FB Financial (FBK) Q4 2025 earnings summary

Executive summary

• Reported Q4 2025 net income of $57.0M ($61.5M adjusted), EPS of $1.07 ($1.16 adjusted), and full-year EPS of $2.45 ($3.99 adjusted); full-year revenue reached $560.0M, up 23% year-over-year.

• Tangible book value per share increased to $30.27 at year-end, with tangible book value CAGR of 11.6% since IPO.

• Southern States Bank acquisition contributed to 29% loan and 24-25% deposit growth year-over-year, driving balance sheet expansion.

• Management highlighted strong earnings, balance sheet growth, and a significant share repurchase in Q4 2025.

• Focus for 2026 is on customer experience, organic growth, and talent acquisition, with optimism for continued strong performance.

Financial highlights

• Q4 2025 net interest income was $150.6M; net interest margin (NIM) rose to 3.98% in Q4, with full-year NIM stable at 3.81%.

• Q4 pre-tax pre-provision net revenue was $71.1M ($77.1M adjusted); Q4 net income was $57M ($61.5M adjusted); full-year net income $122.6M ($200M adjusted).

• Return on average assets: 1.4% (1.51% adjusted) in Q4; return on average tangible common equity: 14.4% (15.9% adjusted).

• Efficiency ratio improved to 60.2% (56.3% adjusted) in Q4; full-year adjusted efficiency ratio was 56.4%.

• Loans HFI ended at $12.4B, deposits at $13.9B as of Q4 2025.

Outlook and guidance

• 2026 net interest margin (excluding loan accretion) expected between 3.78%-3.83%; loan accretion to add ~15 bps.

• Fee income projected to grow in upper single digits; banking expense guidance $325M-$335M, efficiency ratio in low 50s, targeting 50% by year-end.

• Mid to high single-digit loan and core deposit growth expected for 2026.

• Management expects continued focus on core deposit growth, disciplined cost management, and stable reserve coverage.

• Management expressed confidence entering 2026, citing momentum, flexibility, and a foundation for sustainable growth.