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FB Bancorp Inc. (FBLA-3.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net loss of $6.2 million for the year, a decrease from the net income of $1.1 million reported in the previous year. This decline was primarily due to a goodwill impairment of $5.8 million and a decrease in gains from the sale of mortgage servicing rights.
Total assets increased to $1.22 billion from $1.12 billion, driven by growth in loans and cash equivalents, despite a decrease in available-for-sale investment securities.
Interest income rose by $11.6 million to $65.9 million, reflecting higher loan volumes and yields. However, interest expenses also increased significantly by $9.3 million to $19.4 million, due to higher deposit and borrowing costs.
The company's loan portfolio saw an increase, with loans held for investment rising to $750.7 million from $659.5 million. This growth was largely in commercial real estate and commercial loans.
Deposits grew by $31.5 million to $800.7 million, with a notable increase in certificates of deposit, while core deposits saw a slight decline.
FB Bancorp's total equity increased significantly to $326.3 million, primarily due to the proceeds from the stock offering.
The allowance for credit losses was $6.2 million, reflecting an increased provision for credit losses due to loan growth. Non-performing loans rose to $13.0 million from $7.7 million.
The company continues to focus on expanding its loan portfolio, particularly in commercial real estate and commercial loans, while maintaining strong asset quality.
FB Bancorp's market area remains concentrated in Southern Louisiana, with a significant portion of its loan portfolio tied to the local economy.
The filing also outlines the company's strategy to enhance its digital banking capabilities and expand its presence in the Baton Rouge and Lafayette markets.
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. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.