Reports Q1 Diluted EPS of $0.78, Adjusted
Diluted EPS* of $0.76
FB Financial Corporation (the “Company”) (NYSE: FBK), parent
company of FirstBank, reported net income of $36.4 million, or
$0.78 per diluted common share, for the first quarter of 2023,
compared to $0.81 in the previous quarter and $0.74 in the first
quarter of last year. Adjusted net income* was $35.7 million, or
$0.76 per diluted common share, compared to $0.85 in the previous
quarter and $0.74 in the first quarter of last year.
The Company grew deposits to $11.18 billion (12.2% annualized),
loans held for investment to $9.37 billion (2.96% annualized), and
adjusted tangible book value per common share* to $27.06 (8.09%
annualized) during the first quarter of 2023 from the previous
quarter. Net interest margin ("NIM") was 3.51% for the first
quarter compared to 3.78% and 3.04% in the fourth and first
quarters of 2022, respectively.
President and Chief Executive Officer, Christopher T. Holmes
stated, “For the past three quarters we have been preparing the
Company and our balance sheet for potential challenges brought on
by the forces of increasing interest rates, slower economic growth,
a stubbornly high rate of inflation and shrinking liquidity. We
began using a mantra of liquidity, credit and capital in the first
half of 2022 and that has resulted in the Company being well
positioned for the current banking environment. Our liquidity
position, credit quality metrics and capital ratios all improved
during the quarter. In a time of uncertainty in the banking
industry, we were proud to grow our deposit base this quarter and
believe that speaks to the strong relationships that we have with
our customers. As we look forward to the remainder of the year, we
are focused on maintaining a strong balance sheet so we can
continue serving our customers through the current economic
cycle."
2023
2022
Annualized
(dollars in thousands, except per share
and % data)
First Quarter
Fourth Quarter
First Quarter
1Q23 / 4Q22 %
Change
1Q23 / 1Q22 %
Change
Balance Sheet
Highlights
Investment securities, at fair value
$
1,474,064
$
1,474,176
$
1,686,738
(0.03
)%
(12.6
)%
Mortgage loans held for sale(a)
73,005
108,961
318,549
(133.8
)%
(77.1
)%
Commercial loans held for sale, at fair
value
9,510
30,490
78,179
(279.1
)%
(87.8
)%
Loans held for investment (HFI)
9,365,996
9,298,212
8,004,976
2.96
%
17.0
%
Allowance for credit losses(b)
138,809
134,192
120,049
14.0
%
15.6
%
Total assets
13,101,147
12,847,756
12,674,191
8.00
%
3.37
%
Interest-bearing deposits
8,693,766
8,179,203
8,208,580
25.5
%
5.91
%
Noninterest-bearing deposits
2,489,149
2,676,631
2,787,698
(28.4
)%
(10.7
)%
Mortgage escrow deposits
92,947
75,612
131,147
93.0
%
(29.1
)%
Total deposits
11,182,915
10,855,834
10,996,278
12.2
%
1.70
%
Estimated insured or collateralized
deposits
7,926,537
7,288,641
7,631,005
35.5
%
3.9
%
Borrowings
312,131
415,677
155,733
(101.0
)%
100.4
%
Total common shareholders' equity
1,369,696
1,325,425
1,379,776
13.5
%
(0.73
)%
Book value per common share
$
29.29
$
28.36
$
29.06
13.3
%
0.79
%
Total common shareholders' equity to total
assets
10.5
%
10.3
%
10.9
%
Tangible book value per common share*
$
23.86
$
22.90
$
23.62
17.0
%
1.02
%
Adjusted tangible book value per common
share*
$
27.06
$
26.53
$
25.12
8.09
%
7.70
%
Tangible common equity to tangible
assets*
8.68
%
8.50
%
9.03
%
Estimated uninsured and uncollateralized
deposits as a percentage of total deposits
29.1
%
32.9
%
30.6
%
* Certain measures are considered non-GAAP
financial measures. For a reconciliation and discussion of this
non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP
Financial Measures” and the corresponding non-GAAP reconciliation
tables in this Earnings Release dated April 17, 2023.
(a) Includes optional right to repurchase
government guaranteed GNMA mortgage loans previously sold that have
become past due greater than 90 days amounting to $20,528 and
$26,211 of as of March 31, 2023 and December 31, 2022,
respectively.
(b) Excludes reserve for credit losses on
unfunded commitments of $18,463, $22,969, and $16,262 recorded in
accrued expenses and other liabilities as of March 31, 2023,
December 31, 2022, and March 31, 2022, respectively.
2023
2022
(dollars in thousands, except share, per
share, and % data)
First Quarter
Fourth Quarter
First Quarter
Statement of
Income Highlights
Net interest income
$
103,660
$
110,498
$
88,182
NIM
3.51
%
3.78
%
3.04
%
Provisions for credit losses
$
491
$
(456
)
$
(4,247
)
Net charge-off (recovery) ratio
0.02
%
0.02
%
(0.03
)%
Noninterest income
$
23,545
$
17,469
$
41,392
Mortgage banking income
$
12,086
$
9,106
$
29,531
Total revenue
$
127,205
$
127,967
$
129,574
Noninterest expense
$
80,636
$
80,230
$
89,272
Efficiency ratio
63.4
%
62.7
%
68.9
%
Core efficiency ratio*
63.4
%
61.0
%
68.1
%
Adjusted pre-tax, pre-provision
earnings*
$
45,659
$
50,299
$
40,476
Net income applicable to FB Financial
Corporation
$
36,381
$
38,143
$
35,236
Diluted earnings per common share
$
0.78
$
0.81
$
0.74
Effective tax rate
21.0
%
20.8
%
20.9
%
Adjusted net income*
$
35,708
$
40,045
$
35,365
Adjusted diluted earnings per common
share*
$
0.76
$
0.85
$
0.74
Weighted average number of shares
outstanding - fully diluted
46,765,154
47,036,742
47,723,902
Actual shares outstanding - period end
46,762,626
46,737,912
47,487,874
Returns on
average:
Return on average total assets
1.15
%
1.22
%
1.13
%
Return on average shareholders' equity
11.0
%
11.7
%
10.1
%
Return on average tangible common
equity*
13.6
%
14.6
%
12.4
%
* Certain measures are considered non-GAAP
financial measures. For a reconciliation and discussion of this
non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP
Financial Measures” and the corresponding non-GAAP reconciliation
tables in this Earnings Release dated April 17, 2023.
Balance Sheet and Net Interest
Margin
The Company reported loan balances ("HFI") of $9.37 billion at
the end of the first quarter of 2023, an increase of $67.8 million,
or 2.96% annualized, from the end of the previous quarter. The
contractual yield on loans increased to 5.90% in the first quarter
of 2023 from 5.45% in the previous quarter.
Total deposits increased by $327.1 million in the first quarter
to $11.18 billion. The increase in total deposits was driven by an
increase in public funds of $313.2 million. The Company's total
cost of deposits increased to 1.94% during the quarter, and the
cost of interest-bearing deposits increased to 2.53%.
Noninterest-bearing deposits decreased during the first quarter of
2023 to $2.49 billion from $2.68 billion as of the end of 2022.
Additionally, Federal Home Loan Bank advances with an average
interest rate of 4.89% were paid down by $50.0 million during the
quarter.
The Company’s net interest income on a tax equivalent basis
decreased to $104.5 million in the first quarter from $111.3
million in the prior quarter. The decrease was primarily related to
higher cost of deposits partially driven by a shift from
noninterest-bearing to interest-bearing deposits, which resulted in
an increase in interest expense of $21.4 million. This shift in
deposits also impacted the NIM, which decreased to 3.51% for the
first quarter of 2023 from 3.78% from the previous quarter. Other
items contributing to the NIM decrease included an increase in
public funds, lower loan fees, repricing of existing deposits, and
a lower ratio of loans to deposits as the Company enhanced its
balance sheet liquidity profile.
Holmes continued, "Our focus on liquidity and balance sheet
management has served us well in recent months. We have
consistently increased our on-balance sheet liquidity, including
cash and cash equivalents, and maintained dry powder including
untapped contingency funding sources."
Noninterest Income
Noninterest income was $23.5 million for the first quarter of
2023, compared to $17.5 million and $41.4 million for the fourth
and first quarters of 2022, respectively. As a result of the payoff
of two syndicated national credits during the first quarter of
2023, net changes in fair value of commercial loans held for sale
resulted in a gain of $0.9 million, compared to a loss of $2.6
million in the prior quarter and a loss of $0.2 million in the
first quarter of 2022.
Mortgage banking income increased to $12.1 million in the first
quarter of 2023, compared to $9.1 million and $29.5 million in the
fourth and first quarters of 2022, respectively. Interest rate lock
commitment volume during the same periods totaled $375.0 million
compared to $281.7 million and $1.31 billion, respectively.
Chief Financial Officer, Michael Mettee noted, “We successfully
moved our commercial loans held for sale portfolio from $350.3
million when we closed the Franklin Synergy transaction in 2020 to
just two relationships with a value of $9.5 million, recognizing a
total gain of $10.2 million since acquisition. Additionally, our
restructured retail mortgage business operated at basically
breakeven in a challenging operating environment and a seasonally
slow quarter for mortgage activity."
Expense Management
Noninterest expenses were $80.6 million for the first quarter of
2023, compared to $80.2 million for the prior quarter and $89.3
million for the first quarter of 2022. During the first quarter of
2023, the Company's core efficiency ratio* was 63.4%, compared to
61.0% in the previous quarter and 68.1% in the first quarter of
2022.
Mettee noted, “The Company's core efficiency ratio* moved higher
during the quarter driven by pressure on top line revenue. Expense
management will continue to be a focus as we navigate through the
uncertain economic forecast and recent banking industry
turmoil.”
Credit Quality
The Company recorded net provisions for credit losses expense of
$0.5 million in the first quarter of 2023, comprised of $5.0
million of provision expense related to loans HFI, offset by a
reversal of $4.5 million of provision expense attributable to a
reduction in unfunded loan commitments. Notably, the Company
reduced unfunded loan commitments in the construction and land
development category by $298.8 million from the previous quarter.
The Company maintained an allowance for credit losses of $138.8
million as of March 31, 2023, representing 1.48% of loans HFI
compared to $134.2 million, or 1.44% of loans HFI, as of the end of
2022.
The Company experienced net charge-offs of $0.4 million in the
first quarter of 2023. Net charge-offs to average loans HFI for the
first quarter of 2023 remained unchanged from the previous quarter,
amounting to 0.02% for both periods.
The Company's nonperforming loans as a percent of loans HFI as
of the end of the first quarter held steady at 0.49% from the
previous quarter and 0.51% at the end of the first quarter of 2022.
Nonperforming assets as a percentage of total assets showed an
improvement in the first quarter of 2023 to 0.61% compared to 0.68%
at the end of 2022.
Holmes commented, “Credit metrics for the Company exhibited
improvements during the quarter. Charge-offs were flat and our
asset quality showed improvement across the board. We had an
increase in our allowance for credit losses to loans held for
investment ratio as the economic growth outlook remains subdued and
downside risks have increased.”
Capital Strength
Holmes continued, “We built on an already strong capital base
during the quarter, even as we increased our dividend 15.4%,
increasing tangible common equity to tangible assets* to 8.68% and
Common Equity Tier 1 ratio to 11.3%.”
Summary
Holmes finalized, "The challenges in the first quarter for the
banking industry validated our active management of liquidity,
credit and capital over recent quarters. As always we are focused
on delivering for our customers, associates, communities and
shareholders during all market cycles and we are prepared for a
range of economic outcomes as we move through the remainder of the
year."
______________________________
* Certain measures are considered non-GAAP
financial measures. For a reconciliation and discussion of this
non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP
Financial Measures” and the corresponding non-GAAP reconciliation
tables in this Earnings Release dated April 17, 2023.
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss
the Company's financial results on April 18, 2023, at 8:00 a.m.
(Central Time). To listen to the call, participants should dial
1-877-883-0383 (confirmation code 3946795) approximately 10 minutes
prior to the call. A telephonic replay will be available
approximately two hours after the call through April 25, 2023, by
dialing 1-877-344-7529 and entering confirmation code 9142688.
A live online broadcast of the Company’s quarterly conference
call will be available online at
https://event.choruscall.com/mediaframe/webcast.html?webcastid=msOfFBMF.
An online replay will be available on the Company’s website
approximately two hours after the conclusion of the call and will
remain available for 12 months.
ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a financial holding
company headquartered in Nashville, Tennessee. FB Financial
Corporation operates through its wholly owned banking subsidiary,
FirstBank with 82 full-service bank branches across Tennessee,
Kentucky, Alabama and North Georgia, and mortgage offices across
the Southeast. FirstBank has approximately $13.10 billion in total
assets.
SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS
PRESENTATION
Investors are encouraged to review this Earnings Release in
conjunction with the Supplemental Financial Information and
Earnings Presentation posted on the Company’s website, which can be
found at https://investors.firstbankonline.com. This Earnings
Release, the Supplemental Financial Information and the Earnings
Presentation are also included with a Current Report on Form 8-K
that the Company furnished to the U.S. Securities and Exchange
Commission (“SEC”) on April 17, 2023.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Earnings Release that are
not historical in nature may be considered forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements regarding the Company’s future
plans, results, strategies, and expectations, including
expectations around changing economic markets. These statements can
generally be identified by the use of the words and phrases “may,”
“will,” “should,” “could,” “would,” “goal,” “plan,” “potential,”
“estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,”
“target,” “aim,” “predict,” “continue,” “seek,” “project,” and
other variations of such words and phrases and similar expressions.
These forward-looking statements are not historical facts, and are
based upon management's current expectations, estimates, and
projections, many of which, by their nature, are inherently
uncertain and beyond the Company’s control. The inclusion of these
forward-looking statements should not be regarded as a
representation by the Company or any other person that such
expectations, estimates, and projections will be achieved.
Accordingly, the Company cautions shareholders and investors that
any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions, and
uncertainties that are difficult to predict. Actual results may
prove to be materially different from the results expressed or
implied by the forward-looking statements. A number of factors
could cause actual results to differ materially from those
contemplated by the forward-looking statements including, without
limitation, (1) current and future economic conditions, including
the effects of inflation, interest rate fluctuations, changes in
the economy or global supply chain, supply-demand imbalances
affecting local real estate prices, and high unemployment rates in
the local or regional economies in which the Company operates
and/or the US economy generally, (2) changes in government interest
rate policies and its impact on the Company’s business, net
interest margin, and mortgage operations, (3) any continuation of
the recent turmoil in the banking industry, including the
associated impact to the Company and other financial institutions
of any regulatory changes or other mitigation efforts taken by
government agencies in response, (4) increased competition for
deposits, (5) the Company’s ability to effectively manage problem
credits, (6) any deterioration in commercial real estate market
fundamentals, (7) the Company’s ability to identify potential
candidates for, consummate, and achieve synergies from, potential
future acquisitions, (8) the Company’s ability to successfully
execute its various business strategies, (9) changes in state and
federal legislation, regulations or policies applicable to banks
and other financial service providers, including legislative
developments, (10) the potential impact of the phase-out of the
London Interbank Offered Rate ("LIBOR") or other changes involving
LIBOR, (11) the effectiveness of the Company’s cybersecurity
controls and procedures to prevent and mitigate attempted
intrusions, (12) the Company's dependence on information technology
systems of third party service providers and the risk of systems
failures, interruptions, or breaches of security, and (13) the
impact of natural disasters, pandemics, and/or acts of war or
terrorism, (14) international or political instability, including
the impacts related to or resulting from Russia’s military action
in Ukraine and additional sanctions and export controls, as well as
the broader impacts to financial markets and the global
macroeconomic and geopolitical environments, and (15) general
competitive, economic, political, and market conditions. Further
information regarding the Company and factors which could affect
the forward-looking statements contained herein can be found in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2022, and in any of the Company’s subsequent filings
with the SEC. Many of these factors are beyond the Company’s
ability to control or predict. If one or more events related to
these or other risks or uncertainties materialize, or if the
underlying assumptions prove to be incorrect, actual results may
differ materially from the forward-looking statements. Accordingly,
shareholders and investors should not place undue reliance on any
such forward-looking statements. Any forward-looking statement
speaks only as of the date of this Earnings Release, and the
Company undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law. New
risks and uncertainties may emerge from time to time, and it is not
possible for the Company to predict their occurrence or how they
will affect the Company.
The Company qualifies all forward-looking statements by these
cautionary statements.
GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL
MEASURES
This Earnings Release contains certain financial measures that
are not measures recognized under U.S. generally accepted
accounting principles (“GAAP”) and therefore are considered
non-GAAP financial measures. These non-GAAP financial measures may
include, without limitation, adjusted net income, adjusted diluted
earnings per common share, adjusted and unadjusted pre-tax
pre-provision earnings, core revenue, core noninterest expense and
core noninterest income, core efficiency ratio (tax equivalent
basis), adjusted return on average assets and equity, and adjusted
pre-tax pre-provision return on average assets. Each of these
non-GAAP metrics excludes certain income and expense items that the
Company’s management considers to be non-core/adjusted in nature.
The Company refers to these non-GAAP measures as adjusted (or core)
measures. Also, the Company presents tangible assets, tangible
common equity, adjusted tangible common equity, tangible book value
per common share, adjusted tangible book value per common share,
tangible common equity to tangible assets, on-balance sheet
liquidity to tangible assets, return on average tangible common
equity, and adjusted return on average tangible common equity. Each
of these non-GAAP metrics excludes the impact of goodwill and other
intangibles. Adjusted tangible common equity and adjusted tangible
book value also exclude the impact of net accumulated other
comprehensive loss.
The Company’s management uses these non-GAAP financial measures
in their analysis of the Company’s performance, financial condition
and the efficiency of its operations as management believes such
measures facilitate period-to-period comparisons and provide
meaningful indications of its operating performance as they
eliminate both gains and charges that management views as
non-recurring or not indicative of operating performance.
Management believes that these non-GAAP financial measures provide
a greater understanding of ongoing operations and enhance
comparability of results with prior periods as well as demonstrate
the effects of significant non-core gains and charges in the
current and prior periods. The Company’s management also believes
that investors find these non-GAAP financial measures useful as
they assist investors in understanding the Company’s underlying
operating performance and in the analysis of ongoing operating
trends. In addition, because intangible assets such as goodwill and
the other items excluded each vary extensively from company to
company, the Company believes that the presentation of this
information allows investors to more easily compare the Company’s
results to the results of other companies. However, the non-GAAP
financial measures discussed herein should not be considered in
isolation or as a substitute for the most directly comparable or
other financial measures calculated in accordance with GAAP.
Moreover, the manner in which the Company calculates the non-GAAP
financial measures discussed herein may differ from that of other
companies reporting measures with similar names. Investors should
understand how such other banking organizations calculate their
financial measures with names similar to the non-GAAP financial
measures the Company has discussed herein when comparing such
non-GAAP financial measures. See the corresponding non-GAAP
reconciliation tables below in this Earnings Release for additional
discussion and reconciliation of these measures to the most
directly comparable GAAP financial measures.
Financial Summary and Key
Metrics
(Unaudited)
(In Thousands, Except Share Data
and %)
2023
2022
First Quarter
Fourth Quarter
First Quarter
Selected Statement of Income
Data
Total interest income
$
159,480
$
147,598
$
95,127
Total interest expense
55,820
37,100
6,945
Net interest income
103,660
110,498
88,182
Total noninterest income
23,545
17,469
41,392
Total noninterest expense
80,636
80,230
89,272
Earnings before income taxes and
provisions for credit losses
$
46,569
$
47,737
$
40,302
Provisions for credit losses
$
491
$
(456
)
$
(4,247
)
Income tax expense
9,697
10,042
9,313
Net income applicable to FB Financial
Corporation
36,381
38,143
35,236
Net interest income (tax-equivalent
basis)
104,493
111,279
88,932
Adjusted net income*
35,708
40,045
35,365
Adjusted pre-tax, pre-provision
earnings*
45,659
50,299
40,476
Per Common Share
Diluted net income
$
0.78
$
0.81
$
0.74
Adjusted diluted net income*
0.76
0.85
0.74
Book value
29.29
28.36
29.06
Tangible book value*
23.86
22.90
23.62
Adjusted tangible book value*
27.06
26.53
25.12
Weighted average number of shares
outstanding - fully diluted
46,765,154
47,036,742
47,723,902
Period-end number of shares
46,762,626
46,737,912
47,487,874
Selected Balance Sheet Data
Cash and cash equivalents
$
1,319,951
$
1,027,052
$
1,743,311
Loans held for investment (HFI)
9,365,996
9,298,212
8,004,976
Allowance for credit losses(a)
(138,809
)
(134,192
)
(120,049
)
Mortgage loans held for sale(b)
73,005
108,961
318,549
Commercial loans held for sale, at fair
value
9,510
30,490
78,179
Investment securities, at fair value
1,474,064
1,474,176
1,686,738
Other real estate owned, net
4,085
5,794
9,721
Total assets
13,101,147
12,847,756
12,674,191
Interest-bearing deposits
8,693,766
8,179,203
8,208,580
Noninterest-bearing deposits
2,489,149
2,676,631
2,787,698
Total deposits
11,182,915
10,855,834
10,996,278
Estimated insured or collateralized
deposits
7,926,537
7,288,641
7,631,005
Borrowings
312,131
415,677
155,733
Total common shareholders' equity
1,369,696
1,325,425
1,379,776
Selected Ratios
Return on average:
Assets
1.15
%
1.22
%
1.13
%
Shareholders' equity
11.0
%
11.7
%
10.1
%
Tangible common equity*
13.6
%
14.6
%
12.4
%
Average shareholders' equity to average
assets
10.4
%
10.4
%
11.2
%
Net interest margin (tax-equivalent
basis)
3.51
%
3.78
%
3.04
%
Efficiency ratio (GAAP)
63.4
%
62.7
%
68.9
%
Core efficiency ratio (tax-equivalent
basis)*
63.4
%
61.0
%
68.1
%
Loans HFI to deposit ratio
83.8
%
85.7
%
72.8
%
Total loans to deposit ratio
84.5
%
86.9
%
76.4
%
Noninterest-bearing deposits to total
deposits
22.3
%
24.7
%
25.4
%
Yield on interest-earning assets
5.38
%
5.04
%
3.28
%
Cost of interest-bearing liabilities
2.61
%
1.84
%
0.34
%
Cost of total deposits
1.94
%
1.20
%
0.20
%
Estimated uninsured and uncollateralized
deposits as a percentage of total deposits
29.1
%
32.9
%
30.6
%
Credit Quality Ratios
Allowance for credit losses as a
percentage of loans HFI(a)
1.48
%
1.44
%
1.50
%
Net charge-offs as a percentage of average
loans HFI
0.02
%
0.02
%
(0.03
)%
Nonperforming loans HFI as a percentage of
total loans HFI
0.49
%
0.49
%
0.51
%
Nonperforming assets as a percentage of
total assets(b)
0.61
%
0.68
%
0.44
%
Preliminary Capital Ratios
(consolidated)
Total common shareholders' equity to
assets
10.5
%
10.3
%
10.9
%
Tangible common equity to tangible
assets*
8.68
%
8.50
%
9.03
%
Tier 1 capital (to average assets)
10.3
%
10.5
%
10.2
%
Tier 1 capital (to risk-weighted
assets)(c)
11.6
%
11.3
%
12.3
%
Total capital (to risk-weighted
assets)(c)
13.5
%
13.1
%
14.2
%
Common equity Tier 1 (to risk-weighted
assets) (CET1)(c)
11.3
%
11.0
%
12.0
%
(a) Excludes reserve for credit losses on
unfunded commitments of $18,463, $22,969, and $16,262 recorded in
accrued expenses and other liabilities at March 31, 2023, December
31, 2022, and March 31, 2022, respectively.
(b) Includes optional right to repurchase
seriously delinquent GNMA loans previously sold of $20,528 and
$26,211 as of March 31, 2023 and December 31, 2022,
respectively.
(c) Risk-weighted assets are calculated
using the standardized method of the Basel III Framework.
*These measures are considered non-GAAP
financial measures. For a reconciliation and discussion of this
non-GAAP measure, see "GAAP Reconciliation and Use of non-GAAP
Financial Measures" and the corresponding non-GAAP reconciliation
tables in this Earnings Release dated April 17, 2023.
Non-GAAP
Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data
and %)
2023
2022
Adjusted net income
First Quarter
Fourth Quarter
First Quarter
Income before income taxes
$
46,078
$
48,193
$
44,549
Less gain (loss) from changes in fair
value of commercial loans held for sale acquired in previous
business combination
910
(2,562
)
(174
)
Adjusted pre-tax net income
45,168
50,755
44,723
Adjusted income tax expense
9,460
10,710
9,358
Adjusted net income
$
35,708
$
40,045
$
35,365
Weighted average common shares outstanding
- fully diluted
46,765,154
47,036,742
47,723,902
Adjusted diluted earnings per common
share
Diluted earnings per common
share
$
0.78
$
0.81
$
0.74
Less gain (loss) from changes in fair
value of commercial loans held for sale acquired in previous
business combination
0.02
(0.05
)
—
Less tax effect
—
0.01
—
Adjusted diluted earnings per common
share
$
0.76
$
0.85
$
0.74
2023
2022
Adjusted pre-tax pre-provision
earnings
First Quarter
Fourth Quarter
First Quarter
Income before income taxes
$
46,078
$
48,193
$
44,549
Plus provisions for credit losses
491
(456
)
(4,247
)
Pre-tax pre-provision earnings
46,569
47,737
40,302
Less gain (loss) from changes in fair
value of commercial loans held for sale acquired in previous
business combination
910
(2,562
)
(174
)
Adjusted pre-tax pre-provision
earnings
$
45,659
$
50,299
$
40,476
2023
2022
Core efficiency ratio (tax-equivalent
basis)
First Quarter
Fourth Quarter
First Quarter
Core noninterest expense
$
80,636
$
80,230
$
89,272
Net interest income (tax-equivalent
basis)
$
104,493
$
111,279
$
88,932
Total noninterest income
23,545
17,469
41,392
Less gain (loss) from changes in fair
value of commercial loans held for sale acquired in previous
business combination
910
(2,562
)
(174
)
Less loss from sales or write-downs of
other real estate owned and other assets
(183
)
(252
)
(434
)
Less gain (loss) from securities, net
69
25
(152
)
Core noninterest income
22,749
20,258
42,152
Core revenue
$
127,242
$
131,537
$
131,084
Efficiency ratio (GAAP)(a)
63.4
%
62.7
%
68.9
%
Core efficiency ratio (tax-equivalent
basis)
63.4
%
61.0
%
68.1
%
(a) Efficiency ratio (GAAP) is calculated
by dividing reported noninterest expense by reported total
revenue.
Non-GAAP Reconciliation
(continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data
and %)
2023
2022
Tangible assets and equity
First Quarter
Fourth Quarter
First Quarter
Tangible assets
Total assets
$
13,101,147
$
12,847,756
$
12,674,191
Less goodwill
242,561
242,561
242,561
Less intangibles, net
11,378
12,368
15,709
Tangible assets
$
12,847,208
$
12,592,827
$
12,415,921
Tangible common equity
Total common shareholders' equity
$
1,369,696
$
1,325,425
$
1,379,776
Less goodwill
242,561
242,561
242,561
Less intangibles, net
11,378
12,368
15,709
Tangible common equity
$
1,115,757
$
1,070,496
$
1,121,506
Less accumulated other comprehensive loss,
net
(149,566
)
(169,433
)
(71,544
)
Adjusted tangible common equity
1,265,323
1,239,929
1,193,050
Common shares outstanding
46,762,626
46,737,912
47,487,874
Book value per common share
$
29.29
$
28.36
$
29.06
Tangible book value per common
share
Tangible book value per common
share
$
23.86
$
22.90
$
23.62
Adjusted tangible book value per common
share
$
27.06
$
26.53
$
25.12
Total common shareholders' equity to total
assets
10.5
%
10.3
%
10.9
%
Tangible common equity to tangible
assets
8.68
%
8.50
%
9.03
%
On-balance sheet liquidity:
Cash and cash equivalents
$
1,319,951
$
1,027,052
$
1,743,311
Unpledged securities
286,169
280,165
430,118
Equity securities, at fair value
3,059
2,990
3,213
Total on-balance sheet liquidity
$
1,609,179
$
1,310,207
$
2,176,642
On-balance sheet liquidity as a percentage
of total assets
12.3
%
10.2
%
17.2
%
On-balance sheet liquidity as a
percentage of total tangible assets
12.5
%
10.4
%
17.5
%
2023
2022
Return on average tangible common
equity
First Quarter
Fourth Quarter
First Quarter
Average common shareholders'
equity
$
1,343,227
$
1,294,758
$
1,415,985
Less average goodwill
242,561
242,561
242,561
Less average intangibles, net
11,862
12,865
16,376
Average tangible common equity
$
1,088,804
$
1,039,332
$
1,157,048
Net income
$
36,381
$
38,143
$
35,236
Return on average common equity
11.0
%
11.7
%
10.1
%
Return on average tangible common
equity
13.6
%
14.6
%
12.4
%
Adjusted net income
$
35,708
$
40,045
$
35,365
Adjusted return on average tangible
common equity
13.3
%
15.3
%
12.4
%
2023
2022
Adjusted return on average assets and
equity
First Quarter
Fourth Quarter
First Quarter
Net income
$
36,381
$
38,143
$
35,236
Average assets
12,861,614
12,446,027
12,641,489
Average common equity
1,343,227
1,294,758
1,415,985
Return on average assets
1.15
%
1.22
%
1.13
%
Return on average common equity
11.0
%
11.7
%
10.1
%
Adjusted net income
$
35,708
$
40,045
$
35,365
Adjusted return on average
assets
1.13
%
1.28
%
1.13
%
Adjusted return on average common
equity
10.8
%
12.3
%
10.1
%
Adjusted pre-tax pre-provision
earnings
$
45,659
$
50,299
$
40,476
Adjusted pre-tax pre-provision return
on average assets
1.44
%
1.60
%
1.30
%
(FBK - ER)
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jrittenberry@firstbankonline.com www.firstbankonline.com
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mmettee@firstbankonline.com
investorrelations@firstbankonline.com
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