8-K
FB Bancorp, Inc. /MD/ (FBLA)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2025
FB Bancorp, Inc.
(Exact Name of Registrant as Specified in its Charter)
| Maryland | 001-42380 | 99-1859402 | |
|---|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | |
| 353 Carondelet Street, New Orleans, Louisiana | 70130 | ||
| (Address of Principal Executive Offices) | (Zip Code) |
(504) 569-8640
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Common Stock | FBLA | The NASDAQ Stock Market LLC |
|---|---|---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operation and Financial Condition.
On February 18, 2025, FB Bancorp, Inc. (the “Company”) issued a press release reporting its financial results for the fourth quarter and year ended December 31, 2024.
A copy of the press release announcing the results is attached as Exhibit 99.1. The information in this Item 2.02, as well as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits
| (a) | Financial Statements of Businesses Acquired. Not applicable. | |
|---|---|---|
| (b) | Pro Forma Financial Information. Not applicable. | |
| (c) | Shell Company Transactions. Not applicable. | |
| (d) | Exhibits. | |
| Exhibit No. | Description | |
| 99.1 | Press Release dated February 18, 2025 | |
| 104.1 | Cover Page for this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FB BANCORP, INC. | ||
|---|---|---|
| Date: February 18, 2025 | By: | /s/ Todd Wanner |
| Todd Wanner | ||
| Chief Financial Officer and Treasurer |
EX-99.1
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<br>Outstanding<br>Balance | Interest | Average Yield/Rate | Average<br>Outstanding<br>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<br>Outstanding<br>Balance | Interest | Average Yield/Rate | Average<br>Outstanding<br>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,<br>2023 | |||||
|---|---|---|---|---|---|
| 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 |
All values are in US Dollars.
FB Bancorp, Inc.
Consolidated Statements of Income
(unaudited)
| For the three months<br>ended December 31, | For the year<br>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 | — |