ 5,122 $ 8,053 $ 8,124 $ 7,585 $ 9,219 $ 28,884
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Consolidation
Consolidation

The consolidated financial statements include the accounts of First Guaranty Bancshares, Inc., and its wholly owned subsidiary, First Guaranty Bank. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of estimates
Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expense during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the allowance for loan and lease losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, and the valuation of investment securities. In connection with the determination of the allowance for loan and lease losses and real estate owned, First Guaranty obtains independent appraisals for significant properties.
Cash and cash equivalents
Cash and cash equivalents

For purposes of reporting cash flows, cash and cash equivalents are defined as cash, due from banks, interest-bearing demand deposits with banks and federal funds sold with maturities of three months or less.
Securities
Securities

First Guaranty reviews its financial position, liquidity and future plans in evaluating the criteria for classifying investment securities. Debt securities that Management has the ability and intent to hold to maturity are classified as held to maturity and carried at cost, adjusted for amortization of premiums and accretion of discounts using methods approximating the interest method. Securities available for sale are stated at fair value. The unrealized difference, if any, between amortized cost and fair value of these AFS securities is excluded from income and is reported, net of deferred taxes, in accumulated other comprehensive income as a part of shareholders' equity. Details of other comprehensive income are reported in the consolidated statements of comprehensive income. Realized gains and losses on securities are computed based on the specific identification method and are reported as a separate component of other income. Amortization of premiums and discounts is included in interest income. Discounts and premiums related to debt securities are amortized using the effective interest rate method.

On January 1, 2023 the Bank adopted ASC 326, which requires expected credit related losses on available for sale debt securities to be recorded through an allowance for credit losses, while non-credit related losses or declines in fair value continue to be recognized through other comprehensive income. Under the new guidance, First Guaranty is also required to evaluate held to maturity debt securities for expected credit losses.

Management evaluates securities for impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. In estimating losses, management considers the extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through an allowance for credit losses. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) impairment related to credit loss, which must be recognized in the income statement and 2) impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis but cannot be more than the difference between amortized cost and the fair value of the security.
Loans held for sale
Loans held for sale

Mortgage loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Loans held for sale have primarily been fixed rate single-family residential mortgage loans under contract to be sold in the secondary market. In most cases, loans in this category are sold within thirty days. Buyers generally have recourse to return a purchased loan under limited circumstances. Recourse conditions may include early payment default, breach of representations or warranties and documentation deficiencies. Mortgage loans held for sale are generally sold with the mortgage servicing rights released. Gains or losses on sales of mortgage loans are recognized based on the differences between the selling price and the carrying value of the related mortgage loans sold.
Loans
Loans

Loans are stated at the principal amounts outstanding, net of unearned income and deferred loan fees. In addition to loans issued in the normal course of business, overdrafts on customer deposit accounts are considered to be loans and reclassified as such. Interest income on all classifications of loans is calculated using the simple interest method on daily balances of the principal amount outstanding.

Accrual of interest is discontinued on a loan when Management believes, after considering economic and business conditions and collection efforts, the borrower's financial condition is such that reasonable doubt exists as to the full and timely collection of principal and interest. This evaluation is made for all loans that are 90 days or more contractually past due. When a loan is placed in nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on such loans is then recognized only to the extent that cash is received and where the future collection of interest and principal is probable. Loans are returned to accrual status when, in the judgment of Management, all principal and interest amounts contractually due are reasonably assured to be collected within a reasonable time frame and when the borrower has demonstrated payment performance of cash or cash equivalents; generally for a period of 6 months. All loans, except mortgage loans, are considered past due if they are past due 30 days. Mortgage loans are considered past due when two consecutive payments have been missed. Loans that are past due 90-120 days and deemed uncollectible are charged-off. The loan charge off is a reduction of the allowance for credit losses.
Troubled Debt Restructurings (TDRs)
Troubled Debt Restructurings (TDRs)

TDRs are loans in which the borrower is experiencing financial difficulty at the time of restructuring, and the Bank has granted a concession to the borrower. TDRs are undertaken in order to improve the likelihood of recovery on the loan and may take the form of modifications made with the stated interest rate lower than the current market rate for new debt with similar risk, other modifications to the structure of the loan that fall outside of normal underwriting policies and procedures, or in limited circumstances forgiveness of principal and / or interest. TDRs can involve loans remaining on non-accrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. TDRs are subject to policies governing accrual and nonaccrual evaluation consistent with all other loans as discussed in the "Loans" section above. All loans with the TDR designation are considered to be impaired, even if they are accruing.

First Guaranty's policy is to evaluate TDRs that have subsequently been restructured and returned to market terms after 6 months of performance. The evaluation includes a review of the loan file and analysis of the credit to assess the loan terms, including interest rate to insure such terms are consistent with market terms. The loan terms are compared to a sampling of loans with similar terms and risk characteristics, including loans originated by First Guaranty and loans lost to a competitor. The sample provides a guide to determine market terms pursuant to ASC 310-40-50-2. The loan is also evaluated at that time for impairment. A loan determined to be restructured to market terms and not considered impaired will no longer be disclosed as a TDR in the years following the restructuring. These loans will continue to be individually evaluated for impairment. A loan determined to either be restructured to below market terms or to be impaired will remain a TDR.
The TDR requirements became inapplicable to First Guaranty upon our adoption of CECL on January 1, 2023.
Credit Quality
Credit Quality

First Guaranty's credit quality indicators are pass, special mention, substandard, and doubtful.

Loans included in the pass category are performing loans with satisfactory debt coverage ratios, collateral, payment history, and documentation requirements.

Special mention loans have potential weaknesses that deserve close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices.
A substandard loan is inadequately protected by the paying capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard have a well-defined weakness. They are characterized by the distinct possibility that First Guaranty will sustain some loss if the deficiencies are not corrected. These loans require more intensive supervision. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigates. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and interest is no longer accrued. Consumer loans that are 90 days or more past due or that are nonaccrual are considered substandard.

Doubtful loans have the weaknesses of substandard loans with the additional characteristic that the weaknesses make collection or liquidation in full questionable and there is a high probability of loss based on currently existing facts, conditions and values.
Loan fees and costs
Loan fees and costs

Nonrefundable loan origination and commitment fees and direct costs associated with originating loans are deferred and recognized over the lives of the related loans as an adjustment to the loans' yield using the level yield method.
Allowance for credit losses
Allowance for credit losses

The allowance for credit losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. The allowance is based on management’s evaluation of expected credit losses over the life of the loans in the portfolio, in accordance with ASC 326. The loan portfolio is divided into segments to evaluate expected losses. Loans that do not share risk characteristics with a segment are evaluated individually. Management estimates the allowance balance using available information such as past events, current conditions and reasonable forecasts. Adjustments to historical information are made using qualitative and qualitative factors developed by management.

The following are general credit risk factors that affect our loan portfolio segments. These factors do not encompass all risks associated with each loan category. Construction and land development loans have risks associated with interim construction prior to permanent financing and repayment risks due to the future sale of developed property. Farmland and agricultural loans have risks such as weather, government agricultural policies, fuel and fertilizer costs, and market price volatility. One- to four-family residential, multifamily, and consumer credits are strongly influenced by employment levels, consumer debt loads and the general economy. Non-farm non-residential loans include both owner-occupied real estate and non-owner occupied real estate. Common risks associated with these properties is the ability to maintain tenant leases and keep lease income at a level able to service required debt and operating expenses. Commercial and industrial loans generally have non-real estate secured collateral which requires closer monitoring than real estate collateral.

The allowance consists of specific, general, and unallocated components. The specific component relates to loans that are classified as doubtful, substandard, and individually evaluated for impairment. For such loans that are also classified as individually evaluated for impairment, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the loan is lower than the carrying value of that loan. The general component covers non-classified loans and special mention loans and is based on historical loss experience adjusted for qualitative factors. Qualitative factors include analysis of levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, loan risk ratings, trends in volume and terms of loans, changes in lending policy, credit concentrations, portfolio stress test results, national and local economic trends, industry conditions, and other relevant factors. An unallocated component is maintained to cover uncertainties that could affect the estimate of probable losses.

The allowance for credit losses on unfunded commitments represents expected credit losses over the contractual period for which First Guaranty is exposed to credit risk from a contractual obligation to extend credit. No allowance is recorded if there is an unconditional right to cancel the obligation. The allowance is reported as a component of Other Liabilities on the Consolidated Balance Sheets. Adjustments to the allowance for unfunded commitments are included in the provision for credit losses on the Consolidated Statements of Income.
Goodwill and intangible assets
Goodwill and intangible assets

Goodwill and intangible assets deemed to have indefinite lives are subject to annual impairment tests. Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in an acquisition. First Guaranty's goodwill is tested for impairment on an annual basis, or more often if events or circumstances indicate that there may be impairment in accordance with ASC Topic 350.

Identifiable intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or legal rights or because the assets are capable of being sold or exchanged either on their own or in combination with the related contract, asset or liability. First Guaranty's intangible assets primarily relate to core deposits and loan servicing assets related to the SBA portfolio. These core deposit intangibles are amortized on a straight-line basis over terms ranging from seven to fifteen years. Management periodically evaluates whether events or circumstances have occurred that impair this deposit intangible.
Premises and equipment
Premises and equipment

Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed for financial reporting purposes using the straight-line method over the estimated useful lives of the respective assets as follows:

Buildings and improvements 10-40 years
Equipment, fixtures and automobiles 3-10 years

Expenditures for renewals and betterments are capitalized and depreciated over their estimated useful lives. Repairs, maintenance and minor improvements are charged to operating expense as incurred. Gains or losses on disposition, if any, are recorded as a separate line item in noninterest income on the Statements of Income.
Other real estate
Other real estate

Other real estate includes properties acquired through foreclosure or acceptance of deeds in lieu of foreclosure. These properties are recorded at the lower of the recorded investment in the property or its fair value less the estimated cost of disposition. Any valuation adjustments required prior to foreclosure are charged to the allowance for loan and lease losses. Subsequent to foreclosure, losses on the periodic revaluation of the property are charged to current period earnings as other real estate expense or to the allowance for other real estate. Costs of operating and maintaining the properties are charged to other real estate expense as incurred. Any subsequent gains or losses on dispositions are credited or charged to income in the period of disposition.
Off-balance sheet financial instruments
Off-balance sheet financial instruments

In the ordinary course of business, First Guaranty has entered into commitments to extend credit, including commitments under credit card arrangements, commitments to fund commercial real estate, construction and land development loans secured by real estate, and performance standby letters of credit. Such financial instruments are recorded when they are funded.
Income taxes
Income taxes

First Guaranty and its subsidiary file a consolidated federal income tax return on a calendar year basis. In lieu of Louisiana state income tax, the Bank is subject to the Louisiana bank shares tax, which is included in noninterest expense in First Guaranty's consolidated financial statements. With few exceptions, First Guaranty is no longer subject to U.S. federal, state or local income tax examinations for years before 2019. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the deferred tax assets or liabilities are expected to be settled or realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be utilized.
Comprehensive income
Comprehensive income

Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items along with net income, are components of comprehensive income. The components of other comprehensive income and related tax effects are presented in the Statements of Comprehensive Income.
Fair Value Measurements
Fair Value Measurements
The fair value of a financial instrument is the current amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques use certain inputs to arrive at fair value. Inputs to valuation techniques are the assumptions that market participants would use in pricing the asset or liability. They may be observable or unobservable. First Guaranty uses a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.
Transfers of Financial Assets
Transfers of Financial Assets

Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from First Guaranty, (ii) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) First Guaranty does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity.
Earnings per common share
Earnings per common share

Earnings per share represents income available to common shareholders divided by the weighted average number of common shares outstanding during the period. In December of 2021, First Guaranty issued a pro rata, 10% common stock dividend. The shares issued for the stock dividend have been retrospectively factored into the calculation of earnings per share as well as cash dividends paid on common stock and represented on the face of the financial statements. No convertible shares of First Guaranty's stock are outstanding.
Operating Segments
Operating Segments

All of First Guaranty's operations are considered by management to be aggregated into one reportable operating segment. While the chief decision-makers monitor the revenue streams of the various products and services, the identifiable segments are not material. Operations are managed and financial performance is evaluated on a Company-wide basis.
Reclassifications
Reclassifications

Certain reclassifications have been made to prior year end financial statements in order to conform to the classification adopted for reporting in 2023.
Recent Accounting Pronouncements Recent Accounting Pronouncements
Accounting Standards Adopted in 2023

First Guaranty adopted FASB ASC Topic 326 “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments” Update No. 2016-13 (“ASU 2016-13”). ASU 2016-13 on January 1, 2023. ASU 2016-13, referred to as the Current Expected Credit Loss (“CECL”) standard, requires financial assets measured on an amortized cost basis, including loans and held-to-maturity debt securities, to be presented at an amount net of an allowance for credit losses, which reflects expected losses for the full life of the financial asset. Unfunded lending commitments are also within the scope of this topic. Under prior GAAP losses were not recognized until the occurrence of the loss was probable.

CECL requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. The CECL methodology requires that lifetime expected credit losses be recorded at the time the financial asset is originated or acquired, and be adjusted each period as a provision for credit losses for changes in expected lifetime credit losses. ASU 2016-13 does not specify the method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the lifetime credit loss estimate. First Guaranty developed a CECL model methodology that calculates expected credit losses over the life of the portfolio by analyzing the composition, characteristics and quality of the loan and securities portfolios, as well as prevailing economic conditions and forecasts. First Guaranty’s CECL calculation estimates loan losses using a combination of discounted cash flow and remaining life analyses.

First Guaranty adopted ASU 2016-13 using the modified retrospective approach for all loans and off-balance sheet credit exposures measured at amortized cost, other than purchased credit deteriorated (“PCD”) financial assets. Results for reporting periods beginning after December 31, 2022 are presented in accordance with ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP.

ASU 2016-13 also amended the accounting model for purchased financial assets and replaced the guidance for purchased credit impaired (“PCI”) financial assets with the concept of PCDs. For PCD assets, the CECL estimate is recognized through the allowance for credit losses with an offset to the amortized cost basis of the PCD asset at the date of acquisition. Subsequent changes in the allowance for credit losses for PCD assets are recognized through a provision for credit losses on loans. First Guaranty used the prospective transition approach for PCD loans that were previously classified as PCI and accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). First Guaranty determined that certain PCI assets no longer met meet the criteria of PCD assets as of the date of adoption.

First Guaranty adopted ASU 2016-13 on January 1, 2023, and recorded a one-time, cumulative effect adjustment as shown in the table below (dollars in thousands).
December 31, 2022Impact of ASU 2016-13 AdoptionJanuary 1, 2023
Assets:
  Allowance for credit losses$(23,518)$(8,220)$(31,738)
  Deferred tax asset 6,420 2,100 8,520 
  Remaining purchase discount on loans(1,120)1,120 — 
Liabilities:
  Reserve for unfunded loan commitments— (2,900)(2,900)
Stockholders’ Equity
  Retained earnings76,351 (7,900)68,451 

In addition, ASU 2016-13 amends the accounting for credit losses on available for sale (“AFS”) securities, requiring expected credit losses on AFS securities to be recorded in an allowance for credit losses rather than as a write-down of the securities’ amortized cost. Declines in the fair value of AFS securities that are not considered credit related are recognized in accumulated other comprehensive income. In addition, expected credit losses on held to maturity (“HTM”) securities are required to be recorded in an allowance for credit losses rather than as a write-down of the securities’ amortized cost basis. First Guaranty’s AFS securities portfolio was not materially impacted by the adoption of ASC 326. A $100,000 allowance for HTM securities was recorded at the adoption of ASC 326.

The allowance for credit losses is measured on a pool basis when similar risk characteristics exist and is maintained at an amount which management believes is a current estimate of the expected credit losses for the full life of the relevant pool of loans and related unfunded lending commitments. For modeling purposes, loan pools include: Real Estate based pools for construction and land development, farmland, 1-4 family residential, multifamily, and non-farm non-residential and non-real-estate pools for agricultural, commercial and industrial, commercial leases and consumer and other. Management periodically reassesses each pool to confirm the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The loss rates computed for each pool and expected pool-level funding rates are applied to the related unfunded lending commitments to calculate an allowance for credit losses.

Loans that do not share similar risk characteristics with other loans are excluded from the loan pools and individually evaluated for impairment. Individually evaluated loans are loans for which it is probable that all the amounts due under the contractual terms of the loan will not be collected.
FASB ASC Topic 326 “Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures” Update No. 2022-02 (“ASU 2022-02”). ASU 2022-02 became effective for First Guaranty on January 1, 2023 and is applied prospectively. ASU 2022-02 amends Topic 326 to eliminate the accounting guidance for troubled debt restructurings (“TDRs”) by creditors that have adopted ASU 2016-13 and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendment also requires that public business entities disclose current-period gross charge-offs by year of origination for financing receivables and net investments in leases. The adoption of ASU 2022-02 did not have a material impact on First Guaranty’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

ASU No. 2023-09, "Improvements to Tax Disclosures" ("ASU 2023-09") is intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, though early adoption is permitted. We do not expect it to have a material effect on First Guaranty's consolidated financial statements.
v3.24.0.1
Recent Accounting Pronouncements (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Schedule of Accounting Standards Update and Change in Accounting Principle
First Guaranty adopted ASU 2016-13 on January 1, 2023, and recorded a one-time, cumulative effect adjustment as shown in the table below (dollars in thousands).
December 31, 2022Impact of ASU 2016-13 AdoptionJanuary 1, 2023
Assets:
  Allowance for credit losses$(23,518)$(8,220)$(31,738)
  Deferred tax asset 6,420 2,100 8,520 
  Remaining purchase discount on loans(1,120)1,120 — 
Liabilities:
  Reserve for unfunded loan commitments— (2,900)(2,900)
Stockholders’ Equity
  Retained earnings76,351 (7,900)68,451 
v3.24.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary Comparison of Securities by Type
A summary comparison of securities by type at December 31, 2023 and 2022 is shown below.

December 31, 2023December 31, 2022
(in thousands)Amortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair ValueAmortized CostGross
Unrealized Gains		Gross
Unrealized Losses		Fair Value
Available for sale:        
U.S. Treasuries$50,048 $— $(218)$49,830 $100,642 $— $(2,142)$98,500 
U.S. Government Agencies— — — — — — — — 
Corporate debt securities16,750 3 (1,279)15,474 16,750 — (752)15,998 
Municipal bonds13,522 31 (372)13,181 14,742 31 (426)14,347 
Mortgage-backed securities5,144 — (144)5,000 2,711 — (98)2,613 
Total available for sale securities$85,464 $34 $(2,013)$83,485 $134,845 $31 $(3,418)$131,458 
Held to maturity:        
U.S. Government Agencies$265,896 $— $(61,532)$204,364 $265,032 $— $(69,503)$195,529 
Corporate debt securities54,822 — (5,602)49,220 55,036 — (8,005)47,031 
Total held to maturity securities$320,718 $— $(67,134)$253,584 $320,068 $— $(77,508)$242,560 
Schedule of Investments Classified by Contractual Maturity Date For this reason they are presented separately in the maturity table below.
 December 31, 2023
(in thousands)Amortized CostFair Value
Available for sale:  
Due in one year or less$50,858 $50,637 
Due after one year through five years2,784 2,762 
Due after five years through 10 years20,041 18,764 
Over 10 years6,637 6,322 
Subtotal80,320 78,485 
Mortgage-backed Securities5,144 5,000 
Total available for sale securities$85,464 $83,485 
Held to maturity:
Due in one year or less$— $— 
Due after one year through five years2,004 1,865 
Due after five years through 10 years115,574 100,500 
Over 10 years203,140 151,219 
Total held to maturity securities$320,718 $253,584 
Schedule of Unrealized Loss on Investments
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, 2023.

 December 31, 2023
 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. Treasuries— $— $— 3 $49,830 $(218)3 $49,830 $(218)
U.S. Government Agencies— — — — — — — — — 
Corporate debt securities— — — 15 14,471 (1,279)15 14,471 (1,279)
Municipal bonds12 3,417 (6)41 5,895 (366)53 9,312 (372)
Mortgage-backed securities2 2,606 (21)5 2,394 (123)7 5,000 (144)
Total available for sale securities14 $6,023 $(27)64 $72,590 $(1,986)78 $78,613 $(2,013)
Held to maturity:
U.S. Government Agencies— $— — 29 $204,364 $(61,532)29 $204,364 $(61,532)
Corporate debt securities— — — 57 49,220 (5,602)57 49,220 (5,602)
Total held to maturity securities— $— $— 86 $253,584 $(67,134)86 $253,584 $(67,134)

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, 2022.

 December 31, 2022
 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. Treasuries— $— $— 6 $98,500 $(2,142)6 $98,500 $(2,142)
U.S. Government Agencies— — — — — — — — — 
Corporate debt securities14 14,628 (622)2 1,370 (130)16 15,998 (752)
Municipal bonds46 5,854 (394)6 673 (32)52 6,527 (426)
Mortgage-backed securities3 2,608 (98)4 5 — 7 2,613 (98)
Total available for sale securities63 $23,090 $(1,114)18 $100,548 $(2,304)81 $123,638 $(3,418)
Held to maturity:
U.S. Government Agencies13 $89,695 (21,724)16 $105,834 $(47,779)29 $195,529 $(69,503)
Corporate debt securities59 47,031 (8,005)— — — 59 47,031 (8,005)
Total held to maturity securities72 $136,726 $(29,729)16 $105,834 $(47,779)88 $242,560 $(77,508)
Schedule of Exposure to Investment Securities Issuers that Exceeded 10% of Shareholder's Equity
At December 31, 2023, First Guaranty's exposure to investment securities issuers that exceeded 10% of shareholders' equity was as follows:

 December 31, 2023
(in thousands)Amortized CostFair Value
U.S. Government Treasuries (U.S.)$50,048 $49,830 
Federal Home Loan Bank (FHLB)32,196 26,109 
Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)97,488 69,941 
Federal Farm Credit Bank (FFCB)138,730 110,707 
Total$318,462 $256,587 
v3.24.0.1
Loans (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Summary of Components of Loan Portfolio
The following table summarizes the components of First Guaranty's loan portfolio as of December 31, 2023 and December 31, 2022:

 December 31, 2023December 31, 2022
(in thousands except for %)BalanceAs % of CategoryBalanceAs % of Category
Real Estate:    
Construction & land development$399,435 14.5 %$233,091 9.2 %
Farmland32,530 1.2 %24,823 1.0 %
1- 4 Family444,850 16.1 %366,330 14.5 %
Multifamily118,921 4.3 %119,785 4.7 %
Non-farm non-residential1,045,865 37.9 %992,929 39.3 %
Total Real Estate2,041,601 74.0 %1,736,958 68.7 %
Non-Real Estate:    
Agricultural41,008 1.5 %39,045 1.5 %
Commercial and industrial(1)
334,972 12.1 %385,279 15.3 %
Commercial leases285,415 10.4 %317,574 12.6 %
Consumer and other54,485 2.0 %47,864 1.9 %
Total Non-Real Estate715,880 26.0 %789,762 31.3 %
Total Loans Before Unearned Income2,757,481 100.0 %2,526,720 100.0 %
Unearned income(8,773) (7,643) 
Total Loans Net of Unearned Income$2,748,708  $2,519,077  

(1) Includes PPP loans fully guaranteed by the SBA of $2.8 million and $5.9 million at December 31, 2023 and December 31, 2022, respectively.
Summary of Fixed and Floating Rate Loans by Contractual Maturity, Excluding Nonaccrual Loans
The following table summarizes fixed and floating rate loans by contractual maturity, excluding nonaccrual loans, as of December 31, 2023 and December 31, 2022 unadjusted for scheduled principal payments, prepayments, or repricing opportunities. The average life of the loan portfolio may be substantially less than the contractual terms when these adjustments are considered.

 December 31, 2023December 31, 2022
(in thousands)FixedFloatingTotalFixedFloatingTotal
One year or less$268,864 $88,884 $357,748 $234,921 $137,203 $372,124 
One to five years782,754 357,981 1,140,735 900,960 339,894 1,240,854 
Five to 15 years88,490 269,918 358,408 114,425 216,251 330,676 
Over 15 years334,337 541,066 875,403 261,209 308,291 569,500 
Subtotal$1,474,445 $1,257,849 2,732,294 $1,511,515 $1,001,639 2,513,154 
Nonaccrual loans  25,187   13,566 
Total Loans Before Unearned Income  2,757,481   2,526,720 
Unearned income  (8,773)  (7,643)
Total Loans Net of Unearned Income  $2,748,708   $2,519,077 
Schedule of Past due Financing Receivables
The following tables present the age analysis of past due loans at December 31, 2023 and December 31, 2022:

 As of December 31, 2023
(in thousands)30-89 Days Past Due90 Days or
Greater Past Due		Total Past DueCurrentTotal LoansRecorded Investment
90 Days Accruing
Real Estate:      
Construction & land development$1,281 $530 $1,811 $397,624 $399,435 $— 
Farmland97 836 933 31,597 32,530 — 
1- 4 family3,929 7,109 11,038 433,812 444,850 124 
Multifamily824 537 1,361 117,560 118,921 — 
Non-farm non-residential1,020 24,451 25,471 1,020,394 1,045,865 14,711 
Total Real Estate7,151 33,463 40,614 2,000,987 2,041,601 14,835 
Non-Real Estate:      
Agricultural240 1,426 1,666 39,342 41,008 57 
Commercial and industrial2,483 1,976 4,459 330,513 334,972 395 
Commercial leases— 1,799 1,799 283,616 285,415 — 
Consumer and other1,037 1,810 2,847 51,638 54,485 — 
Total Non-Real Estate3,760 7,011 10,771 705,109 715,880 452 
Total Loans Before Unearned Income$10,911 $40,474 $51,385 $2,706,096 2,757,481 $15,287 
Unearned income    (8,773) 
Total Loans Net of Unearned Income    $2,748,708  
 As of December 31, 2022
(in thousands)30-89 Days Past Due90 Days or
Greater Past Due		Total Past DueCurrentTotal LoansRecorded Investment
90 Days Accruing
Real Estate:      
Construction & land development$1,029 $652 $1,681 $231,410 $233,091 $427 
Farmland357 290 647 24,176 24,823 — 
1- 4 family4,512 4,158 8,670 357,660 366,330 332 
Multifamily874 157 1,031 118,754 119,785 157 
Non-farm non-residential1,133 3,849 4,982 987,947 992,929 103 
Total Real Estate7,905 9,106 17,011 1,719,947 1,736,958 1,019 
Non-Real Estate:      
Agricultural120 1,622 1,742 37,303 39,045 — 
Commercial and industrial1,369 942 2,311 382,968 385,279 123 
Commercial leases— 1,799 1,799 315,775 317,574 — 
Consumer and other1,997 1,239 3,236 44,628 47,864 — 
Total Non-Real Estate3,486 5,602 9,088 780,674 789,762 123 
Total Loans Before Unearned Income$11,391 $14,708 $26,099 $2,500,621 2,526,720 $1,142 
Unearned income    (7,643) 
Total Loans Net of Unearned Income    $2,519,077  
Summary of Nonaccrual Loans by Class
The following is a summary of nonaccrual loans by class at the dates indicated:

As of December 31, 2023
(in thousands)With Related Allowance Without Related Allowance Total
Real Estate:
Construction & land development$530 $— $530 
Farmland511 325 836 
1 - 4 family5,417 1,568 6,985 
Multifamily— 537 537 
Non-farm non-residential8,730 1,010 9,740 
Total Real Estate15,188 3,440 18,628 
Non-Real Estate:
Agricultural399 970 1,369 
Commercial and industrial1,581 — 1,581 
Commercial leases— 1,799 1,799 
Consumer and other1,810 — 1,810 
Total Non-Real Estate3,790 2,769 6,559 
Total Nonaccrual Loans$18,978 $6,209 $25,187 

 
(in thousands)As of December 31, 2022
Real Estate: 
Construction & land development$225 
Farmland290 
1- 4 family3,826 
Multifamily— 
Non-farm non-residential3,746 
Total Real Estate8,087 
Non-Real Estate: 
Agricultural1,622 
Commercial and industrial819 
Commercial leases1,799 
Consumer and other1,239 
Total Non-Real Estate5,479 
Total Nonaccrual Loans$13,566 
Schedule of Credit Exposure of Loan Portfolio, Including Loans Acquired with Deteriorated Credit Quality, by Specific Credit Ratings
The following table presents First Guaranty's loan portfolio by credit quality classification and origination year as of the date indicated:
 As of December 31, 2023
Term Loans by Origination Year
(in thousands)20232022202120202019PriorRevolving LoansTotal
Real Estate:        
Construction & land development:
   Pass $134,527 $140,068 $75,884 $3,369 $8,533 11,940 $18,907 $393,228 
   Special Mention789 1,579 170 — 90 250 — 2,878 
   Substandard— 716 458 263 94 1,668 — 3,199 
   Doubtful— 39 91 — — — — 130 
Total Construction & land development135,316 142,402 76,603 3,632 8,717 13,858 18,907 399,435 
Current period gross charge-offs— — — — — — — — 
Farmland
      Pass9,513 4,032 3,340 1,768 253 2,730 2,162 23,798 
      Special Mention— 194 — 514 — 359 — 1,067 
   Substandard— 251 1,369 3,877 115 653 1,355 7,620 
   Doubtful— — — — — — 45 45 
 Total Farmland9,513 4,477 4,709 6,159 368 3,742 3,562 32,530 
Current period gross charge-offs— — — — — — — — 
 1- 4 family
   Pass112,636 110,978 70,599 41,766 19,542 47,374 17,215 420,110 
      Special Mention
1,307 2,505 749 1,544 775 997 667 8,544 
      Substandard48 2,625 5,368 1,357 1,956 3,086 773 15,213 
      Doubtful— 122 391 — 239 159 72 983 
   Total 1- 4 family113,991 116,230 77,107 44,667 22,512 51,616 18,727 444,850 
  Current period gross charge-offs — — — — — 964 — 964 
   Multifamily
      Pass9,945 76,217 6,121 15,131 1,877 2,311 5,110 116,712 
      Special Mention— — — — — 1,648 24 1,672 
      Substandard— — — — — 537 — 537 
      Doubtful— — — — — — — — 
   Total Multifamily9,945 76,217 6,121 15,131 1,877 4,496 5,134 118,921 
  Current period gross charge-offs— — — — — — — — 
   Non-farm non-residential
      Pass162,234 247,182 111,054 88,039 73,797 256,032 33,907 972,245 
      Special Mention708 369 1,014 388 15,846 5,191 1,525 25,041 
      Substandard247 18,930 18,488 — — 6,125 4,723 48,513 
      Doubtful— — — 66 — — — 66 
   Total non-farm non-residential163,189 266,481 130,556 88,493 89,643 267,348 40,155 1,045,865 
  Current period gross charge-offs— — — 138 — — — 138 
Total Real Estate431,954 605,807 295,096 158,082 123,117 341,060 86,485 2,041,601 
Non-Real Estate:
   Agricultural
      Pass2,555 10,406 3,142 1,336 1,532 2,378 16,259 37,608 
      Special Mention— 104 — 81 — — 25 210 
      Substandard— — 692 279 20 2,100 57 3,148 
      Doubtful— — — — — 42 — 42 
   Total Agricultural2,555 10,510 3,834 1,696 1,552 4,520 16,341 41,008 
  Current period gross charge-offs— — — — — — — — 
   Commercial and industrial
      Pass41,105 27,800 48,097 53,585 5,613 27,634 119,886 323,720 
      Special Mention63 37 4,382 146 — 53 598 5,279 
      Substandard45 283 178 602 27 4,531 145 5,811 
      Doubtful— — — — — 162 — 162 
   Total Commercial and industrial41,213 28,120 52,657 54,333 5,640 32,380 120,629 334,972 
  Current period gross charge-offs29 791 133 532 — 209 — 1,694 
   Commercial leases
      Pass74,456 117,566 67,615 6,087 4,428 — — 270,152 
      Special Mention— 11,867 1,597 — — — — 13,464 
      Substandard— 1,799 — — — — — 1,799 
      Doubtful— — — — — — — — 
   Total Commercial leases74,456 131,232 69,212 6,087 4,428 — — 285,415 
  Current period gross charge-offs— — — — — — — — 
   Consumer and other loans
      Pass21,257 8,770 6,463 6,164 650 7,887 150 51,341 
      Special Mention36 151 255 87 15 19 — 563 
      Substandard164 1,077 790 265 86 68 — 2,450 
      Doubtful— — 34 79 2 16 — 131 
   Total Consumer and other loans21,457 9,998 7,542 6,595 753 7,990 150 54,485 
  Current period gross charge-offs598 1,126 820 359 28 44 — 2,975 
Total Non-Real Estate139,681 179,860 133,245 68,711 12,373 44,890 137,120 715,880 
   Total Loans
      Pass568,228 743,019 392,315 217,245 116,225 358,286 213,596 2,608,914 
      Special Mention2,903 16,806 8,167 2,760 16,726 8,517 2,839 58,718 
      Substandard504 25,681 27,343 6,643 2,298 18,768 7,053 88,290 
      Doubtful— 161 516 145 241 379 117 1,559 
Total Loans Before Unearned Income $571,635 $785,667 $428,341 $226,793 $135,490 $385,950 $223,605 $2,757,481 
Unearned income(8,773)
Total Loans Net of Unearned Income$2,748,708 
   Total Current Period Gross Charge-offs$627 $1,917 $953 $1,029 $28 $1,217 $— $5,771 
The following table identifies the credit exposure of the loan portfolio, including loans acquired with deteriorated credit quality, by specific credit ratings as of the date indicated:
 As of December 31, 2022
(in thousands)PassSpecial MentionSubstandardDoubtfulTotal
Real Estate:     
Construction & land development$229,416 $2,846 $829 $— $233,091 
Farmland19,722 35 5,066 — 24,823 
1- 4 family347,842 8,667 9,821 — 366,330 
Multifamily117,081 444 2,260 — 119,785 
Non-farm non-residential968,861 15,071 8,997 — 992,929 
Total Real Estate1,682,922 27,063 26,973 — 1,736,958 
Non-Real Estate:     
Agricultural34,827 198 4,020 — 39,045 
Commercial and industrial374,947 2,016 8,316 — 385,279 
Commercial leases315,775 — 1,799 — 317,574 
Consumer and other45,225 1,031 1,608 — 47,864 
Total Non-Real Estate770,774 3,245 15,743 — 789,762 
Total Loans Before Unearned Income$2,453,696 $30,308 $42,716 $— 2,526,720 
Unearned income    (7,643)
Total Loans Net of Unearned Income    $2,519,077 
Schedule of Carrying Amount of Purchased Impaired Loans The carrying amount of those loans is as follows at December 31, 2022.
(in thousands)As of December 31, 2022
Real Estate:
Construction & land development$301 
Farmland— 
1- 4 family1,311 
Multifamily— 
Non-farm non-residential1,904 
Total Real Estate3,516 
Non-Real Estate:
Agricultural— 
Commercial and industrial742 
Commercial leases— 
Consumer and other— 
Total Non-Real Estate742 
Total$4,258 
v3.24.0.1
Allowance for Credit Losses on Loans (Tables)
 12 Months Ended
Dec. 31, 2023
Allowance for Credit Loss [Abstract]  
Summary of Changes in Allowance for Loan Losses and Allowance and Loans Individually and Collectively Evaluated for Impairment
A summary of changes in the allowance for credit losses, by portfolio type, for the years ended December 31, 2023 and 2022 are as follows:

 For the Year ended December 31,
 2023
(in thousands)Beginning Allowance (12/31/2022)ASC 326 Adoption Day 1 AdjustmentCharge-offsRecoveriesProvisionEnding Allowance (12/31/2023)
Real Estate:     
Construction & land development$1,232 $1,891 $— $7 $2,715 $5,845 
Farmland83 (39)— — (8)36 
1- 4 family1,761 3,465 (964)93 2,298 6,653 
Multifamily746 1,418 — — (550)1,614 
Non-farm non-residential9,280 307 (138)230 917 10,596 
Total Real Estate13,102 7,042 (1,102)330 5,372 24,744 
Non-Real Estate:     
Agricultural240 (98)— 414 (459)97 
Commercial and industrial2,194 2,971 (1,694)205 (965)2,711 
Commercial leases4,879 (162)— — (2,769)1,948 
Consumer and other2,506 (1,042)(2,975)426 2,511 1,426 
Unallocated597 (591)— — (6)— 
Total Non-Real Estate10,416 1,078 (4,669)1,045 (1,688)6,182 
Total$23,518 $8,120 $(5,771)$1,375 $3,684 $30,926 

For the Year ended December 31,
2022
(in thousands)Beginning Allowance (12/31/2021)Charge-offsRecoveriesProvisionEnding Allowance (12/31/2022)
Real Estate:
Construction & land development$769 $(65)$340 $188 $1,232 
Farmland478 — — (395)83 
1- 4 family1,921 (94)76 (142)1,761 
Multifamily940 — 452 (646)746 
Non-farm non-residential12,730 (603)349 (3,196)9,280 
Total Real Estate16,838 (762)1,217 (4,191)13,102 
Non-Real Estate:
Agricultural183 (460)133 384 240 
Commercial and industrial2,363 (563)91 303 2,194 
Commercial leases2,486 (150)5 2,538 4,879 
Consumer and other1,371 (4,151)473 4,813 2,506 
Unallocated788 — — (191)597 
Total Non-Real Estate7,191 (5,324)702 7,847 10,416 
Total$24,029 $(6,086)$1,919 $3,656 $23,518 
A summary of the allowance along with loans and leases individually and collectively evaluated are as follows:

 As of December 31, 2023
(in thousands)Allowance
Individually
Evaluated		Allowance
Collectively Evaluated		Total Allowance
for Credit Losses		Loans
Individually
Evaluated		Loans
Collectively
Evaluated		Total Loans
before
Unearned Income
Real Estate:      
Construction & land development$— $5,845 $5,845 $1,389 $398,046 $399,435 
Farmland— 36 36 5,670 26,860 32,530 
1- 4 family316 6,337 6,653 5,066 439,784 444,850 
Multifamily— 1,614 1,614 537 118,384 118,921 
Non-farm non-residential3,047 7,549 10,596 46,571 999,294 1,045,865 
Total Real Estate3,363 21,381 24,744 59,233 1,982,368 2,041,601 
Non-Real Estate:      
Agricultural1 96 97 1,466 39,542 41,008 
Commercial and industrial758 1,953 2,711 4,464 330,508 334,972 
Commercial leases— 1,948 1,948 1,799 283,616 285,415 
Consumer and other— 1,426 1,426 — 54,485 54,485 
Unallocated— — — — — — 
Total Non-Real Estate759 5,423 6,182 7,729 708,151 715,880 
Total$4,122 $26,804 $30,926 $66,962 $2,690,519 $2,757,481 
Unearned Income     (8,773)
Total Loans Net of Unearned Income     $2,748,708 
All loans individually evaluated for impairment as of December 31, 2023 were considered collateral dependent loans.

 As of December 31, 2022
(in thousands)Allowance
Individually
Evaluated
for Impairment		Allowance Individually Evaluated for Purchased Credit-ImpairmentAllowance
Collectively
Evaluated
for Impairment		Total Allowance
for Credit Losses		Loans
Individually
Evaluated
for Impairment		Loans Individually Evaluated for Purchased Credit-ImpairmentLoans
Collectively
Evaluated
for Impairment		Total Loans
before
Unearned Income
Real Estate:      
Construction & land development$— $— $1,232 $1,232 $68 $301 $232,722 $233,091 
Farmland— — 83 83 4,240 — 20,583 24,823 
1- 4 family— — 1,761 1,761 949 1,311 364,070 366,330 
Multifamily— — 746 746 — — 119,785 119,785 
Non-farm non-residential666 512 8,102 9,280 4,095 1,904 986,930 992,929 
Total Real Estate666 512 11,924 13,102 9,352 3,516 1,724,090 1,736,958 
Non-Real Estate:      
Agricultural— — 240 240 2,366 — 36,679 39,045 
Commercial and industrial412 212 1,570 2,194 5,919 742 378,618 385,279 
Commercial leases1,799 — 3,080 4,879 1,799 — 315,775 317,574 
Consumer and other— — 2,506 2,506 — — 47,864 47,864 
Unallocated— — 597 597 — — — — 
Total Non-Real Estate2,211 212 7,993 10,416 10,084 742 778,936 789,762 
Total$2,877 $724 $19,917 $23,518 $19,436 $4,258 $2,503,026 $2,526,720 
Unearned Income     (7,643)
Total Loans Net of Unearned Income     $2,519,077 
Summary of Impaired Loans, Excluding Loans Acquired with Deteriorated Credit Quality, by Class
The following is a summary of impaired loans, excluding loans acquired with deteriorated credit quality, by class as of the date indicated:

 As of December 31, 2022
(in thousands)Recorded
Investment		Unpaid
Principal Balance		Related
Allowance		Average
Recorded Investment		Interest Income
Recognized
Impaired Loans with no related allowance:     
Real Estate:     
Construction & land development$68 $68 $— $68 $— 
Farmland4,240 4,240 — 4,242 51 
1- 4 family949 949 — 949 5 
Multifamily— — — — — 
Non-farm non-residential1,814 1,814 — 1,817 56 
Total Real Estate7,071 7,071 — 7,076 112 
Non-Real Estate:     
Agricultural2,366 2,521 — 2,366 7 
Commercial and industrial4,871 4,988 — 4,988 33 
Commercial leases— — — — — 
Consumer and other— — — — — 
Total Non-Real Estate7,237 7,509 — 7,354 40 
Total Impaired Loans with no related allowance14,308 14,580 — 14,430 152 
Impaired Loans with an allowance recorded:     
Real estate:     
Construction & land development— — — — — 
Farmland— — — — — 
1- 4 family— — — — — 
Multifamily— — — — — 
Non-farm non-residential2,281 2,855 666 2,279 5 
Total Real Estate2,281 2,855 666 2,279 5 
Non-Real Estate:     
Agricultural— — — — — 
Commercial and industrial1,048 1,048 412 1,112 35 
Commercial leases1,799 1,812 1,799 1,817 27 
Consumer and other— — — — — 
Total Non-Real Estate2,847 2,860 2,211 2,929 62 
Total Impaired Loans with an allowance recorded5,128 5,715 2,877 5,208 67 
Total Impaired Loans$19,436 $20,295 $2,877 $19,638 $219 
v3.24.0.1
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
The components of premises and equipment at December 31, 2023 and 2022 are as follows:
(in thousands)December 31, 2023December 31, 2022
Land$15,541 $15,284 
Bank premises55,452 54,423 
Furniture and equipment31,681 31,109 
Construction in progress14,368 1,854 
Acquired value117,042 102,670 
Less: accumulated depreciation47,250 44,464 
Net book value$69,792 $58,206 
v3.24.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets Subject to Amortization
The following table summarizes intangible assets subject to amortization.

 December 31, 2023December 31, 2022
(in thousands)Gross
Carrying Amount		Accumulated
Amortization		Net
Carrying Amount		Gross
Carrying Amount		Accumulated
Amortization		Net
Carrying Amount
Core deposit intangibles$16,266 $12,607 $3,659 $16,266 $11,911 $4,355 
Loan servicing assets2,198 1,659 539 2,195 1,571 624 
Total$18,464 $14,266 $4,198 $18,461 $13,482 $4,979 
Summary of Amortization Expense of Core Deposit Intangible Assets for Next Five Years
Amortization expense of the core deposit intangible assets for the next five years is as follows:

For the Years Ended
Estimated Amortization Expense
(in thousands)
December 31, 2024$696 
December 31, 2025$696 
December 31, 2026$696 
December 31, 2027$696 
December 31, 2028$696 
v3.24.0.1
Other Real Estate (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Components of Other Real Estate Owned
Other real estate owned consists of the following at the dates indicated:

(in thousands)December 31, 2023December 31, 2022
Real Estate Owned Acquired by Foreclosure:  
Residential$309 $113 
Construction & land development251 — 
Non-farm non-residential690 — 
Total Other Real Estate Owned and Foreclosed Property1,250 113 
Allowance for Other Real Estate Owned losses— — 
Net Other Real Estate Owned and Foreclosed Property$1,250 $113 
v3.24.0.1
Deposits (Tables)
 12 Months Ended
Dec. 31, 2023
Deposits [Abstract]  
Schedule of Maturities of All Time Deposits
A schedule of maturities of all time deposits are as follows:

(in thousands)December 31, 2023
2024$505,561 
2025179,990 
202632,228 
202710,520 
2028 and thereafter92,426 
Total$820,725 
v3.24.0.1
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Borrowings
Short-term borrowings are summarized as follows:

(in thousands)December 31, 2023December 31, 2022
Federal Home Loan Bank advances$50,000 $120,000 
Repurchase agreements6,297 6,442 
Line of credit10,000 20,000 
Total short-term borrowings$66,297 $146,442 
Schedule of Information About First Guaranty's Short-term Borrowings
The following schedule provides certain information about First Guaranty's short-term borrowings for the periods indicated:

 December 31,
(in thousands except for %)20232022
Outstanding at year end$66,297 $146,442 
Maximum month-end outstanding$152,659 $146,442 
Average daily outstanding$67,102 $42,149 
Weighted average rate during the year5.78 %5.12 %
Weighted average rate at year end5.65 %4.86 %
Schedule of Obligations on Long-term Debt
The scheduled payments are as follows:

(in thousands)Long-term Advances from FHLBSenior
Long-term Debt		Junior
Subordinated Debentures
2024$— $4,031 $— 
202520,000 4,031 — 
2026— 4,031 — 
2027135,000 4,031 — 
2028— 4,031 — 
2029 and thereafter— 19,149 15,000 
Subtotal$155,000 $39,304 $15,000 
Debt issuance costs— (205)— 
Total$155,000 $39,099 $15,000 
v3.24.0.1
Capital Requirements (Tables)
 12 Months Ended
Dec. 31, 2023
Regulatory Capital Requirements Under Banking Regulations [Abstract]  
Schedule of Actual and Required Capital Amounts and Ratios First Guaranty Bank's actual capital amounts and ratios as of December 31, 2023 and 2022 are presented in the following table.
 ActualMinimum Capital RequirementsMinimum to be Well Capitalized
Under Action Provisions
(in thousands except for %)AmountRatioAmountRatioAmountRatio
December 31, 2023
Total Risk-based Capital:$330,944 11.20 %$236,321 8.00 %$295,402 10.00 %
Tier 1 Capital:$304,553 10.31 %$177,241 6.00 %$236,321 8.00 %
Tier 1 Leverage Capital:$304,553 8.94 %$121,821 4.00 %$152,277 5.00 %
Common Equity Tier One Capital:$304,553 10.31 %$132,931 4.50 %$192,011 6.50 %
December 31, 2022
Total Risk-based Capital:$308,510 11.16 %$221,066 8.00 %$276,333 10.00 %
Tier 1 Capital:$284,992 10.31 %$165,800 6.00 %$221,066 8.00 %
Tier 1 Leverage Capital:$284,992 9.35 %$121,884 4.00 %$152,355 5.00 %
Common Equity Tier One Capital:$284,992 10.31 %$124,350 4.50 %$179,616 6.50 %
v3.24.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions An analysis of the activity of loans made to such borrowers during the year ended December 31, 2023 and 2022 follows:
 December 31,
(in thousands)20232022
Balance, beginning of year$89,735 $93,270 
Net (Decrease) Increase(33,850)(3,535)
Balance, end of year$55,885 $89,735 
v3.24.0.1
Other Expenses (Tables)
 12 Months Ended
Dec. 31, 2023
Other Expenses [Abstract]  
Summary of Significant Components of Other Noninterest Expense
The following is a summary of the significant components of other noninterest expense:
 December 31,
(in thousands)20232022
Other noninterest expense:  
Legal and professional fees$5,709 $4,159 
Data processing2,100 1,596 
ATM Fees1,804 1,750 
Marketing and public relations1,927 1,747 
Taxes - sales, capital and franchise2,263 1,949 
Operating supplies778 728 
Software expense and amortization5,282 4,191 
Travel and lodging1,362 1,236 
Telephone382 406 
Amortization of core deposits696 696 
Donations595 638 
Net costs from other real estate and repossessions157 393 
Regulatory assessment3,136 1,997 
Other4,032 3,888 
Total other noninterest expense$30,223 $25,374 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary 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)20232022
Current$2,857 $7,761 
Deferred(180)(255)
Total$2,677 $7,506 
Schedule of Effective Income Tax Rate Reconciliation
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,
(in thousands except for %)20232022
Statutory tax rate21.0 %21.0 %
Federal income taxes at statutory rate$2,452 $7,642 
Tax exempt municipal income(102)(108)
Other107 (28)
State tax expense220 — 
Total$2,677 $7,506 
Schedule of Components of Deferred Tax Assets and Liabilities The significant components of deferred taxes classified in First Guaranty's Consolidated Balance Sheets at December 31, 2023 and 2022 are as follows:
 December 31,
(in thousands)20232022
Deferred tax assets:  
Allowance for credit losses$7,101 $4,939 
Other real estate owned18 5 
Unrealized losses on available for sale securities416 711 
Unrealized losses on available for sale securities transferred to held to maturity3,029 3,337 
Net operating loss914 1,006 
Other473 648 
Gross deferred tax assets11,951 10,646 
Deferred tax liabilities:  
Depreciation and amortization(1,871)(2,116)
Core deposit intangibles(768)(914)
Unrealized gains on available for sale securities— — 
Discount on purchased loans(180)(60)
Other(927)(880)
Gross deferred tax liabilities(3,746)(3,970)
Net deferred tax assets (liabilities)$8,205 $6,676 
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Summary of Notional Amounts of Financial Instruments with Off-Balance Sheet Risk
Set forth below is a summary of the notional amounts of the financial instruments with off-balance sheet risk at December 31, 2023 and December 31, 2022.

Contract AmountDecember 31, 2023December 31, 2022
(in thousands)  
Commitments to Extend Credit$304,218 $246,968 
Unfunded Commitments under lines of credit$214,546 $253,906 
Commercial and Standby letters of credit$13,971 $14,222 
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
The following table summarizes financial assets measured at fair value on a recurring basis as of December 31, 2023 and 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

(in thousands)December 31, 2023December 31, 2022
Available for Sale Securities Fair Value Measurements Using:  
Level 1: Quoted Prices in Active Markets For Identical Assets$49,830 $98,466 
Level 2: Significant Other Observable Inputs23,172 21,890 
Level 3: Significant Unobservable Inputs10,483 11,102 
Securities available for sale measured at fair value$83,485 $131,458 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table reconciles assets measured at fair value on a recurring basis using unobservable inputs (Level 3):

Level 3 Changes
(in thousands)December 31, 2023December 31, 2022
Balance, beginning of year$11,102 $12,305 
Total gains or losses (realized/unrealized):
Included in earnings— — 
Included in other comprehensive income(38)(676)
Purchases, sales, issuances and settlements, net(581)(527)
Transfers in and/or out of Level 3— — 
Balance as of end of year$10,483 $11,102 
Schedule of Fair Value Measurements, Nonrecurring
The following table measures financial assets and financial liabilities measured at fair value on a non-recurring basis as of December 31, 2023 and December 31, 2022, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

(in thousands)At December 31, 2023At December 31, 2022
Fair Value Measurements Using: Loan Individually Evaluated for Impairment  
Level 1: Quoted Prices in Active Markets For Identical Assets$— $— 
Level 2: Significant Other Observable Inputs— — 
Level 3: Significant Unobservable Inputs8,083 2,251 
Impaired loans measured at fair value$8,083 $2,251 
Fair Value Measurements Using: Other Real Estate Owned  
Level 1: Quoted Prices in Active Markets For Identical Assets$— $— 
Level 2: Significant Other Observable Inputs1,250 — 
Level 3: Significant Unobservable Inputs— 113 
Other real estate owned measured at fair value$1,250 $113 
v3.24.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, All Other Investments [Abstract]  
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments
The carrying amounts and estimated fair values of financial instruments at December 31, 2023 were as follows:

Fair Value Measurements at December 31, 2023 Using
(in thousands)Carrying AmountLevel 1Level 2Level 3Total
Assets
Cash and due from banks$286,114 $286,114 $— $— $286,114 
Federal funds sold341 341 — — 341 
Securities, available for sale83,485 49,830 23,172 10,483 83,485 
Securities, held for maturity320,638 — 253,584 — 253,584 
Loans, net2,717,782 — — 2,581,979 2,581,979 
Cash surrender value of BOLI5,861 — — 5,861 5,861 
Accrued interest receivable15,713 — — 15,713 15,713 
Liabilities
Deposits$3,009,094 $— $— $3,001,498 3,001,498 
Short-term advances from Federal Home Loan Bank50,000 — — 50,000 50,000 
Short-term borrowings10,000 — — 10,000 10,000 
Repurchase agreements6,297 — — 6,285 6,285 
Accrued interest payable11,807 — — 11,807 11,807 
Long-term advances from Federal Home Loan Bank155,000 — — 152,299 152,299 
Senior long-term debt39,099 — — 39,304 39,304 
Junior subordinated debentures15,000 — — 15,000 15,000 
The carrying amounts and estimated fair values of financial instruments at December 31, 2022 were as follows:

Fair Value Measurements at December 31, 2022 Using
(in thousands)Carrying AmountLevel 1Level 2Level 3Total
Assets
Cash and due from banks$82,796 $82,796 $— $— $82,796 
Federal funds sold423 423 — — 423 
Securities, available for sale131,458 98,466 21,890 11,102 131,458 
Securities, held for maturity320,068 — 242,560 — 242,560 
Loans, net2,495,559 — — 2,404,402 2,404,402 
Cash surrender value of BOLI5,712 — — 5,712 5,712 
Accrued interest receivable13,002 — — 13,002 13,002 
Liabilities
Deposits$2,723,792 $— $— $2,717,471 2,717,471 
Short-term advances from Federal Home Loan Bank120,000 — — 120,000 120,000 
Short-term borrowings20,000 — — 20,000 20,000 
Repurchase agreements6,442 — — 6,509 6,509 
Accrued interest payable4,289 — — 4,289 4,289 
Long-term advances from Federal Home Loan Bank— — — — — 
Senior long-term debt21,927 — — 21,938 21,938 
Junior subordinated debentures15,000 — — 15,000 15,000 
v3.24.0.1
Condensed Parent Company Information (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
First Guaranty Bancshares, Inc.
Condensed Balance Sheets
 December 31,
(in thousands)20232022
Assets  
Cash$8,955 $3,324 
Investment in bank subsidiary302,327 287,019 
Other assets2,952 2,375 
Total Assets$314,234 $292,718 
Liabilities and Shareholders' Equity  
Short-term debt10,000 20,000 
Senior long-term debt39,099 21,927 
Junior subordinated debentures15,000 15,000 
Other liabilities504 800 
Total Liabilities64,603 57,727 
Shareholders' Equity249,631 234,991 
Total Liabilities and Shareholders' Equity$314,234 $292,718 
Schedule of Condensed Statements of Income
First Guaranty Bancshares, Inc.
Condensed Statements of Income
 December 31,
(in thousands)20232022
Operating Income  
Dividends received from bank subsidiary$10,579 $21,863 
Net gains on sale of equity securities— — 
Other income638 526 
Total operating income11,217 22,389 
Operating Expenses  
Interest expense4,532 2,703 
Salaries & Benefits313 252 
Other expenses2,365 1,783 
Total operating expenses7,210 4,738 
Income before income tax benefit and increase in equity in undistributed earnings of subsidiary4,007 17,651 
Income tax benefit1,273 910 
Income before increase in equity in undistributed earnings of subsidiary5,280 18,561 
Increase in equity in undistributed earnings of subsidiary3,939 10,323 
Net Income$9,219 $28,884 
Schedule of Condensed Statements of Cash Flows
First Guaranty Bancshares, Inc.
Condensed Statements of Cash Flows
 December 31,
(in thousands)20232022
Cash flows from operating activities:  
Net income$9,219 $28,884 
Adjustments to reconcile net income to net cash provided by operating activities:
Increase in equity in undistributed earnings of subsidiary(3,939)(10,323)
Depreciation and amortization24 225 
Net change in other liabilities(296)350 
Net change in other assets(580)1,482 
Net cash provided by operating activities4,428 20,618 
Cash flows from investing activities:  
Proceeds from sales of equity securities— — 
Funds invested in equity securities— — 
Funds invested in bank subsidiary(17,000)(30,000)
Net cash used in investing activities(17,000)(30,000)
Cash flows from financing activities:  
Net (decrease) increase in short-term borrowings(10,000)20,000 
Proceeds from long-term borrowings, net of costs40,097 — 
Repayment of long-term debt(22,946)(3,250)
Net proceeds from issuance of common stock20,000 — 
Subsidiary payment for stock grants issued750 — 
Dividends paid(9,698)(9,187)
Net cash provided by financing activities18,203 7,563 
Net (decrease) increase in cash and cash equivalents5,631 (1,819)
Cash and cash equivalents at the beginning of the period3,324 5,143 
Cash and cash equivalents at the end of the period$8,955 $3,324 
v3.24.0.1
Business and Summary of Significant Accounting Policies (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2023
aTM
payment
office
segment
Accounting Policies [Abstract]    
Number of banking offices | office   36
Number of automated teller machines (ATMs) | aTM   49
Loans    
Past due period after which evaluation is made for discontinuation of interest accrual on loan   90 days
Period of payment performance after which loans are returned to accrual status   6 months
Troubled Debt Restructurings (TDRs)    
Period of performance, after which the Company evaluates TDRs that have subsequently been restructured and returned to market terms   6 months
Earnings per common share    
Common stock, dividend paid percentage 10.00%  
Operating Segments    
Number of reportable operating segments | segment   1
Consumer Portfolio Segment    
Credit Quality    
Period past due after which loans are considered substandard   90 days
Minimum    
Loans    
Threshold period past due for charge-off of loans   90 days
Maximum    
Loans    
Threshold period past due for charge-off of loans   120 days
Building and Building Improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated useful life   10 years
Building and Building Improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated useful life   40 years
Equipment, Fixtures and Automobiles | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated useful life   3 years
Equipment, Fixtures and Automobiles | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated useful life   10 years
Core Deposits | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Amortization period   7 years
Core Deposits | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Amortization period   15 years
Single-Family Residential | Fixed Rate Residential Mortgage    
Loans held for sale    
Period within which loans are sold in secondary market   30 days
All Loans Except Mortgage Loans    
Loans    
Past due period after which loans are considered past due   30 days
Mortgage Loans    
Loans    
Number of consecutive payments missed after which loans are considered past due | payment   2
v3.24.0.1
Recent Accounting Pronouncements (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Allowance for credit losses $ (30,926) $ (31,738) $ (23,518) $ (24,029)
Deferred tax asset   8,520 6,420  
Remaining purchase discount on loans   0 (1,120)  
Reserve for unfunded loan commitments   (2,900) 0  
Retained earnings 67,972 68,451 76,351  
Held to maturity, allowance for credit losses $ 80 100 $ 0  
Cumulative effect of adoption of ASC Topic 326, net of tax        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]        
Allowance for credit losses   (8,220)    
Deferred tax asset   2,100    
Remaining purchase discount on loans   1,120    
Reserve for unfunded loan commitments   (2,900)    
Retained earnings   $ (7,900)    
v3.24.0.1
Cash and Due from Banks (Details)
Dec. 31, 2023
USD ($)
account
Dec. 31, 2022
USD ($)
account
Cash and Cash Equivalents [Abstract]    
Reserve maintained at Federal Reserve Bank $ 0 $ 0
Number of accounts that exceeded FDIC insurable limit | account 3 3
Cash in excess of insurable limit $ 1,200,000 $ 4,600,000
v3.24.0.1
Securities - Comparison of Securities by Type (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Available for sale:    
Amortized Cost $ 85,464 $ 134,845
Gross Unrealized Gains 34 31
Gross Unrealized Losses (2,013) (3,418)
Fair Value 83,485 131,458
Held to maturity:    
Amortized Cost 320,718 320,068
Gross Unrealized Gains 0 0
Gross Unrealized Losses (67,134) (77,508)
Fair Value 253,584 242,560
U.S. Treasuries    
Available for sale:    
Amortized Cost 50,048 100,642
Gross Unrealized Gains 0 0
Gross Unrealized Losses (218) (2,142)
Fair Value 49,830 98,500
U.S. Government Agencies    
Available for sale:    
Amortized Cost 0 0
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 0 0
Held to maturity:    
Amortized Cost 265,896 265,032
Gross Unrealized Gains 0 0
Gross Unrealized Losses (61,532) (69,503)
Fair Value 204,364 195,529
Corporate debt securities    
Available for sale:    
Amortized Cost 16,750 16,750
Gross Unrealized Gains 3 0
Gross Unrealized Losses (1,279) (752)
Fair Value 15,474 15,998
Held to maturity:    
Amortized Cost 54,822 55,036
Gross Unrealized Gains 0 0
Gross Unrealized Losses (5,602) (8,005)
Fair Value 49,220 47,031
Municipal bonds    
Available for sale:    
Amortized Cost 13,522 14,742
Gross Unrealized Gains 31 31
Gross Unrealized Losses (372) (426)
Fair Value 13,181 14,347
Mortgage-backed securities    
Available for sale:    
Amortized Cost 5,144 2,711
Gross Unrealized Gains 0 0
Gross Unrealized Losses (144) (98)
Fair Value $ 5,000 $ 2,613
v3.24.0.1
Securities - Maturities of Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Amortized Cost    
Due in one year or less $ 50,858  
Due after one year through five years 2,784  
Due after five years through 10 years 20,041  
Over 10 years 6,637  
Subtotal 80,320  
Amortized Cost 85,464 $ 134,845
Fair Value    
Due in one year or less 50,637  
Due after one year through five years 2,762  
Due after five years through 10 years 18,764  
Over 10 years 6,322  
Subtotal 78,485  
Total available for sale securities 83,485 131,458
Amortized Cost    
Due in one year or less 0  
Due after one year through five years 2,004  
Due after five years through 10 years 115,574  
Over 10 years 203,140  
Amortized Cost 320,718 320,068
Fair Value    
Due in one year or less 0  
Due after one year through five years 1,865  
Due after five years through 10 years 100,500  
Over 10 years 151,219  
Total held to maturity securities 253,584 242,560
Mortgage-backed securities    
Amortized Cost    
Mortgage-backed Securities 5,144  
Amortized Cost 5,144 2,711
Fair Value    
Mortgage-backed Securities 5,000  
Total available for sale securities $ 5,000 $ 2,613
v3.24.0.1
Securities - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
security
chargeoff
Dec. 31, 2022
USD ($)
Jan. 01, 2023
USD ($)
Debt Securities, Available-for-sale [Line Items]      
Debt securities, accrued interest $ 1,800,000 $ 2,000,000  
Held to maturity, allowance for credit losses $ 80,000 0 $ 100,000
Number of debt securities with unrealized losses | security 164    
Unrealized losses on debt securities in continuous loss position as percentage of total individual securities' amortized cost basis 17.20%    
Unrealized losses on debt securities in continuous loss position as percentage of amortized cost basis of investment securities portfolio 17.00%    
Securities In Unrealized Loss Positions More Than Twelve Months Qualitative Disclosure Number Of Positions | security 150    
Debt securities in a continuous loss position for over 12 months, amortized cost basis $ 395,300,000    
Debt securities in a continuous loss position for over 12 months, unrealized loss 69,100,000    
Provision for loan losses 3,714,000 3,656,000  
Gross realized gains on sales of securities 0 100,000  
Gross realized losses 0 100,000  
Tax (benefit) provision applicable to these realized net (losses)/gains 0 3,000  
Proceeds from sales of securities 0 3,100,000  
Net unrealized gains (losses) on available-for-sale securities included in AOCI , net of applicable income taxes 13,000,000 15,200,000  
Losses reclassified out of AOCI into earnings, net of tax $ 0 13,000  
Corporate debt securities      
Debt Securities, Available-for-sale [Line Items]      
Debt securities, held-to-maturity, number of chargeoffs | chargeoff 1    
Debt securities, held-to-maturity, excluding accrued interest, allowance for credit loss, writeoff $ 100,000    
Held-to-Maturity and Available-for-Sale Securities      
Debt Securities, Available-for-sale [Line Items]      
Provision for loan losses 100,000    
Deposits      
Debt Securities, Available-for-sale [Line Items]      
Debt securities, available-for-sale and held-to-maturity, fair value $ 192,200,000 $ 260,800,000  
v3.24.0.1
Securities - Unrealized Loss on Investments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
security
Available for sale:    
Less Than 12 Months, Number of Securities | security 14 63
Less Than 12 Months, Fair Value $ 6,023 $ 23,090
Less Than 12 Months, Gross Unrealized Losses $ (27) $ (1,114)
12 Months or More, Number of Securities | security 64 18
12 Months or More, Fair Value $ 72,590 $ 100,548
12 Months or More, Gross Unrealized Losses $ (1,986) $ (2,304)
Total, Number of Securities | security 78 81
Total, Fair Value $ 78,613 $ 123,638
Total, Gross Unrealized Losses $ (2,013) $ (3,418)
Held to maturity:    
Less Than 12 Months, Number of Securities | security 0 72
Less Than 12 Months, Fair Value $ 0 $ 136,726
Less Than 12 Months, Gross Unrealized Losses $ 0 $ (29,729)
12 Months or More, Number of Securities | security 86 16
12 Months or More, Fair Value $ 253,584 $ 105,834
12 Months or More, Gross Unrealized Losses $ (67,134) $ (47,779)
Total, Number of Securities | security 86 88
Total, Fair Value $ 253,584 $ 242,560
Total, Gross Unrealized Losses $ (67,134) $ (77,508)
U.S. Treasuries    
Available for sale:    
Less Than 12 Months, Number of Securities | security 0 0
Less Than 12 Months, Fair Value $ 0 $ 0
Less Than 12 Months, Gross Unrealized Losses $ 0 $ 0
12 Months or More, Number of Securities | security 3 6
12 Months or More, Fair Value $ 49,830 $ 98,500
12 Months or More, Gross Unrealized Losses $ (218) $ (2,142)
Total, Number of Securities | security 3 6
Total, Fair Value $ 49,830 $ 98,500
Total, Gross Unrealized Losses $ (218) $ (2,142)
U.S. Government Agencies    
Available for sale:    
Less Than 12 Months, Number of Securities | security 0 0
Less Than 12 Months, Fair Value $ 0 $ 0
Less Than 12 Months, Gross Unrealized Losses $ 0 $ 0
12 Months or More, Number of Securities | security 0 0
12 Months or More, Fair Value $ 0 $ 0
12 Months or More, Gross Unrealized Losses $ 0 $ 0
Total, Number of Securities | security 0 0
Total, Fair Value $ 0 $ 0
Total, Gross Unrealized Losses $ 0 $ 0
Held to maturity:    
Less Than 12 Months, Number of Securities | security 0 13
Less Than 12 Months, Fair Value $ 0 $ 89,695
Less Than 12 Months, Gross Unrealized Losses $ 0 $ (21,724)
12 Months or More, Number of Securities | security 29 16
12 Months or More, Fair Value $ 204,364 $ 105,834
12 Months or More, Gross Unrealized Losses $ (61,532) $ (47,779)
Total, Number of Securities | security 29 29
Total, Fair Value $ 204,364 $ 195,529
Total, Gross Unrealized Losses $ (61,532) $ (69,503)
Corporate debt securities    
Available for sale:    
Less Than 12 Months, Number of Securities | security 0 14
Less Than 12 Months, Fair Value $ 0 $ 14,628
Less Than 12 Months, Gross Unrealized Losses $ 0 $ (622)
12 Months or More, Number of Securities | security 15 2
12 Months or More, Fair Value $ 14,471 $ 1,370
12 Months or More, Gross Unrealized Losses $ (1,279) $ (130)
Total, Number of Securities | security 15 16
Total, Fair Value $ 14,471 $ 15,998
Total, Gross Unrealized Losses $ (1,279) $ (752)
Held to maturity:    
Less Than 12 Months, Number of Securities | security 0 59
Less Than 12 Months, Fair Value $ 0 $ 47,031
Less Than 12 Months, Gross Unrealized Losses $ 0 $ (8,005)
12 Months or More, Number of Securities | security 57 0
12 Months or More, Fair Value $ 49,220 $ 0
12 Months or More, Gross Unrealized Losses $ (5,602) $ 0
Total, Number of Securities | security 57 59
Total, Fair Value $ 49,220 $ 47,031
Total, Gross Unrealized Losses $ (5,602) $ (8,005)
Municipal bonds    
Available for sale:    
Less Than 12 Months, Number of Securities | security 12 46
Less Than 12 Months, Fair Value $ 3,417 $ 5,854
Less Than 12 Months, Gross Unrealized Losses $ (6) $ (394)
12 Months or More, Number of Securities | security 41 6
12 Months or More, Fair Value $ 5,895 $ 673
12 Months or More, Gross Unrealized Losses $ (366) $ (32)
Total, Number of Securities | security 53 52
Total, Fair Value $ 9,312 $ 6,527
Total, Gross Unrealized Losses $ (372) $ (426)
Mortgage-backed securities    
Available for sale:    
Less Than 12 Months, Number of Securities | security 2 3
Less Than 12 Months, Fair Value $ 2,606 $ 2,608
Less Than 12 Months, Gross Unrealized Losses $ (21) $ (98)
12 Months or More, Number of Securities | security 5 4
12 Months or More, Fair Value $ 2,394 $ 5
12 Months or More, Gross Unrealized Losses $ (123) $ 0
Total, Number of Securities | security 7 7
Total, Fair Value $ 5,000 $ 2,613
Total, Gross Unrealized Losses $ (144) $ (98)
v3.24.0.1
Securities - Exposure to Investment Securities Issuers that Exceeded 10% of Shareholder's Equity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Concentration Risk [Line Items]    
Amortized Cost $ 404,123 $ 451,526
Stockholders' Equity, Total    
Concentration Risk [Line Items]    
Amortized Cost 318,462  
Fair Value 256,587  
Stockholders' Equity, Total | U.S. Treasuries    
Concentration Risk [Line Items]    
Amortized Cost 50,048  
Fair Value 49,830  
Stockholders' Equity, Total | Long-term Advances from FHLB    
Concentration Risk [Line Items]    
Amortized Cost 32,196  
Fair Value 26,109  
Stockholders' Equity, Total | Federal Home Loan Mortgage Corporation (Freddie Mac-FHLMC)    
Concentration Risk [Line Items]    
Amortized Cost 97,488  
Fair Value 69,941  
Stockholders' Equity, Total | Federal Farm Credit Bank (FFCB)    
Concentration Risk [Line Items]    
Amortized Cost 138,730  
Fair Value $ 110,707  
v3.24.0.1
Loans - Components of Loan Portfolio (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Balance    
Total Loans Before Unearned Income $ 2,757,481 $ 2,526,720
Unearned income (8,773) (7,643)
Total Loans Net of Unearned Income $ 2,748,708 $ 2,519,077
As % of Category    
Percent of category 100.00% 100.00%
Real Estate    
Balance    
Total Loans Before Unearned Income $ 2,041,601 $ 1,736,958
As % of Category    
Percent of category 74.00% 68.70%
Real Estate | Construction & land development    
Balance    
Total Loans Before Unearned Income $ 399,435 $ 233,091
As % of Category    
Percent of category 14.50% 9.20%
Real Estate | Farmland    
Balance    
Total Loans Before Unearned Income $ 32,530 $ 24,823
As % of Category    
Percent of category 1.20% 1.00%
Real Estate | 1- 4 Family    
Balance    
Total Loans Before Unearned Income $ 444,850 $ 366,330
As % of Category    
Percent of category 16.10% 14.50%
Real Estate | Multifamily    
Balance    
Total Loans Before Unearned Income $ 118,921 $ 119,785
As % of Category    
Percent of category 4.30% 4.70%
Real Estate | Non-farm non-residential    
Balance    
Total Loans Before Unearned Income $ 1,045,865 $ 992,929
As % of Category    
Percent of category 37.90% 39.30%
Non-Real Estate    
Balance    
Total Loans Before Unearned Income $ 715,880 $ 789,762
As % of Category    
Percent of category 26.00% 31.30%
Non-Real Estate | Agricultural    
Balance    
Total Loans Before Unearned Income $ 41,008 $ 39,045
As % of Category    
Percent of category 1.50% 1.50%
Non-Real Estate | Commercial and industrial    
Balance    
Total Loans Before Unearned Income $ 334,972 $ 385,279
As % of Category    
Percent of category 12.10% 15.30%
Loans fully guaranteed by the SBA $ 2,800 $ 5,900
Non-Real Estate | Commercial leases    
Balance    
Total Loans Before Unearned Income $ 285,415 $ 317,574
As % of Category    
Percent of category 10.40% 12.60%
Non-Real Estate | Consumer and other    
Balance    
Total Loans Before Unearned Income $ 54,485 $ 47,864
As % of Category    
Percent of category 2.00% 1.90%
v3.24.0.1
Loans - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Receivables [Abstract]    
Financing receivable, accrued interest, before allowance for credit loss $ 13,900 $ 11,000
Initial fixed rate period, tranche one 1 year  
Initial fixed rate period, tranche two 3 years  
Initial fixed rate period, tranche three 5 years  
Nonaccrual loans $ 25,187 $ 13,566
v3.24.0.1
Loans - Fixed and Floating Rate Loans by Contractual Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivables, Fixed and Floating Rate Loans by Contractual Maturity [Abstract]    
One year or less $ 357,748 $ 372,124
One to five years 1,140,735 1,240,854
Five to 15 years 358,408 330,676
Over 15 years 875,403 569,500
Subtotal 2,732,294 2,513,154
Nonaccrual loans 25,187 13,566
Total Loans Before Unearned Income 2,757,481 2,526,720
Unearned income (8,773) (7,643)
Total Loans Net of Unearned Income 2,748,708 2,519,077
Fixed    
Financing Receivables, Fixed and Floating Rate Loans by Contractual Maturity [Abstract]    
One year or less 268,864 234,921
One to five years 782,754 900,960
Five to 15 years 88,490 114,425
Over 15 years 334,337 261,209
Subtotal 1,474,445 1,511,515
Floating    
Financing Receivables, Fixed and Floating Rate Loans by Contractual Maturity [Abstract]    
One year or less 88,884 137,203
One to five years 357,981 339,894
Five to 15 years 269,918 216,251
Over 15 years 541,066 308,291
Subtotal $ 1,257,849 $ 1,001,639
v3.24.0.1
Loans - Receivables Past Due (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income $ 2,757,481 $ 2,526,720
Unearned income (8,773) (7,643)
Total Loans Net of Unearned Income 2,748,708 2,519,077
Recorded Investment 90 Days Accruing 15,287 1,142
Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 51,385 26,099
30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 10,911 11,391
90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 40,474 14,708
Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 2,706,096 2,500,621
Real Estate    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 2,041,601 1,736,958
Recorded Investment 90 Days Accruing 14,835 1,019
Real Estate | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 40,614 17,011
Real Estate | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 7,151 7,905
Real Estate | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 33,463 9,106
Real Estate | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 2,000,987 1,719,947
Real Estate | Construction & land development    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 399,435 233,091
Recorded Investment 90 Days Accruing 0 427
Real Estate | Construction & land development | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,811 1,681
Real Estate | Construction & land development | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,281 1,029
Real Estate | Construction & land development | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 530 652
Real Estate | Construction & land development | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 397,624 231,410
Real Estate | Farmland    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 32,530 24,823
Recorded Investment 90 Days Accruing 0 0
Real Estate | Farmland | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 933 647
Real Estate | Farmland | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 97 357
Real Estate | Farmland | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 836 290
Real Estate | Farmland | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 31,597 24,176
Real Estate | 1- 4 Family    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 444,850 366,330
Recorded Investment 90 Days Accruing 124 332
Real Estate | 1- 4 Family | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 11,038 8,670
Real Estate | 1- 4 Family | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 3,929 4,512
Real Estate | 1- 4 Family | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 7,109 4,158
Real Estate | 1- 4 Family | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 433,812 357,660
Real Estate | Multifamily    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 118,921 119,785
Recorded Investment 90 Days Accruing 0 157
Real Estate | Multifamily | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,361 1,031
Real Estate | Multifamily | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 824 874
Real Estate | Multifamily | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 537 157
Real Estate | Multifamily | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 117,560 118,754
Real Estate | Non-farm non-residential    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,045,865 992,929
Recorded Investment 90 Days Accruing 14,711 103
Real Estate | Non-farm non-residential | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 25,471 4,982
Real Estate | Non-farm non-residential | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,020 1,133
Real Estate | Non-farm non-residential | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 24,451 3,849
Real Estate | Non-farm non-residential | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,020,394 987,947
Non-Real Estate    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 715,880 789,762
Recorded Investment 90 Days Accruing 452 123
Non-Real Estate | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 10,771 9,088
Non-Real Estate | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 3,760 3,486
Non-Real Estate | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 7,011 5,602
Non-Real Estate | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 705,109 780,674
Non-Real Estate | Agricultural    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 41,008 39,045
Recorded Investment 90 Days Accruing 57 0
Non-Real Estate | Agricultural | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,666 1,742
Non-Real Estate | Agricultural | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 240 120
Non-Real Estate | Agricultural | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,426 1,622
Non-Real Estate | Agricultural | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 39,342 37,303
Non-Real Estate | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 334,972 385,279
Recorded Investment 90 Days Accruing 395 123
Non-Real Estate | Commercial and industrial | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 4,459 2,311
Non-Real Estate | Commercial and industrial | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 2,483 1,369
Non-Real Estate | Commercial and industrial | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,976 942
Non-Real Estate | Commercial and industrial | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 330,513 382,968
Non-Real Estate | Commercial leases    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 285,415 317,574
Recorded Investment 90 Days Accruing 0 0
Non-Real Estate | Commercial leases | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,799 1,799
Non-Real Estate | Commercial leases | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 0 0
Non-Real Estate | Commercial leases | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,799 1,799
Non-Real Estate | Commercial leases | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 283,616 315,775
Non-Real Estate | Consumer and other    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 54,485 47,864
Recorded Investment 90 Days Accruing 0 0
Non-Real Estate | Consumer and other | Total Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 2,847 3,236
Non-Real Estate | Consumer and other | 30-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,037 1,997
Non-Real Estate | Consumer and other | 90 Days or Greater Past Due    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income 1,810 1,239
Non-Real Estate | Consumer and other | Current    
Financing Receivable, Past Due [Line Items]    
Total Loans Before Unearned Income $ 51,638 $ 44,628
v3.24.0.1
Loans - Nonaccrual Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Past Due [Line Items]    
With Related Allowance $ 18,978  
Without Related Allowance 6,209  
Total Nonaccrual Loans 25,187 $ 13,566
Real Estate    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 15,188  
Without Related Allowance 3,440  
Total Nonaccrual Loans 18,628 8,087
Real Estate | Construction & land development    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 530  
Without Related Allowance 0  
Total Nonaccrual Loans 530 225
Real Estate | Farmland    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 511  
Without Related Allowance 325  
Total Nonaccrual Loans 836 290
Real Estate | 1- 4 Family    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 5,417  
Without Related Allowance 1,568  
Total Nonaccrual Loans 6,985 3,826
Real Estate | Multifamily    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 0  
Without Related Allowance 537  
Total Nonaccrual Loans 537 0
Real Estate | Non-farm non-residential    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 8,730  
Without Related Allowance 1,010  
Total Nonaccrual Loans 9,740 3,746
Non-Real Estate    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 3,790  
Without Related Allowance 2,769  
Total Nonaccrual Loans 6,559 5,479
Non-Real Estate | Agricultural    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 399  
Without Related Allowance 970  
Total Nonaccrual Loans 1,369 1,622
Non-Real Estate | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 1,581  
Without Related Allowance 0  
Total Nonaccrual Loans 1,581 819
Non-Real Estate | Commercial leases    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 0  
Without Related Allowance 1,799  
Total Nonaccrual Loans 1,799 1,799
Non-Real Estate | Consumer and other    
Financing Receivable, Past Due [Line Items]    
With Related Allowance 1,810  
Without Related Allowance 0  
Total Nonaccrual Loans $ 1,810 $ 1,239
v3.24.0.1
Loans - Credit Exposure of Portfolio (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 $ 571,635  
2022 785,667  
2021 428,341  
2020 226,793  
2019 135,490  
Prior 385,950  
Revolving Loans 223,605  
Total Loans Before Unearned Income 2,757,481 $ 2,526,720
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 627  
2022 1,917  
2021 953  
2020 1,029  
2019 28  
Prior 1,217  
Revolving Loans 0  
Total 5,771 6,086
Unearned income (8,773) (7,643)
Total Loans Net of Unearned Income 2,748,708 2,519,077
Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 568,228  
2022 743,019  
2021 392,315  
2020 217,245  
2019 116,225  
Prior 358,286  
Revolving Loans 213,596  
Total Loans Before Unearned Income 2,608,914 2,453,696
Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 2,903  
2022 16,806  
2021 8,167  
2020 2,760  
2019 16,726  
Prior 8,517  
Revolving Loans 2,839  
Total Loans Before Unearned Income 58,718 30,308
Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 504  
2022 25,681  
2021 27,343  
2020 6,643  
2019 2,298  
Prior 18,768  
Revolving Loans 7,053  
Total Loans Before Unearned Income 88,290 42,716
Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 161  
2021 516  
2020 145  
2019 241  
Prior 379  
Revolving Loans 117  
Total Loans Before Unearned Income 1,559 0
Real Estate    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 431,954  
2022 605,807  
2021 295,096  
2020 158,082  
2019 123,117  
Prior 341,060  
Revolving Loans 86,485  
Total Loans Before Unearned Income 2,041,601 1,736,958
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Total 1,102 762
Real Estate | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   1,682,922
Real Estate | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   27,063
Real Estate | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   26,973
Real Estate | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   0
Real Estate | Construction & land development    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 135,316  
2022 142,402  
2021 76,603  
2020 3,632  
2019 8,717  
Prior 13,858  
Revolving Loans 18,907  
Total Loans Before Unearned Income 399,435 233,091
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total 0 65
Real Estate | Construction & land development | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 134,527  
2022 140,068  
2021 75,884  
2020 3,369  
2019 8,533  
Prior 11,940  
Revolving Loans 18,907  
Total Loans Before Unearned Income 393,228 229,416
Real Estate | Construction & land development | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 789  
2022 1,579  
2021 170  
2020 0  
2019 90  
Prior 250  
Revolving Loans 0  
Total Loans Before Unearned Income 2,878 2,846
Real Estate | Construction & land development | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 716  
2021 458  
2020 263  
2019 94  
Prior 1,668  
Revolving Loans 0  
Total Loans Before Unearned Income 3,199 829
Real Estate | Construction & land development | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 39  
2021 91  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 130 0
Real Estate | Farmland    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 9,513  
2022 4,477  
2021 4,709  
2020 6,159  
2019 368  
Prior 3,742  
Revolving Loans 3,562  
Total Loans Before Unearned Income 32,530 24,823
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total 0 0
Real Estate | Farmland | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 9,513  
2022 4,032  
2021 3,340  
2020 1,768  
2019 253  
Prior 2,730  
Revolving Loans 2,162  
Total Loans Before Unearned Income 23,798 19,722
Real Estate | Farmland | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 194  
2021 0  
2020 514  
2019 0  
Prior 359  
Revolving Loans 0  
Total Loans Before Unearned Income 1,067 35
Real Estate | Farmland | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 251  
2021 1,369  
2020 3,877  
2019 115  
Prior 653  
Revolving Loans 1,355  
Total Loans Before Unearned Income 7,620 5,066
Real Estate | Farmland | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 45  
Total Loans Before Unearned Income 45 0
Real Estate | 1- 4 Family    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 113,991  
2022 116,230  
2021 77,107  
2020 44,667  
2019 22,512  
Prior 51,616  
Revolving Loans 18,727  
Total Loans Before Unearned Income 444,850 366,330
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 964  
Revolving Loans 0  
Total 964 94
Real Estate | 1- 4 Family | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 112,636  
2022 110,978  
2021 70,599  
2020 41,766  
2019 19,542  
Prior 47,374  
Revolving Loans 17,215  
Total Loans Before Unearned Income 420,110 347,842
Real Estate | 1- 4 Family | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 1,307  
2022 2,505  
2021 749  
2020 1,544  
2019 775  
Prior 997  
Revolving Loans 667  
Total Loans Before Unearned Income 8,544 8,667
Real Estate | 1- 4 Family | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 48  
2022 2,625  
2021 5,368  
2020 1,357  
2019 1,956  
Prior 3,086  
Revolving Loans 773  
Total Loans Before Unearned Income 15,213 9,821
Real Estate | 1- 4 Family | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 122  
2021 391  
2020 0  
2019 239  
Prior 159  
Revolving Loans 72  
Total Loans Before Unearned Income 983 0
Real Estate | Multifamily    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 9,945  
2022 76,217  
2021 6,121  
2020 15,131  
2019 1,877  
Prior 4,496  
Revolving Loans 5,134  
Total Loans Before Unearned Income 118,921 119,785
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total 0 0
Real Estate | Multifamily | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 9,945  
2022 76,217  
2021 6,121  
2020 15,131  
2019 1,877  
Prior 2,311  
Revolving Loans 5,110  
Total Loans Before Unearned Income 116,712 117,081
Real Estate | Multifamily | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 1,648  
Revolving Loans 24  
Total Loans Before Unearned Income 1,672 444
Real Estate | Multifamily | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 537  
Revolving Loans 0  
Total Loans Before Unearned Income 537 2,260
Real Estate | Multifamily | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 0 0
Real Estate | Non-farm non-residential    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 163,189  
2022 266,481  
2021 130,556  
2020 88,493  
2019 89,643  
Prior 267,348  
Revolving Loans 40,155  
Total Loans Before Unearned Income 1,045,865 992,929
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 0  
2022 0  
2021 0  
2020 138  
2019 0  
Prior 0  
Revolving Loans 0  
Total 138 603
Real Estate | Non-farm non-residential | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 162,234  
2022 247,182  
2021 111,054  
2020 88,039  
2019 73,797  
Prior 256,032  
Revolving Loans 33,907  
Total Loans Before Unearned Income 972,245 968,861
Real Estate | Non-farm non-residential | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 708  
2022 369  
2021 1,014  
2020 388  
2019 15,846  
Prior 5,191  
Revolving Loans 1,525  
Total Loans Before Unearned Income 25,041 15,071
Real Estate | Non-farm non-residential | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 247  
2022 18,930  
2021 18,488  
2020 0  
2019 0  
Prior 6,125  
Revolving Loans 4,723  
Total Loans Before Unearned Income 48,513 8,997
Real Estate | Non-farm non-residential | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 66  
2019 0  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 66 0
Non-Real Estate    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 139,681  
2022 179,860  
2021 133,245  
2020 68,711  
2019 12,373  
Prior 44,890  
Revolving Loans 137,120  
Total Loans Before Unearned Income 715,880 789,762
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
Total 4,669 5,324
Non-Real Estate | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   770,774
Non-Real Estate | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   3,245
Non-Real Estate | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   15,743
Non-Real Estate | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
Total Loans Before Unearned Income   0
Non-Real Estate | Agricultural    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 2,555  
2022 10,510  
2021 3,834  
2020 1,696  
2019 1,552  
Prior 4,520  
Revolving Loans 16,341  
Total Loans Before Unearned Income 41,008 39,045
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total 0 460
Non-Real Estate | Agricultural | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 2,555  
2022 10,406  
2021 3,142  
2020 1,336  
2019 1,532  
Prior 2,378  
Revolving Loans 16,259  
Total Loans Before Unearned Income 37,608 34,827
Non-Real Estate | Agricultural | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 104  
2021 0  
2020 81  
2019 0  
Prior 0  
Revolving Loans 25  
Total Loans Before Unearned Income 210 198
Non-Real Estate | Agricultural | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 692  
2020 279  
2019 20  
Prior 2,100  
Revolving Loans 57  
Total Loans Before Unearned Income 3,148 4,020
Non-Real Estate | Agricultural | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 42  
Revolving Loans 0  
Total Loans Before Unearned Income 42 0
Non-Real Estate | Commercial and industrial    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 41,213  
2022 28,120  
2021 52,657  
2020 54,333  
2019 5,640  
Prior 32,380  
Revolving Loans 120,629  
Total Loans Before Unearned Income 334,972 385,279
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 29  
2022 791  
2021 133  
2020 532  
2019 0  
Prior 209  
Revolving Loans 0  
Total 1,694 563
Non-Real Estate | Commercial and industrial | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 41,105  
2022 27,800  
2021 48,097  
2020 53,585  
2019 5,613  
Prior 27,634  
Revolving Loans 119,886  
Total Loans Before Unearned Income 323,720 374,947
Non-Real Estate | Commercial and industrial | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 63  
2022 37  
2021 4,382  
2020 146  
2019 0  
Prior 53  
Revolving Loans 598  
Total Loans Before Unearned Income 5,279 2,016
Non-Real Estate | Commercial and industrial | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 45  
2022 283  
2021 178  
2020 602  
2019 27  
Prior 4,531  
Revolving Loans 145  
Total Loans Before Unearned Income 5,811 8,316
Non-Real Estate | Commercial and industrial | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 162  
Revolving Loans 0  
Total Loans Before Unearned Income 162 0
Non-Real Estate | Commercial leases    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 74,456  
2022 131,232  
2021 69,212  
2020 6,087  
2019 4,428  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 285,415 317,574
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total 0 150
Non-Real Estate | Commercial leases | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 74,456  
2022 117,566  
2021 67,615  
2020 6,087  
2019 4,428  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 270,152 315,775
Non-Real Estate | Commercial leases | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 11,867  
2021 1,597  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 13,464 0
Non-Real Estate | Commercial leases | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 1,799  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 1,799 1,799
Non-Real Estate | Commercial leases | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 0  
2020 0  
2019 0  
Prior 0  
Revolving Loans 0  
Total Loans Before Unearned Income 0 0
Non-Real Estate | Consumer and other loans    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 21,457  
2022 9,998  
2021 7,542  
2020 6,595  
2019 753  
Prior 7,990  
Revolving Loans 150  
Total Loans Before Unearned Income 54,485 47,864
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract]    
2023 598  
2022 1,126  
2021 820  
2020 359  
2019 28  
Prior 44  
Revolving Loans 0  
Total 2,975 4,151
Non-Real Estate | Consumer and other loans | Pass    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 21,257  
2022 8,770  
2021 6,463  
2020 6,164  
2019 650  
Prior 7,887  
Revolving Loans 150  
Total Loans Before Unearned Income 51,341 45,225
Non-Real Estate | Consumer and other loans | Special Mention    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 36  
2022 151  
2021 255  
2020 87  
2019 15  
Prior 19  
Revolving Loans 0  
Total Loans Before Unearned Income 563 1,031
Non-Real Estate | Consumer and other loans | Substandard    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 164  
2022 1,077  
2021 790  
2020 265  
2019 86  
Prior 68  
Revolving Loans 0  
Total Loans Before Unearned Income 2,450 1,608
Non-Real Estate | Consumer and other loans | Doubtful    
Credit exposure of loan portfolio by specific credit ratings [Abstract]    
2023 0  
2022 0  
2021 34  
2020 79  
2019 2  
Prior 16  
Revolving Loans 0  
Total Loans Before Unearned Income $ 131 $ 0
v3.24.0.1
Loans - Purchased Credit Deteriorated Loans (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount $ 4,258
Real Estate  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 3,516
Real Estate | Construction & land development  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 301
Real Estate | Farmland  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 0
Real Estate | 1- 4 Family  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 1,311
Real Estate | Multifamily  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 0
Real Estate | Non-farm non-residential  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 1,904
Non-Real Estate  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 742
Non-Real Estate | Agricultural  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 0
Non-Real Estate | Commercial and industrial  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 742
Non-Real Estate | Commercial leases  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount 0
Non-Real Estate | Consumer and other  
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities [Abstract]  
Carrying amount $ 0
v3.24.0.1
Allowance for Credit Losses on Loans - Changes in Allowance for Loan Losses, by Portfolio Type (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance $ 23,518 $ 24,029
ASC 326 Adoption Day 1 Adjustment 8,120  
Charge-offs (5,771) (6,086)
Recoveries 1,375 1,919
Provision 3,684 3,656
Ending allowance 30,926 23,518
Real Estate    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 13,102 16,838
ASC 326 Adoption Day 1 Adjustment 7,042  
Charge-offs (1,102) (762)
Recoveries 330 1,217
Provision 5,372 (4,191)
Ending allowance 24,744 13,102
Real Estate | Construction & land development    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 1,232 769
ASC 326 Adoption Day 1 Adjustment 1,891  
Charge-offs 0 (65)
Recoveries 7 340
Provision 2,715 188
Ending allowance 5,845 1,232
Real Estate | Farmland    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 83 478
ASC 326 Adoption Day 1 Adjustment (39)  
Charge-offs 0 0
Recoveries 0 0
Provision (8) (395)
Ending allowance 36 83
Real Estate | 1- 4 Family    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 1,761 1,921
ASC 326 Adoption Day 1 Adjustment 3,465  
Charge-offs (964) (94)
Recoveries 93 76
Provision 2,298 (142)
Ending allowance 6,653 1,761
Real Estate | Multifamily    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 746 940
ASC 326 Adoption Day 1 Adjustment 1,418  
Charge-offs 0 0
Recoveries 0 452
Provision (550) (646)
Ending allowance 1,614 746
Real Estate | Non-farm non-residential    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 9,280 12,730
ASC 326 Adoption Day 1 Adjustment 307  
Charge-offs (138) (603)
Recoveries 230 349
Provision 917 (3,196)
Ending allowance 10,596 9,280
Non-Real Estate    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 10,416 7,191
ASC 326 Adoption Day 1 Adjustment 1,078  
Charge-offs (4,669) (5,324)
Recoveries 1,045 702
Provision (1,688) 7,847
Ending allowance 6,182 10,416
Non-Real Estate | Agricultural    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 240 183
ASC 326 Adoption Day 1 Adjustment (98)  
Charge-offs 0 (460)
Recoveries 414 133
Provision (459) 384
Ending allowance 97 240
Non-Real Estate | Commercial and industrial    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 2,194 2,363
ASC 326 Adoption Day 1 Adjustment 2,971  
Charge-offs (1,694) (563)
Recoveries 205 91
Provision (965) 303
Ending allowance 2,711 2,194
Non-Real Estate | Commercial leases    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 4,879 2,486
ASC 326 Adoption Day 1 Adjustment (162)  
Charge-offs 0 (150)
Recoveries 0 5
Provision (2,769) 2,538
Ending allowance 1,948 4,879
Non-Real Estate | Consumer and other    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 2,506 1,371
ASC 326 Adoption Day 1 Adjustment (1,042)  
Charge-offs (2,975) (4,151)
Recoveries 426 473
Provision 2,511 4,813
Ending allowance 1,426 2,506
Non-Real Estate | Unallocated    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning allowance 597 788
ASC 326 Adoption Day 1 Adjustment (591)  
Charge-offs 0 0
Recoveries 0 0
Provision (6) (191)
Ending allowance $ 0 $ 597
v3.24.0.1
Allowance for Credit Losses on Loans - Allowance and Loans Individually and Collectively Evaluated for Impairment (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Dec. 31, 2021
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment $ 4,122   $ 2,877  
Allowance Individually Evaluated for Purchased Credit-Impairment     724  
Allowance Collectively Evaluated for Impairment 26,804   19,917  
Total Allowance for Credit Losses 30,926 $ 31,738 23,518 $ 24,029
Loans Individually Evaluated for Impairment 66,962   19,436  
Loans Individually Evaluated for Purchased Credit-Impairment     4,258  
Loans Collectively Evaluated for Impairment 2,690,519   2,503,026  
Total Loans Before Unearned Income 2,757,481   2,526,720  
Unearned income (8,773)   (7,643)  
Total Loans Net of Unearned Income 2,748,708   2,519,077  
Financing receivable recorded investment not accruing interest 25,200   13,600  
Financing receivable, recorded investment, 90 days past due and still accruing 15,300   1,100  
Financing receivable average recorded investment nonaccrual status 22,500   12,800  
Real Estate        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 3,363   666  
Allowance Individually Evaluated for Purchased Credit-Impairment     512  
Allowance Collectively Evaluated for Impairment 21,381   11,924  
Total Allowance for Credit Losses 24,744   13,102 16,838
Loans Individually Evaluated for Impairment 59,233   9,352  
Loans Individually Evaluated for Purchased Credit-Impairment     3,516  
Loans Collectively Evaluated for Impairment 1,982,368   1,724,090  
Total Loans Before Unearned Income 2,041,601   1,736,958  
Real Estate | Construction & land development        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 0   0  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 5,845   1,232  
Total Allowance for Credit Losses 5,845   1,232 769
Loans Individually Evaluated for Impairment 1,389   68  
Loans Individually Evaluated for Purchased Credit-Impairment     301  
Loans Collectively Evaluated for Impairment 398,046   232,722  
Total Loans Before Unearned Income 399,435   233,091  
Real Estate | Farmland        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 0   0  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 36   83  
Total Allowance for Credit Losses 36   83 478
Loans Individually Evaluated for Impairment 5,670   4,240  
Loans Individually Evaluated for Purchased Credit-Impairment     0  
Loans Collectively Evaluated for Impairment 26,860   20,583  
Total Loans Before Unearned Income 32,530   24,823  
Real Estate | 1- 4 Family        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 316   0  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 6,337   1,761  
Total Allowance for Credit Losses 6,653   1,761 1,921
Loans Individually Evaluated for Impairment 5,066   949  
Loans Individually Evaluated for Purchased Credit-Impairment     1,311  
Loans Collectively Evaluated for Impairment 439,784   364,070  
Total Loans Before Unearned Income 444,850   366,330  
Real Estate | Multifamily        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 0   0  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 1,614   746  
Total Allowance for Credit Losses 1,614   746 940
Loans Individually Evaluated for Impairment 537   0  
Loans Individually Evaluated for Purchased Credit-Impairment     0  
Loans Collectively Evaluated for Impairment 118,384   119,785  
Total Loans Before Unearned Income 118,921   119,785  
Real Estate | Non-farm non-residential        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 3,047   666  
Allowance Individually Evaluated for Purchased Credit-Impairment     512  
Allowance Collectively Evaluated for Impairment 7,549   8,102  
Total Allowance for Credit Losses 10,596   9,280 12,730
Loans Individually Evaluated for Impairment 46,571   4,095  
Loans Individually Evaluated for Purchased Credit-Impairment     1,904  
Loans Collectively Evaluated for Impairment 999,294   986,930  
Total Loans Before Unearned Income 1,045,865   992,929  
Non-Real Estate        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 759   2,211  
Allowance Individually Evaluated for Purchased Credit-Impairment     212  
Allowance Collectively Evaluated for Impairment 5,423   7,993  
Total Allowance for Credit Losses 6,182   10,416 7,191
Loans Individually Evaluated for Impairment 7,729   10,084  
Loans Individually Evaluated for Purchased Credit-Impairment     742  
Loans Collectively Evaluated for Impairment 708,151   778,936  
Total Loans Before Unearned Income 715,880   789,762  
Non-Real Estate | Agricultural        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 1   0  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 96   240  
Total Allowance for Credit Losses 97   240 183
Loans Individually Evaluated for Impairment 1,466   2,366  
Loans Individually Evaluated for Purchased Credit-Impairment     0  
Loans Collectively Evaluated for Impairment 39,542   36,679  
Total Loans Before Unearned Income 41,008   39,045  
Non-Real Estate | Commercial and industrial        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 758   412  
Allowance Individually Evaluated for Purchased Credit-Impairment     212  
Allowance Collectively Evaluated for Impairment 1,953   1,570  
Total Allowance for Credit Losses 2,711   2,194 2,363
Loans Individually Evaluated for Impairment 4,464   5,919  
Loans Individually Evaluated for Purchased Credit-Impairment     742  
Loans Collectively Evaluated for Impairment 330,508   378,618  
Total Loans Before Unearned Income 334,972   385,279  
Non-Real Estate | Commercial leases        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 0   1,799  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 1,948   3,080  
Total Allowance for Credit Losses 1,948   4,879 2,486
Loans Individually Evaluated for Impairment 1,799   1,799  
Loans Individually Evaluated for Purchased Credit-Impairment     0  
Loans Collectively Evaluated for Impairment 283,616   315,775  
Total Loans Before Unearned Income 285,415   317,574  
Non-Real Estate | Consumer and other        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 0   0  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 1,426   2,506  
Total Allowance for Credit Losses 1,426   2,506 1,371
Loans Individually Evaluated for Impairment 0   0  
Loans Individually Evaluated for Purchased Credit-Impairment     0  
Loans Collectively Evaluated for Impairment 54,485   47,864  
Total Loans Before Unearned Income 54,485   47,864  
Non-Real Estate | Unallocated        
Summary of allowance and loans individually and collectively evaluated for impairment [Abstract]        
Allowance Individually Evaluated for Impairment 0   0  
Allowance Individually Evaluated for Purchased Credit-Impairment     0  
Allowance Collectively Evaluated for Impairment 0   597  
Total Allowance for Credit Losses 0   597 $ 788
Loans Individually Evaluated for Impairment 0   0  
Loans Individually Evaluated for Purchased Credit-Impairment     0  
Loans Collectively Evaluated for Impairment 0   0  
Total Loans Before Unearned Income $ 0   $ 0  
v3.24.0.1
Allowance for Credit Losses on Loans - Impaired Loans by Class (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Impaired Loans with no related allowance:  
Recorded Investment $ 14,308
Unpaid Principal Balance 14,580
Average Recorded Investment 14,430
Interest Income Recognized 152
Impaired Loans with an allowance recorded:  
Recorded Investment 5,128
Unpaid Principal Balance 5,715
Related Allowance 2,877
Average Recorded Investment 5,208
Interest Income Recognized 67
Total Impaired Loans  
Recorded Investment 19,436
Unpaid Principal Balance 20,295
Related Allowance 2,877
Average Recorded Investment 19,638
Interest Income Recognized 219
Real Estate  
Impaired Loans with no related allowance:  
Recorded Investment 7,071
Unpaid Principal Balance 7,071
Average Recorded Investment 7,076
Interest Income Recognized 112
Impaired Loans with an allowance recorded:  
Recorded Investment 2,281
Unpaid Principal Balance 2,855
Related Allowance 666
Average Recorded Investment 2,279
Interest Income Recognized 5
Total Impaired Loans  
Related Allowance 666
Real Estate | Construction & land development  
Impaired Loans with no related allowance:  
Recorded Investment 68
Unpaid Principal Balance 68
Average Recorded Investment 68
Interest Income Recognized 0
Impaired Loans with an allowance recorded:  
Recorded Investment 0
Unpaid Principal Balance 0
Related Allowance 0
Average Recorded Investment 0
Interest Income Recognized 0
Total Impaired Loans  
Related Allowance 0
Real Estate | Farmland  
Impaired Loans with no related allowance:  
Recorded Investment 4,240
Unpaid Principal Balance 4,240
Average Recorded Investment 4,242
Interest Income Recognized 51
Impaired Loans with an allowance recorded:  
Recorded Investment 0
Unpaid Principal Balance 0
Related Allowance 0
Average Recorded Investment 0
Interest Income Recognized 0
Total Impaired Loans  
Related Allowance 0
Real Estate | 1- 4 Family  
Impaired Loans with no related allowance:  
Recorded Investment 949
Unpaid Principal Balance 949
Average Recorded Investment 949
Interest Income Recognized 5
Impaired Loans with an allowance recorded:  
Recorded Investment 0
Unpaid Principal Balance 0
Related Allowance 0
Average Recorded Investment 0
Interest Income Recognized 0
Total Impaired Loans  
Related Allowance 0
Real Estate | Multifamily  
Impaired Loans with no related allowance:  
Recorded Investment 0
Unpaid Principal Balance 0
Average Recorded Investment 0
Interest Income Recognized 0
Impaired Loans with an allowance recorded:  
Recorded Investment 0
Unpaid Principal Balance 0
Related Allowance 0
Average Recorded Investment 0
Interest Income Recognized 0
Total Impaired Loans  
Related Allowance 0
Real Estate | Non-farm non-residential  
Impaired Loans with no related allowance:  
Recorded Investment 1,814
Unpaid Principal Balance 1,814
Average Recorded Investment 1,817
Interest Income Recognized 56
Impaired Loans with an allowance recorded:  
Recorded Investment 2,281
Unpaid Principal Balance 2,855
Related Allowance 666
Average Recorded Investment 2,279
Interest Income Recognized 5
Total Impaired Loans  
Related Allowance 666
Non-Real Estate  
Impaired Loans with no related allowance:  
Recorded Investment 7,237
Unpaid Principal Balance 7,509
Average Recorded Investment 7,354
Interest Income Recognized 40
Impaired Loans with an allowance recorded:  
Recorded Investment 2,847
Unpaid Principal Balance 2,860
Related Allowance 2,211
Average Recorded Investment 2,929
Interest Income Recognized 62
Total Impaired Loans  
Related Allowance 2,211
Non-Real Estate | Agricultural  
Impaired Loans with no related allowance:  
Recorded Investment 2,366
Unpaid Principal Balance 2,521
Average Recorded Investment 2,366
Interest Income Recognized 7
Impaired Loans with an allowance recorded:  
Recorded Investment 0
Unpaid Principal Balance 0
Related Allowance 0
Average Recorded Investment 0
Interest Income Recognized 0
Total Impaired Loans  
Related Allowance 0
Non-Real Estate | Commercial and industrial  
Impaired Loans with no related allowance:  
Recorded Investment 4,871
Unpaid Principal Balance 4,988
Average Recorded Investment 4,988
Interest Income Recognized 33
Impaired Loans with an allowance recorded:  
Recorded Investment 1,048
Unpaid Principal Balance 1,048
Related Allowance 412
Average Recorded Investment 1,112
Interest Income Recognized 35
Total Impaired Loans  
Related Allowance 412
Non-Real Estate | Commercial leases  
Impaired Loans with no related allowance:  
Recorded Investment 0
Unpaid Principal Balance 0
Average Recorded Investment 0
Interest Income Recognized 0
Impaired Loans with an allowance recorded:  
Recorded Investment 1,799
Unpaid Principal Balance 1,812
Related Allowance 1,799
Average Recorded Investment 1,817
Interest Income Recognized 27
Total Impaired Loans  
Related Allowance 1,799
Non-Real Estate | Consumer and other  
Impaired Loans with no related allowance:  
Recorded Investment 0
Unpaid Principal Balance 0
Average Recorded Investment 0
Interest Income Recognized 0
Impaired Loans with an allowance recorded:  
Recorded Investment 0
Unpaid Principal Balance 0
Related Allowance 0
Average Recorded Investment 0
Interest Income Recognized 0
Total Impaired Loans  
Related Allowance $ 0
v3.24.0.1
Premises and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Acquired value $ 117,042 $ 102,670
Less: accumulated depreciation 47,250 44,464
Net book value 69,792 58,206
Depreciation expense 3,000 3,100
Capitalized contract cost 0 0
Land    
Property, Plant and Equipment [Line Items]    
Acquired value 15,541 15,284
Bank premises    
Property, Plant and Equipment [Line Items]    
Acquired value 55,452 54,423
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Acquired value 31,681 31,109
Construction in progress    
Property, Plant and Equipment [Line Items]    
Acquired value $ 14,368 $ 1,854
v3.24.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Impairment charges recognized on the Company's intangible assets $ 0  
Goodwill 12,900,000 $ 12,900,000
Indefinite-lived intangible assets 100,000 0
Amortization expense $ 700,000 $ 700,000
Core Deposits    
Finite-Lived Intangible Assets [Line Items]    
Weighted-average amortization 5 years 3 months 18 days  
v3.24.0.1
Goodwill and Other Intangible Assets - Summary of Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 18,464 $ 18,461
Accumulated Amortization 14,266 13,482
Net Carrying Amount 4,198 4,979
Core deposit intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 16,266 16,266
Accumulated Amortization 12,607 11,911
Net Carrying Amount 3,659 4,355
Loan servicing assets    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,198 2,195
Accumulated Amortization 1,659 1,571
Net Carrying Amount $ 539 $ 624
v3.24.0.1
Goodwill and Other Intangible Assets - Summary of Amortization Expense of Core Deposit Intangible Assets for Next Five Years (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Estimated Amortization Expense  
December 31, 2024 $ 696
December 31, 2025 696
December 31, 2026 696
December 31, 2027 696
December 31, 2028 $ 696
v3.24.0.1
Other Real Estate - Components of Other Real Estate Owned (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Real Estate Owned Acquired by Foreclosure:    
Total Other Real Estate Owned and Foreclosed Property $ 1,250 $ 113
Allowance for Other Real Estate Owned losses 0 0
Net Other Real Estate Owned and Foreclosed Property 1,250 113
Residential    
Real Estate Owned Acquired by Foreclosure:    
Total Other Real Estate Owned and Foreclosed Property 309 113
Construction & land development    
Real Estate Owned Acquired by Foreclosure:    
Total Other Real Estate Owned and Foreclosed Property 251 0
Non-farm non-residential    
Real Estate Owned Acquired by Foreclosure:    
Total Other Real Estate Owned and Foreclosed Property $ 690 $ 0
v3.24.0.1
Other Real Estate - Narrative (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Real Estate | 1- 4 Family  
Real Estate [Line Items]  
Loans in process of foreclosure $ 1.3
v3.24.0.1
Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Maturities of time deposits    
2024 $ 505,561  
2025 179,990  
2026 32,228  
2027 10,520  
2028 and thereafter 92,426  
Total 820,725 $ 533,358
Brokered deposits 175,100  
Aggregate amount of time deposits in denominations of $250,000 or more $ 196,900 $ 155,000
v3.24.0.1
Borrowings - Schedule of Short-term Borrowings (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Short-term borrowings [Abstract]    
Federal Home Loan Bank advances $ 50,000,000 $ 120,000,000
Repurchase agreements 6,297,000 6,442,000
Line of credit 10,000,000 20,000,000
Total short-term borrowings 66,297,000 146,442,000
Schedule of certain information short-term borrowings [Abstract]    
Outstanding at year end 66,297,000 146,442,000
Maximum month-end outstanding 152,659,000 146,442,000
Average daily outstanding $ 67,102,000 $ 42,149,000
Weighted average rate during the year 5.78% 5.12%
Weighted average rate at year end 5.65% 4.86%
v3.24.0.1
Borrowings - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
facility
shares
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]    
Short-term borrowings $ 66,297,000 $ 146,442,000
Line of credit facility, maximum borrowing capacity 20,000,000  
Line of credit 10,000,000 20,000,000
Available lines of credit including FHLB 589,200,000 505,500,000
Long-term debt outstanding $ 209,100,000  
Number of credit facilities | facility 1  
Revolving Credit Facility B    
Debt Instrument [Line Items]    
Percentage of interest used in secured pledge borrowings 86.77%  
Number of shares used in secured pledge borrowings (in shares) | shares 4,823,899  
Line of Credit Facility, Interest Rate at Period End 8.50%  
Revolving Credit Facility A    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity $ 20,000,000  
Available lines of credit including FHLB 10,000,000  
Commercial and Standby letters of credit | Long-term Advances from FHLB    
Debt Instrument [Line Items]    
Letters of credit amount at FHLB 513,300,000 388,600,000
Senior Long-term Debt    
Debt Instrument [Line Items]    
Long-term debt outstanding 39,099,000  
Senior Long-term Debt | Senior Long-term Debt Instrument One    
Debt Instrument [Line Items]    
Long-term debt outstanding   21,900,000
Senior Long-term Debt | Senior Long-term Debt Instrument Two    
Debt Instrument [Line Items]    
Long-term debt outstanding 39,100,000 0
Periodic principal payment $ 1,000,000  
Percentage of interest used in secured pledge borrowings 86.77%  
Number of shares used in secured pledge borrowings (in shares) | shares 4,823,899  
Junior Subordinated Debt    
Debt Instrument [Line Items]    
Long-term debt outstanding $ 15,000,000 $ 15,000,000
Prime Rate | Senior Long-term Debt | Senior Long-term Debt Instrument One    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate   0.70%
Interest rate   6.80%
Prime Rate | Senior Long-term Debt | Senior Long-term Debt Instrument Two    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 0.50%  
Interest rate 800.00%  
Prime Rate | Junior Subordinated Debt    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate 0.75%  
Interest rate 9.25%  
v3.24.0.1
Borrowings - Schedule of Obligations on Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total $ 209,100  
Long-term Advances from FHLB    
Debt Instrument [Line Items]    
2024 0  
2025 20,000  
2026 0  
2027 135,000  
2028 0  
2029 and thereafter 0  
Subtotal 155,000  
Debt issuance costs 0  
Total 155,000  
Senior Long-term Debt    
Debt Instrument [Line Items]    
2024 4,031  
2025 4,031  
2026 4,031  
2027 4,031  
2028 4,031  
2029 and thereafter 19,149  
Subtotal 39,304  
Debt issuance costs (205)  
Total 39,099  
Junior Subordinated Debentures    
Debt Instrument [Line Items]    
2024 0  
2025 0  
2026 0  
2027 0  
2028 0  
2029 and thereafter 15,000  
Subtotal 15,000  
Debt issuance costs 0  
Total $ 15,000 $ 15,000
v3.24.0.1
Capital Requirements - Narrative (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Capital conservation buffer minimum 0.025  
Tier one leverage capital $ 10,000,000  
First Guaranty Bank    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Capital conservation buffer 0.0320  
Tier one leverage capital $ 304,553 $ 284,992
v3.24.0.1
Capital Requirements - Actual Capital Amounts and Ratios (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Tier 1 Leverage Capital, Amount    
Actual $ 10,000,000  
First Guaranty Bank    
Total Risk-based Capital, Amount    
Actual 330,944 $ 308,510
Minimum Capital Requirements 236,321 221,066
Minimum to be Well Capitalized Under Action Provisions $ 295,402 $ 276,333
Total Risk-based Capital, Ratio    
Actual 0.1120 0.1116
Minimum Capital Requirements 0.0800 0.0800
Minimum to be Well Capitalized Under Action Provisions 0.1000 0.1000
Tier 1 Capital, Amount    
Actual $ 304,553 $ 284,992
Minimum Capital Requirements 177,241 165,800
Minimum to be Well Capitalized Under Action Provisions $ 236,321 $ 221,066
Tier 1 Capital, Ratio    
Actual 0.1031 0.1031
Minimum Capital Requirements 0.0600 0.0600
Minimum to be Well Capitalized Under Action Provisions 0.0800 0.0800
Tier 1 Leverage Capital, Amount    
Actual $ 304,553 $ 284,992
Minimum Capital Requirements 121,821 121,884
Minimum to be Well Capitalized Under Action Provisions $ 152,277 $ 152,355
Tier 1 Leverage Capital, Ratio    
Actual 0.0894 0.0935
Minimum Capital Requirements 0.0400 0.0400
Minimum to be Well Capitalized Under Action Provisions 0.0500 0.0500
Common Equity Tier One Capital, Amount    
Actual $ 304,553 $ 284,992
Minimum Capital Requirements 132,931 124,350
Minimum to be Well Capitalized Under Action Provisions $ 192,011 $ 179,616
Common Equity Tier One Capital, Ratio    
Actual 0.1031 0.1031
Minimum Capital Requirements 4.50% 4.50%
Minimum to be Well Capitalized Under Action Provisions 6.50% 6.50%
v3.24.0.1
Dividend Restrictions (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jan. 01, 2024
Debt Instrument [Line Items]    
Percentage of outstanding capital stock, maximum 50.00%  
Undistributed earnings, basic $ 3.9  
Subsequent Event    
Debt Instrument [Line Items]    
Equity restrictions   $ 298.4
v3.24.0.1
Related Party Transactions - Activity of Loans Borrowers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Loans and Leases Receivable, Related Parties [Roll Forward]    
Balance, beginning of year $ 89,735 $ 93,270
Net (Decrease) Increase (33,850) (3,535)
Balance, end of year $ 55,885 $ 89,735
v3.24.0.1
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 21, 2022
Dec. 21, 2015
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]        
Financing receivable     $ 2,717,782 $ 2,495,559
Centurion Insurance        
Related Party Transaction [Line Items]        
Equity method investment, ownership percentage     50.00%  
Director | Subordinated Debt        
Related Party Transaction [Line Items]        
Debt instrument, face amount $ 15,000 $ 15,000    
Debt instrument, term 10 years 10 years    
Interest expense on debt     $ 1,200 700
Director | Subordinated Debt | Fixed Interest Rate Period        
Related Party Transaction [Line Items]        
Debt instrument, non-callable term 5 years 5 years    
Debt instrument, interest rate   4.00%    
Director | Subordinated Debt | Floating Interest Rate Period        
Related Party Transaction [Line Items]        
Debt instrument, term   5 years    
Director | Subordinated Debt | Floating Interest Rate Period | Prime Rate        
Related Party Transaction [Line Items]        
Debt instrument, basis spread on variable rate 0.75% 0.75%    
Directors and Executive Officers        
Related Party Transaction [Line Items]        
Deposit from related party     54,800  
Printing Services, Supplies, Office Furniture, and Equipment to Champion Industries, Inc.        
Related Party Transaction [Line Items]        
Related party transaction, amounts of transaction     300 300
Purchase And Maintenance Of Automobiles To Hood Automotive Group        
Related Party Transaction [Line Items]        
Related party transaction, amounts of transaction     100 100
Architectural Services To Gasaway Bankston Architects        
Related Party Transaction [Line Items]        
Related party transaction, amounts of transaction     700 58,000,000
Property Casualty Insurance And Health Insurance To Centurion Insurance        
Related Party Transaction [Line Items]        
Related party transaction, amounts of transaction     800 700
Related Party | Directors and Executive Officers | Unfunded Loan Commitment        
Related Party Transaction [Line Items]        
Financing receivable     $ 19,600 $ 45,600
v3.24.0.1
Employee Benefit Plans (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
employee
shares
Dec. 31, 2023
USD ($)
employee
shares
Jun. 30, 2023
USD ($)
shares
Dec. 31, 2023
USD ($)
employee
shares
Dec. 31, 2022
USD ($)
May 19, 2022
shares
Defined Contribution Plan Disclosure [Line Items]            
Deferment percentage of base salary, minimum       1.00%    
Employer matching contribution       6.00%    
Maximum employer matching contribution percentage       100.00%    
Contributions to savings plan | $       $ 80,000 $ 440,000  
Contributions made to ESOP | $       $ 0 $ 0  
Shares held under ESOP (in shares) | shares 1,003 1,003   1,003    
Stock issued (in shares) | shares     714,287      
Number of employees part of equity plan | employee 311 311   311    
Stock issued | $     $ 10,000,000      
Equity Bonus Plan            
Defined Contribution Plan Disclosure [Line Items]            
Share pool (in shares) | shares           80,000
Stock issued (in shares) | shares 44,341 44,341        
Stock issued | $ $ 750,000 $ 750,000        
v3.24.0.1
Other Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Other noninterest expense:    
Legal and professional fees $ 5,709 $ 4,159
Data processing 2,100 1,596
ATM Fees 1,804 1,750
Marketing and public relations 1,927 1,747
Taxes - sales, capital and franchise 2,263 1,949
Operating supplies 778 728
Software expense and amortization 5,282 4,191
Travel and lodging 1,362 1,236
Telephone 382 406
Amortization of core deposits 696 696
Donations 595 638
Net costs from other real estate and repossessions 157 393
Regulatory assessment 3,136 1,997
Other 4,032 3,888
Total other noninterest expense 30,223 25,374
Advertising expense $ 1,000 $ 1,000
v3.24.0.1
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Current $ 2,857 $ 7,761
Deferred (180) (255)
Total $ 2,677 $ 7,506
v3.24.0.1
Income Taxes - Statutory Federal Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Statutory tax rate 21.00% 21.00%
Federal income taxes at statutory rate $ 2,452 $ 7,642
Tax exempt municipal income (102) (108)
Other 107 (28)
State tax expense 220 0
Total $ 2,677 $ 7,506
v3.24.0.1
Income Taxes - Components of Deferred Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Allowance for credit losses $ 7,101 $ 4,939
Other real estate owned 18 5
Unrealized losses on available for sale securities 416 711
Unrealized losses on available for sale securities transferred to held to maturity 3,029 3,337
Net operating loss 914 1,006
Other 473 648
Gross deferred tax assets 11,951 10,646
Deferred tax liabilities:    
Depreciation and amortization (1,871) (2,116)
Core deposit intangibles (768) (914)
Unrealized gains on available for sale securities 0 0
Discount on purchased loans (180) (60)
Other (927) (880)
Gross deferred tax liabilities (3,746) (3,970)
Net deferred tax assets (liabilities) $ 8,205 $ 6,676
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Net operating loss carryforwards $ 4,400,000 $ 4,800,000
Interest on income taxes expense 0 0
Income tax penalties expense 0 0
Income tax examination, penalties accrued 0 0
Interest on income taxes accrued $ 0 $ 0
v3.24.0.1
Commitments and Contingencies - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Commitments to Extend Credit    
Financial Instruments with Off-Balance Sheet Risk [Abstract]    
Notional value $ 304,218 $ 246,968
Unfunded Commitments under lines of credit    
Financial Instruments with Off-Balance Sheet Risk [Abstract]    
Notional value 214,546 253,906
Commercial and Standby letters of credit    
Financial Instruments with Off-Balance Sheet Risk [Abstract]    
Notional value $ 13,971 $ 14,222
v3.24.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]    
Extension period of majority of short-term borrowing 1 year  
Maximum extension period of short term borrowing 3 years  
Losses incurred on off-balance sheet commitments $ 0 $ 0
v3.24.0.1
Fair Value Measurements - Assets Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale measured at fair value $ 83,485 $ 131,458
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale measured at fair value 83,485 131,458
Level 1: Quoted Prices in Active Markets For Identical Assets | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale measured at fair value 49,830 98,466
Level 2: Significant Other Observable Inputs | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale measured at fair value 23,172 21,890
Level 3: Significant Unobservable Inputs | Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Securities available for sale measured at fair value $ 10,483 $ 11,102
v3.24.0.1
Fair Value Measurements - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Level 1: Quoted Prices in Active Markets For Identical Assets | Fair Value, Measurements, Recurring  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Decrease in available for sale securities $ 48.6
v3.24.0.1
Fair Value Measurements - Unobservable Input Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Unrealized holding gains (losses) arising during the period Unrealized holding gains (losses) arising during the period
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning of year $ 11,102 $ 12,305
Total gains or losses (realized/unrealized):    
Included in earnings 0 0
Included in other comprehensive income (38) (676)
Purchases, sales, issuances and settlements, net (581) (527)
Transfers in and/or out of Level 3 0 0
Balance as of end of year $ 10,483 $ 11,102
v3.24.0.1
Fair Value Measurements - Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans measured at fair value $ 8,083 $ 2,251
Other real estate owned measured at fair value 1,250 113
Level 1: Quoted Prices in Active Markets For Identical Assets    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans measured at fair value 0 0
Other real estate owned measured at fair value 0 0
Level 2: Significant Other Observable Inputs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans measured at fair value 0 0
Other real estate owned measured at fair value 1,250 0
Level 3: Significant Unobservable Inputs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans measured at fair value 8,083 2,251
Other real estate owned measured at fair value $ 0 $ 113
v3.24.0.1
Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Securities available for sale measured at fair value $ 83,485 $ 131,458
Securities, held for maturity 253,584 242,560
Carrying Amount    
Assets    
Federal funds sold 341 423
Securities available for sale measured at fair value 83,485 131,458
Securities, held for maturity 320,638 320,068
Loans, net 2,717,782 2,495,559
Cash surrender value of BOLI 5,861 5,712
Accrued interest receivable 15,713 13,002
Liabilities    
Deposits 3,009,094 2,723,792
Short-term advances from Federal Home Loan Bank 50,000 120,000
Short-term borrowings 10,000 20,000
Repurchase agreements 6,297 6,442
Accrued interest payable 11,807 4,289
Long-term advances from Federal Home Loan Bank 155,000 0
Senior long-term debt 39,099 21,927
Junior subordinated debentures 15,000 15,000
Carrying Amount | Cash and due from banks    
Assets    
Cash and due from banks 286,114 82,796
Fair Value Measurements    
Assets    
Federal funds sold 341 423
Securities available for sale measured at fair value 83,485 131,458
Securities, held for maturity 253,584 242,560
Loans, net 2,581,979 2,404,402
Cash surrender value of BOLI 5,861 5,712
Accrued interest receivable 15,713 13,002
Liabilities    
Deposits 3,001,498 2,717,471
Short-term advances from Federal Home Loan Bank 50,000 120,000
Short-term borrowings 10,000 20,000
Repurchase agreements 6,285 6,509
Accrued interest payable 11,807 4,289
Long-term advances from Federal Home Loan Bank 152,299 0
Senior long-term debt 39,304 21,938
Junior subordinated debentures 15,000 15,000
Fair Value Measurements | Level 1    
Assets    
Federal funds sold 341 423
Securities available for sale measured at fair value 49,830 98,466
Securities, held for maturity 0 0
Loans, net 0 0
Cash surrender value of BOLI 0 0
Accrued interest receivable 0 0
Liabilities    
Deposits 0 0
Short-term advances from Federal Home Loan Bank 0 0
Short-term borrowings 0 0
Repurchase agreements 0 0
Accrued interest payable 0 0
Long-term advances from Federal Home Loan Bank 0 0
Senior long-term debt 0 0
Junior subordinated debentures 0 0
Fair Value Measurements | Level 2    
Assets    
Federal funds sold 0 0
Securities available for sale measured at fair value 23,172 21,890
Securities, held for maturity 253,584 242,560
Loans, net 0 0
Cash surrender value of BOLI 0 0
Accrued interest receivable 0 0
Liabilities    
Deposits 0 0
Short-term advances from Federal Home Loan Bank 0 0
Short-term borrowings 0 0
Repurchase agreements 0 0
Accrued interest payable 0 0
Long-term advances from Federal Home Loan Bank 0 0
Senior long-term debt 0 0
Junior subordinated debentures 0 0
Fair Value Measurements | Level 3    
Assets    
Federal funds sold 0 0
Securities available for sale measured at fair value 10,483 11,102
Securities, held for maturity 0 0
Loans, net 2,581,979 2,404,402
Cash surrender value of BOLI 5,861 5,712
Accrued interest receivable 15,713 13,002
Liabilities    
Deposits 3,001,498 2,717,471
Short-term advances from Federal Home Loan Bank 50,000 120,000
Short-term borrowings 10,000 20,000
Repurchase agreements 6,285 6,509
Accrued interest payable 11,807 4,289
Long-term advances from Federal Home Loan Bank 152,299 0
Senior long-term debt 39,304 21,938
Junior subordinated debentures 15,000 15,000
Fair Value Measurements | Cash and due from banks    
Assets    
Cash and due from banks 286,114 82,796
Fair Value Measurements | Cash and due from banks | Level 1    
Assets    
Cash and due from banks 286,114 82,796
Fair Value Measurements | Cash and due from banks | Level 2    
Assets    
Cash and due from banks 0 0
Fair Value Measurements | Cash and due from banks | Level 3    
Assets    
Cash and due from banks $ 0 $ 0
v3.24.0.1
Concentrations of Credit and Other Risks (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2023
USD ($)
deposit
Risks and Uncertainties [Abstract]  
Percentage of entity deposits 39.70%
Number of deposits of depositing authorities | deposit 1
Public fund deposits | $ $ 1.2
v3.24.0.1
Litigation (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2021
Dec. 31, 2023
Settled Lawsuit    
Loss Contingencies [Line Items]    
Litigation settlement amount $ 1.1  
Insurance coverage receivable   $ 0.9
Minimum | Loss of Funds by Customer    
Loss Contingencies [Line Items]    
Lawsuit alleging fault for a loss of funds with possible loss   0.0
Maximum | Loss of Funds by Customer    
Loss Contingencies [Line Items]    
Lawsuit alleging fault for a loss of funds with possible loss   $ 1.5
v3.24.0.1
Condensed Parent Company Information - Condensed Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Assets                  
Other assets $ 27,069       $ 25,315        
Total Assets 3,552,772       3,151,347        
Liabilities and Shareholders' Equity                  
Short-term borrowings 10,000       20,000        
Senior long-term debt 39,099       21,927        
Junior subordinated debentures 15,000       15,000        
Other liabilities 6,844       4,906        
Total Liabilities 3,303,141       2,916,356        
Shareholders' Equity 249,631 $ 238,822 $ 238,857 $ 228,676 234,991 $ 231,438 $ 226,536 $ 221,752 $ 223,889
Total Liabilities and Shareholders' Equity 3,552,772       3,151,347        
Parent Company                  
Assets                  
Cash 8,955       3,324        
Investment in bank subsidiary 302,327       287,019        
Other assets 2,952       2,375        
Total Assets 314,234       292,718        
Liabilities and Shareholders' Equity                  
Short-term borrowings 10,000       20,000        
Senior long-term debt 39,099       21,927        
Junior subordinated debentures 15,000       15,000        
Other liabilities 504       800        
Total Liabilities 64,603       57,727        
Shareholders' Equity 249,631       234,991        
Total Liabilities and Shareholders' Equity $ 314,234       $ 292,718        
v3.24.0.1
Condensed Parent Company Information - Condensed Statements of Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Operating Expenses                    
Interest expense                 $ 98,304 $ 36,534
Salaries & Benefits                 40,422 36,699
Income tax benefit                 (2,677) (7,506)
Net Income $ 1,303 $ 1,772 $ 2,676 $ 3,468 $ 5,122 $ 8,053 $ 8,124 $ 7,585 9,219 28,884
Parent Company                    
Operating Income                    
Dividends received from bank subsidiary                 10,579 21,863
Net gains on sale of equity securities                 0 0
Other income                 638 526
Total operating income                 11,217 22,389
Operating Expenses                    
Interest expense                 4,532 2,703
Salaries & Benefits                 313 252
Other expenses                 2,365 1,783
Total operating expenses                 7,210 4,738
Income before income tax benefit and increase in equity in undistributed earnings of subsidiary                 4,007 17,651
Income tax benefit                 1,273 910
Income before increase in equity in undistributed earnings of subsidiary                 5,280 18,561
Increase in equity in undistributed earnings of subsidiary                 3,939 10,323
Net Income                 $ 9,219 $ 28,884
v3.24.0.1
Condensed Parent Company Information - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:                    
Net income $ 1,303 $ 1,772 $ 2,676 $ 3,468 $ 5,122 $ 8,053 $ 8,124 $ 7,585 $ 9,219 $ 28,884
Adjustments to reconcile net income to net cash provided by operating activities:                    
Depreciation and amortization                 4,026 4,109
Net Cash Provided by Operating Activities                 21,714 36,865
Cash flows from investing activities:                    
Net Cash Used In Investing Activities                 (206,088) (467,911)
Cash flows from financing activities:                    
Net (decrease) increase in short-term borrowings                 (80,145) 140,003
Proceeds from long-term borrowings, net of costs                 195,097 0
Repayment of long-term debt                 (22,946) (5,783)
Net Cash Provided By Financing Activities                 387,610 252,333
Net (decrease) increase in cash and cash equivalents                 203,236 (178,713)
Cash and Cash Equivalents at the Beginning of the Period       83,219       261,932 83,219 261,932
Cash and Cash Equivalents at the End of the Period 286,455       83,219       286,455 83,219
Parent Company                    
Cash flows from operating activities:                    
Net income                 9,219 28,884
Adjustments to reconcile net income to net cash provided by operating activities:                    
Increase in equity in undistributed earnings of subsidiary                 (3,939) (10,323)
Depreciation and amortization                 24 225
Net change in other liabilities                 (296) 350
Net change in other assets                 (580) 1,482
Net Cash Provided by Operating Activities                 4,428 20,618
Cash flows from investing activities:                    
Proceeds from sales of equity securities                 0 0
Funds invested in equity securities                 0 0
Funds invested in bank subsidiary                 (17,000) (30,000)
Net Cash Used In Investing Activities                 (17,000) (30,000)
Cash flows from financing activities:                    
Net (decrease) increase in short-term borrowings                 (10,000) 20,000
Proceeds from long-term borrowings, net of costs                 40,097 0
Repayment of long-term debt                 (22,946) (3,250)
Net proceeds from issuance of common stock                 20,000 0
Subsidiary payment for stock grants issued                 750 0
Dividends paid                 (9,698) (9,187)
Net Cash Provided By Financing Activities                 18,203 7,563
Net (decrease) increase in cash and cash equivalents                 5,631 (1,819)
Cash and Cash Equivalents at the Beginning of the Period       $ 3,324       $ 5,143 3,324 5,143
Cash and Cash Equivalents at the End of the Period $ 8,955       $ 3,324       $ 8,955 $ 3,324