FB Financial Corporation Reports Second Quarter 2024 Financial Results
FB Financial (NYSE: FBK) reported Q2 2024 net income of $40.0 million, or $0.85 per diluted share. Adjusted net income was $39.4 million, or $0.84 per diluted share. Key highlights include:
- Loans held for investment: $9.31 billion
- Deposits: $10.47 billion
- Net interest margin: 3.57%, up from 3.42% in Q1
- Book value per share: $32.17
- Tangible book value per share: $26.82
The company's results reflect a strong balance sheet and increasing profitability. The net interest margin expanded due to stabilized deposit pricing, flat noninterest-bearing balances, and higher loan yields. Credit quality remains a focus, with the allowance for credit losses on loans HFI at 1.67%.
- Net income increased to $40.0 million, up from $27.95 million in Q1 2024
- Net interest margin improved to 3.57%, up 15 basis points from Q1 2024
- Tangible book value per share increased 9.36% annualized from the previous quarter
- Core efficiency ratio improved to 58.3% from 63.5% in Q2 2023
- Total risk-based capital ratio strong at 15.1%
- Total deposits decreased slightly to $10.47 billion from $10.50 billion in Q1 2024
- Nonperforming loans HFI as a percentage of total loans HFI increased to 0.79% from 0.73% in Q1 2024
- Nonperforming assets as a percentage of total assets increased to 0.81% from 0.75% in Q1 2024
Insights
The second quarter results from FB Financial Corporation show a solid performance, with a diluted EPS of $0.85 and adjusted diluted EPS of $0.84. The company has managed a notable improvement from the previous quarter and the same quarter last year. The net interest margin (NIM) also increased to 3.57%, up from 3.42% in the prior quarter, indicating better management of interest-earning assets and liabilities.
FB Financial's loan growth remained relatively stable, with minor variations in specific loan categories. The slight decrease in deposits, driven by large depositors seeking higher yields, is a point to monitor. However, the company has maintained strong liquidity and capital positions, with total deposits at $10.47 billion and a book value per common share of $32.17.
In terms of noninterest income, the company reported $25.6 million, bolstered by a $2.1 million cash life insurance benefit. However, the slight decline in mortgage banking income indicates potential headwinds in the mortgage market. Noninterest expense showed a controlled increase and the efficiency ratio improved significantly, suggesting better cost management.
Credit quality remains a mixed bag, with a slight increase in nonperforming loans and assets, but net charge-offs remained stable, indicating resilient asset quality. The company has increased its allowance for credit losses, which is prudent given the current economic uncertainties.
Overall, FB Financial's performance this quarter suggests better profitability and strong capital management, but investors should keep an eye on the future handling of deposits and noninterest income sources.
From a market perspective, FB Financial Corporation's performance in Q2 2024 indicates a robust financial stance with a focus on profitability and capital strength. The company's strategies to maintain a 'fortress balance sheet' are clearly reflected in their financials, especially the increase in net interest margin to 3.57% and a high return on average equity at 10.9%. Such measures indicate that the company is well-positioned to navigate potential economic uncertainties.
However, the quarter did see a slight decrease in deposits, primarily due to large depositor relationships shifting for higher yields. This trend is worth monitoring as it could impact the company's future liquidity position.
It's also important to note the increase in the efficiency ratio to 58.6%, significantly better than last year's 63.5%, reflecting cost efficiency improvements. The focus on enhancing the granularity of deposits and maintaining diversified loan portfolios suggests a long-term strategy aimed at sustainable growth.
Investors should consider how these strategic decisions might play out in the broader economic context, especially with the company's cautious outlook on economic conditions and the adjustments in credit loss allowances. The repurchase of 353,286 shares during the quarter is a positive signal of confidence from the company's management in its financial health and future prospects.
Market participants looking at FB Financial should weigh these improvements against the broader market trends and the company's strategic direction.
Reports Q2 Diluted EPS of
The Company ended the second quarter with loans held for investment (“HFI”) of
President and Chief Executive Officer, Christopher T. Holmes stated, “Our results for the quarter reflect the Company's recurring themes of a fortress balance sheet and increasing profitability. Our capital and loan loss reserves are very strong and we intentionally maintain low leverage positions, giving us capacity for growth opportunities. The strength of the balance sheet also allows us to continue driving better profitability with our NIM increasing 15 basis points during the quarter and adjusted pre-tax, pre-provision return on average assets* improving to
|
|
|
|
Annualized |
|
|
||||||||||||
(dollars in thousands, except share data) |
|
Jun 2024 |
|
Mar 2024 |
|
Jun 2023 |
|
Jun 24 / March 24
|
|
Jun 24 / Jun 23
|
||||||||
Balance Sheet Highlights |
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities, at fair value |
|
$ |
1,482,379 |
|
|
$ |
1,464,682 |
|
|
$ |
1,422,391 |
|
|
4.86 |
% |
|
4.22 |
% |
Loans held for sale |
|
|
106,875 |
|
|
|
82,704 |
|
|
|
99,131 |
|
|
117.5 |
% |
|
7.81 |
% |
Loans HFI |
|
|
9,309,553 |
|
|
|
9,288,909 |
|
|
|
9,326,024 |
|
|
0.89 |
% |
|
(0.18 |
)% |
Allowance for credit losses on loans HFI |
|
|
155,055 |
|
|
|
151,667 |
|
|
|
140,664 |
|
|
8.98 |
% |
|
10.2 |
% |
Total assets |
|
|
12,535,169 |
|
|
|
12,548,320 |
|
|
|
12,887,395 |
|
|
(0.42 |
)% |
|
(2.73 |
)% |
Interest-bearing deposits (non-brokered) |
|
|
8,130,704 |
|
|
|
8,191,962 |
|
|
|
8,233,082 |
|
|
(3.01 |
)% |
|
(1.24 |
)% |
Brokered deposits |
|
|
150,113 |
|
|
|
130,845 |
|
|
|
238,885 |
|
|
59.2 |
% |
|
(37.2 |
)% |
Noninterest-bearing deposits |
|
|
2,187,185 |
|
|
|
2,182,121 |
|
|
|
2,400,288 |
|
|
0.93 |
% |
|
(8.88 |
)% |
Total deposits |
|
|
10,468,002 |
|
|
|
10,504,928 |
|
|
|
10,872,255 |
|
|
(1.41 |
)% |
|
(3.72 |
)% |
Borrowings |
|
|
360,944 |
|
|
|
360,821 |
|
|
|
390,354 |
|
|
0.14 |
% |
|
(7.53 |
)% |
Allowance for credit losses on unfunded commitments |
|
|
5,984 |
|
|
|
7,700 |
|
|
|
14,810 |
|
|
(89.6 |
)% |
|
(59.6 |
)% |
Total common shareholders' equity |
|
|
1,500,502 |
|
|
|
1,479,526 |
|
|
|
1,386,951 |
|
|
5.70 |
% |
|
8.19 |
% |
Book value per common share |
|
$ |
32.17 |
|
|
$ |
31.55 |
|
|
$ |
29.64 |
|
|
7.90 |
% |
|
8.54 |
% |
Tangible book value per common share* |
|
$ |
26.82 |
|
|
$ |
26.21 |
|
|
$ |
24.23 |
|
|
9.36 |
% |
|
10.7 |
% |
Total common shareholders' equity to total assets |
|
|
12.0 |
% |
|
|
11.8 |
% |
|
|
10.8 |
% |
|
|
|
|
||
Tangible common equity to tangible assets* |
|
|
10.2 |
% |
|
|
9.99 |
% |
|
|
8.98 |
% |
|
|
|
|
||
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 Financial Supplement. |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||
(dollars in thousands, except share data) |
|
Jun 2024 |
|
Mar 2024 |
|
Jun 2023 |
||||||
Statement of Income Highlights |
|
|
|
|
|
|
||||||
Net interest income |
|
$ |
102,615 |
|
|
$ |
99,490 |
|
|
$ |
101,543 |
|
NIM |
|
|
3.57 |
% |
|
|
3.42 |
% |
|
|
3.40 |
% |
Noninterest income |
|
$ |
25,608 |
|
|
$ |
7,962 |
|
|
$ |
23,813 |
|
Loss from securities, net |
|
$ |
— |
|
|
$ |
(16,213 |
) |
|
$ |
(28 |
) |
Cash life insurance benefit |
|
$ |
2,057 |
|
|
$ |
— |
|
|
$ |
— |
|
Total revenue |
|
$ |
128,223 |
|
|
$ |
107,452 |
|
|
$ |
125,356 |
|
Noninterest expense |
|
$ |
75,093 |
|
|
$ |
72,420 |
|
|
$ |
81,292 |
|
Severance costs |
|
$ |
1,015 |
|
|
$ |
— |
|
|
$ |
1,426 |
|
FDIC special assessment |
|
$ |
— |
|
|
$ |
500 |
|
|
$ |
— |
|
Efficiency ratio |
|
|
58.6 |
% |
|
|
67.4 |
% |
|
|
64.8 |
% |
Core efficiency ratio* |
|
|
58.3 |
% |
|
|
58.1 |
% |
|
|
63.5 |
% |
Pre-tax, pre-provision net revenue |
|
$ |
53,130 |
|
|
$ |
35,032 |
|
|
$ |
44,064 |
|
Adjusted pre-tax, pre-provision net revenue* |
|
$ |
52,369 |
|
|
$ |
51,180 |
|
|
$ |
44,992 |
|
Provisions for (reversals of) credit losses |
|
$ |
2,224 |
|
|
$ |
782 |
|
|
$ |
(1,078 |
) |
Net charge-offs ratio |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.03 |
% |
Net income applicable to FB Financial Corporation |
|
$ |
39,979 |
|
|
$ |
27,950 |
|
|
$ |
35,299 |
|
Diluted earnings per common share |
|
$ |
0.85 |
|
|
$ |
0.59 |
|
|
$ |
0.75 |
|
Effective tax rate |
|
|
21.4 |
% |
|
|
18.4 |
% |
|
|
21.8 |
% |
Adjusted net income* |
|
$ |
39,424 |
|
|
$ |
39,890 |
|
|
$ |
35,993 |
|
Adjusted diluted earnings per common share* |
|
$ |
0.84 |
|
|
$ |
0.85 |
|
|
$ |
0.77 |
|
Weighted average number of shares outstanding - fully diluted |
|
|
46,845,143 |
|
|
|
46,998,873 |
|
|
|
46,814,854 |
|
Returns on average: |
|
|
|
|
|
|
||||||
Return on average total assets (“ROAA”) |
|
|
1.30 |
% |
|
|
0.89 |
% |
|
|
1.10 |
% |
Adjusted* |
|
|
1.28 |
% |
|
|
1.27 |
% |
|
|
1.13 |
% |
Return on average shareholders' equity |
|
|
10.9 |
% |
|
|
7.70 |
% |
|
|
10.3 |
% |
Return on average tangible common equity (“ROATCE”)* |
|
|
13.1 |
% |
|
|
9.29 |
% |
|
|
12.6 |
% |
Adjusted* |
|
|
13.1 |
% |
|
|
13.5 |
% |
|
|
13.1 |
% |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 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 in the second quarter of 2024 to
Holmes continued, “During the quarter, our net interest margin expanded as deposit pricing stabilized, noninterest-bearing balances were flat, loan yields adjusted upward and investment securities yields increased from our recent portfolio restructuring. The Company’s loan portfolio is well diversified with appropriately managed concentration limits, allowing our relationship managers to focus on growth. Additionally, we are actively enhancing the granularity of our deposits, which contributes to the long-term strength of our franchise.”
Noninterest Income
Core noninterest income* was
Mortgage banking income declined slightly to
Noninterest Expense
Core noninterest expense* during the second quarter of 2024 was
Credit Quality
In the second 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, “Credit quality remains a point of emphasis at this stage of the economic cycle. The Company increased its allowance for credit losses during the quarter to address an individually evaluated credit and continues to have a cautiously optimistic outlook on the economy. Annualized net charge-offs were 2 basis points which is in line with our recent historical performance.”
Capital
The Company continued its capital build in the second quarter, resulting in a total risk-based capital ratio of
Holmes continued, “The Company's capital strength allows us deployment options as we look forward, including organic growth, acquisitions, balance sheet restructuring and share repurchases.”
Summary
Holmes finalized, “During the first half of 2024, we have been able to improve results in key metrics including net income, net interest margin and return on assets, while building capital and reserves. These actions have positioned the Company to continue creating shareholder value in both the coming quarters and longer term.”
| ______________ |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 Financial Supplement. |
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company's financial results on July 16, 2024, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 0276461) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through July 23, 2024, by dialing 1-877-344-7529 and entering confirmation code 8320665.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=jkMY8gAC. 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 Second 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 Second 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 Second 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 |
||||||||||
|
|
Jun 2024 |
|
Mar 2024 |
|
Jun 2023 |
||||||
Selected Balance Sheet Data |
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
800,902 |
|
|
$ |
870,730 |
|
|
$ |
1,160,354 |
|
Investment securities, at fair value |
|
|
1,482,379 |
|
|
|
1,464,682 |
|
|
|
1,422,391 |
|
Loans held for sale |
|
|
106,875 |
|
|
|
82,704 |
|
|
|
99,131 |
|
Loans HFI |
|
|
9,309,553 |
|
|
|
9,288,909 |
|
|
|
9,326,024 |
|
Allowance for credit losses on loans HFI |
|
|
(155,055 |
) |
|
|
(151,667 |
) |
|
|
(140,664 |
) |
Total assets |
|
|
12,535,169 |
|
|
|
12,548,320 |
|
|
|
12,887,395 |
|
Interest bearing deposits (non-brokered) |
|
|
8,130,704 |
|
|
|
8,191,962 |
|
|
|
8,233,082 |
|
Brokered deposits |
|
|
150,113 |
|
|
|
130,845 |
|
|
|
238,885 |
|
Non-interest bearing deposits |
|
|
2,187,185 |
|
|
|
2,182,121 |
|
|
|
2,400,288 |
|
Total deposits |
|
|
10,468,002 |
|
|
|
10,504,928 |
|
|
|
10,872,255 |
|
Borrowings |
|
|
360,944 |
|
|
|
360,821 |
|
|
|
390,354 |
|
Allowance for credit losses on unfunded commitments |
|
|
(5,984 |
) |
|
|
(7,700 |
) |
|
|
(14,810 |
) |
Total common shareholders' equity |
|
|
1,500,502 |
|
|
|
1,479,526 |
|
|
|
1,386,951 |
|
Selected Statement of Income Data |
|
|
|
|
|
|
||||||
Total interest income |
|
$ |
177,413 |
|
|
$ |
176,128 |
|
|
$ |
170,183 |
|
Total interest expense |
|
|
74,798 |
|
|
|
76,638 |
|
|
|
68,640 |
|
Net interest income |
|
|
102,615 |
|
|
|
99,490 |
|
|
|
101,543 |
|
Total noninterest income |
|
|
25,608 |
|
|
|
7,962 |
|
|
|
23,813 |
|
Total noninterest expense |
|
|
75,093 |
|
|
|
72,420 |
|
|
|
81,292 |
|
Earnings before income taxes and provisions for credit losses |
|
|
53,130 |
|
|
|
35,032 |
|
|
|
44,064 |
|
Provisions for (reversals of) credit losses |
|
|
2,224 |
|
|
|
782 |
|
|
|
(1,078 |
) |
Income tax expense |
|
|
10,919 |
|
|
|
6,300 |
|
|
|
9,835 |
|
Net income applicable to noncontrolling interest |
|
|
8 |
|
|
|
— |
|
|
|
8 |
|
Net income applicable to FB Financial Corporation |
|
$ |
39,979 |
|
|
$ |
27,950 |
|
|
$ |
35,299 |
|
Net interest income (tax-equivalent basis) |
|
$ |
103,254 |
|
|
$ |
100,199 |
|
|
$ |
102,383 |
|
Adjusted net income* |
|
$ |
39,424 |
|
|
$ |
39,890 |
|
|
$ |
35,993 |
|
Adjusted pre-tax, pre-provision net revenue* |
|
$ |
52,369 |
|
|
$ |
51,180 |
|
|
$ |
44,992 |
|
Per Common Share |
|
|
|
|
|
|
||||||
Diluted net income |
|
$ |
0.85 |
|
|
$ |
0.59 |
|
|
$ |
0.75 |
|
Adjusted diluted net income* |
|
|
0.84 |
|
|
|
0.85 |
|
|
|
0.77 |
|
Book value |
|
|
32.17 |
|
|
|
31.55 |
|
|
|
29.64 |
|
Tangible book value* |
|
|
26.82 |
|
|
|
26.21 |
|
|
|
24.23 |
|
Weighted average number of shares outstanding - fully diluted |
|
|
46,845,143 |
|
|
|
46,998,873 |
|
|
|
46,814,854 |
|
Period-end number of shares |
|
|
46,642,958 |
|
|
|
46,897,378 |
|
|
|
46,798,751 |
|
Selected Ratios |
|
|
|
|
|
|
||||||
Return on average: |
|
|
|
|
|
|
||||||
Assets |
|
|
1.30 |
% |
|
|
0.89 |
% |
|
|
1.10 |
% |
Shareholders' equity |
|
|
10.9 |
% |
|
|
7.70 |
% |
|
|
10.3 |
% |
Tangible common equity* |
|
|
13.1 |
% |
|
|
9.29 |
% |
|
|
12.6 |
% |
Efficiency ratio |
|
|
58.6 |
% |
|
|
67.4 |
% |
|
|
64.8 |
% |
Core efficiency ratio (tax-equivalent basis)* |
|
|
58.3 |
% |
|
|
58.1 |
% |
|
|
63.5 |
% |
Loans HFI to deposit ratio |
|
|
88.9 |
% |
|
|
88.4 |
% |
|
|
85.8 |
% |
Noninterest-bearing deposits to total deposits |
|
|
20.9 |
% |
|
|
20.8 |
% |
|
|
22.1 |
% |
Net interest margin (tax-equivalent basis) |
|
|
3.57 |
% |
|
|
3.42 |
% |
|
|
3.40 |
% |
Yield on interest-earning assets |
|
|
6.16 |
% |
|
|
6.03 |
% |
|
|
5.67 |
% |
Cost of interest-bearing liabilities |
|
|
3.56 |
% |
|
|
3.56 |
% |
|
|
3.14 |
% |
Cost of total deposits |
|
|
2.77 |
% |
|
|
2.76 |
% |
|
|
2.38 |
% |
Credit Quality Ratios |
|
|
|
|
|
|
||||||
Allowance for credit losses on loans HFI as a percentage of loans HFI |
|
|
1.67 |
% |
|
|
1.63 |
% |
|
|
1.51 |
% |
Annualized net charge-offs as a percentage of average loans HFI |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.03 |
% |
Nonperforming loans HFI as a percentage of loans HFI |
|
|
0.79 |
% |
|
|
0.73 |
% |
|
|
0.47 |
% |
Nonperforming assets as a percentage of total assets |
|
|
0.81 |
% |
|
|
0.75 |
% |
|
|
0.59 |
% |
Preliminary Capital Ratios (consolidated) |
|
|
|
|
|
|
||||||
Total common shareholders' equity to assets |
|
|
12.0 |
% |
|
|
11.8 |
% |
|
|
10.8 |
% |
Tangible common equity to tangible assets* |
|
|
10.2 |
% |
|
|
9.99 |
% |
|
|
8.98 |
% |
Tier 1 leverage |
|
|
11.7 |
% |
|
|
11.3 |
% |
|
|
10.7 |
% |
Tier 1 risk-based capital |
|
|
13.0 |
% |
|
|
12.8 |
% |
|
|
11.9 |
% |
Total risk-based capital |
|
|
15.1 |
% |
|
|
15.0 |
% |
|
|
13.9 |
% |
Common equity Tier 1 |
|
|
12.7 |
% |
|
|
12.6 |
% |
|
|
11.7 |
% |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 Financial Supplement. |
||||||||||||
(FBK - ER)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240715565509/en/
MEDIA CONTACT:
Dustin Haupt
615-370-6737
dustin.haupt@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 (FBK) Q2 2024 earnings per share?
How did FB Financial's (FBK) net interest margin change in Q2 2024?
What was FB Financial's (FBK) total deposit balance at the end of Q2 2024?
How did FB Financial's (FBK) credit quality metrics change in Q2 2024?
