FFB Bancorp (FFBB) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $8.10 million ($2.55 per diluted share), up 4% year-over-year, but down from $9.72 million in Q4 2024.

• Operating revenue rose 21% year-over-year to $28.48 million, with net interest income up 17% to $18.90 million.

• Loan portfolio grew 18% year-over-year to $1.09 billion; deposits increased 10% to $1.32 billion.

• Book value per share increased 27% year-over-year to $55.52; shareholder equity up 26% to $174.71 million.

• Two new directors joined the board, and a founding member passed away.

Financial highlights

• Pre-tax, pre-provision income increased 10% year-over-year to $12.01 million.

• Net interest margin expanded 20 bps to 5.35% year-over-year and 11 bps sequentially.

• Merchant services revenue rose 30% year-over-year to $7.86 million, driven by higher volumes.

• Non-interest income increased to $9.58 million, up from $7.47 million a year ago.

• Non-interest expense increased 30% year-over-year, mainly due to higher salaries and benefits.

Outlook and guidance

• Management expects to replace ISO partner revenue being exited in Q2 2025 with growth from FFB Payments and remaining partners.

• Anticipates continued investment in people and technology to support scaling and compliance.

• Expects to address consent order requirements in collaboration with regulators.