Fb Financial Corporation · NYSE:FBK
Fb Financial — Q1 2022 Earnings Presentation
28 slides from Fb Financial's earnings presentation, Apr 19, 2022
Slide 1: 2022 First Quarter Earnings Presentation
2022 First Quarter Earnings Presentation April 19, 2022
Slide 2: Forward–Looking Statements
Forward–Looking Statements Certain statements contained in this presentation 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, statem
Slide 3: Use of non-GAAP financial measures
Use of non-GAAP financial measures This Presentation 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 limi
Slide 4: 1Q 2022 highlights
1Q 2022 highlights Key highlights Financial results Loans HFI grew 21.3% annualized in 1Q 2022, or $400 million. Year- 1Q 2022 over-year loan growth of 13.6%. Excluding PPP loans, year-over-year loan growth of 16.0% Diluted earnings per share $0.74 Adjusted diluted earnings per share1 $0.74 Excl
Slide 5: Driving shareholder value
Driving shareholder value Adjusted Earnings per Share1 Tangible Book Value per Share1 TBVPS Adj. TBVPS (Ex. AOCI) $3.73 $3.78 $24.67$24.55 $25.12 $23.62 $2.83 $21.73$21.15 $2.61 $18.55$18.16 $17.02$17.16 $0.74 2018 2019 2020 2021 1Q22 2018 2019 2020 2021 1Q22 Short Term Performance Dashboard Adjuste
Slide 6: Stable net interest margin
Stable net interest margin Historical yield and costs Average interest earning assets Yield on loans Cost of deposits NIM 5.0% $13,000 Avg. interest earning 4.0% $11,000 Yields and Costs (%) assets ($mm) 3.0% $9,000 2.0% 1.0% $7,000 -- $5,000 1Q21 2Q21 3Q21 4Q21 1Q22 NIM1 3.19% 3.18% 3.20% 3.19% 3.0
Slide 7: Mortgage performance in 1Q 2022
Mortgage performance in 1Q 2022 Highlights Quarterly mortgage production Total mortgage pre-tax loss of $0.3 million for the first quarter as Online Direct to Consumer refinance volumes declined and margins continued to be impacted by Retail 1Q21 4Q21 1Q22 excess capacity in the industry Reducin
Slide 8: Managing expenses and investing to support growth
Managing expenses and investing to support growth Highlights Core efficiency ratio (tax-equivalent basis)¹ Consolidated 1Q 2022 core efficiency ratio¹ Banking segment of 68.1% Consolidated Mortgage segment Banking segment balance sheet growth has paid for significant investments over the past 97
Slide 9: Well-capitalized for future opportunities
Well-capitalized for future opportunities Capital position Tangible book value per share3 1Q211 4Q211 1Q221,2 Shareholder’s equity/Assets 11.1% 11.4% 10.9% $24.67 $23.62 $21.73 $18.55 TCE/TA3 9.1% 9.5% 9.0% $17.02 $14.56 $11.56 $11.58 Common equity 12.0% 12.3% 12.0% tier 1/Risk-weighted assets 3Q16
Slide 10: Valuable core deposit base
Valuable core deposit base Total deposits ($mm) Cost of deposits Customer deposits Brokered and internet time deposits Noninterest bearing (%) Cost of total deposits (%) 35.0% $10,837 $10,996 30.0% $10,257 $10,204 $10,072 $8 25.9% 25.3% 25.4% $27 24.4% $38 $41 25.0% 23.7% $28 20.0% 15.0% $10,809 $10
Slide 11: Balanced loan portfolio
Balanced loan portfolio Portfolio mix C&I1 exposure by industry Other Balance Ex. PPP 4% C&I CRE-OO Total % of Total 1-4 family Real Estate Rental and Leasing $ 284.2 $ 188.1 $ 472.3 20.0% C&I1 17% Finance and Insurance 243.4 11.4 254.8 10.8% 29% Retail Trade 118.4 126.1 244.5 10.4% 1-4 family HELOC
Slide 12: Asset quality remains solid
Asset quality remains solid Nonperforming Assets1 / Assets Nonperforming Loans (HFI) / Loans (HFI) 0.77% 0.94% 0.66% 0.83% 0.50% 0.50% 0.59% 0.62% 0.44% 0.51% 1Q21 2Q21 3Q21 4Q21 1Q22 1Q21 2Q21 3Q21 4Q21 1Q22 LLR/loans HFI (excluding PPP loans)2 Net charge-offs (recoveries) / average loans 2.29% 0.1
Slide 13: Allowance for credit losses overview
Allowance for credit losses overview Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model with key economic data summarized below: FQE, FYE 12/31, 2Q 2022 3Q 2022 2022 2023 2024 2025 2026 GDP (bcw$) $ 19,875.2 $ 19,866.5 $ 19,869.0 $ 20,142.9 $ 20,742.
Slide 14: Appendix
FB} pee Bank Appendix
Slide 15: Adjusted net income and diluted earnings per share
GAAP reconciliation and use of non-GAAP financial measures Adjusted net income and diluted earnings per share 14
Slide 16: Adjusted pre-tax, pre-provision earnings
GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings 15
Slide 17: Adjusted earnings and diluted earnings per share
GAAP reconciliation and use of non-GAAP financial measures Adjusted earnings and diluted earnings per share 16
Slide 18: Adjusted pre-tax, pre-provision earnings
GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings 17
Slide 19: Core efficiency ratio (tax-equivalent basis)
GAAP reconciliation and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis) 18
Slide 20: Segment core efficiency ratios (tax-equivalent basis)
GAAP reconciliation and use of non-GAAP financial measures Segment core efficiency ratios (tax-equivalent basis) 19
Slide 21: Adjusted Banking segment pre-tax pre-provision earnings
GAAP reconciliation and use of non-GAAP financial measures Adjusted Banking segment pre-tax pre-provision earnings 20
Slide 22: Tangible assets and equity, tangible book value per share
GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity, tangible book value per common share and tangible common equity to tangible assets 21
Slide 23: Tangible assets and equity, tangible book value per share
GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity, tangible book value per common share and tangible common equity to tangible assets 22
Slide 24: Return on average tangible common equity
GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity 23
Slide 25: Return on average tangible common equity
GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity 24
Slide 26: Adjusted return on average assets and common equity
GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and common equity 25
Slide 27: Adjusted return on average assets and common equity
GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and common equity 26
Slide 28: Adjusted Allowance for Credit Losses to Loans Held for Investment
GAAP reconciliation and use of non-GAAP financial measures Adjusted Allowance for Credit Losses to Loans Held for Investment 27