FB Financial (FBK) - 2025 Q1 - Quarterly Results

Financial Performance - Total interest income for Q1 2025 was $179,706,000, a decrease from$ 186,369,000 in Q4 2024, representing a decline of 0.4%[6] - Net interest income for Q1 2025 was $107,641,000, slightly down from$ 108,381,000 in Q4 2024, indicating a decrease of 0.7%[6] - The adjusted net income for Q1 2025 was $40,108,000, compared to$ 39,835,000 in Q4 2024, reflecting an increase of 0.7%[6] - The diluted net income per share for Q1 2025 was $0.84, up from$ 0.81 in Q4 2024, marking a growth of 3.7%[6] - Net income applicable to FB Financial Corporation increased by 3.9% to $39,361 thousand compared to the previous quarter, and rose by 40.8% year-over-year[9] - Basic earnings per share increased by 3.70% to$ 0.84 compared to the previous quarter, and rose by 40.0% year-over-year[9] - Total revenue for the quarter was $130,673 thousand, a slight increase of 0.23% from the previous quarter and a 21.6% increase year-over-year[9] - Total noninterest expenses rose by 8.71% to$ 79,549 thousand compared to the previous quarter, and increased by 9.84% year-over-year[9] - Adjusted net income for Mar 2025 was $40,108 thousand, compared to$ 39,835 thousand in Dec 2024[45] - Net income for the three months ended March 2025 was $39,361 million, an increase from$ 37,886 million in December 2024[55] Asset and Liability Management - Total assets as of March 2025 were $13,136,449,000, a slight decrease from$ 13,157,482,000 in December 2024[6] - Total deposits for Q1 2025 were $11,201,998,000, remaining relatively stable compared to$ 11,210,434,000 in the previous quarter[6] - Total assets decreased by 0.65% to $13,136,449 million compared to the previous quarter, with a year-over-year increase of 4.69%[11] - Total liabilities decreased by 1.94% to$ 11,534,394 million, with a year-over-year increase of 4.21%[11] - Total common shareholders' equity increased by 8.91% to $1,601,962 million, with a year-over-year growth of 8.28%[11] - Total liabilities decreased slightly to$ 11,622,918 thousand from $11,629,599 thousand, while total equity increased to$ 1,584,051 thousand from $1,564,596 thousand[13] - Total common shareholders' equity to total assets ratio improved to 12.2% in March 2025 from 11.9% in December 2024[37] Credit Quality and Loss Provisions - The allowance for credit losses on loans held for investment (HFI) was 1.54% of loans HFI as of March 2025, down from 1.58% in December 2024[6] - Provision for credit losses on loans held for investment decreased significantly by 72.8% to$ 1,906 thousand compared to the previous quarter[9] - Total nonperforming loans HFI amounted to $77,160 thousand as of March 2025, down from$ 83,705 thousand in December 2024, indicating a decline of 7.4%[32] - Total nonperforming assets decreased to $110,429 thousand in March 2025, compared to$ 121,915 thousand in December 2024, representing a reduction of 9.5%[32] - The annualized net charge-offs as a percentage of average loans HFI improved to 0.14% in March 2025 from 0.47% in December 2024[32] Efficiency and Operational Metrics - The efficiency ratio for Q1 2025 was 60.9%, up from 56.1% in Q4 2024, indicating a decline in operational efficiency[6] - The efficiency ratio for the banking segment was 57.5% in Mar 2025, up from 51.7% in Dec 2024[41] - Core efficiency ratio (tax-equivalent basis) improved to 59.9% in March 2025 from 54.6% in December 2024[49] Income Sources and Growth - Noninterest income increased by 4.71% to $23,032 thousand compared to the previous quarter, and significantly increased by 189.3% year-over-year[9] - Mortgage banking income increased by 17.4% to$ 12,426 thousand compared to the previous quarter[9] - Mortgage segment total revenue increased to $14,254 million in March 2025, compared to$ 12,274 million in December 2024[51] Capital and Equity - Common Equity Tier 1 Capital remained stable at $1,466,448 thousand in March 2025, unchanged from$ 1,450,722 thousand in December 2024[37] - Tangible common equity rose to $1,354,295 million as of March 2025, up from$ 1,319,215 million in December 2024[53] - Book value per common share increased to $34.44 in March 2025, compared to$ 33.59 in December 2024[53] Liquidity and Funding - Cash and cash equivalents dropped by 96.4% to $794,706 million, while year-over-year it decreased by 8.73%[11] - On-balance sheet liquidity as a percentage of total assets was 11.4% in March 2025, down from 12.5% in December 2024[24] - Unsecured borrowing capacity was$ 3,369,107 million, representing 48% of total available sources of liquidity[24]