FB Financial (FBK) - 2025 Q1 - Quarterly Report

Financial Performance - Net income applicable to FB Financial Corporation for Q1 2025 was $39,361, up 40.6$27,950 in Q1 2024[14]. - Earnings per common share for Q1 2025 were $0.84, an increase from$0.60 in Q1 2024, reflecting a growth of 40%[14]. - Comprehensive income applicable to FB Financial Corporation for Q1 2025 was $49,092, compared to$30,191 in Q1 2024, an increase of 62.7%[15]. - The company reported a net cash used in operating activities of $16,458,000 for Q1 2025, a significant decrease from the net cash provided of$36,268,000 in Q1 2024[19]. - For the three months ended March 31, 2025, the consolidated net income applicable to FB Financial Corporation was $39,361,000, an increase from$27,950,000 for the same period in 2024, representing a growth of 41.0%[128]. Income and Expenses - Net interest income for the three months ended March 31, 2025, was $107,641, compared to$99,490 for the same period in 2024, representing an increase of 8.3%[14]. - Total noninterest expenses for Q1 2025 were $79,549, up from$72,420 in Q1 2024, reflecting an increase of 9.4%[14]. - The provision for credit losses on loans held for investment was $1,906 for Q1 2025, compared to$1,852 in Q1 2024, indicating a slight increase[14]. - Provisions for credit losses increased to $2,292,000 in Q1 2025 from$782,000 in Q1 2024, marking a significant rise of 193.6%[126][128]. Assets and Liabilities - Total assets as of March 31, 2025, were $13,136,449, a slight decrease from$13,157,482 on December 31, 2024[13]. - Total deposits as of March 31, 2025, were $11,201,998, slightly down from$11,210,434 at the end of 2024[13]. - Total shareholders' equity as of March 31, 2025, was $1,602,055,000, up from$1,479,619,000 as of March 31, 2024, reflecting a growth of approximately 8.3%[19]. - Cash and cash equivalents at the end of Q1 2025 were $794,706,000, a decrease of 8.7$870,730,000 at the end of Q1 2024[20]. Loans and Credit Quality - The net loans outstanding as of March 31, 2025, were $9,621,005, up from$9,450,442 as of December 31, 2024, indicating an increase of about 1.8%[46]. - The allowance for credit losses on loans held for investment (HFI) was $150,531 as of March 31, 2025, slightly down from$151,942 as of December 31, 2024[46]. - The total amount of classified commercial loans decreased to $152 million in 2025 from$104 million in 2024, showing a reduction in risk[52]. - The total amount of pass loans across all categories was $808,326 million in 2024, up from$441,686 million in 2023, reflecting overall loan growth[53]. Investments and Securities - The total amortized cost of AFS debt securities as of March 31, 2025, was $1,708,893, with a fair value of$1,580,720, indicating unrealized losses of $128,763[37]. - The company held 277 individual AFS debt securities as of March 31, 2025, with 251 in an unrealized loss position[40]. - The total fair value of available-for-sale (AFS) debt securities was$1,580,720 as of March 31, 2025, with no Level 1 assets and $1,580,720 classified as Level 2[111]. Capital and Stock Compensation - The Company maintained a Total Capital ratio of 15.2$49.34[136]. - The Company recorded a compensation cost of $1,925 thousand for PSUs for the three months ended March 31, 2025, compared to$114 thousand for the same period in 2024[142]. Regulatory and Compliance - The company adopted ASU 2023-07 for segment reporting effective December 31, 2024, with no material impact on consolidated financial statements[31]. - The company is evaluating the impact of ASU 2023-09 on income tax disclosures, effective for annual periods beginning after December 15, 2024[33]. - The income tax expense for Q1 2025 was reported at $9,471,000, which is an increase from$6,300,000 in Q1 2024, representing a rise of approximately 50.1%[83].