olivLaw · US equity research
FB Bancorp, Inc. FBLA
Savings Institutions, Not Federally Chartered · SIC 6036 · Vertical: Savings Institutions, Not Federally Chartered (SIC 6036)
FB Bancorp, Inc. is the holding company for Fidelity Bank, a community bank of New Orleans with roots dating to 1908 that operates in southern Louisiana. The company is in a reorganization phase: it sold its mortgage division NOLA Lending Group and cut staff, while profit fell, so the trend in net interest margin and efficiency is the key thing to watch. Total assets stood at 1.26 billion USD at December 31, 2025.
At the close of 04 Nov 2026, FB Bancorp, Inc. (FBLA) stock was 17.02 USD (+1.31% on the day), with market capitalisation 271.4 m USD, beta 0.43, 52-week range 11.96–17.29 USD. Latest reported quarter (Q2 2026): net income of -70.0 k USD (−108.0% YoY), diluted EPS 0.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.1
- strong (55–70)
- Bollinger (20, 2)
- 16.29 – 17.40
- in the upper half of the band · %B 0.66 · band width 6.6%
- SMA 50 / 200
- 16.47 / 14.75
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.12 / 0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.3% | −2.0% | +1.7 pp | — |
| 3 months | +7.6% | −2.2% | +9.8 pp | — |
| 6 months | +21.3% | +4.3% | +17.0 pp | — |
| Year to date | +32.5% | +10.6% | +21.9 pp | — |
| 1 year | +39.6% | +10.5% | +29.2 pp | +27.2% |
| 3 years | unavailable | +73.7% | unavailable | +48.1% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.8 m | 15.9 m | 17.2 m | 18.1 m ≈ | 18.7 m | — | — | — |
| SG&A | 2.3 m | -1.3 m | 1.3 m | 1.5 m | 2.4 m | -749.0 k | 1.4 m | 1.7 m |
| Depreciation & amortisation | 617.0 k ≈ | 633.0 k | 573.0 k | 604.0 k ≈ | 784.0 k ≈ | 754.0 k | 685.0 k | 695.0 k ≈ |
| Pre-tax income | -1.1 m | 2.8 m | 1.7 m | 1.3 m | 1.3 m | 1.5 m | 613.0 k | 568.0 k |
| Income tax | -247.0 k | 429.0 k | 349.0 k | 258.0 k | 256.0 k | 222.0 k | 119.0 k | -129.0 k |
| Net income | -895.0 k | -5.4 m | 705.0 k | 879.0 k | 1.1 m | -1.4 m | 119.0 k | -70.0 k |
| Diluted EPS | 0.00 | -0.38 ≈ | 0.04 | 0.05 | 0.06 | -0.08 ≈ | 0.01 | 0.00 |
| Operating cash flow | 215.0 k ≈ | 15.7 m | 7.0 m | -1.5 m ≈ | -17.0 m ≈ | 14.2 m | 12.7 m | 14.9 m ≈ |
| Capex | 1.4 m ≈ | 1.9 m | 3.1 m | 1.7 m ≈ | 1.5 m ≈ | 416.0 k | 82.0 k | 119.0 k ≈ |
| Share repurchases | — | — | — | — | — | — | 14.3 m | 13.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 69.1 m | 66.5 m | unavailable |
| Revenue YoY | unavailable | −3.8% | unavailable |
| Net income | 1.1 m | -6.2 m | 1.3 m |
| Net income YoY | unavailable | −655.8% | unavailable |
| Diluted EPS | unavailable | -1.74 | 0.07 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 1.6% | -9.3% | unavailable |
| Free cash flow | -14.0 m | -4.6 m | -3.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 60.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 314.5 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 0.4%
- ROA
- 0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Net interest income | 44.2 m | 41.4 m | 48.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Net fee income | 24.9 m | 4.7 m | 4.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Non-interest expense | 67.0 m | 42.9 m | 45.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Pre-tax income | 1.4 m | 1.7 m | 4.8 m | SEC (XBRL)· 26 Mar 2026verified |
| Net income | 1.1 m | -6.2 m | 1.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | — | -1.74 | 0.07 | SEC (XBRL)· 26 Mar 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 87.1 m | 98.8 m | 60.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Loans | 659.5 m | 750.7 m | 737.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 26 Mar 2026verified |
| Deposits | 769.3 m | 800.7 m | 841.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 968.2 m | 894.7 m | 941.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | 156.7 m † | 326.3 m † | 314.5 m † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Share repurchases | — | — | 22.2 m | SEC (XBRL)· 26 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 271.4 m USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.94 – 22.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income13.94 – 14.58 (Mid 14.25)
- Justified P/Bunavailable · insufficient data
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
- Peers: P/Eunavailable · the base of the ratio is not positive
- Peers: P/B14.73 – 22.58 (Mid 18.44)7 companies used · median multiple 1.0x · quartiles 0.8x – 1.3xBBT, ECBK, FLG, FNWB, FSBW, PBFS, RBKB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -0.1% | 0 (vs peers) | 31% |
| ROA · Quality | -0.0% | 0 (on a fixed band) | 12% |
| Cost-to-income · Quality | 86.6% | 0 (on a fixed band) | 19% |
| Net interest margin · Quality | 3.7% | 88 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 91.1% | 22 (on a fixed band) | 8% |
| P/B · Valuation | 1.0x | 75 (vs peers) | 19% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial22/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality14/100 · 4/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial75/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FB Bancorp, Inc. (FBLA). Latest full fiscal year: 2024; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 48.0 m USD in 2025; YoY growth -3.8%; net margin -0.4%; ROE -0.1%.
The estimated value range is 14.33–18.58 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 16.35 USD, the price of 17.02 USD leaves a potential of -4.0% (value / price − 1) and a margin of safety of -4.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net interest margin: 3.7%
- P/B: 1.0x
What contradicts it
- ROE: -0.1%
- ROA: -0.0%
- Cost-to-income: 86.6%
- Loan-to-deposit: 91.1%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Revenue CAGR 3Y, NPL ratio, Cost of risk, P/E (TTM), Dividend yield.
Versus the vertical median
Savings Institutions, Not Federally Chartered (SIC 6036) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FLGFlagstar Bank, National Association | 4.5 bn | 220.3 | 0.6% | — | +17.4% | −10% / −61% |
| BBTBeacon Financial Corp | 2.6 bn | 16.4 | 8.4% | 533.6% | −92.5% | +22% / +50% |
| GCBCGreene County Bancorp, Inc. | 623.0 m | 15.2 | 15.9% | — | +11.1% | +60% / +46% |
| PBFSPioneer Bancorp, Inc. | 467.0 m | 27.1 | 5.2% | 103.4% | +5.8% | +41% / +127% |
| FSBWFS Bancorp, Inc. | 330.5 m | 10.2 | 10.8% | — | +44.8% | +9% / +47% |
| FBLAFB Bancorp, Inc. | 271.4 m | — | -0.1% | -0.4% | −3.8% | +40% / unavailable |
| RBKBRhinebeck Bancorp, Inc. | 203.7 m | 14.4 | 7.3% | 329.8% | −0.6% | +67% / +189% |
| ECBKECB Bancorp, Inc. | 200.7 m | 16.7 | 6.6% | 1,868.7% | +3.6% | +32% / +90% |
| FNWBFirst Northwest Bancorp | 98.3 m | 63.3 | 1.0% | — | −23.1% | +5% / −30% |
1- and 3-year price returns: for FBLA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FB Bancorp, Inc. is the holding company for Fidelity Bank, a community bank of New Orleans with roots dating to 1908 that operates in southern Louisiana. The company is in a reorganization phase: it sold its mortgage division NOLA Lending Group and cut staff, while profit fell, so the trend in net interest margin and efficiency is the key thing to watch. Total assets stood at 1.26 billion USD at December 31, 2025 1.
SWOT
Strengths
- The company has a very solid capital base with a high tier 1 ratio and a long history of community banking in southern Louisiana 12.
- Core deposits make up a large share of funding, which could provide a relatively stable and low-cost source of funds 1.
- Exiting the mortgage division simplifies the business model and lets management focus on core banking 3.
Weaknesses
Opportunities
Threats
Risks
- Commercial real estate credit riskhigh
Commercial real estate loans are large and depend on the success of the financed properties; a weaker property market could increase non-performing loans 1.
- Geographic concentrationhigh
Most loans are secured by property in the New Orleans area, so a local decline could affect many loans at once 1.
- Net interest margin pressuremedium
The net interest margin fell in 2026, and higher deposit costs could reduce interest income further 3.
- Unseasoned recent loansmedium
Part of the commercial portfolio is recent, so its behavior in an economic slowdown is not yet known, and losses could exceed historical experience 1.
- Environmental and natural hazard risklow
Real estate collateral may carry environmental liabilities, and regional storms can affect operations and property values 1.
Investment thesis
What would need to be true (bull case)
- The capital base is very solid, and buybacks could support per-share value if executed efficiently 3.
- Exiting the mortgage division could reduce losses and simplify operations, with management expecting smaller losses ahead 3.
- Expansion in Baton Rouge and Lafayette and the digital bank could bring new deposit and loan growth 1.
What would break the thesis
- The net interest margin fell significantly and efficiency worsened, which could limit profitability in the near term 3.
- Geographic concentration and commercial real estate exposure make the bank sensitive to an economic slowdown in southern Louisiana 1.
- Return on equity is very low, and the large capital base could stay unproductive if growth does not materialize 3.
What to watch
- Trend in net interest margin and deposit costsQ3 2026
- Completion of the NOLA asset absorption and the level of losses from discontinued operationsQ3 2026
- Efficiency ratio and control of staffing costs2026
- Quality of the commercial and commercial real estate portfolio and non-performing loan levelsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
FB Bancorp, Inc. is a Maryland corporation incorporated in February 2024 to become the bank holding company for Fidelity Bank after its conversion from mutual to stock form on October 22, 2024 1. The company sold 19,837,500 shares at 10 USD per share for gross proceeds of 198,375,000 USD, and its shares trade on Nasdaq under the symbol FBLA 1. The bank is headquartered in New Orleans and operated 18 full-service branches at the end of 2025 1, rising to 19 banking locations by June 30, 2026 3. Its core business is taking deposits and making one- to four-family residential, commercial real estate and commercial loans mainly in five parishes of southern Louisiana 1.
The bank completed the sale of substantially all assets and liabilities of NOLA Lending Group on March 1, 2026, after that division lost approximately 2.7 million USD in 2025 12. Management cited a continued decline in mortgage volume and a wish to focus on core banking 3. The absorption of remaining assets and liabilities into the bank is expected in the third quarter of 2026 3.
The stated strategy is to grow commercial and commercial real estate loans prudently, build low-cost core deposits, expand in Baton Rouge and Lafayette, and digitize through the online bank Andi 1. The company repurchased 3,769,125 shares under its first two programs at an average cost of 13.20 USD per share 3.
Segments
Market context
The market area covers southern Louisiana, especially the New Orleans-Metairie-Hammond, Baton Rouge and Lafayette metropolitan areas, with economies built on trade, tourism, government, healthcare and petrochemicals 1. About 65.3% of loans were originated in the New Orleans metropolitan area at year-end 2025 1, which makes the company sensitive to local economic conditions and hurricane risk 1. Business loan demand was, per the filing, softer than before the pandemic as higher rates slowed expansion 1.
The net interest margin fell to 4.34% for the first six months of 2026 from 4.63% a year earlier, and the efficiency ratio worsened to 92.08% 3. Cost pressures, including staffing for the Lafayette branch opened in August 2025, account for part of the higher expenses 3.
Trends
- Pressure on net interest marginheadwind
The margin declined in 2026 amid higher deposit costs, which could limit net revenue if the trend persists 3.
- Reorganization after the NOLA saletailwind
Exiting mortgage lending could reduce losses from discontinued operations, and management expects these to be significantly smaller over the rest of 2026 3.
- Weaker loan demandheadwind
Loan demand weakened in the second half of 2025, reducing the net loan balance 1.
- Buybacks and high capitalmixed
High capital and repurchase programs, including a third program approved in June 2026, could support book value per share but reduce capital available for lending 3.
Competitive position
Competition for both loans and deposits is intense, coming from large and regional banks, community banks, credit unions, mortgage companies and fintech firms 1. Large banks such as Capital One, Hancock Whitney Bank and JP Morgan Chase Bank have a significant presence in the area 1. The company expects competitive pressure to remain high because of technology change and industry consolidation 1.
Deposits also compete with money market funds, brokerage firms, mutual funds and insurance companies 1. For loans, competition also comes from non-bank companies active in the mortgage market, such as fintech and specialty finance firms 1.
- Capital One, N.A.COF
Large bank with a significant presence in the Fidelity Bank market area, named in the filing 1.
- Hancock Whitney BankHWC
Regional bank active in southern Louisiana, named as a competitor for loans and deposits 1.
- JP Morgan Chase Bank, N.A.JPM
Large bank with a significant presence in the market area, named in the annual report 1.
- Credit unions and fintech companies
Non-bank competitors for both loans and deposits, referred to generically in the filing 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report13 Aug 2026
- Current report04 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Jun 2026Other events · Financial statements and exhibits
- Current report19 May 2026Other events · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report01 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report30 Apr 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FB Bancorp, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FB Bancorp, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FB Bancorp, Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.