NASHVILLE: FB Financial Corporation (NYSE: FBK), parent company of FirstBank, reported second-quarter net income of $2.9 million, or 6 cents per diluted common share, marking a sharp decline from 84 cents in the previous quarter and 85 cents a year earlier.
Adjusted net income reached $40.8 million, or 88 cents per diluted share, up from 85 cents the prior quarter and 84 cents the year before. The company posted adjusted pre-tax, pre-provision net revenue of $58.6 million, a 12% rise from both the previous quarter and second quarter of 2024.
As of June 30, loans held for investment rose to $9.87 billion, reflecting annualized growth of 4.2% from the previous quarter and 6.1% year-over-year. Deposits climbed to $11.4 billion, up 7.2% from March 31 and 8.9% from a year ago.
Net interest margin improved to 3.68%, compared with 3.55% last quarter and 3.57% in the same period last year.
In June, the company sold $266.5 million in available-for-sale debt securities, leading to a $60.5 million GAAP loss excluded from adjusted earnings. Book value per common share stood at $35.17, with tangible book value at $29.78.
“The company delivered solid operating results in the second quarter,” said President and CEO Christopher T. Holmes. “We’re well-positioned for the second half of the year with balance sheet enhancements and the July 1 closing of the Southern States Bancshares, Inc. merger.”