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• A smaller, community-focused version of US Bank (USB) for specific markets in Southern California.
• Like Comerica (CMA), but operating as a much more localized and traditional bank predominantly in Southern California.

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• Commercial Lending: Provides various loan products primarily to businesses, including commercial real estate, equipment, working capital, and SBA loans.
• Deposit Accounts: Offers a range of checking, savings, money market, and certificate of deposit accounts for both personal and business clients.
• Treasury Management Services: Delivers cash management tools such as ACH services, wire transfers, and remote deposit capture for business clients.

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FB Bancorp (FBLA)

As a bank holding company, FB Bancorp (FBLA) primarily provides financial services to individuals and businesses rather than selling products to other companies. Its major customers fall into the following categories:

• Individuals/Consumers: This category includes everyday people who utilize the bank's services for personal banking needs such as checking accounts, savings accounts, certificates of deposit (CDs), mortgages, home equity loans, and various other consumer loans.
• Small to Medium-sized Businesses (SMBs): This category encompasses local and regional businesses seeking commercial banking services. These services include business checking and savings accounts, commercial loans, lines of credit, treasury management services, and other financial solutions tailored to their operational and growth needs.
• Commercial Real Estate Clients: This includes developers, investors, and businesses seeking financing for the acquisition, development, construction, or refinancing of commercial properties, such as office buildings, retail centers, multi-family residential complexes, and industrial sites.

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• Crowe LLP

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Christopher S. Ferris President, Chief Executive Officer and Director

Todd M. Wanner Executive Vice President and Chief Financial Officer

Katherine Andry Crosby Executive Chairman

Josh C. Folds Executive Vice President and Chief Banking Officer

Randall L. Baker Executive Vice President and Chief Operating Officer

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The key risks to FB Bancorp (symbol: FBLA) are:

1. Risks Related to the Integration of Southern States Bank: Skeptical analysts view the integration of Southern States Bank as a significant overhang for the coming year. This includes potential operational disruption, unexpected credit issues, or slower-than-planned cost synergies, which could dilute earnings and offset anticipated revenue gains.
2. Persistent Profitability and Asset Quality Issues: FB Bancorp has faced persistent profitability and asset quality issues, evidenced by recent net losses and return on assets and equity that are substantially worse compared to its peers. The company also has an insufficient allowance for bad loans relative to its total loans, and non-performing loans have increased. Furthermore, non-interest income has declined, primarily due to a reduction in sales of mortgage servicing rights.
3. Exposure to Interest Rate Fluctuations and Net Interest Margin Pressures: The regional banking sector, in which FB Bancorp operates, is susceptible to interest rate pressures and concerns regarding net interest margins. FB Bancorp's net interest margin itself experienced a drop from 4.72% to 4.36% between 2023 and 2024.

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The rise of financial technology (Fintech) companies and neobanks presents a clear emerging threat. These digital-first entities and platforms offer streamlined, often lower-cost, and more convenient banking, lending, and payment services, directly competing with traditional community banks like FBLA for deposits and loan origination. This shift is analogous to how Netflix disrupted Blockbuster by offering a superior and more convenient service model.

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• Community Banking (U.S.): The U.S. community banking market was valued at approximately $6.35 billion in 2024 and is projected to grow to $19.39 billion in 2025.
• Residential Mortgage Loans (Louisiana): In 2021, more than 600 banks and lenders originated nearly $39 billion in home loans in Louisiana.
• Residential Mortgage Loans (U.S.): The U.S. home mortgage market was worth around $180.91 billion in 2023, is projected to reach $204.49 billion in 2024, and is forecasted to grow to $2.29 trillion in 2025 and $3.02 trillion by 2030.
• Commercial Real Estate Loans (U.S.): Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024. Total commercial and multifamily loan originations are expected to increase to $583 billion in 2025. The broader U.S. commercial real estate mortgage market for income-producing properties was approximately $4.5 trillion in 2023, with an additional $467 billion in construction loans.

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1. Loan Portfolio Growth, particularly in Commercial Real Estate and Commercial Loans: FB Bancorp, through its subsidiary Fidelity Bank, is actively focused on increasing its loan portfolio, with a specific emphasis on commercial real estate and commercial loans. Recent financial reports indicate an increase in loans held for investment, driven largely by these commercial segments. Fidelity Bank offers a range of commercial lending solutions, including lines of credit, equipment loans, commercial real estate loans, SBA loans, and construction lending, all aimed at supporting business growth.
2. Expansion into New Markets within Louisiana: Fidelity Bank is executing a strategy to expand its physical presence into new markets within South Louisiana, specifically Baton Rouge and Lafayette. This expansion includes opening new branches in these areas, with targeted completion dates for new locations. The proceeds from FB Bancorp's stock offering are intended to support this expansion and diversify the bank's loan book.
3. Continued Investment in Digital Banking Capabilities: Management has indicated that continued investment in digital banking is expected to support future growth. Fidelity Bank provides a suite of digital banking services for both businesses and individuals, including online and mobile banking, business checking accounts with online management features, and mobile apps for managing finances. These investments aim to enhance customer experience and operational efficiency, contributing to revenue growth.

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Share Repurchases

• FB Bancorp was prohibited from repurchasing its shares of common stock during the first year following its conversion from a mutual bank to a stock-owned corporation in October 2024, unless for compelling business reasons or to fund approved employee benefit plans.
• The company is expected to begin repurchasing shares in late October 2025, after the expiration of the one-year regulatory restriction.

Share Issuance

• FB Bancorp successfully converted from a mutual bank to a stock-owned corporation in October 2024, which included a stock offering.
• Total equity significantly increased by approximately $326.3 million due to the proceeds from this stock offering in 2024.
• Common stock issued amounted to $187.8 million in 2024 and $254.1 million for the last twelve months (LTM) ending around Q3 2025.

Inbound Investments

• No significant large investments made in the company by third-parties, such as strategic partners or private equity firms, were identified over the last 3-5 years.

Outbound Investments

• No significant strategic investments made by FB Bancorp in other companies were identified over the last 3-5 years.
• Payments for acquisitions were reported as $0 for the last twelve months and for the fiscal years 2024, 2023, and 2022.

Capital Expenditures

• Capital expenditures were -$7.92 million for the last twelve months, -$5.22 million in 2024, -$7.03 million in 2023, and -$2.43 million in 2022.
• The company's strategic focus includes expanding its loan portfolio, particularly in commercial real estate and commercial loans, and enhancing its digital banking capabilities.