FB Financial Q3 2024 Results – EPS $0.22, Adjusted EPS $0.86

By Tamara Parker • Tuesday, October 15 15:20 • Permanent Link

FB Financial Corporation (NYSE: FBK) has reported its financial results for the third quarter of 2024, showing a diluted EPS of $0.22 and adjusted diluted EPS of $0.86. Net income for the quarter was $10.2 million, with adjusted net income at $40.1 million. Comparing to the previous quarter, diluted EPS decreased from $0.85, while adjusted diluted EPS increased from $0.84. In the third quarter of 2023, diluted EPS was $0.41 and adjusted diluted EPS was $0.71.

The company's loans held for investment (HFI) increased to $9.48 billion from $9.31 billion in the previous quarter, representing a 7.20% annualized increase. Deposits also grew to $10.98 billion from $10.47 billion in the previous quarter, with net interest margin at 3.55% for the third quarter of 2024, a slight decrease from 3.57% in the prior quarter.

The book value per common share stood at $33.48, with a tangible book value per common share of $28.15, representing a 19.7% annualized increase from the previous quarter.

The company reported a net interest income of $106.0 million for the third quarter, with a net interest margin of 3.55%. Noninterest income was reported at $-16.5 million for the quarter, a decline from $25.6 million in the previous quarter. Noninterest expenses increased to $76.2 million from $75.1 million in the previous quarter.

In terms of credit quality, the company recorded provision expenses of $1.9 million related to loans HFI and $58 thousand related to unfunded loan commitments. The allowance for credit losses on loans HFI was $156.3 million, representing 1.65% of loans HFI.

The company's capital position strengthened, with a total risk-based capital ratio of 15.1%, common equity tier 1 ratio of 12.7%, and tangible common equity to tangible assets ratio of 10.4%.

Commenting on the results, President and Chief Executive Officer Christopher T. Holmes stated, "the company continues enhancing an already strong balance sheet to provide security and the platform for further growth. Our loan and deposit growth was encouraging during the quarter, and we are optimistic about 2025 with some momentum and expected future interest rate decreases."

As a result of these announcements, the company's shares have moved 0.8% on the market, and are now trading at a price of $48.09. For the full picture, make sure to review FB Financial's 8-K report.

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