FB Bancorp Files 10-Q Amendment

TL;DR

FB Bancorp amended its Q2 10-Q, check financials for loan and real estate data.

AI Summary

FB Bancorp, Inc. filed an amended 10-Q on October 3, 2024, for the period ending June 30, 2024. The filing details financial information for the savings institution, including data on past due loans and real estate segments. Specifics on gains/losses from mortgage loan sales and oil/gas hedging activities are also noted.

Why It Matters

This amended filing provides updated financial disclosures for FB Bancorp, Inc., which is crucial for investors and regulators to assess the company's financial health and performance.

Risk Assessment

Risk Level: low — This is a routine amendment to a quarterly filing, not indicating new or significant negative events.

Key Numbers

• 2024-06-30 — Reporting Period End (The 10-Q/A covers financial data up to this date.)
• 2024-10-03 — Filing Date (This is when the amended 10-Q was submitted to the SEC.)

Key Players & Entities

• FB Bancorp, Inc. (company) — Filer of the 10-Q/A
• 2024-06-30 (date) — Period of report for the 10-Q/A
• 2024-10-03 (date) — Filing date of the 10-Q/A
• 353 Carondelet Street, New Orleans, LA 70130 (address) — Business and mailing address of FB Bancorp, Inc.

FAQ

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, were issued and outstanding

Filing Documents

• ck0002013639-20240630.htm (10-Q/A) — 4178KB
• ck0002013639-ex31_1.htm (EX-31.1) — 20KB
• ck0002013639-ex31_2.htm (EX-31.2) — 20KB
• ck0002013639-ex32_1.htm (EX-32.1) — 11KB
• ck0002013639-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-112280.txt ( ) — 17594KB
• ck0002013639-20240630.xsd (EX-101.SCH) — 1048KB
• ck0002013639-20240630_htm.xml (XML) — 5287KB

- Financial Information

Part I. - Financial Information Item 1.

Financial Statements

Financial Statements Balance Sheets 3 4 5 6 7 Notes to the Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48

- Other Information

Part II. - Other Information Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49 Signature Page 50 1 EXPLANATORY NOTE FB Bancorp, Inc. (the "Company," "we" or "us") was incorporated on February 29, 2024, to serve as the bank holding company for Fidelity Bank ("Fidelity" or the "Bank") upon the consummation of the Bank's conversion from the mutual form of organization to the stock form of organization. As of June 30, 2024, the conversion had not yet been consummated and the Company had no assets or liabilities and had not conducted any business activities other than organizational activities. Accordingly, the financial statements, related notes, and other financial information included in this report relate primarily to the Bank. The unaudited financial statements and other financial information contained in this report should be read in conjunction with the audited financial statements, and related notes, of the Bank as of and for each of the years ended December 31, 2023 and 2022, contained in the Company's definitive prospectus dated August 12, 2024, as filed with the Securities and Exchange Commission ("SEC") on August 22, 2024. 2

Financial Statements

Item 1. Financial Statements FIDELITY BANK BALANC E SHEETS (UNAUDITED) June 30, 2024 December 31, 2023 (dollars in thousands) ASSETS Cash and due from banks $ 8,565 $ 5,795 Interest-bearing deposits at other financial institutions 50,850 81,313 Total cash and cash equivalents 59,415 87,108 Securities available for sale, at fair value (amortized cost of $ 270,033 and $ 269,378 , respectively) 249,196 249,898 Derivative assets 541 184 Loans held for sale, at fair value 34,891 22,576 Loans held for investment 722,867 665,684 Less: allowance for credit losses ( 5,773 ) ( 6,203 ) Loans held for investment, net 717,094 659,481 Federal Home Loan Bank stock, at cost 4,226 4,106 Bank owned life insurance 14,810 14,640 Accrued interest receivable 5,820 5,506 Premises and equipment, net 52,242 51,455 Other real estate owned 2,806 815 Goodwill 5,786 5,786 Mortgage servicing rights 1,032 2,231 Prepaid expenses 2,941 2,518 Other assets 20,729 18,628 Total assets $ 1,171,529 $ 1,124,932 LIABILITIES AND EQUITY Deposits: Non-interest bearing $ 135,314 $ 142,032 Interest bearing 635,309 627,256 Total deposits 770,623 769,288 Advances by borrowers for taxes and insurance 9,479 11,774 Other borrowings 218,500 172,200 Accrued interest payable 3,327 524 Other liabilities 13,893 14,409 Total liabilities 1,015,822 968,195 Equity: Retained earnings 172,168 172,126 Accumulated other comprehensive income (loss) ( 16,461 ) ( 15,389 ) Total equity 155,707 156,737 Total liabilities and equity $ 1,171,529 $ 1,124,932 The accompanying notes are an integral part of these unaudited financial statements. 3 FIDELITY BANK For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 (dollars i

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