NEW YORK – FB Financial Corporation (NYSE: FBK) reported Q3 earnings that exceeded analyst expectations, although revenue was lower than forecasted. The stock saw little change after this announcement.
The company’s adjusted earnings per share (EPS) were $0.86, beating the estimate of $0.80, but revenue reached only $89.52 million compared to the $128.45 million expected.
Net interest income rose to $106.0 million from $102.6 million in Q2, with a slight decline in net interest margin to 3.55% from 3.57%.
CEO Christopher T. Holmes noted, “We achieved solid growth in deposits and loans, with annualized core deposit growth of 5.36% and loan growth of 7.20%.”
Total deposits increased to $10.98 billion by the end of Q3, up from $10.47 billion in Q2, and the loan portfolio grew to $9.48 billion from $9.31 billion.
FB Financial’s core efficiency ratio remained steady at 58.4% for Q3, slightly up from 58.3% in Q2. The allowance for credit losses on loans was 1.65% of total loans.
Holmes added, “We are finishing the year strong, focused on long-term growth and serving our customers and communities.”
This article was created with AI assistance and reviewed by an editor. For more details, see our T&C.
`
