The following is a summary of the FB Financial Corporation (FBK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FB Financial reported Q1 EPS of $0.59 and an adjusted EPS of $0.85.

• The company showed a compound annual growth rate of 13.5% in their tangible book value per share since their IPO.

• An adjusted return on average assets of 1.27%, adjusted PPNR return on average assets of 1.63%, and a growth of adjusted EPS by 10% compared to Q4 2023 and 12% year-on-year were reported.

• Capital ratios have improved, with a tangible common equity to tangible assets ratio of 10% and a total risk-based capital ratio of 15%.

• The net interest margin remained steady at 3.42%.

• The core banking segment expense was $59.8 million for the quarter.

• The allowance for credit losses increased by 3 basis points to 1.63%.

Business Progress:

• FB Financial is working towards their goal of peer-leading financial performance, strategically hiring new talent, and looking to effectively deploy capital for long-term shareholder value.

• Growth target for the year is mid-single-digit organic loan growth due to confidence in the economic health of their footprint.

• The company is moderating its construction and CRE concentration ratios and focusing more on operating accounts C&I relationships.

• They executed a capital optimization transaction of selling $200 million securities and reinvesting the proceeds, with more such deals possible in the future based on profitable opportunities.

• The company plans to return to its historical organic growth target of 10% to 12% in 2025.

• In terms of M&A, culture fit would be their primary consideration, along with significant deposit bases, especially retail. They are open to expansion in both metropolitan and minor markets.

More details: FB Financial IR

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