FB Financial’s third quarter results received a positive market response, with management attributing performance to the completed merger with Southern States Bankshares and effective balance sheet management. The addition of Southern States led to higher net interest margins and expanded non-interest income categories, with CEO Christopher Holmes highlighting “net interest margin of 3.95% and an efficiency ratio of 53.3% on an adjusted basis.” COO and CFO Michael Mettee pointed to the timely integration, noting that cost synergies and balance sheet restructuring contributed to the quarter’s improved profitability profile.

Is now the time to buy FBK? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From FB Financial’s Q3 Earnings Call

• Catherine Mealor (KBW) asked how the Southern States merger impacted margin and deposit costs. CFO Michael Mettee explained the acquired assets contributed six to eight basis points to margin and detailed the deposit campaign’s average rates.
• Brett Rabatin (Hovde Group) questioned the sustainability of mid to high single-digit growth. CEO Christopher Holmes said growth rates may fluctuate between high single and low double digits, depending primarily on housing market trends and deposit growth.
• Russell Gunther (Stephens) asked about the balance between organic and acquisitive growth. Holmes replied that while organic growth is foundational, current industry disruption creates opportunities for both, with a greater emphasis on expanding the geographic footprint.
• Dave Rochester (Cantor Fitzgerald) probed upside from market disruption and whether it could accelerate growth. Holmes acknowledged ongoing disruption across the region as a “plentiful” opportunity, but noted execution and competition from peers will determine the outcome.
• Steve Moss (Raymond James) inquired about capital deployment and willingness to run lower capital ratios. Mettee replied that the company is comfortable maintaining strong capital, but would deploy it for compelling organic or inorganic opportunities, aiming for efficient capital use.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will be tracking (1) the pace and effectiveness of cost synergy realization from the Southern States merger, (2) the ability of targeted deposit campaigns to drive sustainable core deposit growth, and (3) further progress on margin stability amid shifting rate and competitive dynamics. We will also watch for additional acquisitions or talent additions, as management seeks to capitalize on ongoing industry disruption.

FB Financial currently trades at $53.38, down from $56.35 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).

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