By Katherine Hamilton
FB Financial posted a higher profit and revenue during the first quarter as it prepares for an acquisition and a range of economic conditions.
The holding company of FirstBank posted a profit of $39.4 million, or 84 cents a share, in the three months ended in March, compared with $28.0 million, or 59 cents a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were 85 cents, ahead of the 84 cents forecast by analysts, according to FactSet.
Revenue rose 22% to $130.7 million. Analysts surveyed by FactSet forecast revenue of $131.9 million.
Deposits increased 7% to $11.20 billion compared with the year before. FB's allowance for credit loss on loans was $150.5 million at the end of the first quarter, representing about 1.5% of loans, which Chief Executive Christopher Holmes said will help keep the bank prepared for a variety of economic outcomes.
"As we move into the coming months, our high levels of capital and liquidity provide good buffers against a range of economic conditions," Holmes said.
The Nashville, Tenn., bank said in March it plans to acquire Southern States Bancshares, which has branches in Alabama and Georgia, for $381 million. That deal is set to close in the third or fourth quarter.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 14, 2025 16:40 ET (20:40 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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