FRESNO, Calif., April 16, 2025 (GLOBE NEWSWIRE) -- FFB Bancorp (the "Company") (OTCQX: FFBB), the parent company of FFB Bank (the "Bank"), today reported net income of $8.10 million, or $2.55 per diluted share, for the first quarter of 2025, an increase of 4% from the $7.79 million, or $2.46 per diluted share, reported for the first quarter of 2024. The Bank reported $9.72 million, or $3.05 per diluted share, for the fourth quarter of 2024. All results are unaudited.
First Quarter 2025 Highlights: As of, or for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024:
-- Pre-tax, pre-provision income increased 10% to $12.01 million.
-- Net income increased 4% to $8.10 million.
-- Return on average equity ("ROAE") was 18.83%.
-- Return on average assets ("ROAA") was 2.14%.
-- Net interest margin expanded 20 basis points to 5.35% from 5.15%.
-- Operating revenue (net interest income, before the provision for credit
losses, plus non-interest income) increased 21% to $28.48 million.
-- Total assets increased 12% to $1.56 billion.
-- Total portfolio of loans increased 18% to $1.09 billion.
-- Total deposits increased 10% to $1.32 billion.
-- Shareholder equity increased 26% to $174.71 million.
-- Book value per common share increased 27% to $55.52.
-- The Company's tangible common equity ratio was 11.20%, while the Bank's
regulatory leverage capital ratio was 14.66%, and the total risk-based
capital ratio was 21.09% at March 31, 2025.
"In spite of the general market headwinds, and the constant noise surrounding potential policy changes, our first quarter 2025 results still came in quite strong because the team was able to stay focused on the basics," said Steve Miller, President & CEO. "The loan portfolio increased $21 million, deposits grew $36 million, and total assets grew $56 million. In addition, we were able to record strong earnings while improving our book value per common share through our strategic share repurchase program."
"During the quarter we have made consistent progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. The team has been diligent in working with our regulators to complete the necessary steps to meet consent order timelines. We have confidence we can continue to address these items going forward."
Linda Emtman and Miles Mahoney Join Board of Directors of FFB Bancorp and FFB Bank:
Linda Emtman and Miles Mahoney have been appointed to the Board of Directors for the Company and Bank, expanding the number of directors for both boards to 11 from 9.
Ms. Emtman was a Principal in Financial Services at Ernst & Young in San Francisco until her retirement. She is on the executive leadership team of the American Heart Association, and an Ambassador at the Bay Area Cor Vitae Society. Ms. Emtman is a graduate of the University of Washington where she earned her bachelor's degree in Business Administration and completed her Master Deal Maker certification at the Wharton School.
Mr. Mahoney is the President of U2 Science Labs, Inc, an advanced analytics and data science platform, in Orange County and the Founder and Managing Partner of Irish Acquisitions, Inc. He has served as a board member of a number of different organizations over a 15-year period. Mr. Mahoney is a graduate of Montana State University where he earned his bachelor's degree in Business Administration & Finance and completed his MBA at the Pepperdine Graziadio School of Business.
"We are delighted to welcome Linda and Miles to our Company's Board of Directors and look forward to working with them as we pursue our mission to grow our franchise. They bring a wealth of experience and a broad depth of knowledge that will help propel us forward for future success," said Mark Saleh, Chairman of the Boards. "Recently, one of our founding board members, Al Smith, passed away. He was instrumental in the early development of our brand. His commitment to the bank and creative ideas will be missed."
Update on Stock Repurchase Program:
On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company's common stock. As of March 31, 2025, the Company has repurchased 41,915 shares, at an average price of $81.60, totaling $3.42 million. This represents approximately 1.78% of total shareholders' equity at March 31, 2025.
Under the terms of the repurchase plan, the Company may repurchase shares of the Company's common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company's discretion and depend on various factors including the performance of the Company's stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.
Results of Operations
Quarter ended March 31, 2025:
Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 21% to $28.48 million for the first quarter of 2025, compared to $23.61 million for the first quarter a year ago, and increased 1% from $28.25 million from the fourth quarter of 2024.
Net interest income, before the provision for credit losses, increased 17% to $18.90 million for the first quarter of 2025, compared to $16.14 million for the same quarter a year ago, and remained consistent with the $18.81 million reported last quarter. "The increase in net interest income compared to prior year was primarily driven by loan portfolio growth," said Bhavneet Gill, Chief Financial Officer. "We have also seen some relief in funding costs as a result of the FOMC rate cuts from the second half of 2024."
The Company's net interest margin ("NIM") increased by 20 basis points to 5.35% for the first quarter of 2025, compared to 5.15% for the first quarter of 2024, and increased 11 basis points from 5.24% for the preceding quarter. "Our yield on earning assets increased 8 basis points in the first quarter primarily from changes within the loan portfolio. Additionally, the expansion of NIM was buoyed by a 4 basis point decrease in the cost to fund earning assets as average non-interest bearing deposits increased $11.68 million quarter-over-quarter," noted Gill.
The yield on earning assets was 6.31% for the first quarter of 2025, compared to 6.15% for the first quarter a year ago, and 6.24% for the previous quarter. The cost to fund earning assets decreased to 0.96% for the first quarter of 2025 compared to 1.00% for the previous quarter, and 1.00% for the same quarter a year earlier.
Total non-interest income was $9.58 million for the first quarter of 2025, compared to $7.47 million for the first quarter of 2024, and $9.44 million for the previous quarter. The increase in non-interest income, from the first quarter of 2024, was driven by higher merchant services revenue and a reduction in loss on sale of investments, partially offset by lower gain on sale of loans revenue. The quarter-over-quarter increase in non-interest income was attributed to higher merchant services revenue due to seasonal activity, partially offset by a reduction in the gain on sale of loans revenue.
Merchant services revenue increased 30% to $7.86 million for the first quarter of 2025, compared to $6.07 million from the first quarter of 2024. The increase was primarily due to higher volume across all merchant business lines and higher gross revenue related to FFB Payments. Merchant services revenue increased from $7.56 million when compared to the fourth quarter of 2024 as a result of an increase in processing volume during the quarter, primarily due to seasonal activity. First quarter 2025 ISO Partner Sponsorship volumes include $2.78 billion in volume for the ISO partners being exited in the second quarter of 2025. First quarter 2025 ISO Partner Sponsorship revenue includes $990,000 in revenue from the ISO partners being exited in the second quarter of 2025. "These ISO exits were the right decision to help ensure we are aligned with our partners in regard to best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward," said Miller.
Merchant ISO Processing Volumes (in thousands)
Source Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
------------ ---------- ---------- ---------- ---------- ------------
ISO Partner
Sponsorship $5,007,998 $4,891,643 $4,556,868 $4,391,365 $3,763,289
FFB
Payments-
Sub-ISO
Merchants 21,551 22,950 24,661 24,414 19,370
FFB Payments
- Direct
Merchants 97,095 91,133 64,512 76,059 77,349
--------- --------- --------- --------- ---------
Total
volume $5,126,644 $5,005,726 $4,646,041 $4,491,838 $3,860,008
========= ========= ========= ========= =========
Merchant ISO Processing Revenues (in thousands)
Source of Q1 Q4
Revenue 2025 2024 Q3 2024 Q2 2024 Q1 2024
--------------- ------ ------ --------- --------- -----------
Net Revenue*:
ISO Partner
Sponsorship $2,410 $2,535 $ 2,284 $ 2,156 $ 2,183
Gross Revenue:
FFB
Payments-
Sub-ISO
Merchants 745 764 810 795 672
FFB Payments
- Direct
Merchants 4,709 4,262 2,476 3,117 3,213
----- ----- ----- ----- -----
5,454 5,026 3,286 3,912 3,885
----- ----- ----- ----- -----
Gross Expense:
FFB
Payments-
Sub-ISO
Merchants 616 638 723 675 518
FFB Payments
- Direct
Merchants 2,558 2,511 1,766 1,989 1,842
----- ----- ----- ----- -----
3,174 3,149 2,489 2,664 2,360
----- ----- ----- ----- -----
Net Revenue:
FFB
Payments-
Sub-ISO
Merchants 129 126 87 120 154
FFB Payments
- Direct
Merchants 2,151 1,751 710 1,128 1,371
----- ----- ----- ----- -----
FFB
Payments
Net
Revenue 2,280 1,877 797 1,248 1,525
----- ----- ----- ----- -----
Net Merchant
Services
Income: $4,690 $4,412 $ 3,081 $ 3,404 $ 3,708
===== ===== ===== ===== =====
(*ISO Partnership Sponsorship is recognized net of
expense in Merchant Services Income. FFB Payments
revenues are recognized gross in Merchant Services
Income and Merchant Services expenses are recognized
in Non-Interest Expense.)
Total deposit fee income increased 7% to $849,000 for the first quarter of 2025, compared to $796,000 for the first quarter of 2024, and decreased 1% from $856,000 for the previous quarter.
There was a $261,000 gain on sale of loans during the first quarter of 2025, compared to a gain on sale of loans of $451,000 during the first quarter 2024, and a gain on sale of loans of $929,000 in the previous quarter. There was no loss on sale of investments during the first quarter of 2025, compared to a $373,000 loss during the first quarter of 2024, and a $482,000 loss in the previous quarter.
Non-interest expense increased 30% to $16.47 million for the first quarter of 2025, compared to $12.70 million for the first quarter 2024, and increased 24% from $13.27 million from the previous quarter. The increases on a year-over-year and quarterly comparison were driven by increases in salaries and employee benefits expense.
Salaries and employee benefits increased 22% to $8.06 million for the first quarter of 2025, compared to $6.58 million for the first quarter 2024. Total salaries and employee benefits increased 56% from $5.18 million in the previous quarter. The quarterly increase in salaries and employee benefits expense is partially attributed to $1.96 million in non-recurring reductions to performance bonus and ESOP accruals recognized in the fourth quarter of 2024. The balance of the increase was primarily the result of expense associated with full-time employees hired in the fourth quarter of 2024 and the first quarter of 2025. Full-time employees increased to 175 at March 31, 2025, compared to 147 full-time employees a year earlier, and 168 full-time employees from the previous quarter.
"Over the last few quarters, we've made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We continue to see elevated legal, audit, and technology related expenses mostly related to addressing the Consent Order," said Miller.
Occupancy and equipment expenses decreased 8% from a year ago, representing 2% of non-interest expense, and decreased 14% from the preceding quarter. Merchant operating expense totaled $3.17 million for the first quarter of 2025, compared to $2.36 million for the first quarter of 2024 and $3.15 million for the preceding quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.
Other operating expense increased 45% or $1.51 million to $4.88 million from a year earlier and increased 8% or $351,000 from the previous quarter. The year-over-year increase was driven by increases of $252,000 in data and software related expense, $355,000 in professional fees, $262,000 in marketing expense, $111,000 in regulatory assessment expense, and $321,000 in operational losses. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company's AML/CFT, compliance, and merchant services programs.
The efficiency ratio was 57.83% for the first quarter of 2025, compared to 52.96% for the same quarter a year ago, and 46.19% for the preceding quarter. The efficiency ratio can fluctuate period over period based on changes in merchant services' gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services' gross expense, which is included in non-interest expense, is netted against merchant services' revenue in non-interest income. The adjusted efficiency ratio was 52.54% for the first quarter of 2025, compared to 47.82% for the same quarter a year ago, and 39.57% for the previous quarter.
Balance Sheet Review
Total assets increased 12% to $1.56 billion at March 31, 2025, compared to $1.40 billion at March 31, 2024, and increased 4% compared to December 31, 2024.
The total portfolio of loans increased 18%, or $165.66 million, to $1.09 billion, compared to $926.78 million at March 31, 2024, and increased $21.36 million, from $1.07 billion at December 31, 2024.
Commercial real estate loans increased 28% year-over-year to $696.63 million, representing 64% of total loans at March 31, 2025. The CRE portfolio includes approximately $282.54 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $84.52 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.65 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.15 million, or 2% of loans, at March 31, 2025.
The commercial and industrial (C&I) portfolio increased 16% to $260.06 million, at March 31, 2025, compared to $224.55 million a year earlier, and decreased 3% from $267.95 million at December 31, 2024. C&I loans represented 24% of total loans at March 31, 2025. Agriculture loans represented 10% of the loan portfolio at March 31, 2025. At March 31, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $61.37 million, or 5.6% of the loan portfolio.
Investment securities totaled $313.83 million at March 31, 2025, compared to $328.91 million a year earlier, and decreased $8.36 million from $322.19 million at December 31, 2024. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At March 31, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $24.50 million, compared to a net unrealized loss of $25.89 million at December 31, 2024. The Company's investment securities portfolio had an effective duration of 5.61 years at March 31, 2025, compared to 5.32 years at December 31, 2024.
Total deposits increased 10%, or $119.85 million, to $1.32 billion at March 31, 2025, compared to $1.20 billion from a year earlier, and increased $36.00 million from $1.28 billion at December 31, 2024. The quarter-over-quarter increase in deposit balances is primarily attributed to an increase in interest bearing checking accounts. Non-interest bearing demand deposits increased 10% to $825.40 million at March 31, 2025, compared to $751.64 million at March 31, 2024, and decreased $3.10 million from $828.51 million at December 31, 2024. Non-interest bearing demand deposits represented 63% of total deposits at March 31, 2025.
Included in non-interest bearing deposits are $89.98 million from ISO partners for merchant reserves, $135.48 million from ISO partners for settlement, and $9.63 million in ISO partner operating accounts. These deposits represent 28.5% of non-interest bearing deposits and 17.8% of total deposits. Included in the $235.09 million in ISO partner deposits as of March 31, 2025 are $137.82 million in deposits for ISO partners being exited in the second quarter of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.
There was $10.00 million in short-term borrowings at March 31, 2025, compared to no borrowings at December 31, 2024, or March 31, 2024. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company's primary and secondary sources of liquidity which were available at March 31, 2025:
Liquidity Source (in thousands) March 31, 2025 December 31, 2024
----------------------------------- ---------------- ---------------------
Cash and cash equivalents $ 103,071 $ 63,415
Unpledged investment securities,
fair value 104,732 118,957
FHLB advance capacity 338,036 304,077
Federal Reserve discount window
capacity 130,590 166,475
Correspondent bank unsecured lines
of credit 70,000 91,500
------------ --- --------------
$ 746,429 $ 744,424
============ === ==============
The total primary and secondary liquidity of $746.43 million at March 31, 2025 represents an increase of $2.0 million in primary and secondary liquidity quarter-over-quarter. On-balance sheet cash and cash equivalents increased as a result of deposit growth in the quarter.
Shareholders' equity increased 26% to $174.71 million at March 31, 2025, compared to $138.72 million from a year ago, and grew 4% from $168.39 million at December 31, 2024. Book value per common share increased 27% to $55.52, at March 31, 2025, compared to $43.69 at March 31, 2024, and increased 5% from $53.02 at December 31, 2024. The tangible common equity ratio was 11.20% at March 31, 2025, compared to 9.94% a year earlier, and 11.20% at December 31, 2024. Additionally, book value improved as a result of quarterly net income and a reduction in shares outstanding.
At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $226.64 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.66% for the current quarter, while the total risk-based capital ratio was 21.09%, exceeding regulatory minimums to be considered well-capitalized.
Asset Quality
Nonperforming assets increased to $15.37 million, or 0.98% of total assets, at March 31, 2025, compared to $9.89 million, or 0.66% of total assets, from the preceding quarter. Of the $15.37 million nonperforming loans, $11.37 million are covered by SBA guarantees. Total delinquent loans increased to $19.12 million at March 31, 2025, compared to $8.32 million at December 31, 2024.
Past due loans 30-60 days were $17.53 million at March 31, 2025, compared to $4.89 million at December 31, 2024, and $3.22 million at March 31, 2024. This increase in 30-60 days past due loans is the result of three multi-family loans, which are real estate secured, totaling $11.55 million to a related group of borrowers. There were $1.54 million past due loans from 60-90 days at March 31, 2025, compared to $2.45 million at December 31, 2024 and $1.95 million in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at March 31, 2025, compared to $1.33 million, at March 31, 2024. Of the $19.12 million in past due loans at March 31, 2025, $2.75 million were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.
Delinquent Loan Summary
---
Purchased Govt.
(in thousands) Organic Guaranteed Total
------------------------------- ------- ----------------- ---------
Delinquent accruing loans 30-59
days $16,147 $ 1,386 $17,533
Delinquent accruing loans 60-89
days 218 1,319 1,537
Delinquent accruing loans 90+
days -- 46 46
------ --- ------------ ------
Total delinquent accruing loans $16,365 $ 2,751 $19,116
------ --- ------------ ------
Non-Accrual Loan Summary
---
Purchased Govt.
(in thousands) Organic Guaranteed Total
------------------------------- ------- ----------------- ---------
Loans on non-accrual $15,366 $ -- $15,366
Non-accrual loans with SBA
guarantees 11,371 -- 11,371
------ --- ------------ ------
Net Bank exposure to
non-accrual loans $ 3,995 $ -- $ 3,995
------ --- ------------ ------
There was a $1.16 million provision for credit losses in the first quarter of 2025, compared to $378,000 provision for credit losses in the first quarter a year ago, and a $1.67 million provision for credit losses booked in the fourth quarter of 2024. The provision recorded during the first quarter of 2025 is the result of loan portfolio growth and a $5.47 million increase in non-accrual loans which were individually evaluated in the allowance for credit losses. The increase in non-accrual loans was primarily related to SBA loans.
"We watch the SBA portfolio very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief is expected during the second half of 2025," added Miller. "The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.25%, as of March 31, 2025, and our total non-guaranteed exposure on these SBA loans is $42.80 million spread over 222 loans."
"We incurred net charge offs of $167,000 during the current quarter, compared to $4,000 in net recoveries in the first quarter a year ago, and $1.29 million in net charge offs in the previous quarter," said Miller. "Our loan portfolio increased 18% from a year ago with commercial real estate ("CRE") loans representing 64% of the total loan portfolio. Within the CRE portfolio, there are $52.45 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards."
(in thousands) CRE Office Exposure of March 31, 2025
Region Owner-Occupied Non-Owner Occupied Total
---------------- -------------------- -------------------- ----------
Central Valley $ 27,314 $ 13,544 $ 40,858
Southern
California 2,271 352 2,623
Other California 4,492 3,948 8,440
--- --------------- ---- -------------- -------
Total
California 34,077 17,844 51,921
Out of
California -- 527 527
--- --------------- ---- -------------- -------
Total CRE
Office $ 34,077 $ 18,371 $ 52,448
--- --------------- ---- -------------- -------
The ratio of allowance for credit losses to total loans was 1.18% at March 31, 2025, compared to 1.12% a year earlier and 1.10% at December 31, 2024. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.
About FFB Bancorp
FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California's Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank's awards and accomplishments, it was ranked #1 on American Banker's list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. For 2025, the Bank was also ranked by S&P Global as the #34 best performing community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company's website at www.ffb.bank or by contacting a representative at 559-439-0200.
Forward Looking Statements
This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. The forward-looking statements are based on managements' expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company's ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company's business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Member FDIC
For the Quarter Ended:
----------------- -------------------------------------------------------
Select Financial
Information and
Ratios March 31, 2025 December 31, 2024 March 31, 2024
----------------- ----------------- ----------------- -----------------
BALANCE SHEET-
ENDING BALANCES:
Total assets $ 1,560,376 $ 1,504,128 $ 1,395,095
Total portfolio
loans 1,092,441 1,071,079 926,781
Investment
securities 313,826 322,186 328,906
Total deposits 1,320,381 1,284,377 1,200,529
Shareholders
equity, net 174,711 168,392 138,716
INCOME STATEMENT
DATA
Operating revenue 28,476 28,247 23,610
Operating expense 16,467 13,270 12,701
--------- --------- ---------
Pre-tax,
pre-provision
income 12,009 14,977 10,909
Net income after
tax 8,098 9,718 7,790
SHARE DATA
Basic earnings
per share $ 2.56 $ 3.06 $ 2.46
Fully diluted EPS $ 2.55 $ 3.05 $ 2.46
Book value per
common share $ 55.52 $ 53.02 $ 43.69
Common shares
outstanding 3,146,727 3,175,817 3,175,048
Fully diluted
shares 3,175,178 3,189,949 3,170,981
FFBB - Stock
price $ 76.50 $ 97.97 $ 82.99
RATIOS
Return on average
assets 2.14% 2.53% 2.32%
Return on average
equity 18.83% 23.11% 23.27%
Efficiency ratio 57.83% 46.19% 52.96%
Adjusted
efficiency
ratio 52.54% 39.57% 47.82%
Yield on earning
assets 6.31% 6.24% 6.15%
Yield on
investment
securities 4.36% 4.34% 4.47%
Yield on
portfolio loans 6.81% 6.95% 6.68%
Cost to fund
earning assets 0.96% 1.00% 1.00%
Cost of
interest-bearing
deposits 2.60% 2.69% 2.57%
Net Interest
Margin 5.35% 5.24% 5.15%
Equity to assets 11.20% 11.20% 9.94%
Net loan to
deposit ratio 82.74% 83.39% 77.20%
Full time
equivalent
employees 175 168 147
BALANCE SHEET-
AVERAGES
Total assets 1,531,573 1,529,439 1,347,625
Total portfolio
loans 1,076,848 1,038,215 925,561
Investment
securities 325,699 333,135 315,820
Total deposits 1,300,550 1,299,069 1,149,117
Shareholders
equity, net 174,410 167,268 134,621
Consolidated Balance
Sheet (unaudited)
December 31,
(in thousands) March 31, 2025 2024 March 31, 2024
-------------------- -------------- -------------- ----------------
ASSETS
Cash and due from
banks $ 83,033 $ 43,905 $ 37,360
Interest bearing
deposits in banks 20,038 19,510 53,556
CDs in other banks 1,724 1,723 1,693
Investment
securities 313,826 322,186 328,906
Loans held for sale -- -- --
Construction & land
development 12,649 26,522 77,318
Residential RE 1-4
family 17,146 16,846 16,114
Commercial real
estate 696,625 669,285 545,358
Agriculture 104,616 90,017 63,281
Commercial and
industrial 260,063 267,948 224,551
Consumer and other 1,342 461 159
-------------------- --------- --------- ---------
Portfolio loans 1,092,441 1,071,079 926,781
Deferred fees &
discounts (3,946) (4,200) (4,181)
Allowance for credit
losses (12,913) (11,834) (10,407)
-------------------- --------- --------- ---------
Loans, net 1,075,582 1,055,045 912,193
Non-marketable
equity investments 8,890 8,891 7,357
Cash value of life
insurance 12,496 12,402 12,119
Accrued interest and
other assets 44,787 40,466 41,911
-------------------- --------- --------- ---------
Total assets $ 1,560,376 $ 1,504,128 $ 1,395,095
==================== ========= ========= =========
LIABILITIES AND
EQUITY
Non-interest bearing
deposits $ 825,404 $ 828,508 $ 751,636
Interest checking 109,555 62,034 54,659
Savings 54,686 55,219 52,090
Money market 218,940 212,322 220,559
Certificates of
deposits 111,796 126,294 121,585
-------------------- --------- --------- ---------
Total deposits 1,320,381 1,284,377 1,200,529
Short-term
borrowings 10,000 -- --
Long-term debt 38,046 38,007 39,638
Other liabilities 17,238 13,352 16,212
-------------------- --------- --------- ---------
Total
liabilities 1,385,665 1,335,736 1,256,379
Common stock 35,693 38,436 36,910
Retained earnings 156,235 148,138 121,780
Accumulated other
comprehensive loss (17,217) (18,182) (19,974)
-------------------- --------- --------- ---------
Shareholders'
equity 174,711 168,392 138,716
-------------------- --------- --------- ---------
Total
liabilities
and
shareholders'
equity $ 1,560,376 $ 1,504,128 $ 1,395,095
==================== ========= ========= =========
Consolidated
Income Statement
(unaudited) Quarter ended:
------------------------------------------------------
(in thousands) March 31, 2025 December 31, 2024 March 31, 2024
------------------ -------------- ------------------- -----------------
INTEREST INCOME:
Loan interest
income $ 18,069 $ 18,131 $ 15,372
Investment
income 3,499 3,631 3,512
Int. on fed
funds & CDs in
other banks 574 504 255
Dividends from
non-marketable
equity 132 137 129
---------- --- ---------- ----------
Total interest
income 22,274 22,403 19,268
---------- --- ---------- ----------
INTEREST EXPENSE:
Int. on
deposits 2,891 3,115 2,518
Int. on
short-term
borrowings 31 12 149
Int. on
long-term
debt 451 464 464
---------- --- ---------- ----------
Total interest
expense 3,373 3,591 3,131
---------- --- ---------- ----------
Net interest
income 18,901 18,812 16,137
PROVISION FOR
CREDIT LOSSES 1,164 1,671 378
---------- --- ---------- ----------
Net interest
income after
provision 17,737 17,141 15,759
---------- --- ---------- ----------
NON-INTEREST
INCOME:
Total deposit fee
income 849 856 796
Debit / credit
card interchange
income 191 196 167
Merchant services
income 7,864 7,562 6,068
Gain on sale of
loans 261 929 451
Loss (gain) on
sale of
investments -- (482) (373)
Other operating
income 410 374 364
---------- --- ---------- ----------
Total
non-interest
income 9,575 9,435 7,473
---------- --- ---------- ----------
NON-INTEREST
EXPENSE:
Salaries &
employee
benefits 8,056 5,177 6,582
Occupancy expense 353 411 383
Merchant services
operating
expense 3,174 3,149 2,360
Other operating
expense 4,884 4,533 3,376
---------- --- ---------- ----------
Total
non-interest
expense 16,467 13,270 12,701
---------- --- ---------- ----------
Income before
provision for
income tax 10,845 13,306 10,531
PROVISION FOR
INCOME TAXES 2,747 3,588 2,741
---------- --- ---------- ----------
Net income $ 8,098 $ 9,718 $ 7,790
========== === ========== ==========
ASSET QUALITY
(in thousands) March 31, 2025 December 31, 2024 March 31, 2024
--------------- ------------------ ----------------- ------------------
Delinquent
accruing loans
30-60 days $ 17,533 $ 4,886 $ 3,220
Delinquent
accruing loans
60-90 days 1,537 2,449 1,950
Delinquent
accruing loans
90+ days 46 987 1,332
---------- --------- ----------
Total
delinquent
accruing
loans $ 19,116 $ 8,322 $ 6,502
---------- --------- ----------
Loans on
non-accrual $ 15,366 $ 9,894 $ 7,156
Other real
estate owned -- -- --
---------- --------- ----------
Nonperforming
assets $ 15,366 $ 9,894 $ 7,156
---------- --------- ----------
Delinquent
30-60 / Total
Loans 1.60% 0.46% 0.35%
Delinquent
60-90 / Total
Loans 0.14% 0.23% 0.21%
Delinquent 90+
/ Total Loans --% 0.09% 0.14%
Delinquent
Loans / Total
Loans 1.75% 0.78% 0.70%
Non-accrual /
Total Loans 1.41% 0.92% 0.77%
Nonperforming
assets to
total assets 0.98% 0.66% 0.51%
Year-to-date
charge-off
activity
Charge-offs $ 167 $ 1,287 $ --
Recoveries -- 35 4
---------- --------- ----------
Net charge-offs
(recoveries) $ 167 $ 1,252 $ (4)
---------- --------- ----------
Annualized net
loan losses to
average loans 0.06% 0.12% --%
CREDIT LOSS
RESERVE
RATIOS:
Allowance for
credit losses $ 12,913 $ 11,834 $ 10,407
Total loans $ 1,092,441 $ 1,071,079 $ 926,781
Purchased govt.
guaranteed
loans $ 16,081 $ 16,323 $ 19,642
Originated
govt.
guaranteed
loans $ 45,285 $ 42,737 $ 38,228
ACL / Total
loans 1.18% 1.10% 1.12%
ACL / Loans
less 100%
govt. gte.
loans
(purchased) 1.20% 1.12% 1.15%
ACL / Loans
less all govt.
guaranteed
loans 1.25% 1.17% 1.20%
ACL / Total
assets 0.83% 0.79% 0.75%
For the Quarter Ended:
--------------
SELECT
FINANCIAL
TREND March 31, December September June 30,
INFORMATION 2025 31, 2024 30, 2024 2024 Mar. 31, 2024
-------------- ----------- ----------- ----------- ----------- -------------
BALANCE SHEET-
PERIOD END
Total assets $1,560,376 $1,504,128 $1,512,241 $1,443,723 $1,395,095
Loans held for
sale -- -- -- -- --
Loans held for
investment 1,092,441 1,071,079 998,222 969,764 926,781
Investment
securities 313,826 322,186 345,428 345,491 328,906
Non-interest
bearing
deposits 825,404 828,508 826,708 731,030 751,636
Interest
bearing
deposits 494,977 455,869 460,241 437,927 448,893
--------- --------- --------- --------- ---------
Total deposits 1,320,381 1,284,377 1,286,949 1,168,957 1,200,529
Short-term
borrowings 10,000 -- -- 68,000 --
Long-term debt 38,046 38,007 37,967 39,678 39,638
Total equity 191,928 186,574 176,350 167,286 158,690
Accumulated
other
comprehensive
loss (17,217) (18,182) (12,715) (18,646) (19,974)
--------- --------- --------- --------- ---------
Shareholders'
equity 174,711 168,392 163,635 148,640 138,716
QUARTERLY
INCOME
STATEMENT
Interest
income $ 22,274 $ 22,403 $ 21,404 $ 20,887 $ 19,268
Interest
expense 3,373 3,591 3,617 3,581 3,131
--------- --------- --------- --------- ---------
Net interest
income 18,901 18,812 17,787 17,306 16,137
Non-interest
income 9,575 9,435 7,616 7,423 7,473
--------- --------- --------- --------- ---------
Gross revenue 28,476 28,247 25,403 24,729 23,610
Provision for
credit
losses 1,164 1,671 762 291 378
Non-interest
expense 16,467 13,270 12,735 13,285 12,701
--------- --------- --------- --------- ---------
Net income
before tax 10,845 13,306 11,906 11,153 10,531
Tax provision 2,747 3,588 3,343 3,077 2,741
--------- --------- --------- --------- ---------
Net income
after tax 8,098 9,718 8,563 8,076 7,790
========= ========= ========= ========= =========
BALANCE SHEET-
AVERAGE
BALANCE
Total assets $1,531,573 $1,529,439 $1,477,259 $1,704,255 $1,347,604
Loans held for
sale -- -- -- -- --
Loans held for
investment 1,076,848 1,038,215 982,152 954,871 925,561
Investment
securities 325,699 333,135 343,096 334,416 315,820
Non-interest
bearing
deposits 850,426 838,748 822,200 758,977 755,603
Interest
bearing
deposits 450,124 460,321 432,143 440,147 393,514
--------- --------- --------- --------- ---------
Total deposits 1,300,550 1,299,069 1,254,343 1,199,124 1,149,117
Short-term
borrowings 2,856 951 -- 10,053 9,562
Long-term debt 38,028 37,989 39,479 39,660 39,620
Shareholders'
equity 174,410 167,268 161,363 141,881 134,621
Contact: Steve Miller - President & CEO
Bhavneet Gill -- EVP & CFO
(559) 439-0200
(END) Dow Jones Newswires
April 16, 2025 09:03 ET (13:03 GMT)
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