
	December 31, 2023								December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross 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 securities	16,750		3		(1,279)		15,474		16,750		—		(752)		15,998
Municipal bonds	13,522		31		(372)		13,181		14,742		31		(426)		14,347
Mortgage-backed securities	5,144		—		(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 securities	54,822		—		(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 Cost		Fair Value
Available for sale:
Due in one year or less	$	50,858	$	50,637
Due after one year through five years	2,784		2,762
Due after five years through 10 years	20,041		18,764
Over 10 years	6,637		6,322
Subtotal	80,320		78,485
Mortgage-backed Securities	5,144		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 years	2,004		1,865
Due after five years through 10 years	115,574		100,500
Over 10 years	203,140		151,219
Total held to maturity securities	$	320,718	$	253,584

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.


	December 31, 2023
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross 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 bonds	12	3,417		(6)		41	5,895		(366)		53	9,312		(372)
Mortgage-backed securities	2	2,606		(21)		5	2,394		(123)		7	5,000		(144)
Total available for sale securities	14	$	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)


	December 31, 2022
	Less Than 12 Months					12 Months or More					Total
(in thousands)	Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses		Number of Securities	Fair Value		Gross Unrealized Losses
Available for sale:
U.S. Treasuries	—	$	—	$	—	6	$	98,500	$	(2,142)	6	$	98,500	$	(2,142)
U.S. Government Agencies	—	—		—		—	—		—		—	—		—
Corporate debt securities	14	14,628		(622)		2	1,370		(130)		16	15,998		(752)
Municipal bonds	46	5,854		(394)		6	673		(32)		52	6,527		(426)
Mortgage-backed securities	3	2,608		(98)		4	5		—		7	2,613		(98)
Total available for sale securities	63	$	23,090	$	(1,114)	18	$	100,548	$	(2,304)	81	$	123,638	$	(3,418)

Held to maturity:
U.S. Government Agencies	13	$	89,695	(21,724)		16	$	105,834	$	(47,779)	29	$	195,529	$	(69,503)
Corporate debt securities	59	47,031		(8,005)		—	—		—		59	47,031		(8,005)
Total held to maturity securities	72	$	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.


	December 31, 2023
(in thousands)	Amortized Cost		Fair 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