FB Bancorp (Nasdaq: FBLA) Q1 2026 profit declines as it exits mortgage unit

Rhea-AI Filing Summary

FB Bancorp, Inc. reported modest profitability for the three months ended March 31, 2026, as it reshaped its business. Net income was $119,000, down from $705,000 a year earlier, with total basic and diluted earnings per share of $0.01 versus $0.04.

From continuing operations, net income was $494,000 compared with $1.37 million, while discontinued operations posted a net loss of $375,000 versus $665,000. Results reflect the March 1, 2026 sale of the loss-making NOLA Lending Group mortgage banking segment, which had generated about $2.7 million of net losses in 2025 and involved a reduction of roughly 108 employees.

Total assets were $1.27 billion, loans held for investment, net, were $753.4 million, and deposits were $852.5 million as of March 31, 2026. The bank remains very strongly capitalized, with a common equity Tier 1 risk-based capital ratio of 28.70% and a Tier 1 leverage ratio of 20.23%, both well above “well capitalized” regulatory thresholds.

Insights

Bank equity analyst

FB Bancorp trims mortgage exposure, preserves strong capital but near-term earnings soften.

FB Bancorp is transitioning away from its mortgage banking segment while maintaining a traditional community banking focus. Q1 2026 net interest income from continuing operations was stable at $11.8 million, and the net interest margin remained solid at 4.47%, only slightly below 4.60% a year earlier.

Earnings dipped as operating costs and credit provisions rose. Net income from continuing operations fell to $494,000 from $1.37 million, and the efficiency ratio worsened to 91.49% from 83.69%, indicating higher non-interest expenses relative to revenue during the quarter.

The March 1, 2026 sale of the NOLA Lending Group mortgage unit removed a segment that lost approximately $2.7 million in 2025. Asset quality appears manageable, with non-accruing loans of $15.1 million and an allowance for credit losses of $6.4 million, while capital ratios above 28% for risk-based measures provide a substantial buffer for future credit or rate volatility.

Key Figures

Total assets: $1,265,008,000 Net income: $119,000 Earnings per share: $0.01 per share +5 more

8 metrics

Total assets $1,265,008,000 As of March 31, 2026

Net income $119,000 Three months ended March 31, 2026

Earnings per share $0.01 per share Basic and diluted, Q1 2026

Net interest margin 4.47% From continuing operations, Q1 2026

Total deposits $852,512,000 As of March 31, 2026

CET1 capital ratio 28.70% Common equity Tier 1 risk-based, March 31, 2026

Allowance for credit losses $6,375,000 Loans held for investment, March 31, 2026

NOLA Lending 2025 net loss $2,700,000 (approx.) Mortgage banking segment loss in 2025 before sale

Key Terms

discontinued operations, allowance for credit losses, mortgage servicing rights, Tier 1 leverage capital, +1 more

5 terms

discontinued operations financial

"The Company’s financial statements reflect discontinued operations for the current period and retrospectively for prior periods under ASC 205-20."

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

allowance for credit losses financial

"The Company has an established methodology to calculate the Allowance for Credit Losses (“ACL”) that assesses the risks and losses inherent in the Company’s loan portfolio."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

mortgage servicing rights financial

"Mortgage servicing rights | | | 938 | | | | 904 |"

Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.

Tier 1 leverage capital financial

"Tier 1 leverage capital: | | $ | 255,644 | | | | 20.23 | %"

Tier 1 leverage capital is the core financial cushion a bank holds—mainly shareholder equity and retained profits—measured against its total assets and off‑balance obligations to show how much of the business is funded by truly loss‑absorbing money. For investors, it matters because a higher ratio means the bank has more plain‑spoken protection against losses and is less likely to face regulatory restrictions, capital raises, or cuts to dividends; think of it as the firm’s emergency savings compared to its total bills.

nonaccrual loans financial

"The Company had $15.1 million and $16.9 million of non-accruing loans as of March 31, 2026 and December 31, 2025, respectively."

Nonaccrual loans are loans a lender has stopped counting toward interest income because the borrower is overdue or unlikely to pay; the lender only records cash payments received and may set aside extra funds to cover potential losses. For investors, a rising number or amount of nonaccrual loans signals weaker credit quality, lower future interest revenue and larger potential write-downs — similar to pausing expected subscription income when many customers stop paying.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026

OR

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File No. 001-42380

FB Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland		99-1859402
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)
353 Carondelet Street, New Orleans, Louisiana		70130
(Address of Principal Executive Offices)		(Zip Code)

(504) 569-8640

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of Each Exchange on Which Registered
Common		FBLA		Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

16,161,489 shares of the registrant’s common stock, par value $0.01 per share, were issued and outstanding as of May 13, 2026.

FB Bancorp, Inc.

Form 10-Q

Index

			Page
	Part I. - Financial Information
Item 1.	Financial Statements (unaudited)		2
	Consolidated Statements of Financial Condition		2
	Consolidated Statements of Operations		3
	Consolidated Statements of Comprehensive Income (Loss)		4
	Consolidated Statements of Changes in Stockholders’ Equity		5
	Consolidated Statements of Cash Flows		6
	Notes to the Unaudited Financial Statements		7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		31
Item 3.	Quantitative and Qualitative Disclosures about Market Risk		44
Item 4.	Controls and Procedures		44
	Part II. - Other Information
Item 1.	Legal Proceedings		45
Item 1A.	Risk Factors		45
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities		45
Item 3.	Defaults Upon Senior Securities		45
Item 4.	Mine Safety Disclosures		45
Item 5.	Other Information		46
Item 6.	Exhibits		47
	Signature Page		48

1

Item 1. Financial Statements

FB Bancorp, Inc.

Consolidated Statements of Financial Condition (Unaudited)

(Dollars in thousands, except share data)

		March 31, 2026				December 31, 2025
ASSETS		(Dollars in thousands)
Cash and due from banks		$	6,164			$	9,872
Interest-bearing deposits at other financial institutions			40,047				50,397
Total cash and cash equivalents			46,211				60,269
Securities available for sale, at fair value (amortized cost of $360,797 and $336,347, respectively)			346,944				326,346
Loans held for investment			759,726				743,956
Less: allowance for credit losses			(6,375	)			(6,289	)
Loans held for investment, net			753,351				737,667
Federal Home Loan Bank stock, at cost			4,305				3,650
Bank owned life insurance			15,427				15,341
Accrued interest receivable			5,426				5,688
Premises and equipment, net			56,175				57,105
Other real estate owned			1,344				1,349
Mortgage servicing rights			938				904
Prepaid expenses			2,454				1,908
Other assets			15,628				15,299
Assets from discontinued operations, at fair value			16,805				29,880
Total assets		$	1,265,008			$	1,255,406
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing		$	145,780			$	133,506
Interest bearing			706,732				707,897
Total deposits			852,512				841,403
Advances by borrowers for taxes and insurance			5,448				6,298
Other borrowings			95,572				78,257
Accrued interest payable			447				392
Other liabilities			11,159				11,063
Liabilities from discontinued operations, at fair value			2,151				3,543
Total liabilities			967,289				940,956
Stockholders' Equity:
Preferred stock, $0.01 par value - 5,000,000 shares authorized; none issued			—				—
Common stock, $0.01 par value - 120,000,000 shares authorized; 17,015,188 and 18,089,741 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			170				181
Additional paid-in capital			157,528				171,503
Unearned ESOP shares - 1,444,170 and 1,460,040 shares as of March 31, 2026 and December 31, 2025, respectively			(16,319	)			(16,498	)
Retained earnings			167,284				167,165
Accumulated other comprehensive income (loss)			(10,944	)			(7,901	)
Total stockholders' equity			297,719				314,450
Total liabilities and stockholders' equity		$	1,265,008			$	1,255,406

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2

FB Bancorp, Inc.

Consolidated Statements of Operations (Unaudited)

(Dollars in thousands, except share data)

		For the three months ended March 31,
		2026				2025
		(Dollars in thousands except per share amounts)
Interest and dividend income
Interest and fees on loans		$	12,620			$	12,671
Interest and dividends on investment securities			3,301				2,296
Interest on deposits in other banks			482				997
Total interest and dividend income			16,403				15,964
Interest expense
Deposits			3,792				3,393
Borrowed funds			768				724
Total interest expense			4,560				4,117
Net interest income			11,843				11,847
Provision for credit losses			490				385
Net interest income after provision for credit losses			11,353				11,462
Non-interest income
Service charges and fee income from deposit accounts			745				654
Gain (loss) on sales, disposal, or impairment of assets			(46	)			—
Gain on sales of available for sale securities			85				55
Other non-interest income			327				346
Total non-interest income			1,111				1,055
Non-interest expenses
Salaries and employee benefits			6,759				6,158
Occupancy and equipment			1,859				1,633
Directors’ fees			200				181
Data processing			1,278				1,228
Advertising and marketing			245				168
Mortgage servicing rights amortization			107				91
Other general and administrative			1,403				1,339
Total non-interest expenses			11,851				10,798
Income from continuing operations before income taxes			613				1,719
Income tax expense from continuing operations			119				349
Net income from continuing operations			494				1,370
Loss from discontinued operations before income taxes			(473	)			(841	)
Income tax benefit from discontinued operations			(98	)			(176	)
Net loss from discontinued operations			(375	)			(665	)
Net Income		$	119			$	705
Basic and diluted earnings (loss) per common share:
Continuing operations		$	0.03			$	0.08
Discontinued operations			(0.02	)			(0.04	)
Total earnings per share - basic and diluted		$	0.01			$	0.04
Weighted average shares outstanding - basic			16,278,177				18,313,980
Weighted average shares outstanding - diluted			16,286,635				18,313,980

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

FB Bancorp, Inc.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

		For the three months ended March 31,
		2026				2025
		(Dollars in thousands)
Net income		$	119			$	705
Other comprehensive income (loss):
Unrealized holding gains (losses) on securities available for sale			(3,767	)			5,456
Reclassification adjustment for (gains) losses realized on securities available for sale			(85	)			(55	)
Net unrealized gains (losses)			(3,852	)			5,401
Tax effect			809				(1,134	)
Total other comprehensive income (loss)			(3,043	)			4,267
Total comprehensive income (loss)		$	(2,924	)		$	4,972

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

FB Bancorp, Inc.

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

For the Three Months Ended March 31, 2026 and 2025

(Dollars in thousands, except share data)

																		Accumulated				Unallocated
		Common								Additional								Other				Common				Total
		Shares				Common				Paid-In				Retained				Comprehensive				Stock Held By				Stockholders'
		Issued				Stock				Capital				Earnings				Income (Loss)				ESOP				Equity
Balance at December 31, 2024			19,837,500			$	198			$	193,571			$	165,912			$	(16,211	)		$	(17,215	)		$	326,255
Comprehensive income (loss):
Net income (loss)			-				-				-				705				-				-				705
Other comprehensive income (loss), net of tax			-				-				-				-				4,267				-				4,267
Total comprehensive income (loss)																											4,972
ESOP shares committed to be released (15,870 shares)			-				-				3				-				-				179				182
Balance at March 31, 2025			19,837,500			$	198			$	193,574			$	166,617			$	(11,944	)		$	(17,036	)		$	331,409
Balance at December 31, 2025			18,089,741			$	181			$	171,503			$	167,165			$	(7,901	)		$	(16,498	)		$	314,450
Comprehensive income (loss):
Net income (loss)			-				-				-				119				-				-				119
Other comprehensive income (loss), net of tax			-				-				-				-				(3,043	)			-				(3,043	)
Total comprehensive income (loss)																											(2,924	)
Repurchase of common stock			(1,074,553	)			(11	)			(14,306	)			-				-				-				(14,317	)
Stock-based compensation			-				-				301				-				-				-				301
ESOP shares committed to be released (15,870 shares)			-				-				30				-				-				179				209
Balance at March 31, 2026			17,015,188			$	170			$	157,528			$	167,284			$	(10,944	)		$	(16,319	)		$	297,719

The accompanying notes are an integral part of these unaudited consolidated financial statements.

5

FB Bancorp, Inc.

Consolidated Statements of Cash Flows (Unaudited)

		For the three months ended March 31,
		2026				2025
		(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income from continuing operations		$	494			$	1,370
Net loss from discontinued operations			(375	)			(665	)
Net income (loss)		$	119			$	705
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			685				573
Amortization of mortgage servicing rights			107				91
Net (accretion) amortization on securities			(972	)			(311	)
Provision (benefit) for credit losses			490				385
ESOP expense			209				182
Increase in cash surrender value of life insurance			(86	)			(87	)
Loss on sales and disposal of assets			46				—
Federal Home Loan Bank stock dividends			(44	)			(60	)
Net gain on sales of available for sale securities			(85	)			(55	)
Deferred income taxes (benefit)			(1	)			149
Stock-based compensation			301				—
Changes in other operating assets and liabilities			582				2,049
Net cash provided by (used in) operating activities of continuing operations			1,351				3,621
Net cash provided by (used in) operating activities of discontinued operations			11,308				3,415
Net cash provided by (used in) operating activities			12,659				7,036
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of securities available for sale			(34,790	)			(12,160	)
Proceeds from maturities, prepayments, and sales of securities available for sale			11,397				11,048
Purchase of FHLB stock			(611	)			—
Redemption of FHLB stock			—				1,191
(Increase) decrease in loans held for investment, net			(16,356	)			(14,162	)
Purchases of premises and equipment			(82	)			(3,053	)
Proceeds from sale of Company owned assets or other real estate owned			468				—
Net cash provided by (used in) investing activities			(39,974	)			(17,136	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits			11,109				22,703
Proceeds from other borrowings			27,500				—
Payments on other borrowings			(10,185	)			(12,000	)
Net change in advances by borrowers for taxes and insurance			(850	)			(873	)
Common stock repurchased			(14,317	)			—
Net cash provided by (used in) financing activities			13,257				9,830
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(14,058	)			(270	)
Cash and cash equivalents at beginning of period			60,269				98,845
Cash and cash equivalents at end of period		$	46,211			$	98,575
Supplemental Disclosures For Cash Flow Information:
Cash paid for interest on deposits and borrowings		$	4,505			$	4,138
Cash paid for income taxes		$	-			$	-
Loans transferred to other real estate owned		$	182			$	40

The accompanying notes are an integral part of these unaudited consolidated financial statements.

6

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

1. Summary of Significant Accounting Policies

Description of Business

FB Bancorp, Inc. (the “Company,” “we”, “our” or “us”) was incorporated on February 29, 2024, to serve as the bank holding company for Fidelity Bank (“Fidelity” or the “Bank”) upon the consummation of the Bank’s conversion from the mutual form of organization to the stock form of organization, which occurred on October 22, 2024. The Company sold 19,837,500 shares of common stock (par value $0.01 per share) at $10.00 per share. The Bank’s employee stock ownership plan (“ESOP”) purchased 1,587,000, or 8% of total shares issued.

Basis of Presentation

The accompanying unaudited financial statements of FB Bancorp, Inc. (the “Company”) were prepared in accordance with GAAP for interim financial information, general practices within the financial services industry, and instructions for Regulation S-X. Accordingly, these interim financial statements do not include all of the information or footnotes required by GAAP for annual financial statements. However, in the opinion of management, all adjustments necessary for a fair presentation of the financial statements have been included. The results of operations for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the entire fiscal year. These statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 26, 2026.

Critical Accounting Policies and Estimates

In preparing the financial statements, the Company is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the Company’s financial condition, results of operations, comprehensive income, changes in equity, and cash flows for the interim period presented. These adjustments are of a normal recurring nature and include appropriate estimated provisions.

Recent Accounting Pronouncements

ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The guidance issued in this update was designed to improve financial reporting by requiring entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company does not expect the adoption of this guidance to have a material impact on the Company’s consolidated financial statements.

In November 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-08 (“ASU 2025-08”), Purchased Loans (Topic 326). ASU 2025-08 updates the credit loss accounting model under Topic 326 by expanding the gross up approach—previously limited to

7

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Purchased Credit Deteriorated (PCD) assets—to a broader class of acquired loans called purchased seasoned loans (PSLs). Under the new guidance, entities recognize an allowance for expected credit losses at acquisition with a corresponding increase to the loan’s amortized cost basis, eliminating the prior requirement to record a Day 1 credit loss expense for non PCD loans. This change addresses long-standing stakeholder concerns that the old dual model framework was overly complex, subjective, and created inconsistent and economically counterintuitive outcomes, particularly because expected losses were already embedded in fair value at acquisition. ASU 2025-08 will be effective for interim and annual periods for fiscal years beginning after December 15, 2026. Early adoption is permitted for entities that have not yet issued their financial statements. Management has evaluated the impact of the adoption of this standard and determined there would be no material impact to the Company’s consolidated financial position or results of operation.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. Any changes in presentation did not have a material impact on the Company’s financial condition or results of operations.

8

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

2. Discontinued Operations

On March 1, 2026, the Bank sold substantially all of the assets and liabilities of the Bank’s mortgage banking segment, NOLA Lending Group. The decision was based on a number of strategic priorities, including the continued decline in mortgage volume. This sale allowed the Bank to exit a business segment that had a net loss of approximately $2.7 million in 2025 and reduced total employees by approximately 108 individuals. The Company expects activity from discontinued operations until the existing loans held for sale pipeline is sold. The Company’s financial statements reflect discontinued operations for the current period and retrospectively for prior periods under ASC 205-20.

The following is a summary of the assets and liabilities of the discontinued operations of the mortgage banking division at March 31, 2026 and December 31, 2025:

		March 31, 2026				December 31, 2025
ASSETS		(Dollars in thousands)
Derivative assets		$	311			$	450
Loans held for sale, at fair value			16,097				28,504
Premises and equipment, net			—				332
Deferred tax assets			25				26
Other assets			372				568
Total assets		$	16,805			$	29,880
LIABILITIES
Escrows payable		$	238			$	366
Other liabilities			1,108				1,978
Accrued compensation, including severance payments			805				1,199
Total liabilities		$	2,151			$	3,543

The following presents operating results of discontinued operations for the three months ended March 31, 2026 and 2025:

	For the three months ended March 31,
	2026				2025
Revenue	(Dollars in thousands)
Net interest income	$	823			$	953
Gain on sales of mortgage loans		2,772				3,340
Other non-interest income		—				8
Total revenue		3,595				4,301
Expenses
Salaries and employee benefits		3,159				3,399
Hedging activity, net		(168	)			430
Other general and administrative		1,077				1,313
Total non-interest expenses		4,068				5,142
Loss from discontinued operations before income taxes		(473	)			(841	)
Income tax benefit from discontinued operations		(98	)			(176	)
Net loss from discontinued operations	$	(375	)		$	(665	)

9

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

3.Earnings Per Share

Earnings (Loss) per share is calculated by dividing consolidated net income or loss (numerator) by the weighted-average common shares (denominator).

The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three months ended March 31, 2026 and 2025.

Denominator:		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Weighted-average common shares outstanding			17,738,217				19,837,500
Less: Average unearned ESOP shares			(1,460,040	)			(1,523,520	)
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share			16,278,177				18,313,980
Basic earnings (loss) per common share:
Continuing operations		$	0.03			$	0.08
Discontinued operations			(0.02	)			(0.04	)
Total earnings (loss) per share - basic		$	0.01			$	0.04
Diluted earnings per common share:
Average dilutive potential common shares			8,458				—
Total dilutive average common shares issued and outstanding			16,286,635				18,313,980
Diluted earnings (loss) per common share:
Continuing operations		$	0.03			$	0.08
Discontinued operations			(0.02	)			(0.04	)
Total earnings (loss) per share - diluted		$	0.01			$	0.04

The Company had a total of 2,128,168 shares of stock options and restricted stock grants that are potentially dilutive securities during the three months ended March 31, 2026. Outstanding stock options and restricted stock grants representing 1,890,120 shares at March 31, 2026, were anti-dilutive and therefore excluded from the calculation. There were no potentially dilutive common shares at March 31, 2025.

10

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

4. Investment Securities

The tables below show the amortized cost and fair value, by type, of the Company’s available for sale debt securities as of March 31, 2026 and December 31, 2025:

		March 31, 2026
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Available for sale:
U.S. government sponsored agencies		$	154,883			$	188			$	7,021			$	148,050
Mortgage-backed securities			184,221				327				6,896				177,652
Corporate bonds			21,693				—				451				21,242
Total available for sale		$	360,797			$	515			$	14,368			$	346,944
		December 31, 2025
						Gross				Gross
		Amortized				Unrealized				Unrealized				Fair
		Cost				Gains				Losses				Value
Available for sale:
U.S. government sponsored agencies		$	151,693			$	353			$	6,072			$	145,974
Mortgage-backed securities			162,984				1,152				5,194				158,942
Corporate bonds			21,670				18				258				21,430
Total available for sale		$	336,347			$	1,523			$	11,524			$	326,346

As of March 31, 2026 and December 31, 2025, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

The Company evaluates securities for impairment when there has been a decline in fair value below the amortized cost basis at least quarterly. Accordingly, management is able to effectively measure and monitor the unrealized loss position on these securities and because the Company does not intend to sell the securities and it is not more-likely-than-not that the Company will be required to sell the investments before recovery of their amortized cost basis, the Company determined no allowance for credit loss was required as of March 31, 2026 or December 31, 2025.

Accrued interest receivable on investment securities totaled $1.6 million as of March 31, 2026 and December 31, 2025, and was reported in accrued interest receivable on the statements of financial condition.

11

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

A summary of securities with gross unrealized losses at March 31, 2026 and December 31, 2025 aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

		March 31, 2026
		Less Than 12 Months								12 Months or More
						Gross								Gross				Total
		Fair				Unrealized				Fair				Unrealized				Unrealized
		Value				Losses				Value				Losses				Losses
Available for sale:
U.S. government sponsored agencies		$	19,402			$	342			$	113,391			$	6,679			$	7,021
Mortgage-backed securities			70,182				1,688				51,158				5,208				6,896
Corporate bonds			11,542				268				9,700				183				451
Total available for sale		$	101,126			$	2,298			$	174,249			$	12,070			$	14,368
		December 31, 2025
		Less Than 12 Months								12 Months or More
						Gross								Gross				Total
		Fair				Unrealized				Fair				Unrealized				Unrealized
		Value				Losses				Value				Losses				Losses
Available for sale:
U.S. government sponsored agencies		$	11,604			$	57			$	113,976			$	6,015			$	6,072
Mortgage-backed securities			38,440				768				53,397				4,426				5,194
Corporate bonds			—				—				15,707				258				258
Total available for sale		$	50,044			$	825			$	183,080			$	10,699			$	11,524

The amortized cost and estimated fair value by maturity or next repricing date of investment securities at March 31, 2026 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.

		Amortized				Fair
		Cost				Value
Within one year or less		$	28,269			$	27,973
One through five years			56,860				54,853
After five through ten years			88,957				86,386
Over ten years			186,711				177,732
Total		$	360,797			$	346,944

At March 31, 2026 and December 31, 2025, approximately $7.6 million and $5.9 million of investments were pledged to secure various deposits or borrowings, respectively.

Additional information related to fair value of investment securities is provided in Note 11.

12

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

5. Loans Held for Investment

The components of loans were as follows at March 31, 2026 and December 31, 2025:

		March 31, 2026				December 31, 2025
Residential mortgage loans (1-4 family):
Fixed		$	95,312			$	93,595
Variable			129,945				137,148
Construction			33,229				38,058
Total residential mortgage loans			258,486				268,801
Commercial loans:
Real estate			275,294				248,744
Other			93,682				92,199
Total commercial loans			368,976				340,943
Consumer loans:
Home equity			113,658				112,404
Other consumer			19,726				22,787
Total consumer loans			133,384				135,191
Total loans held for investment			760,846				744,935
Less:
Undisbursed portion of mortgage loans			(172	)			(145	)
Net deferred loan costs (fees)			(948	)			(834	)
Allowance for credit losses			(6,375	)			(6,289	)
Total loans held for investment, net		$	753,351			$	737,667

Accrued interest receivable on loans held for investment totaled $3.8 million and $4.0 million as of March 31, 2026 and December 31, 2025, respectively, and was reported in accrued interest receivable on the statements of financial condition.

The Company has an established methodology to calculate the Allowance for Credit Losses (“ACL”) that assesses the risks and losses inherent in the Company’s loan portfolio. For purposes of determining the ACL, the Company segments certain loans in its portfolio by product type. The Company’s loans are segmented into the following pools: residential mortgage loans, commercial real estate loans, other commercial loans, home equity, and consumer loans. The Company also sub-segments these segments into classes based on the associated risks within those segments. Residential mortgage loans are divided into the following classes: fixed, variable and construction. Each class of loans requires significant judgment to determine the estimation method that fits the credit risk characteristics of its portfolio segment. The Company uses an internally developed model in this process. Management uses judgment in establishing additional input metrics for the modeling processes.

The model and assumptions the Company uses to determine the allowance are independently validated and reviewed to ensure that their theoretical foundation, assumptions, data integrity, computational processes, reporting practices and end-user controls are appropriate and properly documented. The following are the factors the Company uses to determine the ACL for each segment or class of loan.

13

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Residential Mortgage Loans

All of our residential mortgage loans are centrally underwritten. When assessing credit risk, we analyze certain credit factors, such as, payment history, credit utilization and length of credit history. All of our residential mortgage loans are secured by real estate; therefore, we evaluate and estimate the current market value of the collateral property. Common risk factors that are not specific to individual loan transactions include economic conditions within our markets, including unemployment rates and potential changes in real estate collateral values due to market conditions. Personal events, disability, death or change in marital status of the borrower also increase risk in residential mortgage lending.

Residential Mortgage Loans (Fixed and Variable)

Characteristically, residential mortgage loans are secured by 1 – 4 family residential properties and residential lots. Declines in market value can result in residential mortgages with outstanding balances in excess of the collateral value of the property securing the loan.

Residential Construction Loans

Residential construction loans can experience delays in construction and cost overruns that can exceed the borrower’s financial ability to complete the construction project, which could result in unmarketable collateral.

Commercial Loans

All of our commercial loans are centrally underwritten. When assessing credit risk, we analyze the borrower’s ability to generate adequate cash flow to service the debt in accordance with the terms and conditions of the loan agreement. Usually, our commercial loans are secured by collateral and we assess the current value of the collateral. Additionally, the Company evaluates and assesses the financial strength and liquidity of the borrower’s principals because the Company generally requires the personal guarantees of the borrower’s principals. Common risk factors that are not specific to individual loan transactions include economic conditions within our markets, including unemployment rates and potential changes in collateral values due to market conditions.

Commercial Real Estate

Commercial mortgage, commercial construction and land development loans are dependent upon the supply and demand for commercial real estate in the markets we serve as well as the demand for newly constructed residential homes and lots. A decrease in demand could result in decreases in the underlying collateral values and make repayment of the outstanding loans more difficult for our borrowers. Loans secured by non-residential properties and multifamily housing are dependent upon the ability of the property to produce cash flow sufficient to cover debt service and other operating expenses. These property types are susceptible to weak economic conditions which can result in high vacancy rates.

Other Commercial Loans

The repayment of commercial loans not secured by real estate is primarily dependent upon the ability of our borrowers to produce cash flows consistent with our original projections analyzed during the credit underwriting process. While our loans are generally secured by collateral with limitations on maximum loan to value ratios, there is a risk that liquidation of the collateral will not fully satisfy the loan balance.

14

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Consumer Loans

All of the Company’s consumer loans are centrally underwritten. When assessing credit risk, we analyze certain credit factors, such as, payment history, credit utilization and length of credit history. Since a large percentage of consumer loans are secured, management evaluates the likely market value of the collateral. Common risk factors that are not specific to individual loan transactions include economic conditions within our markets. Personal events, disability, death or change in marital status of the borrower also increase risk in consumer lending.

Home Equity Loans

Home equity and home equity lines of credit loans are secured by first or junior liens on residential real estate making such loans susceptible to deterioration in residential real estate values. Additional risks include lien perfection deficiencies and the inherent risk that the borrower may draw on the lines in excess of their collateral value, particularly in a deteriorating real estate market.

Other Consumer Loans

Consumer loans include loans secured by personal property, such as automobiles, mobile homes and other title vehicles, such as boats and motorcycles. Consumer loans also include unsecured loans. The value of the underlying collateral for this loan category is especially volatile due to the potential rapid decline in values.

Credit Quality Indicators

Loans are categorized into risk categories based on relevant information about the ability of our borrowers to service their debt obligations. The relevant information includes current financial information, historical payment history, credit documentation, public information and current economic trends, among other factors. The Company uses a risk grading matrix to assign risk grades to each of our commercial loans and a portion of our other loans. Loans are graded on a scale of 1 to 10. A description of the general characteristics of the ten grades is as follows:

Grade 1	Substantially Risk Free. Fully secured by own-Bank deposits.
Grade 2	Minimal. Minimal degree of risk in both short term and long term. No noted credit, collateral or technical deficiencies. Exemplary and established history with the Company and elsewhere. Exceptional financial strength and generally in the upper quartile of peer comparisons. Loans secured by properly margined and monitored marketable securities may also be in this category.

Grade 3 Moderate. Only moderate risk apparent in both short term and long term. Financial characteristics of borrower are strong. Demonstrated ability to generate sufficient cash flow to meet debt service requirements including 3-5 years of generating increasing or consistently strong levels of cashflow, the capital structure is strong with only moderate leverage, trends are favorable, and comparison to peer is positive. Credit reflects strong collateral values with proper margins, and/or is supported by strong guarantees.

Grade 4 Acceptable. Acceptable level of risk in both short term and long term. Borrower generates sufficient cash flow to meet debt service requirements with a comfortable

15

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

margin and debt is adequately secured with appropriate collateral margins and supported by guarantees. Leverage, liquidity, margins, etc. are comparable to peer, but may not be as strong as borrowers risk rated 3.

Grade 5

Acceptable with Care. Risk is still considered acceptable, cash flow coverage of debt service requirements is adequate, but there are certain negative factors that could increase long term risk. Some common characteristics of these credits include: structure at variance with policy, loan-to-value ratios in excess of prescribed levels, trends negative but not materially adverse, leverage in excess of peer, etc.

Grade 6	Watch. Only marginally acceptable financial profiles, and financial trends are less favorable than prior periods. Short term risk may be acceptable, but negative factors could develop to make long term risk unacceptable. Weaknesses may include: outdated financials, inconsistent financial performance, strained liquidity, and adverse financial trends.
Grade 7	Special Mention. Increased level of risk (and, therefore, additional scrutiny) due to some weakening trend, poor performance, a particular circumstance or some other noted deficiency. Generally, repayment according to plan is still anticipated.
Grade 8	Substandard. Identified crucial weakness with associated loss potential. Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. An assessment under ASC 310 must be performed on credits identified for individual evaluation graded Substandard.

Grade 9

Doubtful. Full repayment or liquidation is highly questionable or improbable. Loans classified Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently know facts, conditions and values, highly questionable and improbable. An assessment under ASC 310 must be performed on credits identified for individual evaluation graded Doubtful.

Grade 10

Loss. All outstanding principal and accrued interest is deemed uncollectible and is to be charged off promptly. Loans classified Loss are considered uncollectible and of such little value that their continuance as Bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value but rather it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. Loans classified Loss requires a 100% specific reserve.

16

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Loans with a risk rating of 1 through 6 are classified as “Pass” rated credits in the following tables. Nonrated loans are also classified as “Pass.” The following table presents the Company's recorded investment in loans by credit quality indicators by year of origin as of March 31, 2026 and gross charge-offs for the three months ended March 31, 2026.

		Term Loans
1-4 Family Residential		2026				2025				2024				2023				2022				Prior				Revolving Lines				Total
Pass		$	6,283			$	7,309			$	13,599			$	54,183			$	52,211			$	79,758			$	—			$	213,343
Special Mention			—				—				—				—				251				72				—				323
Substandard			—				202				148				4,941				3,122				3,178				—				11,591
Doubtful			—				—				—				—				—				—				—				—
Total		$	6,283			$	7,511			$	13,747			$	59,124			$	55,584			$	83,008			$	—			$	225,257
Residential Construction		2026				2025				2024				2023				2022				Prior				Revolving				Total
Pass		$	806			$	21,543			$	9,876			$	1,004			$	—			$	—			$	—			$	33,229
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—
Total		$	806			$	21,543			$	9,876			$	1,004			$	—			$	—			$	—			$	33,229
Commercial Real Estate		2026				2025				2024				2023				2022				Prior				Revolving				Total
Pass			23,654				41,055				50,649				36,501				36,071				83,946				—			$	271,876
Special Mention			—				—				—				—				—				211				—				211
Substandard			—				671				2,107				—				—				429				—				3,207
Doubtful			—				—				—				—				—				—				—				—
Total		$	23,654			$	41,726			$	52,756			$	36,501			$	36,071			$	84,586			$	—			$	275,294
Other Commercial		2026				2025				2024				2023				2022				Prior				Revolving				Total
Pass		$	16,622			$	8,348			$	19,161			$	2,957			$	3,833			$	15,981			$	22,240			$	89,142
Special Mention			24				42				27				38				50				262				39				482
Substandard			34				291				—				113				1,621				1,540				164				3,763
Doubtful			—				24				—				6				—				—				265				295
Total		$	16,680			$	8,705			$	19,188			$	3,114			$	5,504			$	17,783			$	22,708			$	93,682
Home Equity		2026				2025				2024				2023				2022				Prior				Revolving				Total
Pass		$	563			$	2,174			$	3,749			$	6,318			$	1,216			$	667			$	97,440			$	112,127
Special Mention			—				154				—				—				—				—				—				154
Substandard			—				133				—				—				—				3				1,241				1,377
Doubtful			—				—				—				—				—				—				—				-
Total		$	563			$	2,461			$	3,749			$	6,318			$	1,216			$	670			$	98,681			$	113,658
Other Consumer		2026				2025				2024				2023				2022				Prior				Revolving				Total
Pass		$	795			$	5,842			$	4,449			$	4,117			$	1,182			$	497			$	2,810			$	19,692
Special Mention			—				25				—				—				—				—				—				25
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				9				9
Total		$	795			$	5,867			$	4,449			$	4,117			$	1,182			$	497			$	2,819			$	19,726
All Loans		2026				2025				2024				2023				2022				Prior				Revolving				Total
Pass		$	48,723			$	86,271			$	101,483			$	105,080			$	94,513			$	180,849			$	122,490			$	739,409
Special Mention			24				221				27				38				301				545				39				1,195
Substandard			34				1,297				2,255				5,054				4,743				5,150				1,405				19,938
Doubtful			—				24				—				6				—				—				274				304
Total Loans		$	48,781			$	87,813			$	103,765			$	110,178			$	99,557			$	186,544			$	124,208			$	760,846
Gross charge-offs		$	—			$	—			$	304			$	10			$	27			$	—			$	146			$	487

17

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

The following table presents the Company's recorded investment in loans by credit quality indicators by year of origin as of December 31, 2025 and gross charge-offs for the year ended December 31, 2025.

		Term Loans
1-4 Family Residential		2025				2024				2023				2022				2021				Prior				Revolving Lines				Total
Pass		$	6,660			$	15,559			$	55,859			$	57,454			$	24,825			$	57,911			$	—			$	218,268
Special Mention			—				—				—				252				—				74				—				326
Substandard			209				149				5,060				2,918				1,276				2,537				—				12,149
Doubtful			—				—				—				—				—				—				—				—
Total		$	6,869			$	15,708			$	60,919			$	60,624			$	26,101			$	60,522			$	—			$	230,743
Residential Construction		2025				2024				2023				2022				2021				Prior				Revolving				Total
Pass		$	23,340			$	13,714			$	1,004			$	—			$	—			$	—			$	—			$	38,058
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—				—
Total		$	23,340			$	13,714			$	1,004			$	—			$	—			$	—			$	—			$	38,058
Commercial Real Estate		2025				2024				2023				2022				2021				Prior				Revolving				Total
Pass		$	30,067			$	55,678			$	37,019			$	36,848			$	10,683			$	76,108			$	—			$	246,403
Special Mention			75				—				—				—				—				212				—				287
Substandard			—				1,620				—				—				—				434				—				2,054
Doubtful			—				—				—				—				—				—				—				—
Total		$	30,142			$	57,298			$	37,019			$	36,848			$	10,683			$	76,754			$	—			$	248,744
Other Commercial		2025				2024				2023				2022				2021				Prior				Revolving				Total
Pass		$	19,115			$	19,523			$	3,169			$	3,849			$	7,310			$	9,628			$	24,304			$	86,898
Special Mention			43				32				—				57				38				238				354				762
Substandard			—				—				170				1,857				90				1,342				638				4,097
Doubtful			25				308				—				—				—				—				109				442
Total		$	19,183			$	19,863			$	3,339			$	5,763			$	7,438			$	11,208			$	25,405			$	92,199
Home Equity		2025				2024				2023				2022				2021				Prior				Revolving				Total
Pass		$	2,162			$	3,832			$	6,576			$	1,331			$	49			$	681			$	96,160			$	110,791
Special Mention			156				—				—				—				—				—				—				156
Substandard			136				—				—				—				—				3				1,318				1,457
Doubtful			—				—				—				—				—				—				—				-
Total		$	2,454			$	3,832			$	6,576			$	1,331			$	49			$	684			$	97,478			$	112,404
Other Consumer		2025				2024				2023				2022				2021				Prior				Revolving				Total
Pass		$	7,264			$	5,196			$	5,137			$	1,239			$	679			$	—			$	2,978			$	22,493
Special Mention			31				5				—				—				—				—				1				37
Substandard			—				—				201				—				46				—				—				247
Doubtful			10				—				—				—				—				—				—				10
Total		$	7,305			$	5,201			$	5,338			$	1,239			$	725			$	—			$	2,979			$	22,787
All Loans		2025				2024				2023				2022				2021				Prior				Revolving				Total
Pass		$	88,608			$	113,502			$	108,764			$	100,721			$	43,546			$	144,328			$	123,442			$	722,911
Special Mention			305				37				—				309				38				524				355				1,568
Substandard			345				1,769				5,431				4,775				1,412				4,316				1,956				20,004
Doubtful			35				308				—				—				—				—				109				452
Total Loans		$	89,293			$	115,616			$	114,195			$	105,805			$	44,996			$	149,168			$	125,862			$	744,935
Gross charge-offs		$	4			$	285			$	310			$	127			$	137			$	—			$	986			$	1,849

18

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Allowance for Credit Losses and Recorded Investment in Loans Receivable

The following table outlines the changes in the allowance for credit losses by category, the allowance for loans individually and collectively evaluated, and the balances of loans individually and collectively evaluated, for the three months ended March 31, 2026:

		1-4 Family				Residential				Commercial				Other				Home				Other
		Residential				Construction				Real Estate				Commercial				Equity				Consumer				Total
										(dollars in thousands)
Allowance
Beginning balance, January 1, 2026		$	2,290			$	374			$	581			$	1,730			$	810			$	504			$	6,289
Charge-offs			(26	)			—				—				(442	)			—				(19	)			(487	)
Recoveries			—				—				—				68				—				15				83
Provision for Credit Loss			194				2				63				143				54				34				490
Reallocations			70				(353	)			176				366				(166	)			(93	)			—
Balance at end of period		$	2,528			$	23			$	820			$	1,865			$	698			$	441			$	6,375
Ending allowance balance for loans individually evaluated		$	723			$	—			$	158			$	425			$	250			$	5			$	1,561
Ending allowance balance for loans collectively evaluated		$	1,805			$	23			$	662			$	1,440			$	448			$	436			$	4,814
Loans Receivable
Total period-end balance		$	225,257			$	33,229			$	275,294			$	93,682			$	113,658			$	19,726			$	760,846
Balance of loans individually evaluated		$	11,591			$	—			$	3,207			$	4,034			$	1,377			$	9			$	20,218
Balance of loans collectively evaluated		$	213,666			$	33,229			$	272,087			$	89,648			$	112,281			$	19,717			$	740,628

The following table outlines the changes in the allowance for credit losses by category, the allowance for loans individually and collectively evaluated, and the balances of loans individually and collectively evaluated, for the year ended December 31, 2025:

		1-4 Family				Residential				Commercial				Other				Home				Other
		Residential				Construction				Real Estate				Commercial				Equity				Consumer				Total
										(dollars in thousands)
Allowance
Beginning balance, January 1, 2025		$	2,246			$	539			$	257			$	1,209			$	1,224			$	769			$	6,244
Charge-offs			(323	)			(3	)			—				(904	)			(217	)			(402	)			(1,849	)
Recoveries			4				9				—				149				—				48				210
Provision for Credit Loss			613				100				156				463				217				135				1,684
Reallocations			(250	)			(271	)			168				813				(414	)			(46	)			—
Balance at end of year		$	2,290			$	374			$	581			$	1,730			$	810			$	504			$	6,289
Ending allowance balance for loans individually evaluated		$	696			$	—			$	270			$	670			$	124			$	29			$	1,789
Ending allowance balance for loans collectively evaluated		$	1,594			$	374			$	311			$	1,060			$	686			$	475			$	4,500
Loans Receivable
Total period-end balance		$	230,743			$	38,058			$	248,744			$	92,199			$	112,404			$	22,787			$	744,935
Balance of loans individually evaluated		$	12,693			$	—			$	2,883			$	3,831			$	1,457			$	220			$	21,084
Balance of loans collectively evaluated		$	218,050			$	38,058			$	245,861			$	88,368			$	110,947			$	22,567			$	723,851

19

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

The Company had $15.1 million and $16.9 million of non-accruing loans as of March 31, 2026 and December 31, 2025, respectively. Management determined that a specific reserve on non-accruing loans of approximately $1.5 million was necessary as of March 31, 2026 and December 31, 2025. The amount of interest income that would have been recorded in in 2026 and 2025 is not significant.

The following tables present a summary by loan class of past due and non-accrual loans as of March 31, 2026 and December 31, 2025 (dollars in thousands):

										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
March 31, 2026
1-4 family residential		$	20,357			$	2,670			$	5,333			$	28,360			$	196,897			$	225,257			$	—
Residential Construction			—				—				—				—			$	33,229				33,229				—
Commercial real estate			109				—				1,620				1,729			$	273,565				275,294				—
Other commercial			437				150				910				1,497			$	92,185				93,682				28
Home equity			1,356				629				843				2,828			$	110,830				113,658				—
Other consumer			944				15				1				961			$	18,765				19,726				1
Total		$	23,203			$	3,464			$	8,707			$	35,375			$	725,471			$	760,846			$	29

		March 31, 2026
		Nonaccrual Loans with				Nonaccrual Loans				Total Nonaccrual
		No Allowance				with an Allowance				Loans
1-4 family residential		$	5,493			$	5,604			$	11,097
Residential Construction			—				—				—
Commercial real estate			—				1,620				1,620
Other commercial			372				823				1,195
Home equity			758				400				1,158
Other consumer			—				—				—
Total		$	6,623			$	8,447			$	15,070

										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, 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				31
Other commercial			651				791				1,508				2,950				89,249				92,199				—
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

		December 31, 2025
		Nonaccrual Loans with				Nonaccrual Loans				Total Nonaccrual
		No Allowance				with an Allowance				Loans
1-4 family residential		$	6,463			$	5,786			$	12,249
Residential Construction			—				—				—
Commercial real estate			—				1,620				1,620
Other commercial			777				715				1,492
Home equity			885				351				1,236
Other consumer			56				201				257
Total		$	8,181			$	8,673			$	16,854

There was one commercial loan modification for a borrower experiencing financial difficulty in the quarter ended March 31, 2026 totaling $34 thousand and one in the year ended December 31, 2025 totaling $25 thousand. At March 31, 2026, there were 10 loans totaling $842 thousand with active short-term payment deferrals of principal, interest or both. At December 31, 2025, there were 10 loans totaling $1.0 million with active short-term payment deferrals of principal, interest or both.

20

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

6.Mortgage Servicing Rights

Information related to mortgage servicing rights as of March 31, 2026 and December 31, 2025 are summarized as follows:

		Three Months Ended				Year Ended
		March 31, 2026				December 31, 2025
Book value of mortgage servicing rights beginning of period		$	904			$	1,078
Additions from sale of loans			141				201
Amortized to expense			(107	)			(375	)
Book value of mortgage servicing rights end of period		$	938			$	904
Fair value of mortgage servicing rights		$	1,759			$	1,703
Principal balance of mortgage loans serviced for others not reported as assets		$	211,648			$	206,674
Custodial escrows of serviced loans		$	3,223			$	3,163

Fidelity Bank will continue to service mortgage loans as part of continuing operations. However, after loans held for sale, as part of discontinued operations, are sold, no additional loan servicing will be added. Mortgage servicing activities will decrease going forward.

21

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

7.Deposits

Depositor account balances as of March 31, 2026 and December 31, 2025 are summarized as follows:

		March 31, 2026				December 31, 2025
Negotiable order of withdrawal (NOW)		$	253,782			$	243,798
Savings accounts			107,825				108,483
Money market			120,507				130,587
			482,114				482,868
Certificates of deposit			269,608				268,891
Wholesale and brokered certificates of deposit			100,790				89,644
Total Deposits		$	852,512			$	841,403

The weighted average interest rate on depositor accounts as of March 31, 2026 and December 31, 2025 was 1.67% and 1.62%, respectively.

Included in deposits are certificates of deposit in amounts greater than $250,000 totaling $64.3 million of account balance and approximately $2.4 million in annual interest expenses at March 31, 2026 and $64.2 million of account balance and approximately $2.4 million in annual interest expense at December 31, 2025. The scheduled maturities of all certificates of deposit at March 31, 2026 were as follows:

2026		$	187,018
2027			138,107
2028			9,045
2029			16,601
2030			14,651
2031			4,976
Total		$	370,398

8.Other Borrowings

The Company has a line of credit with the FHLB through which advances are drawn. Pursuant to collateral agreements with the FHLB, advances are secured by a blanket-floating lien on first mortgage loans and cash and investments held at FHLB. The unused portion of the line of credit as of March 31, 2026 and December 31, 2025 was approximately $317 million and $352 million, respectively. As of March 31, 2026, the advances had annual maturities and weighted average interest rates as listed below.

22

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

						Weighted Average
		Amount				Interest Rate
2026		$	30,000				3.34	%
2027			25,500				3.75	%
2028			31,500				3.94	%
2029			—				—	%
2030			5,714				4.14	%
2031			—				—	%
2032			2,858				4.36	%
Total		$	95,572				3.73	%

As of December 31, 2025, the advances had annual maturities and weighted average interest rates as listed below.

						Weighted Average
		Amount				Interest Rate
2026		$	21,000				3.23	%
2027			17,000				3.79	%
2028			31,500				3.94	%
2029			—				—	%
2030			5,837				4.14	%
2031			—				—	%
2032			2,920				4.36	%
Total		$	78,257				3.75	%

23

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

9. Capital Requirements and Other Regulatory Matters

Federal regulations require the Bank and the Company to maintain certain minimum amounts of capital. Specifically, the Bank is required to maintain certain minimum dollar amounts and ratios of Total and Tier 1 capital to risk-weighted assets, of Tier 1 capital to average total assets, and common equity Tier 1 capital to risk-weighted assets.

Bank holding companies are generally subject to statutory capital requirements, which were implemented by certain of the new capital regulations described above that became effective on January 1, 2015. However, the Small Banking Holding Company Policy Statement exempts certain small bank holding companies like the Company from those requirements provided that they meet certain conditions.

In addition to the capital requirements, the Federal Deposit Insurance Corporation Improvement Act (“FDICIA”) established five capital categories ranging from “well capitalized” to “critically undercapitalized.” Should any institution fail to meet the requirements to be considered “adequately capitalized,” it would become subject to a series of increasingly restrictive regulatory actions. Management believes that, as of March 31, 2026, the Bank met all capital adequacy requirements to which it is subject.

As of March 31, 2026, and December 31, 2025, the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be classified as a well-capitalized financial institution, Total risk-based, Tier 1 risk-based, common equity Tier 1 capital and Tier 1 leverage capital must be at least 10%, 8%, 6.5%, and 5%, respectively. There have been no conditions or events since the notification that management believes have changed the Bank’s or the Company’s category.

The Bank’s actual capital amounts and ratios as of March 31, 2026 and December 31, 2025 are presented in the table below:

		Actual								Minimum								Well Capitalized
		Amount				Ratio				Amount				Ratio				Amount				Ratio
		(dollars in thousands)
March 31, 2026
Tier 1 leverage capital:		$	255,644				20.23	%		$	50,547				4.00	%		$	63,184				5.00	%
Common Equity Tier 1 risk-based capital:		$	255,644				28.70	%		$	40,086				4.50	%		$	57,903				6.50	%
Tier 1 risk-based capital:		$	255,644				28.70	%		$	53,448				6.00	%		$	71,265				8.00	%
Total risk-based capital:		$	262,175				29.43	%		$	71,265				8.00	%		$	89,081				10.00	%
December 31, 2025
Tier 1 leverage capital:		$	255,300				20.02	%		$	51,020				4.00	%		$	63,775				5.00	%
Common Equity Tier 1 risk-based capital:		$	255,300				29.38	%		$	39,106				4.50	%		$	56,486				6.50	%
Tier 1 risk-based capital:		$	255,300				29.38	%		$	52,141				6.00	%		$	69,521				8.00	%
Total risk-based capital:		$	261,745				30.12	%		$	69,521				8.00	%		$	86,901				10.00	%

24

FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

10. Commitments and Contingencies

The Company is involved in various claims and legal proceedings. These cases are, in the opinion of management, ordinary, routine matters incidental to the normal business conducted by the Company. In the opinion of management, after consultation with legal counsel, the ultimate disposition of these matters is not expected to have a material effect on the financial position of the Company.

The Company’s financial statements do not reflect various outstanding commitments and contingent liabilities which arise in the normal course of business and which involve elements of credit risk, interest rate risk and liquidity risk. These commitments and contingent liabilities are commitments to extend credit and standby letters of credit. Commitments to extend credit, consisting primarily of commercial lines-of-credit, revolving credit lines and overdraft protection agreements, include exposure to credit loss in the event of nonperformance of the customer. The Company’s credit policies and procedures for credit commitments and financial guarantees are the same as those for extensions of credit that are recorded in the statements of financial condition. Because these instruments have fixed maturity dates, and because many of them expire without being drawn upon, they do not generally present any significant liquidity risk to the Company. The Company was not required to perform on any financial guarantees nor did it incur any losses on its commitments for the three months ended March 31, 2026 and year ended December 31, 2025.

Commitments outstanding were as follows:

		March 31, 2026				December 31, 2025
Residential construction		$	20,374			$	20,123
Commercial construction			18,030				19,669
Revolving lines of credit and other			229,910				228,192
		$	268,314			$	267,984

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. A reserve for unfunded commitments is recorded within other liabilities on the statements of financial condition, and the related provision is recorded in the provision for credit losses on the consolidated statements of operations. The reserve for unfunded commitments was $156 thousand at March 31, 2026 and December 31, 2025.

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FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

11.Fair Value

The Company determines the appropriate level in the fair value hierarchy for each fair value measurement. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels are as follows:

Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Financial assets and liabilities utilizing Level 1 inputs include active exchange-traded equity securities, exchange-based derivatives, mutual funds and money market funds.

Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities, non-exchanged-based derivatives, commingled investment funds not subject to purchase and sale restrictions and fair-value hedges.

Level 3—unobservable inputs, such as internally-developed pricing models for the asset or liability due to little or no market activity for the asset or liability. Financial assets and liabilities utilizing Level 3 inputs include infrequently-traded non-exchange-based instruments with unique characteristics.

Fair Value of Assets Measured on a Recurring Basis

The following describes the valuation methodology used for the Company’s financial instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Available-for-Sale Securities: Fair values of investment securities available for sale were primarily measured using information from a third-party pricing service. This pricing service provides pricing information by utilizing evaluated pricing models supported with market data information. Standard inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and reference data from market research publications. If quoted prices were available in an active market, investment securities were classified as Level 1 measurements. If quoted prices were not available in an active market, fair values were estimated primarily by the use of pricing models. Level 2 investment securities were primarily comprised of mortgage-backed securities issued by government agencies and U.S. government-sponsored enterprises. Investment securities are classified within Level 3 when little or no market activity supports the fair value.

Mortgage Loans Held for Sale: The Company originates mortgage loans that it intends to sell to the secondary market. Mortgage loans held for sale are valued on a recurring basis using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures. As of March 31, 2026 and December 31, 2025, these assets are associated with the discontinued operations of the NOLA Lending Group. Refer to Note 2. Discontinued Operations for additional information.

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FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

Derivative Financial Instruments: The Company enters into derivative financial instruments as part of its hedging strategy and measures these instruments at fair value on a recurring basis in the statements of financial condition. Forward MBS trades are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilizes the exchange price or dealer market price for the particular derivative contract; therefore, these contracts are classified as Level 2. In addition, the Company enters into interest rate locks with prospective borrowers. These commitments are carried at fair value based on the fair value of underling mortgage loans which are based on observable market data. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on market observable inputs. As of March 31, 2026 and December 31, 2025, these assets are associated with the discontinued operations of the NOLA Lending Group. Refer to Note 2. Discontinued Operations for additional information.

Fair Value of Assets Measured on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis. The Company records loans considered collateral dependent at their fair value. A loan is considered collateral dependent if it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Fair value is measured at the fair value of the collateral for collateral-dependent loans. Collateral dependent loans are classified as Level 2 unless appraised value is either not available, management has determined fair value of the collateral is further impaired below appraised value when the Company is a seller of collateral, or there is no observable market price.

Other real estate owned are initially recorded at fair value less estimated costs to sell. The fair value of other real estate owned is based on property appraisals and an analysis of similar properties available. The Company classifies repossessed assets as Level 2 assets. The Company’s impaired loans are included in Note 5.

The table below presents certain collateral dependent loans that were remeasured and reported at fair value through the ACL based upon the fair value of the underlying collateral as of the dates indicated:

(Dollars in thousands)		March 31, 2026				December 31, 2025
Carrying value of collateral dependent loans before allowance		$	8,540			$	9,297
Specific allowance			(1,561	)			(1,789	)
Fair value of collateral dependent loans		$	6,979			$	7,508

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FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

The carrying amounts and estimated fair values of financial instrument as of March 31, 2026 and December 31, 2025, were as follows:

		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
March 31, 2026
Financial assets:
Cash and due from banks		$	6,164			$	6,164			$	6,164			$	—			$	—
Interest-bearing cash equivalents		$	40,047			$	40,047			$	40,047			$	—			$	—
Securities available for sale		$	346,944			$	346,944			$	—			$	346,944			$	—
Loans held for sale(1)		$	16,097			$	16,097			$	—			$	16,097			$	—
Loans held for investment, net		$	753,351			$	741,271			$	—			$	—			$	741,271
Derivative assets(1)		$	311			$	311			$	—			$	311			$	—
Mortgage servicing rights		$	938			$	1,759			$	—			$	1,759			$	—
Accrued interest receivable		$	5,426			$	5,426			$	—			$	—			$	5,426
Financial Liabilities:
Deposits		$	852,512			$	772,322			$	—			$	772,322			$	—
Advances by borrowers for taxes and insurance		$	5,448			$	5,448			$	5,448			$	—			$	—
Escrows payable(1)		$	238			$	238			$	238			$	—			$	—
Other borrowings		$	95,572			$	95,926			$	—			$	95,926			$	—
Accrued interest payable		$	447			$	447			$	—			$	—			$	447
December 31, 2025
Financial assets:
Cash and due from banks		$	9,872			$	9,872			$	9,872			$	—			$	—
Interest-bearing cash equivalents		$	50,397			$	50,397			$	50,397			$	—			$	—
Securities available for sale		$	326,346			$	326,346			$	—			$	326,346			$	—
Loans held for sale(1)		$	28,504			$	28,504			$	—			$	28,504			$	—
Loans held for investment, net		$	737,667			$	717,513			$	—			$	—			$	717,513
Derivative assets(1)		$	450			$	450			$	—			$	450			$	—
Mortgage servicing rights		$	904			$	1,703			$	—			$	1,703			$	—
Accrued interest receivable		$	5,688			$	5,688			$	—			$	—			$	5,688
Financial Liabilities:
Deposits		$	841,403			$	794,568			$	—			$	794,568			$	—
Advances by borrowers for taxes and insurance		$	6,298			$	6,298			$	6,298			$	—			$	—
Escrows payable(1)		$	366			$	366			$	366			$	—			$	—
Other borrowings		$	78,257			$	78,960			$	—			$	78,960			$	—
Accrued interest payable		$	392			$	392			$	—			$	—			$	392

(1) Represent financial assets and liabilities classified as discontinued operations.

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FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

12. Segment Information

The Company’s revenue, from continuing operations, is primarily derived from the business of traditional banking. Revenues from traditional banking operations consist primarily of interest and fees earned on loans held for investment, interest earned on securities, and fees from deposit and other banking services. The Company’s financial performance is monitored on a consolidated basis by senior management and by the Chief Operating Decision Maker (“CODM”), identified as the Chief Financial Officer.

All of the Company’s financial results are similar and aggregated into one reportable operating segment. While the Company has assigned certain management responsibilities by branch location or department, the Company’s CODM evaluates financial performance on a Company-wide basis.

On December 31, 2025, the Bank entered into an agreement to sell substantially all the assets and liabilities of the Bank’s mortgage banking segment, NOLA Lending Group. The sale closed on March 1, 2026. As a result, the mortgage banking operations are presented as discontinued operations for all periods presented, and the Company no longer reports mortgage banking as a separate operating or reportable segment.

Refer to Note 2. Discontinued Operations for additional information.

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FB BANCORP, INC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

(dollar amounts in thousands unless otherwise noted)

13. Subsequent Events

Management has evaluated subsequent events through the date that these consolidated financial statements were issued, May 14, 2026, and determined that no matters required disclosure beyond the following item related to bank owned life insurance.

In February 2026, a retired senior officer of Fidelity Bank passed away who was insured as part of the Company’s bank owned life insurance. The Company expects approximately $1.1 million in net gains from insurance proceeds to settle in the second quarter of 2026. This nonrecurring noninterest income is non-taxable.

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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.

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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.

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• 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 (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaced the incurred loss methodology with an expected loss methodology that is referred to as CECL throughout this document. 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. 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. One such change is to require credit

33

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.

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 was recognized in this adoption.

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.

The following tables set forth selected historical financial and other data of Fidelity Bank for the periods and at the dates indicated. The information at March 31, 2026, and for the three months ended March 31, 2026 and 2025, is not audited but, in the opinion of management, includes all adjustments necessary for a fair presentation. These adjustments are standard and recurring. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected or realized for the entire year. The information at December 31, 2025 is derived in part from, and should be read together with, the audited financial statements and related notes beginning at page F-1 of the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 26, 2026.

		March 31, 2026				December 31, 2025
		(In thousands)
Selected Financial Condition Data:
Total assets		$	1,265,008			$	1,255,406
Total cash and cash equivalents			46,211				60,269
Securities available for sale, at fair value			346,944				326,346
Loans held for investment, net			753,351				737,667
Total deposits			852,512				841,403
Federal Home Loan Bank advances			95,572				78,257
Total equity			297,719				314,450

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		For the three months ended March 31,
		2026				2025
	(In thousands)
Selected Operating Data For Continuing Operations:
Total interest and dividend income		$	16,403			$	15,964
Total interest expense			4,560				4,117
Net interest income			11,843				11,847
Provision for credit losses			490				385
Net interest income after provision for credit losses			11,353				11,462
Total non-interest income			1,111				1,055
Total non-interest expense			11,851				10,798
Net income before income taxes			613				1,719
Income tax expense			119				349
Net income from continuing operations		$	494			$	1,370

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		For the three months ended March 31,
		2026				2025
Performance Ratios:
Net income from continuing operations (in thousands)		$	494			$	1,370
Net loss from discontinued operations (in thousands)		$	(375	)		$	(665	)
Net income (loss) (in thousands)		$	119			$	705
Return on average assets from continuing operations (1)			0.04	%			0.11	%
Return on average equity from continuing operations(2)			0.16	%			0.42	%
Earnings per share from continuing operations - basic and diluted		$	0.03				0.08
Net interest margin (3)			4.47	%			4.60	%
Non-interest income to average assets from continuing operations			0.09	%			0.09	%
Non-interest expense to average assets from continuing operations			0.95	%			0.88	%
Efficiency ratio from continuing operations(4)			91.49	%			83.69	%
Average interest-earning assets to average interest-bearing liabilities			146.67	%			150.98	%
Capital Ratios:
Total risk-based capital			29.43	%			30.27	%
Tier 1 risk-based capital			28.70	%			29.56	%
Common equity Tier 1 risk-based capital			28.70	%			29.56	%
Tier 1 leverage capital			20.23	%			20.32	%
Average equity to average assets			24.39	%			26.70	%
Common stock book value per share		$	17.50				16.71
Common stock book value per share (net of unearned ESOP shares)		$	19.12				18.08
Asset Quality Ratios:
Allowance for credit losses to total loans (5)			0.85	%			0.80	%
Allowance for credit losses to non-performing loans			42.23	%			40.10	%
Net charge-offs to average outstanding loans			0.05	%			0.06	%
Non-performing loans to total loans			1.98	%			2.00	%
Non-performing loans to total assets			1.19	%			1.25	%
Total non-performing assets to total assets (6)			1.30	%			1.30	%
Other:
Number of offices			19				18
Number of full-time equivalent employees			211				325

(1)	Represents net income (loss) from continuing operations divided by average total assets.
(2)	Represents net income (loss) from continuing operations divided by average equity.
(3)	Represents net interest income divided by average interest-earning assets. Includes loans held for sale.
(4)	Represents non-interest expense divided by the sum of net interest income and non-interest income.
(5)	Total loans includes only loans held for investment.
(6)	Non-performing assets includes other real estate owned.

Comparison of Financial Condition at March 31, 2026 and December 31, 2025

Total Assets. Total assets were $1.27 billion at March 31, 2026, compared to $1.26 billion at December 31, 2025. The largest fluctuation between these periods came from an increase in securities available for sale of $20.6 million, or 6.31%. This increase was due to favorable investment yields in the current period, predominantly in previously issued government backed mortgage securities. During the three months ended March 31, 2026, the Company purchased approximately $34.8 million in securities with

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an expected average yield of 5.02%. The Company also sold $5.9 million in securities for a gain of $85 thousand.

Cash and Cash Equivalents. Cash levels decreased by $14.1 million, or 23.33%, to $46.2 million at March 31, 2026 from $60.3 million at December 31, 2025, as such assets were used in part to fund loans, purchase investment securities, and repurchase Company stock.

Available-for-Sale Investment Securities. Investment securities increased $20.6 million, or 6.31%, to $346.9 million at March 31, 2026, from $326.3 million at December 31, 2025. Aggregate securities purchased totaled $34.8 million and aggregate securities maturing, called, or sold totaled $11.4 million during the three months ended March 31, 2026. This increase was due to favorable investment yields in the current period. The average expected yield in security purchases for the three month period ending March 31, 2026, was 5.02%

Loans Held for Investment, Net. Loans held for investment, net, increased by $15.7 million, or 2.13%, to $753.4 million at March 31, 2026 from $737.7 million at December 31, 2025. During the three months ended March 31, 2026, net loan originations (net of payoffs) totaled $16.4 million. The increase in net loans held for investment came primarily from an increase in commercial real estate loans of $26.6 million, or 10.67%, partially offset by total residential mortgage loans decreasing $10.3 million, or 3.84%.

Increases in loan balances reflect our strategy to grow the commercial and commercial real estate loan portfolios. We have expanded our lending activities into the Baton Rouge and Lafayette, Louisiana markets, including adding lending teams in these markets.

Deposits. Deposits increased by $11.1 million, or 1.32%, to $852.5 million at March 31, 2026 from $841.4 million at December 31, 2025. Core deposits (defined as all deposits other than certificates of deposit) decreased $754 thousand, or 0.16%, to $482.1 million at March 31, 2026 from $482.9 million at December 31, 2025. Certificates of deposit increased $11.9 million, or 3.31%, to $370.4 million at March 31, 2026 from $358.5 million at December 31, 2025. Our certificates of deposit included $100.8 million in wholesale and brokered certificates of deposit at March 31, 2026 and $89.6 million at December 31, 2025. 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 and investment growth.

Borrowings. Borrowings increased $17.3 million, or 22.13%, from $78.3 million at December 31, 2025 to $95.6 million at March 31, 2026. Borrowings have increased over the last two quarters primarily to fund investment security purchases due to attractive net-interest spreads within this asset class. Company borrowings consist of advances on a line of credit with the Federal Home Loan Bank. At March 31, 2026, approximately $317 million was available on this borrowing line.

Total Equity. Total equity decreased $16.7 million, or 5.32%, to $297.7 million at March 31, 2026 from $314.5 million at December 31, 2025. This decrease was due to $14.3 million in common stock repurchases and a $3.0 million increase in accumulated other comprehensive loss, partially offset by net income.

Average Balances Sheets. The following tables set 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.

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		For the three months ended March 31,
		2026												2025
		Average Outstanding Balance				Interest				Average Yield/Rate				Average Outstanding Balance				Interest				Average Yield/Rate
		(Dollars in thousands)
Interest-earning assets:
Cash and cash equivalents		$	57,953			$	482				3.37	%		$	95,872			$	997				4.22	%
Securities			330,040				3,301				4.06	%			249,291				2,296				3.74	%
Loans held for investment			736,528				13,066				7.19	%			761,031				13,280				7.08	%
Loans held for sale			24,192				378				6.33	%			21,482				345				6.50	%
Total earning assets (4)			1,148,713				17,227				6.08	%			1,127,676				16,918				6.08	%
Non-interest-earning assets:
Cash and cash equivalents			7,428												6,311
Fixed Assets			57,187												55,432
Allowance for credit losses			(6,264	)											(6,256	)
Other			44,397												46,609
Total non-interest-earning assets			102,748												102,096
Total Assets		$	1,251,461											$	1,229,772
Interest-bearing liabilities:
Interest-bearing demand deposits		$	116,444			$	61				0.21	%		$	107,447			$	43				0.16	%
Interest-bearing savings and money market deposits			225,722				745				1.34	%			243,622				664				1.11	%
Certificates of deposit			358,611				2,986				3.38	%			324,436				2,686				3.36	%
Total interest-bearing deposits			700,777				3,792				2.19	%			675,505				3,393				2.04	%
Interest-bearing borrowings			82,396				768				3.78	%			71,414				724				4.11	%
Total interest-bearing liabilities			783,173				4,560				2.36	%			746,919				4,117				2.24	%
Non-interest:
Demand deposits			147,575												144,454
Other liabilities			15,443												10,104
Total non-interest liabilities			163,018												154,558
Total Equity			305,270												328,295
Total liabilities and equity		$	1,251,461											$	1,229,772
Net interest income						$	12,667											$	12,801
Net interest-earning assets (1)		$	365,540											$	380,757
Net interest rate spread (2)											3.72	%											3.84	%
Net yield on interest-earning assets (3)											4.47	%											4.60	%
Average of interest-earning assets to interest-bearing liabilities			146.67	%											150.98	%
Average equity to assets			24.39	%											26.70	%

(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)	$824 thousand and $954 thousand of interest on earning assets represents origination fees, discount fees and interest income from discontinued operations for 2026 and 2025, respectively.

Rate/Volume Analysis

The following tables present 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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		Three months ended March 31, 2026 vs. Three months ended March 31, 2025
		Increase (Decrease) Due to								Total Increase (Decrease)
		Volume				Rate
		(In thousands)
Interest-earning assets:
Cash and cash equivalents		$	(394	)		$	(121	)		$	(515	)
Securities			744				261				1,005
Loans			(428	)			214				(214	)
Loans held for sale			43				(10	)			33
Total interest-earning assets			(35	)			344				309
Interest-bearing liabilities:
Interest-bearing demand deposits			4				14				18
Interest-bearing savings and money market deposits			(49	)			130				81
Certificates of deposit			282				18				300
Total interest-bearing deposits			237				162				399
Interest-bearing borrowings			112				(68	)			44
Total interest-bearing liabilities			349				94				443
Net interest income		$	(384	)		$	250			$	(134	)

Comparison of Operating Results From Continuing Operations for the Three Months Ended March 31, 2026 and 2025

General. Net income from continuing operations of $494 thousand was recorded for the three months ended March 31, 2026, compared to net income of $1.4 million for the three months ended March 31, 2025. The decrease in net income was primarily the result of a $1.1 million, or 9.75%, increase in total non-interest expenses.

Interest Income. Interest income increased $439 thousand, or 2.75%, to $16.4 million for the three months ended March 31, 2026, compared to $16.0 million for the three months ended March 31, 2025. This increase was primarily attributable to a $1.0 million, or 43.77%, increase in interest and dividends on investment securities, partially offset by a decrease of $515 thousand, or 51.65%, from interest on deposits in other banks.

Interest and fees on loans decreased $51 thousand, or 0.40%, for the three months ended March 31, 2026 compared to the same period in 2025. The average balance of loans held for investment during the three months ended March 31, 2026 decreased by $24.5 million, or 3.22%, while the average yield on these loans increased to 7.19% for the three months ended March 31, 2026 from 7.08% for the three months ended March 31, 2025. The increase in average yield on loans was due to the increasing interest rate environment, particularly within the commercial and residential construction portfolios.

The average balance of investment securities increased by $80.7 million, or 32.39%, to $330.0 million for the three months ended March 31, 2026 from $249.3 million for the three months ended March 31, 2025, while the average yield on investment securities increased to 4.06% for the three months ended March 31, 2026 compared to 3.74% for the three months ended March 31, 2025.

Interest Expense. Total interest expense increased $443 thousand, or 10.76%, to $4.6 million for the three months ended March 31, 2026, from $4.1 million for the three months ended March 31, 2025. The increase was primarily due to a increase of $399 thousand, or 11.76%, in interest on deposits. The increase in interest on deposits was primarily due to an increase in interest-bearing deposit average

39

balances of $25.3 million, or 3.74%, and an increase average rates paid to 2.19% from 2.04% for the three months ended March 31, 2026 compared to the same period in 2025. The growth in deposits is due in part to the Lafayette branch that opened in August 2025.

Net Interest Income. Net interest income decreased $4 thousand, or 0.03%, to $11.84 million for the three months ended March 31, 2026, compared to $11.85 million for the three months ended March 31, 2025. Over these periods, interest and dividends on investments increased $1.0 million, or 43.77%, partially offset by a decrease in interest income on deposits in other banks of $515 thousand, and an increase in total interest expense of $443 thousand, or 10.76%. Net interest margin was 4.47% for the three months ended March 31, 2026, compared to 4.60% for the three months ended March 31, 2025. Company net interest margins continue to include net interest income from discontinued operations.

Provision for Credit Losses. Based on an analysis of the factors described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Use of Critical Accounting Estimates — Allowance for Credit Losses,” there was a $490,000 provision for credit losses for the three months ended March 31, 2026 compared to a $385,000 provision for the same period ended March 31, 2025. The increase in the provision for credit losses was due primarily to growth in loans held for investment for the three months ended March 31, 2026.

Total non-performing loans were $15.1 million at March 31, 2026, compared to $16.9 million at December 31, 2025, and $15.4 million at March 31, 2025. The majority of non-performing loans, $11.1 million, relate to first lien residential mortgage loans. These non-performing residential loans have a weighted average loan to value below 80%. Residential real estate loans remain under elevated credit pressures in our gulf coast lending markets due to rising insurance costs. Classified loans totaled $20.2 million at March 31, 2026, compared to $20.5 million at March 31, 2025, and total loans past due greater than 30 days were $35.4 million and $35.9 million at those respective dates. Special mention loans were $1.2 million at March 31, 2026 compared to $1.0 million at March 31, 2025. As a percentage of non-performing loans, the allowance for credit losses was 42.2% at March 31, 2026 compared to 40.1% at March 31, 2025.

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 March 31, 2026. 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 $1.11 million for the three months ended March 31, 2026, an increase of $56 thousand, or 5.31%, from $1.06 million for the three months ended March 31, 2025. The increase was primarily due to an increase of $91 thousand, or 13.91%, on deposit and account service charges.

Non-interest Expense. Non-interest expense increased $1.1 million, or 9.75%, to $11.9 million for the three months ended March 31, 2026, compared to $10.8 million for the three months ended March 31, 2025. Increases in non-interest expenses were primarily due to a $601 thousand, or 9.76%, increase in salaries and employee benefits due to added staff for the Lafayette branch opened by the Bank in August 2025, normal pay and benefit increases, a $226 thousand, or 13.84%, increase in occupancy and equipment related to the new Lafayette branch and new ATM servicing contracts, and a $77 thousand, or 45.83%, increase in advertising and marketing. Increases in advertising are due to timing of initiatives and are not expected to remain elevated throughout 2026.

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Provision (Benefit) for Income Tax Expense. The provision for income taxes was $119,000 for the three months ended March 31, 2026, compared to a provision of $349,000 for the three months ended March 31, 2025. The change is a direct reflection of net income before income taxes for each period and there was no material change in the Bank’s effective tax rates.

Comparison of Results From Discontinuing Operations for the Three Months Ended March 31, 2026 and 2025

The net loss from discontinued operations was $375 thousand for the three months ended March 31, 2026 compared to a net loss of $665 thousand for the three months ended March 31, 2025. The reduction in loss is the result of unwinding the NOLA Lending Group. The Company expects revenues and expenses to decline over the next two quarters as the discontinued business unit is completely shut down. For more information on discontinued operations, see footnote 2 of the unaudited financial statements contained within this filing.

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. 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;

• 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.

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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 March 31, 2026, the calculation of the estimated changes in our EVE that would result from the designated immediate changes in the United States Treasury yield curve.

March 31, 2026
														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		$	313,266			$	(63,839	)			(16.93	)%			24.52	%			(500	)
300			330,473				(46,632	)			(12.37	)%			25.87	%			(365	)
200			348,060				(29,045	)			(7.70	)%			27.25	%			(227	)
100			363,646				(13,459	)			(3.57	)%			28.47	%			(105	)
-			377,105				—				—	%			29.52	%			—
(100)			387,554				10,449				2.77	%			30.34	%			82
(200)			394,459				17,354				4.60	%			30.88	%			136

(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.
(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 March 31, 2026 we would have experienced a 7.70% decrease in EVE in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 4.60% 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 March 31, 2026, the calculation of the estimated changes in our net interest income, referred to as “NII” throughout this document, that would result from the designated immediate changes in the United States Treasury yield curve.

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March 31, 2026
Change in Interest Rates (basis points) (1)		NII Year 1 Forecast				Year 1 Change from Level
(Dollars in thousands)
+400		$	46,282				(2.30	)%
+300			47,325				(0.10	)%
+200			47,940				1.20	%
+100			47,846				1.00	%
Level			47,372				—	%
(100)			45,856				(3.20	)%
(200)			44,767				(5.50	)%

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

The table above indicates that at March 31, 2026, we would have a 1.20% increase in NII in the event of an instantaneous parallel 200 basis point increase in market interest rates and a 5.50% 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 Director's 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 net interest 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, and at March 31, 2026, we had $95.6 million of outstanding borrowings from the Federal Home Loan Bank of Dallas. At March 31, 2026, we had the capacity to borrow an additional $317.4 million from the Federal Home Loan Bank of Dallas and an additional $137.0 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.

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 document.

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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 March 31, 2026, Fidelity Bank’s Tier 1 leverage capital was $255.6 million, or 20.23% of adjusted assets. Accordingly, it was categorized as well-capitalized at March 31, 2026. Management is not aware of any conditions or events since the most recent notification that would change our category. For further information, see Note 9 of the financial statements included elsewhere in this document.

Off-Balance Sheet Arrangements. At March 31, 2026, we had $268.3 million of outstanding commitments to originate loans, which included $229.9 million in revolving lines of credit, $20.4 million in residential construction loans and $18.0 million in commercial construction loans and lines of credit. At March 31, 2026, 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 March 31, 2026 totaled $256.9 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 included elsewhere in this document.

Impact of Inflation and Changing Prices

The financial statements and related data presented in this document 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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The information in Item 2 under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Management of Market Risk” is incorporated in this Item 3 by reference.

Item 4. Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of March 31, 2026. Based on that evaluation, the Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective. There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026, that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II – Other Information

Item 1. Legal Proceedings

The Company is not subject to any pending legal proceedings. The Bank is subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on the Bank’s or the Company’s financial condition or results of operations.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

The Company did not have any unregistered sales of equity securities during the three months ended March 31, 2026. The table below summarizes the number of shares of the Company’s common stock that were repurchased during the three months ended March 31, 2026.

										Total				Maximum
										Shares				Number of
										Purchased				Shares that
		Total								as Part of				May Yet Be
		Number								Publicly				Purchased
		of Shares				Average				Announced				Under the
		Purchased				Price Paid				Programs				Programs
		(1)				per Share				(1)				(1)
January 1 - January 31, 2026			235,991				$13.09				235,991				1,785,375
February 1 - February 28, 2026			31,801				$13.23				31,801				1,753,574
March 1 - March 31, 2026			806,761				$13.40				838,562				946,813
Three months ended March 31, 2026			1,074,553				$13.32				838,562				946,813

(1) On November 13, 2025, the Company announced its plan to repurchase 1,973,750 shares of its common stock, which was completed on January 14, 2026. On January 28, 2026, the Company’s Board of Directors approved the repurchase of an additional 1,785,375 shares, or approximately 10.0% of the Company’s common stock outstanding. The current stock repurchase plan will expire upon the earlier of the completion of all repurchases or on December 31, 2026. The Board of Directors has the right to suspend or discontinue the plan at any time. As of May 13, 2026, the Company has repurchased 1,692,261 shares through this current stock repurchase plan.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information

During the three months ended March 31, 2026, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company’s securities that was intended to satisfy the affirmative defense conditions of SEC Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as such term is defined in Item 408 of SEC Regulation S-K).

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Item 6. Exhibits

3.1	Articles of Incorporation of FB Bancorp, Inc. (1)
3.2	Bylaws of FB Bancorp, Inc. (2)
4.1	Form of Common Stock Certificate of FB Bancorp, Inc. (3)
31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104	Cover page formatted as Inline XBRL and contained in Exhibit 101

(1)	Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1, as amended (Commission File No. 333-277630), initially filed on March 4, 2024.
(2)	Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1, as amended (Commission File No. 333-277630), initially filed on March 4, 2024.
(3)	Incorporated by reference to Exhibit 4 to the Company’s Registration Statement on Form S-1, as amended (Commission File No. 333-277630), initially filed on March 4, 2024.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		FB BANCORP, INC.
Date: May 14, 2026		/s/ Christopher Ferris
		Christopher Ferris
		President and Chief Executive Officer (Duly Authorized Representative and Principal Executive Officer)

Date: May 14, 2026		/s/ Todd Wanner
		Todd Wanner
		Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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FAQ

How did FBLA’s net income change in Q1 2026?

FB Bancorp’s net income declined sharply in Q1 2026. It reported net income of $119,000 for the three months ended March 31, 2026, compared with $705,000 a year earlier, as higher expenses and discontinued operations offset steady net interest income.

What were FBLA’s earnings per share for Q1 2026?

FB Bancorp earned $0.01 per share in Q1 2026. Basic and diluted earnings per common share were $0.01, down from $0.04 in the prior-year quarter, reflecting lower net income from continuing operations and ongoing losses in discontinued operations.

Why does FBLA report discontinued operations in 2026?

Discontinued operations relate to the NOLA Lending Group sale. On March 1, 2026, the bank sold substantially all assets and liabilities of its mortgage banking segment, which had a net loss of about $2.7 million in 2025, and continues reporting its wind-down as discontinued operations.

How strong are FBLA’s regulatory capital ratios as of March 31, 2026?

FB Bancorp shows very strong capital levels. At March 31, 2026, its common equity Tier 1 and Tier 1 risk-based capital ratios were both 28.70%, and the Tier 1 leverage ratio was 20.23%, well above the thresholds required to be considered well capitalized.

What are FBLA’s key balance sheet totals in Q1 2026?

FB Bancorp’s balance sheet remains sizable and deposit-funded. Total assets were $1.27 billion, loans held for investment, net, were $753.4 million, and total deposits reached $852.5 million as of March 31, 2026, with Federal Home Loan Bank advances of $95.6 million.

How did FBLA’s non-interest expenses trend in Q1 2026?

Non-interest expenses increased year over year. For the three months ended March 31, 2026, total non-interest expenses from continuing operations were $11.9 million, up from $10.8 million in the prior-year period, contributing to a higher efficiency ratio of 91.49%.