FB Financial Corporation Reports Fourth Quarter 2023 Financial Results
- Net income of $29.4 million for Q4 2023
- Diluted EPS of $0.63 and adjusted diluted EPS of $0.77
- Loans held for investment grew to $9.41 billion
- Deposits were $10.55 billion
- Net interest margin increased to 3.46%
- Book value per common share increased by 23.6%
- Noninterest income decreased in the fourth quarter
- Net charge-offs increased slightly compared to the previous year
- Nonperforming loans HFI as a percentage of total loans HFI increased to 0.65%
Insights
The reported financial results for FB Financial Corporation indicate a mixed performance. The diluted EPS of $0.63 for Q4 2023, when compared to the same quarter of the previous year, shows a decrease from $0.81, which could suggest a contraction in profitability. However, the adjusted diluted EPS of $0.77, compared to $0.85 in the previous year's quarter, presents a more nuanced picture, potentially reflecting non-recurring expenses or accounting adjustments that may have been made.
Loan growth, as indicated by the 5.19% annualized increase in loans held for investment, is a positive sign of the company's ability to expand its lending activities. The slight decline in total deposits year-over-year may raise questions about the company's deposit-gathering capabilities in a competitive banking environment. The increase in net interest margin from the previous quarter is a positive development, suggesting improved interest income relative to interest expenses, which is crucial in the current rising interest rate environment.
From an investor's perspective, the book value per common share and tangible book value per common share both show significant annualized increases, which could be seen as a mark of the company's underlying value growth. However, it is important to consider these figures in the context of the overall banking sector and the macroeconomic environment, as well as the company's strategic initiatives and risk management practices mentioned by the CEO.
FB Financial Corporation's performance must be contextualized within the broader banking industry trends, particularly the impact of interest rate changes on net interest margins (NIM) and loan growth. The reported NIM increase to 3.46% aligns with industry expectations that banks would benefit from rate hikes, as they can charge more for loans relative to their deposit costs. However, the year-over-year decrease in NIM from 3.78% may reflect long-term challenges in maintaining interest income.
The contraction in total deposits year-over-year, along with a significant decrease in noninterest-bearing deposits, could suggest a shift in consumer behavior or a competitive disadvantage. On the other hand, the reduction in brokered deposits might indicate a strategic shift towards more stable funding sources. These trends should be monitored for their potential impact on the company's liquidity and funding costs.
FB Financial Corporation's exit from the commercial loans held for sale portfolio acquired in the Franklin Financial Network transaction and the subdued mortgage banking income are reflective of the broader industry's adaptation to the higher interest rate environment and the end of the refinance boom seen in previous years.
The company's proactive approach to managing credit risk is evident from the reductions in exposure to construction and land development loans, which are typically considered higher risk, especially in uncertain economic climates. The modest increase in the allowance for credit losses on loans held for investment, despite net recoveries, demonstrates prudence given the potential economic headwinds. The slight uptick in nonperforming loans as a percentage of total loans HFI year-over-year warrants attention, as it could signal emerging credit quality issues.
Capital strength, as indicated by the company's tangible common equity to tangible assets ratio and Common Equity Tier 1 ratio, appears robust and provides a buffer against potential future losses. This strong capital position could afford the company strategic flexibility in pursuing growth or weathering economic downturns.
Overall, the company's credit quality indicators and capital ratios suggest a conservative stance towards risk management, which is particularly pertinent given the uncertain economic outlook for 2024. Stakeholders would likely view these measures as protective steps that could safeguard the company's financial stability.
Reports Q4 Diluted EPS of
The Company’s loans held for investment (“HFI”) grew to
President and Chief Executive Officer, Christopher T. Holmes stated, “The Company continues to execute well in key initiatives of limiting balance sheet risk, improving profitability and enhancing operations. We have had success growing core banking relationships, improving net interest margin and reducing expenses while improving our risk profile by managing credit concentrations, all during what was a difficult banking year. Our success in 2023 has prepared us to deal with potential economic challenges, and at the same time, has positioned us to take advantage of opportunities.”
|
|
|
|
Annualized |
|
|
||||||||||||
(dollars in thousands, except share data) |
|
Dec 2023 |
|
Sep 2023 |
|
Dec 2022 |
|
Dec 23 / Sep 23
|
|
Dec 23 / Dec 22
|
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Balance Sheet Highlights |
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities, at fair value |
|
$ |
1,471,973 |
|
|
$ |
1,351,153 |
|
|
$ |
1,474,176 |
|
|
35.5 |
% |
|
(0.15 |
)% |
Loans held for sale |
|
|
67,847 |
|
|
|
103,858 |
|
|
|
139,451 |
|
|
(137.6 |
)% |
|
(51.3 |
)% |
Loans HFI |
|
|
9,408,783 |
|
|
|
9,287,225 |
|
|
|
9,298,212 |
|
|
5.19 |
% |
|
1.19 |
% |
Allowance for credit losses on loans HFI |
|
|
150,326 |
|
|
|
146,134 |
|
|
|
134,192 |
|
|
11.4 |
% |
|
12.0 |
% |
Allowance for credit losses on unfunded commitments |
|
|
8,770 |
|
|
|
11,600 |
|
|
|
22,969 |
|
|
(96.8 |
)% |
|
(61.8 |
)% |
Total assets |
|
|
12,604,403 |
|
|
|
12,489,631 |
|
|
|
12,847,756 |
|
|
3.65 |
% |
|
(1.89 |
)% |
Interest-bearing deposits (non-brokered) |
|
|
8,179,430 |
|
|
|
8,105,713 |
|
|
|
8,178,453 |
|
|
3.61 |
% |
|
— |
% |
Brokered deposits |
|
|
150,475 |
|
|
|
174,920 |
|
|
|
750 |
|
|
(55.4 |
)% |
|
NM |
|
Noninterest-bearing deposits |
|
|
2,218,382 |
|
|
|
2,358,435 |
|
|
|
2,676,631 |
|
|
(23.6 |
)% |
|
(17.1 |
)% |
Total deposits |
|
|
10,548,287 |
|
|
|
10,639,068 |
|
|
|
10,855,834 |
|
|
(3.39 |
)% |
|
(2.83 |
)% |
Borrowings |
|
|
390,964 |
|
|
|
226,689 |
|
|
|
415,677 |
|
|
287.5 |
% |
|
(5.95 |
)% |
Total common shareholders' equity |
|
|
1,454,794 |
|
|
|
1,372,901 |
|
|
|
1,325,425 |
|
|
23.7 |
% |
|
9.76 |
% |
Book value per common share |
|
$ |
31.05 |
|
|
$ |
29.31 |
|
|
$ |
28.36 |
|
|
23.6 |
% |
|
9.49 |
% |
Tangible book value per common share* |
|
$ |
25.69 |
|
|
$ |
23.93 |
|
|
$ |
22.90 |
|
|
29.2 |
% |
|
12.2 |
% |
Total common shareholders' equity to total assets |
|
|
11.5 |
% |
|
|
11.0 |
% |
|
|
10.3 |
% |
|
|
|
|
||
Tangible common equity to tangible assets* |
|
|
9.74 |
% |
|
|
9.16 |
% |
|
|
8.50 |
% |
|
|
|
|
||
*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement. |
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NM- Not meaningful |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
||||||||||
(dollars in thousands, except share data) |
|
Dec 2023 |
|
Sep 2023 |
|
Dec 2022 |
||||||
Statement of Income Highlights |
|
|
|
|
|
|
||||||
Net interest income |
|
$ |
101,088 |
|
|
$ |
100,926 |
|
|
$ |
110,498 |
|
NIM |
|
|
3.46 |
% |
|
|
3.42 |
% |
|
|
3.78 |
% |
Noninterest income |
|
$ |
15,339 |
|
|
$ |
8,042 |
|
|
$ |
17,469 |
|
Gain (loss) from securities, net |
|
$ |
183 |
|
|
$ |
(14,197 |
) |
|
$ |
25 |
|
Loss from changes in fair value of commercial loans held for sale acquired in previous business combinations |
|
$ |
(3,009 |
) |
|
$ |
(7 |
) |
|
$ |
(2,562 |
) |
Total revenue |
|
$ |
116,427 |
|
|
$ |
108,968 |
|
|
$ |
127,967 |
|
Noninterest expense |
|
$ |
80,200 |
|
|
$ |
82,997 |
|
|
$ |
80,230 |
|
Early retirement and severance costs |
|
$ |
2,214 |
|
|
$ |
4,809 |
|
|
$ |
— |
|
Loss on lease terminations |
|
$ |
1,843 |
|
|
$ |
— |
|
|
$ |
— |
|
FDIC special assessment |
|
$ |
1,788 |
|
|
$ |
— |
|
|
$ |
— |
|
Efficiency ratio |
|
|
68.9 |
% |
|
|
76.2 |
% |
|
|
62.7 |
% |
Core efficiency ratio* |
|
|
61.7 |
% |
|
|
63.1 |
% |
|
|
61.0 |
% |
Pre-tax, pre-provision earnings |
|
$ |
36,227 |
|
|
$ |
25,971 |
|
|
$ |
47,737 |
|
Adjusted pre-tax, pre-provision earnings* |
|
$ |
45,390 |
|
|
$ |
44,869 |
|
|
$ |
50,526 |
|
Provisions for credit losses |
|
$ |
305 |
|
|
$ |
2,821 |
|
|
$ |
(456 |
) |
Net (recoveries) charge-off ratio |
|
|
(0.04 |
)% |
|
|
0.02 |
% |
|
|
0.02 |
% |
Net income applicable to FB Financial Corporation |
|
$ |
29,369 |
|
|
$ |
19,175 |
|
|
$ |
38,143 |
|
Diluted earnings per common share |
|
$ |
0.63 |
|
|
$ |
0.41 |
|
|
$ |
0.81 |
|
Effective tax rate |
|
|
18.2 |
% |
|
|
17.2 |
% |
|
|
20.8 |
% |
Adjusted net income* |
|
$ |
36,152 |
|
|
$ |
33,148 |
|
|
$ |
40,213 |
|
Adjusted diluted earnings per common share* |
|
$ |
0.77 |
|
|
$ |
0.71 |
|
|
$ |
0.85 |
|
Weighted average number of shares outstanding - fully diluted |
|
|
46,916,939 |
|
|
|
46,856,422 |
|
|
|
47,036,742 |
|
Returns on average: |
|
|
|
|
|
|
||||||
Return on average total assets |
|
|
0.94 |
% |
|
|
0.61 |
% |
|
|
1.22 |
% |
Adjusted* |
|
|
1.15 |
% |
|
|
1.05 |
% |
|
|
1.28 |
% |
Return on average shareholders' equity |
|
|
8.41 |
% |
|
|
5.46 |
% |
|
|
11.7 |
% |
Return on average tangible common equity* |
|
|
10.3 |
% |
|
|
6.67 |
% |
|
|
14.6 |
% |
Adjusted* |
|
|
12.9 |
% |
|
|
11.8 |
% |
|
|
15.6 |
% |
*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement. |
||||||||||||
Balance Sheet and Net Interest Margin
The Company reported loans HFI of
The Company reported total deposits of
The Company’s net interest income on a tax equivalent basis increased slightly for the fourth quarter of 2023 to
Holmes continued, “We were able to expand net interest margin during the quarter with prudent loan growth while continuing to reduce the risk profile of the balance sheet. We are encouraged by the increases that we achieved in both net interest income and net interest margin. Our team is focused on expanding existing relationships and developing new relationships in order to grow customer deposits at a reasonable customer value proposition.”
Noninterest Income
Core noninterest income* was
The Company completed the exit of the commercial loans held for sale portfolio acquired in the Franklin Financial Network transaction after exiting the final relationship during the fourth quarter, resulting in a charge of
Mortgage banking income remains subdued in the higher interest rate environment as the Company recognized revenue of
Expense Management
Core noninterest expense* during the fourth quarter of 2023 was
Chief Financial Officer, Michael Mettee noted, “The Company continued to lower our expense run rate during the quarter. Expense discipline continues to be a management focus even as we look to efficiently scale our operational platform.”
Credit Quality
The Company recorded a provision expense of
The Company experienced net recoveries of
The Company's nonperforming loans HFI as a percentage of total loans HFI increased to
Holmes commented, “The Company had net recoveries for the quarter, demonstrating our resolve to work with customers for positive outcomes. We also modestly increased our allowance for credit losses, remaining cautious on our economic outlook. However, our local economies have continued performing well, migration into our markets continues at a healthy pace, and we are cautiously optimistic as we look forward into the coming year.”
Capital Strength
Holmes continued, “We continue to build on our already strong capital position growing tangible common equity to tangible assets* to a solid
Summary
Holmes finalized, “While 2023 was a challenging year for the banking industry, I am proud of our team's management of credit, capital and liquidity while also taking care of our customers. We have executed in a difficult operating environment and positioned the Company to capitalize on future opportunities.”
_______________________
*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement.
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company's financial results on January 16, 2024, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 1010003) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through January 23, 2024, by dialing 1-877-344-7529 and entering confirmation code 8306498.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=3uK1Ur6B. 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 Fourth Quarter 2023 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Fourth Quarter 2023 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, 2022, 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 Fourth Quarter 2023 Financial Supplement, which is available at https://investors.firstbankonline.com.
Financial Summary and Key Metrics |
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(Unaudited) |
||||||||||||
(dollars in thousands, except share data) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
As of or for the Three Months Ended |
||||||||||
|
|
Dec 2023 |
|
Sep 2023 |
|
Dec 2022 |
||||||
Selected Statement of Income Data |
|
|
|
|
|
|
||||||
Total interest income |
|
$ |
174,835 |
|
|
$ |
173,912 |
|
|
$ |
147,598 |
|
Total interest expense |
|
|
73,747 |
|
|
|
72,986 |
|
|
|
37,100 |
|
Net interest income |
|
|
101,088 |
|
|
|
100,926 |
|
|
|
110,498 |
|
Total noninterest income |
|
|
15,339 |
|
|
|
8,042 |
|
|
|
17,469 |
|
Total noninterest expense |
|
|
80,200 |
|
|
|
82,997 |
|
|
|
80,230 |
|
Earnings before income taxes and provisions for credit losses |
|
|
36,227 |
|
|
|
25,971 |
|
|
|
47,737 |
|
Provisions for (reversals of) credit losses |
|
|
305 |
|
|
|
2,821 |
|
|
|
(456 |
) |
Income tax expense |
|
|
6,545 |
|
|
|
3,975 |
|
|
|
10,042 |
|
Net income applicable to noncontrolling interest |
|
|
8 |
|
|
|
— |
|
|
|
8 |
|
Net income applicable to FB Financial Corporation |
|
$ |
29,369 |
|
|
$ |
19,175 |
|
|
$ |
38,143 |
|
Net interest income (tax-equivalent basis) |
|
$ |
101,924 |
|
|
$ |
101,762 |
|
|
$ |
111,279 |
|
Adjusted net income* |
|
$ |
36,152 |
|
|
$ |
33,148 |
|
|
$ |
40,213 |
|
Adjusted pre-tax, pre-provision earnings* |
|
$ |
45,390 |
|
|
$ |
44,869 |
|
|
$ |
50,526 |
|
Per Common Share |
|
|
|
|
|
|
||||||
Diluted net income |
|
$ |
0.63 |
|
|
$ |
0.41 |
|
|
$ |
0.81 |
|
Adjusted diluted net income* |
|
|
0.77 |
|
|
|
0.71 |
|
|
|
0.85 |
|
Book value |
|
|
31.05 |
|
|
|
29.31 |
|
|
|
28.36 |
|
Tangible book value* |
|
|
25.69 |
|
|
|
23.93 |
|
|
|
22.90 |
|
Weighted average number of shares outstanding - fully diluted |
|
|
46,916,939 |
|
|
|
46,856,422 |
|
|
|
47,036,742 |
|
Period-end number of shares |
|
|
46,848,934 |
|
|
|
46,839,159 |
|
|
|
46,737,912 |
|
Selected Balance Sheet Data |
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
810,932 |
|
|
$ |
848,318 |
|
|
$ |
1,027,052 |
|
Loans HFI |
|
|
9,408,783 |
|
|
|
9,287,225 |
|
|
|
9,298,212 |
|
Allowance for credit losses on loans HFI |
|
|
(150,326 |
) |
|
|
(146,134 |
) |
|
|
(134,192 |
) |
Allowance for credit losses on unfunded commitments |
|
|
(8,770 |
) |
|
|
(11,600 |
) |
|
|
(22,969 |
) |
Mortgage loans held for sale |
|
|
67,847 |
|
|
|
94,598 |
|
|
|
108,961 |
|
Commercial loans held for sale, at fair value |
|
|
— |
|
|
|
9,260 |
|
|
|
30,490 |
|
Investment securities, at fair value |
|
|
1,471,973 |
|
|
|
1,351,153 |
|
|
|
1,474,176 |
|
Total assets |
|
|
12,604,403 |
|
|
|
12,489,631 |
|
|
|
12,847,756 |
|
Interest-bearing deposits (non-brokered) |
|
|
8,179,430 |
|
|
|
8,105,713 |
|
|
|
8,178,453 |
|
Brokered deposits |
|
|
150,475 |
|
|
|
174,920 |
|
|
|
750 |
|
Noninterest-bearing deposits |
|
|
2,218,382 |
|
|
|
2,358,435 |
|
|
|
2,676,631 |
|
Total deposits |
|
|
10,548,287 |
|
|
|
10,639,068 |
|
|
|
10,855,834 |
|
Borrowings |
|
|
390,964 |
|
|
|
226,689 |
|
|
|
415,677 |
|
Total common shareholders' equity |
|
|
1,454,794 |
|
|
|
1,372,901 |
|
|
|
1,325,425 |
|
Selected Ratios |
|
|
|
|
|
|
||||||
Return on average: |
|
|
|
|
|
|
||||||
Assets |
|
|
0.94 |
% |
|
|
0.61 |
% |
|
|
1.22 |
% |
Shareholders' equity |
|
|
8.41 |
% |
|
|
5.46 |
% |
|
|
11.7 |
% |
Tangible common equity* |
|
|
10.3 |
% |
|
|
6.67 |
% |
|
|
14.6 |
% |
Net interest margin (tax-equivalent basis) |
|
|
3.46 |
% |
|
|
3.42 |
% |
|
|
3.78 |
% |
Efficiency ratio |
|
|
68.9 |
% |
|
|
76.2 |
% |
|
|
62.7 |
% |
Core efficiency ratio (tax-equivalent basis)* |
|
|
61.7 |
% |
|
|
63.1 |
% |
|
|
61.0 |
% |
Loans HFI to deposit ratio |
|
|
89.2 |
% |
|
|
87.3 |
% |
|
|
85.7 |
% |
Noninterest-bearing deposits to total deposits |
|
|
21.0 |
% |
|
|
22.2 |
% |
|
|
24.7 |
% |
Yield on interest-earning assets |
|
|
5.96 |
% |
|
|
5.87 |
% |
|
|
5.04 |
% |
Cost of interest-bearing liabilities |
|
|
3.47 |
% |
|
|
3.41 |
% |
|
|
1.84 |
% |
Cost of total deposits |
|
|
2.65 |
% |
|
|
2.58 |
% |
|
|
1.20 |
% |
Credit Quality Ratios |
|
|
|
|
|
|
||||||
Allowance for credit losses on loans HFI as a percentage of loans HFI |
|
|
1.60 |
% |
|
|
1.57 |
% |
|
|
1.44 |
% |
Net (recoveries) charge-offs as a percentage of average loans HFI |
|
|
(0.04 |
)% |
|
|
0.02 |
% |
|
|
0.02 |
% |
Nonperforming loans HFI as a percentage of loans HFI |
|
|
0.65 |
% |
|
|
0.59 |
% |
|
|
0.49 |
% |
Nonperforming assets as a percentage of total assets |
|
|
0.69 |
% |
|
|
0.71 |
% |
|
|
0.68 |
% |
Preliminary Capital Ratios (consolidated) |
|
|
|
|
|
|
||||||
Total common shareholders' equity to assets |
|
|
11.5 |
% |
|
|
11.0 |
% |
|
|
10.3 |
% |
Tangible common equity to tangible assets* |
|
|
9.74 |
% |
|
|
9.16 |
% |
|
|
8.50 |
% |
Tier 1 risk-based capital |
|
|
12.5 |
% |
|
|
12.1 |
% |
|
|
11.3 |
% |
Common equity Tier 1 |
|
|
12.2 |
% |
|
|
11.8 |
% |
|
|
11.0 |
% |
*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement. |
||||||||||||
FBK - ER
View source version on businesswire.com: https://www.businesswire.com/news/home/20240116202887/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
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