FB Bancorp, Inc., the newly established bank holding company for Fidelity Bank, reported a net loss of $6.2 million for the fiscal year ending December 31, 2024, a significant decline from the net income of $1.1 million recorded in the previous year. This downturn was primarily attributed to a goodwill impairment charge of $5.8 million and a decrease in gains from the sale of mortgage servicing rights. Total assets increased to $1.22 billion, up 8.5% from $1.12 billion in 2023, driven by growth in loans and cash equivalents, despite a decrease in available-for-sale investment securities.
The company’s loan portfolio saw a notable increase, with loans held for investment rising to $750.7 million, a 13.8% increase from $659.5 million in 2023. This growth was fueled by a strategic focus on expanding commercial and commercial real estate loans, which represented 31.8% and 12.5% of total loans, respectively. In contrast, total deposits increased by 4.1% to $800.7 million, although core deposits decreased by 3.9%. The company also reported a provision for credit losses of $1.5 million, reflecting the growth in the loan portfolio.
FB Bancorp's operational strategy includes a commitment to enhancing its product offerings and expanding its market presence, particularly in Baton Rouge and Lafayette, Louisiana. The company aims to grow its low-cost core deposit base while maintaining strong asset quality through conservative underwriting practices. As of December 31, 2024, the allowance for credit losses stood at $6.2 million, representing 0.82% of total loans, with non-performing loans totaling $13 million, up from $7.7 million in the previous year.
Looking ahead, FB Bancorp plans to leverage the capital raised from its recent stock offering, which generated gross proceeds of $198.4 million, to support its growth initiatives. The company is also focused on enhancing its online banking infrastructure and expanding its digital banking services through its online-only division, Andi. Management remains optimistic about future performance, contingent on effective execution of its growth strategy and favorable economic conditions in its primary markets.
About FB Bancorp, Inc. /MD/
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