FB Financial reports Q3 adjusted EPS 71c, consensus 69c

Reports Q3 revenue $108.97M, consenus $122.89M. President and Chief Executive Officer, Christopher T. Holmes stated, “The Company had a successful quarter executing on strategic initiatives to enhance earnings and position for expected opportunities. Our balance sheet management in the second half of 2022 and during 2023 to ensure ample liquidity, stable funding and excess capital allows us to focus on improving earnings at this point in the interest rate cycle. Near the end of the quarter, we sold $76.6 million of available-for-sale securities and reinvested the proceeds of that sale into higher-yielding securities, adding approximately 5% to the yield on those invested funds that will be accretive in the fourth quarter and future periods. We also had expense reductions during the quarter which will benefit earnings moving forward. There will likely be additional balance sheet enhancements and expense reductions in the fourth quarter, all of which improve our earnings profile and keep the Company favorably positioned for opportunities.”