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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File No. 001-42380

FB Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland		99-1859402
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

353 Carondelet Street, New Orleans, Louisiana		70130
(Address of Principal Executive Offices)		(Zip Code)

(504) 569-8640

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol(s)	Name of Each Exchange on Which Registered
Common	FBLA	Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:



Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

19,837,500 shares of the registrant’s common stock, par value $0.01 per share, were issued and outstanding as of November 11, 2025.

FB Bancorp, Inc.

Form 10-Q

Index


		Page
	Part I. - Financial Information

Item 1.	Financial Statements (unaudited)	3

	Consolidated Statements of Financial Condition	3

	Consolidated Statements of Operations	4

	Consolidated Statements of Comprehensive Income (Loss)	5

	Consolidated Statements of Changes in Stockholders’ Equity	6

	Consolidated Statements of Cash Flows	7

	Notes to the Unaudited Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	50

Item 4.	Controls and Procedures	50

	Part II. - Other Information

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	51

Item 3.	Defaults Upon Senior Securities	51

Item 4.	Mine Safety Disclosures	51

Item 5.	Other Information	51

Item 6.	Exhibits	52

	Signature Page	53

EXPLANATORY NOTE

FB Bancorp, Inc. (the “Company,” “we”, “our” 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, which occurred on October 22, 2024. The Company sold 19,837,500 shares of common stock (par value $0.01 per share) at $10.00 per share, for gross offering proceeds of $198.4 million. The cost of conversion and issuance of common stock was approximately $4.7 million, which was deducted from the gross offering proceeds. The Bank’s employee stock ownership plan (“ESOP”) purchased 1,587,000, or 8% of total shares issued, at a cost of $17.9 million. The Company contributed $88.4 million of the net offering proceeds to the Bank as additional capital.

Item 1. Financial Statements (unaudited)

FB Bancorp, Inc.

Consolidated Statements of Financial Condition (Unaudited)

(Dollars in thousands, except share data)


	September 30, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	7,357		$	6,841
Interest-bearing deposits at other financial institutions		58,374			92,004
Total cash and cash equivalents		65,731			98,845

Securities available for sale, at fair value (amortized cost of $307,806 and $264,639, respectively)		298,326			244,119
Derivative assets		347			439
Loans held for sale, at fair value		41,435			26,026
Loans held for investment		760,022			756,897
Less: allowance for credit losses		(6,245	)		(6,244	)
Loans held for investment, net		753,777			750,653
Federal Home Loan Bank stock, at cost		3,605			4,354
Bank owned life insurance		15,250			14,986
Accrued interest receivable		5,392			5,729
Premises and equipment, net		57,759			54,145
Other real estate owned		2,207			610
Mortgage servicing rights		934			1,078
Prepaid expenses		2,895			2,151
Other assets		16,483			17,798

Total assets	$	1,264,141		$	1,220,933

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing	$	131,499		$	132,258
Interest bearing		708,400			668,484
Total deposits		839,899			800,742

Advances by borrowers for taxes and insurance		8,179			6,537
Other borrowings		63,440			73,500
Accrued interest payable		354			380
Other liabilities		14,083			13,519
Total liabilities		925,955			894,678

Stockholders' Equity:
Preferred stock, $0.01 par value - 5,000,000 shares authorized; none issued		—			—
Common stock, $0.01 par value - 120,000,000 shares authorized; 19,837,500 issued and outstanding at September 30, 2025 and December 31, 2024		198			198
Additional paid-in capital		193,578			193,571
Unearned ESOP shares - 1,475,910 and 1,523,520 shares as of September 30, 2025 and December 31, 2024, respectively		(16,677	)		(17,215	)
Retained earnings		168,576			165,912
Accumulated other comprehensive income (loss)		(7,489	)		(16,211	)
Total stockholders' equity		338,186			326,255

Total liabilities and stockholders' equity	$	1,264,141		$	1,220,933

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FB Bancorp, Inc.

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except share data)


	For the three months ended September 30,						For the nine months ended September 30,
	2025			2024			2025			2024
Interest and dividend income
Interest and fees on loans	$	14,691		$	13,910		$	42,656		$	39,453
Interest and dividends on investment securities		2,748			2,265			7,436			6,912
Interest on deposits in other banks		815			734			2,619			1,676
Total interest and dividend income		18,254			16,909			52,711			48,041

Interest expense
Deposits		3,980			3,031			11,106			8,311
Borrowed funds		688			2,455			2,028			6,489
Total interest expense		4,668			5,486			13,134			14,800

Net interest income		13,586			11,423			39,577			33,241
Provision (benefit) for credit losses		413			300			1,251			820
Net interest income after provision (benefit) for credit losses		13,173			11,123			38,326			32,421

Non-interest income
Service charges and fee income from deposit accounts		668			700			1,935			2,221
Gain on sales of mortgage loans		4,008			3,939			11,301			10,706
Gain (loss) on sales, disposal, or impairment of assets		(23	)		117			(111	)		117
Gain (loss) on sales of available for sale securities		51			(24	)		214			285
Gain on sales of mortgage servicing rights		—			334			—			2,584
Other non-interest income		445			306			1,133			1,434
Total non-interest income		5,149			5,372			14,472			17,347

Non-interest expenses
Salaries and employee benefits		10,177			10,745			29,672			31,215
Occupancy and equipment		2,211			2,027			6,315			6,105
Directors’ fees		173			162			537			466
Data processing		1,350			1,215			3,990			3,915
Advertising and marketing		291			404			846			1,632
Mortgage servicing rights amortization		96			94			290			397
Hedging activity, net		277			712			948			581
Goodwill impairment		—			—			—			—
Other general and administrative		2,411			2,278			6,888			6,544
Total non-interest expenses		16,986			17,637			49,486			50,855

Income (loss) before income taxes		1,336			(1,142	)		3,312			(1,087	)
Income tax expense (benefit)		256			(247	)		648			(234	)

Net income (loss)	$	1,080		$	(895	)	$	2,664		$	(853	)

Earnings (losses) per share - basic and diluted	$	0.06			—		$	0.15			—
Weighted average shares outstanding		18,345,720			—			18,329,966			—

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FB Bancorp, Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


	For the three months ended September 30,						For the nine months ended September 30,
	2025			2024			2025			2024
	(Dollars in thousands)						(Dollars in thousands)
Net income (loss)	$	1,080		$	(895	)	$	2,664		$	(853	)
Other comprehensive income (loss):
Unrealized holding gains (losses) on securities available for sale		6,166			8,400			11,254			7,352
Reclassification adjustment for (gains) losses realized on securities available for sale		(51	)		24			(214	)		(285	)
Net unrealized gains (losses)		6,115			8,424			11,040			7,067
Tax effect		(1,284	)		(1,769	)		(2,318	)		(1,484	)
Total other comprehensive income (loss)		4,831			6,655			8,722			5,583

Total comprehensive income (loss)	$	5,911		$	5,760		$	11,386		$	4,730

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FB Bancorp, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

For the Nine Months Ended September 30, 2025 and 2024

(Dollars in thousands, except share data)


											Accumulated			Unallocated
	Common				Additional						Other			Common			Total
	Shares		Common		Paid-In			Retained			Comprehensive			Stock Held By			Stockholders'
	Issued		Stock		Capital			Earnings			Income (Loss)			ESOP			Equity

Balance at December 31, 2023		-	$	-	$	—		$	172,126		$	(15,389	)	$	—		$	156,737

Comprehensive income (loss):
Net income (loss)						-			(807	)		-			-			(807	)
Other comprehensive income (loss), net of tax						-			-			(2,566	)		-			(2,566	)
Total comprehensive income (loss)																		(3,373	)

Balance at March 31, 2024		-	$	-	$	-		$	171,319		$	(17,955	)	$	-		$	153,364
Comprehensive income (loss):
Net income (loss)						-			849			-			-			849
Other comprehensive income (loss), net of tax						-			-			1,494			-			1,494
Total comprehensive income (loss)																		2,343

Balance at June 30, 2024		-	$	-	$	-		$	172,168		$	(16,461	)	$	-		$	155,707
Comprehensive income (loss):
Net income (loss)						-			(895	)		-			-			(895	)
Other comprehensive income (loss), net of tax						-			-			6,655			-			6,655
Total comprehensive income (loss)																		5,760

Balance at September 30, 2024		-	$	-	$	-		$	171,273		$	(9,806	)	$	-		$	161,467

Balance at December 31, 2024		19,837,500	$	198	$	193,571		$	165,912		$	(16,211	)	$	(17,215	)	$	326,255

Comprehensive income (loss):
Net income (loss)						-			705			-			-			705
Other comprehensive income (loss), net of tax						-			-			4,267			-			4,267
Total comprehensive income (loss)																		4,972

ESOP shares committed to be released (15,870 shares)						3									179			182

Balance at March 31, 2025		19,837,500	$	198	$	193,574		$	166,617		$	(11,944	)	$	(17,036	)	$	331,409
Comprehensive income (loss):
Net income (loss)						-			879			-			-			879
Other comprehensive income (loss), net of tax						-			-			(376	)		-			(376	)
Total comprehensive income (loss)																		503

ESOP shares committed to be released (15,870 shares)						(5	)								179			174

Balance at June 30, 2025		19,837,500	$	198	$	193,569		$	167,496		$	(12,320	)	$	(16,857	)	$	332,086
Comprehensive income (loss):
Net income (loss)						-			1,080			-			-			1,080
Other comprehensive income (loss), net of tax						-			-			4,831			-			4,831
Total comprehensive income (loss)																		5,911

ESOP shares committed to be released (15,870 shares)						9									180			189

Balance at September 30, 2025		19,837,500	$	198	$	193,578		$	168,576		$	(7,489	)	$	(16,677	)	$	338,186

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FB Bancorp, Inc.

Consolidated Statements of Cash Flows (Unaudited)


	For the nine months ended September 30,
	2025			2024
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	2,664		$	(853	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		1,961			1,899
Amortization of mortgage servicing rights		290			397
Net (accretion) amortization on securities		(1,318	)		(584	)
Provision (benefit) for credit losses		1,251			820
ESOP expense		545			—
Increase in cash surrender value of life insurance		(264	)		(257	)
Net gain on sales of mortgage servicing rights		—			(2,584	)
(Gain) loss on sales and disposal of assets		111			(117	)
Federal Home Loan Bank stock dividends		(154	)		(182	)
Net gain on sales of available for sale securities		(214	)		(285	)
Deferred income taxes (benefit)		430			(101	)
Net (increase) decrease in derivative instruments		92			(144	)
Changes in other operating assets and liabilities		(1,447	)		1,118
Loans held for sale:
Originations		(289,515	)		(286,563	)
Proceeds from sale		286,359			283,877
Gain on sale of loans, net		(11,301	)		(10,706	)
Net change in fair value		(952	)		(583	)

Net cash provided by (used in) operating activities		(11,462	)		(14,848	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of securities available for sale		(74,228	)		(16,963	)
Proceeds from maturities, prepayments, and sales of securities available for sale		32,593			30,766
Proceeds from sale of mortgage servicing rights		—			4,194
Purchase of FHLB stock		(288	)		—
Redemption of FHLB stock		1,191			—
(Increase) decrease in loans held for investment, net		(6,107	)		(67,838	)
Purchases of premises and equipment		(6,242	)		(3,476	)
Proceeds from sale of Company owned assets or other real estate owned		690			598

Net cash provided by (used in) investing activities		(52,391	)		(52,719	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits		39,157			(17,324	)
Proceeds from other borrowings		63,500			136,000
Payments on other borrowings		(73,560	)		(94,200	)
Net change in advances by borrowers for taxes and insurance		1,642			(4,545	)
Tentative proceeds from stock conversion held in escrow		—			254,072

Net cash provided by (used in) financing activities		30,739			274,003

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(33,114	)		206,436
Cash and cash equivalents at beginning of period		98,845			87,108
Cash and cash equivalents at end of period	$	65,731		$	293,544

Supplemental Disclosures For Cash Flow Information:
Cash paid for interest on deposits and borrowings	$	13,160		$	10,623
Cash paid for income taxes	$	—		$	1,244
Loans transferred to other real estate owned	$	1,732		$	2,028

The accompanying notes are an integral part of these unaudited consolidated financial statements.

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Summary of Significant Accounting Policies

Description of Business

Basis of Presentation

The accompanying unaudited financial statements of FB Bancorp, Inc. (the “Company”) were prepared in accordance with GAAP for interim financial information, general practices within the financial services industry, and instructions for Regulation S-X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company's audited financial statements and notes thereto for the year ended December 31, 2024, included in the Company's Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 27, 2025.

Critical Accounting Policies and Estimates

In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company's financial condition, results of operations, comprehensive income, changes in equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.

Recent Accounting Standards Adopted

ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance issued in this update requires improvement to the disclosures about a public entity’s reportable segments and more detailed information about a reportable segment’s expenses and other segment items. Under this guidance, public entities are required to disclose segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment that are currently required annually. The goal of these disclosures is to enable investors to develop more decision-useful financial analyses. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments in this update should be applied retrospectively to all previous periods presented. Other than providing additional disclosures, the adoption of this standard did not have an impact on the Company’s consolidated financial statements.

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

In November 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose disaggregated information about their effective tax rate reconciliations as well as expanded information on income taxes by jurisdiction. The standard is effective for fiscal years beginning after December 15, 2024 on a prospective basis. The Company discloses its income tax rate reconciliation in its annual consolidated financial statements only and does not expect the adoption to have a material impact on its consolidated financial statements.

Recent Accounting Pronouncements:

ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The guidance issued in this update was designed to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. Any changes in presentation did not have a material impact on the Company’s financial condition or results of operations.

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Earnings (Loss) Per Share

Earnings (Loss) per share is calculated by dividing consolidated net income or loss (numerator) by the weighted-average common shares (denominator).

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three months and nine months ended September 30, 2025. The Company became the bank holding company of the Bank on October 22, 2024; therefore, there were no outstanding shares for the same periods ended September 30, 2024.


Denominator:	Three months ended			Nine months ended
	September 30, 2025			September 30, 2025
Weighted-average common shares outstanding		19,837,500			19,837,500
Less: Average unearned ESOP shares		(1,491,780	)		(1,507,534	)
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share		18,345,720			18,329,966

The Company had no dilutive or potentially dilutive securities during the periods presented.

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Investment Securities

The tables below show the amortized cost and fair value, by type, of the Company’s available for sale debt securities as of September 30, 2025 and December 31, 2024:


	September 30, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Available for sale:
U.S. government sponsored agencies	$	137,846	$	338	$	6,483	$	131,701
Mortgage-backed securities		147,812		1,521		4,582		144,751
Corporate bonds		22,148		25		299		21,874
Small Business Administration		—		—		—		—
Total available for sale	$	307,806	$	1,884	$	11,364	$	298,326

	December 31, 2024
Available for sale:
U.S. government sponsored agencies	$	147,674	$	68	$	10,909	$	136,833
Mortgage-backed securities		85,708		19		8,444		77,283
Corporate bonds		31,237		—		1,254		29,983
Small Business Administration		20		—		—		20
Total available for sale	$	264,639	$	87	$	20,607	$	244,119

As of September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

The Company evaluates securities for impairment when there has been a decline in fair value below the amortized cost basis at least quarterly. Accordingly, management is able to effectively measure and monitor the unrealized loss position on these securities and because the Company does not intend to sell the securities and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost basis, the Company determined no allowance for credit loss was required as of September 30, 2025 or December 31, 2024.

Accrued interest receivable on investment securities totaled $1.4 million and $1.5 million as of September 30, 2025 and December 31, 2024, respectively, and was reported in accrued interest receivable on the consolidated statements of financial condition.

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

A summary of securities with gross unrealized losses at September 30, 2025 and December 31, 2024 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:


	September 30, 2025
	Less Than 12 Months				12 Months or More
			Gross				Gross		Total
	Fair		Unrealized		Fair		Unrealized		Unrealized
	Value		Losses		Value		Losses		Losses
Available for sale:
U.S. government sponsored agencies	$	—	$	—	$	118,421	$	6,483	$	6,483
Mortgage-backed securities		4,000		15		59,672		4,567		4,582
Corporate bonds		—		—		15,654		299		299
Total available for sale	$	4,000	$	15	$	193,747	$	11,349	$	11,364

	December 31, 2024
Available for sale:
U.S. government sponsored agencies	$	12,337	$	246	$	118,800	$	10,663	$	10,909
Mortgage-backed securities and Small Business Administration		17,590		698		56,203		7,746		8,444
Corporate bonds		7,955		133		22,028		1,121		1,254
Total available for sale	$	37,882	$	1,077	$	197,031	$	19,530	$	20,607

The amortized cost and estimated fair value by maturity or next repricing date of investment securities at September 30, 2025 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.


	Amortized		Fair
	Cost		Value
Within one year or less	$	10,051	$	9,976
One through five years		76,636		74,421
After five through ten years		65,975		64,261
Over ten years		155,144		149,668
Total	$	307,806	$	298,326

At September 30, 2025 and December 31, 2024, approximately $6.5 million and $144.2 million of investments were pledged to secure various deposits or borrowings, respectively. In April of 2025, the Federal Reserve released approximately $142.8 million of pledged securities that were held as part of the expired special Bank Term Funding Program.

Additional information related to fair value of investment securities is provided in Note 10.

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Loans Held for Investment

The components of loans were as follows at September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024

Residential mortgage loans (1-4 family):
Fixed	$	95,600	$	98,694
Variable		142,346		155,948
Construction		40,134		34,139
Total residential mortgage loans		278,080		288,781

FB Bancorp, Inc. /MD/ 10-Q