FB Financial Reports Strong Q4 2024 Results

By Tamara Parker • Tuesday, January 21 10:21 • Permanent Link

FB Financial Corporation, the parent company of FirstBank, has reported its financial results for the fourth quarter of 2024, showcasing notable changes in key metrics. Here are the specific figures:

The company reported net income of $37.9 million, or $0.81 per diluted common share, for the fourth quarter of 2024, compared to $0.22 in the previous quarter and $0.63 in the fourth quarter of 2023.
Adjusted net income was $39.8 million, or $0.85 per diluted common share, compared to $0.86 in the previous quarter and $0.77 in the fourth quarter of 2023.
Loans held for investment (HFI) stood at $9.60 billion at the end of the fourth quarter of 2024, marking a 5.22% annualized increase from the previous quarter and a 2.06% increase from the fourth quarter of 2023.
Deposits were $11.21 billion as of December 31, 2024, reflecting an 8.49% annualized increase from the previous quarter and a 6.28% increase from December 31, 2023.
Net interest margin (NIM) was 3.50% for the fourth quarter of 2024, slightly lower than the 3.55% in the prior quarter and higher than the 3.46% in the fourth quarter of 2023.
The company's book value per common share was $33.59, and tangible book value per common share was $28.27.
Non-GAAP financial measures include a preliminary total risk-based capital ratio of 15.2%, preliminary common equity tier 1 ratio of 12.8%, and a tangible common equity to tangible assets ratio of 10.2%.
Core deposit growth was 10.8% annualized, and loan growth was 5.22% annualized for the quarter.
Core noninterest expense during the fourth quarter of 2024 was $72.7 million, compared to $76.2 million for the prior quarter and $74.4 million for the fourth quarter of 2023.
The company recorded provision expenses of $7.0 million related to loans HFI and $65 thousand related to unfunded loan commitments in the fourth quarter.
The company's nonperforming loans HFI as a percentage of total loans HFI decreased to 0.87% as of the end of the fourth quarter of 2024, compared to 0.96% at the previous quarter-end and 0.65% at the end of the fourth quarter of 2023.
Holmes, the CEO, expressed optimism for a strong economic environment in the company's markets in 2025.

These figures provide a comprehensive view of the company's performance, demonstrating significant changes in various financial metrics compared to the previous periods. The market has reacted to these announcements by moving the company's shares 2.7% to a price of $53.83. For the full picture, make sure to review FB Financial's 8-K report.

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