FB Financial (FBK) Q4 2025 earnings summary

Executive summary

• Reported Q4 2025 net income of $57.0M ($61.5M adjusted), EPS of $1.07 ($1.16 adjusted), and full-year EPS of $2.45 ($3.99 adjusted); full-year revenue reached $560.0M, up 23% year-over-year, with adjusted net income of $200.0M.

• Tangible book value per share increased to $30.27 at year-end, with a CAGR of 11.6% since IPO.

• Balance sheet growth was driven by the Southern States Bank acquisition, with loans HFI up 29% and deposits up 25% year-over-year.

• Management highlighted strong earnings, significant share repurchase (~3% of shares), and a focus on customer experience and organic growth for 2026.

Financial highlights

• Q4 pre-tax pre-provision net revenue was $71.1M ($77.1M adjusted); net interest income for Q4 was $150.6M, NIM expanded to 3.98%.

• Q4 net income was $57M ($61.5M adjusted); full-year net income $122.6M ($200M adjusted).

• Loans HFI ended at $12.4B, deposits at $13.9B as of Q4 2025.

• Efficiency ratio improved to 60.2% (56.3% adjusted) in Q4 2025; full-year adjusted efficiency ratio was 56.4%.

• Non-interest income improved due to stronger swap fees, investment services, and non-recurring items.

Outlook and guidance

• Expect NIM (ex-loan accretion) of 3.78%-3.83% in Q1 and full-year 2026; fee income projected to grow in the upper single-digit range.

• Banking expense guidance for 2026 is $325M-$335M, targeting an efficiency ratio in the low 50s by year-end.

• Loan and core deposit growth expected in the mid to high single digits for 2026.

• Management expects continued focus on core deposit growth, disciplined cost management, and stable reserve coverage.