FB Financial Corporation (NYSE: FBK), parent company of FirstBank, reported strong fourth-quarter financial results for 2024. The company achieved net income of $37.9 million, or $0.81 per diluted common share, compared to $0.22 in the previous quarter and $0.63 in the same period last year. Adjusted net income was $39.8 million, or $0.85 per diluted common share, slightly below the prior quarter but up from $0.77 a year earlier. The company also reported a 5.22% annualized increase in loans held for investment (HFI) to $9.60 billion and an 8.49% annualized growth in total deposits to $11.21 billion.

Net interest margin (NIM) was 3.50%, compared to 3.55% in the prior quarter. Despite a decrease in noninterest-bearing deposits, cost-effective strategies helped reduce the overall cost of deposits to 2.70% from 2.83% in the prior quarter. President and CEO Christopher T. Holmes highlighted the company’s focus on core deposit and loan growth, positioning it well for 2025, alongside improved efficiency metrics and a solid capital base with a 15.2% total risk-based capital ratio.

The company’s credit quality remained stable, with allowances for credit losses on loans HFI at 1.58% and nonperforming loans at 0.87%. FB Financial continues to focus on strategic opportunities and anticipates continued momentum into 2025. A conference call discussing the results is scheduled for January 21, 2025.