FB Financial Reports Q1 Earnings, Revenue Misses Estimates

FB Financial Corporation reported first-quarter earnings of $0.85 per share, surpassing analyst expectations of $0.83, while revenues of $130.67 million fell short of the estimated $132.18 million. The company experienced a 7.14% annualized increase in loans, reaching $9.77 billion, although deposits remained flat at $11.20 billion. CEO Christopher T. Holmes highlighted the bank's solid start despite challenging economic conditions and noted that their allowance for credit losses stood at $150.5 million, ensuring preparedness for various economic outcomes. Shares of FB Financial fell 2.9% following the earnings report, reflecting concerns over revenue misses despite positive earnings. Additionally, the company is planning an acquisition of Southern States Bancshares for $381 million, expected to close in the third or fourth quarter. Overall, while FB Financial's earnings performance was strong, the revenue miss and stock decline raise questions about future growth prospects in a competitive market.