FB Financial Corporation ( (FBK) ) has released its Q4 earnings. Here is a breakdown of the information FB Financial Corporation presented to its investors.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
FB Financial Corporation, headquartered in Nashville, Tennessee, operates as a financial holding company managing the banking operations through its subsidiary, FirstBank, with a presence across Tennessee, Kentucky, Alabama, and North Georgia.
FB Financial Corporation recently announced its financial results for the fourth quarter of 2024, highlighting an increase in both net income and adjusted net income compared to the previous quarter and the same period last year. The company’s net income for the quarter was reported at $37.9 million, translating to $0.81 per diluted share. Its adjusted net income was slightly higher at $39.8 million, or $0.85 per diluted share.
Key financial metrics reveal a steady growth in the company’s loans held for investment, which amounted to $9.60 billion at the end of the quarter, marking a 5.22% increase from the previous quarter. Deposits also witnessed an 8.49% annualized growth, reaching $11.21 billion. Despite a slight dip in net interest margin from the previous quarter, the company maintained a healthy margin of 3.50%. Furthermore, noninterest income improved significantly, contributing to a total revenue increase to $130.4 million from $89.5 million in the previous quarter.
Despite the positive financial results, FB Financial reported a rise in net charge-offs, attributed mainly to a single charge-off event. However, the company has strategically maintained an allowance for credit losses, ensuring preparedness for diverse economic conditions. The efficiency ratio improved significantly, indicating better cost management.
Looking ahead, FB Financial Corporation is optimistic about 2025, with its strong financial footing and continued focus on core banking relationships. The company’s management remains positive about the economic environment and is well-prepared for both opportunities and challenges in the upcoming year.