FB Financial Corporation beats Q3 earnings estimates, misses on revenue

NEW YORK - FB Financial Corporation (NYSE: NYSE:FBK ) reported third quarter earnings that beat analyst expectations, while revenue came in below estimates. The company's stock showed no significant movement following the release.

FB Financial reported adjusted earnings per share of $0.86 for Q3, surpassing the analyst consensus estimate of $0.80. However, revenue for the quarter was $89.52 million, falling short of the $128.45 million analysts had projected.

The company's net interest income increased to $106.0 million in Q3 from $102.6 million in the previous quarter. Net interest margin declined slightly to 3.55% from 3.57% in Q2.

"The Company delivered on relationship growth during the quarter with core deposit growth of 5.36% annualized and loan growth of 7.20% annualized," said Christopher T. Holmes, President and CEO of FB Financial.

Total deposits grew to $10.98 billion at the end of Q3, up from $10.47 billion at the end of Q2. The company's loan portfolio expanded to $9.48 billion, compared to $9.31 billion in the previous quarter.

FB Financial reported a core efficiency ratio of 58.4% for the quarter, relatively unchanged from 58.3% in Q2. The company's allowance for credit losses on loans held for investment stood at 1.65% of total loans at quarter-end.

"The Company is moving into the end of the year in a position of strength. We maintain a long-term focus, consistently compounding shareholder value through our commitment to serving our customers and our communities," Holmes added.

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Source: Investing.com