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FB Financial (FBK) - 2024 Q4 - Annual Results
FBKFB Financial (FBK)2025-01-21 11:33

Total Assets and Deposits - Total assets increased to 13,157,482thousandinDec2024,upfrom13,157,482 thousand in Dec 2024, up from 12,920,222 thousand in Sep 2024[7] - Total deposits grew to 11,210,434thousandinDec2024,from11,210,434 thousand in Dec 2024, from 10,976,211 thousand in Sep 2024[7] - Total assets increased by 4.39% to 13.16billioninDec2024comparedto13.16 billion in Dec 2024 compared to 12.60 billion in Dec 2023[14] - Total deposits grew by 6.28% to 11.21billioninDec2024from11.21 billion in Dec 2024 from 10.55 billion in Dec 2023[14] - Total assets slightly increased to 12,725,748in2024from12,725,748 in 2024 from 12,668,834 in 2023[27] - Total assets increased to 13,157,482inDec2024,upfrom13,157,482 in Dec 2024, up from 12,604,403 in Dec 2023[63] Net Interest Income and Margin - Net interest income rose to 108,381thousandinDec2024,comparedto108,381 thousand in Dec 2024, compared to 106,017 thousand in Sep 2024[7] - Net interest margin (NIM) on a tax-equivalent basis was 3.50% in Dec 2024, compared to 3.55% in Sep 2024[7] - Net interest income rose by 2.23% to 108,381inDec2024comparedtoSep2024,andby7.21108,381 in Dec 2024 compared to Sep 2024, and by 7.21% compared to Dec 2023[10] - Net interest income rose by 2.28% to 416.5 million in Dec 2024 from 407.2millioninDec2023[12]−Netinterestincomeroseto407.2 million in Dec 2023[12] - Net interest income rose to 109,004 thousand from 106,634thousandinthepriorquarter,reflectinganetinterestmarginof3.50106,634 thousand in the prior quarter, reflecting a net interest margin of 3.50% compared to 3.55% previously[16] - Net interest income for Q2 2024 increased to 103.254 million, up from 100.199millioninQ12024and100.199 million in Q1 2024 and 101.924 million in Q4 2023[21] - Net interest margin (NIM) improved to 3.57% in Q2 2024, compared to 3.42% in Q1 2024 and 3.46% in Q4 2023[21] - Net interest income rose to 419,091in2024from419,091 in 2024 from 410,562 in 2023, with a net interest margin of 3.51% compared to 3.44% in 2023[27] - Net interest income (tax equivalent basis) increased to 109.0millioninQ42024from109.0 million in Q4 2024 from 101.9 million in Q4 2023[58] - Banking segment net interest income (tax-equivalent basis) for Q4 2024 was 107.416million,upfrom107.416 million, up from 104.952 million in Q3 2024[60] Net Income and Earnings - Net income applicable to FB Financial Corporation was 37,886thousandinDec2024,upfrom37,886 thousand in Dec 2024, up from 10,220 thousand in Sep 2024[7] - Net income applicable to FB Financial Corporation surged by 270.7% to 37,886inDec2024comparedtoSep2024,andby29.037,886 in Dec 2024 compared to Sep 2024, and by 29.0% compared to Dec 2023[10] - Net income applicable to FB Financial Corporation decreased by 3.48% to 116.0 million in Dec 2024 from 120.2millioninDec2023[12]−AdjustednetincomeforDec2024was120.2 million in Dec 2023[12] - Adjusted net income for Dec 2024 was 39.8 million, up from 36.2millioninDec2023[54]−AdjustedtangiblenetincomefortheyearendedDec2024was36.2 million in Dec 2023[54] - Adjusted tangible net income for the year ended Dec 2024 was 161.5 million, up from 143.7millionin2023[56]−NetincomeforDec2024was143.7 million in 2023[56] - Net income for Dec 2024 was 37,886, compared to 29,369inDec2023[66]−AdjustedtangiblenetincomefortheyearendedDec2024was29,369 in Dec 2023[66] - Adjusted tangible net income for the year ended Dec 2024 was 161,460, compared to 143,738inDec2023[66]LoansandCreditQuality−NonperformingloansHFIasapercentageofloansHFIdecreasedto0.87143,738 in Dec 2023[66] Loans and Credit Quality - Nonperforming loans HFI as a percentage of loans HFI decreased to 0.87% in Dec 2024, down from 0.96% in Sep 2024[7] - Loans held for investment increased by 2.06% to 9.60 billion in Dec 2024 from 9.41billioninDec2023[14]−LoansHFI(HeldforInvestment)averaged9.41 billion in Dec 2023[14] - Loans HFI (Held for Investment) averaged 9,522,996 thousand with an interest income of 155,897thousand,yielding6.51155,897 thousand, yielding 6.51%, slightly down from 6.70% in the previous quarter[16] - Loans HFI (Held for Investment) yield increased to 6.70% in Q2 2024, up from 6.64% in Q1 2024 and 6.59% in Q4 2023[21] - Loans HFI (Held for Investment) average balances increased to 9,384,458 in 2024 from 9,335,977in2023,withanaverageyieldof6.649,335,977 in 2023, with an average yield of 6.64% compared to 6.38% in 2023[27] - Allowance for credit losses on loans HFI at the end of the period was 151,942, representing 1.58% of loans HFI, a decrease from 1.65% in the previous quarter[41] - Total charge-offs for the quarter were 12,010,withCommercialandIndustrialcharge−offsaccountingfor12,010, with Commercial and Industrial charge-offs accounting for 10,921[41] - Total recoveries for the quarter were 673,withCommercialandIndustrialrecoveriescontributing673, with Commercial and Industrial recoveries contributing 371[41] - Total nonperforming assets increased to 121,915,representing0.93121,915, representing 0.93% of total assets, up from 0.99% in the previous quarter[41] Capital and Equity Ratios - Total common shareholders' equity to assets ratio was 11.9% in Dec 2024, slightly down from 12.1% in Sep 2024[7] - Tier 1 leverage ratio remained stable at 11.3% in Dec 2024, consistent with Sep 2024[7] - Total common shareholders' equity rose by 7.75% to 1.57 billion in Dec 2024 compared to 1.45billioninDec2023[14]−Totalcommonshareholders′equitygrewto1.45 billion in Dec 2023[14] - Total common shareholders' equity grew to 1,505,739 in 2024 from 1,374,831in2023[27]−TangibleCommonEquitytoTangibleAssetsratioimprovedto10.21,374,831 in 2023[27] - Tangible Common Equity to Tangible Assets ratio improved to 10.2%, up from 9.74% in the previous year[47] - Common Equity Tier 1 Capital ratio increased to 12.8%, up from 12.2% in the previous year[47] - Total Risk-Based Capital ratio rose to 15.2%, up from 14.5% in the previous year[47] - Tangible common equity rose to 1,319,215 in Dec 2024, compared to 1,203,524inDec2023[63]−Bookvaluepercommonsharegrewto1,203,524 in Dec 2023[63] - Book value per common share grew to 33.59 in Dec 2024 from 31.05inDec2023[63]−Tangiblebookvaluepercommonshareincreasedto31.05 in Dec 2023[63] - Tangible book value per common share increased to 28.27 in Dec 2024 from 25.69inDec2023[63]EfficiencyandExpenseRatios−Efficiencyratioimprovedto56.125.69 in Dec 2023[63] Efficiency and Expense Ratios - Efficiency ratio improved to 56.1% in Dec 2024, down from 85.1% in Sep 2024[7] - Total noninterest expense decreased by 3.99% to 73,174 in Dec 2024 compared to Sep 2024, and by 8.76% compared to Dec 2023[10] - Total noninterest expenses decreased by 8.63% to 296.9millioninDec2024from296.9 million in Dec 2024 from 324.9 million in Dec 2023[12] - Core efficiency ratio for the banking segment improved to 50.2% in Dec 2024 from 56.5% in Dec 2023[50] - Core efficiency ratio (tax equivalent basis) improved to 54.6% in Q4 2024 from 61.7% in Q4 2023[58] - Total noninterest expense decreased to 73.2millioninQ42024from73.2 million in Q4 2024 from 80.2 million in Q4 2023[58] - Banking segment core efficiency ratio (tax-equivalent basis) improved to 50.2% in Q4 2024 from 54.1% in Q3 2024[60] - Mortgage segment core efficiency ratio (tax-equivalent basis) was 98.3% in Q4 2024, compared to 95.4% in Q3 2024[61] Revenue and Income - Total revenue grew by 45.6% to 130,378inDec2024comparedtoSep2024,andby12.0130,378 in Dec 2024 compared to Sep 2024, and by 12.0% compared to Dec 2023[10] - Total revenue declined by 4.64% to 455.6 million in Dec 2024 compared to 477.8millioninDec2023[12]−Totalinterestincomeincreasedby0.40477.8 million in Dec 2023[12] - Total interest income increased by 0.40% to 186,369 in Dec 2024 compared to Sep 2024, and by 6.60% compared to Dec 2023[10] - Total interest income increased by 6.95% to 725.5millioninDec2024comparedto725.5 million in Dec 2024 compared to 678.4 million in Dec 2023[12] - Total interest-earning assets increased to 12,374,945thousandwithanaverageyieldof6.0112,374,945 thousand with an average yield of 6.01% for the three months ended December 31, 2024, compared to 11,951,730 thousand and 6.20% in the previous quarter[16] - Total interest-earning assets averaged 11.632billioninQ22024,withayieldof6.1611.632 billion in Q2 2024, with a yield of 6.16%, compared to 11.796 billion and 6.03% yield in Q1 2024[21] - Total interest-earning assets increased to 11,939,808in2024from11,939,808 in 2024 from 11,919,312 in 2023, with an average yield of 6.10% compared to 5.72% in 2023[27] - Core revenue (tax-equivalent basis) increased to 514.6millionin2024from514.6 million in 2024 from 497.2 million in 2023[58] - Banking segment total core revenue (tax-equivalent basis) for Q4 2024 was 120.889million,comparedto120.889 million, compared to 117.046 million in Q3 2024[60] - Mortgage segment total revenue for Q4 2024 was 12.274million,downfrom12.274 million, down from 13.555 million in Q3 2024[61] Noninterest Income and Expenses - Total noninterest income (loss) decreased by 233.3% to 21,997inDec2024comparedtoSep2024,butincreasedby43.421,997 in Dec 2024 compared to Sep 2024, but increased by 43.4% compared to Dec 2023[10] - Total noninterest income decreased by 44.6% to 39.1 million in Dec 2024 from 70.5millioninDec2023[12]−Corenoninterestincomeroseto70.5 million in Dec 2023[12] - Core noninterest income rose to 24.2 million in Q4 2024 from 18.7millioninQ42023[58]−Bankingsegmentnoninterestincome(loss)forQ42024was18.7 million in Q4 2023[58] - Banking segment noninterest income (loss) for Q4 2024 was 11.311 million, a significant improvement from a loss of 28.370millioninQ32024[60]−MortgagesegmentcorenoninterestincomeforQ42024was28.370 million in Q3 2024[60] - Mortgage segment core noninterest income for Q4 2024 was 10.686 million, compared to 11.863millioninQ32024[61]MortgageSegmentPerformance−Mortgagesegmentpre−taxnetcontributionimprovedto11.863 million in Q3 2024[61] Mortgage Segment Performance - Mortgage segment pre-tax net contribution improved to 262,000 in Dec 2024 from a loss of 2.03millioninDec2023[50]−Mortgageloansalesdecreasedto2.03 million in Dec 2023[50] - Mortgage loan sales decreased to 287.3 million in Dec 2024 from 327.3millioninSep2024[50]−Mortgagesalemarginwas2.71327.3 million in Sep 2024[50] - Mortgage sale margin was 2.71% in Dec 2024, down from 2.84% in Sep 2024[50] - Interest rate lock commitments volume decreased to 315.9 million in Dec 2024 from 381.2millioninSep2024[50]−Totalmortgagebankingincomewas381.2 million in Sep 2024[50] - Total mortgage banking income was 10.6 million in Dec 2024, down from 11.6millioninSep2024[50]−MortgagesegmentcorenoninterestexpenseforQ42024was11.6 million in Sep 2024[50] - Mortgage segment core noninterest expense for Q4 2024 was 12.061 million, down from 12.927millioninQ32024[60]−MortgagesegmentnetinterestincomeforQ42024was12.927 million in Q3 2024[60] - Mortgage segment net interest income for Q4 2024 was 1.588 million, a slight decrease from 1.682millioninQ32024[60]ProvisionsandCreditLosses−ProvisionforcreditlossesonloansHFIsurgedby278.21.682 million in Q3 2024[60] Provisions and Credit Losses - Provision for credit losses on loans HFI surged by 278.2% to 7,019 in Dec 2024 compared to Sep 2024, and by 123.9% compared to Dec 2023[10] - Provisions for credit losses were 7.1millioninQ42024,upfrom7.1 million in Q4 2024, up from 305 thousand in Q4 2023[56] - FDIC special assessment was 500thousandin2024,downfrom500 thousand in 2024, down from 1.8 million in 2023[56] Liquidity and Investment Securities - Total on-balance sheet liquidity reached 1,643,453millioninDec2024,comparedto1,643,453 million in Dec 2024, compared to 1,353,359 million in Dec 2023[32] - Cash and cash equivalents grew to 1,042,488million(631,042,488 million (63% of on-balance sheet liquidity) in Dec 2024, up from 810,932 million (60%) in Dec 2023[32] - Total available-for-sale debt securities increased to 1,538,008millioninDec2024,upfrom1,538,008 million in Dec 2024, up from 1,471,973 million in Dec 2023, with U.S. government agency securities rising to 563,007million(36563,007 million (36% of total) from 203,956 million (14%)[32] - Residential mortgage-backed securities decreased to 810,999million(53810,999 million (53% of total) in Dec 2024 from 896,971 million (62%) in Dec 2023[32] - Investment securities totaled 1,691,581thousandwithanaverageyieldof3.871,691,581 thousand with an average yield of 3.87%, up from 1,668,665 thousand and 3.68% in the prior quarter[16] - Investment securities averaged 1.657billioninQ22024,withayieldof3.291.657 billion in Q2 2024, with a yield of 3.29%, compared to 1.641 billion and 2.71% yield in Q1 2024[21] - Investment securities average balances increased to 1,664,649in2024from1,664,649 in 2024 from 1,661,398 in 2023, with an average yield of 3.39% compared to 2.22% in 2023[27] - Average net unrealized losses on investment securities available for sale decreased to 119,243thousandfrom119,243 thousand from 153,838 thousand in the prior quarter[17] Commercial and Industrial Loans - Commercial and industrial loans remained stable at 1,691,213million(181,691,213 million (18% of total loans) in Dec 2024, slightly down from 1,720,733 million (18%) in Dec 2023[36] - Unfunded loan commitments for commercial and industrial loans increased to 1,371,413million(501,371,413 million (50% of total unfunded loans) in Dec 2024 from 1,262,234 million (44%) in Dec 2023[36] - Total unfunded loan commitments decreased to 2,770,105millioninDec2024from2,770,105 million in Dec 2024 from 2,894,687 million in Dec 2023[36] Metropolitan Market Performance - Metropolitan market loans accounted for 82% of total loans in Dec 2024 at 7,934,549million,upfrom7,934,549 million, up from 7,830,739 million (83%) in Dec 2023[36] - Metropolitan deposits accounted for 73% of total deposits, totaling 8,136,849,anincreasefrom718,136,849, an increase from 71% in the previous quarter[43] Consumer Deposits and Uninsured Deposits - Consumer deposits represented 43% of total deposits, totaling 4,853,609, consistent with the previous quarter[43] - Estimated uninsured and uncollateralized deposits decreased to 25.5% of total deposits, down from 30.3% in the previous quarter[43] Return on Equity and Assets - Return on average assets improved to 1.14% in Dec 2024, compared to 0.32% in Sep 2024[7] - Return on average tangible common equity was 11.5% in Dec 2024, up from 10.3% in Dec 2023[66] - Adjusted return on average tangible common equity for the year ended Dec 2024 was 12.9%, slightly up from 12.8% in Dec 2023[66] Adjusted Financial Metrics - Adjusted pre-tax pre-provision net revenue for Q4 2024 was 59.8million,comparedto59.8 million, compared to 53.8 million in Q3 2024 and 45.4millioninQ42023[56]−Adjustedpre−taxpre−provisionnetincomefortheyearendedDec2024was45.4 million in Q4 2023[56] - Adjusted pre-tax pre-provision net income for the year ended Dec 2024 was 217,140, compared to 180,952inDec2023[66]BankingSegmentPerformance−Bankingsegmentnetinterestincomeincreasedto180,952 in Dec 2023[66] Banking Segment Performance - Banking segment net interest income increased to 106.8 million in Dec 2024, up from 99.8millioninDec2023[50]−Totalassetsinthebankingsegmentgrewto99.8 million in Dec 2023[50] - Total assets in the banking segment grew to 12.55 billion in Dec 2024, compared to 12.05billioninDec2023[50]−BankingsegmentcorenoninterestexpenseforQ42024was12.05 billion in Dec 2023[50] - Banking segment core noninterest expense for Q4 2024 was 60.65 million, a decrease from 63.285millioninQ32024[60]−Bankingsegmenttotalcorerevenue(tax−equivalentbasis)forQ42024was63.285 million in Q3 2024[60] - Banking segment total core revenue (tax-equivalent basis) for Q4 2024 was 120.889 million, compared to 117.046millioninQ32024[60]EarningsPerShare−Basicearningspercommonshareincreasedby268.2117.046 million in Q3 2024[60] Earnings Per Share - Basic earnings per common share increased by 268.2% to 0.81 in Dec 2024 compared to Sep 2024, and by 28.6% compared to Dec 2023[10] - Fully diluted earnings per common share - adjusted decreased by 1.16% to 0.85inDec2024comparedtoSep2024,butincreasedby10.40.85 in Dec 2024 compared to Sep 2024, but increased by 10.4% compared to Dec 2023[10] - Adjusted diluted earnings per common share increased to 0.85 in Dec 2024 from $0.77 in Dec 2023[54]