Thu, Sep 26, 3:44 PM (85 days ago)
FB Bancorp, Inc. reported its financial results for the quarter ending June 30, 2024, highlighting a net income of $849,000, a significant improvement from a net loss of $338,000 in the same period last year. This positive shift was driven by a 20.8% increase in interest income, primarily from loans, alongside a notable rise in non-interest income due to a $2.3 million gain from the sale of mortgage loans. However, net interest income decreased slightly by 1.6% due to higher interest expenses, reflecting a 142.4% increase in total interest expense driven by rising rates. Total assets increased 4.1% to $1.17 billion, bolstered by a rise in loans held for investment, which grew 8.7% to $717.1 million. The allowance for credit losses saw an uptick due to loan growth and increased non-performing loans, now at 1.35% of total loans. The bank's capital ratios remained strong, with a Tier 1 leverage capital ratio of 14.52%. Looking ahead, management anticipates continued challenges related to interest rates and market conditions, which may impact future operations and profitability.