Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 15, 2024

FB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Tennessee

001-37875

62-1216058

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification Number)

1221 Broadway, Suite 1300

Nashville, Tennessee 37203

(Address of principal executive offices) (Zip Code)

(615) 564-1212

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 Stock, $1.00 par value	FBK	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 15, 2024, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the second quarter ended June 30, 2024 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this current report on Form 8-K (this “Report”).

Item 7.01. Regulation FD Disclosure.

On July 16, 2024, FB Financial will host a conference call to discuss financial results for the quarter ended June 30, 2024.

On July 15, 2024, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the second quarter ended June 30, 2024 (the “Financial Supplement”) and an earnings release presentation (the “Earnings Presentation”) containing additional information about FB Financial’s financial results for the quarter ended June 30, 2024.

Copies of the Financial Supplement and the Earnings Presentation are furnished as Exhibit 99.2 and Exhibit 99.3, respectively, to this Report.

The information contained in this Report, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued July 15, 2024
99.2						Financial Supplement for the quarter ended June 30, 2024
99.3						Earnings Presentation dated July 16, 2024
104						Cover Page Interactive Data File (formatted as inline XBRL document)

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 hereunto duly authorized.


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer
		(Principal Financial Officer)
Date: July 15, 2024

FB Financial Corporation Reports Second Quarter 2024 Financial Results

Reports Q2 Diluted EPS of $0.85, Adjusted Diluted EPS* of $0.84

NASHVILLE, TENNESSEE—July 15, 2024-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $40.0 million, or $0.85 per diluted common share, for the second quarter of 2024, compared to $0.59 in the previous quarter and $0.75 in the second quarter of last year. Adjusted net income* was $39.4 million, or $0.84 per diluted common share, compared to $0.85 in the previous quarter and $0.77 in the second quarter of last year.

The Company ended the second quarter with loans held for investment (“HFI”) of $9.31 billion compared to $9.29 billion at the end of the previous quarter and $9.33 billion at the end of the second quarter of last year. Deposits were $10.47 billion as of June 30, 2024, compared to $10.50 billion as of March 31, 2024, and $10.87 billion as of June 30, 2023. Net interest margin (“NIM”) was 3.57% for the second quarter of 2024, compared to 3.42% in the prior quarter and 3.40% in the second quarter of 2023. The Company ended the quarter with book value per common share of $32.17 and tangible book value per common share* of $26.82, which represents a 9.36% annualized increase from the previous quarter.

President and Chief Executive Officer, Christopher T. Holmes stated, “Our results for the quarter reflect the Company's recurring themes of a fortress balance sheet and increasing profitability. Our capital and loan loss reserves are very strong and we intentionally maintain low leverage positions, giving us capacity for growth opportunities. The strength of the balance sheet also allows us to continue driving better profitability with our NIM increasing 15 basis points during the quarter and adjusted pre-tax, pre-provision return on average assets* improving to 1.70% for the quarter.”


										Annualized
(dollars in thousands, except share data)	Jun 2024			Mar 2024			Jun 2023			Jun 24 / March 24 % Change		Jun 24 / Jun 23 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,482,379		$	1,464,682		$	1,422,391		4.86	%	4.22	%
Loans held for sale	106,875			82,704			99,131			117.5	%	7.81	%

Loans HFI	9,309,553			9,288,909			9,326,024			0.89	%	(0.18)	%

Allowance for credit losses on loans HFI	155,055			151,667			140,664			8.98	%	10.2	%
Total assets	12,535,169			12,548,320			12,887,395			(0.42)	%	(2.73)	%

Interest-bearing deposits (non-brokered)	8,130,704			8,191,962			8,233,082			(3.01)	%	(1.24)	%
Brokered deposits	150,113			130,845			238,885			59.2	%	(37.2)	%
Noninterest-bearing deposits	2,187,185			2,182,121			2,400,288			0.93	%	(8.88)	%



Total deposits	10,468,002			10,504,928			10,872,255			(1.41)	%	(3.72)	%

Borrowings	360,944			360,821			390,354			0.14	%	(7.53)	%
Allowance for credit losses on unfunded commitments	5,984			7,700			14,810			(89.6)	%	(59.6)	%
Total common shareholders' equity	1,500,502			1,479,526			1,386,951			5.70	%	8.19	%
Book value per common share	$	32.17		$	31.55		$	29.64		7.90	%	8.54	%
Tangible book value per common share*	$	26.82		$	26.21		$	24.23		9.36	%	10.7	%

Total common shareholders' equity to total assets	12.0		%	11.8		%	10.8		%
Tangible common equity to tangible assets*	10.2		%	9.99		%	8.98		%

*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 Financial Supplement.

-MORE-

FB Financial Corporation

Second Quarter 2024 Results

Page 2


	Three Months Ended
(dollars in thousands, except share data)	Jun 2024			Mar 2024			Jun 2023
Statement of Income Highlights
Net interest income	$	102,615		$	99,490		$	101,543
NIM	3.57		%	3.42		%	3.40		%



Noninterest income	$	25,608		$	7,962		$	23,813

Loss from securities, net	$	—		$	(16,213)		$	(28)

Cash life insurance benefit	$	2,057		$	—		$	—
Total revenue	$	128,223		$	107,452		$	125,356
Noninterest expense	$	75,093		$	72,420		$	81,292


Severance costs	$	1,015		$	—		$	1,426

FDIC special assessment	$	—		$	500		$	—
Efficiency ratio	58.6		%	67.4		%	64.8		%
Core efficiency ratio*	58.3		%	58.1		%	63.5		%





Pre-tax, pre-provision net revenue	$	53,130		$	35,032		$	44,064
Adjusted pre-tax, pre-provision net revenue*	$	52,369		$	51,180		$	44,992
Provisions for (reversals of) credit losses	$	2,224		$	782		$	(1,078)
Net charge-offs ratio	0.02		%	0.02		%	0.03		%
Net income applicable to FB Financial Corporation	$	39,979		$	27,950		$	35,299
Diluted earnings per common share	$	0.85		$	0.59		$	0.75
Effective tax rate	21.4		%	18.4		%	21.8		%
Adjusted net income*	$	39,424		$	39,890		$	35,993
Adjusted diluted earnings per common share*	$	0.84		$	0.85		$	0.77


Weighted average number of shares outstanding - fully diluted	46,845,143			46,998,873			46,814,854

Returns on average:

Return on average total assets (“ROAA”)	1.30		%	0.89		%	1.10		%
Adjusted*	1.28		%	1.27		%	1.13		%
Return on average shareholders' equity	10.9		%	7.70		%	10.3		%
Return on average tangible common equity (“ROATCE”)*	13.1		%	9.29		%	12.6		%
Adjusted*	13.1		%	13.5		%	13.1		%




*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 Financial Supplement.

Balance Sheet and Net Interest Margin

The Company reported loans HFI of $9.31 billion at the end of the second quarter of 2024, compared to $9.29 billion at the end of the prior quarter. Net growth in loans HFI included a decline in construction loans of $68.8 million, a decline of $18.0 million in multifamily loans, and an increase in owner and non-owner occupied commercial real estate loans of $82.3 million.

The Company reported total deposits of $10.47 billion at the end of the second quarter compared to $10.50 billion at the end of the first quarter. The decrease in deposits was driven by three large depositor relationship customers shifting deposits away from the bank for higher yields; however, each of the customers still maintain a relationship with the Company. Total cost of deposits was relatively stable at 2.77% during the second quarter compared to 2.76% in the first quarter of 2024. Noninterest-bearing deposits were $2.19 billion at the end of the quarter compared to $2.18 billion at the end of the first quarter of 2024.

The Company’s net interest income on a tax equivalent basis increased in the second quarter of 2024 to $103.3 million from $100.2 million in the prior quarter. NIM increased to 3.57% for the second quarter of 2024 from 3.42% for the previous quarter. NIM was impacted by the recent investment portfolio restructuring and active management of deposit costs, while loans HFI continued to reprice higher. The cost of interest-bearing deposits increased to 3.52% from 3.49% in the previous quarter and the contractual yield on loans HFI increased to 6.60% from 6.55% from the first quarter of 2024.

Holmes continued, “During the quarter, our net interest margin expanded as deposit pricing stabilized, noninterest-bearing balances were flat, loan yields adjusted upward and investment securities yields increased from our recent portfolio restructuring. The Company’s loan portfolio is well diversified with appropriately managed concentration limits, allowing our relationship managers to focus on growth. Additionally, we are actively enhancing the granularity of our deposits, which contributes to the long-term strength of our franchise.”

Noninterest Income

Core noninterest income* was $23.8 million for the second quarter of 2024, compared to $23.6 million and $23.3 million for the prior quarter and second quarter of 2023, respectively. These amounts reflect adjustments of a $2.1 million cash life insurance benefit and a $0.3 million loss on sales or write-downs of other real estate owned and other assets in the second quarter of 2024,

-MORE-

FB Financial Corporation

Second Quarter 2024 Results

Page 3

compared to a $16.2 million loss from sale of securities and $0.6 million gain on sale of other real estate owned and other assets in the previous quarter.

Mortgage banking income declined slightly to $11.9 million in the second quarter of 2024, compared to $12.6 million in the prior quarter and $12.2 million in the second quarter of 2023.

Noninterest Expense

Core noninterest expense* during the second quarter of 2024 was $74.1 million compared to $71.9 million for the prior quarter and $79.9 million for the second quarter of 2023. During the second quarter of 2024, the Company’s core efficiency ratio*1 was 58.3%, compared to 58.1% in the previous quarter and 63.5% in the second quarter of 2023. Core banking noninterest expense* was $61.3 million for the quarter, compared to $59.8 million in the prior quarter and $65.2 million in the second quarter of 2023.

Credit Quality

In the second quarter, the Company recorded a provision expense of $3.9 million related to loans HFI and a provision reversal of $1.7 million related to unfunded loan commitments, resulting in a net provision expense of $2.2 million. The Company ended the quarter with $516.8 million in unfunded commitments for construction and land development loans, a decline of $73.8 million from the first quarter of 2024 and $626.2 million from the second quarter of 2023. The Company had an allowance for credit losses on loans HFI as of the end of the second quarter of 2024 of $155.1 million, representing 1.67% of loans HFI compared to $151.7 million, or 1.63% of loans HFI as of March 31, 2024.

The Company experienced net charge-offs of $0.6 million in the second quarter of 2024, representing annualized net charge-offs of 0.02% of average loans HFI, which compares to annualized net charge-offs of 0.02% in the prior quarter and annualized net charge-offs of 0.03% in the second quarter of 2023.

The Company’s nonperforming loans HFI as a percentage of total loans HFI increased to 0.79% as of the end of the second quarter of 2024, compared to 0.73% at the previous quarter-end and 0.47% at the end of the second quarter of 2023. Nonperforming assets as a percentage of total assets increased to 0.81% as of the end of the second quarter of 2024, compared to 0.75% at the end of the prior quarter and 0.59% as of the end of the second quarter of 2023.

Holmes commented, “Credit quality remains a point of emphasis at this stage of the economic cycle. The Company increased its allowance for credit losses during the quarter to address an individually evaluated credit and continues to have a cautiously optimistic outlook on the economy. Annualized net charge-offs were 2 basis points which is in line with our recent historical performance.”

Capital

The Company continued its capital build in the second quarter, resulting in a total risk-based capital ratio of 15.1%, common equity tier 1 ratio of 12.7% and tangible common equity to tangible assets ratio* of 10.2%. The Company repurchased 353,286 shares during the quarter.

Holmes continued, “The Company's capital strength allows us deployment options as we look forward, including organic growth, acquisitions, balance sheet restructuring and share repurchases.”

Summary

Holmes finalized, “During the first half of 2024, we have been able to improve results in key metrics including net income, net interest margin and return on assets, while building capital and reserves. These actions have positioned the Company to continue creating shareholder value in both the coming quarters and longer term.”

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results on July 16, 2024, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 0276461) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through July 23, 2024, by dialing 1-877-344-7529 and entering confirmation code 8320665.

A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=jkMY8gAC. An online replay will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 12 months.

*Non-GAAP financial measure;1A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 Financial Supplement.

-MORE-

FB Financial Corporation

Second Quarter 2024 Results

Page 4

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank with 77 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FB Financial Corporation has approximately $12.54 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

Dustin Haupt						Michael Mettee
615-370-6737						615-564-1212
dustin.haupt@firstbankonline.com						mmettee@firstbankonline.com
www.firstbankonline.com						investorrelations@firstbankonline.com

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Second Quarter 2024 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Second Quarter 2024 Financial Supplement and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on July 15, 2024.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Earnings Release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (13) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or

-MORE-

FB Financial Corporation

Second Quarter 2024 Results

Page 5

otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.

The Company qualifies all forward-looking statements by these cautionary statements.

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated core revenue, consolidated core and segment noninterest expense and consolidated core noninterest income, consolidated core efficiency ratio (tax-equivalent basis), and adjusted return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.

A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company's Second Quarter 2024 Financial Supplement, which is available at https://investors.firstbankonline.com.

-MORE-

FB Financial Corporation

Second Quarter 2024 Results

Page 6


Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)

	As of or for the Three Months Ended
	Jun 2024			Mar 2024			Jun 2023
Selected Balance Sheet Data
Cash and cash equivalents	$	800,902		$	870,730		$	1,160,354
Investment securities, at fair value	1,482,379			1,464,682			1,422,391
Loans held for sale	106,875			82,704			99,131
Loans HFI	9,309,553			9,288,909			9,326,024
Allowance for credit losses on loans HFI	(155,055)			(151,667)			(140,664)


Total assets	12,535,169			12,548,320			12,887,395
Interest bearing deposits (non-brokered)	8,130,704			8,191,962			8,233,082
Brokered deposits	150,113			130,845			238,885
Non-interest bearing deposits	2,187,185			2,182,121			2,400,288
Total deposits	10,468,002			10,504,928			10,872,255
Borrowings	360,944			360,821			390,354
Allowance for credit losses on unfunded commitments	(5,984)			(7,700)			(14,810)
Total common shareholders' equity	1,500,502			1,479,526			1,386,951
Selected Statement of Income Data
Total interest income	$	177,413		$	176,128		$	170,183
Total interest expense	74,798			76,638			68,640
Net interest income	102,615			99,490			101,543
Total noninterest income	25,608			7,962			23,813
Total noninterest expense	75,093			72,420			81,292
Earnings before income taxes and provisions for credit losses	53,130			35,032			44,064
Provisions for (reversals of) credit losses	2,224			782			(1,078)
Income tax expense	10,919			6,300			9,835
Net income applicable to noncontrolling interest	8			—			8
Net income applicable to FB Financial Corporation	$	39,979		$	27,950		$	35,299
Net interest income (tax-equivalent basis)	$	103,254		$	100,199		$	102,383
Adjusted net income*	$	39,424		$	39,890		$	35,993
Adjusted pre-tax, pre-provision net revenue*	$	52,369		$	51,180		$	44,992
Per Common Share
Diluted net income	$	0.85		$	0.59		$	0.75
Adjusted diluted net income*	0.84			0.85			0.77

Book value	32.17			31.55			29.64
Tangible book value*	26.82			26.21			24.23

Weighted average number of shares outstanding - fully diluted	46,845,143			46,998,873			46,814,854
Period-end number of shares	46,642,958			46,897,378			46,798,751
Selected Ratios
Return on average:
Assets	1.30		%	0.89		%	1.10		%
Shareholders' equity	10.9		%	7.70		%	10.3		%
Tangible common equity*	13.1		%	9.29		%	12.6		%

Efficiency ratio	58.6		%	67.4		%	64.8		%
Core efficiency ratio (tax-equivalent basis)*	58.3		%	58.1		%	63.5		%
Loans HFI to deposit ratio	88.9		%	88.4		%	85.8		%

Noninterest-bearing deposits to total deposits	20.9		%	20.8		%	22.1		%
Net interest margin (tax-equivalent basis)	3.57		%	3.42		%	3.40		%
Yield on interest-earning assets	6.16		%	6.03		%	5.67		%
Cost of interest-bearing liabilities	3.56		%	3.56		%	3.14		%
Cost of total deposits	2.77		%	2.76		%	2.38		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.67		%	1.63		%	1.51		%

Annualized net charge-offs as a percentage of average loans HFI	0.02		%	0.02		%	0.03		%
Nonperforming loans HFI as a percentage of loans HFI	0.79		%	0.73		%	0.47		%
Nonperforming assets as a percentage of total assets	0.81		%	0.75		%	0.59		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	12.0		%	11.8		%	10.8		%
Tangible common equity to tangible assets*	10.2		%	9.99		%	8.98		%
Tier 1 leverage	11.7		%	11.3		%	10.7		%
Tier 1 risk-based capital	13.0		%	12.8		%	11.9		%
Total risk-based capital	15.1		%	15.0		%	13.9		%
Common equity Tier 1	12.7		%	12.6		%	11.7		%

*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Second Quarter 2024 Financial Supplement.

-END-

Second Quarter 2024

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8



Investments and Other Sources of Liquidity			11

Loan Portfolio			12

Asset Quality			13

Selected Deposit Data			14

Preliminary Capital Ratios			15

Segment Data			16

Non-GAAP Reconciliations			17

Use of non-GAAP Financial Measures

This Financial Supplement contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of or for the Three Months Ended
	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023
Selected Balance Sheet Data
Cash and cash equivalents	$	800,902		$	870,730		$	810,932		$	848,318		$	1,160,354
Investment securities, at fair value	1,482,379			1,464,682			1,471,973			1,351,153			1,422,391
Loans held for sale	106,875			82,704			67,847			103,858			99,131
Loans HFI	9,309,553			9,288,909			9,408,783			9,287,225			9,326,024
Allowance for credit losses on loans HFI	(155,055)			(151,667)			(150,326)			(146,134)			(140,664)


Total assets	12,535,169			12,548,320			12,604,403			12,489,631			12,887,395
Interest bearing deposits (non-brokered)	8,130,704			8,191,962			8,179,430			8,105,713			8,233,082
Brokered deposits	150,113			130,845			150,475			174,920			238,885
Non-interest bearing deposits	2,187,185			2,182,121			2,218,382			2,358,435			2,400,288
Total deposits	10,468,002			10,504,928			10,548,287			10,639,068			10,872,255
Borrowings	360,944			360,821			390,964			226,689			390,354
Allowance for credit losses on unfunded commitments	(5,984)			(7,700)			(8,770)			(11,600)			(14,810)
Total common shareholders' equity	1,500,502			1,479,526			1,454,794			1,372,901			1,386,951
Selected Statement of Income Data
Total interest income	$	177,413		$	176,128		$	174,835		$	173,912		$	170,183
Total interest expense	74,798			76,638			73,747			72,986			68,640
Net interest income	102,615			99,490			101,088			100,926			101,543
Total noninterest income	25,608			7,962			15,339			8,042			23,813
Total noninterest expense	75,093			72,420			80,200			82,997			81,292
Earnings before income taxes and provisions for credit losses	53,130			35,032			36,227			25,971			44,064
Provisions for (reversals of) credit losses	2,224			782			305			2,821			(1,078)
Income tax expense	10,919			6,300			6,545			3,975			9,835
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation	$	39,979		$	27,950		$	29,369		$	19,175		$	35,299
Net interest income (tax-equivalent basis)	$	103,254		$	100,199		$	101,924		$	101,762		$	102,383
Adjusted net income*	$	39,424		$	39,890		$	36,152		$	33,148		$	35,993
Adjusted pre-tax, pre-provision net revenue*	$	52,369		$	51,180		$	45,390		$	44,869		$	44,992
Per Common Share
Diluted net income	$	0.85		$	0.59		$	0.63		$	0.41		$	0.75
Adjusted diluted net income*	0.84			0.85			0.77			0.71			0.77

Book value	32.17			31.55			31.05			29.31			29.64
Tangible book value*	26.82			26.21			25.69			23.93			24.23

Weighted average number of shares outstanding - fully diluted	46,845,143			46,998,873			46,916,939			46,856,422			46,814,854
Period-end number of shares	46,642,958			46,897,378			46,848,934			46,839,159			46,798,751
Selected Ratios
Return on average:
Assets	1.30		%	0.89		%	0.94		%	0.61		%	1.10		%
Shareholders' equity	10.9		%	7.70		%	8.41		%	5.46		%	10.3		%
Tangible common equity*	13.1		%	9.29		%	10.3		%	6.67		%	12.6		%

Efficiency ratio	58.6		%	67.4		%	68.9		%	76.2		%	64.8		%
Core efficiency ratio (tax-equivalent basis)*	58.3		%	58.1		%	61.7		%	63.1		%	63.5		%
Loans HFI to deposit ratio	88.9		%	88.4		%	89.2		%	87.3		%	85.8		%

Noninterest-bearing deposits to total deposits	20.9		%	20.8		%	21.0		%	22.2		%	22.1		%
Net interest margin (NIM) (tax-equivalent basis)	3.57		%	3.42		%	3.46		%	3.42		%	3.40		%
Yield on interest-earning assets	6.16		%	6.03		%	5.96		%	5.87		%	5.67		%
Cost of interest-bearing liabilities	3.56		%	3.56		%	3.47		%	3.41		%	3.14		%
Cost of total deposits	2.77		%	2.76		%	2.65		%	2.58		%	2.38		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.67		%	1.63		%	1.60		%	1.57		%	1.51		%

Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	0.02		%	(0.04)		%	0.02		%	0.03		%
Nonperforming loans HFI as a percentage of loans HFI	0.79		%	0.73		%	0.65		%	0.59		%	0.47		%
Nonperforming assets as a percentage of total assets	0.81		%	0.75		%	0.69		%	0.71		%	0.59		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	12.0		%	11.8		%	11.5		%	11.0		%	10.8		%
Tangible common equity to tangible assets*	10.2		%	9.99		%	9.74		%	9.16		%	8.98		%
Tier 1 leverage	11.7		%	11.3		%	11.3		%	11.0		%	10.7		%
Tier 1 risk-based capital	13.0		%	12.8		%	12.5		%	12.1		%	11.9		%
Total risk-based capital	15.1		%	15.0		%	14.5		%	14.1		%	13.9		%

Common equity Tier 1	12.7		%	12.6		%	12.2		%	11.8		%	11.7		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Jun 2024		Jun 2024
													vs.		vs.
	Three Months Ended										Mar 2024	Jun 2023
	Jun 2024		Mar 2024		Dec 2023		Sep 2023		Jun 2023				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	155,379	$	155,606	$	155,737	$	153,882	$	149,220			(0.15)	%	4.13	%
Interest on investment securities
Taxable	11,966		9,105		7,808		6,399		6,480				31.4	%	84.7	%
Tax-exempt	1,168		1,442		1,746		1,795		1,808				(19.0)	%	(35.4)	%
Other	8,900		9,975		9,544		11,836		12,675				(10.8)	%	(29.8)	%
Total interest income	177,413		176,128		174,835		173,912		170,183				0.73	%	4.25	%
Interest expense:
Deposits	71,501		72,625		70,873		69,826		65,257				(1.55)	%	9.57	%
Borrowings	3,297		4,013		2,874		3,160		3,383				(17.8)	%	(2.54)	%
Total interest expense	74,798		76,638		73,747		72,986		68,640				(2.40)	%	8.97	%
Net interest income	102,615		99,490		101,088		100,926		101,543				3.14	%	1.06	%
Provision for credit losses on loans HFI	3,940		1,852		3,135		6,031		2,575				112.7	%	53.0	%
Reversal of credit losses on unfunded commitments	(1,716)		(1,070)		(2,830)		(3,210)		(3,653)				60.4	%	(53.0)	%
Net interest income after provisions for credit losses	100,391		98,708		100,783		98,105		102,621				1.71	%	(2.17)	%
Noninterest income:
Mortgage banking income	11,910		12,585		8,376		11,998		12,232				(5.36)	%	(2.63)	%
Service charges on deposit accounts	3,167		3,141		2,957		2,959		3,185				0.83	%	(0.57)	%
Investment services and trust income	3,387		3,230		3,093		3,072		2,777				4.86	%	22.0	%
ATM and interchange fees	2,814		2,944		2,618		2,639		2,629				(4.42)	%	7.04	%
(Loss) gain from securities, net	—		(16,213)		183		(14,197)		(28)				(100.0)	%	(100.0)	%
(Loss) gain on sales or write-downs of other real estate owned and other assets	(281)		565		(492)		115		533				(149.7)	%	(152.7)	%

Other income	4,611		1,710		(1,396)		1,456		2,485				169.6	%	85.6	%
Total noninterest income	25,608		7,962		15,339		8,042		23,813				221.6	%	7.54	%
Total revenue	128,223		107,452		116,427		108,968		125,356				19.3	%	2.29	%
Noninterest expenses:
Salaries, commissions and employee benefits	46,225		44,618		48,142		54,491		52,020				3.60	%	(11.1)	%
Occupancy and equipment expense	6,328		6,614		9,530		6,428		6,281				(4.32)	%	0.75	%
Data processing	2,286		2,408		2,434		2,338		2,345				(5.07)	%	(2.52)	%
Legal and professional fees	1,979		1,919		1,823		1,760		2,199				3.13	%	(10.0)	%

Advertising	1,859		1,171		2,009		2,124		2,001				58.8	%	(7.10)	%
Amortization of core deposits and other intangibles	752		789		840		889		940				(4.69)	%	(20.0)	%



Other expense	15,664		14,901		15,422		14,967		15,506				5.12	%	1.02	%
Total noninterest expense	75,093		72,420		80,200		82,997		81,292				3.69	%	(7.63)	%
Income before income taxes	50,906		34,250		35,922		23,150		45,142				48.6	%	12.8	%
Income tax expense	10,919		6,300		6,545		3,975		9,835				73.3	%	11.0	%
Net income applicable to FB Financial Corporation and noncontrolling interest	39,987		27,950		29,377		19,175		35,307				43.1	%	13.3	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	39,979	$	27,950	$	29,369	$	19,175	$	35,299			43.0	%	13.3	%
Weighted average common shares outstanding:
Basic	46,762,488		46,874,882		46,845,055		46,818,612		46,779,388				(0.24)	%	(0.04)	%
Fully diluted	46,845,143		46,998,873		46,916,939		46,856,422		46,814,854				(0.33)	%	0.06	%
Earnings per common share:
Basic	$	0.85	$	0.60	$	0.63	$	0.41	$	0.75			41.7	%	13.3	%
Fully diluted	0.85		0.59		0.63		0.41		0.75				44.1	%	13.3	%
Fully diluted - adjusted*	0.84		0.85		0.77		0.71		0.77				(1.18)	%	9.09	%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						5


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)

					Jun 2024
					vs.
	Six Months Ended				Jun 2023
	Jun 2024		Jun 2023		Percent variance
Interest income:
Interest and fees on loans	$	310,985	$	289,576	7.39	%
Interest on investment securities
Taxable	21,071		13,050		61.5	%
Tax-exempt	2,610		3,612		(27.7)	%
Other	18,875		23,425		(19.4)	%
Total interest income	353,541		329,663		7.24	%
Interest expense:
Deposits	144,126		118,120		22.0	%
Borrowings	7,310		6,340		15.3	%
Total interest expense	151,436		124,460		21.7	%
Net interest income	202,105		205,203		(1.51)	%
Provision for credit losses on loans HFI	5,792		7,572		(23.5)	%
Reversal of credit losses on unfunded commitments	(2,786)		(8,159)		(65.9)	%
Net interest income after provisions for credit losses	199,099		205,790		(3.25)	%
Noninterest income:
Mortgage banking income	24,495		24,318		0.73	%
Service charges on deposit accounts	6,308		6,238		1.12	%
Investment services and trust income	6,617		5,155		28.4	%
ATM and interchange fees	5,758		5,025		14.6	%

(Loss) gain from securities, net	(16,213)		41		NM
Gain on sales or write-downs of other real estate owned and other assets	284		350		(18.9)	%

Other income	6,321		6,035		4.74	%
Total noninterest income	33,570		47,162		(28.8)	%
Total revenue	235,675		252,365		(6.61)	%
Noninterest expenses:
Salaries, commissions and employee benefits	90,843		100,808		(9.89)	%
Occupancy and equipment expense	12,942		12,190		6.17	%
Legal and professional fees	3,898		5,307		(26.5)	%
Data processing	4,694		4,458		5.29	%

Advertising	3,030		4,134		(26.7)	%
Amortization of core deposit and other intangibles	1,541		1,930		(20.2)	%

Other expense	30,565		32,905		(7.11)	%
Total noninterest expense	147,513		161,732		(8.79)	%
Income before income taxes	85,156		91,220		(6.65)	%
Income tax expense	17,219		19,532		(11.8)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	67,937		71,688		(5.23)	%
Net income applicable to noncontrolling interests	8		8		—	%

Net income applicable to FB Financial Corporation	$	67,929	$	71,680	(5.23)	%
Weighted average common shares outstanding:
Basic	46,818,685		46,729,778		0.19	%
Fully diluted	46,911,466		46,777,603		0.29	%
Earnings per common share:
Basic	$	1.45	$	1.53	(5.23)	%
Fully diluted	1.45		1.53		(5.23)	%
Fully diluted - adjusted*	1.69		1.53		10.5	%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

NM- Not meaningful


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Jun 2024		Jun 2024
													vs.		vs.
	As of										Mar 2024	Jun 2023
	Jun 2024		Mar 2024		Dec 2023		Sep 2023		Jun 2023				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	192,571	$	124,772	$	146,542	$	188,317	$	147,646			218.5	%	30.4	%
Federal funds sold and reverse repurchase agreements	91,909		100,785		83,324		129,885		48,346				(35.4)	%	90.1	%
Interest-bearing deposits in financial institutions	516,422		645,173		581,066		530,116		964,362				(80.3)	%	(46.4)	%
Cash and cash equivalents	800,902		870,730		810,932		848,318		1,160,354				(32.3)	%	(31.0)	%
Investments:
Available-for-sale debt securities, at fair value	1,482,379		1,464,682		1,471,973		1,348,219		1,419,360				4.86	%	4.44	%
Equity securities, at fair value	—		—		—		2,934		3,031				—	%	(100.0)	%
Federal Home Loan Bank stock, at cost	33,030		33,948		34,190		34,809		40,266				(10.9)	%	(18.0)	%


Loans held for sale	106,875		82,704		67,847		103,858		99,131				117.5	%	7.81	%
Loans held for investment	9,309,553		9,288,909		9,408,783		9,287,225		9,326,024				0.89	%	(0.18)	%
Less: allowance for credit losses on loans HFI	155,055		151,667		150,326		146,134		140,664				8.98	%	10.23	%
Net loans held for investment	9,154,498		9,137,242		9,258,457		9,141,091		9,185,360				0.76	%	(0.34)	%
Premises and equipment, net	154,731		155,271		155,731		156,081		154,526				(1.40)	%	0.13	%
Other real estate owned, net	4,173		3,613		3,192		1,504		1,974				62.3	%	111.4	%
Operating lease right-of-use assets	49,123		51,421		54,295		56,240		56,560				(18.0)	%	(13.1)	%
Interest receivable	52,781		53,506		52,715		49,205		44,973				(5.45)	%	17.4	%
Mortgage servicing rights, at fair value	164,505		165,674		164,249		172,710		166,433				(2.84)	%	(1.16)	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	7,168		7,920		8,709		9,549		10,438				(38.2)	%	(31.3)	%
Bank-owned life insurance	71,930		76,574		76,143		75,739		75,341				(24.4)	%	(4.53)	%
Other assets	210,513		202,474		203,409		246,813		227,087				16.0	%	(7.30)	%
Total assets	$	12,535,169	$	12,548,320	$	12,604,403	$	12,489,631	$	12,887,395			(0.42)	%	(2.73)	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,187,185	$	2,182,121	$	2,218,382	$	2,358,435	$	2,400,288			0.93	%	(8.88)	%
Interest-bearing checking	2,628,554		2,421,487		2,504,421		2,554,641		2,879,336				34.4	%	(8.71)	%
Money market and savings	4,157,968		4,298,938		4,204,851		4,119,357		3,971,975				(13.2)	%	4.68	%
Customer time deposits	1,343,934		1,471,190		1,469,811		1,431,119		1,381,176				(34.8)	%	(2.70)	%
Brokered and internet time deposits	150,361		131,192		150,822		175,516		239,480				58.8	%	(37.2)	%
Total deposits	10,468,002		10,504,928		10,548,287		10,639,068		10,872,255				(1.41)	%	(3.72)	%
Borrowings	360,944		360,821		390,964		226,689		390,354				0.14	%	(7.53)	%
Operating lease liabilities	61,932		64,562		67,643		67,542		67,304				(16.4)	%	(7.98)	%
Accrued expenses and other liabilities	143,696		138,390		142,622		183,338		170,438				15.4	%	(15.7)	%
Total liabilities	11,034,574		11,068,701		11,149,516		11,116,637		11,500,351				(1.24)	%	(4.05)	%
Shareholders' equity:
Common stock, $1 par value	46,643		46,897		46,849		46,839		46,799				(2.18)	%	(0.33)	%
Additional paid-in capital	855,391		866,803		864,258		862,340		859,516				(5.30)	%	(0.48)	%
Retained earnings	730,242		698,310		678,412		656,120		644,043				18.4	%	13.4	%
Accumulated other comprehensive loss, net	(131,774)		(132,484)		(134,725)		(192,398)		(163,407)				(2.16)	%	(19.4)	%
Total common shareholders' equity	1,500,502		1,479,526		1,454,794		1,372,901		1,386,951				5.70	%	8.19	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,500,595		1,479,619		1,454,887		1,372,994		1,387,044				5.70	%	8.19	%
Total liabilities and shareholders' equity	$	12,535,169	$	12,548,320	$	12,604,403	$	12,489,631	$	12,887,395			(0.42)	%	(2.73)	%


FB Financial Corporation						7


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	June 30, 2024						March 31, 2024
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,263,822	$	154,226	6.70	%	$	9,386,794	$	154,956	6.64	%
Mortgage loans held for sale	80,919		1,380		6.86	%	48,566		851		7.05	%

Investment securities:
Taxable	1,464,045		11,966		3.29	%	1,399,237		9,105		2.62	%
Tax-exempt(b)	193,347		1,580		3.29	%	241,379		1,950		3.25	%
Total investment securities(b)	1,657,392		13,546		3.29	%	1,640,616		11,055		2.71	%
Federal funds sold and reverse repurchase agreements	108,097		1,497		5.57	%	155,380		2,126		5.50	%
Interest-bearing deposits with other financial institutions	488,123		6,641		5.47	%	530,390		7,066		5.36	%
FHLB stock	33,495		762		9.15	%	34,051		783		9.25	%
Total interest-earning assets(b)	11,631,848		178,052		6.16	%	11,795,797		176,837		6.03	%
Noninterest-earning assets:
Cash and due from banks	124,729						167,732
Allowance for credit losses on loans HFI	(151,724)						(150,605)
Other assets(c)(d)	766,591						777,155
Total noninterest-earning assets	739,596						794,282
Total assets	$	12,371,444					$	12,590,079
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,500,325	$	19,074	3.07	%	$	2,539,084	$	19,016	3.01	%
Money market	3,779,139		36,887		3.93	%	3,849,080		37,570		3.93	%
Savings deposits	369,779		64		0.07	%	377,963		62		0.07	%
Customer time deposits	1,387,956		13,812		4.00	%	1,457,377		14,124		3.90	%
Brokered and internet time deposits	123,003		1,664		5.44	%	140,292		1,853		5.31	%
Time deposits	1,510,959		15,476		4.12	%	1,597,669		15,977		4.02	%
Total interest-bearing deposits	8,160,202		71,501		3.52	%	8,363,796		72,625		3.49	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	24,680		122		1.99	%	24,219		149		2.47	%

Subordinated debt	130,464		1,615		4.98	%	129,718		2,286		7.09	%
Other borrowings	131,293		1,560		4.78	%	131,318		1,578		4.83	%
Total other interest-bearing liabilities	286,437		3,297		4.63	%	285,255		4,013		5.66	%
Total interest-bearing liabilities	8,446,639		74,798		3.56	%	8,649,051		76,638		3.56	%
Noninterest-bearing liabilities:
Demand deposits	2,222,005						2,227,175
Other liabilities(d)	229,426						253,024
Total noninterest-bearing liabilities	2,451,431						2,480,199
Total liabilities	10,898,070						11,129,250
Total common shareholders' equity	1,473,281						1,460,736
Noncontrolling interest	93						93
Total equity	1,473,374						1,460,829
Total liabilities and shareholders' equity	$	12,371,444					$	12,590,079
Net interest income(b)			$	103,254					$	100,199
Interest rate spread(b)					2.60	%					2.47	%
Net interest margin(b)(e)					3.57	%					3.42	%
Cost of total deposits					2.77	%					2.76	%
Average interest-earning assets to average interest-bearing liabilities					137.7	%					136.4	%
Tax-equivalent adjustment			$	639					$	709
Loans HFI yield components:
Contractual interest rate(b)			$	151,971	6.60	%			$	152,875	6.55	%
Origination and other loan fee income			1,291		0.06	%			1,436		0.06	%
Accretion on purchased loans			161		0.01	%			387		0.02	%
Nonaccrual interest			737		0.03	%			258		0.01	%
Syndication fee income			66		—	%			—		—	%
Total loans HFI yield			$	154,226	6.70	%			$	154,956	6.64	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.

(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.

(c) Includes average net unrealized losses on investment securities available for sale of $198,073 and $194,091 for the three months ended June 30, 2024 and March 31, 2024, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $20,750 for both the three months ended June 30, 2024 and March 31, 2024.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation						8


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	December 31, 2023						September 30, 2023						June 30, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,330,176	$	155,081	6.59	%	$	9,280,530	$	153,038	6.54	%	$	9,387,284	$	148,415	6.34	%
Mortgage loans held for sale	47,293		877		7.36	%	60,291		1,047		6.89	%	63,407		1,005		6.36	%
Commercial loans held for sale	7,281		—		—	%	9,259		—		—	%	9,377		3		0.13	%
Investment securities:
Taxable	1,361,987		7,808		2.27	%	1,344,052		6,399		1.89	%	1,374,308		6,480		1.89	%
Tax-exempt(b)	283,395		2,361		3.31	%	291,863		2,428		3.30	%	293,739		2,445		3.34	%
Total investment securities(b)	1,645,382		10,169		2.45	%	1,635,915		8,827		2.14	%	1,668,047		8,925		2.15	%
Federal funds sold and reverse repurchase agreements	107,276		1,518		5.61	%	95,326		1,375		5.72	%	61,799		1,050		6.81	%
Interest-bearing deposits with other financial institutions	525,763		7,195		5.43	%	696,600		9,620		5.48	%	857,862		10,829		5.06	%
FHLB stock	34,556		831		9.54	%	36,624		841		9.11	%	42,133		796		7.58	%
Total interest-earning assets(b)	11,697,727		175,671		5.96	%	11,814,545		174,748		5.87	%	12,089,909		171,023		5.67	%
Noninterest-earning assets:
Cash and due from banks	127,715						128,780						118,872
Allowance for credit losses on loans HFI	(147,035)						(140,033)						(138,983)
Other assets(c)(d)	756,168						753,866						756,651
Total noninterest-earning assets	736,848						742,613						736,540
Total assets	$	12,434,575					$	12,557,158					$	12,826,449
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,500,139	$	18,444	2.93	%	$	2,668,970	$	20,506	3.05	%	$	3,127,219	$	23,751	3.05	%
Money market	3,761,500		36,740		3.88	%	3,661,262		34,902		3.78	%	3,516,901		30,053		3.43	%
Savings deposits	388,296		67		0.07	%	410,403		65		0.06	%	433,530		63		0.06	%
Customer time deposits	1,447,094		13,463		3.69	%	1,400,290		11,909		3.37	%	1,426,320		10,658		3.00	%
Brokered and internet time deposits	162,317		2,159		5.28	%	182,652		2,444		5.31	%	56,455		732		5.20	%
Time deposits	1,609,411		15,622		3.85	%	1,582,942		14,353		3.60	%	1,482,775		11,390		3.08	%
Total interest-bearing deposits	8,259,346		70,873		3.40	%	8,323,577		69,826		3.33	%	8,560,425		65,257		3.06	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	31,673		177		2.22	%	30,520		349		4.54	%	30,050		97		1.29	%
Federal Home Loan Bank advances	—		—		—	%	13,859		204		5.84	%	61,264		784		5.13	%
Subordinated debt	128,621		2,604		8.03	%	127,605		2,600		8.08	%	127,129		2,496		7.88	%
Other borrowings	8,407		93		4.39	%	1,365		7		2.03	%	1,385		6		1.74	%
Total other interest-bearing liabilities	168,701		2,874		6.76	%	173,349		3,160		7.23	%	219,828		3,383		6.17	%
Total interest-bearing liabilities	8,428,047		73,747		3.47	%	8,496,926		72,986		3.41	%	8,780,253		68,640		3.14	%
Noninterest-bearing liabilities:
Demand deposits	2,341,627						2,410,280						2,430,476
Other liabilities(d)	279,435						256,606						238,809
Total noninterest-bearing liabilities	2,621,062						2,666,886						2,669,285
Total liabilities	11,049,109						11,163,812						11,449,538
Total common shareholders' equity	1,385,373						1,393,253						1,376,818
Noncontrolling interest	93						93						93
Total equity	1,385,466						1,393,346						1,376,911
Total liabilities and shareholders' equity	$	12,434,575					$	12,557,158					$	12,826,449
Net interest income(b)			$	101,924					$	101,762					$	102,383
Interest rate spread(b)					2.49	%					2.46	%					2.53	%
Net interest margin(b)(e)					3.46	%					3.42	%					3.40	%
Cost of total deposits					2.65	%					2.58	%					2.38	%
Average interest-earning assets to average interest-bearing liabilities					138.8	%					139.0	%					137.7	%
Tax-equivalent adjustment			$	836					$	836					$	840
Loans HFI yield components:
Contractual interest rate(b)			$	151,193	6.43	%			$	147,806	6.32	%			$	144,322	6.16	%
Origination and other loan fee income			3,322		0.14	%			4,345		0.19	%			3,907		0.17	%
Accretion (amortization) on purchased loans			77		—	%			312		0.01	%			(14)		—	%
Nonaccrual interest			489		0.02	%			575		0.02	%			200		0.01	%

Total loans HFI yield			$	155,081	6.59	%			$	153,038	6.54	%			$	148,415	6.34	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.

(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.

(c) Includes average net unrealized losses on investment securities available for sale of $258,265, $232,613 and $212,016 for the three months ended December 31, 2023, September 30, 2023 and

June 30, 2023, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $21,072, $19,080 and $19,956 for the three months ended December 31, 2023, September 30, 2023 and June 30, 2023, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation						9


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Six Months Ended
	June 30, 2024						June 30, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,325,308	$	309,182	6.67	%	$	9,367,108	$	287,882	6.20	%
Mortgage loans held for sale	64,742		2,231		6.93	%	59,826		1,932		6.51	%
Commercial loans held for sale	—		—		—	%	12,973		162		2.52	%
Investment securities:
Taxable	1,431,641		21,071		2.96	%	1,388,380		13,050		1.90	%
Tax-exempt(b)	217,363		3,530		3.27	%	294,193		4,885		3.35	%
Total investment securities(b)	1,649,004		24,601		3.00	%	1,682,573		17,935		2.15	%
Federal funds sold and reverse repurchase agreements	131,738		3,623		5.53	%	124,557		2,905		4.70	%
Interest-bearing deposits with other financial institutions	509,256		13,707		5.41	%	793,576		18,837		4.79	%
FHLB stock	33,773		1,545		9.20	%	44,600		1,683		7.61	%
Total interest-earning assets(b)	11,713,821		354,889		6.09	%	12,085,213		331,336		5.53	%
Noninterest-earning assets:
Cash and due from banks	146,230						136,474
Allowance for credit losses on loans HFI	(151,164)						(136,904)
Other assets(c)(d)	771,872						759,352
Total noninterest-earning assets	766,938						758,922
Total assets	$	12,480,759					$	12,844,135
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,519,705	$	38,090	3.04	%	$	3,146,034	$	42,811	2.74	%
Money market	3,814,109		74,457		3.93	%	3,443,833		54,563		3.19	%
Savings deposits	373,871		126		0.07	%	445,709		127		0.06	%
Customer time deposits	1,422,666		27,936		3.95	%	1,449,144		19,879		2.77	%
Brokered and internet time deposits	131,648		3,517		5.37	%	29,182		740		5.11	%
Time deposits	1,554,314		31,453		4.07	%	1,478,326		20,619		2.81	%
Total interest-bearing deposits	8,261,999		144,126		3.51	%	8,513,902		118,120		2.80	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	24,449		271		2.23	%	28,603		143		1.01	%
Federal Home Loan Bank advances	—		—		—	%	51,381		1,283		5.04	%
Subordinated debt	130,091		3,901		6.03	%	126,648		4,898		7.80	%
Other borrowings	131,305		3,138		4.81	%	1,536		16		2.10	%
Total other interest-bearing liabilities	285,845		7,310		5.14	%	208,168		6,340		6.14	%
Total interest-bearing liabilities	8,547,844		151,436		3.56	%	8,722,070		124,460		2.88	%
Noninterest-bearing liabilities:
Demand deposits	2,224,590						2,509,179
Other liabilities(d)	241,225						252,685
Total noninterest-bearing liabilities	2,465,815						2,761,864
Total liabilities	11,013,659						11,483,934
Total common shareholders' equity	1,467,007						1,360,108
Noncontrolling interest	93						93
Total equity	1,467,100						1,360,201
Total liabilities and shareholders' equity	$	12,480,759					$	12,844,135
Net interest income(b)			$	203,453					$	206,876
Interest rate spread(b)					2.53	%					2.65	%
Net interest margin(b)(e)					3.49	%					3.45	%
Cost of total deposits					2.76	%					2.16	%
Average interest-earning assets to average interest-bearing liabilities					137.0	%					138.6	%
Tax equivalent adjustment			$	1,348					$	1,673
Loans HFI yield components:
Contractual interest rate(b)			$	304,846	6.58	%			$	280,194	6.03	%
Origination and other loan fee income			2,727		0.06	%			7,008		0.15	%
Accretion on purchased loans			548		0.01	%			305		0.01	%
Nonaccrual interest			995		0.02	%			375		0.01	%
Syndication fee income			66		—	%			—		—	%
Total loans HFI yield			$	309,182	6.67	%			$	287,882	6.20	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.

(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.

(c) Includes average net unrealized losses on investment securities available for sale of $196,082 and $217,400 for the six months ended June 30, 2024 and 2023, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $20,750 and $21,717 for the six months ended June 30, 2024 and 2023, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation						10


Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)

	As of
	Jun 2024					Mar 2024					Dec 2023					Sep 2023					Jun 2023
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	428,608		29	%	$	415,927		28	%	$	203,956		14	%	$	105,801		8	%	$	40,529		3	%
Mortgage-backed securities - residential	864,272			59	%	826,214			57	%	896,971			62	%	871,074			65	%	979,400			69	%
Mortgage-backed securities - commercial	16,103			1	%	16,615			1	%	16,961			1	%	16,677			1	%	17,254			1	%
Municipal securities	169,977			11	%	171,672			12	%	242,263			16	%	244,611			18	%	267,097			19	%
Treasury securities	—			—	%	30,857			2	%	108,496			7	%	106,798			8	%	108,221			8	%
Corporate securities	3,419			—	%	3,397			—	%	3,326			—	%	3,258			—	%	6,859			—	%
Total available-for-sale debt securities	1,482,379			100	%	1,464,682			100	%	1,471,973			100	%	1,348,219			100	%	1,419,360			100	%
Equity securities, at fair value	—			—	%	—			—	%	—			—	%	2,934			—	%	3,031			—	%
Total investment securities, at fair value	$	1,482,379		100	%	$	1,464,682		100	%	$	1,471,973		100	%	$	1,351,153		100	%	$	1,422,391		100	%
Investment securities to total assets	11.8		%			11.7		%			11.7		%			10.8		%			11.0		%
Unrealized loss on available-for-sale debt securities	(182,208)					(183,598)					(186,806)					(265,048)					(226,013)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	800,902		57	%	$	870,730		63	%	$	810,932		60	%	$	848,318		63	%	$	1,160,354		80	%
Unpledged available-for-sale debt securities	612,756			43	%	514,724			37	%	542,427			40	%	494,582			37	%	281,098			20	%
Equity securities, at fair value	—			—	%	—			—	%	—			—	%	2,934			—	%	3,031			—	%
Total on-balance sheet liquidity	$	1,413,658		100	%	$	1,385,454		100	%	$	1,353,359		100	%	$	1,345,834		100	%	$	1,444,483		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,361,580		49	%	$	3,392,255		48	%	$	3,350,026		48	%	$	3,371,911		50	%	$	3,332,710		52	%
FHLB remaining borrowing capacity	1,294,743			19	%	1,237,843			18	%	1,297,702			18	%	1,005,295			15	%	548,052			9	%
Federal Reserve discount window	2,230,338			32	%	2,382,574			34	%	2,431,084			34	%	2,398,285			35	%	2,476,347			39	%
Total available sources of liquidity	$	6,886,661		100	%	$	7,012,672		100	%	$	7,078,812		100	%	$	6,775,491		100	%	$	6,357,109		100	%

On-balance sheet liquidity as a percentage of total assets	11.3		%			11.0		%			10.7		%			10.8		%			11.2		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.5		%			11.3		%			11.0		%			11.0		%			11.4		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	259.2		%			268.1		%			269.0		%			264.7		%			258.9		%

(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.

(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						11


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Jun 2024		% of Total		Mar 2024		% of Total		Dec 2023		% of Total		Sep 2023		% of Total		Jun 2023		% of Total
Loan portfolio
Commercial and industrial	$	1,614,307	17	%	$	1,621,611	17	%	$	1,720,733	18	%	$	1,667,857	18	%	$	1,693,572	18	%
Construction	1,200,123		13	%	1,268,883		14	%	1,397,313		15	%	1,532,306		16	%	1,636,970		18	%
Residential real estate:
1-to-4 family mortgage	1,584,029		17	%	1,577,824		17	%	1,568,552		17	%	1,553,096		17	%	1,548,614		17	%
Residential line of credit	559,359		6	%	549,306		6	%	530,912		6	%	517,082		6	%	507,652		5	%
Multi-family mortgage	597,039		6	%	615,081		7	%	603,804		6	%	501,323		5	%	518,025		6	%
Commercial real estate:
Owner-occupied	1,274,705		14	%	1,236,007		13	%	1,232,071		13	%	1,206,351		13	%	1,158,782		12	%
Non-owner occupied	2,035,102		22	%	1,991,526		21	%	1,943,525		21	%	1,911,913		21	%	1,881,978		20	%
Consumer and other	444,889		5	%	428,671		5	%	411,873		4	%	397,297		4	%	380,431		4	%
Total loans HFI	$	9,309,553	100	%	$	9,288,909	100	%	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%
Percentage of loans HFI portfolio with floating interest rates			49.8	%			49.0	%			48.5	%			47.6	%			47.0	%
Percentage of loans HFI portfolio with floating interest rates that mature after one year			43.4	%			42.4	%			41.3	%			40.6	%			40.6	%

Loans by market
Metropolitan	$	7,668,893	82	%	$	7,668,330	83	%	$	7,830,739	83	%	$	7,691,944	83	%	$	7,718,424	83	%
Community	567,465		6	%	599,557		6	%	629,152		7	%	649,269		7	%	653,335		7	%
Specialty lending and other	1,073,195		12	%	1,021,022		11	%	948,892		10	%	946,012		10	%	954,265		10	%
Total	$	9,309,553	100	%	$	9,288,909	100	%	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%

Unfunded loan commitments
Commercial and industrial	$	1,286,013	47	%	$	1,255,409	46	%	$	1,262,234	44	%	$	1,309,390	41	%	$	1,168,506	37	%
Construction	516,813		19	%	590,575		21	%	725,864		25	%	922,219		30	%	1,142,982		36	%
Residential real estate:
1-to-4 family mortgage	5,597		—	%	1,485		—	%	973		—	%	946		—	%	794		—	%
Residential line of credit	721,949		27	%	702,939		25	%	700,126		24	%	685,597		22	%	675,647		21	%
Multi-family mortgage	12,526		—	%	25,047		1	%	23,583		1	%	21,951		1	%	4,972		—	%
Commercial real estate:
Owner-occupied	77,498		3	%	77,400		3	%	73,432		2	%	52,975		2	%	50,927		2	%
Non-owner occupied	73,178		3	%	82,370		3	%	82,966		3	%	93,910		3	%	104,201		3	%
Consumer and other	29,103		1	%	25,058		1	%	25,509		1	%	24,886		1	%	23,306		1	%
Total unfunded loans HFI	$	2,722,677	100	%	$	2,760,283	100	%	$	2,894,687	100	%	$	3,111,874	100	%	$	3,171,335	100	%


FB Financial Corporation						12


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	151,667		$	150,326		$	146,134		$	140,664		$	138,809


Charge-offs	(913)			(927)			(1,048)			(796)			(892)
Recoveries	361			416			2,105			235			172
Provision for credit losses on loans HFI	3,940			1,852			3,135			6,031			2,575


Allowance for credit losses on loans HFI at the end of the period	$	155,055		$	151,667		$	150,326		$	146,134		$	140,664
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.67		%	1.63		%	1.60		%	1.57		%	1.51		%

Allowance for credit losses on unfunded commitments	$	5,984		$	7,700		$	8,770		$	11,600		$	14,810
Charge-offs
Commercial and industrial	$	(26)		$	(43)		$	(251)		$	(154)		$	(11)
Construction	—			(92)			—			—			—
Residential real estate:
1-to-4 family mortgage	(293)			—			(10)			(4)			(16)
Residential line of credit	—			(20)			—			—			—

Commercial real estate:
Owner occupied	—			—			—			—			(144)

Consumer and other	(594)			(772)			(787)			(638)			(721)
Total charge-offs	(913)			(927)			(1,048)			(796)			(892)
Recoveries
Commercial and industrial	20			14			81			112			13
Construction	—			—			—			—			10
Residential real estate:
1-to-4 family mortgage	10			56			44			16			25
Residential line of credit	—			—			—			1			—

Commercial real estate:
Owner occupied	188			40			14			13			16
Non-owner occupied	—			—			1,833			—			—
Consumer and other	143			306			133			93			108
Total recoveries	361			416			2,105			235			172
Net (charge-offs) recoveries	$	(552)		$	(511)		$	1,057		$	(561)		$	(720)
Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	0.02		%	(0.04)		%	0.02		%	0.03		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	17,058		$	12,858		$	12,693		$	11,649		$	12,247
Nonaccrual loans	56,165			54,892			48,230			42,878			31,885
Total nonperforming loans HFI	73,223			67,750			60,923			54,527			44,132
Commercial loans held for sale	—			—			—			9,260			9,267
Mortgage loans held for sale(a)	22,354			20,876			21,229			22,074			20,225

Other real estate owned	4,173			3,613			3,192			1,504			1,974

Other repossessed assets	1,720			1,834			1,139			1,300			883
Total nonperforming assets	$	101,470		$	94,073		$	86,483		$	88,665		$	76,481
Total nonperforming loans HFI as a percentage of loans HFI	0.79		%	0.73		%	0.65		%	0.59		%	0.47		%
Total nonperforming assets as a percentage of total assets	0.81		%	0.75		%	0.69		%	0.71		%	0.59		%
Total nonaccrual loans as a percentage of loans HFI	0.60		%	0.59		%	0.51		%	0.46		%	0.34		%

(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.


FB Financial Corporation						13


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Jun 2024					Mar 2024					Dec 2023					Sep 2023					Jun 2023





Deposits by market
Metropolitan	$	7,440,577		71	%	$	7,506,630		72	%	$	7,536,301		72	%	$	7,481,006		70	%	$	7,753,724		71	%
Community	2,499,574			24	%	2,500,182			24	%	2,522,536			24	%	2,571,667			24	%	2,499,013			23	%
Brokered/wholesale	150,113			1	%	130,845			1	%	150,475			1	%	174,920			2	%	238,885			2	%
Escrow and other(a)	377,738			4	%	367,271			3	%	338,975			3	%	411,475			4	%	380,633			4	%
Total	$	10,468,002		100	%	$	10,504,928		100	%	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%

Deposits by customer segment
Consumer	$	4,675,189		45	%	$	4,866,099		46	%	$	4,880,890		46	%	$	4,893,792		46	%	$	4,918,641		45	%
Commercial	4,270,924			41	%	4,085,282			39	%	4,069,724			39	%	4,126,424			39	%	4,029,376			37	%
Public	1,521,889			14	%	1,553,547			15	%	1,597,673			15	%	1,618,852			15	%	1,924,238			18	%
Total	$	10,468,002		100	%	$	10,504,928		100	%	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%

Estimated insured or collateralized deposits	$	7,265,975				$	7,372,728				$	7,414,224				$	7,570,639				$	7,858,761





Estimated uninsured and uncollateralized deposits(b)	$	3,202,027				$	3,132,200				$	3,134,063				$	3,068,429				$	3,013,494

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	30.6		%			29.8		%			29.7		%			28.8		%			27.7		%

(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.

(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.


FB Financial Corporation						14


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


Computation of Tangible Common Equity to Tangible Assets:	June 30, 2024			December 31, 2023

Total Common Shareholders' Equity	$	1,500,502		$	1,454,794
Less:
Goodwill	242,561			242,561
Other intangibles	7,168			8,709
Tangible Common Equity	$	1,250,773		$	1,203,524

Total Assets	$	12,535,169		$	12,604,403
Less:
Goodwill	242,561			242,561
Other intangibles	7,168			8,709
Tangible Assets	$	12,285,440		$	12,353,133

Preliminary Total Risk-Weighted Assets	$	11,091,537		$	11,257,406

Total Common Equity to Total Assets	12.0		%	11.5		%
Tangible Common Equity to Tangible Assets*	10.2		%	9.74		%


	June 30, 2024			December 31, 2023
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,411,166		$	1,375,890
Tier 1 Capital	1,441,166			1,405,890
Total Capital	1,679,578			1,635,848

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.7		%	12.2		%
Tier 1 Risk-Based	13.0		%	12.5		%
Total Risk-Based	15.1		%	14.5		%
Tier 1 Leverage	11.7		%	11.3		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						15


Segment Data
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023
Banking segment
Net interest income	$	101,468		$	98,737		$	100,093		$	99,611		$	99,909
Provisions for credit losses	2,432			838			283			3,253			(1,149)

Noninterest income (loss)	13,477			(4,794)			6,889			(4,031)			11,480


Other noninterest expense	62,329			60,344			68,463			68,712			66,208
Pre-tax net contribution after allocations	$	50,184		$	32,761		$	38,236		$	23,615		$	46,330
Total assets	$	11,947,550		$	11,979,904		$	12,050,245		$	11,904,608		$	12,307,231

Efficiency ratio	54.2		%	64.2		%	64.0		%	71.9		%	59.4		%
Core efficiency ratio*	53.8		%	54.2		%	56.4		%	57.8		%	58.4		%
Mortgage segment
Net interest income	$	1,147		$	753		$	995		$	1,315		$	1,634
Provision for loan losses	(208)			(56)			22			(432)			71
Mortgage banking income	11,910			12,585			8,376			11,998			12,232
Other noninterest income	221			171			74			75			101


Other noninterest expense	12,764			12,076			11,737			14,285			15,084
Pre-tax net contribution (loss) after allocations	$	722		$	1,489		$	(2,314)		$	(465)		$	(1,188)
Total assets	$	587,619		$	568,416		$	554,158		$	585,023		$	580,164

Efficiency ratio	96.1		%	89.4		%	124.3		%	106.7		%	108.0		%
Core efficiency ratio*	97.0		%	89.8		%	123.8		%	106.7		%	104.8		%










Interest rate lock commitments volume	$	385,197		$	377,166		$	245,776		$	373,068		$	402,951




Interest rate lock commitments pipeline (period end)	$	108,694		$	130,315		$	69,217		$	112,810		$	135,374




Mortgage loan sales	$	315,044		$	243,461		$	257,170		$	325,322		$	330,326
Gains and fees from origination and sale of mortgage loans held for sale	$	8,934		$	6,458		$	7,389		$	8,941		$	7,994
Net change in fair value of loans held for sale, derivatives, and other	(4)			1,821			(1,686)			(582)			874
Mortgage servicing income	7,316			7,347			7,546			7,363			7,586
Change in fair value of mortgage servicing rights, net of hedging	(4,336)			(3,041)			(4,873)			(3,724)			(4,222)
Total mortgage banking income	$	11,910		$	12,585		$	8,376		$	11,998		$	12,232
Mortgage sale margin(a)	2.84		%	2.65		%	2.87		%	2.75		%	2.42		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

(a) Calculated by dividing gains and fees from origination and sale of mortgage loans held for sale by total mortgage sales.


FB Financial Corporation						16


Non-GAAP Reconciliations

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended										Six Months Ended
Adjusted net income	Jun 2024		Mar 2024		Dec 2023		Sep 2023		Jun 2023		Jun 2024		Jun 2023
Income before income taxes	$	50,906	$	34,250	$	35,922	$	23,150	$	45,142	$	85,156	$	91,220
Less (loss) gain from securities, net	—		(16,213)		183		(14,197)		(28)		(16,213)		41
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(281)		565		(492)		115		533		284		350
Less cash life insurance benefit	2,057		—		—		—		—		2,057		—
Less (loss) gain from changes in fair value of commercial loans held for sale	—		—		(3,009)		(7)		(8)		—		902
Plus early retirement, severance and other costs	1,015		—		2,214		4,809		1,426		1,015		1,426
Plus loss (gain) on lease terminations	—		—		1,843		—		(1)		—		(73)
Plus FDIC special assessment	—		500		1,788		—		—		500		—


Adjusted pre-tax net income	50,145		50,398		45,085		42,048		46,070		100,543		91,280
Income tax expense, adjusted for items above	10,721		10,508		8,933		8,900		10,077		21,229		19,548
Adjusted net income	$	39,424	$	39,890	$	36,152	$	33,148	$	35,993	$	79,314	$	71,732
Weighted average common share outstanding - fully diluted	46,845,143		46,998,873		46,916,939		46,856,422		46,814,854		46,911,466		46,777,603
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.85	$	0.59	$	0.63	$	0.41	$	0.75	$	1.45	$	1.53








Adjusted diluted earnings per common share	$	0.84	$	0.85	$	0.77	$	0.71	$	0.77	$	1.69	$	1.53


FB Financial Corporation						17


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended										Six Months Ended
Adjusted pre-tax pre-provision net revenue	Jun 2024		Mar 2024		Dec 2023		Sep 2023		Jun 2023		Jun 2024		Jun 2023
Income before income taxes	$	50,906	$	34,250	$	35,922	$	23,150	$	45,142	$	85,156	$	91,220
Plus provisions for credit losses	2,224		782		305		2,821		(1,078)		3,006		(587)
Pre-tax pre-provision net revenue	53,130		35,032		36,227		25,971		44,064		88,162		90,633
Less (loss) gain from securities, net	—		(16,213)		183		(14,197)		(28)		(16,213)		41
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(281)		565		(492)		115		533		284		350
Less cash life insurance benefit	2,057		—		—		—		—		2,057		—
Less (loss) gain from changes in fair value of commercial loans held for sale	—		—		(3,009)		(7)		(8)		—		902
Plus early retirement, severance and other costs	1,015		—		2,214		4,809		1,426		1,015		1,426
Plus loss (gain) on lease terminations	—		—		1,843		—		(1)		—		(73)
Plus FDIC special assessment	—		500		1,788		—		—		500		—

Adjusted pre-tax pre-provision net revenue	$	52,369	$	51,180	$	45,390	$	44,869	$	44,992	$	103,549	$	90,693



	Three Months Ended										Six Months Ended
Adjusted tangible net income	Jun 2024		Mar 2024		Dec 2023		Sep 2023		Jun 2023		Jun 2024		Jun 2023
Income before income taxes	$	50,906	$	34,250	$	35,922	$	23,150	$	45,142	$	85,156	$	91,220

Plus amortization of core deposit and other intangibles	752		789		840		889		940		1,541		1,930
Less (loss) gain from securities, net	—		(16,213)		183		(14,197)		(28)		(16,213)		41
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(281)		565		(492)		115		533		284		350
Less cash life insurance benefit	2,057		—		—		—		—		2,057		—
Less (loss) gain from changes in fair value of commercial loans held for sale	—		—		(3,009)		(7)		(8)		—		902
Plus early retirement, severance and other costs	1,015		—		2,214		4,809		1,426		1,015		1,426
Plus loss (gain) on lease terminations	—		—		1,843		—		(1)		—		(73)
Plus FDIC special assessment	—		500		1,788		—		—		500		—

Less income tax expense, adjusted for items above	10,917		10,714		9,152		9,131		10,322		21,630		20,051
Adjusted tangible net income	$	39,980	$	40,473	$	36,773	$	33,806	$	36,688	$	80,454	$	73,159


FB Financial Corporation						18


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Six Months Ended
Core efficiency ratio (tax-equivalent basis)	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023			Jun 2024			Jun 2023
Total noninterest expense	$	75,093		$	72,420		$	80,200		$	82,997		$	81,292		$	147,513		$	161,732



Less early retirement, severance and other costs	1,015			—			2,214			4,809			1,426			1,015			1,426
Less loss (gain) on lease terminations	—			—			1,843			—			(1)			—			(73)
Less FDIC special assessment	—			500			1,788			—			—			500			—

Core noninterest expense	$	74,078		$	71,920		$	74,355		$	78,188		$	79,867		$	145,998		$	160,379
Net interest income	$	102,615		$	99,490		$	101,088		$	100,926		$	101,543		$	202,105		$	205,203
Net interest income (tax-equivalent basis)	$	103,254		$	100,199		$	101,924		$	101,762		$	102,383		$	203,453		$	206,876
Total noninterest income	25,608			7,962			15,339			8,042			23,813			33,570			47,162
Less (loss) gain from securities, net	—			(16,213)			183			(14,197)			(28)			(16,213)			41
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(281)			565			(492)			115			533			284			350
Less cash life insurance benefit	2,057			—			—			—			—			2,057			—
Less (loss) gain from changes in fair value of commercial loans held for sale	—			—			(3,009)			(7)			(8)			—			902


Core noninterest income	23,832			23,610			18,657			22,131			23,316			47,442			45,869
Total revenue	$	128,223		$	107,452		$	116,427		$	108,968		$	125,356		$	235,675		$	252,365
Core revenue (tax-equivalent basis)	$	127,086		$	123,809		$	120,581		$	123,893		$	125,699		$	250,895		$	252,745
Efficiency ratio	58.6		%	67.4		%	68.9		%	76.2		%	64.8		%	62.6		%	64.1		%
Core efficiency ratio (tax-equivalent basis)	58.3		%	58.1		%	61.7		%	63.1		%	63.5		%	58.2		%	63.5		%


FB Financial Corporation						19



Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)

	Three Months Ended															Six Months Ended
Banking segment core efficiency ratio (tax-equivalent)	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023			Jun 2024			Jun 2023
Banking segment noninterest expense	$	62,329		$	60,344		$	68,463		$	68,712		$	66,208		$	122,673		$	132,960
Less early retirement, severance and other costs	1,015			—			2,214			4,809			1,001			1,015			1,001
Less loss on lease terminations	—			—			1,843			—			—			—			—
Less FDIC special assessment	—			500			1,788			—			—			500			—
Banking segment core noninterest expense	$	61,314		$	59,844		$	62,618		$	63,903		$	65,207		$	121,158		$	131,959
Banking segment net interest income	101,468			98,737			100,093			99,611			99,909			200,205			202,179
Banking segment net interest income (tax-equivalent basis)	102,107			99,446			100,929			100,447			100,749			201,553			203,852
Banking segment noninterest (loss) income	13,477			(4,794)			6,889			(4,031)			11,480			8,683			22,973
Less gain (loss) from securities, net	—			(16,213)			183			(14,197)			(28)			(16,213)			41
Less (loss) gain from changes in fair value of commercial loans held for sale	—			—			(3,009)			(7)			(8)			—			902

Less cash life insurance benefit	2,057			—			—			—			—			2,057			—
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(398)			509			(460)			119			558			111			807
Banking segment core noninterest income	11,818			10,910			10,175			10,054			10,958			22,728			21,223
Banking segment total revenue	$	114,945		$	93,943		$	106,982		$	95,580		$	111,389		$	208,888		$	225,152
Banking segment total core revenue (tax-equivalent basis)	$	113,925		$	110,356		$	111,104		$	110,501		$	111,707		$	224,281		$	225,075
Banking segment efficiency ratio	54.2		%	64.2		%	64.0		%	71.9		%	59.4		%	58.7		%	59.1		%
Banking segment core efficiency ratio (tax-equivalent basis)	53.8		%	54.2		%	56.4		%	57.8		%	58.4		%	54.0		%	58.6		%





	Three Months Ended															Six Months Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023			Jun 2024			Jun 2023
Mortgage segment noninterest expense	$	12,764		$	12,076		$	11,737		$	14,285		$	15,084		$	24,840		$	28,772
Less severance costs	—			—			—			—			425			—			425
Less gain on lease terminations	—			—			—			—			(1)			—			(73)



Mortgage segment core noninterest expense	$	12,764		$	12,076		$	11,737		$	14,285		$	14,660		$	24,840		$	28,420
Mortgage segment net interest income	1,147			753			995			1,315			1,634			1,900			3,024
Mortgage segment noninterest income	12,131			12,756			8,450			12,073			12,333			24,887			24,189
Less gain (loss) on sales or write- downs of other real estate owned	117			56			(32)			(4)			(25)			173			(457)
Mortgage segment core noninterest income	12,014			12,700			8,482			12,077			12,358			24,714			24,646
Mortgage segment total revenue	$	13,278		$	13,509		$	9,445		$	13,388		$	13,967		$	26,787		$	27,213
Mortgage segment core total revenue	$	13,161		$	13,453		$	9,477		$	13,392		$	13,992		$	26,614		$	27,670
Mortgage segment efficiency ratio	96.1		%	89.4		%	124.3		%	106.7		%	108.0		%	92.7		%	105.7		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	97.0		%	89.8		%	123.8		%	106.7		%	104.8		%	93.3		%	102.7		%


FB Financial Corporation						20


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of
Tangible assets, common equity and related measures	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023
Tangible assets
Total assets	$	12,535,169		$	12,548,320		$	12,604,403		$	12,489,631		$	12,887,395
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	7,168			7,920			8,709			9,549			10,438
Tangible assets	$	12,285,440		$	12,297,839		$	12,353,133		$	12,237,521		$	12,634,396
Tangible common equity
Total common shareholders' equity	$	1,500,502		$	1,479,526		$	1,454,794		$	1,372,901		$	1,386,951
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	7,168			7,920			8,709			9,549			10,438
Tangible common equity	$	1,250,773		$	1,229,045		$	1,203,524		$	1,120,791		$	1,133,952


Common shares outstanding	46,642,958			46,897,378			46,848,934			46,839,159			46,798,751
Book value per common share	$	32.17		$	31.55		$	31.05		$	29.31		$	29.64
Tangible book value per common share	$	26.82		$	26.21		$	25.69		$	23.93		$	24.23

Total common shareholders' equity to total assets	12.0		%	11.8		%	11.5		%	11.0		%	10.8		%
Tangible common equity to tangible assets	10.2		%	9.99		%	9.74		%	9.16		%	8.98		%
On-balance sheet liquidity:
Cash and cash equivalents	$	800,902		$	870,730		$	810,932		$	848,318		$	1,160,354
Unpledged securities	612,756			514,724			542,427			494,582			281,098
Equity securities, at fair value	—			—			—			2,934			3,031
Total on-balance sheet liquidity	$	1,413,658		$	1,385,454		$	1,353,359		$	1,345,834		$	1,444,483
On-balance sheet liquidity as a percentage of total assets	11.3		%	11.0		%	10.7		%	10.8		%	11.2		%
On-balance sheet liquidity as a percentage of total tangible assets	11.5		%	11.3		%	11.0		%	11.0		%	11.4		%


FB Financial Corporation						21


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Six Months Ended
Adjusted return on average tangible common equity and related measures	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023			Jun 2024			Jun 2023
Average common shareholders' equity	$	1,473,281		$	1,460,736		$	1,385,373		$	1,393,253		$	1,376,818		$	1,467,007		$	1,360,108
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	7,525			8,299			9,138			10,011			10,913			7,912			11,385
Average tangible common equity	$	1,223,195		$	1,209,876		$	1,133,674		$	1,140,681		$	1,123,344		$	1,216,534		$	1,106,162
Net income	$	39,979		$	27,950		$	29,369		$	19,175		$	35,299		$	67,929		$	71,680
Return on average common equity	10.9		%	7.70		%	8.41		%	5.46		%	10.3		%	9.31		%	10.6		%
Return on average tangible common equity	13.1		%	9.29		%	10.3		%	6.67		%	12.6		%	11.2		%	13.1		%
Adjusted tangible net income	$	39,980		$	40,473		$	36,773		$	33,806		$	36,688		$	80,454		$	73,159
Adjusted return on average tangible common equity	13.1		%	13.5		%	12.9		%	11.8		%	13.1		%	13.3		%	13.3		%












	Three Months Ended															Six Months Ended
Adjusted return on average assets, common equity and related measures	Jun 2024			Mar 2024			Dec 2023			Sep 2023			Jun 2023			Jun 2024			Jun 2023
Net income	$	39,979		$	27,950		$	29,369		$	19,175		$	35,299		$	67,929		$	71,680
Average assets	12,371,444			12,590,079			12,434,575			12,557,158			12,826,449			12,480,759			12,844,135
Average common equity	1,473,281			1,460,736			1,385,373			1,393,253			1,376,818			1,467,007			1,360,108
Return on average assets	1.30		%	0.89		%	0.94		%	0.61		%	1.10		%	1.09		%	1.13		%
Return on average common equity	10.9		%	7.70		%	8.41		%	5.46		%	10.3		%	9.31		%	10.6		%
Adjusted net income	$	39,424		$	39,890		$	36,152		$	33,148		$	35,993		$	79,314		$	71,732
Adjusted return on average assets	1.28		%	1.27		%	1.15		%	1.05		%	1.13		%	1.28		%	1.13		%
Adjusted return on average common equity	10.8		%	11.0		%	10.4		%	9.44		%	10.5		%	10.9		%	10.6		%













Adjusted pre-tax pre-provision net income	$	52,369		$	51,180		$	45,390		$	44,869		$	44,992		$	103,549		$	90,693
Adjusted pre-tax pre-provision return on average assets	1.70		%	1.63		%	1.45		%	1.42		%	1.41		%	1.67		%	1.42		%


FB Financial Corporation						22

July 16, 2024 2024 Second Quarter Earnings Presentation

1 Forward–looking statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (13) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Presentation, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

2 Use of non-GAAP financial measures This Presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non- GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non- GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Presentation for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

3 2Q 2024 Highlights Key highlights  2Q 2024 pre-tax pre-provision net revenue of $53.1 million and $52.4 million on an adjusted1 basis, resulting in ROAA and adjusted ROAA1 of 1.30% and 1.28%, respectively  Net interest margin expanded to 3.57%, a 15 basis point improvement from the prior quarter, resulting in a $3.1 million increase in net interest income from the first quarter – Total loans held for investment (HFI) yield of 6.70%, an increase of 6 basis points compared to 1Q 2024 – Total securities of 3.29%, an increase of 58 basis points compared to 1Q 2024 – Cost of total deposits of 2.77%, an increase of 1 basis point compared to 1Q 2024  Continued focus on efficiency demonstrated by core banking segment efficiency ratio1 of 53.8%, compared to 54.2% in prior quarter and 58.4% in 2Q 2023  ACL of 1.67% of loans HFI with annualized net charge-offs of 0.02% in the quarter, in-line with historical performance  Continued capital build: – Tangible Common Equity to Tangible Assets1 10.2% – Preliminary Common Equity Tier 1 Ratio of 12.7% – Preliminary Total Risk-Based Capital of 15.1% – C&D and CRE concentration ratios within target ranges  Repurchased 353,826 shares for $12.6 million during the quarter Financial results 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2Q 2024 $0. 85 $0.84 Diluted earnings per common share Adjusted diluted earnings per common share1 $40.0 $39.4 Net income ($mm) Adjusted net income1 ($mm) 1.30% 1.28% Return on average assets Adjusted return on average assets1 10.9% 10.8% Return on average common equity Adjusted return on average common equity1 13.1% 13.1% Return on average tangible common equity1 Adjusted return on average tangible common equity1 $53.1 $52.4 Pre-tax pre-provision net revenue ($mm) Adjusted pre-tax pre-provision net revenue1 ($mm) 3.57%Net interest margin (tax-equivalent basis) 12.0% 10.2% Total common equity / total assets Tangible common equity / tangible assets1

4 Driving shareholder value ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 2Q24 calculation is preliminary and subject to change. Earnings per Share $1.67 $3.97 $2.64 $2.57 $1.45 $3.70 $3.76 $2.92 $3.01 $1.69 2020 2021 2022 2023 YTD 2024 Earnings per Share Adjusted Earnings per Share1 Dashboard Adjusted PPNR1 Total RBC Ratio2 NPLs / Loans HFI Book Value per Share Adjusted ROATCE1 13.1% 11.8% 12.9% 13.5% 13.1% 2Q23 3Q23 4Q23 1Q24 2Q24 0.47% 0.59% 0.65% 0.73% 0.79% 2Q23 3Q23 4Q23 1Q24 2Q24 $45.0 $44.9 $45.4 $51.2 $52.4 2Q23 3Q23 4Q23 1Q24 2Q24 $27.35 $30.13 $28.36 $31.05 $32.17 $21.73 $24.67 $22.90 $25.69 $26.82 2020 2021 2022 2023 2Q24 BVPS TBVPS1 13.9% 14.1% 14.5% 15.0% 15.1% 2Q23 3Q23 4Q23 1Q24 2Q24

5 Well-capitalized for future opportunities Tangible Book Value per Share1 Simple Capital Structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,680mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 $25.69 $26.82 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 2Q24 2Q241Q242Q23 12.0%11.8%10.8%Shareholder’s Equity/Assets 10.2%10.0%9.0%TCE/TA1 12.7%12.6%11.7%Common Equity Tier 12 13.0%12.8%11.9%Tier 1 Risk-Based2 15.1%15.0%13.9%Total Risk-Based2 11.7%11.3%10.7%Tier 1 Leverage2 78%83%113%C&D to 100% Tier 1 Capital plus ACL2,3 249%255%281%CRE to 300% Tier 1 Capital plus ACL2,3 AOCI Adjusted Ratios1,2 11.8%Adj. Common Equity Tier 1 14.3%Adjusted Total Risk-Based Capital Position 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 2Q24 calculation is preliminary and subject to change. 3 Concentration ratios for FirstBank.

6 Building operating leverage Highlights ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Core efficiency ratio (tax-equivalent basis)¹ Noninterest expense ($mm) Consolidated 2Q 2024 efficiency ratio of 58.6% and core efficiency ratio¹ of 58.3% compared to 67.4% and 58.1% in 1Q 2024, respectively and 64.8% and 63.5% in 2Q 2023, respectively Consolidated 2Q 2024 noninterest expense of $75.1 million and consolidated core noninterest expense¹ of $74.1 million compared to $72.4 million and $71.9 million in 1Q 2024, respectively and $81.3 million and $79.9 million in 2Q 2023, respectively Continued focus on adding scale to realize benefits of prior investments in efficient operating platform Mortgage efficiency ratio impacted relative to the prior quarter by fair value pipeline and mortgage servicing rights changes $81.3 $83.0 $80.2 $72.4 $75.1 $79.9 $78.2 $74.4 $71.9 $74.1 $65.2 $63.9 $62.6 $59.8 $61.3 2Q23 3Q23 4Q23 1Q24 2Q24 Consolidated Consolidated core Banking core1 1 58.4% 57.8% 56.4% 54.2% 53.8% 104.8% 106.7% 123.8% 89.8% 97.0% 63.5% 63.1% 61.7% 58.1% 58.3% 2Q23 3Q23 4Q23 1Q24 2Q24 Banking segment Mortgage segment Consolidated

7 3.57%3.42%3.46%3.42%3.40%NIM1 43231 Impact of accretion and nonaccrual interest (bps) Deposit Cost: 3.93%3.93%3.88%3.78%3.43%Cost of MMDA 4.00%3.90%3.69%3.37%3.00%Cost of customer time 3.52%3.49%3.40%3.33%3.06%Cost of interest-bearing 2.77%2.76%2.65%2.58%2.38%Total deposit cost Loans HFI Yield: 6.60%6.55%6.43%6.32%6.16%Contractual interest1 0.06%0.06%0.14%0.19%0.17% Origination and other loan fee income 0.03%0.01%0.02%0.02%0.01%Nonaccrual interest 0.01%0.02%0.00%0.01%0.00% Accretion on purchased loans 6.70%6.64%6.59%6.54%6.34%Total loan (HFI) yield 3.29%2.71%2.45%2.14%2.15%Securities yield¹ Stabilizing net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2Q23 3Q23 4Q23 1Q24 2Q24 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM

8 1-4 family 17% 1-4 family HELOC 6% Multifamily 6% C&D 13% CRE 22% C&I 31% Other 5% Residential Development 46% Commercial 25% Consumer 14% Multifamily 15% Office 17% Retail 25% Hotel 15% Warehouse/Industrial 15% Land-Mobile Home Park 6% Self Storage 6% Healthcare Facility 4% Assisted Living Facility 5% Other 7% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of June 30, 2024 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry ($ millions) 1 2 C&D exposure by type

9 Nashville 58% Memphis 10% Knoxville 4% Huntsville 5% Birmingham 6% Chattanooga 3% Other 5% Communities 9% Class A 23% Class B 39% Class C 13% Under $2 Million 25% Office exposure (non-owner occupied CRE & C&D)  Office loans represent only 4.0% of our total HFI loan portfolio as of the end of 2Q24  Projects generally characterized by 25-30% cash equity requirement, loan to value maximums of 70%-75% at origination, and requests for guarantors  Reviewed all office loans with commitments greater than $2 million ($275.0 million outstanding, or 74% of total office portfolio) with limited concerns uncovered  4.0% of the total office portfolio matures through 2024  53% of the total office portfolio is fixed rate vs. 47% floating rate  As of 2Q24, 98% of the portfolio is pass rated and current Geographic exposure Note: Data as of June 30, 2024. Data excludes medical office buildings. Exposure by class Credit detail by class

10 0.47% 0.59% 0.65% 0.73% 0.79% 2Q23 3Q23 4Q23 1Q24 2Q24 0.03% 0.02% (0.04%) 0.02% 0.02% 2Q23 3Q23 4Q23 1Q24 2Q24 0.36% 0.46% 0.52% 0.58% 0.63% 0.16% 0.18% 0.17% 0.17% 0.18% 0.07% 0.07%0.59% 0.71% 0.69% 0.75% 0.81% 2Q23 3Q23 4Q23 1Q24 2Q24 Commercial loans HFS Optional GNMA repurchase Other NPAs 1.51% 1.57% 1.60% 1.63% 1.67% 2Q23 3Q23 4Q23 1Q24 2Q24 Asset quality remains solid Nonperforming assets / assets Nonperforming loans HFI / loans HFI ACL on loans HFI / loans HFI Annualized net charge-offs (recoveries) / avg. loans HFI 1 Includes other real estate owned and repossessed assets–see page 13 of the Second Quarter 2024 Financial Supplement. 1

11 1.51% 0.67% 1.22% 0.73% 2.44% 1.32% 1.77% 1.81% 3.86% 1.63% 1.07% 1.20% 0.87% 2.94% 1.46% 1.66% 1.81% 4.05% 1.67% 1.40% 1.21% 0.89% 2.85% 1.48% 1.62% 1.81% 4.04% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 2Q23 1Q24 2Q24 Allowance for credit losses overview ACL on loans HFI / Loans HFI by category  Allowance for Credit Losses (ACL) model utilizes Moody’s model1 with key economic data summarized below: 1 Source: Moody’s “June 2024 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”.

12 Noninterest- bearing checking 21% Interest-bearing checking 25% Money market 36% Savings 4% Time 14% 46% Checking accounts Valuable deposit base Cost of deposits 2Q24 Deposit composition 22.1% 22.2% 21.0% 20.8% 20.9% 2.38% 2.58% 2.65% 2.76% 2.77% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest-bearing as % of total deposits Cost of total deposits (%) $4,919 $4,894 $4,881 $4,866 $4,675 $4,029 $4,126 $4,070 $4,085 $4,271 $1,924 $1,619 $1,597 $1,554 $1,522 $10,872 $10,639 $10,548 $10,505 $10,468 2Q23 3Q23 4Q23 1Q24 2Q24 Consumer Commercial Public Deposits by customer segment ($mm) 2Q24 Insured, collateralized or uninsured by segment ($mm) $3,775 $1,969 $59 $1,463 $900 $2,302 $4,675 $4,271 $1,522 Consumer Commercial Public Insured Collateralized Uninsured, uncollateralized

13 $1,445 $1,346 $1,353 $1,386 $1,414 11.4% 11.0% 11.0% 11.3% 11.5% 2Q23 3Q23 4Q23 1Q24 2Q24 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Strong liquidity position On-balance sheet liquidity ($mm) Liquidity / Uninsured and Uncollateralized (UU) Deposits 2Q24 Sources of liquidity ($mm) Current on-balance sheet: $800.9Cash and equivalents 612.8Unpledged available-for-sale debt securities $1,413.7Total on-balance sheet Available sources of liquidity: $3,361.6Unsecured borrowing capacity2 1,294.7FHLB remaining borrowing capacity3 2,230.3Federal Reserve discount window $6,886.6Total available sources  Well positioned for economic challenges created by the uncertain economic environment  Securities portfolio makes up 11.8% of total assets and does not include any HTM securities  On-balance sheet liquidity of $1.4 billion or 44% of estimated uninsured and uncollateralized deposits  Additional $2.2 billion of real estate loans held at REIT subsidiary available to the Company as additional borrowing capacity ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Includes capacity from internal policy. 3 FHLB borrowing capacity does not include loans held at REIT that could be pledged for additional capacity. 48% 44% 43% 44% 44% 211% 221% 226% 224% 215% 259% 265% 269% 268% 259% 2Q23 3Q23 4Q23 1Q24 2Q24 On-balance sheet / UU deposits Available sources / UU deposits

14 Mortgage performance in 2Q 2024 Highlights Mortgage segment pre-tax net contribution of $0.7 million in 2Q 2024  Interest rate lock commitment volume increased 2.1% in 2Q 2024 compared to 1Q 2024 Mortgage volume and margins continue to be under pressure due to the interest rate environment, excess industry capacity and home affordability challenges Mortgage banking income ($mm) 2Q241Q242Q23 $8.9$6.5$8.0 Gains and fees from originations and sale of loans HFS $0$1.8$0.9 Fair value changes of loans HFS and derivatives $7.3$7.3$7.5Servicing revenue ($4.3)($3.0)($4.2)Fair value MSR changes $11.9$12.6$12.2Total Income 2.42% 2.75% 2.87% 2.65% 2.84% 2Q23 3Q23 4Q23 1Q24 2Q24 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin . $358 $330 $201 $320 $336 $45 $43 $45 $57 $49 $403 $373 $246 $377 $385 2Q23 3Q23 4Q23 1Q24 2Q24 Purchase Refinance

15 Appendix

16 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

17 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue

18 GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income

19 GAAP reconciliations and use of non-GAAP financial measures Adjusted earnings and diluted earnings per share

20 GAAP Reconciliations and use of non-GAAP Financial Measures Adjusted Common Equity Tier 1 and Total Risk-Based capital ratios

21 GAAP reconciliations and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis)

22 GAAP reconciliations and use of non-GAAP financial measures Banking segment core efficiency ratios (tax-equivalent basis)

23 GAAP reconciliations and use of non-GAAP financial measures Mortgage segment core efficiency (tax-equivalent basis) and core revenue ratios

24 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures

25 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures

26 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures

27 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average asset, common equity and related measures

Cover	Jul. 15, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 15, 2024
Entity Registrant Name	FB FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	TN
Entity File Number	001-37875
Entity Tax Identification Number	62-1216058
Entity Address, Address Line One	1221 Broadway
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	615
Local Phone Number	564-1212
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	FBK
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001649749