FFB BANCORP - FFBB STOCK NEWS

FFB Bancorp reported net income of $8.08 million, or $2.54 per diluted share, for Q2 2024, a 14% decrease from $9.42 million, or $2.97 per diluted share, from Q2 2023. Net income increased 4% from Q1 2024. For the first half of 2024, net income fell 7% to $15.87 million.

Key metrics include:

• Pre-tax, pre-provision income: decreased 17% to $11.44 million.
• ROAE: 22.89%.
• ROAA: 2.31%.
• Net interest margin: expanded 20 basis points to 5.31%.
• Total assets and loans: increased 11%.
• Shareholder equity: increased 36% to $148.64 million.
• Book value per share: increased 36% to $46.79.

Challenges included rising funding costs and decreased non-interest income and merchant services revenue.

As of June 30, 2024, total deposits were $1.17 billion, decreasing 3% from Q1 2024. Nonperforming assets rose to $11.25 million, or 0.78% of total assets, from $7.16 million in Q1 2024.

FFB Bancorp announced a stock repurchase program authorized by its Board of Directors to buy back up to $7.5 million of its common stock, roughly 5.4% of its shareholders' equity as of March 31, 2024.

The repurchases can be made through October 25, 2024, via open market purchases, privately negotiated transactions, or a trading plan under SEC Rule 10b5-1.

The timing, manner, price, and amount of repurchases will be determined by the Company based on stock performance, market conditions, and regulatory requirements.

Management believes this plan offers capital management opportunities but is not obligated to repurchase any shares and may alter the plan at any time.

FFB Bancorp reported net income of $7.79 million, or $2.46 per diluted share, for the first quarter of 2024, showing a 3% increase from the previous quarter. The company's pre-tax, pre-provision income rose by 3.02% to $10.91 million. Return on average equity was 23.27%, and return on average assets was 2.32%. Gross revenue increased by 22% to $23.61 million, with total assets reaching $1.40 billion, a 9% increase. Shareholder equity surged by 37% to $138.72 million. The Company's tangible common equity ratio was 9.94%, and the Bank's regulatory leverage capital ratio was 14.27%. Despite strong revenue growth, there was an increase in nonperforming assets and loan delinquencies related to the SBA portfolio during the quarter.

FFB Bancorp reported a net income of $7.57 million for Q4 2023, showing a 15% decrease from the previous quarter. For the year ended December 31, 2023, net income increased by 27% to $33.56 million. The company's total assets increased by 5% to $1.36 billion, while the total portfolio of loans increased by 10% to $928.34 million. The net interest margin improved by 40 basis points to 5.19% for Q4 2023. Non-interest income increased by 57% to $25.05 million for the year ended December 31, 2023. Operating expenses increased by 47% to $40.61 million for the same period. Non-interest bearing demand deposits represented 68% of total deposits at December 31, 2023.

FFB Bancorp reports a 28% increase in net income for the third quarter of 2023 compared to the same period last year.

FFB Bancorp's CEO Steve Miller takes temporary leave of absence due to his spouse's illness. Bhavneet Gill will serve as Acting CEO. Senior management committee formed to support the Board. Company remains focused on executing 2023 strategic plan.

FFB Bancorp receives approval to change ticker symbol from 'CFST' to 'FFBB' as part of its expansion strategy in Northern and Southern California. Bank adds senior bankers and opens positions for business development officers in these areas.