FB Financial Corp SEC 10-Q Report

FB Financial Corp, a prominent financial services company operating primarily in the Southeastern United States, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting both the challenges and opportunities faced during the period.

Financial Highlights

Total Interest Income: $182.1 million, reflecting an increase driven by higher interest income on loans and investment securities.

Net Interest Income: $111.4 million, up from $102.6 million in the prior year, primarily due to increased interest income and decreased interest expense.

Net Income Applicable to FB Financial Corporation: $2.9 million, a significant decrease from $40.0 million in the prior year, impacted by a $60.5 million net loss on investment securities.

Basic Net Income Per Share: $0.06, compared to $0.85 in the prior year, reflecting the decrease in net income.

Diluted Net Income Per Share: $0.06, compared to $0.85 in the prior year, consistent with the basic net income per share.

Business Highlights

Revenue Segments: The company operates through two main segments, Banking and Mortgage. The Banking segment generates revenue primarily from interest on loans and investments, loan-related fees, trust and investment services, and deposit-related fees. The Mortgage segment generates revenue from origination fees, gains on sales in the secondary mortgage loan market, and mortgage servicing revenues.

Geographical Performance: The company has a significant presence in Tennessee, Alabama, Kentucky, North Carolina, and Georgia, with 78 full-service branches. The recent merger with Southern States Bancshares, Inc. has strengthened the company's presence in Birmingham and Huntsville, Alabama, and expanded its footprint further into Alabama and Georgia.

Sales Units: The Mortgage segment reported an increase in interest rate lock commitment volume to $456,720 for the three months ended June 30, 2025, compared to $385,197 for the same period in 2024. The interest rate lock commitment volume by purpose was 87.9% for purchase and 12.1% for refinance.

New Production Launches: The company completed the acquisition of Southern States Bancshares, Inc., which is expected to enhance operational capabilities and market reach. System conversions related to this transaction are expected to be completed in the third quarter of 2025.

Future Outlook: The company anticipates benefits from the merger with Southern States, including cost savings and revenue synergies. However, it also acknowledges potential risks such as integration challenges and market uncertainties. The company is focused on managing its larger and more complex operations post-merger and exploring potential acquisition opportunities.

SEC Filing: FB Financial Corp [ FBK ] - 10-Q - Aug. 04, 2025