FB Bancorp (FBLA) Registration Filing summary

Company overview and business model

• Operates as a community-oriented financial institution with 18 branches in southern Louisiana, focusing on residential and commercial lending, deposit gathering, and mortgage banking through its NOLA division.

• Main revenue sources are interest income from loans and investments, with non-interest income from mortgage banking and service fees.

• Recent strategy emphasizes prudent growth in commercial real estate and commercial loans, maintaining strong asset quality, expanding digital banking, and organic growth with potential for acquisitions.

Financial performance and metrics

• As of March 31, 2024: total assets $1.12B, deposits $772.7M, equity $153.4M.

• Net loss of $807K for Q1 2024, compared to net income of $229K in Q1 2023; net income of $1.1M for 2023, $2.1M for 2022.

• Net interest margin was 4.37% for Q1 2024, down from 5.12% in Q1 2023; efficiency ratio increased to 105.08% in Q1 2024.

• Non-performing loans rose to $9.0M (1.25% of total loans) at March 31, 2024; allowance for credit losses at 0.84% of total loans.

• Capital ratios remain strong: Tier 1 leverage 14.69%, total risk-based capital 21.35% at March 31, 2024.

Use of proceeds and capital allocation

• IPO proceeds (net $124.6M–$169.2M, up to $194.8M if upsized) will be split: at least 50% contributed to Fidelity Bank, remainder retained by holding company.

• Bank will use funds to pay off $120M Federal Reserve Bank Term Funding, fund new loans, invest in securities, expand digital and branch footprint, and for general corporate purposes.

• Holding company may use retained funds for share repurchases, dividends, investments, and ESOP loan funding.