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Loans (Tables)

9 Months Ended

Sep. 30, 2020

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


	September 30, 2020				December 31, 2019
(in thousands except for %)	Balance		As % of Category		Balance		As % of Category
Real Estate:
Construction & land development	$	153,969	8.6	%	$	172,247	11.3	%
Farmland	27,732		1.5	%	22,741		1.5	%
1- 4 Family	273,687		15.3	%	289,635		18.9	%
Multifamily	41,295		2.3	%	23,973		1.6	%
Non-farm non-residential	761,674		42.4	%	616,536		40.3	%
Total Real Estate	1,258,357		70.1	%	1,125,132		73.6	%
Non-Real Estate:
Agricultural	35,625		2.0	%	26,710		1.8	%
Commercial and industrial	378,926		21.1	%	268,256		17.5	%
Consumer and other	121,226		6.8	%	108,868		7.1	%
Total Non-Real Estate	535,777		29.9	%	403,834		26.4	%
Total Loans Before Unearned Income	1,794,134		100.0	%	1,528,966		100.0	%
Unearned income	(5,418)				(3,476)
Total Loans Net of Unearned Income	$	1,788,716			$	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 September 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.


	September 30, 2020						December 31, 2019
(in thousands)	Fixed		Floating		Total		Fixed		Floating		Total
One year or less	$	178,559	$	73,993	$	252,552	$	205,596	$	104,859	$	310,455
More than one to five years	677,486		365,968		1,043,454		509,455		286,131		795,586
More than five to 15 years	157,746		84,513		242,259		147,502		65,713		213,215
Over 15 years	144,770		85,809		230,579		143,695		51,612		195,307
Subtotal	$	1,158,561	$	610,283	1,768,844		$	1,006,248	$	508,315	1,514,563
Nonaccrual loans					25,290						14,403
Total Loans Before Unearned Income					1,794,134						1,528,966
Unearned income					(5,418)						(3,476)
Total Loans Net of Unearned Income					$	1,788,716					$	1,525,490

Past due Financing Receivables

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


	As of September 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	$	903	$	1,183	$	2,086	$	151,883	$	153,969	$	520
Farmland	4,178		1,286		5,464		22,268		27,732		429
1- 4 family	7,543		7,837		15,380		258,307		273,687		2,677
Multifamily	801		370		1,171		40,124		41,295		370
Non-farm non-residential	5,094		14,414		19,508		742,166		761,674		843
Total Real Estate	18,519		25,090		43,609		1,214,748		1,258,357		4,839
Non-Real Estate:
Agricultural	109		4,078		4,187		31,438		35,625		144
Commercial and industrial	2,713		1,391		4,104		374,822		378,926		599
Consumer and other	900		459		1,359		119,867		121,226		146
Total Non-Real Estate	3,722		5,928		9,650		526,127		535,777		889
Total Loans Before Unearned Income	$	22,241	$	31,018	$	53,259	$	1,740,875	$	1,794,134	$	5,728
Unearned income									(5,418)
Total Loans Net of Unearned Income									$	1,788,716


	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 September 30, 2020		As of December 31, 2019
Real Estate:
Construction & land development	$	663	$	381
Farmland	857		1,274
1- 4 family	5,160		2,759
Multifamily	—		—
Non-farm non-residential	13,571		4,646
Total Real Estate	20,251		9,060
Non-Real Estate:
Agricultural	3,934		4,800
Commercial and industrial	792		327
Consumer and other	313		216
Total Non-Real Estate	5,039		5,343
Total Nonaccrual Loans	$	25,290	$	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 September 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	$	147,144	$	5,794	$	1,031	$	—	$	153,969	$	163,808	$	6,180	$	2,259	$	—	$	172,247
Farmland	23,151		564		4,017		—		27,732		18,223		3,177		1,341		—		22,741
1- 4 family	254,816		5,524		13,347		—		273,687		271,392		4,751		13,492		—		289,635
Multifamily	31,427		1,881		7,987		—		41,295		16,025		805		7,143		—		23,973
Non-farm non-residential	713,565		25,990		21,025		1,094		761,674		589,800		7,743		18,993		—		616,536
Total Real Estate	1,170,103		39,753		47,407		1,094		1,258,357		1,059,248		22,656		43,228		—		1,125,132
Non-Real Estate:
Agricultural	30,419		947		4,259		—		35,625		21,529		48		5,133		—		26,710
Commercial and industrial	349,417		25,761		3,748		—		378,926		262,416		1,199		4,641		—		268,256
Consumer and other	120,068		359		799		—		121,226		108,618		180		70		—		108,868
Total Non-Real Estate	499,904		27,067		8,806		—		535,777		392,563		1,427		9,844		—		403,834
Total Loans Before Unearned Income	$	1,670,007	$	66,820	$	56,213	$	1,094	1,794,134		$	1,451,811	$	24,083	$	53,072	$	—	1,528,966
Unearned income									(5,418)										(3,476)
Total Loans Net of Unearned Income									$	1,788,716									$	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 September 30, 2020 and December 31, 2019.


(in thousands)	As of September 30, 2020		As of December 31, 2019
Real Estate:
Construction & land development	$	394	$	526
Farmland	—		—
1- 4 family	4,140		6,402
Multifamily	920		—
Non-farm non-residential	2,404		2,294
Total Real Estate	7,858		9,222
Non-Real Estate:
Agricultural	—		—
Commercial and industrial	1,048		1,198
Consumer and other	—		—
Total Non-Real Estate	1,048		1,198
Total	$	8,906	$	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 nine months ended September 30, 2020 and 2019.


(in thousands)	Nine Months Ended September 30, 2020		Nine Months Ended September 30, 2019
Balance, beginning of period	$	3,647	$	613
Acquisition accretable yield	30		—
Accretion	(537)		(746)
Net transfers from nonaccretable difference to accretable yield	—		498
Balance, end of period	$	3,140	$	365