FB Bancorp (FBLA) Registration Filing summary

Company overview and business model

• Newly formed Maryland holding company for a Louisiana-based community bank converting from mutual to stock form, with 18 branches and a focus on residential and commercial lending.

• Primary markets are southern Louisiana, the Florida panhandle, and Mississippi, with a strong presence in New Orleans and Baton Rouge.

• Business strategy emphasizes prudent loan growth, diversification into commercial real estate, digital banking expansion, and maintaining strong asset quality.

• NOLA Lending Group division originates residential mortgages, primarily for resale, and supports non-interest income.

Financial performance and metrics

• As of June 30, 2024: total assets $1.17B, total deposits $770.6M, total equity $155.7M.

• Net income for the six months ended June 30, 2024 was $42,000, up from a net loss of $109,000 for the same period in 2023.

• Net interest margin for the six months ended June 30, 2024 was 4.33%, down from 4.96% in 2023; efficiency ratio improved to 98.3%.

• Allowance for credit losses at June 30, 2024 was 0.80% of total loans; non-performing loans increased to 1.35% of total loans.

• Commercial real estate and commercial loan portfolios have grown, but with increased non-performing assets and higher credit loss provisions.

Use of proceeds and capital allocation

• Net proceeds from the offering (estimated $124.6M–$169.2M, up to $194.8M if upsized) will be split: at least 50% contributed to the bank, remainder retained by the holding company.

• Proceeds to the bank will be used to pay off $120M in Federal Reserve Bank Term Funding, fund new loans, invest in securities, and support digital banking and potential expansion.

• Retained proceeds may be used for share repurchases, dividends, investments, and general corporate purposes.

• An employee stock ownership plan will purchase up to 8% of shares; a stock-based benefit plan may be implemented post-offering.