FB Financial Corp (NYSE:FBK), parent company of FirstBank, stock fell 0.073% (As on April 15, 11:19:38 AM UTC-4, Source: Google Finance) after the company reported first quarter earnings that beat analyst expectations, but revenue fell short of estimates. Adjusted net income was $40.1 million for the quarter. The Company ended the first quarter with loans held for investment (“HFI”) of $9.77 billion compared to $9.60 billion at the end of the previous quarter, a 7.14% annualized increase, and $9.29 billion at the end of the first quarter of last year, a 5.20% increase. Deposits remained relatively flat at $11.20 billion as of March 31, 2025, compared to $11.21 billion as of December 31, 2024, and increased 6.64% from $10.50 billion as of March 31, 2024. Net interest margin (“NIM”) was 3.55% for the first quarter of 2025, compared to 3.50% in the prior quarter and 3.42% in the first quarter of 2024. The Company ended the quarter with book value per common share of $34.44 and tangible book value per common share of $29.12.

Moreover, the Company reported loans HFI of $9.77 billion at the end of the first quarter of 2025, compared to $9.60 billion at the end of the prior quarter. Net growth in loans HFI, was driven by net increases of $91.8 million in commercial and industrial loans, $67.9 million in consumer and other loans, $54.7 million in non-owner occupied commercial real estate loans and $21.8 million in residential real estate loans, offset by a decline in constructions loans of $65.4 million. The Company reported net interest income on a tax-equivalent basis in the first quarter of 2025 of $108.4 million compared to $109.0 million in the prior quarter, with the decrease primarily due to less days in the period. The cost of interest-bearing deposits decreased to 3.13% from 3.37% in the previous quarter and the contractual yield on loans HFI decreased to 6.31% from 6.40% in the fourth quarter of 2024. Nonperforming assets as a percentage of total assets decreased to 0.84% as of the end of the first quarter of 2025, compared to 0.93% at the end of the prior quarter and 0.75% as of the end of the first quarter of 2024.

FBK in the first quarter of FY25 has reported the adjusted earnings per share of 85 cents, beating the analysts’ estimates for the adjusted earnings per share of 83 cents. The company had reported the adjusted revenue of $130.67 million in the first quarter of FY25, missing the analysts’ estimates for revenue of $132.18 million.