FB Bancorp, Inc. /MD/ (FBLA): restructuring charge — FB Bancorp to record $5.8M non-cash goodwill impairment on NOLA segment

FB Bancorp, Inc. /MD/

Entire goodwill balance of $5,786,000 impaired due to declining mortgage origination volume from elevated interest rates.
NOLA segment annual closed mortgage volume fell from $1.2B in 2020 to $0.4B in 2024.
Impairment does not affect cash flows, liquidity, tangible book equity, or regulatory capital ratios.
Goodwill originated from 2014 acquisition of NOLA Lending Group; segment continues operations.
Charge will materially impact Q4 2024 earnings (non-cash).

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

FB Bancorp, Inc. /MD/ announced a impairment with charges of non-cash goodwill impairment charge of the entire $5,786,000 balance affecting NOLA Lending Group, a reportable segment that originates residential mortgages primarily for resale in the secondary market.

Type: impairment
Charge: non-cash goodwill impairment charge of the entire $5,786,000 balance
Affected area: NOLA Lending Group, a reportable segment that originates residential mortgages primarily for resale in the secondary market

Exact text from the filing

based on the results of the test, the Company will record a non-cash goodwill impairment charge of the entire $5,786,000 balance.

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Source: SEC EDGAR

accession 0000943374-25-000029

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