FB Bancorp, Inc., the holding company for Fidelity Bank, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. Total assets increased to $1.41 billion, a 25.1% rise from $1.12 billion at the end of 2023. This growth was primarily driven by a substantial increase in cash and cash equivalents, which surged to $293.5 million from $87.1 million, largely due to approximately $254 million in tentative proceeds from a stock conversion.

Total deposits also saw a notable increase, rising 30.8% to $1.01 billion, with core deposits accounting for 71% of total deposits. The bank's total equity increased slightly to $161.5 million, up from $156.7 million, reflecting a decrease in accumulated other comprehensive loss related to unrealized losses on available-for-sale securities.

For the three months ended September 30, 2024, total interest and dividend income rose to $16.9 million, compared to $14.2 million in the same period of 2023. Net interest income increased to $11.4 million from $10.8 million, despite a rise in total interest expense, which jumped 62.3% to $5.5 million. The net income for the quarter, however, was a loss of $895,000, a significant decline from a profit of $2.4 million in the prior year, attributed to a $4.4 million decrease in gains from the sale of mortgage servicing rights.

For the nine months ending September 30, 2024, the bank reported a net loss of $853,000, down from a net income of $2.3 million in the same period in 2023. This decline was primarily due to a decrease in gains from mortgage servicing rights and a rise in interest expenses, which increased 140% to $14.8 million.

The bank's loan portfolio also expanded, with total loans held for investment increasing to $724.5 million, up 9.9% from $659.5 million. Notably, residential mortgage loans and commercial loans both saw significant growth. However, non-performing loans rose to $11 million, representing 1.51% of total loans, compared to $8.5 million a year earlier.

FB Bancorp completed its initial public offering on October 22, 2024, raising approximately $198.4 million. The company plans to utilize the capital to enhance its lending and investment capacity, with a focus on organic growth and potential acquisitions. The bank's management anticipates an increase in non-interest expenses post-conversion due to costs associated with operating as a public entity.