NEW YORK – FB Financial Corporation (NYSE: FBK) reported third-quarter earnings that surpassed analyst expectations, but revenue was below estimates. The stock didn’t change much after the news.
The adjusted earnings per share were $0.86, exceeding the $0.80 predicted by analysts. However, revenue was $89.52 million, less than the expected $128.45 million.
Net interest income rose to $106.0 million from $102.6 million in the previous quarter, but the net interest margin slightly decreased to 3.55% from 3.57%.
CEO Christopher T. Holmes stated, “We achieved solid relationship growth with core deposits increasing by 5.36% annually and loans by 7.20%.”
Total deposits reached $10.98 billion, up from $10.47 billion, while the loan portfolio grew to $9.48 billion from $9.31 billion in the last quarter.
FB Financial’s core efficiency ratio was stable at 58.4%, compared to 58.3% in Q2, and the allowance for credit losses was 1.65% of total loans at the end of the quarter.
Holmes emphasized that the company is entering year-end strong and focuses on long-term growth and serving customers and communities.
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