FB Financial Corp (FBK) News & EventsFBKFB Financial Corp

WTI Crude Oil Price Jumps About 10% to $80

Fast-unraveling ceasefire between Iran and U.S. amid continued dispute over the control of transit through the Strait of Hormuz has reverberated across the asset classes in a predictable fashion on Monday.  WTI Crude Oil spiked about 10% toward $80 per barrel - the highest level in nearly a month - as traders repriced the assumption of US-Iran truce.  In turn the higher inflation expectations feedback loop punished the Treasury markets across the curve, with the benchmark 10-year yield topping 4.6% for the first time since late May and CME FedWatch tool showing swaps markets repricing the probability of a Fed rate hike as soon as this month at a near coin flip.  Higher funding costs then weighed on the large-cap growth areas of the equity market, with AI-buildout positive sectors - i.e. semiconductors, semiconductor equipment, hardware, and communications stocks - punished and the more-defensively geared Utilities and Consumer Staples being rewarded.  Energy, which is still the best performing sector in the S&P 500 this year, also saw outsized gains as the best performing sector in the index, with State Street Energy Select Sector SPDR ETFrising 3% to its best level in a month.In the opening hour of the evening session, S&P e-minis, and NASDAQ 100 contracts remain under pressure with declines of 0.2% and 0.3% respectively.   WTI Crude Oil remains bid just shy of $79 per barrel.   Elsewhere in commodities, gold and silver futures are trading near two-week lows as the U.S. dollar continues to benefit from expectations of higher short-term rates.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Lulu's Fashion Loungeup 27.9% after announcing review of strategic alternativesVision Marine Technologiesup 19.1% after Q3 pre-announcementTrex Companyup 6.1% after above-consensus revenue pre-announcementCentrus Energyup 2.0% After being initiated at buy at TruistWeatherfordup 2.0% on considered  re-domestication from Ireland to DelawareDOWN AFTER EARNINGS -FB Financialdown 1.0%ALSO LOWER -MBX Biosciencesdown 7.6% after announcing leadership transitionPenguin Solutionsdown 6.2% after announcing a convertible note offeringUnited Maritimedown 3.4% after equity offeringErascadown 1.8% after equity offering

Company Reports Q2 Revenue of $174.75M, Below Expectations

Reports Q2 revenue $174.75M, consensus $177.99M. President and Chief Executive Officer, Christopher T. Holmes stated, "The quarter's results showed strong organic growth, highlighted by double-digit loan growth, solid core earnings and stability in our net interest margin. Our results reflect the strength of our franchise and our focus on generating consistent, long-term value for shareholders. The repurchase of 3.01% of our outstanding shares during the quarter reflects our confidence in the long-term value of the franchise and our disciplined approach to capital deployment. As we look to the second half of the year, we are well positioned to continue creating value for our customers and shareholders."

FB Financial Corporation Approves Repurchase of Up to $175M in Stock

FB Financial Corporation, the parent company of FirstBank, announced today that its board of directors authorized the repurchase of up to $175M of the company's outstanding common stock. The repurchase authorization will be in place until June 30, 2027, and replaces the company's previous authorization, which was to expire on January 31, 2027. "The board's approval of this repurchase authorization reflects the Company's strong financial position and disciplined approach to capital management," said Christopher T. Holmes, President and Chief Executive Officer. "This approach allows us to evaluate capital deployment opportunities while remaining focused on long-term shareholder value."