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Loans (Tables)

6 Months Ended

Jun. 30, 2020

The following table summarizes the components of First Guaranty's loan portfolio as of June 30, 2020 and December 31, 2019:


	June 30, 2020						December 31, 2019
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	128,051	7.8	%	$	172,247	11.3	%
Farmland	25,691		1.6	%	22,741		1.5	%
1- 4 Family	283,162		17.2	%	289,635		18.9	%
Multifamily	25,997		1.6	%	23,973		1.6	%
Non-farm non-residential	671,969		40.8	%	616,536		40.3	%
Total Real Estate	1,134,870		69.0	%	1,125,132		73.6	%
Non-Real Estate:
Agricultural	33,884		2.0	%	26,710		1.8	%
Commercial and industrial	366,413		22.3	%	268,256		17.5	%
Consumer and other	111,293		6.7	%	108,868		7.1	%
Total Non-Real Estate	511,590		31.0	%	403,834		26.4	%
Total Loans Before Unearned Income	1,646,460		100.0	%	1,528,966		100.0	%
Unearned income	(5,737)				(3,476)
Total Loans Net of Unearned Income	$	1,640,723			$	1,525,490

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 June 30, 2020 and December 31, 2019 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.


	June 30, 2020										December 31, 2019
(in thousands)	Fixed		Floating		Total		Fixed		Floating		Total
One year or less	$	180,487	$	111,636	$	292,123	$	205,596	$	104,859	$	310,455
More than one to five years	635,673		293,018		928,691		509,455		286,131		795,586
More than five to 15 years	90,319		102,165		192,484		147,502		65,713		213,215
Over 15 years	141,141		70,267		211,408		143,695		51,612		195,307
Subtotal	$	1,047,620	$	577,086	1,624,706		$	1,006,248	$	508,315	1,514,563
Nonaccrual loans					21,754						14,403
Total Loans Before Unearned Income					1,646,460						1,528,966
Unearned income					(5,737)						(3,476)
Total Loans Net of Unearned Income					$	1,640,723					$	1,525,490

Past due Financing Receivables

The following tables present the age analysis of past due loans at June 30, 2020 and December 31, 2019:


	As of June 30, 2020
(in thousands)	30-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans		Recorded Investment 90 Days Accruing
Real Estate:
Construction & land development	$	248	$	1,278	$	1,526	$	126,525	$	128,051	$	311
Farmland	3,539		939		4,478		21,213		25,691		53
1- 4 family	7,177		7,832		15,009		268,153		283,162		2,088
Multifamily	832		—		832		25,165		25,997		—
Non-farm non-residential	1,531		13,301		14,832		657,137		671,969		5,219
Total Real Estate	13,327		23,350		36,677		1,098,193		1,134,870		7,671
Non-Real Estate:
Agricultural	892		5,227		6,119		27,765		33,884		332
Commercial and industrial	658		1,672		2,330		364,083		366,413		763
Consumer and other	479		334		813		110,480		111,293		63
Total Non-Real Estate	2,029		7,233		9,262		502,328		511,590		1,158
Total Loans Before Unearned Income	$	15,356	$	30,583	$	45,939	$	1,600,521	$	1,646,460	$	8,829
Unearned income									(5,737)
Total Loans Net of Unearned Income									$	1,640,723


	As of December 31, 2019
(in thousands)	30-89 Days Past Due		90 Days or Greater		Total Past Due		Current		Total Loans		Recorded Investment 90 Days Accruing
Real Estate:
Construction & land development	$	760	$	429	$	1,189	$	171,058	$	172,247	$	48
Farmland	6		1,274		1,280		21,461		22,741		—
1- 4 family	8,521		3,682		12,203		277,432		289,635		923
Multifamily	—		—		—		23,973		23,973		—
Non-farm non-residential	11,279		6,249		17,528		599,008		616,536		1,603
Total Real Estate	20,566		11,634		32,200		1,092,932		1,125,132		2,574
Non-Real Estate:
Agricultural	310		4,800		5,110		21,600		26,710		—
Commercial and industrial	2,801		342		3,143		265,113		268,256		15
Consumer and other	794		266		1,060		107,808		108,868		50
Total Non-Real Estate	3,905		5,408		9,313		394,521		403,834		65
Total Loans Before Unearned Income	$	24,471	$	17,042	$	41,513	$	1,487,453	$	1,528,966	$	2,639
Unearned income									(3,476)
Total Loans Net of Unearned Income									$	1,525,490

Summary of Nonaccrual Loans by Class

The following is a summary of nonaccrual loans by class at the dates indicated:


(in thousands)	As of June 30, 2020		As of December 31, 2019
Real Estate:
Construction & land development	$	968	$	381
Farmland	886		1,274
1- 4 family	5,744		2,759
Multifamily	—		—
Non-farm non-residential	8,082		4,646
Total Real Estate	15,680		9,060
Non-Real Estate:
Agricultural	4,895		4,800
Commercial and industrial	908		327
Consumer and other	271		216
Total Non-Real Estate	6,074		5,343
Total Nonaccrual Loans	$	21,754	$	14,403

Credit Exposure of Loan Portfolio, Including Loans Acquired with Deteriorated Credit Quality, by Specific Credit Ratings

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 dates indicated:


	As of June 30, 2020																		As of December 31, 2019
(in thousands)	Pass		Special Mention		Substandard		Doubtful		Total		Pass		Special Mention		Substandard		Doubtful		Total
Real Estate:
Construction & land development	$	121,315	$	5,367	$	1,369	$	—	$	128,051	$	163,808	$	6,180	$	2,259	$	—	$	172,247
Farmland	21,124		3,646		921		—		25,691		18,223		3,177		1,341		—		22,741
1- 4 family	263,888		5,131		14,143		—		283,162		271,392		4,751		13,492		—		289,635
Multifamily	17,994		—		8,003		—		25,997		16,025		805		7,143		—		23,973
Non-farm non-residential	642,160		6,309		23,500		—		671,969		589,800		7,743		18,993		—		616,536
Total Real Estate	1,066,481		20,453		47,936		—		1,134,870		1,059,248		22,656		43,228		—		1,125,132
Non-Real Estate:
Agricultural	27,710		954		5,220		—		33,884		21,529		48		5,133		—		26,710
Commercial and industrial	360,220		1,763		4,430		—		366,413		262,416		1,199		4,641		—		268,256
Consumer and other	110,711		226		356		—		111,293		108,618		180		70		—		108,868
Total Non-Real Estate	498,641		2,943		10,006		—		511,590		392,563		1,427		9,844		—		403,834
Total Loans Before Unearned Income	$	1,565,122	$	23,396	$	57,942	$	—	1,646,460		$	1,451,811	$	24,083	$	53,072	$	—	1,528,966
Unearned income									(5,737)										(3,476)
Total Loans Net of Unearned Income									$	1,640,723									$	1,525,490

Carrying Amount of Purchased Impaired Loans

As part of the acquisition of Union Bancshares, Incorporated 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 June 30, 2020 and December 31, 2019.


(in thousands)	As of June 30, 2020		As of December 31, 2019
Real Estate:
Construction & land development	$	306	$	526
Farmland	—		—
1- 4 family	6,476		6,402
Multifamily	—		—
Non-farm non-residential	2,308		2,294
Total Real Estate	9,090		9,222
Non-Real Estate:
Agricultural	—		—
Commercial and industrial	1,086		1,198
Consumer and other	—		—
Total Non-Real Estate	1,086		1,198
Total	$	10,176	$	10,420

Accretable Yield, or Income Expected to be Collected, on Purchased Loans

The accretable yield, or income expected to be collected, on the purchased loans above is as follows for the six months ended June 30, 2020 and 2019.


(in thousands)	Six Months Ended June 30, 2020		Six Months Ended June 30, 2019
Balance, beginning of period	$	3,647	$	613
Acquisition accretable yield	30		—
Accretion	(374)		(699)
Net transfers from nonaccretable difference to accretable yield	—		498
Balance, end of period	$	3,303	$	412