FB Financial Corp (NYSE:FBK), parent company of FirstBank, stock fell 4.82% (As on January 16, 11:14:04 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 23. Adjusted net income was $36.2 million. The Company’s loans held for investment (“HFI”) grew to $9.41 billion, or 5.19% annualized, as of the end of the fourth quarter compared to $9.29 billion as of the end of the previous quarter and $9.30 billion as of the end of the fourth quarter last year. Deposits were $10.55 billion as of December 31, 2023, compared to $10.64 billion as of September 30, 2023, and $10.86 billion as of December 31, 2022. Net interest margin (“NIM”) increased to 3.46% for the fourth quarter of 2023 compared to 3.42% in the prior quarter and 3.78% in the fourth quarter of 2022. The Company ended the quarter with book value per common share of $31.05 and tangible book value per common share of $25.69, representing a 23.6% and 29.2% annualized increase respectively from the previous quarter.

Moreover, the Company’s net interest income on a tax equivalent basis increased slightly for the fourth quarter of 2023 to $101.9 million compared to $101.8 million in the prior quarter. As construction projects transitioned to permanent financing, construction loans declined by $135.0 million which contributed to multifamily and non-owner occupied commercial real estate balance increases of $102.5 million and $31.6 million, respectively. The net loan growth primarily resulted from increases in commercial and industrial of $52.9 million and owner-occupied commercial real estate of $25.7 million.

FBK in the fourth quarter of FY 23 has reported the adjusted earnings per share of 77 cents, beating the analysts’ estimates for the adjusted earnings per share of 71 cents, according to Zacks Investment Research. The company had reported the adjusted revenue of $116.4 million in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $121.6 million. For the year ended December 31, 2023, the Company experienced annualized net charge-offs of $0.6 million representing net charge-offs of 0.01% of average loans HFI, compared to annualized net charge-offs of 0.02% for the year ended December 31, 2022. Nonperforming assets as a percentage of total assets decreased to 0.69% as of the end of the fourth quarter of 2023 compared to 0.71% at the end of the prior quarter and 0.68% as of the end of the fourth quarter of 2022.