FB Financial Corp. reported first-quarter 2026 net income of $57.5 million, or $1.10 per diluted share, up from $57.0 million, or $1.07, in the fourth quarter of 2025 and from $39.4 million, or $0.84, a year earlier.
Adjusted net income was $58.3 million, or $1.12 per diluted share, versus $61.5 million, or $1.16, in the prior quarter and $40.1 million, or $0.85, in the first quarter of 2025.
Loans held for investment rose to $12.50 billion at March 31 from $12.38 billion at Dec. 31 and $9.77 billion a year earlier. Deposit balances increased to $14.08 billion from $13.91 billion in the previous quarter and $11.20 billion in the year-ago quarter.
Net interest margin slipped to 3.94% from 3.98% in the fourth quarter, but was well above 3.55% in the first quarter of 2025. Net interest income on a tax-equivalent basis was $146.8 million, down from $150.6 million in the prior quarter.
Total revenue fell to $172.3 million from $178.6 million in the fourth quarter, while noninterest expense dropped to $95.2 million from $107.5 million. The efficiency ratio improved to 55.2% from 60.2% in the prior quarter and 60.9% a year ago.
Pre-tax, pre-provision net revenue increased to $77.2 million from $71.1 million in the fourth quarter and $51.1 million in the first quarter of 2025.
Provision expense was $3.8 million, and the company recorded net charge-offs of $3.5 million, equal to 0.11% of average loans held for investment, up from 0.05% in the prior quarter and down from 0.14% a year earlier.
The allowance for credit losses on loans held for investment was $186.3 million, or 1.49% of loans, compared with $186.0 million, or 1.50%, at the end of the prior quarter.
Nonperforming loans were 0.96% of total loans, slightly below 0.97% in the fourth quarter and above 0.79% a year earlier. Nonperforming assets were 0.98% of total assets, compared with 0.97% in the previous quarter and 0.84% a year earlier.
Book value per common share increased to $38.39 from $37.64 in the prior quarter and $34.44 a year earlier. Tangible book value per common share rose to $31.00 from $30.27 and $29.12.
The company repurchased 426,983 shares during the quarter. Total common shareholders’ equity climbed to $2.0 billion from $1.95 billion at year-end and $1.60 billion a year earlier. As a result of these announcements, the company's shares have moved 0.15% on the market, and are now trading at a price of $51.97. Check out the company's full 8-K submission here.
