Ownership / FB Bancorp, Inc. | Tables in SEC filings

FBLA FB Bancorp, Inc.

3 Oct 24

Quarterly report (amended)

3:35pm

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
	(dollars in thousands)				(dollars in thousands)
Interest and dividend income
Interest and fees on loans	$	13,202	$	10,543	$	25,543	$	19,853
Interest and dividends on investment securities		2,348		2,294		4,648		4,607
Interest on deposits in other banks		336		317		941		630
Total interest and dividend income		15,886		13,154		31,132		25,090

Interest expense
Deposits		2,785		1,417		5,280		1,972
Borrowed funds		2,163		624		4,034		813
Total interest expense		4,948		2,041		9,314		2,785

Net interest income		10,938		11,113		21,818		22,305
Provision (benefit) for credit losses		275		—		520		(376)
Net interest income after provision (benefit) for credit losses		10,663		11,113		21,298		22,681

Non-interest income
Service charges and fee income from deposit accounts		788		937		1,521		1,674
Gain on sales of mortgage loans		3,459		3,377		6,766		6,726
Gain (loss) on sales and disposal of assets		—		(9)		—		(1)
Gain on sales of available for sale securities		219		—		308		203
Gain on sales of mortgage servicing rights		2,251		—		2,251		—
Other non-interest income		544		1,060		1,128		2,136
Total non-interest income		7,261		5,365		11,974		10,738

Non-interest expenses
Salaries and employee benefits		10,387		10,867		20,470		21,010
Occupancy and equipment		2,049		2,014		4,078		4,021
Directors’ fees		143		197		304		395
Data processing		1,329		1,127		2,699		2,227
Advertising and marketing		691		481		1,228		854
Mortgage servicing rights amortization		145		533		304		1,059
Hedging activity, net		(38)		(332)		(131)		(5)
Other general and administrative		2,126		2,106		4,265		4,153
Total non-interest expenses		16,832		16,993		33,217		33,714

Net income (loss) before income taxes		1,092		(515)		55		(295)
Income tax expense (benefit)		243		(177)		13		(186)

Net income (loss)	$	849	$	(338)	$	42	$	(109)

	June 30, 2024		December 31, 2023
	(dollars in thousands)
ASSETS
Cash and due from banks	$	8,565	$	5,795
Interest-bearing deposits at other financial institutions		50,850		81,313
Total cash and cash equivalents		59,415		87,108

Securities available for sale, at fair value (amortized cost of $270,033 and $269,378, respectively)		249,196		249,898
Derivative assets		541		184
Loans held for sale, at fair value		34,891		22,576
Loans held for investment		722,867		665,684
Less: allowance for credit losses		(5,773)		(6,203)
Loans held for investment, net		717,094		659,481
Federal Home Loan Bank stock, at cost		4,226		4,106
Bank owned life insurance		14,810		14,640
Accrued interest receivable		5,820		5,506
Premises and equipment, net		52,242		51,455
Other real estate owned		2,806		815
Goodwill		5,786		5,786
Mortgage servicing rights		1,032		2,231
Prepaid expenses		2,941		2,518
Other assets		20,729		18,628

Total assets	$	1,171,529	$	1,124,932

LIABILITIES AND EQUITY
Deposits:
Non-interest bearing	$	135,314	$	142,032
Interest bearing		635,309		627,256
Total deposits		770,623		769,288

Advances by borrowers for taxes and insurance		9,479		11,774
Other borrowings		218,500		172,200
Accrued interest payable		3,327		524
Other liabilities		13,893		14,409
Total liabilities		1,015,822		968,195

Equity:
Retained earnings		172,168		172,126
Accumulated other comprehensive income (loss)		(16,461)		(15,389)
Total equity		155,707		156,737

Total liabilities and equity	$	1,171,529	$	1,124,932

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
	(dollars in thousands)				(dollars in thousands)
Net income (loss)	$	849	$	(338)	$	42	$	(109)
Other comprehensive income (loss):
Unrealized holding gains (losses) on securities available for sale		2,110		(5,496)		(1,049)		446
Reclassification adjustment for gains realized on securities available for sale		(219)		—		(308)		(203)
Net unrealized gains (losses)		1,891		(5,496)		(1,357)		243
Tax effect		(397)		1,154		285		(51)
Total other comprehensive income (loss)		1,494		(4,342)		(1,072)		192

Total comprehensive income (loss)	$	2,343	$	(4,680)	$	(1,030)	$	83

			Accumulated
			Other
	Retained		Comprehensive		Total
	Earnings		Income (Loss)		Equity
	(dollars in thousands)
Balance at December 31, 2022	$	171,008	$	(18,989)	$	152,019

Comprehensive income (loss):
Net income (loss)		229		—		229
Other comprehensive income (loss), net of tax		—		4,534		4,534
Total comprehensive income (loss)						4,763

Balance at March 31, 2023	$	171,237	$	(14,455)	$	156,782

Comprehensive income (loss):
Net income (loss)		(338)		—		(338)
Other comprehensive income (loss), net of tax		—		(4,342)		(4,342)
Total comprehensive income (loss)						(4,680)

Balance at June 30, 2023	$	170,899	$	(18,797)	$	152,102

Balance at December 31, 2023	$	172,126	$	(15,389)	$	156,737

Comprehensive income (loss):
Net income (loss)		(807)		—		(807)
Other comprehensive income (loss), net of tax		—		(2,566)		(2,566)
Total comprehensive income (loss)						(3,373)

Balance at March 31, 2024	$	171,319	$	(17,955)	$	153,364

Comprehensive income (loss):
Net income (loss)		849		—		849
Other comprehensive income (loss), net of tax		—		1,494		1,494
Total comprehensive income (loss)						2,343

Balance at June 30, 2024	$	172,168	$	(16,461)	$	155,707

	June 30, 2024
	Less Than 12 Months				12 Months or More
			Gross				Gross		Total
	Fair		Unrealized		Fair		Unrealized		Unrealized
	Value		Losses		Value		Losses		Losses
Available for sale:
U.S. government sponsored agencies	$	—	$	—	$	131,529	$	11,424	$	11,424
Mortgage-backed securities and small business administration		13,231		48		62,131		7,807		7,855
Corporate bonds		—		—		35,739		1,686		1,686
Total available for sale	$	13,231	$	48	$	229,399	$	20,917	$	20,965

	December 31, 2023
Available for sale:
U.S. government sponsored agencies	$	5,491	$	9	$	126,532	$	10,751	$	10,760
Mortgage-backed securities and small business administration		10,241		98		64,263		7,062		7,160
Corporate bonds		2,507		88		33,004		1,699		1,787
Total available for sale	$	18,239	$	195	$	223,799	$	19,512	$	19,707

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