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)	2023		2022
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 %)	2023			2022
Statutory tax rate	21.0		%	21.0		%
Federal income taxes at statutory rate	$	2,452		$	7,642
Tax exempt municipal income	(102)			(108)
Other	107			(28)
State tax expense	220			—
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)	2023		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	—		—
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