FB Financial Corporation (NYSE:FBK) reported third-quarter adjusted earnings on Tuesday that surpassed Wall Street estimates, fueled by robust margin growth and the successful integration of Southern States Bancshares.
Shares of the parent company of FirstBank climbed 3% in premarket trading following the announcement.
The Tennessee-based lender posted adjusted earnings of $1.07 per share, ahead of the expected $0.96. Revenue came in at $173.88 million, beating the consensus estimate of $168.03 million. Net interest margin rose to 3.95%, up from 3.68% in the previous quarter and 3.55% a year earlier.
Total loans held for investment increased to $12.30 billion, up 29.7% year over year, while total deposits reached $13.81 billion, marking a 25.8% annual increase. Much of this growth stemmed from the completion of the Southern States merger on July 1.
“The Company has aggressive goals in both growth and profitability, and when we assess the year-to-date, I’m proud to say we’ve delivered,” said Christopher T. Holmes, President and Chief Executive Officer. “We’ve taken deliberate steps to align and optimize both sides of the balance sheet, establishing a strong foundation for future growth and driving a healthy margin.”
Credit quality remained solid, with net charge-offs representing only 0.05% of average loans. The core efficiency ratio improved to 53.3%, down from 56.9% in the prior quarter and 58.4% in the same period of 2024.
Adjusted pre-tax, pre-provision net revenue reached $81.0 million, an increase of 38.1% quarter over quarter and 50.6% year over year. Tangible book value per share was $29.83 at the end of the quarter.
FB Financial Corporation stock price
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