FB Financial (FBK) Q4 FY2023 earnings: revenue $116 million, down 9.0% on the year

FB Financial Corp. (FBK) reported revenue of $116 million for Q4 FY2023, the quarter ended 31 December 2023, down 9.0% on the same quarter a year earlier. Net income was $29 million, down 23.0% on the year, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$116 milliondown 9.0%

Net income$29 milliondown 23.0%

Diluted EPS$0.63

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	116	109	n/a	n/a
Interest expense	73.7	73.0	n/a	n/a
Pre-tax income	35.9	23.1	n/a	n/a
Income tax	6.5	4.0	n/a	n/a
Effective tax rate	18.2%	17.2%	n/a
Net income	29.4	19.2	n/a	n/a
Net margin	25.2%	17.6%	n/a
Diluted EPS	$0.63	$0.41	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	74.4	30.1	n/a	n/a
Capital expenditure	3.7	4.0	n/a	n/a
Free cash flow	70.7	26.1	n/a	n/a
Cash from investing	-176	66.7	n/a	n/a
Cash from financing	63.8	-409	n/a	n/a
Depreciation and amortisation	3.8	2.7	n/a	n/a
Share-based compensation	2.1	2.8	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	7.0	7.0	n/a	n/a
Dividend per share	n/a	$0.15	n/a	n/a
Diluted shares, weighted	47m	47m	n/a	n/a
Shares outstanding at period end	47m	47m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,455	1,373	n/a	n/a
Non-controlling interest	0.1	0.1	n/a	n/a
Deposits	10,548	10,639	n/a	n/a
Repurchase agreements	109	n/a	n/a	n/a
Debt	391	227	n/a	n/a
Other liabilities	102	251	n/a	n/a
Total liabilities and equity	12,604	12,490	n/a	n/a
Goodwill	243	243	n/a	n/a
Intangible assets	8.7	9.5	n/a	n/a
Securities held for sale or to maturity	1,472	1,348	n/a	n/a
Loans	9,258	9,141	n/a	n/a
Resale agreements	83.3	130	n/a	n/a
Cash and equivalents	811	848	n/a	n/a
Other assets	728	770	n/a	n/a
Total assets	12,604	12,490	n/a	n/a

Questions

What was FB Financial's revenue in Q4 FY2023?

FB Financial (FBK) reported revenue of $116 million for Q4 FY2023, the quarter ended 31 December 2023, down 9.0% on the same quarter a year earlier.

How much did FB Financial earn in Q4 FY2023?

Net income for Q4 FY2023 was $29 million, down 23.0% on the year, and diluted earnings per share $0.63.

When did FB Financial report Q4 FY2023 results?

FB Financial filed its 10-K for the year that ended with the quarter on 27 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	109	116	107	128	89.5	130	131	76.9	174	179	172	175
Interest expense	73.0	73.7	76.6	74.8	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	23.1	35.9	34.2	50.9	11.4	50.1	48.8	-9.7	29.6	69.8	74.2	73.2
Tax rate	17%	18%	18%	21%	10%	24%	19%	n/a	21%	18%	22%	20%
Net income	19.2	29.4	27.9	40.0	10.2	37.9	39.4	2.9	23.4	57.0	57.5	58.6
Net margin	18%	25%	26%	31%	11%	29%	30%	4%	13%	32%	33%	34%
Diluted EPS	$0.41	$0.63	$0.59	$0.85	$0.22	$0.81	$0.84	$0.06	$0.43	$1.07	$1.10	$1.13
Operating cash flow	30.1	74.4	36.3	30.6	47.8	24.1	-16.5	71.8	47.7	52.8	31.0	75.5
Capital expenditure	4.0	3.7	1.6	2.2	1.1	1.6	1.7	3.4	2.1	1.6	1.7	1.7
Free cash flow	26.1	70.7	34.6	28.4	46.7	22.6	-18.1	68.4	45.6	51.2	29.3	73.8
Buybacks	0.0	0.0	0.0	12.7	0.0	0.0	9.9	34.3	23.9	87.9	21.8	84.2
Dividends paid	7.0	7.0	8.0	8.0	7.9	7.9	8.9	8.7	10.2	10.2	10.9	10.8
Shares outstanding	47m	47m	47m	47m	47m	47m	47m	46m	53m	52m	51m	50m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0001649749-24-000063: the filing on EDGAR. All of FB Financial Corp.'s filings: EDGAR company page.

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