FB Bancorp, Inc.

What they do

FB Bancorp, Inc. is the holding company for Fidelity Bank, a Louisiana state-chartered stock savings bank originally chartered in 1908. The Bank operates 18 to 19 full-service branches and stand-alone ATMs across central and southern Louisiana, primarily in the New Orleans-Metairie, Baton Rouge, and Lafayette MSAs. Its business consists of taking deposits and investing in one-to-four-family residential mortgage loans, residential construction loans, commercial real estate loans, commercial loans, home equity loans, and consumer loans. In March 2026, the Bank sold substantially all assets and liabilities of its mortgage banking division, NOLA Lending Group, which is now reported as discontinued operations.

Revenue drivers

• Residential mortgage loans — Core lending activity secured by one-to-four-family properties in the primary market areas; historically originated through the NOLA Lending Group division, which was sold in March 2026.
• Commercial real estate loans — Includes commercial mortgage, commercial construction, and land development loans; a key component of the loan portfolio alongside residential lending.
• Commercial and industrial loans — Commercial loans not secured by real estate, including small business and other commercial loans; contributes to diversified interest income.
• Consumer and home equity lending — Home equity loans and lines of credit and other consumer loans provide additional interest income within the retail banking franchise.

Recent performance

For the six months ended June 30, 2026, the Company reported net income of $49 thousand, comprising $1.2 million from continuing operations and a $1.1 million net loss from discontinued operations related to the NOLA Lending sale. In the second quarter of 2026, net loss was $70 thousand, with continuing operations generating $697 thousand. For the full year 2025, the Company reported net income of $1.3 million and diluted EPS of $0.07, a recovery from a $6.2 million net loss and $(1.74) diluted EPS in 2024. Net interest margin for continuing operations was 4.34% in the first half of 2026, down from 4.63% in the prior-year period. Total assets were $1.23 billion as of June 30, 2026, with shareholder equity of $283.8 million.

Strategy

The Company completed a mutual-to-stock conversion in October 2024, raising gross proceeds of $198.4 million, and became a publicly traded bank holding company. Management has been returning capital to shareholders through stock repurchase programs; through June 2026, three programs have been authorized, with the third permitting repurchase of up to approximately 10% of outstanding shares. The sale of the NOLA Lending mortgage division, closed on March 1, 2026, reflects a strategic shift away from mortgage banking to focus on core deposit gathering and loan origination. The Bank continues to operate from its branch network in southern Louisiana and aims to execute a business strategy to achieve profitable growth, while managing risks from interest rate changes, competition, and regional economic conditions.

Risks

• Interest rate risk — Changes in interest rates can affect net interest margin, loan demand, deposit composition, and the value of loan collateral and securities, as seen in the year-over-year net interest margin decline.
• Regional economic concentration — Operations are concentrated in southern Louisiana, which remains exposed to tropical storms and hurricanes that can increase operating risk and impact borrower creditworthiness.
• Credit risk from loan portfolio — Weakness in real estate values or the financial health of borrowers could lead to higher credit losses and require increases in the allowance for credit losses.
• Integration and execution risk — The recent divestiture of the mortgage division and ongoing share repurchase programs could pose execution challenges, and the ability to successfully execute a profitable growth strategy is not assured.

Outlook

Management's forward-looking statements highlight expectations of continued challenges from the interest rate environment, competition, and regional economic conditions. There is no explicit financial guidance in recent filings, but the Company anticipates the NOLA Lending sale to be complete (it closed on March 1, 2026) and will report discontinued operations accordingly. Operating results for interim periods are not necessarily indicative of the full year 2026. The focus is on core banking operations and capital management through repurchases.