FB Financial Corporation Reports First Quarter 2024 Financial Results
- FB Financial reported a decline in diluted EPS from the previous quarter but an increase in adjusted diluted EPS compared to the same period last year.
- The company's loans held for investment decreased slightly, while deposits remained relatively stable.
- Net interest margin decreased slightly, but book value per common share showed a significant increase from the previous quarter.
- The company's core noninterest income increased, driven by strong performances in mortgage banking income.
- Noninterest expense decreased, leading to an improved core efficiency ratio compared to the previous quarter and the same period last year.
- The company recorded a provision expense related to loans held for investment and unfunded loan commitments, resulting in a net provision expense for the quarter.
- Capital strength remained solid, allowing the company to restructure its balance sheet and reauthorize its share repurchase program.
- None.
Insights
Assessing FB Financial Corporation's disclosed financials, a few key points emerge. Firstly, the diluted earnings per share (EPS) has dipped to $0.59 from $0.63 in the previous quarter, noting a decrease in profitability which may concern investors looking for consistent growth. The decrease from the previous year's $0.78 is even more pronounced. However, the adjusted EPS shows an increase, indicating that non-recurring items impacted reported net income.
From a balance sheet perspective, the decline in loans held for investment (HFI) and deposits suggests a slight contraction in scale, potentially impacting future interest revenue. However, the bank's net interest margin (NIM) decline is minimal, signifying the company is maintaining profitability despite a challenging interest rate environment. This level of NIM management could reflect positively on stakeholder confidence in the company's financial health.
The Company's strategy to partially restructure its balance sheet by liquidating lower-yield securities in favor of higher-yield ones is notable. This move is likely an effort to improve net interest income in future quarters but resulted in a loss currently impacting earnings. The impact on the stock will depend on investors’ views on the long-term benefits versus the short-term earnings hit.
Analyzing the competitive landscape, FB Financial Corporation's strategic pivot from construction lending towards relationship-based customer growth could be an effort to build a more stable and diversified loan portfolio, which may be well-received by market participants sensitive to credit risks. However, the increased provision for credit losses and higher nonperforming loan ratios could indicate emerging credit quality concerns, which could temper investor enthusiasm.
The efficiency improvements and proactive expense management resulting in a lower core efficiency ratio are positive signals that the company is controlling costs, a critical factor during economic downturns or uncertain financial periods. Investors often scrutinize such metrics to gauge management effectiveness in improving profitability.
From a compliance standpoint, it's worth noting the inclusion of non-GAAP financial measures like adjusted net income and tangible book value per common share. These alternate measures can offer investors additional insights into the company's performance by excluding certain non-recurring transactions and intangible assets. However, reliance on these measures requires careful scrutiny to understand the adjustments made and ensure they're not masking underlying issues. Investors should consult the reconciliation to GAAP measures provided in the company's financial supplement for a complete view.
Reports Q1 Diluted EPS of
The Company ended the first quarter with loans held for investment (“HFI”) of
President and Chief Executive Officer, Christopher T. Holmes stated, “The results for the quarter continue with the same themes from recent quarters: balance sheet strength and earnings momentum. Our capital, liquidity, credit and reserves all are in excellent positions, and our profitability is reflective of the margin and expense actions of the previous year. Further, we had a securities transaction late in the quarter which will contribute additional near-term earnings and provide additional balance sheet optionality.”
|
|
|
|
Annualized |
|
|
||||||||||||
(dollars in thousands, except share data) |
|
Mar 2024 |
|
Dec 2023 |
|
Mar 2023 |
|
Mar 24 / Dec 23
|
|
Mar 24 / Mar 23
|
||||||||
Balance Sheet Highlights |
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities, at fair value |
|
$ |
1,464,682 |
|
|
$ |
1,471,973 |
|
|
$ |
1,474,064 |
|
|
(1.99 |
)% |
|
(0.64 |
)% |
Loans held for sale |
|
|
82,704 |
|
|
|
67,847 |
|
|
|
82,515 |
|
|
88.1 |
% |
|
0.23 |
% |
Loans HFI |
|
|
9,288,909 |
|
|
|
9,408,783 |
|
|
|
9,365,996 |
|
|
(5.12 |
)% |
|
(0.82 |
)% |
Allowance for credit losses on loans HFI |
|
|
151,667 |
|
|
|
150,326 |
|
|
|
138,809 |
|
|
3.59 |
% |
|
9.26 |
% |
Total assets |
|
|
12,548,320 |
|
|
|
12,604,403 |
|
|
|
13,101,147 |
|
|
(1.79 |
)% |
|
(4.22 |
)% |
Interest-bearing deposits (non-brokered) |
|
|
8,191,962 |
|
|
|
8,179,430 |
|
|
|
8,693,515 |
|
|
0.62 |
% |
|
(5.77 |
)% |
Brokered deposits |
|
|
130,845 |
|
|
|
150,475 |
|
|
|
251 |
|
|
(52.5 |
)% |
|
NM |
|
Noninterest-bearing deposits |
|
|
2,182,121 |
|
|
|
2,218,382 |
|
|
|
2,489,149 |
|
|
(6.57 |
)% |
|
(12.3 |
)% |
Total deposits |
|
|
10,504,928 |
|
|
|
10,548,287 |
|
|
|
11,182,915 |
|
|
(1.65 |
)% |
|
(6.06 |
)% |
Borrowings |
|
|
360,821 |
|
|
|
390,964 |
|
|
|
312,131 |
|
|
(31.0 |
)% |
|
15.6 |
% |
Allowance for credit losses on unfunded commitments |
|
|
7,700 |
|
|
|
8,770 |
|
|
|
18,463 |
|
|
(49.1 |
)% |
|
(58.3 |
)% |
Total common shareholders' equity |
|
|
1,479,526 |
|
|
|
1,454,794 |
|
|
|
1,369,696 |
|
|
6.84 |
% |
|
8.02 |
% |
Book value per common share |
|
$ |
31.55 |
|
|
$ |
31.05 |
|
|
$ |
29.29 |
|
|
6.48 |
% |
|
7.72 |
% |
Tangible book value per common share* |
|
$ |
26.21 |
|
|
$ |
25.69 |
|
|
$ |
23.86 |
|
|
8.14 |
% |
|
9.85 |
% |
Total common shareholders' equity to total assets |
|
|
11.8 |
% |
|
|
11.5 |
% |
|
|
10.5 |
% |
|
|
|
|
||
Tangible common equity to tangible assets* |
|
|
9.99 |
% |
|
|
9.74 |
% |
|
|
8.68 |
% |
|
|
|
|
||
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement. |
||||||||||||||||||
NM- Not meaningful |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||
(dollars in thousands, except share data) |
|
Mar 2024 |
|
Dec 2023 |
|
Mar 2023 |
||||||
Statement of Income Highlights |
|
|
|
|
|
|
||||||
Net interest income |
|
$ |
99,490 |
|
|
$ |
101,088 |
|
|
$ |
103,660 |
|
NIM |
|
|
3.42 |
% |
|
|
3.46 |
% |
|
|
3.51 |
% |
Noninterest income |
|
$ |
7,962 |
|
|
$ |
15,339 |
|
|
$ |
23,349 |
|
(Loss) gain from securities, net |
|
$ |
(16,213 |
) |
|
$ |
183 |
|
|
$ |
69 |
|
(Loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combinations |
|
$ |
— |
|
|
$ |
(3,009 |
) |
|
$ |
910 |
|
Total revenue |
|
$ |
107,452 |
|
|
$ |
116,427 |
|
|
$ |
127,009 |
|
Noninterest expense |
|
$ |
72,420 |
|
|
$ |
80,200 |
|
|
$ |
80,440 |
|
Early retirement and severance costs |
|
$ |
— |
|
|
$ |
2,214 |
|
|
$ |
— |
|
Loss (gain) on lease terminations |
|
$ |
— |
|
|
$ |
1,843 |
|
|
$ |
(72 |
) |
FDIC special assessment |
|
$ |
500 |
|
|
$ |
1,788 |
|
|
$ |
— |
|
Efficiency ratio |
|
|
67.4 |
% |
|
|
68.9 |
% |
|
|
63.3 |
% |
Core efficiency ratio* |
|
|
58.1 |
% |
|
|
61.7 |
% |
|
|
63.4 |
% |
Pre-tax, pre-provision net revenue |
|
$ |
35,032 |
|
|
$ |
36,227 |
|
|
$ |
46,569 |
|
Adjusted pre-tax, pre-provision net revenue* |
|
$ |
51,180 |
|
|
$ |
45,390 |
|
|
$ |
45,701 |
|
Provisions for credit losses |
|
$ |
782 |
|
|
$ |
305 |
|
|
$ |
491 |
|
Net charge-offs (recoveries) ratio |
|
|
0.02 |
% |
|
|
(0.04 |
)% |
|
|
0.02 |
% |
Net income applicable to FB Financial Corporation |
|
$ |
27,950 |
|
|
$ |
29,369 |
|
|
$ |
36,381 |
|
Diluted earnings per common share |
|
$ |
0.59 |
|
|
$ |
0.63 |
|
|
$ |
0.78 |
|
Effective tax rate |
|
|
18.4 |
% |
|
|
18.2 |
% |
|
|
21.0 |
% |
Adjusted net income* |
|
$ |
39,890 |
|
|
$ |
36,152 |
|
|
$ |
35,739 |
|
Adjusted diluted earnings per common share* |
|
$ |
0.85 |
|
|
$ |
0.77 |
|
|
$ |
0.76 |
|
Weighted average number of shares outstanding - fully diluted |
|
|
46,998,873 |
|
|
|
46,916,939 |
|
|
|
46,765,154 |
|
Returns on average: |
|
|
|
|
|
|
||||||
Return on average total assets (“ROAA”) |
|
|
0.89 |
% |
|
|
0.94 |
% |
|
|
1.15 |
% |
Adjusted* |
|
|
1.27 |
% |
|
|
1.15 |
% |
|
|
1.13 |
% |
Return on average shareholders' equity |
|
|
7.70 |
% |
|
|
8.41 |
% |
|
|
11.0 |
% |
Return on average tangible common equity (“ROATCE”)* |
|
|
9.29 |
% |
|
|
10.3 |
% |
|
|
13.6 |
% |
Adjusted* |
|
|
13.5 |
% |
|
|
12.9 |
% |
|
|
13.6 |
% |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement. |
||||||||||||
Balance Sheet and Net Interest Margin
The Company reported loans HFI of
Near the end of the first quarter, the Company executed a balance sheet restructure by electing to sell
The Company reported total deposits of
The Company’s net interest income on a tax equivalent basis decreased slightly in the first quarter of 2024 to
Holmes continued, “Net interest margin was in line with expectations for the quarter and exceeded the prior quarter when adjusting for loan fees. The Company continued to reduce exposure to construction lending during the quarter, resulting in a decrease in loan balances. The team is focused on growing relationship-based customers versus transactional business, and this resolve for growing relationships will create long term value for the Company and our shareholders.”
Noninterest Income
Core noninterest income* was
Despite the interest rate environment, mortgage banking income increased to
Chief Financial Officer, Michael Mettee commented, “After adjusting noninterest income for the loss related to our securities trade, which enhanced the earnings and liquidity profile of the Company, the Company had good growth in fee income led by strong performances from both our mortgage and investment teams.”
Noninterest Expense
Core noninterest expense* during the first quarter of 2024 was
Mettee noted, “Continued efficiency improvements and proactive expense management remain a focus of the Company in this operating environment. At the same time, we are intent on adding seasoned revenue producers to add scale to the operating platform that we have developed over the prior two years.”
Credit Quality
In the first quarter, the Company recorded a provision expense of
The Company experienced net charge-offs of
The Company's nonperforming loans HFI as a percentage of total loans HFI increased to
Holmes commented, “The Company continued to modestly build its allowance for credit losses during the quarter as we remain cautious on the economy and cognizant of certain asset classes. Our loan portfolio continues to perform as expected, demonstrated by 2 basis points of annualized net charge-offs during the quarter and stable nonperforming metrics.”
Capital Strength
Holmes continued, “Our capital position provided us the opportunity to partially restructure our balance sheet and reauthorize our share repurchase program. While we continue to build our capital levels through our earnings power, we are working to deploy capital as opportunities present themselves.”
______________
*Non-GAAP financial measure;A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement.
Summary
Holmes finalized, “The first quarter results reflect the efforts of the team over the last two years to improve on a solid foundation that we can leverage to build scale, increase returns and build long term shareholder value. The quarter reflects progress towards those goals and towards our goal of industry leading performance metrics.”
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company's financial results on April 16, 2024, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 2780822) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through April 23, 2024, by dialing 1-877-344-7529 and entering confirmation code 3452585.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=thzEZCfJ. An online replay will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 12 months.
ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in
SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION
Investors are encouraged to review this Earnings Release in conjunction with the First Quarter 2024 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the First Quarter 2024 Financial Supplement and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Earnings Release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (13) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.
The Company qualifies all forward-looking statements by these cautionary statements.
GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES
This Earnings Release contains certain financial measures that are not measures recognized under
The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.
A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company's First Quarter 2024 Financial Supplement, which is available at https://investors.firstbankonline.com.
Financial Summary and Key Metrics |
||||||||||||
(Unaudited) |
||||||||||||
(dollars in thousands, except share data) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
As of or for the Three Months Ended |
||||||||||
|
|
Mar 2024 |
|
Dec 2023 |
|
Mar 2023 |
||||||
Selected Statement of Income Data |
|
|
|
|
|
|
||||||
Total interest income |
|
$ |
176,128 |
|
|
$ |
174,835 |
|
|
$ |
159,480 |
|
Total interest expense |
|
|
76,638 |
|
|
|
73,747 |
|
|
|
55,820 |
|
Net interest income |
|
|
99,490 |
|
|
|
101,088 |
|
|
|
103,660 |
|
Total noninterest income |
|
|
7,962 |
|
|
|
15,339 |
|
|
|
23,349 |
|
Total noninterest expense |
|
|
72,420 |
|
|
|
80,200 |
|
|
|
80,440 |
|
Earnings before income taxes and provisions for credit losses |
|
|
35,032 |
|
|
|
36,227 |
|
|
|
46,569 |
|
Provisions for credit losses |
|
|
782 |
|
|
|
305 |
|
|
|
491 |
|
Income tax expense |
|
|
6,300 |
|
|
|
6,545 |
|
|
|
9,697 |
|
Net income applicable to noncontrolling interest |
|
|
— |
|
|
|
8 |
|
|
|
— |
|
Net income applicable to FB Financial Corporation |
|
$ |
27,950 |
|
|
$ |
29,369 |
|
|
$ |
36,381 |
|
Net interest income (tax-equivalent basis) |
|
$ |
100,199 |
|
|
$ |
101,924 |
|
|
$ |
104,493 |
|
Adjusted net income* |
|
$ |
39,890 |
|
|
$ |
36,152 |
|
|
$ |
35,739 |
|
Adjusted pre-tax, pre-provision net revenue* |
|
$ |
51,180 |
|
|
$ |
45,390 |
|
|
$ |
45,701 |
|
Per Common Share |
|
|
|
|
|
|
||||||
Diluted net income |
|
$ |
0.59 |
|
|
$ |
0.63 |
|
|
$ |
0.78 |
|
Adjusted diluted net income* |
|
|
0.85 |
|
|
|
0.77 |
|
|
|
0.76 |
|
Book value |
|
|
31.55 |
|
|
|
31.05 |
|
|
|
29.29 |
|
Tangible book value* |
|
|
26.21 |
|
|
|
25.69 |
|
|
|
23.86 |
|
Weighted average number of shares outstanding - fully diluted |
|
|
46,998,873 |
|
|
|
46,916,939 |
|
|
|
46,765,154 |
|
Period-end number of shares |
|
|
46,897,378 |
|
|
|
46,848,934 |
|
|
|
46,762,626 |
|
Selected Balance Sheet Data |
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
870,730 |
|
|
$ |
810,932 |
|
|
$ |
1,319,951 |
|
Loans HFI |
|
|
9,288,909 |
|
|
|
9,408,783 |
|
|
|
9,365,996 |
|
Allowance for credit losses on loans HFI |
|
|
(151,667 |
) |
|
|
(150,326 |
) |
|
|
(138,809 |
) |
Mortgage loans held for sale |
|
|
82,704 |
|
|
|
67,847 |
|
|
|
73,005 |
|
Commercial loans held for sale, at fair value |
|
|
— |
|
|
|
— |
|
|
|
9,510 |
|
Investment securities, at fair value |
|
|
1,464,682 |
|
|
|
1,471,973 |
|
|
|
1,474,064 |
|
Total assets |
|
|
12,548,320 |
|
|
|
12,604,403 |
|
|
|
13,101,147 |
|
Interest-bearing deposits (non-brokered) |
|
|
8,191,962 |
|
|
|
8,179,430 |
|
|
|
8,693,515 |
|
Brokered deposits |
|
|
130,845 |
|
|
|
150,475 |
|
|
|
251 |
|
Noninterest-bearing deposits |
|
|
2,182,121 |
|
|
|
2,218,382 |
|
|
|
2,489,149 |
|
Total deposits |
|
|
10,504,928 |
|
|
|
10,548,287 |
|
|
|
11,182,915 |
|
Borrowings |
|
|
360,821 |
|
|
|
390,964 |
|
|
|
312,131 |
|
Allowance for credit losses on unfunded commitments |
|
|
(7,700 |
) |
|
|
(8,770 |
) |
|
|
(18,463 |
) |
Total common shareholders' equity |
|
|
1,479,526 |
|
|
|
1,454,794 |
|
|
|
1,369,696 |
|
Selected Ratios |
|
|
|
|
|
|
||||||
Return on average: |
|
|
|
|
|
|
||||||
Assets |
|
|
0.89 |
% |
|
|
0.94 |
% |
|
|
1.15 |
% |
Shareholders' equity |
|
|
7.70 |
% |
|
|
8.41 |
% |
|
|
11.0 |
% |
Tangible common equity* |
|
|
9.29 |
% |
|
|
10.3 |
% |
|
|
13.6 |
% |
Net interest margin (tax-equivalent basis) |
|
|
3.42 |
% |
|
|
3.46 |
% |
|
|
3.51 |
% |
Efficiency ratio |
|
|
67.4 |
% |
|
|
68.9 |
% |
|
|
63.3 |
% |
Core efficiency ratio (tax-equivalent basis)* |
|
|
58.1 |
% |
|
|
61.7 |
% |
|
|
63.4 |
% |
Loans HFI to deposit ratio |
|
|
88.4 |
% |
|
|
89.2 |
% |
|
|
83.8 |
% |
Noninterest-bearing deposits to total deposits |
|
|
20.8 |
% |
|
|
21.0 |
% |
|
|
22.3 |
% |
Yield on interest-earning assets |
|
|
6.03 |
% |
|
|
5.96 |
% |
|
|
5.38 |
% |
Cost of interest-bearing liabilities |
|
|
3.56 |
% |
|
|
3.47 |
% |
|
|
2.61 |
% |
Cost of total deposits |
|
|
2.76 |
% |
|
|
2.65 |
% |
|
|
1.94 |
% |
Credit Quality Ratios |
|
|
|
|
|
|
||||||
Allowance for credit losses on loans HFI as a percentage of loans HFI |
|
|
1.63 |
% |
|
|
1.60 |
% |
|
|
1.48 |
% |
Net charge-offs (recoveries) as a percentage of average loans HFI |
|
|
0.02 |
% |
|
|
(0.04 |
)% |
|
|
0.02 |
% |
Nonperforming loans HFI as a percentage of loans HFI |
|
|
0.73 |
% |
|
|
0.65 |
% |
|
|
0.49 |
% |
Nonperforming assets as a percentage of total assets |
|
|
0.75 |
% |
|
|
0.69 |
% |
|
|
0.61 |
% |
Preliminary Capital Ratios (consolidated) |
|
|
|
|
|
|
||||||
Total common shareholders' equity to assets |
|
|
11.8 |
% |
|
|
11.5 |
% |
|
|
10.5 |
% |
Tangible common equity to tangible assets* |
|
|
9.99 |
% |
|
|
9.74 |
% |
|
|
8.68 |
% |
Tier 1 risk-based capital |
|
|
12.8 |
% |
|
|
12.5 |
% |
|
|
11.6 |
% |
Common equity Tier 1 |
|
|
12.6 |
% |
|
|
12.2 |
% |
|
|
11.3 |
% |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement. |
||||||||||||
(FBK - ER)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240415683104/en/
MEDIA CONTACT:
Jeanie M. Rittenberry
615-313-8328
jrittenberry@firstbankonline.com
www.firstbankonline.com
FINANCIAL CONTACT:
Michael Mettee
615-564-1212
mmettee@firstbankonline.com
investorrelations@firstbankonline.com
Source: FB Financial Corporation
FAQ
What was FB Financial 's Q1 diluted EPS?
What was FB Financial 's adjusted diluted EPS for Q1?
What was the net income for FB Financial in the first quarter of 2024?
What were FB Financial 's loans held for investment at the end of Q1 2024?
What was the net interest margin for FB Financial in Q1 2024?
