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What changed in FB Bancorp, Inc. /MD/'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of FB Bancorp, Inc. /MD/'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+231 added−231 removedSource: 10-K (2026-03-26) vs 10-K (2025-03-27)

Top changes in FB Bancorp, Inc. /MD/'s 2025 10-K

231 paragraphs added · 231 removed · 190 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

105 edited+8 added−14 removed224 unchanged
Biggest changeGreater Than Past Due> 30-59 Days 60-89 Days 90 Days Total Total 90 Days and Past Due Past Due Past Due Past Due Current Loans Accruing December 31, 2024 1-4 family residential $ 16,549 $ 6,043 $ 6,026 $ 28,618 $ 226,024 $ 254,642 $ — Construction — — — — 34,139 34,139 — Commercial real estate 101 — — 101 240,962 241,063 — Other commercial 401 194 622 1,217 93,764 94,981 — Home equity 2,073 787 1,217 4,077 102,473 106,550 — Other consumer 409 80 118 607 26,083 26,690 — Total $ 19,533 $ 7,104 $ 7,983 $ 34,620 $ 723,445 $ 758,065 $ — The following table sets forth our loan delinquencies by type and amount as of December 31, 2023. 8 Greater Than Past Due> 30-59 Days 60-89 Days 90 Days Total Total 90 Days and Past Due Past Due Past Due Past Due Current Loans Accruing December 31, 2023 1-4 family residential $ 1,820 $ 1,126 $ 2,858 $ 5,804 $ 243,093 $ 248,897 $ — Construction — — — — 15,764 15,764 — Commercial real estate — — — — 206,267 206,267 — Other commercial 689 79 1,007 1,775 67,844 69,619 — Home equity 1,135 593 396 2,124 96,207 98,331 — Other consumer 273 171 5 449 27,291 27,740 — Total $ 3,917 $ 1,969 $ 4,266 $ 10,152 $ 656,466 $ 666,618 $ — Non-Performing Assets.
Biggest changeGreater Than Past Due> 30-59 Days 60-89 Days 90 Days Total Total 90 Days and Past Due Past Due Past Due Past Due Current Loans Accruing December 31, 2025 1-4 family residential $ 14,041 $ 4,490 $ 7,039 $ 25,569 $ 205,174 $ 230,743 $ — Residential Construction — — — — 38,058 38,058 — Commercial real estate 65 — 1,620 1,685 247,059 248,744 — Other commercial 651 791 1,508 2,950 89,249 92,199 31 Home equity 1,684 212 892 2,787 109,617 112,404 — Other consumer 52 — 257 309 22,478 22,787 — Total $ 16,493 $ 5,493 $ 11,316 $ 33,300 $ 711,635 $ 744,935 $ 31 The following table sets forth our loan delinquencies by type and amount as of December 31, 2024. 8 Greater Than Past Due> 30-59 Days 60-89 Days 90 Days Total Total 90 Days and Past Due Past Due Past Due Past Due Current Loans Accruing December 31, 2024 1-4 family residential $ 16,549 $ 6,043 $ 6,026 $ 28,618 $ 226,024 $ 254,642 $ — Residential Construction — — — — 34,139 34,139 — Commercial real estate 101 — — 101 240,962 241,063 — Other commercial 401 194 622 1,217 93,764 94,981 — Home equity 2,073 787 1,217 4,077 102,473 106,550 — Other consumer 409 80 118 607 26,083 26,690 — Total $ 19,533 $ 7,104 $ 7,983 $ 34,620 $ 723,445 $ 758,065 $ — Non-Performing Assets.
Louisiana Banking Laws Applicable to Fidelity Bank General. As a Louisiana-chartered bank, Fidelity Bank is subject to supervision, regulation and examination by the LOFI, and must comply with various Louisiana statutes and regulations which govern, among other things, investment powers, lending and 14 deposit-taking activities, borrowings, maintenance of surplus and reserve accounts, distribution of earnings and payment of dividends.
Louisiana Banking Laws Applicable to Fidelity Bank General. As a Louisiana-chartered bank, Fidelity Bank is subject to supervision, regulation and examination by the LOFI, and must comply with various Louisiana statutes and regulations which govern, among other things, investment powers, lending and deposit-taking activities, borrowings, maintenance of surplus and reserve accounts, distribution of earnings and payment of 14 dividends.
Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations. In assessing an institution’s capital adequacy, the FDIC takes into consideration not only these numeric factors, but qualitative factors as well, and has the authority to establish higher capital requirements for individual institutions where deemed necessary.
Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations. In assessing an institution’s capital adequacy, the FDIC takes into consideration not only these numeric factors, but qualitative factors as well, and the FDIC has the authority to establish higher capital requirements for individual institutions where deemed necessary.
Enforcement. The FDIC has extensive enforcement authority over insured state-chartered savings banks, including Fidelity Bank. This enforcement authority includes, among other things, the ability to assess civil money penalties, issue cease and desist orders and remove directors and officers.
The FDIC has extensive enforcement authority over insured state-chartered savings banks, including Fidelity Bank. This enforcement authority includes, among other things, the ability to assess civil money penalties, issue cease and desist orders and remove directors and officers.
However, the Federal Reserve Board has provided a “small bank holding company” exception to its consolidated capital requirements, and legislation and the related issuance of regulations by the Federal Reserve Board has increased the threshold for the exception to $3.0 billion, provided that such companies meet certain other conditions such as not engaging in significant non-banking activities.
However, the Federal Reserve Board has provided a “small bank holding company” exception to its consolidated capital requirements, and legislation and the related issuance of regulations by the Federal Reserve Board increased the threshold for the exception to $3.0 billion, provided that such companies meet certain other conditions such as not engaging in significant non-banking activities.
Loan operations of Fidelity Bank are also subject to state and federal laws applicable to credit transactions, such as the: • Truth in Lending Act, governing disclosures of credit terms to consumer borrowers; • Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one- to four-family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services; • Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves; 19 • Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies; • Fair Debt Collection Practices Act, governing the manner in which consumer debts may be collected; and • Rules and regulations of the various federal agencies charged with the responsibility of implementing such federal laws.
Loan operations of Fidelity Bank are also subject to state and federal laws applicable to credit transactions, such as the: • Truth in Lending Act, governing disclosures of credit terms to consumer borrowers; • Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one- to four-family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services; • Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves; • Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies; • Fair Debt Collection Practices Act, governing the manner in which consumer debts may be collected; and • Rules and regulations of the various federal agencies charged with the responsibility of implementing such federal laws.
The FDIC may also appoint a conservator or receiver for an insured state bank on the basis of the institution’s financial condition or upon the occurrence of certain events, including: • Insolvency, or when the assets of the bank are less than its liabilities to depositors and others; • Substantial dissipation of assets or earnings through violations of law or unsafe or unsound practices; • Substantial dissipation of assets or earnings through violations of law or unsafe or unsound practices; • Existence of an unsafe or unsound condition to transact business; • Likelihood that the bank will be unable to meet the demands of its depositors or to pay its obligations in the normal course of business; and • Insufficient capital, or the incurring or likely incurring of losses that will substantially deplete all of the institution’s capital with no reasonable prospect of replenishment of capital without federal assistance.
The FDIC may also appoint a conservator or receiver for an insured state bank on the basis of the institution’s financial condition or upon the occurrence of certain events, including: • Insolvency, or when the assets of the bank are less than its liabilities to depositors and others; • Substantial dissipation of assets or earnings through violations of law or unsafe or unsound practices; 17 • Existence of an unsafe or unsound condition to transact business; • Likelihood that the bank will be unable to meet the demands of its depositors or to pay its obligations in the normal course of business; and • Insufficient capital, or the incurring or likely incurring of losses that will substantially deplete all of the institution’s capital with no reasonable prospect of replenishment of capital without federal assistance.
Among other things, these provisions generally require that extensions of credit to insiders: • be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and • not exceed certain limitations on the amount of credit extended to such insiders and their related interests, individually and in the aggregate, which limits are based, in part, on the amount of Fidelity Bank’s unimpaired capital and unimpaired surplus.
Among other things, these provisions generally require that extensions of credit to insiders: 16 • be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and • not exceed certain limitations on the amount of credit extended to such insiders and their related interests, individually and in the aggregate, which limits are based, in part, on the amount of Fidelity Bank’s unimpaired capital and unimpaired surplus.
In approving bank or bank holding company acquisitions, the Federal Reserve Board is required to consider, among other things, the effect of the acquisition on competition, the financial condition, managerial resources and future prospects of the bank holding company and the banks concerned, the convenience and needs of the communities to be served (including the record of performance under the CRA), the effectiveness of the applicant in combating money laundering activities and the extent to which the proposed acquisition would result in greater or more concentrated risks to the stability of the U.S. banking or financial system.
In approving bank or bank holding company acquisitions, the Federal Reserve Board is required to consider, among other things, the effect of the acquisition on competition, the financial condition, managerial resources and future prospects of the bank holding company and the banks concerned, the convenience and needs of the communities to be served (including the record of performance under the CRA), the effectiveness of the applicant in combating 21 money laundering activities and the extent to which the proposed acquisition would result in greater or more concentrated risks to the stability of the U.S. banking or financial system.
The FDIC will not approve the activity unless the bank meets its minimum capital requirements and the FDIC determines that the activity does not present a significant risk to the Deposit Insurance Fund. Certain activities of subsidiaries that are engaged in activities permitted for national banks only through a “financial subsidiary” are subject to additional restrictions. 18 Privacy Regulations.
The FDIC will not approve the activity unless the bank meets its minimum capital requirements and the FDIC determines that the activity does not present a significant risk to the Deposit Insurance Fund. Certain activities of subsidiaries that are engaged in activities permitted for national banks only through a “financial subsidiary” are subject to additional restrictions. Privacy Regulations.
Under federal law, bank holding companies must act as a source of strength to their subsidiary depository institutions by providing capital, liquidity, managerial and other support in times of financial stress. This support may be required at times when FB Bancorp may not have the resources to provide support to Fidelity Bank.
Under federal law and regulation, bank holding companies must act as a source of strength to their subsidiary depository institutions by providing capital, liquidity, managerial and other support in times of financial stress. This support may be required at times when FB Bancorp may not have the resources to provide support to Fidelity Bank.
In determining the amount of risk-weighted assets for calculating risk-based capital ratios, all assets, including certain off-balance sheet assets (e.g., recourse obligations, direct credit substitutes, residual interests) are multiplied by a risk-weight factor 15 assigned by the regulations based on the risks believed inherent in the type of asset.
In determining the amount of risk-weighted assets for calculating risk-based capital ratios, all assets, including certain off-balance sheet assets (e.g., recourse obligations, direct credit substitutes, residual interests) are multiplied by a risk-weight factor assigned by the regulations based on the risks believed inherent in the type of asset.
The Dodd-Frank Act required the Federal Reserve Board to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than 20 those applicable to the depository institutions themselves. Consolidated regulatory capital requirements identical to those applicable to the subsidiary banks apply to bank holding companies.
The Dodd-Frank Act required the Federal Reserve Board to promulgate consolidated capital requirements for depository institution holding companies that are no less stringent, both quantitatively and in terms of components of capital, than those applicable to the depository institutions themselves. Consolidated regulatory capital requirements identical to those applicable to the subsidiary banks apply to bank holding companies.
The Bank’s branch offices are located in the Parish of East Baton Rouge, located within the Baton Rouge MSA, and the Parishes of Jefferson, Orleans, St. Tammany, and Tangipahoa, which are encompassed within the New Orleans-Metairie-Hammond MSA. The five-parish market area contains urban, suburban and more rural areas with large and small population centers.
The Bank’s branch offices are located in the Parish of East Baton Rouge, located within the Baton Rouge MSA, and the Parishes of Jefferson, Orleans, St. Tammany, Lafayette, and Tangipahoa, which are encompassed within the New Orleans-Metairie-Hammond MSA. The five-parish market area contains urban, suburban and more rural areas with large and small population centers.
The operations of Fidelity Bank also are subject to, among others, the: • Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records; • Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check; and • Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services.
The operations of Fidelity Bank also are subject to, among others, the: • Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records; • Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such as digital check images and copies made from that image, the same legal standing as the original paper check; and • Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services. 19 Enforcement.
An undercapitalized bank’s compliance with a capital restoration plan is required to be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5.0% of the institution’s total assets when 17 deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized.
An undercapitalized bank’s compliance with a capital restoration plan is required to be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5.0% of the institution’s total assets when deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized.
Generally, a corporation may carry forward net operating losses generated in tax years beginning after December 31, 2017 indefinitely and can offset up to 80% of taxable income. At December 31, 2024, Fidelity Bank had no net operating loss carryforwards. Capital Loss Carryovers.
Generally, a corporation may carry forward net operating losses generated in tax years beginning after December 31, 2017 indefinitely and can offset up to 80% of taxable income. At December 31, 2024, Fidelity Bank had no net operating loss carryforwards. 22 Capital Loss Carryovers.
The Federal Reserve Board take informal enforcement actions, including board resolutions or memoranda of understanding, or formal enforcement actions, including written agreements or cease and desist orders, against FB Bancorp. Such actions may require FB Bancorp to take identified corrective actions to address cited concerns and to refrain from taking certain actions.
The Federal Reserve Board can take informal enforcement actions, including board resolutions or memoranda of understanding, or formal enforcement actions, including written agreements or cease and desist orders, against FB Bancorp. Such actions may require FB Bancorp to take identified corrective actions to address cited concerns and to refrain from taking certain actions.
Following the conversion and stock offering, our Louisiana bank shares tax liability significantly increased on an annual basis. As a Maryland business corporation, FB Bancorp is required to file an annual report with and pay personal property taxes to the State of Maryland. 23
Following the conversion and stock offering, our Louisiana bank shares tax liability significantly increased on an annual basis. As a Maryland corporation, FB Bancorp is required to file an annual report with and pay personal property taxes to the State of Maryland. 23
Specifically, the new rules require a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred.
Specifically, the rules require a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred.
Subsidiary Activities Fidelity Bank is the sole and wholly-owned subsidiary of FB Bancorp. Fidelity Bank has no subsidiaries. Legal Proceedings We are not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business.
Subsidiary Activities 12 Fidelity Bank is the sole and wholly-owned subsidiary of FB Bancorp. Fidelity Bank has no subsidiaries. Legal Proceedings We are not involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business.
In the event of a bank holding company’s bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain the capital of a bank subsidiary is assumed by the bankruptcy trustee, and entitled to a priority of payment. Stock Purchases and Redemptions and Dividends.
In the event of a bank holding company’s bankruptcy, any commitment by the bank holding company to a federal bank regulatory agency to maintain the capital of a bank subsidiary is assumed by the bankruptcy trustee, and entitled to a priority of payment. 20 Stock Purchases and Redemptions and Dividends.
Higher levels of capital are required for asset categories believed to present greater risk. Common equity Tier 1 capital is generally defined as common stockholders’ equity and related surplus and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital.
Higher levels of capital are required for asset categories believed to present greater risk. Common equity Tier 1 capital is generally defined as common stockholders’ equity and related surplus and retained earnings.
An affiliate includes, among 16 other things, a company that controls, or is under common control with, an insured depository institution such as Fidelity Bank. FB Bancorp is an affiliate of Fidelity Bank because it controls Fidelity Bank.
An affiliate includes, among other things, a company that controls, or is under common control with, an insured depository institution such as Fidelity Bank. FB Bancorp is an affiliate of Fidelity Bank because it controls Fidelity Bank.
The following discussion of federal taxation is intended only to summarize material federal income tax matters and is not a comprehensive description of the tax rules applicable to FB Bancorp and Fidelity Bank. 22 Method of Accounting.
The following discussion of federal taxation is intended only to summarize material federal income tax matters and is not a comprehensive description of the tax rules applicable to FB Bancorp and Fidelity Bank. Method of Accounting.
It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities.
It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 applies to the accounting for available-for-sale debt securities.
At December 31, 2024, we were not involved in any legal proceedings, the outcome of which we believe would be material to our financial condition or results of operations. Expense and Tax Allocation Agreements Fidelity Bank entered into an agreement with FB Bancorp for Fidelity Bank to provide FB Bancorp with certain administrative support services.
At December 31, 2025, we were not involved in any legal proceedings, the outcome of which we believe would be material to our financial condition or results of operations. Expense and Tax Allocation Agreements Fidelity Bank entered into an agreement with FB Bancorp for Fidelity Bank to provide FB Bancorp with certain administrative support services.
At December 31, 2024, this loan was performing according to its original terms. We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan.
At December 31, 2025, this loan was performing according to its original terms. We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications and financial condition of the borrower, including credit history, profitability and expertise, as well as the value and condition of the property securing the loan.
In 2021, the federal banking agencies adopted rules providing for new notification requirements for banking organizations and their service providers for significant cybersecurity incidents.
In 2021, the federal banking agencies adopted rules providing for notification requirements for banking organizations and their service providers for significant cybersecurity incidents.
Fixed vs. Adjustable Rate Loans . The following table sets forth the dollar amount of all loans at December 31, 2024 that are due after December 31, 2025 and have either fixed interest rates or floating or adjustable interest rates. The amounts shown below include unearned loan origination fees.
Fixed vs. Adjustable Rate Loans . The following table sets forth the dollar amount of all loans at December 31, 2025 that are due after December 31, 2026 and have either fixed interest rates or floating or adjustable interest rates. The amounts shown below include unearned loan origination fees.
Generally, all applicants for a home equity loan or line of credit are required to have a FICO credit score of at least 640. Home equity loans and lines of credit are generally secured by junior mortgages and have greater risk than one- to four-family residential real estate loans secured by first mortgages.
Generally, all applicants for a home equity loan or line of credit are required to have a FICO credit score of at least 650. Home equity loans and lines of credit are generally secured by junior mortgages and have greater risk than one- to four-family residential real estate loans secured by first mortgages.
Fidelity Bank must comply with the anti-money laundering and countering the financing of terrorism (“AML/CFT”) provisions of the Bank Secrecy Act (the “BSA”) as amended by the USA PATRIOT Act and implementing regulations issued by the FDIC and the Financial Crimes Enforcement Network of the U.S. Department of the Treasury.
The Bank Secrecy Act and Anti-Money Laundering/Countering the Financing of Terrorism Regulations. Fidelity Bank must comply with the anti-money laundering and countering the financing of terrorism (“AML/CFT”) provisions of the Bank Secrecy Act (the “BSA”) as amended by the USA PATRIOT Act and implementing regulations issued by the FDIC and the Financial Crimes Enforcement Network of the U.S.
Members of a Federal Home Loan Bank are required to acquire and hold shares of capital stock in their Federal Home Loan Bank. Fidelity Bank complied with this requirement to hold shares of the Federal Home Loan Bank of Dallas at December 31, 2024. Bank Holding Company Regulation Supervision and Enforcement Authority.
Members of a Federal Home Loan Bank are required to acquire and hold shares of capital stock in their Federal Home Loan Bank. Fidelity Bank complied with this requirement to hold shares of the Federal Home Loan Bank of Dallas at December 31, 2025. Bank Holding Company Regulation Supervision and Enforcement Authority.
Under Louisiana law, “marketable investment securities” does not include stocks but means investment grade marketable obligations in the form of bonds, notes or debentures, of a type customarily sold on recognized exchanges or traded over the counter. Parity.
Under Louisiana law, “marketable investment securities” do not include stocks but means investment grade marketable obligations in the form of bonds, notes or debentures, of a type customarily sold on recognized exchanges or traded over the counter. Parity.
The refundable portion is 50% (100% in 2021) of the excess of the minimum tax credit for the year over any credit allowable against regular tax for that year. At December 31, 2024, Fidelity Bank had no minimum tax credit carryforward. Net Operating Loss Carryovers.
The refundable portion is 50% (100% in 2021) of the excess of the minimum tax credit for the year over any credit allowable against regular tax for that year. At December 31, 2025, Fidelity Bank had no minimum tax credit carryforward. Net Operating Loss Carryovers.
At December 31, 2024, our largest credit relationship to one borrower, which is an established law firm, is a line of credit for $15 million, of which $13 million is funded, and is secured by a UCC security interest in all chattel paper, accounts including contingency case fees, equipment and general intangibles, and fixtures.
At December 31, 2025, our largest credit relationship to one borrower, which is an established law firm, is a line of credit for $15 million, of which $13.7 million is funded, and is secured by a UCC security interest in all chattel paper, accounts including contingency case fees, equipment and general intangibles, and fixtures.
As a member of Federal Home Loan Bank of Dallas, we are required to purchase stock in the Federal Home Loan Bank of Dallas, which is carried at cost and classified as a restricted investment. At December 31, 2024, all of our investment securities are carried at fair value through accumulated other comprehensive income. Sources of Funds 11 General.
As a member of Federal Home Loan Bank of Dallas, we are required to purchase stock in the Federal Home Loan Bank of Dallas, which is carried at cost and classified as a restricted investment. At December 31, 2025, all of our investment securities are carried at fair value through accumulated other comprehensive income. Sources of Funds General.
The following table sets forth the contractual maturities of our total loans held for investment portfolio at December 31, 2024. Demand loans, loans having no stated repayment schedule or maturity, and overdraft loans are reported as being due in one year or less.
The following table sets forth the contractual maturities of our total loans held for investment portfolio at December 31, 2025. Demand loans, loans having no stated repayment schedule or maturity, and overdraft loans are 3 reported as being due in one year or less.
FB Bancorp compensates Fidelity Bank in an amount not less than the fair market value of the services provided. In addition, FB Bancorp and Fidelity Bank entered into an agreement to establish a method for allocating and reimbursing the payment of their consolidated tax liability. Human Capital Resources At December 31, 2024, we had 329 full-time equivalent employees.
FB Bancorp compensates Fidelity Bank in an amount not less than the fair market value of the services provided. In addition, FB Bancorp and Fidelity Bank entered into an agreement to establish a method for allocating and reimbursing the payment of their consolidated tax liability. Human Capital Resources At December 31, 2025, we had 323 full-time equivalent employees.
At December 31, 2024, our largest commercial loan was a line of credit for $15 million, of which $13.1 million was funded, and is secured by a UCC security interest in all chattel paper, accounts including contingency case fees, equipment and general intangibles, and fixtures. At December 31, 2024, this loan was performing according to its original terms.
At December 31, 2025, our largest commercial loan was a line of credit for $15 million, of which $13.7 million was funded, and is secured by a UCC security interest in all chattel paper, accounts including contingency case fees, equipment and general intangibles, and fixtures. At December 31, 2025, this loan was performing according to its original terms.
Our commercial real estate portfolio is comprised primarily of retail, one- to four-family loans for investment purposes, multi-family, and office loans, and, to a lesser extent, commercial construction and land development loans. Our commercial real estate loans are generally secured primarily by retail and mixed-use properties and office buildings.
Our commercial real estate loans are primarily comprised of multi-family, hotel, retail and one to four family for investment purposes, and to a lesser extent, commercial construction and land development. Our commercial real estate loans are generally secured primarily by retail and mixed-use properties and office buildings.
The FDIC has authority to increase insurance assessments. Any significant increases would have an adverse effect on the operating expenses and results of operations of Fidelity Bank. For the year ended December 31, 2024, the FDIC insurance expense for Fidelity Bank was $525 thousand. We cannot predict what assessment rates will be in the future.
The FDIC has authority to increase insurance assessments. Any significant increases would have an adverse effect on the operating expenses and results of operations of Fidelity Bank. For the year ended December 31, 2025, the FDIC insurance expense for Fidelity Bank was $499 thousand. We cannot predict what assessment rates will be in the future.
Treasury securities; securities issued by the U.S. government and its agencies or government sponsored enterprises including mortgage-backed securities and collateralized mortgage obligations issued by the Small Business Administration, Fannie Mae, Ginnie Mae, and Freddie Mac; corporate and municipal bonds; asset-backed securities; certificates of deposit in other financial institutions; federal funds and money market funds, among other investments.
Treasury securities; securities issued by the U.S. government and its agencies or government sponsored enterprises including mortgage-backed securities and collateralized mortgage obligations issued by the SBA, Fannie Mae, Ginnie Mae, and Freddie Mac; corporate and municipal bonds; asset-backed securities; certificates of deposit in other financial institutions; federal funds and money market funds, among other investments.
Our commercial loan portfolio includes Small Business Administration, or the “SBA” , -related lending for commercial purposes. Fidelity Bank generally makes SBA loans within its market areas, and most of the originations relate to the SBA 7(a) Loan Program and the SBA 504 Loan Program. SBA loans comprised $19.6 million of our commercial loan portfolio at December 31, 2024.
Our commercial loan portfolio includes Small Business Administration (“SBA”) related lending for commercial purposes. Fidelity Bank generally makes SBA loans within its market areas, and most of the originations relate to the SBA 7(a) Loan Program and the SBA 504 Loan Program. SBA loans comprised $19.5 million of our commercial loan portfolio at December 31, 2025.
Together, the BSA and the USA PATRIOT Act require Fidelity Bank to implement an AML/CFT compliance program to detect and prevent money laundering, terrorist financing, and illicit crime, to establish a customer identification program and other internal controls, conduct customer due diligence, administer training, maintain specified records, and report suspicious activity, among other things. Office of Foreign Assets Control.
Department of the Treasury. Together, the BSA and the USA PATRIOT Act require Fidelity Bank to implement an AML/CFT compliance program to detect and prevent money laundering, terrorist financing, and illicit crime, to establish a customer identification program and other internal controls, conduct customer due diligence, administer training, maintain specified records, and report suspicious activity, among other things.
At December 31, 2024, based on available collateral and our ownership of Federal Home Loan Bank of Dallas common stock, we had access to up to an additional $364 million of advances from the Federal Home Loan Bank of Dallas.
At December 31, 2025, based on available collateral and our ownership of Federal Home Loan Bank of Dallas common stock, we had access to up to an additional $352 million of advances from the Federal Home Loan Bank of Dallas.
At December 31, 2024 and December 31, 2023, the aggregate amount of all uninsured certificates of deposit was $43.2 million and $23.2 million, respectively. At December 31, 2024 and December 31, 2023, we had no deposits that were uninsured for any reason other than being in excess of the FDIC limit.
At December 31, 2025 and December 31, 2024, the aggregate amount of all uninsured certificates of deposit was $63.9 million and $43.2 million, respectively. At December 31, 2025 and December 31, 2024, we had no deposits that were uninsured for any reason other than being in excess of the FDIC limit.
On January 1, 2023, Fidelity Bank adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as amended, which replaces the incurred loss methodology with CECL methodology.
On January 1, 2023, Fidelity Bank adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , as amended, which replaces the incurred loss methodology with Current Expected Credit Loss (“CECL”) methodology.
Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell. At December 31, 2024, we held properties totaling approximately $610 thousand in other real estate owned as a result of foreclosure for all property types. Loan Modifications to Borrowers Experiencing Financial Difficulty.
Costs relating to the development and improvement of the property, however, are capitalized to the extent of estimated fair value less estimated costs to sell. At December 31, 2025, we held properties totaling approximately $1.3 million in other real estate owned as a result of foreclosure for all property types. Loan Modifications to Borrowers Experiencing Financial Difficulty.
Such advances may be made under several different credit programs, each of which has its own interest rate and range of maturities. At December 31, 2024, we had $73.5 million in outstanding advances from the Federal Home Loan Bank of Dallas.
Such advances may be made under several different credit programs, each of which has its own interest rate and range of maturities. At December 31, 2025, we had $78.3 million in outstanding advances from the Federal Home Loan Bank of Dallas.
The FDIC’s current CRA regulations in effect for banks of Fidelity Bank’s asset size are generally based upon objective criteria of the performance of institutions under two key assessment tests: (i) a lending test; and (ii) a community development test.
The FDIC’s current CRA regulations in effect for banks of Fidelity Bank’s asset size are generally based upon objective criteria of the performance of institutions under two key assessment tests: (i) a lending test; and (ii) a community development test. Transactions with Affiliates and Loans to Insiders.
Additional Tier 1 capital includes certain non-cumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital.
Tier 1 capital is generally defined as common equity Tier 1 and additional Tier 1 capital. 15 Additional Tier 1 capital includes certain non-cumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital.
At December 31, 2024, we had $254.6 million of loans secured by first lien residential real estate, or 33.6% of total loans held for investment. The vast majority of our one- to four-family residential real estate loans, originated by NOLA, are secured by properties located in our primary market areas and sold into the secondary market.
At December 31, 2025, we had $230.7 million of loans secured by first lien residential real estate, or 31.0% of total loans held for investment. The vast majority of our one- to four-family residential real estate loans, originated by NOLA, are secured by properties located in our primary market areas and sold into the secondary market.
Particularly with respect to our home equity loans and lines of credit, decreases in real estate values could adversely affect our ability to fully recover the loan balance in the event of a default. Other Consumer Loans . At December 31, 2024, consumer loans were $26.7 million, or 3.5% of total loans.
Particularly with respect to our home equity loans and lines of credit, decreases in real estate values could adversely affect our ability to fully recover the loan balance in the event of a default. Other Consumer Loans . At December 31, 2025, consumer loans were $22.8 million, or 3.1% of total loans.
At December 31, 2024, we had $34.1 million in residential construction loans, or 4.5% of total loans, and had committed to loan an additional $27.1 million with respect to such loans. We make residential construction loans primarily to individuals for the construction or renovation of their primary residences.
At December 31, 2025, we had $38.1 million in residential construction loans, or 5.1% of total loans, and had committed to loan an additional $20.1 million with respect to such loans. We make residential construction loans primarily to individuals for the construction or renovation of their primary residences.
At December 31, 2024, commercial loans were $95.0 million, or 12.5% of total loans. We offer a broad range of commercial loans, including lines of credit and term loans, to a variety of commercial businesses. The loans are generally used to support working capital and general corporate needs.
At December 31, 2025, commercial loans were $92.2 million, or 12.4% of total loans. We offer a broad range of commercial loans, including lines of credit and term loans, to a variety of commercial businesses. The loans are generally used to support working capital and general corporate needs.
If the appraised value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss. Commercial Real Estate Loans . At December 31, 2024, we had $241.1 million in commercial real estate loans, or 31.8% of total loans.
If the appraised value of a completed project proves to be overstated, we may have inadequate security for the repayment of the loan upon completion of construction of the project and may incur a loss. Commercial Real Estate Loans . At December 31, 2025, we had $248.7 million in commercial real estate loans, or 33.4% of total loans.
As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Home Equity Loans and Lines of Credit. At December 31, 2024, the outstanding balance of home equity loans and lines of credit was $106.6 million, or 14.1% of total loans.
As a result, the availability of funds for the repayment of commercial loans may depend substantially on the success of the business itself. Home Equity Loans and Lines of Credit. At December 31, 2025, the outstanding balance of home equity loans and lines of credit was $112.4 million, or 15.1% of total loans.
At December 31, 2024, our investment portfolio totaled $244.1 million and consisted of securities and obligations issued by U.S. government-sponsored enterprises as well as corporate bonds. At December 31, 2024, we also owned $4.4 million of Federal Home Loan Bank of Dallas stock.
At December 31, 2025, our investment portfolio totaled $326.3 million and consisted of securities and obligations issued by U.S. government-sponsored enterprises as well as corporate bonds. At December 31, 2025, we also owned $3.7 million of Federal Home Loan Bank of Dallas stock.
Generally, loans 90 days or more past due are placed on non-accrual status and classified “substandard.” The table below sets forth our classified and criticized loans at the dates indicated. 9 At December 31, 2024 2023 (Dollars in thousands) Substandard assets $ 15,497 $ 11,549 Doubtful assets 300 478 Loss assets — — Total classified loans $ 15,797 $ 12,027 Special mention (criticized) loans $ 2,090 $ 11,618 Allowance for Credit Losses Allowance for credit losses.
Generally, loans 90 days or more past due are placed on non-accrual status and classified “substandard.” The table below sets forth our classified and criticized loans at the dates indicated. 9 At December 31, 2025 2024 (Dollars in thousands) Substandard assets $ 20,004 $ 15,497 Doubtful assets 452 300 Loss assets — — Total classified loans $ 20,456 $ 15,797 Special mention (criticized) loans $ 1,568 $ 2,090 Allowance for Credit Losses Allowance for credit losses.
Loan balances exclude the fair value of loans held for sale, which totaled $26.0 million and $22.6 million at December 31, 2024 and December 31, 2023, respectively.
Loan balances exclude the fair value of loans held for sale, which totaled $28.5 million and $26.0 million at December 31, 2025 and December 31, 2024, respectively.
The Baton Rouge metropolitan area, home to the state capital and related government employment, is also a major industrial, petrochemical, medical, research, motion picture and technology employment center.
The Baton Rouge metropolitan area, home to the state capital and related government employment, is also a major industrial, petrochemical, medical, research, motion picture and technology employment center. The main campus of Louisiana State University is also located there.
Fidelity Bank is subject to extensive regulation and supervision by the LOFI, as its chartering agency, and by the FDIC, its primary federal regulator and the insurer of its deposit accounts.
Fidelity Bank’s deposits are insured up to applicable limits by the FDIC. Fidelity Bank is subject to extensive regulation and supervision by the LOFI, as its chartering agency, and by the FDIC, its primary federal regulator and the insurer of its deposit accounts.
These modifications are made only when a workout plan has been agreed to by the borrower that we believe is reasonable and attainable and in our best interests. During 2024, there were two loans with total outstanding balances of $311 thousand at December 31, 2024 that were modified.
These modifications are made only when a workout plan has been agreed to by the borrower that we believe is reasonable and attainable and in our best interests. During 2025, there was one loan with total outstanding balance of $25 thousand at December 31, 2025 that was modified.
We generally limit the loan-to-value ratios of our commercial mortgage loans to 85% (80% for non-owner occupied properties) of the purchase price or appraised value, whichever is lower. At December 31, 2024, our largest commercial real estate loan had an outstanding balance of $9 million and is secured by a hotel property in Metairie, Louisiana.
We generally limit the loan-to-value ratios of our commercial mortgage loans to 85% (80% for non-owner occupied properties) of the purchase price or appraised value, whichever is lower. At December 31, 2025, our largest commercial real estate loan had an outstanding balance of $12.0 million and is secured by a multi family property development located in Mobile, Alabama.
Based on loan review data, our commercial real estate loan portfolio currently has an average occupancy rate of approximately 92% and an average loan-to-value ratio of 65%. Substantially all of our commercial real estate loans are fixed-rate loans with three- to five-year balloon repayment terms.
Our office building loan portfolio is concentrated in suburban areas. Based on loan review data, our commercial real estate loan portfolio currently has an average occupancy rate of approximately 86% and an average loan-to-value ratio of 63%. Substantially all of our commercial real estate loans are fixed-rate loans with three- to five-year balloon repayment terms.
Any new branch, whether located inside or outside of Louisiana, must also be approved by the FDIC as Fidelity Bank’s primary federal regulator. Dividends.
Any new branch, whether located inside or outside of Louisiana, must also be approved by the FDIC as Fidelity Bank’s primary federal regulator. Dividends. Fidelity Bank’s Board of Directors may quarterly, semiannually, or annually declare cash dividends.
Service providers are required under the rule to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization’s customers for four or more hours. The Bank Secrecy Act and Anti-Money Laundering/Countering the Financing of Terrorism Regulations.
Service providers are required under the rule to notify affected banking organization customers as soon as possible when the provider determines that it has 18 experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization’s customers for four or more hours.
During 2023, we had one such loan modification, with an outstanding balance of $34,000 as of December 31, 2023. Delinquent Loans . The following table sets forth our loan delinquencies by type and amount as of December 31, 2024.
During 2024, we had two such loan modifications, with an outstanding balance of $311 thousand as of December 31, 2024. Delinquent Loans . The following table sets forth our loan delinquencies by type and amount as of December 31, 2025.
Before making a commitment to fund a construction loan, we require an appraisal of the property by an independent licensed appraiser. We also generally require inspections of the property before disbursement of funds during the term of the construction loan. Our residential construction loans are based upon estimates of costs and values associated with the completed project.
We also generally require inspections of the property before disbursement of funds during the term of the construction loan. Our residential construction loans are based upon estimates of costs and values associated with the completed project.
Fidelity Bank received a “Satisfactory” CRA rating in its most recent federal examination in April 2021 An institution’s failure to comply with the provisions of the CRA could, at a minimum, result in denial of certain corporate applications such as branches or mergers, or in restrictions on its activities.
An institution’s failure to comply with the provisions of the CRA could, at a minimum, result in denial of certain corporate applications such as branches or mergers, or in restrictions on its activities.
At December 31, 2024 At December 31, 2023 Allowance for Credit Losses Percent of Allowance in Category to Total Allowance Percent of Loans in Category to Total Loans Allowance for Credit Losses Percent of Allowance in Category to Total Allowance Percent of Loans in Category to Total Loans (Dollars in thousands) One- to four-family residential $ 2,246 36.0 % 33.6 % $ 1,210 19.5 % 37.3 % Residential construction 539 8.6 % 4.5 % 1 0.0 % 2.4 % Commercial real estate 257 4.1 % 31.8 % 2,218 35.8 % 30.9 % Other commercial 1,209 19.4 % 12.5 % 1,586 25.6 % 10.4 % Home equity loans and lines of credit 1,224 19.6 % 14.1 % 536 8.6 % 14.8 % Other consumer 769 12.3 % 3.5 % 652 10.5 % 4.2 % Total allocated allowance $ 6,244 100.0 % 100.0 % $ 6,203 100.0 % 100.0 % Investment Activities General .
At December 31, 2025 At December 31, 2024 Allowance for Credit Losses Percent of Allowance in Category to Total Allowance Percent of Loans in Category to Total Loans Allowance for Credit Losses Percent of Allowance in Category to Total Allowance Percent of Loans in Category to Total Loans (Dollars in thousands) One- to four-family residential $ 2,290 36.4 % 31.0 % $ 2,246 36.0 % 33.6 % Residential construction 374 5.9 % 5.1 % 539 8.6 % 4.5 % Commercial real estate 581 9.2 % 33.4 % 257 4.1 % 31.8 % Other commercial 1,730 27.5 % 12.4 % 1,209 19.4 % 12.5 % Home equity loans and lines of credit 810 12.9 % 15.1 % 1,224 19.6 % 14.1 % Other consumer 504 8.0 % 3.1 % 769 12.3 % 3.5 % Total allocated allowance $ 6,289 100.0 % 100.0 % $ 6,244 100.0 % 100.0 % Investment Activities General .
One such change requires credit losses to be presented as an allowance rather than as a write down on available-for-sale debt securities which management does not intend to sell or believes that it is more likely than not they will be required to sell.
This standard requires credit losses to be presented as an allowance rather than as a write down on available-for-sale debt securities which management does not intend to sell or believes that it is more likely than not they will be required to sell. The following table sets forth activity in our allowance for credit losses for the periods indicated.
The following table sets forth additional information with respect to charge-offs by category for the periods indicated. 10 For the Year Ended December 31, 2024 2023 Net (charge-offs) recoveries to average loans outstanding during the period: One- to four-family residential 0.04 % 0.00 % Residential construction 0.00 % 0.00 % Commercial real estate 0.00 % 0.00 % Other commercial 0.13 % 0.20 % Home equity loans and lines of credit 0.00 % 0.01 % Other consumer 0.03 % 0.07 % Allocation of Allowance for Credit Losses.
For the Year Ended December 31, 2025 2024 Net charge-offs (recoveries) to average loans outstanding during the period: One- to four-family residential 0.04 % 0.04 % Residential construction 0.00 % 0.00 % Commercial real estate 0.00 % 0.00 % Other commercial 0.10 % 0.13 % Home equity loans and lines of credit 0.03 % 0.00 % Other consumer 0.05 % 0.03 % 10 Allocation of Allowance for Credit Losses.
Retail, one- to four-family for investment purposes, multi-family and office loans comprise approximately 18.4%, 15.1%, 19.5% and 12.7%, respectively, of our commercial real estate portfolio. Fidelity Bank uses an industry-standard measure to assess potential concentration levels on a quarterly basis, with the concentration levels consistently being assessed as low concentration. Our office building loan portfolio is concentrated in suburban areas.
Multi family, hotels, retail and one to four family for investment purposes comprise approximately, 20.4%, 18.6%, 16.1% and 13.3%, respectively, of our commercial real estate portfolio. Fidelity Bank uses an industry-standard measure to assess potential concentration levels on a quarterly basis, with the concentration levels consistently being assessed as low concentration.
All loans we originate are underwritten pursuant to our policies and procedures which incorporate secondary market underwriting guidelines to the extent applicable for residential loans. For the twelve months ended December 31, 2024, NOLA originated $367.8 million in loans for sale to the secondary market.
All loans we originate are underwritten pursuant to our policies and procedures which incorporate secondary market underwriting guidelines to the extent applicable for residential loans. For the twelve months ended December 31, 2025, NOLA, which is reported on our December 31, 2025 consolidated financial statements as discontinued operations, originated $386.7 million in loans for sale to the secondary market.
The borrowing carried a fixed rate of 4.76%. 12 Properties Fidelity Bank has 18 full-service branches, including our main office, two drive-up ATM branches and 14 stand-alone ATMs located in southern Louisiana, one ITM branch, and 9 loan production offices throughout Louisiana, Florida and Mississippi. We conduct our operations from our main office in New Orleans, Louisiana.
Properties Fidelity Bank has 18 full-service branches, including our main office, two drive-up ATM branches, 14 stand-alone ATMs located in southern Louisiana, and one ITM branch. We conduct our operations from our main office in New Orleans, Louisiana. We own 13 of our offices, including our main office.
At December 31, 2024 2023 (Dollars in thousands) Allowance for credit losses at beginning of period $ 6,203 $ 7,298 Provision for credit losses 1,530 649 Charge-offs: One- to four-family residential (306 ) (5 ) Residential construction — — Commercial real estate — — Other commercial (1,114 ) (1,277 ) Home equity loans and lines of credit — (47 ) Other consumer (241 ) (478 ) Total charge-offs (1,661 ) (1,807 ) Recoveries: One- to four-family residential 6 — Residential construction 2 — Commercial real estate — 3 Other commercial 118 30 Home equity loans and lines of credit — — Other consumer 46 30 Total recoveries 172 63 Net charge-offs (1,489 ) (1,744 ) Allowance at end of period $ 6,244 $ 6,203 Allowance for credit losses to total loans outstanding at end of period (1) 0.82 % 0.93 % Non-accrual loans to total loans outstanding at end of period (1) 1.72 % 1.15 % Allowance for credit losses to non-accrual loans at end of period 48.07 % 80.93 % Net charge-offs to average loans outstanding during period 0.20 % 0.27 % (1) Total loans only includes loans held for investment.
At December 31, 2025 2024 (Dollars in thousands) Allowance for credit losses at beginning of period $ 6,244 $ 6,203 Provision for credit losses 1,684 1,530 Charge-offs: One- to four-family residential (323 ) (306 ) Residential construction (3 ) — Commercial real estate — — Other commercial (904 ) (1,114 ) Home equity loans and lines of credit (217 ) — Other consumer (402 ) (241 ) Total charge-offs (1,849 ) (1,661 ) Recoveries: One- to four-family residential 4 6 Residential construction 9 2 Commercial real estate — — Other commercial 149 118 Home equity loans and lines of credit — — Other consumer 48 46 Total recoveries 210 172 Net charge-offs (1,639 ) (1,489 ) Allowance at end of period $ 6,289 $ 6,244 Allowance for credit losses to total loans outstanding at end of period (1) 0.85 % 0.82 % Non-accrual loans to total loans outstanding at end of period (1) 2.26 % 1.72 % Allowance for credit losses to non-accrual loans at end of period 37.31 % 48.07 % Net charge-offs to average loans outstanding during period 0.21 % 0.20 % (1) Total loans only includes loans held for investment.
At December 31, 2024 At December 31, 2023 Amount Percent Average Rate Amount Percent Average Rate (Dollars in thousands) Negotiable Order of Withdrawal $ 242,575 30.3 % 0.07 % $ 268,379 34.9 % 0.06 % Savings 110,288 13.8 % 0.10 % 127,213 16.5 % 0.09 % Money Market 131,988 16.5 % 1.84 % 108,778 14.1 % 1.21 % Certificates of deposit 209,856 26.2 % 3.23 % 174,362 22.7 % 2.77 % Wholesale and brokered certificates of deposit (1) 106,035 13.2 % 3.39 % 90,556 11.8 % 3.54 % Total $ 800,742 100.0 % 1.63 % $ 769,288 100.0 % 1.23 % At December 31, 2024 and December 31, 2023, the aggregate amount of all uninsured deposits (deposits in excess of the FDIC limit of $250,000 per account) was $78.9 million and $78.4 million, respectively.
At December 31, 2025 At December 31, 2024 Amount Percent Average Rate Amount Percent Average Rate (Dollars in thousands) Negotiable Order of Withdrawal $ 243,798 29.0 % 0.06 % $ 242,575 30.3 % 0.07 % Savings 108,483 12.9 % 0.07 % 110,288 13.8 % 0.10 % Money Market 130,587 15.5 % 1.92 % 131,988 16.5 % 1.84 % Certificates of deposit 268,891 32.0 % 3.37 % 209,856 26.2 % 3.23 % Wholesale and brokered certificates of deposit 89,644 10.7 % 3.31 % 106,035 13.2 % 3.39 % Total $ 841,403 100.0 % 1.62 % $ 800,742 100.0 % 1.63 % At December 31, 2025 and December 31, 2024, the aggregate amount of all uninsured deposits (deposits in excess of the FDIC limit of $250,000 per account) was $120.9 million and $78.9 million, respectively.
A qualifying institution may opt in and out of the community bank leverage ratio framework on its quarterly call report. Fidelity Bank has opted out of the community bank leverage ratio framework. Capital Distributions.
In November 2025, the federal banking agencies, including the FDIC, issued a proposed rule to lower the community bank leverage ratio to 8%. A qualifying institution may opt in and out of the community bank leverage ratio framework on its quarterly call report. Fidelity Bank has opted out of the community bank leverage ratio framework. Capital Distributions.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeTo our knowledge, we have not experienced material losses due to apparent fraud or other financial crimes. While we have policies and procedures designed to prevent such losses, losses may still occur. 28 Societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers.
Biggest changeWhile we have policies and procedures designed to prevent such losses, losses may still occur. Societal responses to climate change could adversely affect our business and performance, including indirectly through impacts on our customers. Concerns over the long-term impacts of climate change have led and will continue to lead to governmental efforts around the world to mitigate those impacts.
As an emerging growth company, FB Bancorp also will not be subject to Section 404(b) of the Sarbanes-Oxley Act of 2002, which would require that our independent auditors audit our internal control over financial reporting.
As an emerging growth company, FB Bancorp also will not be subject to Section 404(b) of the Sarbanes-Oxley Act of 2002, which would require that our independent auditors to audit our internal control over financial reporting.
Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material impact on our operations. Further, changes in accounting standards can be both difficult to predict and involve judgment 29 and discretion in their interpretation by the Company and our independent accounting firm.
Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, legislation or supervisory action, may have a material impact on our operations. Further, changes in accounting standards can be both difficult to predict and involve judgment and discretion in their interpretation by the Company and our independent accounting firm.
If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile. Risks Related to Economic Conditions Inflation can have an adverse impact on our business and on our customers.
If some investors find our common stock less attractive as a result of any choices to reduce future disclosure, there may be a less active trading market for our common stock and the price of our common stock may be more volatile. 30 Risks Related to Economic Conditions Inflation can have an adverse impact on our business and on our customers.
Furthermore, our customers are also affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us. 30 We have a high concentration of loans secured by real estate in our market area.
Furthermore, our customers are also affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans with us. We have a high concentration of loans secured by real estate in our market area.
Finally, as a smaller institution, we are disproportionately affected by the continually increasing costs of compliance with new banking and other regulations. Risks Related to Accounting Matters Changes in accounting standards could affect reported earnings.
Finally, as a smaller institution, we are disproportionately affected by the continually increasing costs of compliance with new banking and other regulations. 31 Risks Related to Accounting Matters Changes in accounting standards could affect reported earnings.
Risks Related to Market Interest Rates Inflationary pressures and rising prices may affect our results of operations and financial condition. Inflation rose sharply at the end of 2021 and remained at an elevated level through 2024.
Risks Related to Market Interest Rates Inflationary pressures and rising prices may affect our results of operations and financial condition. Inflation rose sharply at the end of 2021 and remained at an elevated level through 2025.
Hurricanes and other natural disasters have historically impacted spending and credit performance in the areas affected as well as the ability to obtain, and the associated costs. of, flood insurance.
Hurricanes and other natural disasters have historically impacted spending and credit performance in the areas affected as well as the ability to obtain flood insurance.
The risks of severe weather due to our geographic location could materially affect our financial condition. Due to the geographic regions in which we operate, which are primarily coastal areas, we are exposed to risks created by severe weather events that may negatively affect our revenues, costs, and liabilities, despite efforts we undertake to plan for these events.
Due to the geographic regions in which we operate, which are primarily coastal areas, we are exposed to risks created by severe weather events that may negatively affect our revenues, costs, and liabilities, despite efforts we undertake to plan for these events.
Item 1A. Ri sk Factors. Risks Related to Our Lending Activities The Company’s commercial real estate loans involve credit risks that could adversely affect its financial condition and results of operations. At December 31, 2024, commercial real estate loans totaled $241.1 million, or 31.8% of the Company’s loan portfolio.
Item 1A. Ri sk Factors. Risks Related to Our Lending Activities The Company’s commercial real estate loans involve credit risks that could adversely affect its financial condition and results of operations. At December 31, 2025, commercial real estate loans totaled $248.7 million, or 33.4% of the Company’s loan portfolio.
The Company primarily serves individuals and businesses located in the Southern Louisiana and the New Orleans metropolitan area, the Florida panhandle, and Mississippi. At December 31, 2024, approximately $423 million, or 56%, of loans held for investment were originated in the New Orleans and North Shore New Orleans metropolitan area.
The Company primarily serves individuals and businesses located in the Southern Louisiana and the New Orleans metropolitan area, the Florida panhandle, and Mississippi. At December 31, 2025, approximately $486.1 million, or 65.3%, of loans held for investment were originated in the New Orleans and North Shore New Orleans metropolitan area.
Pursuant to this strategy, Fidelity Bank’s average balance of loans held for investment during the year ended December 31, 2024, increased by $103.6 million, or 16.9%, compared to the same period in 2023.
Pursuant to this strategy, Fidelity Bank’s average balance of loans held for investment during the year ended December 31, 2025, increased by $48.7 million, or 6.8%, compared to the same period in 2024.
The Company’s commercial loans involve credit risks that could adversely affect its financial condition and results of operations. At December 31, 2024, commercial loans totaled $95.0 million, or 12.5% of the Company’s loan portfolio.
The Company’s commercial loans involve credit risks that could adversely affect its financial condition and results of operations. At December 31, 2025, commercial loans totaled $92.2 million, or 12.4% of the Company’s loan portfolio.
Such regulation and supervision govern the activities in which an institution and its holding company may engage and are intended primarily for the protection of the federal deposit insurance fund and the depositors of Fidelity Bank, rather than for our stockholders.
FB Bancorp is subject to extensive regulation, supervision and examination by the Federal Reserve Board. Such regulation and supervision govern the activities in which an institution and its holding company may engage and are intended primarily for the protection of the federal deposit insurance fund and the depositors of Fidelity Bank, rather than for our stockholders.
At December 31, 2024, we estimate that we would experience a 6.20% decrease in EVE in the event of an instantaneous 200 basis point increase in interest rates, and a 2.07% increase in EVE in the event of an instantaneous 200 basis point decrease in market rates.
At December 31, 2025, we estimate that we would experience a 11.74% decrease in EVE in the event of an instantaneous 200 basis point increase in interest rates, and a 10.02% increase in EVE in the event of an instantaneous 200 basis point decrease in market rates.
These changes can be hard to predict and can materially impact how the Company records and reports its consolidated financial condition and results of operations.
These changes can be hard to predict and can materially impact how the Company records and reports its consolidated financial condition and results of operations. In some cases, we could be required to apply new or revised guidance retroactively.
Our business may be adversely affected by an increasing prevalence of fraud and other financial crimes. Our loans to businesses and individuals and our deposit relationships and related transactions are subject to exposure to the risk of loss due to fraud and other financial crimes. Nationally, reported incidents of fraud and other financial crimes have increased.
Our loans to businesses and individuals and our deposit relationships and related transactions are subject to exposure to the risk of loss due to fraud and other financial crimes. Nationally, reported incidents of fraud and other financial crimes have increased. To our knowledge, we have not experienced material losses due to apparent fraud or other financial crimes.
In this case, our operating margins and profitability would be adversely affected. Risks Related to Laws and Regulations Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and/or increase our costs of operations.
Risks Related to Laws and Regulations Changes in laws and regulations and the cost of regulatory compliance with new laws and regulations may adversely affect our operations and/or increase our costs of operations. 29 Fidelity Bank is subject to extensive regulation, supervision and examination by the LOFI and the FDIC.
Among the impacts to the Company could be a drop in demand for our products and services, particularly in certain sectors. In addition, we could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans.
In addition, we could face reductions in creditworthiness on the part of some customers or in the value of assets securing loans.
We and our customers will need to respond to new laws and regulations as well as consumer and business preferences resulting from climate change concerns. The impact on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon intensive activities.
Consumers and businesses also may change their behavior as a result of these concerns. We and our customers will need to respond to new laws and regulations as well as consumer and business preferences resulting from climate change concerns.
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Concerns over the long-term impacts of climate change have led and will continue to lead to governmental efforts around the world to mitigate those impacts. Consumers and businesses also may change their behavior as a result of these concerns.
Added
Artificial Intelligence presents risks and challenges that may adversely affect our business. Many companies in the finance industry including us and our vendors have begun incorporating artificial intelligence (“AI”) software and applications into our business activities in order to increase productivity. The AI industry worldwide is developing rapidly, as is the legal and regulatory environment around its use.
Removed
Fidelity Bank is subject to extensive regulation, supervision and examination by the LOFI and the FDIC. FB Bancorp will be subject to extensive regulation, supervision and examination by the Federal Reserve Board.
Added
Reliance on AI therefore presents risks and challenges as we adapt to evolving rules and regulations, concerns regarding data privacy and misuse of intellectual property, and data biases and accuracy of responses to 28 inquiries during use. These potential issues could raise compliance costs and increase security and liability concerns, which may reduce any productivity gained through its use.
Removed
In some cases, we could be required to apply new or revised guidance retroactively. 31 Other Risks Related to Our Business Our net income has relied on mortgage banking revenues, which are highly dependent on macroeconomic factors and United States real estate market, mortgage market and financial market conditions.
Added
The complexity surrounding AI use makes it difficult to know the expected impact on our business. Our business may be adversely affected by an increasing prevalence of fraud and other financial crimes.
Removed
The success of our business strategies and our results of operations are materially affected by current or future conditions in the real estate market, mortgage markets, financial markets and the economy generally.
Added
The impact on our customers will likely vary depending on their specific attributes, including reliance on or role in carbon intensive activities. Among the impacts to the Company could be a drop in demand for our products and services, particularly in certain sectors.
Removed
Factors such as changes in policies employed by Fannie Mae and other government agencies related to the purchase of mortgage loans, the costs and impact of inflation, deflation, unemployment, personal and business income taxes, healthcare, energy costs, domestic political issues, government shutdowns, and climate change, and the availability and cost of credit may contribute to increased volatility and unclear expectations for the economy in general and the real estate, mortgage market and financial markets in particular going forward.
Added
In this case, our operating margins and profitability would be adversely affected.
Removed
Volatility in the real estate market, mortgage market and financial markets or deterioration in these markets also could reduce our loan production volume or adversely affect our ability to sell mortgage loans that we originate, either at a profit or at all. Any of the foregoing could materially and adversely affect our business, financial condition, liquidity and results of operations.
Added
Other Risks Related to Our Business The risks of severe weather due to our geographic location could materially affect our financial condition.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeWe have established processes and systems designed 32 to mitigate cyber risk, including regular and on-going education and training for employees, preparedness simulations and tabletop exercises, and recovery and reliance tests. We engage in regular assessments of our infrastructure, software systems, and network architecture, using third-party cybersecurity experts.
Biggest changeWe have established processes and systems designed to mitigate cyber risk, including regular and on-going education and training for employees, preparedness simulations and tabletop 32 exercises, and recovery and reliance tests. We engage in regular assessments of our infrastructure, software systems, and network architecture, using third-party cybersecurity experts.

Item 2. Properties

Properties — owned and leased real estate

8 edited+2 added−2 removed1 unchanged
Biggest changeNew Orleans, LA 70118 Orleans Parish Leased 2014 2,000 129 W. College St. Lake Charles, LA 70605 Calcasieu Parish Leased 2022 2,400 Each branch location has an ATM and a drive-thru facility. We believe that our current facilities are adequate to meet our present and foreseeable needs.
Biggest changeNew Orleans, LA 70118 Orleans Parish Leased 2014 2,000 5400 Nelson Road Lake Charles, LA 70605 Calcacieu Parish Leased 2022 1,547 (1) All leased NOLA loan production offices transferred to and were assumed by the purchaser NOLA Lending Group, effective March 1, 2026. Each branch location has an ATM and a drive-thru facility.
The following table sets forth information regarding our offices at December 31, 2024. 33 Location Leased or Owned Year Acquired Approximate Square Footage Main Office : 353 Carondelet Street New Orleans, LA 70130 Orleans Parish Owned 2020 18,548 Branch Offices : Algiers Branch 3511 General DeGaulle Dr.
The following table sets forth information regarding our offices at December 31, 2025. 33 Location Leased or Owned Year Acquired Approximate Square Footage Main Office : 353 Carondelet Street New Orleans, LA 70130 Orleans Parish Owned 2020 18,548 Branch Offices : Algiers Branch 3511 General DeGaulle Dr.
Item 2. P roperties. At December 31, 2024, the Company and the Bank conducted our business through 18 full-service branches, including our main office, two drive-up ATM branches and 14 stand-alone ATMs located in southern Louisiana, one ITM branch, and 9 loan production offices throughout Louisiana, Florida and Mississippi.
Item 2. P roperties. At December 31, 2025, the Company and the Bank conducted our business through 18 full-service branches, including our main office, two drive-up ATM branches and 14 stand-alone ATMs located in southern Louisiana, one ITM branch, and 6 loan production offices throughout Louisiana, Florida and Mississippi.
Tammany Parish Owned 1997 3,400 Gretna Branch 1888 Belle Chasse Hwy Gretna, LA 70056 Jefferson Parish Owned 2002 3,400 Hammond Branch 500 CM Fagan Dr. Hammond, LA 70403 Tangipahoa Parish Owned 2002 6,860 Kenner Branch 3720 Williams Blvd. Kenner, LA 70065 Jefferson Parish Leased 1985 4,200 Lakeview Branch 149 Allen Toussaint Blvd.
Tammany Parish Owned 1997 3,400 Gretna Branch 1888 Belle Chasse Hwy Gretna, LA 70056 Jefferson Parish Owned 2002 3,400 Hammond Branch 500 CM Fagan Dr. Hammond, LA 70403 Tangipahoa Parish Owned 2002 6,860 Kenner Branch 3720 Williams Blvd. Kenner, LA 70065 Jefferson Parish Leased 1985 4,200 Lafayette Branch 1420 Camellia Blvd.
River Ridge, LA 70123 Jefferson Parish Leased 1998 3,400 Slidell Branch 1901 Gause Blvd. Slidell, LA 70461 St. Tammany Parish Owned 1998 3,400 34 The Rink Branch 2729 Prytania St. New Orleans, LA 70130 Orleans Parish Leased 2022 2,037 Uptown Branch 1201 S. Carrollton Ave. New Orleans, LA 70118 Orleans Parish Owned 1990 6,000 Veterans Branch 3829 Veterans Blvd.
New Orleans, LA 70127 Orleans Parish Owned 2008 3,000 River Ridge Branch 9099 Jefferson Hwy. River Ridge, LA 70123 Jefferson Parish Leased 1998 3,400 34 Slidell Branch 1901 Gause Blvd. Slidell, LA 70461 St. Tammany Parish Owned 1998 3,400 The Rink Branch 2729 Prytania St. New Orleans, LA 70130 Orleans Parish Leased 2022 2,037 Uptown Branch 1201 S. Carrollton Ave.
The aggregate net book value of premises and equipment was $54.1 million at December 31, 2024.
The aggregate net book value of premises and equipment was $57.1 million at December 31, 2025.
Metairie, LA 70002 Jefferson Parish Owned 1908 6,400 South Market Branch 1011 Julia St., Ste. 112A New Orleans, LA 70113 Orleans Parish [A1] Leased ITM Only 2020 2,037 NOLA Loan Production Offices : 299 Apache Dr., Ste A McComb, MS 39648 Pike County Leased 2021 1,200 1000 Chinaberry Dr., Ste 402 Bossier City, LA 71111 Bossier Parish Leased 2021 1,108 900 S.
Metairie, LA 70002 Jefferson Parish Owned 1908 6,400 South Market Branch 1011 Julia St., Ste. 112A New Orleans, LA 70113 Orleans Parish Leased ITM Only 2020 2,037 NOLA Loan Production Offices (1) : 299 Apache Dr., Ste A McComb, MS 39648 Pike County Leased 2021 1,200 1000 Chinaberry Dr., Ste 402 Bossier City, LA 71111 Bossier Parish Leased 2021 1,108 25 W Cedar St., Ste 500 Pensacola, FL 32502 Escambia County Leased 2017 1,437 196 Charmant Pl., Ste 4 Ridgeland, MS 39157 Madison County Leased 2019 1,800 7820 Maple St.
New Orleans, LA 70124 Orleans Parish Leased 1995 2,800 Mandeville Branch 2550 Florida St. Mandeville, LA 70448 St. Tammany Parish Owned 2008 3,800 Metairie Branch 1811 Metairie Ave. Metairie, LA 70005 Jefferson Parish Leased 2008 8,400 New Orleans East Branch 5530 Crowder Blvd. New Orleans, LA 70127 Orleans Parish Owned 2008 3,000 River Ridge Branch 9099 Jefferson Hwy.
Lafayette, LA 70508 Lafayette Parish Owned 2025 9,896 Lakeview Branch 149 Allen Toussaint Blvd. New Orleans, LA 70124 Orleans Parish Leased 1995 2,800 Mandeville Branch 2550 Florida St. Mandeville, LA 70448 St. Tammany Parish Owned 2008 3,800 Metairie Branch 1811 Metairie Ave. Metairie, LA 70005 Jefferson Parish Leased 2008 8,400 New Orleans East Branch 5530 Crowder Blvd.
Removed
College Rd., Ste 206 Lafayette, LA 70503 Lafayette Parish Leased 2014 2,375 601 Main St. Natchez, MS 39120 Adams County Leased 2019 1,500 25 W Cedar St., Ste 500 Pensacola, FL 32502 Escambia County Leased 2017 1,437 196 Charmant Pl., Ste 4 Ridgeland, MS 39157 Madison County Leased 2019 1,800 7820 Maple St.
Added
New Orleans, LA 70118 Orleans Parish Owned 1990 6,000 Veterans Branch 3829 Veterans Blvd.
Removed
We currently do not have any current plans or understandings to expand our office network beyond the previously disclosed full service branch location in Lafayette, LA. This branch is expected to open in the second half of 2025. The current NOLA lending loan production office will be consolidated into the Company owned property.
Added
We believe that our current facilities are adequate to meet our present and foreseeable needs. We currently do not have any current plans or understandings to expand our office network.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Biggest changeAt December 31, 2024, we were not a party to any pending legal proceedings that we believe would have a material adverse effect on our financial condition, results of operations or cash flows. 35 Item 4. M ine Safety Disclosures. Not Applicable. 36 PART II
Biggest changeAt December 31, 2025, we were not a party to any pending legal proceedings that we believe would have a material adverse effect on our financial condition, results of operations or cash flows. 35 Item 4. M ine Safety Disclosures. Not Applicable. 36 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

2 edited+2 added−1 removed3 unchanged
Biggest changeNo assurances can be given that any cash dividends will be paid or that, if paid, will not be reduced or eliminated in the future. Issuer Purchases of Equity Securities The Company did not purchase any shares of its common stock during the year ended December 31, 2024.
Biggest changeNo assurances can be given that any cash dividends will be paid or that, if paid, will not be reduced or eliminated in the future.
As of March 27, 2025, there were 19,837,500 shares of the Company’s common stock issued and outstanding, and approximately 503 stockholders of record. Certain shares of FB Bancorp are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.
As of March 26, 2026, there were 17,159,436 shares of the Company’s common stock issued and outstanding, and approximately 460 stockholders of record. Certain shares of FB Bancorp are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number.
Removed
Under current Federal Reserve Board regulations, the Company may not repurchase shares of its common stock during the first year following the Company’s initial public offering, except to fund shareholder-approved equity benefit plans or, with prior regulatory approval, when extraordinary circumstances exist. There were no sales of unregistered equity securities during the year ended December 31, 2024.
Added
Issuer Purchases of Equity Securities On January 14, 2026, FB Bancorp, Inc. announced the completion of its initial stock repurchase program, pursuant to which it repurchased 1,983,750 shares of its common stock, or 10% of its then outstanding shares, at an average price of $12.725 per share, inclusive of trading costs and commissions.
Added
On February 9, 2026, FB Bancorp, Inc. announced the authorization of an additional program to repurchase up to 1,785,375 shares of its outstanding common stock, which equals approximately 10% of shares then outstanding. There were no sales of unregistered equity securities during the year ended December 31, 2025.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

53 edited+23 added−18 removed46 unchanged
Biggest changeFor the twelve months ended December 31, 2024 2023 Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/Rate (Dollars in thousands) Interest-earning assets: Cash and cash equivalents $ 73,451 $ 3,444 4.69 % $ 38,685 $ 1,733 4.48 % Securities 246,990 9,085 3.68 % 259,311 9,278 3.58 % Loans 714,884 51,445 7.20 % 611,317 41,679 6.82 % Loans held for sale 30,258 1,915 6.33 % 26,098 1,608 6.16 % Total earning assets 1,065,583 65,889 6.18 % 935,411 54,298 5.80 % Non-interest-earning assets: Cash and cash equivalents 6,716 6,714 Fixed Assets 52,583 49,960 Allowance for credit losses (6,065 ) (6,332 ) Other 53,892 56,563 Total non-interest-earning assets 107,126 106,905 Total Assets $ 1,172,709 $ 1,042,316 Interest-bearing liabilities: Interest-bearing demand deposits $ 113,819 $ 220 0.19 % $ 131,764 $ 136 0.10 % Interest-bearing savings and money market deposits 227,373 1,842 0.81 % 262,711 1,091 0.42 % Certificates of deposit 280,756 9,134 3.25 % 232,260 5,535 2.38 % Total interest-bearing deposits 621,948 11,196 1.80 % 626,735 6,762 1.08 % Interest-bearing borrowings 179,663 8,237 4.58 % 80,832 3,368 4.17 % Total interest-bearing liabilities 801,611 19,433 2.42 % 707,567 10,130 1.43 % Non-interest: Demand deposits 164,276 173,927 Other liabilities 16,577 8,197 Total non-interest liabilities 180,853 182,124 Total Equity 190,245 152,625 Total liabilities and equity $ 1,172,709 $ 1,042,316 Net interest income $ 46,456 $ 44,168 Net interest-earning assets (1) $ 263,972 $ 227,844 Net interest rate spread (2) 3.76 % 4.37 % Net yield on interest-earning assets (3) 4.36 % 4.72 % Average of interest-earning assets to interest-bearing liabilities 132.93 % 132.20 % Average equity to assets 16.22 % 14.64 % (1) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
Biggest changeFor the twelve months ended December 31, 2025 2024 Average Outstanding Balance Interest Average Yield/Rate Average Outstanding Balance Interest Average Yield/Rate (Dollars in thousands) Interest-earning assets: Cash and cash equivalents $ 80,384 $ 3,268 4.07 % $ 73,451 $ 3,444 4.69 % Securities 273,977 10,377 3.79 % 246,990 9,085 3.68 % Loans held for investment 763,594 54,707 7.16 % 714,884 51,445 7.20 % Loans held for sale 27,345 1,764 6.45 % 30,258 1,915 6.33 % Total earning assets (4) 1,145,300 70,116 6.12 % 1,065,583 65,889 6.18 % Non-interest-earning assets: Cash and cash equivalents 7,418 6,716 Fixed Assets 57,050 52,583 Allowance for credit losses (6,222 ) (6,065 ) Other 45,197 53,892 Total non-interest-earning assets 103,443 107,126 Total Assets $ 1,248,743 $ 1,172,709 Interest-bearing liabilities: Interest-bearing demand deposits $ 108,656 $ 222 0.20 % $ 113,819 $ 220 0.19 % Interest-bearing savings and money market deposits 233,050 2,750 1.18 % 227,373 1,842 0.81 % Certificates of deposit 352,591 12,171 3.45 % 280,756 9,134 3.25 % Total interest-bearing deposits 694,297 15,143 2.18 % 621,948 11,196 1.80 % Interest-bearing borrowings 66,204 2,661 4.02 % 179,663 8,237 4.58 % Total interest-bearing liabilities 760,501 17,804 2.34 % 801,611 19,433 2.42 % Non-interest: Demand deposits 144,443 164,276 Other liabilities 13,298 16,577 Total non-interest liabilities 157,741 180,853 Total Equity 330,501 190,245 Total liabilities and equity $ 1,248,743 $ 1,172,709 Net interest income $ 52,312 $ 46,456 Net interest-earning assets (1) $ 384,799 $ 263,972 Net interest rate spread (2) 3.78 % 3.76 % Net yield on interest-earning assets (3) 4.57 % 4.36 % Average of interest-earning assets to interest-bearing liabilities 150.60 % 132.93 % Average equity to assets 26.47 % 16.22 % (1) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
Among the techniques we are using to manage interest rate risk are: • maintaining capital levels that exceed the thresholds for well-capitalized status under federal regulations; 43 • hedging our interest rate risk on residential mortgage loans held for sale through the use of forward commitments; • maintaining a high level of liquidity; • growing our volume of core deposit accounts; • managing our investment securities portfolio so as to reduce the average maturity and effective life of the portfolio; and • continuing to diversify our loan portfolio by adding more commercial-related loans, which typically have shorter maturities and/or balloon payments.
Among the techniques we are using to manage interest rate risk are: • maintaining capital levels that exceed the thresholds for well-capitalized status under federal regulations; • hedging our interest rate risk on residential mortgage loans held for sale through the use of forward commitments; • maintaining a high level of liquidity; • growing our volume of core deposit accounts; • managing our investment securities portfolio so as to reduce the average maturity and effective life of the portfolio; and • continuing to diversify our loan portfolio by adding more commercial-related loans, which typically have shorter maturities and/or balloon payments.
No tax-equivalent yield adjustments have been made, as the effects would be immaterial. 40 Average yields include the effect of net deferred fee income, discounts and premiums that are amortized or accreted to interest income or interest expense. Average balances are calculated using daily average balances.
No tax-equivalent yield adjustments have been made, as the effects would be immaterial. Average yields include the effect of net deferred fee income, discounts and premiums that are amortized or accreted to interest income or interest expense. Average balances are calculated using daily average balances.
(2) EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts. (3) Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets. (4) EVE Ratio represents EVE divided by the present value of assets.
(2) EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts. 44 (3) Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets. (4) EVE Ratio represents EVE divided by the present value of assets.
The fair value estimates of existing on- and off-balance sheet financial instruments do not include the value of anticipated future business or the value of assets and liabilities not considered financial instruments. Comparison of Financial Condition at December 31, 2024 and December 31, 2023 Total Assets.
The fair value estimates of existing on- and off-balance sheet financial instruments do not include the value of anticipated future business or the value of assets and liabilities not considered financial instruments. Comparison of Financial Condition at December 31, 2025 and December 31, 2024 Total Assets.
Any increase in future provisions that may be required may adversely impact Fidelity Bank’s financial condition and results of operations. In addition, bank regulatory agencies periodically review the allowance for credit losses and may recommend an increase in the provision for possible credit losses or the recognition of loan charge-offs, based on judgments different than those of management.
Any increase in future provisions that may be required may adversely impact the Company’s financial condition and results of operations. In addition, bank regulatory agencies periodically review the allowance for credit losses and may recommend an increase in the provision for possible credit losses or the recognition of loan charge-offs, based on judgments different than those of management.
The following table sets forth, at December 31, 2024, the calculation of the estimated changes in our EVE that would result from the designated immediate changes in the United States Treasury yield curve.
The following table sets forth, at December 31, 2025, the calculation of the estimated changes in our EVE that would result from the designated immediate changes in the United States Treasury yield curve.
Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
Income taxes are accounted for under the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases.
The weighted average yield on investment securities was 3.68% for the year ended December 31, 2024, compared to 3.58% for the year ended December 31, 2023, reflecting the increase in market rates of interest between the periods. Loans Held for Investment, Net.
The weighted average yield on investment securities was 3.79% for the year ended December 31, 2025, compared to 3.68% for the year ended December 31, 2024, reflecting the increase in market rates of interest between the periods. Loans Held for Investment, Net.
As a percentage of non-performing loans, the allowance for credit losses was 48.1% at December 31, 2024 compared to 80.9% at December 31, 2023. The allowance for credit losses reflects the estimate management believes to be appropriate to cover probable expected losses that were inherent in the loan portfolio at December 31, 2024.
As a percentage of non-performing loans, the allowance for credit losses was 37.3% at December 31, 2025 compared to 48.1% at December 31, 2024. The allowance for credit losses reflects the estimate management believes to be appropriate to cover probable expected losses that were inherent in the loan portfolio at December 31, 2025.
At December 31, 2024, our non-performing loans totaled 1.72% of total loans. 38 Continuing to attract and retain customers in our current market areas and growing our low-cost “core” deposit base while expanding our offices and banking activity in the Baton Rouge and Lafayette, Louisiana markets.
At December 31, 2025, our non-performing loans totaled 2.27% of total loans. Continuing to attract and retain customers in our current market areas and growing our low-cost “core” deposit base while expanding our offices and banking activity in the Baton Rouge and Lafayette, Louisiana markets.
Certificates of deposit that are scheduled to mature in less than one year from December 31, 2024 totaled $230.3 million. Management expects that a substantial portion of the maturing certificates of deposit will be renewed.
Certificates of deposit that are scheduled to mature in less than one year from December 31, 2025 totaled $217.7 million. Management expects that a substantial portion of the maturing certificates of deposit will be renewed.
Each of the estimated increases (decreases) in the percentage of change in EVE in the table above are within the Board of Directors’ guidelines. Change in Net Interest Income.
Each of the estimated increase (decreases) in the percentage of change in EVE in the table above are within the Board of Director's guidelines. Change in Net Interest Income.
The allowance for credit losses was $6.2 million and $6.2 million for the years ended December 31, 2024 and 2023, respectively, and represented 0.82% of total loans at December 31, 2024 and 0.93% of total loans at December 31, 2023. Total non-performing loans were $13.0 million at December 31, 2024, compared to $7.7 million at December 31, 2023.
The allowance for credit losses was $6.3 million and $6.2 million for the years ended December 31, 2025 and 2024, respectively, and represented 0.85% of total loans at December 31, 2025 and 0.82% of total loans at December 31, 2024. Total non-performing loans were $16.9 million at December 31, 2025, compared to $13.0 million at December 31, 2024.
The table above indicates that at December 31, 2024, we would have experienced a 2.90% increase in NII in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 7.90% decrease in NII in the event of an instantaneous 200 basis point decrease in market interest rates.
The table above indicates that at December 31, 2025, we would have a 2.40% increase in NII in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 8.70% decrease in NII in the event of an instantaneous 200 basis point decrease in market interest rates.
Our certificates of deposit included $106.0 million in wholesale and brokered certificates of deposit at December 31, 2024. Such deposits generally tend to be at higher yields than other types of deposits and generally do not represent direct customer relationships, but were utilized, in part, to fund loan growth. Total Equity.
Our certificates of deposit included $89.6 million in wholesale and brokered certificates of deposit at December 31, 2025 and $106.0 million at December 31, 2024. Such deposits generally tend to be at higher yields than other types of deposits and generally do not represent direct customer relationships, but are utilized, in part, to fund loan originations and security purchases.
The average balance of loans held for investment during the year ended December 31, 2024 increased $103.6 million, or 16.94%, while the average yield on loans increased to 7.20% for the year ended December 31, 2024, from 6.82% for the year ended December 31, 2023.
The average balance of loans held for investment during the year ended December 31, 2025 increased $48.7 million, or 6.81%, while the average yield on loans decreased to 7.16% for the year ended December 31, 2025, from 7.20% for the year ended December 31, 2024.
The capital we raised in the stock offering would help us fund any such opportunities that may arise. We have no current plans or intentions regarding any such expansion activities except the previously disclosed banking branch in Lafayette, Louisiana opening in the second half of 2025. These strategies guided our investment of the net proceeds of the stock offering.
The capital we raised in the stock offering would help us fund any such opportunities that may arise. We have no current plans or intentions regarding any such expansion activities. These strategies guided our investment of the net proceeds of the stock offering.
Classified loans totaled $15.8 million at December 31, 2024, compared to $12.0 million at December 31, 2023, and total loans past due greater than 30 days were $34.6 million and $10.2 million at those respective dates. Special mention loans were $2.1 million at December 31, 2024 compared to $11.6 million at December 31, 2023.
Classified loans totaled $20.5 million at December 31, 2025, compared to $15.8 million at December 31, 2024, and total loans past due greater than 30 days were $33.3 million and $34.6 million at those respective dates. Special mention loans were $1.6 million at December 31, 2025 compared to $2.1 million at December 31, 2024.
The table above indicates that at December 31, 2024, we would have experienced a 6.20% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 2.07% increase in EVE in the event of an instantaneous 200 basis point decrease in market interest rates.
The table above indicates that at December 31, 2025, we would have experienced a 11.74% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 10.02% increase in EVE in the event of an instantaneous 200 basis point decrease in market interest rates.
While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments and sales are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and short-term investments. The levels of these assets are dependent on our operating, financing, lending, and investing activities during any given period.
While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments and sales are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and short-term investments.
Total assets were $1.22 billion at December 31, 2024, an increase of $96.0 million, or 8.53%, from $1.12 billion at December 31, 2023. The increase was primarily due to the continued growth primarily in loans and cash equivalents, partially offset by a decrease in available-for-sale investment securities. Interest-Bearing Deposits at Other Financial Institutions.
Total assets were $1.26 billion at December 31, 2025, an increase of $34.5 million, or 2.82%, from $1.22 billion at December 31, 2024. The increase was primarily due to growth primarily in securities available for sale, partially offset by decreases in cash equivalents and loans held for investment. Interest-Bearing Deposits at Other Financial Institutions.
We intend to continue to prudently increase our originations of commercial real estate and commercial loans in order to diversify our loan portfolio and increase yield. At December 31, 2024, commercial real estate loans amounted to $241.1 million, or 31.8% of total loans and commercial loans amounted to $95.0 million, or 12.5% of total loans.
We intend to continue to prudently increase our originations of commercial real estate and commercial loans in order to diversify our loan portfolio and increase yield. At December 31, 2025, commercial real estate loans amounted to $248.7 million, or 33.4% of total loans and commercial loans amounted to $92.2 million, or 12.4% of total loans.
The average yield on cash and cash equivalents reflected the increases in overnight interest paid at the Federal Reserve. Interest Expense. Total interest expense increased $9.3 million, or 91.84%, to $19.4 million for the year ended December 31, 2024, from $10.1 million for the year ended December 31, 2023.
The average yield on cash and cash equivalents reflected the decreases in overnight interest paid at the Federal Reserve. Interest Expense. Total interest expense decreased $1.6 million, or 8.38%, to $17.8 million for the year ended December 31, 2025, from $19.4 million for the year ended December 31, 2024.
At December 31, 2024, we had $208.8 million of outstanding commitments to originate loans, which included $158.9 million in revolving lines of credit, $27.1 million in residential construction loans and $22.8 million in commercial construction loans and lines of credit. At December 31, 2024, none of our revolving lines of credit related to commercial real estate loans.
At December 31, 2025, we had $268.0 million of outstanding commitments to originate loans, which included $228.2 million in revolving lines of credit, $20.1 million in residential construction loans and $19.7 million in commercial construction loans and lines of credit. At December 31, 2025, none of our revolving lines of credit related to commercial real estate loans.
The average balance of investment securities decreased $12.3 million, or 4.75%%, to $247.0 million for the year ended December 31, 2024 from $259.3 million for the year ended December 31, 2023, while the average yield on investment securities increased to 3.68% for the year ended December 31, 2024 from 3.58% for the year ended December 31, 2023.
The average balance of investment securities increased $27.0 million, or 10.93%, to $274.0 million for the year ended December 31, 2025 from $247.0 million for the year ended December 31, 2024, while the average yield on investment securities increased to 3.79% for the year ended December 31, 2025 from 3.68% for the year ended December 31, 2024.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. (3) Represents net interest income divided by average interest-earning assets. Rate/Volume Analysis The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities. (3) Represents net interest income divided by average interest-earning assets.
The goodwill impairment of $5.8 million in 2024 is not offset by an income tax benefit. Management of Market Risk General . Our most significant form of market risk is interest rate risk because, as a financial institution, the majority of our assets and liabilities are sensitive to changes in interest rates.
Our most significant form of market risk is interest rate risk because, as a financial institution, the majority of our assets and liabilities are sensitive to changes in interest rates.
At December 31, 2024, we had the capacity to borrow an additional $364 million from the Federal Home Loan Bank of Dallas and an additional $160 million from the Federal Reserve Board discount window.
We have the ability to borrow from the Federal Home Loan Bank of Dallas, at December 31, 2025, we had outstanding borrowings of $78.3 million. At December 31, 2025, we had the capacity to borrow an additional $351.8 million from the Federal Home Loan Bank of Dallas and an additional $138.4 million from the Federal Reserve Board discount window.
There was a $1.5 million provision for credit losses for the year ended December 31, 2024 compared to a $649 thousand provision for the year ended December 31, 2023. The increase in the provision for credit losses was due primarily to growth in loans held for investment.
Provision for Credit Losses. There was a $1.7 million provision for credit losses for the year ended December 31, 2025 compared to a $1.5 million provision for the year ended December 31, 2024, representing a 12.42% increase. The increase in the provision for credit losses was due primarily to an increase in non-performing loans.
Non-interest Income . Non-interest income totaled $20.0 million for the year ended December 31, 2024, a decrease of $4.9 million, or 19.7%, from $24.9 million for the year ended December 31, 2023.
Non-interest Income . Non-interest income totaled $4.1 million for the year ended December 31, 2025, a decrease of $515 thousand, or 11.07%, from $4.7 million for the year ended December 31, 2024.
A benefit of $137 thousand was recognized for the year ended December 31, 2024, compared to a provision of $330 thousand for the year ended December 31, 2023. The fluctuations in the income tax benefit and provision was directly related to fluctuations in net loss and net income before income taxes.
An expense of $870 thousand was recognized for the year ended December 31, 2025, compared to an expense of $195 thousand for the year ended December 31, 2024. The fluctuations in the income tax provisions was directly related to fluctuations in net income before income taxes.
Interest income increased $11.6 million, or 21.35%, to $65.9 million for the year ended December 31, 2024, compared to $54.3 million for the year ended December 31, 2023. This increase was attributable to both an increase in total earning assets and yield on those assets.
Interest income increased $4.9 million, or 8.10%, to $65.9 million for the year ended December 31, 2025, compared to $60.9 million for the year ended December 31, 2024. This increase was attributable to an increase in total average earning assets and an increased yield on investments available for sale.
Core deposits (defined as all deposits other than certificates of deposit) decreased $19.5 million, or 3.87%, to $484.9 million at December 31, 2024 from $504.4 million at December 31, 2023. Certificates of deposit increased $51.0 million, or 19.24%, to $315.9 million at December 31, 2024 from $264.9 million at December 31, 2023.
Core deposits (defined as all deposits other than certificates of deposit) decreased $2.0 million, or 0.41%, to $482.9 million at December 31, 2025 from $484.9 million at December 31, 2024. Certificates of deposit increased $42.6 million, or 13.50%, to $358.5 million at December 31, 2025 from $315.9 million at December 31, 2024.
Our cash flows are comprised of three primary classifications: cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. For further information, see the statements of cash flows contained in the financial statements appearing elsewhere in this Annual Report on Form 10-K. We are committed to maintaining a strong liquidity position.
For further information, see the statements of cash flows contained in the financial statements appearing elsewhere in this Annual Report on Form 10-K. We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments.
For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume.
For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below . 41 Twelve months ended December 31, 2025 vs.
The average balance of interest earning cash and cash equivalents increased $34.8 million, or 89.87%, for the year ended December 31, 2024, which was accompanied by an increase in the average yield, to 4.69 % for the year ended December 31, 2024 from 4.48% for the year ended December 31, 2023.
The average balance of interest earning cash and cash equivalents increased $6.9 million, or 9.44%, for the year ended December 31, 2025, while the average yield decreased to 4.07% for the year ended December 31, 2025 from 4.69% for the year ended December 31, 2024.
Increases in loan balances reflect our strategy to grow the commercial and commercial real estate loan portfolios. We have also expanded our lending activities into the Baton Rouge and Lafayette markets in Louisiana. Deposits. Deposits increased by $31.5 million, or 4.09%, to $800.7 million at December 31, 2024 from $769.3 million at December 31, 2023.
This portfolio grew $4.9 million, or 1.46%, and reflects management’s strategy to grow commercial loans, including our expanded lending activities into the Baton Rouge and Lafayette markets in Louisiana. Deposits. Deposits increased by $40.7 million, or 5.08%, to $841.4 million at December 31, 2025 from $800.7 million at December 31, 2024.
For further information, see Note 11 to the notes to financial statements included in this Annual Report on Form 10-K. 45 Off-Balance Sheet Arrangements.
Management is not aware of any conditions or events since the most recent notification that would change our category. For further information, see Note 12 to the notes to financial statements included in this Annual Report on Form 10-K. Off-Balance Sheet Arrangements.
Maintaining our strong asset quality through conservative loan underwriting. We intend to maintain strong asset quality through what we believe are our conservative underwriting standards and credit monitoring processes.
Increased efficiency is still a business strategy through asset growth, more efficient use of third party vendors, staffing level adjustments, and disciplined capital expenditures. Maintaining our strong asset quality through conservative loan underwriting. We intend to maintain strong asset quality through what we believe are our conservative underwriting standards and credit monitoring processes.
Net loss of $6.2 million was recorded for the year ended December 31, 2024, a decrease of $7.3 million from net income of $1.1 million for the year ended December 31, 2023.
Net income from continuing operations of $3.9 million was recorded for the year ended December 31, 2025, an increase of $2.4 million, or 161.43%, from net income from continuing operations of $1.5 million for the year ended December 31, 2024.
Interest-bearing deposits at other financial institutions increased by $10.7 million, or 13.15%, to $92.0 million at December 31, 2024 from $81.3 million at December 31, 2023. The increase was primarily due to proceeds from the stock conversion and increasing deposits. Available-for-Sale Investment Securities.
Interest-bearing deposits at other financial institutions decreased by $41.6 million, or 45.22%, to $50.4 million at December 31, 2025 from $92.0 million at December 31, 2024. The decrease was primarily due to securities available for sale purchases and $22.2 million in common stock repurchases, pursuant to our outstanding stock repurchase program. Available-for-Sale Investment Securities.
Continuing to implement and invest in both our online banking infrastructure and our fully digital bank (“Andi”) in order to meet current customer needs as well as expand our customer base in existing and new markets.
We have expanded our deposit and lending activities into the Baton Rouge and Lafayette, Louisiana markets over the last several years, including the hiring of Market Area Presidents and lending teams and we anticipate that these efforts will continue. 38 Continuing to implement and invest in both our online banking infrastructure and our fully digital bank (“Andi”) in order to meet current customer needs as well as expand our customer base in existing and new markets.
The following table sets forth, at December 31, 2024, the calculation of the estimated changes in our net interest income, or “NII” , that would result from the designated immediate changes in the United States Treasury yield curve. 44 December 31, 2024 Change in Interest Rates (basis points) (1) NII Year 1 Forecast Year 1 Change from Level (Dollars in thousands) +400 $ 44,698 1.20 % +300 45,316 2.60 % +200 45,449 2.90 % +100 45,007 1.90 % Level 44,168 — % (100) 42,622 (3.50 )% (200) 40,679 (7.90 )% (1) Assumes an immediate uniform change in interest rates at all maturities.
The following table sets forth, at December 31, 2025, the calculation of the estimated changes in our net interest income, or “NII” , that would result from the designated immediate changes in the United States Treasury yield curve.
Investment securities were $244.1 million at December 31, 2024, a decrease of $5.8 million, or 2.31%, from $249.9 million at December 31, 2023. The decrease was primarily due to maturities, prepayments, and sales of investment securities exceeding the $35.4 million in current year purchases.
Investment securities were $326.3 million at December 31, 2025, an increase of $82.2 million, or 33.68%, from $244.1 million at December 31, 2024. The increase was primarily due to purchases totaling $112.3 million during 2025.
The increase was primarily due to an increase in the average cost of deposits to 1.80% for the year ended December 31, 2024 from 1.08% for the year ended December 31, 2023, reflecting the increase in market rates of interest between the periods, and an increase in the average cost of borrowing to 4.58% for the year ended December 31, 2024 from 4.17% for the year ended December 31, 2023.
The cost of deposits increased to 2.18% for the year ended December 31, 2025 from 1.80% for the year ended December 31, 2024, reflecting the increase in the average balances of certificates of deposits of 25.59% for the year ending December 31, 2025. 42 Net Interest Income .
Average Balances Sheets . The following table sets forth average balance sheets, average yields and costs, and certain other information for the periods indicated.
For more information about changes to total equity, see the Consolidated Statement of Changes in Stockholders’ Equity statement as included with the financial statements, which appear beginning on page F-1 herein. 40 Average Balances Sheets . The following table sets forth average balance sheets, average yields and costs, and certain other information for the periods indicated.
The decrease was primarily due to $2.7 million decrease in gain on sales of mortgage servicing rights and a $2.1 million decrease in mortgage servicing revenue due to the volume of sales of mortgage servicing rights in 2023 and 2024. Non-interest Expense.
The decrease was primarily due to $343 thousand decrease in service charges and fees on deposit accounts and a $394 thousand decrease in mortgage servicing revenue that is part of other non-interest income on the consolidated statements of operations. Non-interest Expense.
We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments. Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of our maturing time deposits will be retained.
Based on our deposit retention experience and current pricing strategy, we anticipate that a significant portion of our maturing time deposits will be retained. At December 31, 2025, Fidelity Bank’s Tier 1 leverage capital was $255.3 million, or 20.02% of adjusted assets. Accordingly, it was categorized as well-capitalized at December 31, 2025.
The increase reflected an increase in the average net interest-earning assets of $36.1 million, or 15.86%, partially offset by a decrease in the net interest margin to 4.36% for the year ended December 31, 2024 from 4.72% for the year ended December 31, 2023. Provision for Credit Losses.
Net interest income increased $6.6 million, or 15.82%, to $48.0 million for the year ended December 31, 2025, from $41.4 million for the year ended December 31, 2024. The increase was due to growth in total average earning assets, growth in the yield of investments available for sale, and the decrease in the average balance of other borrowed funds.
Loans held for investment, net, were $750.7 million at December 31, 2024, an increase of $91.2 million, or 13.82%, from $659.5 million at December 31, 2023. Loan originations (excluding loans held for sale) totaled $226.4 million for the year ended December 31, 2024, compared to $267.0 million in 2023.
Loans held for investment, net, were $737.7 million at December 31, 2025, a decrease of $13.0 million, or 1.73%, from $750.7 million at December 31, 2024 due to reduced loan demand in the second half of 2025. The largest loan category increases came from the commercial and commercial real estate loan portfolios.
There were no out-of-period items or adjustments required to be excluded from the table below . 41 Twelve months ended December 31, 2024 vs. twelve months ended December 31, 2023 Increase (Decrease) Due to Total Increase (Decrease) Volume Rate (In thousands) Interest-earning assets: Cash and cash equivalents $ 1,557 $ 154 $ 1,711 Securities (441 ) 248 (193 ) Loans 7,061 2,705 9,766 Loans held for sale 256 51 307 Total interest-earning assets 8,433 3,158 11,591 Interest-bearing liabilities: Interest-bearing demand deposits (18 ) 102 84 Interest-bearing savings and money market deposits (148 ) 899 751 Certificates of deposit 1,156 2,443 3,599 Total interest-bearing deposits 990 3,444 4,434 Interest-bearing borrowings 4,120 749 4,869 Total interest-bearing liabilities 5,110 4,193 9,303 Net interest income $ 3,323 $ (1,035 ) $ 2,288 Comparison of Operating Results for the Years Ended December 31, 2024 and 2023 General.
Twelve months ended December 31, 2024 Increase (Decrease) Due to Total Increase (Decrease) Volume Rate (In thousands) Interest-earning assets: Cash and cash equivalents $ 325 $ (501 ) $ (176 ) Securities 993 299 1,292 Loans 3,506 (244 ) 3,262 Loans held for sale (185 ) 34 (151 ) Total interest-earning assets 4,639 (412 ) 4,227 Interest-bearing liabilities: Interest-bearing demand deposits (10 ) 12 2 Interest-bearing savings and money market deposits 46 862 908 Certificates of deposit 2,337 700 3,037 Total interest-bearing deposits 2,373 1,574 3,947 Interest-bearing borrowings (5,202 ) (374 ) (5,576 ) Total interest-bearing liabilities (2,829 ) 1,200 (1,629 ) Net interest income $ 7,468 $ (1,612 ) $ 5,856 Comparison of Operating Results From Continuing Operations for the Years Ended December 31, 2025 and 2024 General.
December 31, 2024 EVE as a Percentage of Present Value Assets (3) Estimated Increase (Decrease) in EVE Increase (Decrease) (basis points) Change in Interest Rates (basis points) (1) Estimated EVE (2) Amount Percent EVE Ratio (4) (Dollars in thousands) 400 $ 285,802 $ (56,357 ) (16.47 )% 22.91 % (452 ) 300 305,181 (36,978 ) (10.81 )% 24.47 % (296 ) 200 320,943 (21,216 ) (6.20 )% 25.73 % (170 ) 100 333,412 (8,747 ) (2.56 )% 26.73 % (70 ) - 342,159 — — % 27.43 % — (100) 349,597 7,438 2.17 % 28.03 % 60 (200) 349,240 7,081 2.07 % 28.00 % 57 (1) Assumes an immediate uniform change in interest rates at all maturities.
December 31, 2025 EVE as a Percentage of Present Value Assets (3) Estimated Increase (Decrease) in EVE Increase (Decrease) (basis points) Change in Interest Rates (basis points) (1) Estimated EVE (2) Amount Percent EVE Ratio (4) (Dollars in thousands) 400 $ 256,275 $ (82,199 ) (24.29 )% 20.18 % (647 ) 300 276,930 (61,544 ) (18.18 )% 21.81 % (484 ) 200 298,740 (39,734 ) (11.74 )% 23.52 % (313 ) 100 318,620 (19,854 ) (5.87 )% 25.09 % (156 ) - 338,474 — — % 26.65 % — (100) 358,937 20,463 6.05 % 28.26 % 161 (200) 372,397 33,923 10.02 % 29.32 % 267 (1) Assumes an immediate uniform change in interest rates at all maturities.
Removed
Continuing NOLA’s focus on originating residential mortgage loans at its current pace primarily for sale into the secondary market . NOLA originates all of our one-to four-family residential mortgage loans with the intent to sell such loans into the secondary market.
Added
Continuing to seek ways to decrease the cost of product delivery and increase operating efficiency . The sale of NOLA Lending Group allowed the Company to exit a business segment that had lost approximately $2.7 million in 2025 and reduce total employees by approximately 108 individuals. This allows the Company to focus on its core banking segment.
Removed
During the year ended December 31, 2024, our NOLA division originated $435.0 million of one- to four-family residential mortgage loans, of which $377.0 million were sold into the secondary market for a gain on sale of approximately $12.7 million. We intend to generally maintain NOLA’s level of loan originations going forward, subject to customer demand and market interest rates.
Added
Core deposits totaled $482.9 million, or 57.4% of total deposits, at December 31, 2025.
Removed
Core deposits totaled $484.9 million, or 60.7% of total deposits, at December 31, 2024. We have expanded our deposit and lending activities into the Baton Rouge and Lafayette, Louisiana markets over the last several years, including the hiring of Market Area Presidents and lending teams and we anticipate that these efforts will continue.
Added
The following represent our critical accounting policies: Allowance for Credit Losses. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed.
Removed
The following represent our critical accounting policies: Allowance for Credit Losses. On January 1, 2023, Fidelity Bank adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as CECL .
Added
Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance for credit losses balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses.
Removed
The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized costs, including loan receivables and held-to-maturity debt securities.
Added
Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors.
Removed
It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities.
Added
The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation.
Removed
One such change is to 39 require credit losses to be presented as an allowance rather than as a write down on available-for-sale debt securities that management does not intend to sell or believe that it is not, more than likely, required to sell.
Added
When management determines that foreclosure is probable or the borrower is experiencing financial difficulty where repayment is expected to be provided substantially through the operation or sale of collateral, expected credit losses are based on the fair value of the collateral adjusted for selling costs as appropriate. 39 The evaluation of the adequacy of loan collateral is often based upon estimates and appraisals.
Removed
Upon adoption of this new credit loss measurement standard, Fidelity Bank did not recognize a material change to its financial position or results of operations. No retroactive cumulative effect of accounting changes were recognized in this adoption . Deferred Tax Assets. Income taxes are accounted for under the asset and liability method.
Added
Because of changing economic conditions, the valuations determined from such estimates and appraisals may also change. Accordingly, the Bank may ultimately incur losses which vary from management’s current estimates. Adjustments to the allowance for credit losses are reported in the period such adjustments become known or are reasonably estimable. Deferred Tax Assets.
Removed
Total equity increased $169.5 million, or 108.15%, to $326.3 million at December 31, 2024 from $156.7 million at December 31, 2023. The increase resulted primarily from the stock offering. For more information about changes to total equity, see the Consolidated Statement of Changes in Shareholders’ Equity statement as included with the financial statements, which appear beginning on page F-1 herein.
Added
Approximately $27.0 million of the 2025 total deposits increases came from the new Lafayette branch opened in August 2025. Total Equity. Total equity decreased $11.8 million, or 3.62%, to $314.5 million at December 31, 2025 from $326.3 million at December 31, 2024.
Removed
The decrease in net income was primarily due to the previously disclosed 2024 goodwill impairment of $5.8 million and a decrease in the gain on sales of mortgage servicing rights of $2.7 million. Interest Income.
Added
The decrease resulted primarily from common stock repurchases totaling $22.2 million, offset by retained earnings and decreases of unrealized losses of securities available for sale.
Removed
The increase in average yield on loans was due to strong loan originations and disciplined pricing.
Added
(4) $4.3 million and $5.0 million of interest on earning assets represents origination fees, discount fees and interest income from discontinued operations for 2025 and 2024, respectively. Rate/Volume Analysis The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated.
Removed
However, borrowings were paid down in the fourth quarter of 2024, total borrowings were $73.5 million at December 31, 2024, compared to the 2024 average of $179.7 million, and the average cost decreased to 4.08% as of December 31, 2024, compared to the 2024 annual average cost of 4.58%.
Added
The increase in net income was primarily due to an increase of $6.6 million, or 15.82%, in net interest income partially offset by a $2.7 million, or 6.40%, increase in total non-interest expenses. Interest Income.
Removed
This deleveraging of wholesale borrowings was facilitated by proceeds from the stock conversion. 42 Net Interest Income . Net interest income increased $2.3 million, or 5.18%, to $46.5 million for the year ended December 31, 2024, from $44.2 million for the year ended December 31, 2023.
Added
The decrease in average yield on loans was due to decreasing rates on loans tied to the prime rate, partially offset by commercial fixed rate pricing. The prime rate fell by 0.75% during 2025.
Removed
Non-interest expense increased $4.3 million, or 6.40%, to $71.3 million for the year ended December 31, 2024, compared to $67.0 million for the year ended December 31, 2023. The increase was primarily due to the previously disclosed 2024 goodwill impairment of $5.8 million, partially offset by decreases in mortgage servicing rights amortization and other general and administrative expenses.

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