FB Financial (FBK) Q4 2024 earnings summary

Executive summary

• Q4 2024 net income was $37.9M ($0.81 per share), adjusted net income $39.8M ($0.85 per share); full-year net income $116M, adjusted $159.3M, with adjusted EPS up 13% year-over-year.

• Tangible book value per share at year-end 2024 was $28.27, up from $25.69 in 2023, with a CAGR since IPO of 12.9%.

• Loans held for investment grew 5.22% annualized from Q3; deposits grew 8.49% annualized, with total assets up $553M (4.4%) year-over-year.

• Core banking segment efficiency ratio improved to 50.2% from 54.1% in the prior quarter.

• Management remains focused on organic growth, balance sheet optimization, and disciplined capital deployment.

Financial highlights

• Q4 net interest income: $108.4M; non-interest income: $22M ($24.2M adjusted); non-interest expense: $73.2M; provision expense: $7.1M.

• Q4 net income: $37.9M ($39.8M adjusted); full-year net income: $116M ($159.3M adjusted).

• Net interest margin for Q4: 3.50%, down slightly from Q3.

• Allowance for credit losses at year-end: $152M, or 1.58% of loans held for investment.

• Nonperforming loans to loans HFI improved to 0.65% at Q4 2024.

Outlook and guidance

• Targeting high single-digit to low double-digit loan growth in 2025, with continued focus on operating leverage and efficiency.

• Net interest margin expected between 3.54% and 3.61% in Q1 2025.

• Banking non-interest expense for Q1 2025 anticipated at $64M–$66M; full-year banking expense growth expected at 4–5%.

• Management optimistic for a strong economic environment in core markets in 2025.