FB Financial Corp (NYSE:FBK)
$ 48.78 0.92 (1.92%) Market Cap: 2.28 Bil Enterprise Value: 1.66 Bil PE Ratio: 21.30 PB Ratio: 1.46 GF Score: 68/100
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Q3 2024 FB Financial Corp Earnings Call Transcript

Oct 15, 2024 / 03:00PM GMT
Release Date Price: $47.91 (+0.38%)

Key Points

Positve
  • FB Financial Corp (FBK) reported adjusted earnings per share of $0.86, up 21% year over year.
  • The company achieved a compound annual growth rate of 12.9% in tangible book value per share since its IPO.
  • FB Financial Corp (FBK) maintained strong capital ratios, including a CET1 ratio of 12.7% and a total risk-based capital ratio of 15.1%.
  • The company experienced 7.2% annualized loan growth and 5.4% annualized non-broker deposit growth in the quarter.
  • FB Financial Corp (FBK) expanded its team by adding 20 senior revenue producers in 2024, enhancing its growth potential.
Negative
  • Net interest margin decreased slightly to 3.55%, indicating pressure on profitability.
  • Non-performing loans to loans held for investment increased to 0.96%, driven by two commercial credits and softness in consumer loans.
  • The company reported a $40 million pre-tax loss on securities trade, impacting non-interest income.
  • Cost of interest-bearing deposits increased, with non-brokered interest-bearing deposits rising to 3.53%.
  • FB Financial Corp (FBK) anticipates challenges in deposit growth, particularly on the custom deposit side.
Operator

Good morning and welcome to the FB Financial Corporation's third quarter 2024 earnings conference call. Hosting the call today from FB Financial are Chris Holmes, President and Chief Executive Officer; and Michael Mettee, Chief Financial Officer. Also joining the call for the question and answer session is Travis Edmondson, Chief Banking Officer.

Please note FB Financial's earnings release supplemental financial information. And this morning's presentation are available on the investor relations page of the company's website at www.firstbankonline.com and on the Securities and Exchange commission's website at www.sec.gov.

Today's call is being recorded and will be available for replay on FB Financial's website. Approximately an hour after the conclusion of this call. (Operator Instructions)

During this presentation, FB Financial may make comments which constitute forward-looking statements under the federal securities laws. Forward-looking

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