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FB Bancorp, Inc. /MD/ (FBLA)

CIK: 0002013639. SIC: 6036 Savings Institutions, Not Federally Chartered. Latest 10-K as of: 2026-03-26.

SIC breadcrumb: Finance, Insurance, And Real Estate > Depository Institutions > SIC 6036 Savings Institutions, Not Federally Chartered

SEC company page: https://www.sec.gov/edgar/browse/?CIK=2013639. Latest filing source: 0001193125-26-126081.

Selected Fundamentals

MetricValueUnitFYFiled
Revenue65,806,000USD20252026-03-26
Net income1,253,000USD20252026-03-26
Assets1,255,406,000USD20252026-03-26

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002013639.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric2022202320242025
Revenue54,298,00060,877,00065,806,000
Net income1,118,000-6,214,0001,253,000
Diluted EPS-1.740.07
Operating cash flow-7,003,000814,0002,758,000
Capital expenditures7,033,0005,366,0006,658,000
Share buybacks22,155,000
Assets1,124,932,0001,220,933,0001,255,406,000
Liabilities968,195,000894,678,000940,956,000
Stockholders' equity152,019,000156,737,000326,255,000314,450,000
Cash and cash equivalents87,108,00098,845,00060,269,000
Free cash flow-14,036,000-4,552,000-3,900,000

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Metric2022202320242025
Net margin2.06%-10.21%1.90%
Return on equity0.71%-1.90%0.40%
Return on assets0.10%-0.51%0.10%
Liabilities / equity6.182.742.99

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002013639.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

QuarterEnd DateRevenueNet IncomeDiluted EPSMethod
2024-Q22024-06-3015,886,000849,000reported discrete quarter
2024-Q32024-06-30849,000reported discrete quarter
2024-Q32024-09-3016,909,000reported discrete quarter
2024-Q42024-12-3117,848,000-5,361,000derived Q4 = FY annual - nine-month YTD
2025-Q12025-03-3116,918,000705,0000.04reported discrete quarter
2025-Q22025-03-31705,000reported discrete quarter
2025-Q22025-06-3017,539,0000.05reported discrete quarter
2025-Q32025-06-30879,000reported discrete quarter
2025-Q32025-09-3018,254,0000.06reported discrete quarter
2025-Q42025-12-3113,095,000-1,411,000derived Q4 = FY annual - nine-month YTD
2026-Q12026-03-3116,403,000119,0000.01reported discrete quarter

Quarterly Charts

Macro Cross-References

Latest quarter (10-Q)

Latest 10-Q source: 0001193125-26-223273.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-14. Report date: 2026-03-31.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This discussion and analysis discusses information contained in our financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. You should read the information in this section in conjunction with the business and financial information regarding FB Bancorp, Inc. provided in this document, including the financial statements, which appear elsewhere in this document.

Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q that are not historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K, as supplemented by its Quarterly Reports on Form 10-Q, and those related to the economic environment, particularly in the market areas in which the Company operates, inflation and unemployment, competitive products and pricing, real estate values, fiscal and monetary policies of the U.S. Government, tariffs, the potential effects of the recent federal government shutdowns, changes in accounting policies and practices that may be adopted by the regulatory agencies and the accounting standards setters, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, potential goodwill impairment, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets, the availability of and costs associated with sources of liquidity.

The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date they are made. The Company advises readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

Overview

FB Bancorp, Inc. conducts its operations primarily through Fidelity Bank. Fidelity Bank’s business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans, commercial real estate loans, commercial loans, home equity loans and lines of credit, consumer loans and construction loans. We also invest in securities, which have historically consisted primarily of mortgage-backed securities and obligations issued by U.S. government sponsored enterprises. We offer a variety of deposit accounts including negotiable orders of withdrawal, which we refer to as “NOW” accounts throughout this document, savings accounts, money market accounts and certificate of deposit accounts. Fidelity Bank is subject to comprehensive regulation and examination by the Louisiana Office of Financial Institutions and the FDIC. FB Bancorp Inc. is subject to comprehensive regulation and examination by the Federal Reserve Board.

31

Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of service charges on deposit accounts, gain on the resale of mortgage loans and mortgage servicing rights and other service charges and fees. Non-interest expense currently consists primarily of expenses related to salaries and employee benefits, occupancy and equipment, data processing, advertising and marketing, amortization of mortgage servicing rights, and other expenses.

Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.

Business Strategy

Our principal objective is to build long-term value for our stockholders by operating a profitable community-oriented financial institution dedicated to meeting the banking needs of our customers by emphasizing personalized and efficient customer service. Highlights of our current business strategy include:

•

Continuing to seek to grow and diversify our loan portfolio prudently by increasing originations of commercial real estate and commercial loans in an effort to increase the overall loan portfolio yield. 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 March 31, 2026, commercial real estate loans amounted to $275.3 million, or 36.18% of total loans and other commercial loans amounted to $93.7 million, or 12.31%, of total loans.

•

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. At March 31, 2026, our non-performing loans totaled $15.1 million, or 1.98% 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. We consider our core deposits to include NOW accounts, statement savings accounts, money market accounts, and other savings deposit accounts. We will continue our efforts to increase our core deposits to provide a stable source of funds to support loan growth at costs consistent with improving our interest rate spread and net interest margin. Core deposits totaled $482.1 million, or 56.55% of total deposits, at March 31, 2026. 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 the establishment of a branch office and we anticipate that these efforts will continue.

•

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 are expanding our online banking infrastructure for consumer and commercial customers to meet existing and prospective customer expectations with digital deposit products, lending products and financial wellness products. We have also established a fully digital-only bank as a division of Fidelity Bank.

•

Remaining a community-oriented institution relying on high quality service to maintain and build a loyal local customer base. We have been operating continuously in southern Louisiana since 1908. Through the goodwill we have developed over years of providing timely, efficient banking services, we believe that we have been able to attract a loyal base of local retail customers on which we hope to continue to build our banking business.

32

•

Continuing to grow through organic growth while also considering opportunistic acquisitions or branching. We intend to grow our assets organically on a managed basis, and the capital we raised in the stock offering enabled us to increase our lending and investment capacity. In addition to organic growth, we may also consider expansion opportunities in our market areas or in contiguous markets that we believe would enhance both our franchise value and stockholder returns. These opportunities may include acquiring other financial institutions and/or establishing loan production offices, establishing new, or de novo, branch offices and/or acquiring branch offices, funded with capital raised through the Company’s stock offering in the third quarter of 2024.

We expect these strategies to guide our investment of the net proceeds of the stock offering. We intend to continue to pursue these business strategies after the conversion and stock offering, subject to changes necessitated by future market conditions, regulatory restrictions and other factors.

Increase in Non-interest Expense

Following the completion of the conversion and stock offering, our non-interest expense increased because of the increased costs associated with operating as a public company, including the hiring of additional accounting personnel, and the increased compensation expenses associated with the implementation of our employee stock ownership plan and the implementation of a stock-based benefit plan.

Critical Accounting Policies and Use of Critical Accounting Estimates

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with GAAP. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies discussed below to be critical accounting policies. The estimates and assumptions that we use are based on historical experience and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations. Facts and circumstances that could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers.

The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

The following represent our critical accounting policies:

Provision for Credit Losses. On January 1, 2023, Fidelity Bank adopted ASU 2016-13 Financial Instruments – Credit Losses (To

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2026-03-26. Report date: 2025-12-31.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This discussion and analysis reflect certain information contained in our financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. You should read the information in this section in conjunction with the business and financial information regarding FB Bancorp provided in this Annual Report on Form 10-K, including the financial statements, which appear beginning on page F-1 herein.

Overview

FB Bancorp conducts its operations primarily through Fidelity Bank. Fidelity Bank’s business consists primarily of taking deposits from the general public and investing those deposits, together with funds generated from operations, in one- to four-family residential real estate loans, commercial real estate loans, commercial loans, home equity loans and lines of credit, consumer loans and construction loans. We also invest in securities, which have historically consisted primarily of mortgage-backed securities and obligations issued by U.S. government sponsored enterprises. We offer a variety of deposit accounts including negotiable orders of withdrawal, which we refer to as “NOW” , savings accounts, money market accounts and certificate of deposit accounts. Fidelity Bank is subject to comprehensive regulation and examination by the LOFI and the FDIC and FB Bancorp is subject to comprehensive regulation and examination by the Federal Reserve Board.

Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets and the interest we pay on our interest-bearing liabilities. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expenses. Non-interest income currently consists primarily of service charges on deposit accounts, gain on the resale of mortgage loans and mortgage servicing rights and other service charges and fees. Non-interest expenses currently consist primarily of expenses related to salaries and employee benefits, occupancy and equipment, data processing, advertising and marketing, amortization of mortgage servicing rights, and other expenses.

Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.

Business Strategy

Our principal objective is to build long-term value for our stockholders by operating a profitable community-oriented financial institution dedicated to meeting the banking needs of our customers by emphasizing personalized and efficient customer service. Highlights of our current business strategy include:

Continuing to seek to grow and diversify our loan portfolio prudently by increasing originations of commercial real estate and commercial loans in an effort to increase the overall loan portfolio yield. 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.

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. 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. 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. We consider our core deposits to include NOW accounts, statement savings accounts, money market accounts, and other savings deposit accounts. We will continue our efforts to increase our core deposits to provide a stable source of funds to support loan growth at costs consistent with improving our interest rate spread and net interest margin. Core deposits totaled $482.9 million, or 57.4% of total deposits, at December 31, 2025. 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. We are expanding our online banking infrastructure for consumer and commercial customers to meet existing and prospective customer expectations with digital deposit products, lending products and financial wellness products. We have also established a fully digital, online-only bank, called Andi, as a division of Fidelity Bank.

Remaining a community-oriented institution relying on high quality service to maintain and build a loyal local customer base. We have been operating continuously in southern Louisiana since 1908. Through the goodwill we have developed over years of providing timely, efficient banking services, we believe that we have been able to attract a loyal base of local retail customers on which we hope to continue to build our banking business.

Continuing to grow through organic growth while also considering opportunistic acquisitions or branching. We intend to grow our assets organically on a managed basis, and the capital we raised in the stock offering will enable us to increase our lending and investment capacity. In addition to organic growth, we may also consider expansion opportunities in our market areas or in contiguous markets that we believe would enhance both our franchise value and stockholder returns. These opportunities may include acquiring other financial institutions and/or establishing loan production offices, establishing new or de novo branch offices, and/or acquiring branch offices. 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. We intend to continue to pursue these business strategies, subject to changes necessitated by future market conditions, regulatory restrictions and other factors.

Critical Accounting Policies and Use of Critical Accounting Estimates

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with GAAP. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies discussed below to be critical accounting policies. The estimates and assumptions that we use are based on historical experience and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations. Facts and circumstances that could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers.

The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

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. 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. 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. 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. 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. 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. 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. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50%. Deferred tax assets are reduced by a valuation allowance, if based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.

Fair Value Measurements. Fair values of financial instruments are estimated using relevant market information and other assumptions. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. 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. 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. 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. 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 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. 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. 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. 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 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. 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. 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. 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. 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.

For 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.

(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.

(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. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. 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.

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Twelve months ended December 31, 2025 vs.

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. 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. 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. 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.

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 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.

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. The increase in the average yield on securities was due primarily to the increase in market rates of interest between the periods.

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. 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. The decrease was primarily due to a decrease in the average balance of borrowed funds of $113.5 million, or 63.15%, due to the retirement of borrowings late in 2024 funded by cash received from the stock offering. Interest expense for total deposits increased $3.9 million, or 35.25%, to $15.1 million for the year ended December 31, 2025, from $11.2 million for the year ended December 31, 2024. 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. 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.

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. 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. 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. 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. While management believes the estimates and assumptions used in the determination of the adequacy of the allowance are reasonable, such estimates and assumptions could be proven incorrect in the future, and the actual amount of future provisions may exceed the amount of past provisions. 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.

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. 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. Non-interest expense increased $2.7 million, or 6.40%, to $45.6 million for the year ended December 31, 2025, compared to $42.9 million for the year ended December 31, 2024. The increase was primarily due to a $1.6 million, or 6.53%, increase in salaries and employee benefits due to severance relating to reorganization of the Bank, added staff for the Lafayette branch opened by the Bank in August, and normal pay increases, a $584 thousand, or 8.83%, increase in occupancy and equipment related to the new Lafayette branch and new ATM servicing contracts, a $491 thousand, or 11.12%, increase in data processing due to data enhancements and additional products, and a $909 thousand, or 17.38%, increase in other general and administrative expenses due to costs related to professional fees and insurance related to ESOP, SEC compliance related to the Company's status as a public company, partially offset by a $809 thousand, or 49.51%, decrease in advertising and marketing. The Company does expect approximately $1.1 million in annual salaries and employee benefits savings for 2026 related to reductions in force of employees whose costs were included in continuing operations but had shared duties related to the discontinued mortgage operations.

Provision for 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.

Comparison of Operating Results From Discontinued Operations for the Years Ended December 31, 2025 and 2024

General. On December 31, 2025, the Bank entered into an agreement to sell substantially all of the assets and liabilities of the Bank’s mortgage banking segment, NOLA Lending Group. The Company financial statements reflect discontinued operations for the current period and retrospectively for prior periods under ASC 205-20. Net loss from discontinued operations was $2.7 million for the year ended December 31, 2025, a $5.0 million reduction from the $7.7 million loss for the year ended December 31, 2024. This reduction was primarily due to the 2024 goodwill impairment charge of $5.8 million. For more information about the discontinued operations of NOLA Lending group, see the Consolidated Financial Statements, including Note 2, which appear beginning on page F-1 herein.

Management of Market Risk

43

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. Therefore, a principal part of our operations is to manage interest rate risk and limit the exposure of our financial condition and results of operations to changes in market interest rates. The Bank has Asset Liability Committees at both the management and the board levels, with one board member having observational status at the management-level committee to ensure continuity. The management-level committee is comprised of senior level officers. The Board’s Asset Liability Committee receives reports from management at each of its meetings and reviews the minutes of the management-level committee. The Board’s Asset Liability Committee establishes the policies and guidelines for managing the Bank’s interest rate risk. All directors participate in discussions during the regular board meetings evaluating the interest rate risk inherent in our assets and liabilities, and the level of risk that is appropriate. These discussions take into consideration our business strategy, operating environment, capital, liquidity and performance objectives consistent with the policy and guidelines approved by them.

Our asset/liability management strategy attempts to manage the impact of changes in interest rates on net interest income, our primary source of earnings. 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.

By following these strategies, we believe that we are better positioned to react to increases and decreases in market interest rates.

Economic Value of Equity. We also compute amounts by which the net present value of our assets and liabilities (economic value of equity or “EVE”) would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the United States Treasury yield curve increases instantaneously by 100, 200, 300 and 400 basis point increments or decreases instantaneously by 100 or 200 basis point increments, with changes in interest rates representing immediate and permanent, parallel shifts in the 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.

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.

(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 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. 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 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.

December 31, 2025

Change in Interest Rates (basis points) (1)

NII Year 1 Forecast

Year 1 Change from Level

(Dollars in thousands)

 +400

$

46,970

(0.20

)%

 +300

47,817

1.60

%

 +200

48,194

2.40

%

 +100

47,770

1.50

%

 Level

47,064

—

%

 (100)

45,087

(4.20

)%

 (200)

42,969

(8.70

)%

 (1)

Assumes an immediate uniform change in interest rates at all maturities.

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. Each of the estimated decreases in the percentage of change in the net interest income in the table above are within the Board of Directors’ guidelines.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurement. Modeling changes in EVE and NII require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the EVE and NII tables presented above assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the EVE and NII tables provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates on EVE and NII and will differ from actual results.

EVE and NII calculations also may not reflect the fair values of financial instruments. For example, decreases in market interest rates can increase the fair values of our loans, deposits and borrowings.

Liquidity and Capital Resources

Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities, proceeds from maturities of securities and sales of mortgage loans. 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.

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.

45

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. 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.

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. 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. 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. 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. However, if a substantial portion of these deposits is not retained, we may utilize Federal Home Loan Bank of Dallas advances or raise interest rates on deposits to attract new accounts, which may result in higher levels of interest expense.

Recent Accounting Pronouncements

For a discussion of the impact of recent accounting pronouncements, see Note 1 of the notes to our financial statements beginning on page F-1 of this Annual Report on Form 10-K.

Impact of Inflation and Changing Prices

The financial statements and related data presented in this Annual Report on Form 10-K have been prepared according to GAAP which require the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates, generally, have a more significant impact on a financial institution’s performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.