FB Bancorp (FBLA) Q4 2024 earnings summary

Executive summary

• Reported net loss of $6.2 million for 2024 versus net income of $1.1 million in 2023, driven by a $5.8 million goodwill impairment in Q4 related to NOLA Lending Group.

• Q4 2024 net loss was $5.4 million, compared to $1.2 million loss in Q4 2023; excluding impairment, Q4 net income would have been $425 thousand.

• Completed mutual-to-stock conversion in October 2024, raising $198.4 million in gross proceeds and doubling equity to $326.3 million.

Financial highlights

• Net interest income rose 5.2% year-over-year to $46.5 million, with Q4 up 19.9% to $13.2 million.

• Total non-interest income fell 19.7% to $20.0 million for 2024, mainly due to lower gains on mortgage servicing rights and reduced mortgage servicing revenue.

• Total non-interest expenses were $71.3 million for 2024 (including impairment); excluding impairment, expenses decreased 2.2% to $65.5 million.

• Loans held for investment increased 13.7% to $756.9 million, with notable growth in commercial and residential construction loans.

• Total assets grew to $1.22 billion, up from $1.12 billion at year-end 2023, primarily from stock issuance proceeds.

Outlook and guidance

• Management is focused on reducing overhead and cost of delivery, especially in the mortgage segment, in response to low mortgage volume.

• Forward-looking statements highlight risks from economic conditions, interest rates, real estate values, and regulatory changes.