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EX-99.1 2 ck0002013639-ex99_1.htm EX-99.1 FB Bancorp, Inc. /MD/ - Press Release dated February 18, 2025

Exhibit 99.1

FB Bancorp, Inc.

Announces Fourth Quarter and the Year 2024

Financial Results

New Orleans, Louisiana, February 18, 2025 / FB Bancorp, Inc. (NASDAQ: “FBLA”) (the “Company”), the holding company for Fidelity Bank (the “Bank”), today announced a net loss of $6.2 million for the year ended December 31, 2024 as compared to net income of $1.1 million for the year ended December 31, 2023. Net loss for the three months ended December 31, 2024 was $5.4 million, as compared to a net loss of $1.2 million for the same period of 2023, due primarily to the previously disclosed goodwill impairment of $5.8 million related to the Bank’s NOLA Lending Group. Absent this $5.8 million goodwill impairment, the Company’s net income for the three months ended December 31, 2024 would have been $425 thousand.

The Company is a Maryland corporation based in New Orleans, Louisiana. The Company’s banking subsidiary, Fidelity Bank, operates 18 banking locations in the greater New Orleans, Hammond, and Baton Rouge, Louisiana areas. The Company is a Maryland corporation incorporated in February 2024 to become the registered bank holding company for Fidelity Bank upon the Bank’s conversion from the mutual-to-stock form of organization, which occurred on October 22, 2024. The Company sold 19,837,500 shares of common stock, par value $0.01 per share, at a price of $10 per share, for gross proceeds of $198,375,000. Shares of the Company’s common stock began trading on the Nasdaq Global Select Market under the trading symbol “FBLA” on October 23, 2024. Accordingly, the financial and other information prior to October 22, 2024 which is presented herein is Bank-only.

 

Selected Financial Data

 

 

 

For the three months ended December 31,

 

 

For the year ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (in thousands)

 

$

(5,361

)

 

$

(1,182

)

 

$

(6,214

)

 

$

1,118

 

Return on average assets (1)

 

 

(0.42

)%

 

 

(0.11

)%

 

 

(0.53

)%

 

 

0.11

%

Return on average equity (2)

 

 

(1.81

)%

 

 

(0.79

)%

 

 

(3.27

)%

 

 

0.73

%

Interest rate spread (3)

 

 

3.67

%

 

 

3.96

%

 

 

3.76

%

 

 

4.37

%

Net interest margin (4)

 

 

4.50

%

 

 

4.44

%

 

 

4.36

%

 

 

4.72

%

Non-interest income to average assets

 

 

0.21

%

 

 

0.41

%

 

 

1.71

%

 

 

2.39

%

Efficiency ratio (5)

 

 

128.68

%

 

 

105.90

%

 

 

107.25

%

 

 

96.96

%

Average interest-earning assets to average interest-bearing liabilities

 

 

152.64

%

 

 

129.60

%

 

 

132.93

%

 

 

132.20

%

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

Equity to assets

 

 

26.72

%

 

 

13.93

%

 

 

26.72

%

 

 

13.93

%

Average equity to average assets

 

 

23.27

%

 

 

13.79

%

 

 

16.22

%

 

 

14.64

%

Common book value per share

 

 

17.81

 

 

 

-

 

 

 

17.81

 

 

 

-

 

Asset Quality Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses to total loans (6)

 

 

0.82

%

 

 

0.93

%

 

 

0.82

%

 

 

0.93

%

Allowance for credit losses to non-performing loans

 

 

48.07

%

 

 

80.93

%

 

 

48.07

%

 

 

80.93

%

Net charge-offs to average outstanding loans

 

 

0.04

%

 

 

0.03

%

 

 

0.21

%

 

 

0.29

%

Non-performing loans to total loans

 

 

1.72

%

 

 

1.15

%

 

 

1.72

%

 

 

1.15

%

Non-performing loans to total assets

 

 

1.06

%

 

 

0.68

%

 

 

1.06

%

 

 

0.68

%

Total non-performing assets to total assets (6)

 

 

1.11

%

 

 

0.75

%

 

 

1.11

%

 

 

0.75

%

Other:

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (in thousands)

 

$

1,220,933

 

 

$

1,124,932

 

 

$

1,220,933

 

 

$

1,124,932

 

Number of offices

 

 

18

 

 

 

18

 

 

 

18

 

 

 

18

 

Number of full-time equivalent employees

 

 

329

 

 

 

366

 

 

 

329

 

 

 

366

 

 

Unaudited Non-GAAP Financial Segments and Measures

The Company has two reportable segments: Traditional banking and mortgage banking. Mortgage banking is conducted through the Bank’s NOLA Lending Group division. The chart below shows non-GAAP operating income and GAAP net income for the year ended December 31, 2024, along with quarterly results for 2024. Non-GAAP operating income excludes the goodwill impairment of $5.8 million, taken in the final quarter of 2024, and the pre-tax gains on the sale of mortgage servicing rights of $2.6 million, for an after-tax gain of $2.0 million realized in the second and third quarter of 2024. This goodwill was established in 2014 as part of Fidelity Bank’s acquisition of NOLA Lending Group. Both the goodwill impairment and mortgage servicing rights gains are adjustments to the NOLA Lending segment. The Company believes this disclosure is useful in evaluating the Company’s financial results and, therefore, such information is useful to investors. This disclosure should not be viewed as a substitute for financial results reported in accordance with GAAP.

 

 

 

For the three months ended

 

 

For the year ended

 

(Dollars in thousands)

 

March 31, 2024

 

 

June 30, 2024

 

 

September 30, 2024

 

 

December 31, 2024

 

 

December 31, 2024

 

 

 

 

 

Net Income (GAAP)

 

$

(807

)

 

$

849

 

 

$

(895

)

 

$

(5,361

)

 

$

(6,214

)

Gain on sales of mortgage servicing rights

 

 

—

 

 

 

(1,778

)

 

 

(263

)

 

 

—

 

 

 

(2,041

)

Goodwill Impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,786

 

 

 

5,786

 

   Non-GAAP Consolidated Operating Income

 

$

(807

)

 

$

(929

)

 

$

(1,158

)

 

$

425

 

 

$

(2,469

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FB Bancorp, Inc. and Fidelity Bank

 

$

442

 

 

$

330

 

 

$

523

 

 

$

2,071

 

 

$

3,366

 

NOLA Lending Only Segment

 

 

(1,249

)

 

 

(1,259

)

 

 

(1,681

)

 

 

(1,646

)

 

 

(5,835

)

   Non-GAAP Consolidated Operating Income

 

$

(807

)

 

$

(929

)

 

$

(1,158

)

 

$

425

 

 

$

(2,469

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in the fourth quarter non-GAAP loss of $1.65 million for the NOLA Lending Group segment, was $352 thousand of reorganizational costs. The majority of reorganization costs related to employment severance. The Bank has been reducing overhead with the intent to lower the cost of delivery in the current low mortgage volume environment. The NOLA Lending Group segment’s annual closed secondary mortgage volume was $1.2 billion, $1.0 billion, $0.6 billion, $0.5 billion and $0.4 billion for the years ended December 31, 2020, 2021, 2022, 2023, and 2024, respectively.

Results of Operations

 

•
Net loss was $6.2 million for the year ended December 31, 2024 as compared to net income of $1.1 million for the year ended December 31, 2023. This was the result of a one-time goodwill impairment of $5.8 million in 2024 and a decrease in total non-interest income of $4.9 million, partially offset by increases in net interest income after recording a provision for credit losses of $1.4 million.

 

•
Net loss was $5.4 million for the three months ended December 31, 2024 as compared to a net loss of $1.2 million for the same period ended December 31, 2023. The primary reason for the increased losses was the $5.8 million one-time impairment of goodwill. For the fourth quarter of 2024, net interest income improved by $2.2 million and non-interest expenses, excluding the goodwill impairment, improved $1.7 million compared to the same period in 2023.

 

•
Net interest income was $13.2 million for the three months ended December 31, 2024, compared to $11.0 million for the three months ended December 31, 2023. This represents an increase of $2.2 million, or 19.87%, due to growth in interest earning cash balances and growth in balance and yield of loans held for investment. More information is available in the average balance sheet and yield tables presented below. During the fourth quarter of 2024, the Bank used excess cash to pay down higher cost borrowings. At December 31, 2024, other borrowings were $73.5 million. For the twelve months ended December 31, 2024, we had average borrowings of $179.7 million, and for the three months ended December 31, 2024, average borrowings were $151.8 million. Net interest margin was 4.50% for the three months ended December 31, 2024, compared to 4.44% for the same period ended December 31, 2023.

 

•
Total non-interest income was $2.7 million for the three months ended December 31, 2024, compared to $4.4 million for the same period in 2023. This represents a decrease of $1.7 million, or 39.7%, in non-interest income which was due to $580 thousand of mortgage servicing sale gains in 2023 and no gains for the fourth quarter of 2024. The Company has sold most of its mortgage servicing portfolio that was originated in the low-rate environment. Also contributing to the decrease in non-interest income was a decrease in gains on sale of mortgage loans of $561 thousand, or 21.63%, and $400 thousand of losses on the sale of other real estate owned compared to no loss for the same period in 2023. Other real estate owned was $610 thousand, or 0.05% of total assets at December 31, 2024.

 

•
Total non-interest expenses were $20.4 million for the three months ended December 31, 2024, including the goodwill impairment of $5.8 million, compared to $16.4 million for the three months ended December 31, 2023. Excluding the goodwill impairment, total non-interest expenses were $14.6 million for the three months ended December 31, 2024, compared to $16.4 million for the three months ended December 31, 2023. This represents a $1.8 million, or 10.44%, decrease in non-goodwill expenses. This decrease was due to a $1.2 million improvement in hedging activity caused by rising market interest rates on mortgage loans held for sale. Also contributing to the decrease was a $532 thousand, or 21.07%, decrease in other general and administrative expenses and a $296 thousand, or 24.44%, decrease in data processing expense. The decreases in other general and administrative expenses and data processing are due to management's continued efforts to lower the cost of delivery.

 

•
Net interest income was $46.5 million for the year ended December 31, 2024, compared to $44.2 million for the year ended December 31, 2023. This represents an increase of $2.3 million, or 5.18%, due to balance growth of average earning assets of $130.2 million, or 13.92%, partially offset by a decrease in net interest margin. Net interest margin was 4.36% for the year ended December 31, 2024 compared to 4.72% for the year ended December 31, 2023. More information is available in the average balance sheet and yield tables below.

 

•
Total non-interest income was $20.0 million for the year ended December 31, 2024, compared to $24.9 million for the year ended December 31, 2023. This $4.9 million, or 19.72%, decrease was due to a decrease of $2.7 million in gains on sale of mortgage servicing rights and a $2.1 million, or 53.94%, decrease in other non-interest income. The decrease in other non-interest income was primarily due to a decrease of $2.1 million in mortgage servicing revenue caused by the sales in mortgage servicing assets.

 

•
Total non-interest expenses were $71.3 million for the year ended December 31, 2024, including the goodwill impairment of $5.8 million, compared to $67.0 million for the year ended December 31, 2023. Excluding the goodwill impairment, total non-interest expenses were $65.5 million for the year ended December 31, 2024, compared to $67.0 million for the year ended December 31, 2023. This represents a $1.5 million, or 2.23%, decrease in non-goodwill expenses. This decrease was primarily due to a $1.3 million, or 71.47%, decrease in mortgage servicing right amortization caused by the sales in mortgage servicing assets, and a $409 thousand decrease in other general and administrative expenses.

Financial Condition

 

•
Total assets were $1.22 billion at December 31, 2024, compared to $1.12 billion at December 31, 2023. The largest fluctuation between these periods came from an increase in cash of approximately $175.8 million of proceeds from the issuance of common stock, net of offering costs and the cost of purchasing ESOP shares on the open market. A portion of the net proceeds was utilized to pay down
higher cost borrowings. Other borrowings were $73.5 million at December 31, 2024, compared to $172.2 million at December 31, 2023. This represents a $98.7 million, or 57.32%, reduction.

 

•
Loans held for investment were $756.9 million at December 31, 2024 compared to $665.7 million at December 31, 2023. This represents a $91.2 million, or 13.70%, increase, and was due to steady loan demand in commercial, commercial real estate, and residential construction loans.

 

•
From December 31, 2023 to December 31, 2024, commercial real estate loans increased $34.8 million, or 16.87%, commercial loans increased $25.4 million, or 36.43%, and residential construction loans increased $18.3 million, or 116.56%.

 

•
Total equity was $326.3 million at December 31, 2024 compared to $156.7 million at December 31, 2023. This $169.6 million, or 108.15%, increase was due to the mutual to stock conversion. Equity to assets was 26.72% at December 31, 2024 compared to 13.93% at December 31, 2023.

 

Asset Quality

 

•
Non-performing loans were $13.0 million at December 31, 2024 compared to $7.7 million at December 31, 2023. At December 31, 2024, approximately $765 thousand nonperforming loans related to commercial and commercial real estate loans which represents 0.23% of the outstanding balance. The majority of non-performing loans, $10.2 million, relate to residential mortgage loans which represents 4.01% of the outstanding balance. These nonperforming residential mortgage loans have a weighted average loan-to-value below 80% based on latest available appraisals. Residential real estate loans remain under elevated credit pressures in our gulf coast lending markets due to rising insurance costs. Monthly insurance costs for many residents in the greater New Orleans area may exceed that of their monthly mortgage principal and interest payments.

 

•
Non-performing loans as a percentage of loans was 1.72% at December 31, 2024 compared to 1.15% at December 31, 2023.

 

•
Total non-performing assets, which included non-performing loans and other real estate owned, as a percentage of total capital was 4.16% at December 31, 2024 compared to 5.41% at December 31, 2023.

 

•
Net loans charged off were $1.5 million for the year ended December 31, 2024 compared to $1.7 million for the year ended December 31, 2023.

 

Forward-Looking Statements

Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies,

many of which are beyond our control. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, our ability to successfully integrate acquired operations and realize the expected level of synergies and cost savings, potential recessionary conditions, real estate market values in the Bank’s lending area changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged. Our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statement.

 

Average Balance Sheets

 

 

 

For the twelve months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

73,451

 

 

$

3,444

 

 

 

4.69

%

 

$

38,685

 

 

$

1,733

 

 

 

4.48

%

Securities

 

 

246,990

 

 

 

9,085

 

 

 

3.68

%

 

 

259,311

 

 

 

9,278

 

 

 

3.58

%

Loans

 

 

714,884

 

 

 

51,445

 

 

 

7.20

%

 

 

611,317

 

 

 

41,679

 

 

 

6.82

%

Loans held for sale

 

 

30,258

 

 

 

1,915

 

 

 

6.33

%

 

 

26,098

 

 

 

1,608

 

 

 

6.16

%

Total earning assets

 

 

1,065,583

 

 

 

65,889

 

 

 

6.18

%

 

 

935,411

 

 

 

54,298

 

 

 

5.80

%

Non-interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

6,716

 

 

 

 

 

 

 

 

 

6,714

 

 

 

 

 

 

 

Fixed Assets

 

 

52,583

 

 

 

 

 

 

 

 

 

49,960

 

 

 

 

 

 

 

Allowance for credit losses

 

 

(6,065

)

 

 

 

 

 

 

 

 

(6,332

)

 

 

 

 

 

 

Other

 

 

53,892

 

 

 

 

 

 

 

 

 

56,563

 

 

 

 

 

 

 

Total non-interest-earning assets

 

 

107,126

 

 

 

 

 

 

 

 

 

106,905

 

 

 

 

 

 

 

Total Assets

 

$

1,172,709

 

 

 

 

 

 

 

 

$

1,042,316

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

 

$

113,819

 

 

$

220

 

 

 

0.19

%

 

$

131,764

 

 

$

136

 

 

 

0.10

%

Interest-bearing savings and money market deposits

 

 

227,373

 

 

 

1,842

 

 

 

0.81

%

 

 

262,711

 

 

 

1,091

 

 

 

0.42

%

Certificates of deposit

 

 

280,756

 

 

 

9,134

 

 

 

3.25

%

 

 

232,260

 

 

 

5,535

 

 

 

2.38

%

Total interest-bearing deposits

 

 

621,948

 

 

 

11,196

 

 

 

1.80

%

 

 

626,735

 

 

 

6,762

 

 

 

1.08

%

Interest-bearing borrowings

 

 

179,663

 

 

 

8,237

 

 

 

4.58

%

 

 

80,832

 

 

 

3,368

 

 

 

4.17

%

Total interest-bearing liabilities

 

 

801,611

 

 

 

19,433

 

 

 

2.42

%

 

 

707,567

 

 

 

10,130

 

 

 

1.43

%

Non-interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

164,276

 

 

 

 

 

 

 

 

 

173,927

 

 

 

 

 

 

 

Other liabilities

 

 

16,577

 

 

 

 

 

 

 

 

 

8,197

 

 

 

 

 

 

 

Total non-interest liabilities

 

 

180,853

 

 

 

 

 

 

 

 

 

182,124

 

 

 

 

 

 

 

Total Equity

 

 

190,245

 

 

 

 

 

 

 

 

 

152,625

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,172,709

 

 

 

 

 

 

 

 

$

1,042,316

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

46,456

 

 

 

 

 

 

 

 

$

44,168

 

 

 

 

Net interest-earning assets (1)

 

$

263,972

 

 

 

 

 

 

 

 

$

227,844

 

 

 

 

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

 

 

3.76

%

 

 

 

 

 

 

 

 

4.37

%

Net yield on interest-earning assets (3)

 

 

 

 

 

 

 

 

4.36

%

 

 

 

 

 

 

 

 

4.72

%

Average of interest-earning assets to interest-bearing liabilities

 

 

132.93

%

 

 

 

 

 

 

 

 

132.20

%

 

 

 

 

 

 

Average equity to assets

 

 

16.22

%

 

 

 

 

 

 

 

 

14.64

%

 

 

 

 

 

 

 

 

 

For the three months ended December 31,

 

 

 

2024

 

 

2023

 

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

147,465

 

 

$

1,768

 

 

 

4.76

%

 

$

55,811

 

 

$

697

 

 

 

4.96

%

Securities

 

 

243,651

 

 

 

2,173

 

 

 

3.54

%

 

 

252,073

 

 

 

2,380

 

 

 

3.75

%

Loans

 

 

739,416

 

 

 

13,382

 

 

 

7.18

%

 

 

658,249

 

 

 

11,582

 

 

 

6.98

%

Loans held for sale

 

 

34,688

 

 

 

526

 

 

 

6.02

%

 

 

19,892

 

 

 

329

 

 

 

6.56

%

Total earning assets

 

 

1,165,220

 

 

 

17,849

 

 

 

6.08

%

 

 

986,025

 

 

 

14,988

 

 

 

6.03

%

Non-interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

6,268

 

 

 

 

 

 

 

 

 

6,377

 

 

 

 

 

 

 

Fixed Assets

 

 

53,957

 

 

 

 

 

 

 

 

 

51,513

 

 

 

 

 

 

 

Allowance for credit losses

 

 

(5,904

)

 

 

 

 

 

 

 

 

(5,995

)

 

 

 

 

 

 

Other

 

 

50,413

 

 

 

 

 

 

 

 

 

51,473

 

 

 

 

 

 

 

Total non-interest-earning assets

 

 

104,734

 

 

 

 

 

 

 

 

 

103,368

 

 

 

 

 

 

 

Total Assets

 

$

1,269,954

 

 

 

 

 

 

 

 

$

1,089,393

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing demand deposits

 

$

108,251

 

 

$

52

 

 

 

0.19

%

 

$

123,801

 

 

$

41

 

 

 

0.13

%

Interest-bearing savings and money market deposits

 

 

223,598

 

 

 

534

 

 

 

0.95

%

 

 

238,627

 

 

 

351

 

 

 

0.58

%

Certificates of deposit

 

 

279,753

 

 

 

2,300

 

 

 

3.26

%

 

 

272,445

 

 

 

2,111

 

 

 

3.07

%

Total interest-bearing deposits

 

 

611,602

 

 

 

2,886

 

 

 

1.87

%

 

 

634,873

 

 

 

2,503

 

 

 

1.56

%

Interest-bearing borrowings

 

 

151,756

 

 

 

1,747

 

 

 

4.57

%

 

 

125,974

 

 

 

1,461

 

 

 

4.60

%

Total interest-bearing liabilities

 

 

763,358

 

 

 

4,633

 

 

 

2.41

%

 

 

760,847

 

 

 

3,964

 

 

 

2.07

%

Non-interest:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

188,550

 

 

 

 

 

 

 

 

 

166,550

 

 

 

 

 

 

 

Other liabilities

 

 

22,564

 

 

 

 

 

 

 

 

 

11,734

 

 

 

 

 

 

 

Total non-interest liabilities

 

 

211,114

 

 

 

 

 

 

 

 

 

178,284

 

 

 

 

 

 

 

Total Equity

 

 

295,482

 

 

 

 

 

 

 

 

 

150,262

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,269,954

 

 

 

 

 

 

 

 

$

1,089,393

 

 

 

 

 

 

 

Net interest income

 

 

 

 

$

13,216

 

 

 

 

 

 

 

 

$

11,024

 

 

 

 

Net interest-earning assets (1)

 

$

401,862

 

 

 

 

 

 

 

 

$

225,178

 

 

 

 

 

 

 

Net interest rate spread (2)

 

 

 

 

 

 

 

 

3.67

%

 

 

 

 

 

 

 

 

3.96

%

Net yield on interest-earning assets (3)

 

 

 

 

 

 

 

 

4.50

%

 

 

 

 

 

 

 

 

4.44

%

Average of interest-earning assets to interest-bearing liabilities

 

 

152.64

%

 

 

 

 

 

 

 

 

129.60

%

 

 

 

 

 

 

Average equity to assets

 

 

23.27

%

 

 

 

 

 

 

 

 

13.79

%

 

 

 

 

 

 

 

FB Bancorp, Inc.

Consolidated Balance Sheets

(unaudited)

 

 

 

December 31,
2024

 

 

December 31,
2023

 

 

 

(Dollars in thousands)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

6,841

 

 

$

5,795

 

Interest-bearing deposits at other financial institutions

 

 

92,004

 

 

 

81,313

 

Total cash and cash equivalents

 

 

98,845

 

 

 

87,108

 

 

 

 

 

 

 

 

Securities available for sale, at fair value (amortized cost of $256,444 and $269,378, respectively)

 

 

244,119

 

 

 

249,898

 

Derivative assets

 

 

439

 

 

 

184

 

Loans held for sale, at fair value

 

 

26,026

 

 

 

22,576

 

Loans held for investment

 

 

756,897

 

 

 

665,684

 

Less: allowance for credit losses

 

 

(6,244

)

 

 

(6,203

)

Loans held for investment, net

 

 

750,653

 

 

 

659,481

 

Federal Home Loan Bank stock, at cost

 

 

4,354

 

 

 

4,106

 

Bank owned life insurance

 

 

14,986

 

 

 

14,640

 

Accrued interest receivable

 

 

5,729

 

 

 

5,506

 

Premises and equipment, net

 

 

54,145

 

 

 

51,455

 

Other real estate owned

 

 

610

 

 

 

815

 

Goodwill

 

 

—

 

 

 

5,786

 

Mortgage servicing rights

 

 

1,078

 

 

 

2,231

 

Prepaid expenses

 

 

2,151

 

 

 

2,518

 

Other assets

 

 

17,798

 

 

 

18,628

 

 

 

 

 

 

 

 

Total assets

 

$

1,220,933

 

 

$

1,124,932

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Non-interest bearing

 

$

132,258

 

 

$

142,032

 

Interest bearing

 

 

668,484

 

 

 

627,256

 

Total deposits

 

 

800,742

 

 

 

769,288

 

 

 

 

 

 

 

 

Advances by borrowers for taxes and insurance

 

 

6,537

 

 

 

11,774

 

Other borrowings

 

 

73,500

 

 

 

172,200

 

Accrued interest payable

 

 

380

 

 

 

524

 

Other liabilities

 

 

13,519

 

 

 

14,409

 

Total liabilities

 

 

894,678

 

 

 

968,195

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value - 5,000,000 shares authorized; none issued

 

 

—

 

 

 

—

 

Common stock, $0.01 par value - 120,000,000 shares authorized; 19,837,500 issued and outstanding at December 31, 2024

 

 

198

 

 

 

—

 

Additional paid-in capital

 

 

193,571

 

 

 

—

 

Unearned ESOP shares - 1,523,520 shares

 

 

(17,215

)

 

 

—

 

Retained earnings

 

 

165,912

 

 

 

172,126

 

Accumulated other comprehensive income (loss)

 

 

(16,211

)

 

 

(15,389

)

Total equity

 

 

326,255

 

 

 

156,737

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

1,220,933

 

 

$

1,124,932

 

 

FB Bancorp, Inc.

Consolidated Statements of Income

(unaudited)

 

 

 

For the three months
ended December 31,

 

 

For the year
ended December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(Dollars in thousands except per share amounts)

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

13,908

 

 

$

11,910

 

 

$

53,361

 

 

$

43,287

 

Interest and dividends on investment securities

 

 

2,173

 

 

 

2,381

 

 

 

9,085

 

 

 

9,278

 

Interest on deposits in other banks

 

 

1,767

 

 

 

697

 

 

 

3,443

 

 

 

1,733

 

Total interest and dividend income

 

 

17,848

 

 

 

14,988

 

 

 

65,889

 

 

 

54,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,885

 

 

 

2,503

 

 

 

11,196

 

 

 

6,762

 

Borrowed funds

 

 

1,748

 

 

 

1,461

 

 

 

8,237

 

 

 

3,368

 

Total interest expense

 

 

4,633

 

 

 

3,964

 

 

 

19,433

 

 

 

10,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

13,215

 

 

 

11,024

 

 

 

46,456

 

 

 

44,168

 

Provision (benefit) for credit losses

 

 

710

 

 

 

300

 

 

 

1,530

 

 

 

649

 

Net interest income after provision (benefit) for credit losses

 

 

12,505

 

 

 

10,724

 

 

 

44,926

 

 

 

43,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fee income from deposit accounts

 

 

687

 

 

 

729

 

 

 

2,908

 

 

 

3,160

 

Gain on sales of mortgage loans

 

 

2,033

 

 

 

2,594

 

 

 

12,739

 

 

 

12,526

 

Gain (loss) on sales and disposal of assets

 

 

(400

)

 

 

—

 

 

 

(283

)

 

 

(1

)

Gain (loss) on sales of available for sale securities

 

 

—

 

 

 

(137

)

 

 

285

 

 

 

66

 

Gain on sales of mortgage servicing rights

 

 

—

 

 

 

580

 

 

 

2,584

 

 

 

5,318

 

Other non-interest income

 

 

342

 

 

 

651

 

 

 

1,776

 

 

 

3,856

 

Total non-interest income

 

 

2,662

 

 

 

4,417

 

 

 

20,009

 

 

 

24,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expenses

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,727

 

 

 

9,110

 

 

 

40,942

 

 

 

40,729

 

Occupancy and equipment

 

 

2,003

 

 

 

2,027

 

 

 

8,108

 

 

 

8,067

 

Directors’ fees

 

 

152

 

 

 

206

 

 

 

618

 

 

 

806

 

Data processing

 

 

915

 

 

 

1,211

 

 

 

4,830

 

 

 

4,683

 

Advertising and marketing

 

 

337

 

 

 

468

 

 

 

1,969

 

 

 

1,755

 

Mortgage servicing rights amortization

 

 

106

 

 

 

189

 

 

 

503

 

 

 

1,763

 

Hedging activity, net

 

 

(588

)

 

 

616

 

 

 

(7

)

 

 

247

 

Goodwill impairment

 

 

5,786

 

 

 

—

 

 

 

5,786

 

 

 

—

 

Other general and administrative

 

 

1,993

 

 

 

2,525

 

 

 

8,537

 

 

 

8,946

 

Total non-interest expenses

 

 

20,431

 

 

 

16,352

 

 

 

71,286

 

 

 

66,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) before income taxes

 

 

(5,264

)

 

 

(1,211

)

 

 

(6,351

)

 

 

1,448

 

Income tax expense (benefit)

 

 

97

 

 

 

(29

)

 

 

(137

)

 

 

330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(5,361

)

 

$

(1,182

)

 

$

(6,214

)

 

$

1,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

 

$

(0.38

)

 

 

—

 

 

$

(1.74

)

 

 

—

 

Weighted average shares outstanding

 

 

14,170,143

 

 

 

—

 

 

 

3,561,894

 

 

 

—