FB Financial Corporation Reports Third Quarter 2024 Financial Results
FB Financial (NYSE: FBK) reported Q3 2024 net income of $10.2 million, or $0.22 per diluted share. Adjusted net income was $40.1 million, or $0.86 per diluted share. Key highlights include:
- Loans held for investment increased to $9.48 billion, a 7.20% annualized increase from Q2
- Deposits grew to $10.98 billion, up from $10.47 billion in Q2
- Net interest margin was 3.55%, compared to 3.57% in Q2
- Book value per share reached $33.48, a 19.7% annualized increase from Q2
- The company sold $318.6 million in securities at 2.25% yield and reinvested at 5.25% yield
- Core efficiency ratio was 58.4%, compared to 58.3% in Q2
The company maintains a strong capital position with a total risk-based capital ratio of 15.1% and a tangible common equity to tangible assets ratio of 10.4%.
FB Financial (NYSE: FBK) ha riportato un utile netto del terzo trimestre 2024 di 10,2 milioni di dollari, ovvero 0,22 dollari per azione diluita. L'utile netto rettificato è stato di 40,1 milioni di dollari, pari a 0,86 dollari per azione diluita. I punti salienti includono:
- I prestiti detenuti per investimento sono aumentati a 9,48 miliardi di dollari, con un incremento annualizzato del 7,20% rispetto al secondo trimestre
- I depositi sono cresciuti a 10,98 miliardi di dollari, in aumento rispetto ai 10,47 miliardi di dollari del secondo trimestre
- Il margine di interesse netto si attesta al 3,55%, rispetto al 3,57% del secondo trimestre
- Il valore contabile per azione ha raggiunto i 33,48 dollari, con un incremento annualizzato del 19,7% rispetto al secondo trimestre
- L'azienda ha venduto titoli per 318,6 milioni di dollari a un rendimento del 2,25% e reinvestito a un rendimento del 5,25%
- Il rapporto di efficienza core si attesta al 58,4%, rispetto al 58,3% del secondo trimestre
L'azienda mantiene una solida posizione di capitale con un rapporto di capitale totale basato sul rischio del 15,1% e un rapporto di equity comune tangibile su attività tangibili del 10,4%.
FB Financial (NYSE: FBK) informó un ingreso neto del tercer trimestre 2024 de 10,2 millones de dólares, o 0,22 dólares por acción diluida. El ingreso neto ajustado fue de 40,1 millones de dólares, es decir, 0,86 dólares por acción diluida. Los aspectos destacados incluyen:
- Los préstamos mantenidos para inversión aumentaron a 9,48 mil millones de dólares, un aumento anualizado del 7,20% desde el segundo trimestre
- Los depósitos crecieron a 10,98 mil millones de dólares, en comparación con 10,47 mil millones de dólares en el segundo trimestre
- El margen de interés neto fue del 3,55%, en comparación con el 3,57% en el segundo trimestre
- El valor en libros por acción alcanzó los 33,48 dólares, un aumento anualizado del 19,7% desde el segundo trimestre
- La empresa vendió 318,6 millones de dólares en valores a un rendimiento del 2,25% y reinvirtió a un rendimiento del 5,25%
- El ratio de eficiencia principal fue del 58,4%, en comparación con el 58,3% en el segundo trimestre
La empresa mantiene una sólida posición de capital con un ratio de capital total basado en riesgo del 15,1% y un ratio de capital común tangible sobre activos tangibles del 10,4%.
FB Financial (NYSE: FBK)는 2024년 3분기 순이익이 1,020만 달러로 보고했으며, 희석 주당 0.22 달러입니다. 조정 순이익은 4,010만 달러, 희석 주당 0.86 달러입니다. 주요 하이라이트는 다음과 같습니다:
- 투자용 대출이 94억 8천만 달러로 증가했습니다, 이는 2분기 대비 연간 7.20% 증가한 수치입니다.
- 예금은 109억 8천만 달러로 증가했습니다, 2분기의 104억 7천만 달러에서 증가한 수치입니다.
- 순이자 마진은 3.55%로, 2분기 3.57%와 비교됩니다.
- 주당 장부 가치는 33.48달러에 도달했습니다, 이는 2분기 대비 연간 19.7% 증가한 수치입니다.
- 이 회사는 3억 1,860만 달러의 유가증권을 2.25% 수익률로 매각하고 5.25% 수익률로 재투자했습니다.
- 핵심 효율성 비율은 58.4%로, 2분기의 58.3%와 비교됩니다.
회사는 총 위험 기반 자본 비율이 15.1%이며, 유동 자본 대비 유동 자산 비율이 10.4%로 강력한 자본 상태를 유지하고 있습니다.
FB Financial (NYSE: FBK) a annoncé un revenu net de 10,2 millions de dollars pour le 3e trimestre 2024, soit 0,22 dollar par action diluée. Le revenu net ajusté s'élevait à 40,1 millions de dollars, ou 0,86 dollar par action diluée. Les points saillants comprennent :
- Les prêts détenus pour investissement ont augmenté à 9,48 milliards de dollars, soit une augmentation annualisée de 7,20 % par rapport au 2e trimestre
- Les dépôts ont atteint 10,98 milliards de dollars, contre 10,47 milliards de dollars au 2e trimestre
- La marge d'intérêt nette était de 3,55 %, comparé à 3,57 % au 2e trimestre
- La valeur comptable par action a atteint 33,48 dollars, soit une augmentation annualisée de 19,7 % par rapport au 2e trimestre
- L'entreprise a vendu des titres pour 318,6 millions de dollars à un rendement de 2,25 % et les a réinvestis à un rendement de 5,25 %
- Le ratio d'efficacité principal était de 58,4 %, comparé à 58,3 % au 2e trimestre
L'entreprise maintient une solide position en capital avec un ratio de capital total basé sur le risque de 15,1 % et un ratio de fonds propres tangibles sur actifs tangibles de 10,4 %.
FB Financial (NYSE: FBK) berichtete von einem Nettogewinn im 3. Quartal 2024 von 10,2 Millionen Dollar, oder 0,22 Dollar pro verwässerter Aktie. Das angepasste Nettoergebnis betrug 40,1 Millionen Dollar, was 0,86 Dollar pro verwässerter Aktie entspricht. Wichtige Highlights sind:
- Die für Investitionen gehaltenen Kredite stiegen auf 9,48 Milliarden Dollar, ein annualisierter Anstieg von 7,20% gegenüber dem 2. Quartal
- Die Einlagen wuchsen auf 10,98 Milliarden Dollar, gegenüber 10,47 Milliarden Dollar im 2. Quartal
- Die Nettomargen betrugen 3,55%, verglichen mit 3,57% im 2. Quartal
- Der Buchwert pro Aktie erreichte 33,48 Dollar, ein annualisierter Anstieg von 19,7% im Vergleich zum 2. Quartal
- Das Unternehmen verkaufte Wertpapiere im Wert von 318,6 Millionen Dollar mit einer Rendite von 2,25% und reinvestierte sie mit einer Rendite von 5,25%
- Das Verhältnis der Effizienz betrug 58,4%, verglichen mit 58,3% im 2. Quartal
Das Unternehmen hält eine starke Kapitalposition mit einem Gesamtkapitalquote von 15,1% und einem Verhältnis von echtem Eigenkapital zu echten Vermögenswerten von 10,4%.
- Adjusted net income increased to $40.1 million, or $0.86 per diluted share
- Loans held for investment grew 7.20% annualized to $9.48 billion
- Deposits increased to $10.98 billion from $10.47 billion in Q2
- Book value per share rose 19.7% annualized to $33.48
- Securities portfolio restructuring improved yield from 2.25% to 5.25%
- Strong capital position with total risk-based capital ratio of 15.1%
- Net interest margin decreased slightly to 3.55% from 3.57% in Q2
- Reported net income decreased to $10.2 million from $39.9 million in Q2
- Nonperforming loans increased to 0.96% of total loans from 0.79% in Q2
- Nonperforming assets rose to 0.99% of total assets from 0.81% in Q2
- Securities sale resulted in a loss of $40.2 million
Insights
FB Financial 's Q3 2024 results show mixed performance. The company reported diluted EPS of $0.22, down from $0.85 in Q2, but adjusted diluted EPS increased to $0.86 from $0.84. Key highlights include:
- Loans HFI grew
7.20% annualized to$9.48 billion - Deposits increased
19.3% annualized to$10.98 billion - Net interest margin slightly decreased to
3.55% from3.57% in Q2 - Core efficiency ratio remained stable at
58.4%
The company's strategic moves, including a securities restructuring resulting in a
FB Financial's Q3 results reflect the challenges facing regional banks in the current economic climate. The increase in deposits, particularly the
The slight compression in NIM to
The bank's capital ratios, including a CET1 of
Reports Q3 Diluted EPS of
The Company ended the third quarter with loans held for investment (“HFI”) of
President and Chief Executive Officer, Christopher T. Holmes stated, “The Company continues enhancing an already strong balance sheet to provide security and the platform for further growth. Our loan and deposit growth was encouraging during the quarter, and we are optimistic about 2025 with some momentum and expected future interest rate decreases.”
|
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Annualized |
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(dollars in thousands, except share data) |
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Sep 2024 |
|
Jun 2024 |
|
Sep 2023 |
|
Sep 24 / Jun 24
|
|
Sep 24 / Sep 23
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Balance Sheet Highlights |
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Investment securities, at fair value |
|
$ |
1,567,922 |
|
|
$ |
1,482,379 |
|
|
$ |
1,351,153 |
|
|
23.0 |
% |
|
16.0 |
% |
Loans held for sale |
|
|
103,145 |
|
|
|
106,875 |
|
|
|
103,858 |
|
|
(13.9 |
)% |
|
(0.69 |
)% |
Loans HFI |
|
|
9,478,129 |
|
|
|
9,309,553 |
|
|
|
9,287,225 |
|
|
7.20 |
% |
|
2.06 |
% |
Allowance for credit losses on loans HFI |
|
|
(156,260 |
) |
|
|
(155,055 |
) |
|
|
(146,134 |
) |
|
3.09 |
% |
|
6.93 |
% |
Total assets |
|
|
12,920,222 |
|
|
|
12,535,169 |
|
|
|
12,489,631 |
|
|
12.2 |
% |
|
3.45 |
% |
Interest-bearing deposits (non-brokered) |
|
|
8,230,867 |
|
|
|
8,130,704 |
|
|
|
8,105,713 |
|
|
4.90 |
% |
|
1.54 |
% |
Brokered deposits |
|
|
519,200 |
|
|
|
150,113 |
|
|
|
174,920 |
|
|
978.1 |
% |
|
196.8 |
% |
Noninterest-bearing deposits |
|
|
2,226,144 |
|
|
|
2,187,185 |
|
|
|
2,358,435 |
|
|
7.09 |
% |
|
(5.61 |
)% |
Total deposits |
|
|
10,976,211 |
|
|
|
10,468,002 |
|
|
|
10,639,068 |
|
|
19.3 |
% |
|
3.17 |
% |
Borrowings |
|
|
182,107 |
|
|
|
360,944 |
|
|
|
226,689 |
|
|
(197.1 |
)% |
|
(19.7 |
)% |
Allowance for credit losses on unfunded commitments |
|
|
(6,042 |
) |
|
|
(5,984 |
) |
|
|
(11,600 |
) |
|
3.86 |
% |
|
(47.9 |
)% |
Total common shareholders’ equity |
|
|
1,562,329 |
|
|
|
1,500,502 |
|
|
|
1,372,901 |
|
|
16.4 |
% |
|
13.8 |
% |
Book value per common share |
|
$ |
33.48 |
|
|
$ |
32.17 |
|
|
$ |
29.31 |
|
|
16.2 |
% |
|
14.2 |
% |
Tangible book value per common share* |
|
$ |
28.15 |
|
|
$ |
26.82 |
|
|
$ |
23.93 |
|
|
19.7 |
% |
|
17.6 |
% |
Total common shareholders’ equity to total assets |
|
|
12.1 |
% |
|
|
12.0 |
% |
|
|
11.0 |
% |
|
|
|
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||
Tangible common equity to tangible assets* |
|
|
10.4 |
% |
|
|
10.2 |
% |
|
|
9.16 |
% |
|
|
|
|
||
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Third Quarter 2024 Financial Supplement. |
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Three Months Ended |
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(dollars in thousands, except share data) |
|
Sep 2024 |
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Jun 2024 |
|
Sep 2023 |
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Statement of Income Highlights |
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Net interest income |
|
$ |
106,017 |
|
|
$ |
102,615 |
|
|
$ |
100,926 |
|
NIM |
|
|
3.55 |
% |
|
|
3.57 |
% |
|
|
3.42 |
% |
Noninterest (loss) income |
|
$ |
(16,497 |
) |
|
$ |
25,608 |
|
|
$ |
8,042 |
|
Loss from securities, net |
|
$ |
(40,165 |
) |
|
$ |
— |
|
|
$ |
(14,197 |
) |
Cash life insurance benefit |
|
$ |
— |
|
|
$ |
2,057 |
|
|
$ |
— |
|
Total revenue |
|
$ |
89,520 |
|
|
$ |
128,223 |
|
|
$ |
108,968 |
|
Noninterest expense |
|
$ |
76,212 |
|
|
$ |
75,093 |
|
|
$ |
82,997 |
|
Early retirement and severance costs |
|
$ |
— |
|
|
$ |
1,015 |
|
|
$ |
4,809 |
|
Efficiency ratio |
|
|
85.1 |
% |
|
|
58.6 |
% |
|
|
76.2 |
% |
Core efficiency ratio* |
|
|
58.4 |
% |
|
|
58.3 |
% |
|
|
63.1 |
% |
Pre-tax, pre-provision net revenue |
|
$ |
13,308 |
|
|
$ |
53,130 |
|
|
$ |
25,971 |
|
Adjusted pre-tax, pre-provision net revenue* |
|
$ |
53,762 |
|
|
$ |
52,369 |
|
|
$ |
44,869 |
|
Provisions for credit losses |
|
$ |
1,914 |
|
|
$ |
2,224 |
|
|
$ |
2,821 |
|
Net charge-offs ratio |
|
|
0.03 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
Net income applicable to FB Financial Corporation |
|
$ |
10,220 |
|
|
$ |
39,979 |
|
|
$ |
19,175 |
|
Diluted earnings per common share |
|
$ |
0.22 |
|
|
$ |
0.85 |
|
|
$ |
0.41 |
|
Effective tax rate |
|
|
10.3 |
% |
|
|
21.4 |
% |
|
|
17.2 |
% |
Adjusted net income* |
|
$ |
40,132 |
|
|
$ |
39,424 |
|
|
$ |
33,148 |
|
Adjusted diluted earnings per common share* |
|
$ |
0.86 |
|
|
$ |
0.84 |
|
|
$ |
0.71 |
|
Weighted average number of shares outstanding - fully diluted |
|
|
46,803,330 |
|
|
|
46,845,143 |
|
|
|
46,856,422 |
|
Returns on average: |
|
|
|
|
|
|
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Return on average total assets (“ROAA”) |
|
|
0.32 |
% |
|
|
1.30 |
% |
|
|
0.61 |
% |
Adjusted* |
|
|
1.25 |
% |
|
|
1.28 |
% |
|
|
1.05 |
% |
Return on average shareholders’ equity |
|
|
2.67 |
% |
|
|
10.9 |
% |
|
|
5.46 |
% |
Return on average tangible common equity (“ROATCE”)* |
|
|
3.19 |
% |
|
|
13.1 |
% |
|
|
6.67 |
% |
Adjusted* |
|
|
12.7 |
% |
|
|
13.1 |
% |
|
|
11.8 |
% |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Third Quarter 2024 Financial Supplement. |
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Balance Sheet and Net Interest Margin
The Company reported loans HFI of
The Company reported total deposits of
During the third quarter of 2024, the Company elected to sell
The Company’s net interest income on a tax equivalent basis increased in the third quarter of 2024 to
Holmes continued, “The Company delivered on relationship growth during the quarter with core deposit growth of
Noninterest Income
Core noninterest income* was
Mortgage banking income declined slightly to
Noninterest Expense
Core noninterest expense* during the third quarter of 2024 was
Chief Financial Officer Michael Mettee commented, “Banking noninterest expenses aligned with our projections for the quarter, moving modestly higher from our recent success in hiring revenue producers and from increases to our short-term incentive compensation accrual. The Company remains steadfast in its commitment to growing revenue and enhancing operating leverage.”
Credit Quality
In the third quarter, the Company recorded provision expenses 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, “Annualized net charge-offs were 3 basis points for the quarter which is in line with our recent performance, and our allowance for credit losses increased modestly as we continue to evaluate the impact of multiple economic scenarios on the balance sheet. Nonperforming assets moved higher during the quarter related to downgrades on a couple of individual credits and some softness in consumer loans. We continue to closely monitor our loan portfolio for potential negative credit trends or elevated loss content, but have not seen these materialize.”
Capital
The Company continued its capital build in the third quarter, resulting in a total risk-based capital ratio of
Holmes continued, “The Company is steadily increasing its capital, enabling strategic deployment through market expansion, relationship manager additions and balance sheet enhancements. In addition to our securities restructuring transaction this quarter, we expanded into the
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*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Third Quarter 2024 Financial Supplement. |
Summary
Holmes finalized, “The Company is moving into the end of the year in a position of strength. We maintain a long-term focus, consistently compounding shareholder value through our commitment to serving our customers and our communities.”
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company’s financial results on October 15, 2024, at 10:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 8581921) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through October 22, 2024, by dialing 1-877-344-7529 and entering confirmation code 5751189.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=Vt6q2sIw. 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 Third 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 Third 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 Third Quarter 2024 Financial Supplement, which is available at https://investors.firstbankonline.com.
Financial Summary and Key Metrics |
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(Unaudited) |
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(dollars in thousands, except share data) |
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As of or for the Three Months Ended |
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Sep 2024 |
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Jun 2024 |
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Sep 2023 |
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Selected Balance Sheet Data |
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Cash and cash equivalents |
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$ |
951,750 |
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$ |
800,902 |
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$ |
848,318 |
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Investment securities, at fair value |
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1,567,922 |
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1,482,379 |
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1,351,153 |
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Loans held for sale |
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103,145 |
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106,875 |
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103,858 |
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Loans HFI |
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9,478,129 |
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9,309,553 |
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9,287,225 |
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Allowance for credit losses on loans HFI |
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(156,260 |
) |
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(155,055 |
) |
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(146,134 |
) |
Total assets |
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12,920,222 |
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12,535,169 |
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12,489,631 |
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Interest-bearing deposits (non-brokered) |
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8,230,867 |
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8,130,704 |
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8,105,713 |
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Brokered deposits |
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519,200 |
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150,113 |
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174,920 |
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Noninterest-bearing deposits |
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2,226,144 |
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2,187,185 |
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2,358,435 |
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Total deposits |
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10,976,211 |
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10,468,002 |
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10,639,068 |
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Borrowings |
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182,107 |
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360,944 |
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226,689 |
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Allowance for credit losses on unfunded commitments |
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(6,042 |
) |
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(5,984 |
) |
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(11,600 |
) |
Total common shareholders’ equity |
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1,562,329 |
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1,500,502 |
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1,372,901 |
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Selected Statement of Income Data |
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Total interest income |
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$ |
185,628 |
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$ |
177,413 |
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$ |
173,912 |
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Total interest expense |
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79,611 |
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74,798 |
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72,986 |
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Net interest income |
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106,017 |
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102,615 |
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100,926 |
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Total noninterest (loss) income |
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(16,497 |
) |
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25,608 |
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8,042 |
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Total noninterest expense |
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76,212 |
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75,093 |
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82,997 |
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Earnings before income taxes and provisions for credit losses |
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13,308 |
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53,130 |
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25,971 |
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Provisions for credit losses |
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1,914 |
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2,224 |
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2,821 |
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Income tax expense |
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1,174 |
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10,919 |
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3,975 |
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Net income applicable to noncontrolling interest |
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— |
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8 |
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— |
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Net income applicable to FB Financial Corporation |
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$ |
10,220 |
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$ |
39,979 |
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$ |
19,175 |
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Net interest income (tax-equivalent basis) |
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$ |
106,634 |
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$ |
103,254 |
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$ |
101,762 |
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Adjusted net income* |
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$ |
40,132 |
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$ |
39,424 |
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$ |
33,148 |
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Adjusted pre-tax, pre-provision net revenue* |
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$ |
53,762 |
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$ |
52,369 |
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$ |
44,869 |
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Per Common Share |
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Diluted net income |
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$ |
0.22 |
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$ |
0.85 |
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$ |
0.41 |
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Adjusted diluted net income* |
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0.86 |
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0.84 |
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0.71 |
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Book value |
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33.48 |
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32.17 |
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29.31 |
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Tangible book value* |
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28.15 |
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26.82 |
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23.93 |
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Weighted average number of shares outstanding - fully diluted |
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46,803,330 |
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46,845,143 |
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46,856,422 |
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Period-end number of shares |
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46,658,019 |
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46,642,958 |
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46,839,159 |
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Selected Ratios |
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Return on average: |
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Assets |
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0.32 |
% |
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1.30 |
% |
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0.61 |
% |
Shareholders’ equity |
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2.67 |
% |
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10.9 |
% |
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5.46 |
% |
Tangible common equity* |
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3.19 |
% |
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13.1 |
% |
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6.67 |
% |
Efficiency ratio |
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85.1 |
% |
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58.6 |
% |
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76.2 |
% |
Core efficiency ratio (tax-equivalent basis)* |
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58.4 |
% |
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58.3 |
% |
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63.1 |
% |
Loans HFI to deposit ratio |
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86.4 |
% |
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88.9 |
% |
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87.3 |
% |
Noninterest-bearing deposits to total deposits |
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20.3 |
% |
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20.9 |
% |
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22.2 |
% |
Net interest margin (tax-equivalent basis) |
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3.55 |
% |
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3.57 |
% |
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|
3.42 |
% |
Yield on interest-earning assets |
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6.20 |
% |
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6.16 |
% |
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5.87 |
% |
Cost of interest-bearing liabilities |
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3.63 |
% |
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3.56 |
% |
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3.41 |
% |
Cost of total deposits |
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2.83 |
% |
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2.77 |
% |
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2.58 |
% |
Credit Quality Ratios |
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Allowance for credit losses on loans HFI as a percentage of loans HFI |
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1.65 |
% |
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1.67 |
% |
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1.57 |
% |
Annualized net charge-offs as a percentage of average loans HFI |
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0.03 |
% |
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0.02 |
% |
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0.02 |
% |
Nonperforming loans HFI as a percentage of loans HFI |
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0.96 |
% |
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0.79 |
% |
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0.59 |
% |
Nonperforming assets as a percentage of total assets |
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0.99 |
% |
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0.81 |
% |
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0.71 |
% |
Preliminary Capital Ratios (consolidated) |
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Total common shareholders’ equity to assets |
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12.1 |
% |
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12.0 |
% |
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11.0 |
% |
Tangible common equity to tangible assets* |
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10.4 |
% |
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10.2 |
% |
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|
9.16 |
% |
Tier 1 leverage |
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11.5 |
% |
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11.7 |
% |
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11.0 |
% |
Tier 1 risk-based capital |
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13.0 |
% |
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13.0 |
% |
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12.1 |
% |
Total risk-based capital |
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|
15.1 |
% |
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|
15.1 |
% |
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|
14.1 |
% |
Common equity Tier 1 |
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|
12.7 |
% |
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12.7 |
% |
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11.8 |
% |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Third Quarter 2024 Financial Supplement. |
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(FBK - ER)
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015141493/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
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