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FB Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that total assets increased to $1.41 billion, a rise of 25.1% compared to December 31, 2023. This growth was primarily due to an increase in total cash and cash equivalents, influenced by non-interest deposits from tentative stock conversion proceeds.
Loans held for investment, net, rose by $65.0 million, or 9.9%, to $724.5 million. This increase was driven by growth in one- to four-family residential mortgage loans, residential construction loans, commercial real estate loans, and home equity loans.
Deposits increased by $236.7 million, or 30.8%, to $1.01 billion. Core deposits, excluding certificates of deposit, rose significantly due to $254 million in tentative proceeds from the Bank's stock conversion.
Net interest income increased by $97,000, or 0.3%, to $33.2 million for the nine months ended September 30, 2024. This was due to a 22.2% increase in interest income, offset by a 140.0% increase in interest expense.
Non-interest income decreased by $3.2 million, or 15.4%, to $17.3 million, reflecting a decline in gain on sale of mortgage servicing rights and mortgage servicing revenue.
Non-interest expense increased by $211,000, or 0.4%, to $50.9 million. This was primarily due to increased expenses in hedging activities and data processing, partially offset by a decrease in amortization of mortgage servicing rights.
The company reported a net loss of $853,000 for the nine months ended September 30, 2024, compared to a net income of $2.3 million in the previous year. This change was largely due to reduced gains from mortgage servicing rights sales and increased interest expenses.
FB Bancorp's Tier 1 leverage capital was $165.5 million, or 13.8% of adjusted assets, categorizing it as well-capitalized as of September 30, 2024.
The filing also notes that FB Bancorp completed its initial public offering on October 22, 2024, raising approximately $198.4 million from the sale of 19,837,500 shares of common stock.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FB Bancorp Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.