false000164974900016497492024-10-152024-10-15

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): October 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueFBKNew 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 October 15, 2024, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the third quarter ended September 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 October 15, 2024, FB Financial will host a conference call to discuss financial results for the quarter ended September 30, 2024.

On October 15, 2024, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the third quarter ended September 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 September 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 NumberDescription of Exhibit
104Cover 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: October 15, 2024
  



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FB Financial Corporation Reports Third Quarter 2024 Financial Results
Reports Q3 Diluted EPS of $0.22, Adjusted Diluted EPS* of $0.86
NASHVILLE, TENNESSEE—October 15, 2024-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $10.2 million, or $0.22 per diluted common share, for the third quarter of 2024, compared to $0.85 in the previous quarter and $0.41 in the third quarter of last year. Adjusted net income* was $40.1 million, or $0.86 per diluted common share, compared to $0.84 in the previous quarter and $0.71 in the third quarter of last year.
The Company ended the third quarter with loans held for investment (“HFI”) of $9.48 billion compared to $9.31 billion at the end of the previous quarter, a 7.20% annualized increase, and $9.29 billion at the end of the third quarter of last year, a 2.06% increase. Deposits were $10.98 billion as of September 30, 2024, compared to $10.47 billion as of June 30, 2024, and $10.64 billion as of September 30, 2023. Net interest margin (“NIM”) was 3.55% for the third quarter of 2024, compared to 3.57% in the prior quarter and 3.42% in the third quarter of 2023. The Company ended the quarter with book value per common share of $33.48 and tangible book value per common share* of $28.15, which represents a 19.7% annualized increase from the previous quarter.
President and Chief Executive Officer, Christopher T. Holmes stated, “The Company continues enhancing an already strong balance sheet to provide security and the platform for further growth. Our loan and deposit growth was encouraging during the quarter, and we are optimistic about 2025 with some momentum and expected future interest rate decreases.”
Annualized
(dollars in thousands, except share data)Sep 2024Jun 2024Sep 2023Sep 24 / Jun 24
% Change		Sep 24 / Sep 23
% Change
Balance Sheet Highlights
     Investment securities, at fair value$1,567,922 $1,482,379 $1,351,153 23.0 %16.0 %
     Loans held for sale103,145 106,875 103,858 (13.9)%(0.69)%
     Loans HFI9,478,129 9,309,553 9,287,225 7.20 %2.06 %
     Allowance for credit losses on loans HFI(156,260)(155,055)(146,134)3.09 %6.93 %
     Total assets12,920,222 12,535,169 12,489,631 12.2 %3.45 %
     Interest-bearing deposits (non-brokered)8,230,867 8,130,704 8,105,713 4.90 %1.54 %
     Brokered deposits519,200 150,113 174,920 978.1 %196.8 %
     Noninterest-bearing deposits2,226,144 2,187,185 2,358,435 7.09 %(5.61)%
     Total deposits10,976,211 10,468,002 10,639,068 19.3 %3.17 %
     Borrowings182,107 360,944 226,689 (197.1)%(19.7)%
     Allowance for credit losses on unfunded
         commitments		(6,042)(5,984)(11,600)3.86 %(47.9)%
     Total common shareholders’ equity1,562,329 1,500,502 1,372,901 16.4 %13.8 %
Book value per common share$33.48 $32.17 $29.31 16.2 %14.2 %
Tangible book value per common share*$28.15 $26.82 $23.93 19.7 %17.6 %
Total common shareholders’ equity to total assets12.1 %12.0 %11.0 %
Tangible common equity to tangible assets*10.4 %10.2 %9.16 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Third Quarter 2024 Financial Supplement.
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FB Financial Corporation
Third Quarter 2024 Results
Page 2
Three Months Ended
(dollars in thousands, except share data)Sep 2024Jun 2024Sep 2023
Statement of Income Highlights
Net interest income$106,017 $102,615 $100,926 
      NIM3.55 %3.57 %3.42 %
Noninterest (loss) income$(16,497)$25,608 $8,042 
     Loss from securities, net$(40,165)$— $(14,197)
     Cash life insurance benefit $— $2,057 $— 
Total revenue$89,520 $128,223 $108,968 
Noninterest expense$76,212 $75,093 $82,997 
Early retirement and severance costs$— $1,015 $4,809 
Efficiency ratio 85.1 %58.6 %76.2 %
      Core efficiency ratio*58.4 %58.3 %63.1 %
Pre-tax, pre-provision net revenue$13,308 $53,130 $25,971 
Adjusted pre-tax, pre-provision net revenue*$53,762 $52,369 $44,869 
Provisions for credit losses$1,914 $2,224 $2,821 
Net charge-offs ratio0.03 %0.02 %0.02 %
Net income applicable to FB Financial Corporation$10,220 $39,979 $19,175 
Diluted earnings per common share$0.22 $0.85 $0.41 
       Effective tax rate10.3 %21.4 %17.2 %
Adjusted net income*$40,132 $39,424 $33,148 
Adjusted diluted earnings per common share*$0.86 $0.84 $0.71 
Weighted average number of shares outstanding - fully diluted46,803,330 46,845,143 46,856,422 
Returns on average:
     Return on average total assets (“ROAA”)
0.32 %1.30 %0.61 %
         Adjusted*
1.25 %1.28 %1.05 %
     Return on average shareholders’ equity2.67 %10.9 %5.46 %
     Return on average tangible common equity (“ROATCE”)*
3.19 %13.1 %6.67 %
         Adjusted*
12.7 %13.1 %11.8 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Third Quarter 2024 Financial Supplement.
Balance Sheet and Net Interest Margin
The Company reported loans HFI of $9.48 billion at the end of the third quarter of 2024, compared to $9.31 billion at the end of the prior quarter. Net growth in loans HFI was driven by increases of $74.5 million in commercial and industrial loans, $57.1 million in multifamily loans and $49.5 million in owner occupied loans, offset by a decline in construction loans of $120.4 million. Additionally, net growth in the Company's consumer loan portfolio was driven by increases of $59.7 million in residential real estate and $35.2 million of consumer and other loans.
The Company reported total deposits of $10.98 billion at the end of the third quarter compared to $10.47 billion at the end of the second quarter. Total cost of deposits was 2.83% during the third quarter compared to 2.77% in the second quarter of 2024. The increase was driven by an issuance of brokered deposits of $369.1 million at an average cost of 4.15% as the Company took advantage of favorable relative terms available early in the quarter. Noninterest-bearing deposits grew to $2.23 billion at the end of the quarter compared to $2.19 billion at the end of the second quarter of 2024, a 7.09% annualized increase.
During the third quarter of 2024, the Company elected to sell $318.6 million in available-for-sale securities with a weighted average yield of 2.25% and reinvested the proceeds of the sale into available-for-sale securities with a weighted average yield of 5.25%. With the securities sale and reinvestment, total securities yield increased to 3.68% for the third quarter compared to 3.29% in the second quarter of 2024. The securities sale resulted in a loss on securities of $40.2 million, which has been adjusted from earnings in the Company’s computations of adjusted performance measures for the third quarter.
The Company’s net interest income on a tax equivalent basis increased in the third quarter of 2024 to $106.6 million from $103.3 million in the prior quarter. NIM decreased to 3.55% for the third quarter of 2024 from 3.57% for the previous quarter. NIM was impacted by the recent investment portfolio restructuring, the addition of brokered deposits noted above and the effect of the decrease in the federal funds rate during the quarter. The cost of interest-bearing deposits increased to 3.58% from 3.52% in the previous quarter and the contractual yield on loans HFI increased to 6.62% from 6.60% in the second quarter of 2024.
Holmes continued, “The Company delivered on relationship growth during the quarter with core deposit growth of 5.36% annualized and loan growth of 7.20% annualized. Early in the third quarter, we were able to acquire brokered deposits, which were significantly less costly than new customer funding at the time, to provide us with some balance sheet flexibility. The team continues to focus on building relationships and growing revenue, which creates long-term franchise value.”
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FB Financial Corporation
Third Quarter 2024 Results
Page 3
Noninterest Income
Core noninterest income* was $24.0 million for the third quarter of 2024, compared to $23.8 million and $22.1 million for the prior quarter and third quarter of 2023, respectively.
Mortgage banking income declined slightly to $11.6 million in the third quarter of 2024, compared to $11.9 million in the prior quarter and $12.0 million in the third quarter of 2023.
Noninterest Expense
Core noninterest expense* during the third quarter of 2024 was $76.2 million compared to $74.1 million for the prior quarter and $78.2 million for the third quarter of 2023. During the third quarter of 2024, the Company’s core efficiency ratio*1 was 58.4%, compared to 58.3% in the previous quarter and 63.1% in the third quarter of 2023. Core banking noninterest expense* was $63.3 million for the quarter, compared to $61.3 million in the prior quarter and $63.9 million in the third quarter of 2023.
Chief Financial Officer Michael Mettee commented, “Banking noninterest expenses aligned with our projections for the quarter, moving modestly higher from our recent success in hiring revenue producers and from increases to our short-term incentive compensation accrual. The Company remains steadfast in its commitment to growing revenue and enhancing operating leverage.”
Credit Quality
In the third quarter, the Company recorded provision expenses of $1.9 million related to loans HFI and $58 thousand related to unfunded loan commitments. The Company had an allowance for credit losses on loans HFI as of the end of the third quarter of 2024 of $156.3 million, representing 1.65% of loans HFI compared to $155.1 million, or 1.67% of loans HFI as of June 30, 2024.
The Company experienced net charge-offs of $0.7 million in the third quarter of 2024, representing annualized net charge-offs of 0.03% of average loans HFI, which compares to annualized net charge-offs of 0.02% in both the prior quarter and third quarter of 2023.
The Company’s nonperforming loans HFI as a percentage of total loans HFI increased to 0.96% as of the end of the third quarter of 2024, compared to 0.79% at the previous quarter-end and 0.59% at the end of the third quarter of 2023. Nonperforming assets as a percentage of total assets increased to 0.99% as of the end of the third quarter of 2024, compared to 0.81% at the end of the prior quarter and 0.71% as of the end of the third quarter of 2023.
Holmes commented, “Annualized net charge-offs were 3 basis points for the quarter which is in line with our recent performance, and our allowance for credit losses increased modestly as we continue to evaluate the impact of multiple economic scenarios on the balance sheet. Nonperforming assets moved higher during the quarter related to downgrades on a couple of individual credits and some softness in consumer loans. We continue to closely monitor our loan portfolio for potential negative credit trends or elevated loss content, but have not seen these materialize.”
Capital
The Company continued its capital build in the third 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 10.4%.
Holmes continued, “The Company is steadily increasing its capital, enabling strategic deployment through market expansion, relationship manager additions and balance sheet enhancements. In addition to our securities restructuring transaction this quarter, we expanded into the Tuscaloosa, Alabama market with the hiring of a market president, and a new location coming soon.”
Summary
Holmes finalized, “The Company is moving into the end of the year in a position of strength. We maintain a long-term focus, consistently compounding shareholder value through our commitment to serving our customers and our communities.”
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company’s financial results on October 15, 2024, at 10:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 8581921) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through October 22, 2024, by dialing 1-877-344-7529 and entering confirmation code 5751189.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=Vt6q2sIw. 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 Third Quarter 2024 Financial Supplement.
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FB Financial Corporation
Third 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 $12.92 billion in total assets.
MEDIA CONTACT:
FINANCIAL CONTACT:
Dustin HauptMichael Mettee
615-370-6737615-564-1212
dustin.haupt@firstbankonline.commmettee@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 Third 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 Third 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 October 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
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FB Financial Corporation
Third 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 Third Quarter 2024 Financial Supplement, which is available at https://investors.firstbankonline.com.
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FB Financial Corporation
Third 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
Sep 2024Jun 2024Sep 2023
Selected Balance Sheet Data
Cash and cash equivalents$951,750 $800,902 $848,318 
Investment securities, at fair value1,567,922 1,482,379 1,351,153 
Loans held for sale103,145 106,875 103,858 
Loans HFI9,478,129 9,309,553 9,287,225 
Allowance for credit losses on loans HFI(156,260)(155,055)(146,134)
Total assets12,920,222 12,535,169 12,489,631 
Interest-bearing deposits (non-brokered)8,230,867 8,130,704 8,105,713 
Brokered deposits519,200 150,113 174,920 
Noninterest-bearing deposits2,226,144 2,187,185 2,358,435 
Total deposits10,976,211 10,468,002 10,639,068 
Borrowings182,107 360,944 226,689 
Allowance for credit losses on unfunded commitments(6,042)(5,984)(11,600)
Total common shareholders’ equity1,562,329 1,500,502 1,372,901 
Selected Statement of Income Data
Total interest income$185,628 $177,413 $173,912 
Total interest expense79,611 74,798 72,986 
Net interest income106,017 102,615 100,926 
Total noninterest (loss) income(16,497)25,608 8,042 
Total noninterest expense76,212 75,093 82,997 
Earnings before income taxes and provisions for credit losses13,308 53,130 25,971 
Provisions for credit losses1,914 2,224 2,821 
Income tax expense1,174 10,919 3,975 
Net income applicable to noncontrolling interest— 8 — 
Net income applicable to FB Financial Corporation$10,220 $39,979 $19,175 
Net interest income (tax-equivalent basis)$106,634 $103,254 $101,762 
Adjusted net income*$40,132 $39,424 $33,148 
Adjusted pre-tax, pre-provision net revenue*$53,762 $52,369 $44,869 
Per Common Share
Diluted net income$0.22 $0.85 $0.41 
Adjusted diluted net income*0.86 0.84 0.71 
Book value33.48 32.17 29.31 
Tangible book value*28.15 26.82 23.93 
Weighted average number of shares outstanding - fully diluted46,803,330 46,845,143 46,856,422 
Period-end number of shares 46,658,019 46,642,958 46,839,159 
Selected Ratios
Return on average:
Assets0.32 %1.30 %0.61 %
Shareholders’ equity2.67 %10.9 %5.46 %
Tangible common equity*3.19 %13.1 %6.67 %
Efficiency ratio 85.1 %58.6 %76.2 %
Core efficiency ratio (tax-equivalent basis)*58.4 %58.3 %63.1 %
Loans HFI to deposit ratio86.4 %88.9 %87.3 %
Noninterest-bearing deposits to total deposits 20.3 %20.9 %22.2 %
Net interest margin (tax-equivalent basis)3.55 %3.57 %3.42 %
Yield on interest-earning assets6.20 %6.16 %5.87 %
Cost of interest-bearing liabilities3.63 %3.56 %3.41 %
Cost of total deposits2.83 %2.77 %2.58 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.65 %1.67 %1.57 %
Annualized net charge-offs as a percentage of average loans HFI0.03 %0.02 %0.02 %
Nonperforming loans HFI as a percentage of loans HFI0.96 %0.79 %0.59 %
Nonperforming assets as a percentage of total assets
0.99 %0.81 %0.71 %
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets12.1 %12.0 %11.0 %
Tangible common equity to tangible assets*10.4 %10.2 %9.16 %
Tier 1 leverage11.5 %11.7 %11.0 %
Tier 1 risk-based capital
13.0 %13.0 %12.1 %
Total risk-based capital
15.1 %15.1 %14.1 %
Common equity Tier 1
12.7 %12.7 %11.8 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Third Quarter 2024 Financial Supplement.
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Third Quarter 2024
Financial Supplement



TABLE OF CONTENTS
 
 Page
  
Financial Summary and Key Metrics
  
Consolidated Statements of Income
  
Consolidated Balance Sheets
Average Balance and Interest Yield/Rate Analysis
Investments and Other Sources of Liquidity
  
Loan Portfolio
  
Asset Quality
  
Selected Deposit Data
 14
Preliminary Capital Ratios
  
Segment Data
Non-GAAP Reconciliations



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.
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 Financial Supplement for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)
 As of or for the Three Months Ended
 Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
Selected Balance Sheet Data
Cash and cash equivalents$951,750 $800,902 $870,730 $810,932 $848,318 
Investment securities, at fair value1,567,922 1,482,379 1,464,682 1,471,973 1,351,153 
Loans held for sale103,145 106,875 82,704 67,847 103,858 
Loans HFI9,478,129 9,309,553 9,288,909 9,408,783 9,287,225 
Allowance for credit losses on loans HFI(156,260)(155,055)(151,667)(150,326)(146,134)
Total assets12,920,222 12,535,169 12,548,320 12,604,403 12,489,631 
Interest-bearing deposits (non-brokered)8,230,867 8,130,704 8,191,962 8,179,430 8,105,713 
Brokered deposits519,200 150,113 130,845 150,475 174,920 
Noninterest-bearing deposits2,226,144 2,187,185 2,182,121 2,218,382 2,358,435 
Total deposits10,976,211 10,468,002 10,504,928 10,548,287 10,639,068 
Borrowings182,107 360,944 360,821 390,964 226,689 
Allowance for credit losses on unfunded commitments(6,042)(5,984)(7,700)(8,770)(11,600)
Total common shareholders' equity1,562,329 1,500,502 1,479,526 1,454,794 1,372,901 
Selected Statement of Income Data
Total interest income$185,628 $177,413 $176,128 $174,835 $173,912 
Total interest expense79,611 74,798 76,638 73,747 72,986 
Net interest income106,017 102,615 99,490 101,088 100,926 
Total noninterest (loss) income(16,497)25,608 7,962 15,339 8,042 
Total noninterest expense76,212 75,093 72,420 80,200 82,997 
Earnings before income taxes and provisions for credit losses13,308 53,130 35,032 36,227 25,971 
Provisions for (reversals of) credit losses1,914 2,224 782 305 2,821 
Income tax expense 1,174 10,919 6,300 6,545 3,975 
Net income applicable to noncontrolling interest— 8 — 8 — 
Net income applicable to FB Financial Corporation$10,220 $39,979 $27,950 $29,369 $19,175 
Net interest income (tax-equivalent basis)$106,634 $103,254 $100,199 $101,924 $101,762 
Adjusted net income*$40,132 $39,424 $39,890 $36,152 $33,148 
Adjusted pre-tax, pre-provision net revenue*$53,762 $52,369 $51,180 $45,390 $44,869 
Per Common Share
Diluted net income$0.22 $0.85 $0.59 $0.63 $0.41 
Adjusted diluted net income*0.86 0.84 0.85 0.77 0.71 
Book value33.48 32.17 31.55 31.05 29.31 
Tangible book value*28.15 26.82 26.21 25.69 23.93 
Weighted average number of shares outstanding - fully diluted46,803,330 46,845,143 46,998,873 46,916,939 46,856,422 
Period-end number of shares 46,658,019 46,642,958 46,897,378 46,848,934 46,839,159 
Selected Ratios
Return on average:
Assets0.32 %1.30 %0.89 %0.94 %0.61 %
Shareholders’ equity2.67 %10.9 %7.70 %8.41 %5.46 %
Tangible common equity*3.19 %13.1 %9.29 %10.3 %6.67 %
Efficiency ratio 85.1 %58.6 %67.4 %68.9 %76.2 %
Core efficiency ratio (tax-equivalent basis)*58.4 %58.3 %58.1 %61.7 %63.1 %
Loans HFI to deposit ratio86.4 %88.9 %88.4 %89.2 %87.3 %
Noninterest-bearing deposits to total deposits 20.3 %20.9 %20.8 %21.0 %22.2 %
Net interest margin (NIM) (tax-equivalent basis)3.55 %3.57 %3.42 %3.46 %3.42 %
Yield on interest-earning assets6.20 %6.16 %6.03 %5.96 %5.87 %
Cost of interest-bearing liabilities3.63 %3.56 %3.56 %3.47 %3.41 %
Cost of total deposits2.83 %2.77 %2.76 %2.65 %2.58 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.65 %1.67 %1.63 %1.60 %1.57 %
Annualized net charge-offs (recoveries) as a percentage of average
   loans HFI		0.03 %0.02 %0.02 %(0.04)%0.02 %
Nonperforming loans HFI as a percentage of loans HFI0.96 %0.79 %0.73 %0.65 %0.59 %
Nonperforming assets as a percentage of total assets0.99 %0.81 %0.75 %0.69 %0.71 %
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets12.1 %12.0 %11.8 %11.5 %11.0 %
Tangible common equity to tangible assets*10.4 %10.2 %9.99 %9.74 %9.16 %
Tier 1 leverage11.5 %11.7 %11.3 %11.3 %11.0 %
Tier 1 risk-based capital 13.0 %13.0 %12.8 %12.5 %12.1 %
Total risk-based capital 15.1 %15.1 %15.0 %14.5 %14.1 %
Common equity Tier 1 12.7 %12.7 %12.6 %12.2 %11.8 %
*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)
  Sep 2024Sep 2024
  vs.vs.
 Three Months EndedJun 2024Sep 2023
Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Percent variance Percent variance
Interest income:
Interest and fees on loans$158,625 $155,379 $155,606 $155,737 $153,882 2.09 %3.08 %
Interest on investment securities
Taxable13,943 11,966 9,105 7,808 6,399 16.5 %117.9 %
Tax-exempt1,104 1,168 1,442 1,746 1,795 (5.48)%(38.5)%
Other11,956 8,900 9,975 9,544 11,836 34.3 %1.01 %
Total interest income185,628 177,413 176,128 174,835 173,912 4.63 %6.74 %
Interest expense:
Deposits76,088 71,501 72,625 70,873 69,826 6.42 %8.97 %
Borrowings3,523 3,297 4,013 2,874 3,160 6.85 %11.5 %
Total interest expense79,611 74,798 76,638 73,747 72,986 6.43 %9.08 %
Net interest income106,017 102,615 99,490 101,088 100,926 3.32 %5.04 %
Provision for credit losses on loans HFI1,856 3,940 1,852 3,135 6,031 (52.9)%(69.2)%
Provision for (reversal of) credit losses on unfunded
   commitments		58 (1,716)(1,070)(2,830)(3,210)(103.4)%(101.8)%
Net interest income after provisions for credit
   losses		104,103 100,391 98,708 100,783 98,105 3.70 %6.11 %
Noninterest income:
Mortgage banking income11,553 11,910 12,585 8,376 11,998 (3.00)%(3.71)%
Investment services and trust income3,721 3,387 3,230 3,093 3,072 9.86 %21.1 %
Service charges on deposit accounts3,378 3,167 3,141 2,957 2,959 6.66 %14.2 %
ATM and interchange fees2,840 2,814 2,944 2,618 2,639 0.92 %7.62 %
(Loss) gain from securities, net(40,165)— (16,213)183 (14,197)NM182.9 %
(Loss) gain on sales or write-downs of other real estate
     owned and other assets
(289)(281)565 (492)115 2.85 %(351.3)%
Other income2,465 4,611 1,710 (1,396)1,456 (46.5)%69.3 %
Total noninterest (loss) income(16,497)25,608 7,962 15,339 8,042 (164.4)%(305.1)%
Total revenue89,520 128,223 107,452 116,427 108,968 (30.2)%(17.8)%
Noninterest expenses:
Salaries, commissions and employee benefits47,538 46,225 44,618 48,142 54,491 2.84 %(12.8)%
Occupancy and equipment expense6,640 6,328 6,614 9,530 6,428 4.93 %3.30 %
Data processing 2,486 2,286 2,408 2,434 2,338 8.75 %6.33 %
Legal and professional fees1,900 1,979 1,919 1,823 1,760 (3.99)%7.95 %
Advertising1,947 1,859 1,171 2,009 2,124 4.73 %(8.33)%
Amortization of core deposits and other intangibles719 752 789 840 889 (4.39)%(19.1)%
Other expense14,982 15,664 14,901 15,422 14,967 (4.35)%0.10 %
Total noninterest expense76,212 75,093 72,420 80,200 82,997 1.49 %(8.17)%
Income before income taxes11,394 50,906 34,250 35,922 23,150 (77.6)%(50.8)%
Income tax expense1,174 10,919 6,300 6,545 3,975 (89.2)%(70.5)%
Net income applicable to FB Financial
Corporation and noncontrolling interest
10,220 39,987 27,950 29,377 19,175 (74.4)%(46.7)%
Net income applicable to noncontrolling interest— 8 — 8 — (100.0)%— %
Net income applicable to FB Financial
Corporation
$10,220 $39,979 $27,950 $29,369 $19,175 (74.4)%(46.7)%
Weighted average common shares outstanding:  
Basic46,650,563 46,762,488 46,874,882 46,845,055 46,818,612 (0.24)%(0.36)%
Fully diluted46,803,330 46,845,143 46,998,873 46,916,939 46,856,422 (0.09)%(0.11)%
Earnings per common share:  
Basic$0.22 $0.85 $0.60 $0.63 $0.41 (74.1)%(46.3)%
Fully diluted0.22 0.85 0.59 0.63 0.41 (74.1)%(46.3)%
Fully diluted - adjusted*0.86 0.84 0.85 0.77 0.71 2.38 %21.1 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.
NM- Not meaningful


FB Financial Corporation
5

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
   Sep 2024
 vs.
 Nine Months EndedSep 2023
 Sep 2024Sep 2023Percent variance
Interest income:
Interest and fees on loans$469,610 $443,458 5.90 %
Interest on investment securities
Taxable35,014 19,449 80.0 %
Tax-exempt3,714 5,407 (31.3)%
Other30,831 35,261 (12.6)%
Total interest income539,169 503,575 7.07 %
Interest expense:
Deposits220,214 187,946 17.2 %
Borrowings10,833 9,500 14.0 %
Total interest expense231,047 197,446 17.0 %
Net interest income308,122 306,129 0.65 %
Provision for credit losses on loans HFI7,648 13,603 (43.8)%
Reversal of credit losses on unfunded commitments(2,728)(11,369)(76.0)%
Net interest income after provisions for credit losses303,202 303,895 (0.23)%
Noninterest income:
Mortgage banking income36,048 36,316 (0.74)%
Investment services and trust income10,338 8,227 25.7 %
Service charges on deposit accounts9,686 9,197 5.32 %
ATM and interchange fees8,598 7,664 12.2 %
Loss from securities, net(56,378)(14,156)298.3 %
(Loss) gain on sales or write-downs of other real estate owned and other assets(5)465 (101.1)%
Other income8,786 7,491 17.3 %
Total noninterest income17,073 55,204 (69.1)%
Total revenue325,195 361,333 (10.0)%
Noninterest expenses:
Salaries, commissions and employee benefits138,381 155,299 (10.9)%
Occupancy and equipment expense19,582 18,618 5.18 %
Data processing 7,180 6,796 5.65 %
Legal and professional fees5,798 7,067 (18.0)%
Advertising4,977 6,258 (20.5)%
Amortization of core deposit and other intangibles2,260 2,819 (19.8)%
Other expense45,547 47,872 (4.86)%
Total noninterest expense223,725 244,729 (8.58)%
Income before income taxes96,550 114,370 (15.6)%
Income tax expense18,393 23,507 (21.8)%
Net income applicable to noncontrolling interest and FB Financial Corporation78,157 90,863 (14.0)%
Net income applicable to noncontrolling interests8 8 — %
Net income applicable to FB Financial Corporation$78,149 $90,855 (14.0)%
Weighted average common shares outstanding: 
Basic46,762,213 46,759,703 0.01 %
Fully diluted46,874,037 46,802,543 0.15 %
Earnings per common share:
Basic$1.67 $1.94 (13.9)%
Fully diluted1.67 1.94 (13.9)%
Fully diluted - adjusted*2.55 2.24 13.8 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.



FB Financial Corporation
6

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
  Annualized 
  Sep 2024Sep 2024
  vs.vs.
As ofJun 2024Sep 2023
Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Percent variance Percent variance
ASSETS
Cash and due from banks$126,470 $192,571 $124,772 $146,542 $188,317 (136.6)%(32.8)%
Federal funds sold and reverse repurchase agreements
97,299 91,909 100,785 83,324 129,885 23.3 %(25.1)%
Interest-bearing deposits in financial institutions727,981 516,422 645,173 581,066 530,116 163.0 %37.3 %
Cash and cash equivalents951,750 800,902 870,730 810,932 848,318 74.9 %12.2 %
Investments:
Available-for-sale debt securities, at fair value1,567,922 1,482,379 1,464,682 1,471,973 1,348,219 23.0 %16.3 %
Equity securities, at fair value— — — — 2,934 — %(100.0)%
Federal Home Loan Bank stock, at cost32,859 33,030 33,948 34,190 34,809 (2.06)%(5.60)%
Loans held for sale103,145 106,875 82,704 67,847 103,858 (13.9)%(0.69)%
Loans held for investment9,478,129 9,309,553 9,288,909 9,408,783 9,287,225 7.20 %2.06 %
Less: allowance for credit losses on loans HFI156,260 155,055 151,667 150,326 146,134 3.09 %6.93 %
Net loans held for investment9,321,869 9,154,498 9,137,242 9,258,457 9,141,091 7.27 %1.98 %
Premises and equipment, net152,572 154,731 155,271 155,731 156,081 (5.55)%(2.25)%
Other real estate owned, net3,779 4,173 3,613 3,192 1,504 (37.6)%151.3 %
Operating lease right-of-use assets47,346 49,123 51,421 54,295 56,240 (14.4)%(15.8)%
Interest receivable52,228 52,781 53,506 52,715 49,205 (4.17)%6.14 %
Mortgage servicing rights, at fair value157,097 164,505 165,674 164,249 172,710 (17.9)%(9.04)%
Goodwill242,561 242,561 242,561 242,561 242,561 — %— %
Core deposit and other intangibles, net6,449 7,168 7,920 8,709 9,549 (39.9)%(32.5)%
Bank-owned life insurance72,167 71,930 76,574 76,143 75,739 1.31 %(4.72)%
Other assets208,478 210,513 202,474 203,409 246,813 (3.85)%(15.5)%
Total assets$12,920,222 $12,535,169 $12,548,320 $12,604,403 $12,489,631 12.2 %3.45 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing$2,226,144 $2,187,185 $2,182,121 $2,218,382 $2,358,435 7.09 %(5.61)%
Interest-bearing checking2,754,253 2,628,554 2,421,487 2,504,421 2,554,641 19.0 %7.81 %
Money market and savings4,098,496 4,157,968 4,298,938 4,204,851 4,119,357 (5.69)%(0.51)%
Customer time deposits1,378,118 1,343,934 1,471,190 1,469,811 1,431,119 10.1 %(3.70)%
Brokered and internet time deposits519,200 150,361 131,192 150,822 175,516 975.9 %195.8 %
Total deposits10,976,211 10,468,002 10,504,928 10,548,287 10,639,068 19.3 %3.17 %
Borrowings182,107 360,944 360,821 390,964 226,689 (197.1)%(19.7)%
Operating lease liabilities59,584 61,932 64,562 67,643 67,542 (15.1)%(11.8)%
Accrued expenses and other liabilities139,898 143,696 138,390 142,622 183,338 (10.5)%(23.7)%
Total liabilities11,357,800 11,034,574 11,068,701 11,149,516 11,116,637 11.7 %2.17 %
Shareholders’ equity:
Common stock, $1 par value46,658 46,643 46,897 46,849 46,839 0.13 %(0.39)%
Additional paid-in capital858,106 855,391 866,803 864,258 862,340 1.26 %(0.49)%
Retained earnings732,435 730,242 698,310 678,412 656,120 1.19 %11.6 %
Accumulated other comprehensive loss, net(74,870)(131,774)(132,484)(134,725)(192,398)(171.8)%(61.1)%
Total common shareholders’ equity1,562,329 1,500,502 1,479,526 1,454,794 1,372,901 16.4 %13.8 %
Noncontrolling interest93 93 93 93 93 — %— %
Total equity1,562,422 1,500,595 1,479,619 1,454,887 1,372,994 16.4 %13.8 %
Total liabilities and shareholders’ equity$12,920,222 $12,535,169 $12,548,320 $12,604,403 $12,489,631 12.2 %3.45 %

FB Financial Corporation
7

Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 September 30, 2024June 30, 2024
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:      
Loans HFI(a)(b)
$9,362,937 $157,751 6.70 %$9,263,822 $154,226 6.70 %
Mortgage loans held for sale66,828 1,102 6.56 %80,919 1,380 6.86 %
Investment securities:
Taxable1,487,200 13,943 3.73 %1,464,045 11,966 3.29 %
Tax-exempt(b)
181,465 1,493 3.27 %193,347 1,580 3.29 %
Total investment securities(b)
1,668,665 15,436 3.68 %1,657,392 13,546 3.29 %
Federal funds sold and reverse repurchase agreements118,715 1,687 5.65 %108,097 1,497 5.57 %
Interest-bearing deposits with other financial institutions701,666 9,519 5.40 %488,123 6,641 5.47 %
FHLB stock32,919 750 9.06 %33,495 762 9.15 %
Total interest-earning assets(b)
11,951,730 186,245 6.20 %11,631,848 178,052 6.16 %
Noninterest-earning assets: 
Cash and due from banks131,308 124,729 
Allowance for credit losses on loans HFI(155,665)(151,724)
Other assets(c)(d)
814,577 766,591 
Total noninterest-earning assets790,220 739,596 
Total assets$12,741,950 $12,371,444 
Interest-bearing liabilities: 
Interest-bearing deposits: 
Interest-bearing checking$2,624,046 $20,998 3.18 %$2,500,325 $19,074 3.07 %
Money market3,802,818 37,574 3.93 %3,779,139 36,887 3.93 %
Savings deposits357,165 65 0.07 %369,779 64 0.07 %
Customer time deposits1,349,986 13,479 3.97 %1,387,956 13,812 4.00 %
Brokered and internet time deposits322,667 3,972 4.90 %123,003 1,664 5.44 %
       Time deposits1,672,653 17,451 4.15 %1,510,959 15,476 4.12 %
Total interest-bearing deposits8,456,682 76,088 3.58 %8,160,202 71,501 3.52 %
Other interest-bearing liabilities: 
Securities sold under agreements to repurchase and federal funds purchased21,734 79 1.45 %24,680 122 1.99 %
Subordinated debt130,561 1,900 5.79 %130,464 1,615 4.98 %
Other borrowings125,616 1,544 4.89 %131,293 1,560 4.78 %
Total other interest-bearing liabilities277,911 3,523 5.04 %286,437 3,297 4.63 %
Total interest-bearing liabilities8,734,593 79,611 3.63 %8,446,639 74,798 3.56 %
Noninterest-bearing liabilities: 
Demand deposits2,241,512 2,222,005 
Other liabilities(d)
242,155 229,426 
Total noninterest-bearing liabilities2,483,667 2,451,431 
Total liabilities11,218,260 10,898,070 
Total common shareholders’ equity1,523,597 1,473,281 
Noncontrolling interest93 93 
Total equity1,523,690 1,473,374 
Total liabilities and shareholders’ equity$12,741,950 $12,371,444 
Net interest income(b)
 $106,634 $103,254 
Interest rate spread(b)
  2.57 %2.60 %
Net interest margin(b)(e)
  3.55 %3.57 %
Cost of total deposits  2.83 %2.77 %
Average interest-earning assets to average interest-bearing liabilities  136.8 %137.7 %
Tax-equivalent adjustment $617 $639 
Loans HFI yield components:  
    Contractual interest rate(b)
 $155,884 6.62 %$152,037 6.60 %
    Origination and other loan fee income 1,779 0.08 %1,291 0.06 %
    Amortization (accretion) on purchased loans (10)— %161 0.01 %
    Nonaccrual interest 98 — %737 0.03 %
          Total loans HFI yield $157,751 6.70 %$154,226 6.70 %
(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 $153,838 and $198,073 for the three months ended September 30, 2024 and June 30, 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 $25,451 and 20,750 for the three months ended September 30, 2024 and June 30, 2024, 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
8

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 March 31, 2024December 31, 2023September 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)
$9,386,794 $154,956 6.64 %$9,330,176 $155,081 6.59 %$9,280,530 $153,038 6.54 %
Mortgage loans held for sale48,566 851 7.05 %47,293 877 7.36 %60,291 1,047 6.89 %
Commercial loans held for sale—— — %7,281— — %9,259— — %
Investment securities:
Taxable1,399,237 9,105 2.62 %1,361,987 7,808 2.27 %1,344,052 6,399 1.89 %
Tax-exempt(b)
241,379 1,950 3.25 %283,395 2,361 3.31 %291,863 2,428 3.30 %
Total investment securities(b)
1,640,616 11,055 2.71 %1,645,382 10,169 2.45 %1,635,915 8,827 2.14 %
Federal funds sold and reverse repurchase   agreements155,380 2,126 5.50 %107,276 1,518 5.61 %95,326 1,375 5.72 %
Interest-bearing deposits with other financial institutions530,390 7,066 5.36 %525,763 7,195 5.43 %696,600 9,620 5.48 %
FHLB stock34,051 783 9.25 %34,556 831 9.54 %36,624 841 9.11 %
Total interest-earning assets(b)
11,795,797 176,837 6.03 %11,697,727 175,671 5.96 %11,814,545 174,748 5.87 %
Noninterest-earning assets:
Cash and due from banks167,732 127,715 128,780 
Allowance for credit losses on loans HFI(150,605)(147,035)(140,033)
Other assets(c)(d)
777,155 756,168 753,866 
Total noninterest-earning assets794,282 736,848 742,613 
Total assets$12,590,079 $12,434,575 $12,557,158 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,539,084 $19,016 3.01 %$2,500,139 $18,444 2.93 %$2,668,970 $20,506 3.05 %
    Money market3,849,080 37,570 3.93 %3,761,500 36,740 3.88 %3,661,262 34,902 3.78 %
    Savings deposits377,963 62 0.07 %388,296 67 0.07 %410,403 65 0.06 %
    Customer time deposits1,457,377 14,124 3.90 %1,447,094 13,463 3.69 %1,400,290 11,909 3.37 %
    Brokered and internet time deposits140,292 1,853 5.31 %162,317 2,159 5.28 %182,652 2,444 5.31 %
       Time deposits1,597,66915,9774.02 %1,609,411 15,622 3.85 %1,582,942 14,353 3.60 %
Total interest-bearing deposits8,363,79672,6253.49 %8,259,346 70,873 3.40 %8,323,577 69,826 3.33 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased24,219 149 2.47 %31,673 177 2.22 %30,520 349 4.54 %
  Federal Home Loan Bank advances— — — %— — — %13,859 204 5.84 %
  Subordinated debt129,718 2,286 7.09 %128,621 2,604 8.03 %127,605 2,600 8.08 %
  Other borrowings131,318 1,578 4.83 %8,407 93 4.39 %1,365 7 2.03 %
Total other interest-bearing liabilities285,255 4,013 5.66 %168,701 2,874 6.76 %173,349 3,160 7.23 %
Total interest-bearing liabilities8,649,051 76,638 3.56 %8,428,047 73,747 3.47 %8,496,926 72,986 3.41 %
Noninterest-bearing liabilities:
Demand deposits2,227,175 2,341,627 2,410,280 
Other liabilities(d)
253,024 279,435 256,606 
Total noninterest-bearing liabilities2,480,199 2,621,062 2,666,886 
Total liabilities11,129,250 11,049,109 11,163,812 
Total common shareholders’ equity1,460,736 1,385,373 1,393,253 
Noncontrolling interest93 93 93 
Total equity1,460,829 1,385,466 1,393,346 
Total liabilities and shareholders’ equity$12,590,079 $12,434,575 $12,557,158 
Net interest income(b)
$100,199 $101,924 $101,762 
Interest rate spread(b)
2.47 %2.49 %2.46 %
Net interest margin(b)(e)
3.42 %3.46 %3.42 %
Cost of total deposits2.76 %2.65 %2.58 %
Average interest-earning assets to average interest-bearing liabilities136.4 %138.8 %139.0 %
Tax-equivalent adjustment$709 $836 $836 
Loans HFI yield components:
    Contractual interest rate(b)
$152,875 6.55 %$151,193 6.43 %$147,806 6.32 %
    Origination and other loan fee income1,436 0.06 %3,322 0.14 %4,345 0.19 %
    Accretion on purchased loans387 0.02 %77 — %312 0.01 %
    Nonaccrual interest258 0.01 %489 0.02 %575 0.02 %
          Total loans HFI yield$154,956 6.64 %$155,081 6.59 %$153,038 6.54 %
(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 $194,091, $258,265 and $232,613 for the three months ended March 31, 2024, December 31, 2023 and
September 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 $20,750, $21,072 and      $19,080 for the three months ended March 31, 2024, December 31, 2023 and September 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)
 Nine Months Ended
 September 30, 2024September 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)
$9,337,942 $466,933 6.68 %$9,337,932 $440,920 6.31 %
Mortgage loans held for sale65,443 3,333 6.80 %59,982 2,979 6.64 %
Commercial loans held for sale— — %11,721 162 1.85 %
Investment securities:
Taxable1,450,295 35,014 3.22 %1,373,461 19,449 1.89 %
Tax-exempt(b)
205,310 5,023 3.27 %293,408 7,313 3.33 %
Total investment securities(b)
1,655,605 40,037 3.23 %1,666,869 26,762 2.15 %
Federal funds sold and reverse repurchase agreements127,365 5,310 5.57 %114,706 4,280 4.99 %
Interest-bearing deposits with other financial institutions573,861 23,226 5.41 %760,895 28,457 5.00 %
FHLB stock33,486 2,295 9.15 %41,912 2,524 8.05 %
Total interest-earning assets(b)
11,793,702 541,134 6.13 %11,994,017 506,084 5.64 %
Noninterest-earning assets:
Cash and due from banks141,220 133,881 
Allowance for credit losses on loans HFI(152,675)(137,958)
Other assets(c)(d)
786,211 757,606 
Total noninterest-earning assets774,756 753,529 
Total assets$12,568,458 $12,747,546 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,554,739 $59,088 3.09 %$2,985,265 $63,317 2.84 %
    Money market3,810,318 112,031 3.93 %3,517,106 89,465 3.40 %
    Savings deposits368,262 191 0.07 %433,811 192 0.06 %
    Customer time deposits1,398,263 41,415 3.96 %1,432,680 31,788 2.97 %
    Brokered and internet time deposits195,785 7,489 5.11 %80,902 3,184 5.26 %
       Time deposits1,594,048 48,904 4.10 %1,513,582 34,972 3.09 %
Total interest-bearing deposits8,327,367 220,214 3.53 %8,449,764 187,946 2.97 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased23,537 350 1.99 %29,249 492 2.25 %
  Federal Home Loan Bank advances— — — %38,736 1,487 5.13 %
  Subordinated debt130,249 5,801 5.95 %126,970 7,498 7.90 %
  Other borrowings 129,396 4,682 4.83 %1,478 23 2.08 %
Total other interest-bearing liabilities283,182 10,833 5.11 %196,433 9,500 6.47 %
Total interest-bearing liabilities8,610,549 231,047 3.58 %8,646,197 197,446 3.05 %
Noninterest-bearing liabilities:
Demand deposits2,230,271 2,475,850 
   Other liabilities(d)
241,535 254,128 
Total noninterest-bearing liabilities2,471,806 2,729,978 
Total liabilities11,082,355 11,376,175 
Total common shareholders’ equity1,486,010 1,371,278
Noncontrolling interest93 93 
Total equity1,486,103 1,371,371 
Total liabilities and shareholders’ equity$12,568,458 $12,747,546 
Net interest income(b)
$310,087 $308,638 
Interest rate spread(b)
2.55 %2.59 %
Net interest margin(b)(e)
3.51 %3.44 %
Cost of total deposits2.79 %2.30 %
Average interest-earning assets to average interest-bearing liabilities137.0 %138.7 %
Tax equivalent adjustment $1,965  $2,509 
Loans HFI yield components:   
    Contractual interest rate(b)
 $460,796 6.59 %$428,000 6.13 %
    Origination and other loan fee income 4,506 0.06 %11,353 0.16 %
    Accretion on purchased loans 538 0.01 %617 0.01 %
    Nonaccrual interest 1,093 0.02 %950 0.01 %
          Total loans HFI yield $466,933 6.68 %$440,920 6.31 %
(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 $181,898 and $222,526 for the nine months ended September 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 $22,328 and $21,109 for the      nine months ended September 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
Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
Investment securities, at fair value
Available-for-sale debt securities:  
  U.S. government agency securities$516,833 33 %$428,608 29 %$415,927 28 %$203,956 14 %$105,801 8 %
  Mortgage-backed securities - residential879,589 56 %864,272 59 %826,214 57 %896,971 62 %871,074 65 %
  Mortgage-backed securities - commercial16,289 1 %16,103 1 %16,615 1 %16,961 1 %16,677 1 %
  Municipal securities154,229 10 %169,977 11 %171,672 12 %242,263 16 %244,611 18 %
  Treasury securities— — %— — %30,857 2 %108,496 7 %106,798 8 %
  Corporate securities982 — %3,419 — %3,397 — %3,326 — %3,258 — %
Total available-for-sale debt securities1,567,922 100 %1,482,379 100 %1,464,682 100 %1,471,973 100 %1,348,219 100 %
Equity securities, at fair value — — %— — %— — %— — %2,934 — %
Total investment securities, at fair value $1,567,922 100 %$1,482,379 100 %$1,464,682 100 %$1,471,973 100 %$1,351,153 100 %
Investment securities to total assets12.1 % 11.8 %11.7 %11.7 %10.8 %
Unrealized loss on available-for-sale debt securities(105,157)(182,208)(183,598)(186,806)(265,048)
Sources of liquidity
Current on-balance sheet:
  Cash and cash equivalents$951,750 65 %$800,90257 %$870,730 63 %$810,932 60 %$848,318 63 %
  Unpledged available-for-sale debt securities510,538 35 %612,75643 %514,724 37 %542,427 40 %494,58237 %
  Equity securities, at fair value—— %—— %— — %— — %2,934— %
Total on-balance sheet liquidity$1,462,288100 %$1,413,658100 %$1,385,454 100 %$1,353,359 100 %$1,345,834 100 %
Available sources of liquidity:
  Unsecured borrowing capacity(a)
$3,199,575 48 %$3,361,580 49 %$3,392,255 48 %$3,350,026 48 %$3,371,911 50 %
   FHLB remaining borrowing capacity1,355,88420 %1,294,74319 %1,237,84318 %1,297,70218 %1,005,29515 %
   Federal Reserve discount window2,133,95132 %2,230,33832 %2,382,57434 %2,431,08434 %2,398,28535 %
Total available sources of liquidity$6,689,410 100 %$6,886,661 100 %$7,012,672 100 %$7,078,812 100 %$6,775,491 100 %
On-balance sheet liquidity as a
    percentage of total assets		11.3 %11.3 %11.0 %10.7 %10.8 %
On-balance sheet liquidity as a
    percentage of total tangible assets*		11.5 %11.5 %11.3 %11.0 %11.0 %
On-balance sheet liquidity and available
    sources of liquidity as a percentage of
    estimated uninsured and
    uncollateralized deposits(b)
245.4 %259.2 %268.1 %269.0 %264.7 %
(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
 Sep 2024% of Total Jun 2024% of TotalMar 2024% of TotalDec 2023% of TotalSep 2023% of Total
Loan portfolio  
Commercial and industrial $1,688,815 18 %$1,614,307 17 %$1,621,611 17 %$1,720,733 18 %$1,667,857 18 %
Construction1,079,726 11 %1,200,123 13 %1,268,883 14 %1,397,313 15 %1,532,306 16 %
Residential real estate: 
1-to-4 family mortgage1,612,031 17 %1,584,029 17 %1,577,824 17 %1,568,552 17 %1,553,096 17 %
Residential line of credit591,049 6 %559,359 6 %549,306 6 %530,912 6 %517,082 6 %
Multi-family mortgage654,188 7 %597,039 6 %615,081 7 %603,804 6 %501,323 5 %
Commercial real estate: 
Owner-occupied1,324,208 14 %1,274,705 14 %1,236,007 13 %1,232,071 13 %1,206,351 13 %
Non-owner occupied2,048,036 22 %2,035,102 22 %1,991,526 21 %1,943,525 21 %1,911,913 21 %
Consumer and other480,076 5 %444,889 5 %428,671 5 %411,873 4 %397,297 4 %
Total loans HFI$9,478,129 100 %$9,309,553 100 %$9,288,909 100 %$9,408,783 100 %$9,287,225 100 %
Percentage of loans HFI portfolio with
    floating interest rates		49.2 %49.8 %49.0 %48.5 %47.6 %
Percentage of loans HFI portfolio with
  floating interest rates that mature after
  one year		43.6 %43.4 %42.4 %41.3 %40.6 %
Loans by market
Metropolitan$7,795,075 82 %$7,668,893 82 %$7,668,330 83 %$7,830,739 83 %$7,691,944 83 %
Community565,194 6 %567,465 6 %599,557 6 %629,152 7 %649,269 7 %
Specialty lending and other1,117,860 12 %1,073,195 12 %1,021,022 11 %948,892 10 %946,012 10 %
Total$9,478,129 100 %$9,309,553 100 %$9,288,909 100 %$9,408,783 100 %$9,287,225 100 %
Unfunded loan commitments
Commercial and industrial $1,314,683 48 %$1,286,013 47 %$1,255,409 46 %$1,262,234 44 %$1,309,390 41 %
Construction510,157 19 %516,813 19 %590,575 21 %725,864 25 %922,219 30 %
Residential real estate:
1-to-4 family mortgage3,665 — %5,597 — %1,485 — %973 — %946 — %
Residential line of credit735,928 27 %721,949 27 %702,939 25 %700,126 24 %685,597 22 %
Multi-family mortgage11,771 — %12,526 — %25,047 1 %23,583 1 %21,951 1 %
Commercial real estate:
Owner-occupied67,875 3 %77,498 3 %77,400 3 %73,432 2 %52,975 2 %
Non-owner occupied51,960 2 %73,178 3 %82,370 3 %82,966 3 %93,910 3 %
Consumer and other17,321 1 %29,103 1 %25,058 1 %25,509 1 %24,886 1 %
Total unfunded loans HFI$2,713,360 100 %$2,722,677 100 %$2,760,283 100 %$2,894,687 100 %$3,111,874 100 %

FB Financial Corporation
12

Asset Quality
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
 Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period$155,055 $151,667 $150,326 $146,134 $140,664 
Charge-offs(915)(913)(927)(1,048)(796)
Recoveries264 361 416 2,105 235 
Provision for credit losses on loans HFI1,856 3,940 1,852 3,135 6,031 
Allowance for credit losses on loans HFI at the end of the period$156,260 $155,055 $151,667 $150,326 $146,134 
Allowance for credit losses on loans HFI as a percentage of loans HFI1.65 %1.67 %1.63 %1.60 %1.57 %
Allowance for credit losses on unfunded commitments$6,042 $5,984 $7,700 $8,770 $11,600 
Charge-offs
Commercial and industrial$(90)$(26)$(43)$(251)$(154)
Construction— — (92)— — 
Residential real estate:
1-to-4 family mortgage(2)(293)— (10)(4)
Residential line of credit(53)— (20)— — 
Commercial real estate:
Consumer and other(770)(594)(772)(787)(638)
Total charge-offs(915)(913)(927)(1,048)(796)
Recoveries
Commercial and industrial23 20 14 81 112 
Residential real estate:
1-to-4 family mortgage9 10 56 44 16 
Residential line of credit18 — — — 1 
Commercial real estate:
Owner occupied12 188 40 14 13 
Non-owner occupied— — — 1,833 — 
Consumer and other202 143 306 133 93 
Total recoveries264 361 416 2,105 235 
Net (charge-offs) recoveries$(651)$(552)$(511)$1,057 $(561)
Annualized net charge-offs (recoveries) as a percentage of average loans HFI0.03 %0.02 %0.02 %(0.04)%0.02 %
Nonperforming assets
Loans past due 90 days or more and accruing interest$26,250 $17,058 $12,858 $12,693 $11,649 
Nonaccrual loans64,585 56,165 54,892 48,230 42,878 
Total nonperforming loans HFI
90,835 73,223 67,750 60,923 54,527 
Commercial loans held for sale— — — — 9,260 
Mortgage loans held for sale(a)
30,537 22,354 20,876 21,229 22,074 
Other real estate owned3,779 4,173 3,613 3,192 1,504 
Other repossessed assets2,182 1,720 1,834 1,139 1,300 
Total nonperforming assets$127,333 $101,470 $94,073 $86,483 $88,665 
Total nonperforming loans HFI as a percentage of loans HFI0.96 %0.79 %0.73 %0.65 %0.59 %
Total nonperforming assets as a percentage of total assets
0.99 %0.81 %0.75 %0.69 %0.71 %
Total nonaccrual loans as a percentage of loans HFI0.68 %0.60 %0.59 %0.51 %0.46 %
(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
Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
Deposits by market
Metropolitan$7,794,79071 %$7,440,57771 %$7,506,63072 %$7,536,30172 %$7,481,00670 %
Community2,459,64122 %2,499,57424 %2,500,18224 %2,522,53624 %2,571,66724 %
Brokered/wholesale519,2005 %150,1131 %130,8451 %150,4751 %174,9202 %
Escrow and other(a)
202,5802 %377,7384 %367,2713 %338,9753 %411,4754 %
Total$10,976,211100 %$10,468,002100 %$10,504,928100 %$10,548,287100 %$10,639,068100 %
Deposits by customer
    segment
Consumer$4,676,49243 %$4,675,18945 %$4,866,09946 %$4,880,89046 %$4,893,79246 %
Commercial 4,886,66045 %4,270,92441 %4,085,28239 %4,069,72439 %4,126,42439 %
Public1,413,05912 %1,521,88914 %1,553,54715 %1,597,67315 %1,618,85215 %
Total$10,976,211100 %$10,468,002100 %$10,504,928100 %$10,548,287100 %$10,639,068100 %
Estimated insured or
   collateralized deposits		$7,654,786$7,265,975$7,372,728$7,414,224$7,570,639
Estimated uninsured
   and uncollateralized
   deposits(b)
$3,321,425$3,202,027$3,132,200$3,134,063$3,068,429
Estimated uninsured and
   uncollateralized deposits
    as a % of total
    deposits(b)
30.3 %30.6 %29.8 %29.7 %28.8 %
(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:September 30, 2024December 31, 2023
Total Common Shareholders' Equity$1,562,329 $1,454,794 
Less:
    Goodwill242,561 242,561 
    Other intangibles6,449 8,709 
Tangible Common Equity$1,313,319 $1,203,524 
Total Assets$12,920,222 $12,604,403 
Less:
    Goodwill242,561 242,561 
    Other intangibles6,449 8,709 
Tangible Assets$12,671,212 $12,353,133 
Preliminary Total Risk-Weighted Assets$11,149,537 $11,257,406 
Total Common Equity to Total Assets12.1 %11.5 %
Tangible Common Equity to Tangible Assets*10.4 %9.74 %
 September 30, 2024December 31, 2023
Preliminary Regulatory Capital: 
    Common Equity Tier 1 Capital$1,417,410 $1,375,890 
    Tier 1 Capital1,447,410 1,405,890 
    Total Capital1,686,651 1,635,848 
Preliminary Regulatory Capital Ratios: 
    Common Equity Tier 1 12.7 %12.2 %
    Tier 1 Risk-Based13.0 %12.5 %
    Total Risk-Based 15.1 %14.5 %
    Tier 1 Leverage11.5 %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
Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
Banking segment
Net interest income$104,335 $101,193 $98,462 $99,811 $99,359 
Provisions for credit losses1,861 2,432 838 283 3,253 
Noninterest (loss) income(28,370)13,477 (4,794)6,889 (4,031)
Other noninterest expense63,285 62,329 60,344 68,463 68,712 
Pre-tax net contribution after allocations$10,819 $49,909 $32,486 $37,954 $23,363 
Total assets$12,337,135 $11,947,550 $11,979,904 $12,050,245 $11,904,608 
Efficiency ratio83.3 %54.4 %64.4 %64.2 %72.1 %
Core efficiency ratio*54.1 %53.9 %54.4 %56.5 %58.0 %
Mortgage segment
Net interest income$1,682 $1,422 $1,028 $1,277 $1,567 
Provisions for (reversals of) loan losses53 (208)(56)22 (432)
Mortgage banking income11,553 11,910 12,585 8,376 11,998 
Other noninterest income320 221 171 74 75 
Other noninterest expense12,927 12,764 12,076 11,737 14,285 
Pre-tax net contribution (loss) after allocations$575 $997 $1,764 $(2,032)$(213)
Total assets $583,087 $587,619 $568,416 $554,158 $585,023 
Efficiency ratio95.4 %94.2 %87.6 %120.7 %104.7 %
Core efficiency ratio*95.4 %95.0 %88.0 %120.3 %104.7 %
Interest rate lock commitments volume$381,240 $385,197 $377,166 $245,776 $373,068 
Interest rate lock commitments pipeline (period end)$105,714 $108,694 $130,315 $69,217 $112,810 
Mortgage loan sales$327,269 $315,044 $243,461 $257,170 $325,322 
Gains and fees from origination and sale of mortgage loans held for sale$9,279 $8,934 $6,458 $7,389 $8,941 
Net change in fair value of loans held for sale, derivatives, and other(480)(4)1,821 (1,686)(582)
Mortgage servicing income7,244 7,316 7,347 7,546 7,363 
Change in fair value of mortgage servicing rights, net of hedging(4,490)(4,336)(3,041)(4,873)(3,724)
Total mortgage banking income$11,553 $11,910 $12,585 $8,376 $11,998 
Mortgage sale margin(a)
2.84 %2.84 %2.65 %2.87 %2.75 %
*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 EndedNine Months Ended
Adjusted net incomeSep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Income before income taxes$11,394 $50,906 $34,250 $35,922 $23,150 $96,550 $114,370 
Less (loss) gain from securities, net(40,165)— (16,213)183 (14,197)(56,378)(14,156)
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(289)(281)565 (492)115 (5)465 
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)— 895 
Plus early retirement, severance and
   other costs		— 1,015 — 2,214 4,809 1,015 6,235 
Plus loss (gain) on lease terminations— — — 1,843 — — (73)
Plus FDIC special assessment— — 500 1,788 — 500 — 
Adjusted pre-tax net income51,848 50,145 50,398 45,085 42,048 152,391 133,328 
Income tax expense, adjusted for items
   above		11,716 10,721 10,508 8,933 8,900 32,945 28,447 
Adjusted net income$40,132 $39,424 $39,890 $36,152 $33,148 $119,446 $104,881 
Weighted average common share
     outstanding - fully diluted		46,803,330 46,845,143 46,998,873 46,916,939 46,856,422 46,874,037 46,802,543 
Adjusted diluted earnings per
     common share
Diluted earnings per common share$0.22 $0.85 $0.59 $0.63 $0.41 $1.67 $1.94 
Adjusted diluted earnings per
   common share 		$0.86 $0.84 $0.85 $0.77 $0.71 $2.55 $2.24 



FB Financial Corporation
17

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months EndedNine Months Ended
Adjusted pre-tax pre-provision net
    revenue		Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Income before income taxes$11,394 $50,906 $34,250 $35,922 $23,150 $96,550 $114,370 
Plus provisions for credit losses1,914 2,224 782 305 2,821 4,920 2,234 
Pre-tax pre-provision net revenue13,308 53,130 35,032 36,227 25,971 101,470 116,604 
Less (loss) gain from securities, net(40,165)— (16,213)183 (14,197)(56,378)(14,156)
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(289)(281)565 (492)115 (5)465 
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)— 895 
Plus early retirement, severance and
   other costs		— 1,015 — 2,214 4,809 1,015 6,235 
Plus loss (gain) on lease
   terminations		— — — 1,843 — — (73)
Plus FDIC special assessment— — 500 1,788 — 500 — 
Adjusted pre-tax pre-provision net
    revenue		$53,762 $52,369 $51,180 $45,390 $44,869 $157,311 $135,562 
 
Three Months EndedNine Months Ended
Adjusted tangible net incomeSep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Income before income taxes$11,394 $50,906 $34,250 $35,922 $23,150 $96,550 $114,370 
Plus amortization of core deposit
     and other intangibles		719 752 789 840 889 2,260 2,819 
Less (loss) gain from securities, net(40,165)— (16,213)183 (14,197)(56,378)(14,156)
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(289)(281)565 (492)115 (5)465 
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)— 895 
Plus early retirement, severance and
   other costs		— 1,015 — 2,214 4,809 1,015 6,235 
Plus loss (gain) on lease
   terminations		— — — 1,843 — — (73)
Plus FDIC special assessment— — 500 1,788 — 500 — 
Less income tax expense, adjusted
     for items above		11,904 10,917 10,714 9,152 9,131 33,534 29,182 
Adjusted tangible net income$40,663 $39,980 $40,473 $36,773 $33,806 $121,117 $106,965 
FB Financial Corporation
18

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months EndedNine Months Ended
Core efficiency ratio (tax-equivalent
    basis)		Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Total noninterest expense$76,212 $75,093 $72,420 $80,200 $82,997 $223,725 $244,729 
Less early retirement, severance and
   other costs		— 1,015 — 2,214 4,809 1,015 6,235 
Less loss (gain) on lease terminations— — — 1,843 — — (73)
Less FDIC special assessment— — 500 1,788 — 500 — 
Core noninterest expense$76,212 $74,078 $71,920 $74,355 $78,188 $222,210 $238,567 
Net interest income$106,017 $102,615 $99,490 $101,088 $100,926 $308,122 $306,129 
Net interest income (tax-equivalent basis)$106,634 $103,254 $100,199 $101,924 $101,762 $310,087 $308,638 
Total noninterest (loss) income(16,497)25,608 7,962 15,339 8,042 17,073 55,204 
Less (loss) gain from securities, net(40,165)— (16,213)183 (14,197)(56,378)(14,156)
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(289)(281)565 (492)115 (5)465 
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)— 895 
Core noninterest income23,957 23,832 23,610 18,657 22,131 71,399 68,000 
Total revenue$89,520 $128,223 $107,452 $116,427 $108,968 $325,195 $361,333 
Core revenue (tax-equivalent basis)$130,591 $127,086 $123,809 $120,581 $123,893 $381,486 $376,638 
Efficiency ratio85.1 %58.6 %67.4 %68.9 %76.2 %68.8 %67.7 %
Core efficiency ratio (tax-equivalent
     basis)		58.4 %58.3 %58.1 %61.7 %63.1 %58.2 %63.3 %
FB Financial Corporation
19

Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)
 Three Months EndedNine Months Ended
Banking segment core efficiency ratio
   (tax-equivalent)		Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Banking segment noninterest expense$63,285 $62,329 $60,344 $68,463 $68,712 $185,958 $206,977 
Less early retirement, severance and
   other costs		— 1,015 — 2,214 4,809 1,015 5,810 
Less loss on lease terminations— — — 1,843 — — — 
Less FDIC special assessment— — 500 1,788 — 500 — 
Banking segment core noninterest
   expense		$63,285 $61,314 $59,844 $62,618 $63,903 $184,443 $201,167 
Banking segment net interest income 104,335 101,193 98,462 99,811 99,359 303,990 306,129 
Banking segment net interest income
    (tax-equivalent basis)		104,952 101,832 99,171 100,647 100,195 305,955 308,638 
Banking segment noninterest (loss)
   income		(28,370)13,477 (4,794)6,889 (4,031)(19,687)18,942 
Less (loss) gain from securities, net(40,165)— (16,213)183 (14,197)(56,378)(14,156)
Less (loss) gain from changes in fair
   value of commercial loans held for
   sale		— — — (3,009)(7)— 895 
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		(299)(398)509 (460)119 (188)926 
Banking segment core noninterest
   income		12,094 11,818 10,910 10,175 10,054 34,822 31,277 
Banking segment total revenue$75,965 $114,670 $93,668 $106,700 $95,328 $284,303 $325,071 
Banking segment total core revenue
    (tax-equivalent basis)		$117,046 $113,650 $110,081 $110,822 $110,249 $340,777 $339,915 
Banking segment efficiency ratio 83.3 %54.4 %64.4 %64.2 %72.1 %65.4 %63.7 %
Banking segment core efficiency
    ratio (tax-equivalent basis)		54.1 %53.9 %54.4 %56.5 %58.0 %54.1 %59.2 %
Three Months EndedNine Months Ended
Mortgage segment core efficiency ratio
    (tax-equivalent)		Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Mortgage segment noninterest expense$12,927 $12,764 $12,076 $11,737 $14,285 $37,767 $37,752 
Less severance costs— — — — — — 425 
Less gain on lease terminations— — — — — — (73)
Mortgage segment core noninterest
     expense		$12,927 $12,764 $12,076 $11,737 $14,285 $37,767 $37,400 
Mortgage segment net interest income1,682 1,422 1,028 1,277 1,567 4,132 — 
Mortgage segment noninterest income11,873 12,131 12,756 8,450 12,073 36,760 36,262 
Less gain (loss) on sales or write-
    downs of other real estate owned		10 117 56 (32)(4)183 (461)
Mortgage segment core noninterest
   income		11,863 12,014 12,700 8,482 12,077 36,577 36,723 
Mortgage segment total revenue$13,555 $13,553 $13,784 $9,727 $13,640 $40,892 $36,262 
Mortgage segment core total revenue$13,545 $13,436 $13,728 $9,759 $13,644 $40,709 $36,723 
Mortgage segment efficiency ratio 95.4 %94.2 %87.6 %120.7 %104.7 %92.4 %104.1 %
Mortgage segment core efficiency
      ratio (tax-equivalent basis)		95.4 %95.0 %88.0 %120.3 %104.7 %92.8 %101.8 %
FB Financial Corporation
20

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
As of
Tangible assets, common equity and related
     measures		Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
Tangible assets
Total assets$12,920,222 $12,535,169 $12,548,320 $12,604,403 $12,489,631 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net6,449 7,168 7,920 8,709 9,549 
Tangible assets$12,671,212 $12,285,440 $12,297,839 $12,353,133 $12,237,521 
Tangible common equity
Total common shareholders’ equity$1,562,329 $1,500,502 $1,479,526 $1,454,794 $1,372,901 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net6,449 7,168 7,920 8,709 9,549 
Tangible common equity$1,313,319 $1,250,773 $1,229,045 $1,203,524 $1,120,791 
Common shares outstanding46,658,019 46,642,958 46,897,378 46,848,934 46,839,159 
Book value per common share$33.48 $32.17 $31.55 $31.05 $29.31 
Tangible book value per common share$28.15 $26.82 $26.21 $25.69 $23.93 
Total common shareholders’ equity to total assets12.1 %12.0 %11.8 %11.5 %11.0 %
Tangible common equity to tangible assets10.4 %10.2 %9.99 %9.74 %9.16 %
On-balance sheet liquidity:
Cash and cash equivalents$951,750 $800,902 $870,730 $810,932 $848,318 
Unpledged securities510,538 612,756 514,724 542,427 494,582 
Equity securities, at fair value— — — — 2,934 
Total on-balance sheet liquidity$1,462,288 $1,413,658 $1,385,454 $1,353,359 $1,345,834 
On-balance sheet liquidity as a percentage of total
     assets		11.3 %11.3 %11.0 %10.7 %10.8 %
On-balance sheet liquidity as a percentage of total
      tangible assets		11.5 %11.5 %11.3 %11.0 %11.0 %
FB Financial Corporation
21

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months EndedNine Months Ended
Adjusted return on average tangible
     common equity and related
     measures		Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Average common shareholders’ equity$1,523,597$1,473,281$1,460,736$1,385,373$1,393,253$1,486,010$1,371,278
Less average goodwill242,561242,561242,561242,561242,561242,561242,561
Less average intangibles, net6,7957,5258,2999,13810,0117,53610,922
Average tangible common equity$1,274,241$1,223,195$1,209,876$1,133,674$1,140,681$1,235,913$1,117,795
Net income$10,220$39,979$27,950$29,369$19,175$78,149$90,855
Return on average common equity2.67 %10.9 %7.70 %8.41 %5.46 %7.02 %8.86 %
Return on average tangible common
    equity		3.19 %13.1 %9.29 %10.3 %6.67 %8.45 %10.9 %
Adjusted tangible net income$40,663$39,980$40,473$36,773$33,806$121,117$106,965
Adjusted return on average tangible common equity12.7 %13.1 %13.5 %12.9 %11.8 %13.1 %12.8 %

Three Months EndedNine Months Ended
Adjusted return on average assets,
    common equity and related
    measures
Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023Sep 2024Sep 2023
Net income$10,220$39,979$27,950$29,369$19,175$78,149$90,855
Average assets12,741,95012,371,44412,590,07912,434,57512,557,15812,568,45812,747,546
Average common equity1,523,5971,473,2811,460,7361,385,3731,393,2531,486,0101,371,278
Return on average assets0.32 %1.30 %0.89 %0.94 %0.61 %0.83 %0.95 %
Return on average common equity2.67 %10.9 %7.70 %8.41 %5.46 %7.02 %8.86 %
Adjusted net income$40,132$39,424$39,890$36,152$33,148$119,446$104,881
Adjusted return on average assets1.25 %1.28 %1.27 %1.15 %1.05 %1.27 %1.10 %
Adjusted return on average common equity10.5 %10.8 %11.0 %10.4 %9.44 %10.7 %10.2 %
Adjusted pre-tax pre-provision net
   income		$53,762$52,369$51,180$45,390$44,869$157,311$135,562
Adjusted pre-tax pre-provision return
    on average assets		1.68 %1.70 %1.63 %1.45 %1.42 %1.67 %1.42 %
FB Financial Corporation
22
October 15, 2024 2024 Third 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. Additionally, the Company presents adjusted risk-weighted assets, adjusted common equity tier 1 capital and adjusted total risk-based capital to show the impact if all available-for-sale securities were sold. Adjusted risk-weighted assets excludes the book value and net unrealized loss of the available-for-sale securities portfolio. Adjusted common equity tier 1 and adjusted total risk-based capital includes the portion of accumulated other comprehensive income related to available-for-sale securities that the Company has elected to remove from the capital calculations in accordance with the capital rules. 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. Also, since investors may assess the Company’s capital adequacy with the impact of the net unrealized losses on available-for-sale securities, the Company believes that it is useful to provide investors the ability to assess the Company’s capital adequacy as if all available-for-sale securities were sold. 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 3Q 2024 Highlights Key highlights  3Q 2024 pre-tax pre-provision net revenue of $13.3 million and $53.8 million on an adjusted1 basis, resulting in ROAA and adjusted ROAA1 of 0.32% and 1.25%, respectively  Loans HFI grew by 7.2% annualized compared to 2Q 2024 while non-brokered deposits grew by 5.4% annualized  In late August sold $318.6 million in available-for-sale securities with a weighted average yield of 2.25% and reinvested the proceeds of the sales into securities with a weighted average yield of 5.25%, which resulted in a loss on securities of $40.2 million  Net interest income of $106.0 million, a $3.4 million increase from the prior quarter, as net interest margin remained roughly flat at 3.55%, and average earning assets increased by 10.9% annualized from 2Q 2024 – Yield on average earning assets of 6.20% increased by 4 basis points from 2Q 2024, while cost of interest-bearing liabilities of 3.63% increased by 7 basis points – Yield on securities of 3.68%, an increase of 39 basis points compared to 2Q 2024 – Cost of non-brokered deposits of 2.77%, an increase of 3 basis points compared to 2Q 2024  Core banking segment efficiency ratio1 of 54.1% compared to 53.9% in 2Q 2024 and 58.0% in 3Q 2023. Efficiency ratio impacted by hiring of revenue producers and increase in short-term incentive accrual relative to 2Q 2024  ACL of 1.65% of loans HFI with annualized net charge-offs of 0.03% in the quarter, in-line with historical performance  Continued capital build: – Tangible Common Equity to Tangible Assets1 10.4% – 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 Financial results 1 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 3Q 2024 Diluted earnings per common share Adjusted diluted earnings per common share1 $0.22 $0.86 Net income ($mm) Adjusted net income1 ($mm) $10.2 $40.1 Return on average assets Adjusted return on average assets1 0.32% 1.25% Return on average common equity Adjusted return on average common equity1 2.67% 10.5% Return on average tangible common equity1 Adjusted return on average tangible common equity1 3.19% 12.7% Pre-tax pre-provision net revenue ($mm) Adjusted pre-tax pre-provision net revenue1 ($mm) $13.3 $53.8 Net interest margin (tax-equivalent basis) 3.55% Total common equity / total assets Tangible common equity / tangible assets1 12.1% 10.4%

 
4 Driving shareholder value ¹ Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 3Q24 calculation is preliminary and subject to change. Earnings per Share $1.67 $3.97 $2.64 $2.57 $1.67 $3.70 $3.76 $2.92 $3.01 $2.55 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 11.8% 12.9% 13.5% 13.1% 12.7% 3Q23 4Q23 1Q24 2Q24 3Q24 0.59% 0.65% 0.73% 0.79% 0.96% 3Q23 4Q23 1Q24 2Q24 3Q24 $44.9 $45.4 $51.2 $52.4 $53.8 3Q23 4Q23 1Q24 2Q24 3Q24 $27.35 $30.13 $28.36 $31.05 $33.48 $21.73 $24.67 $22.90 $25.69 $28.15 2020 2021 2022 2023 3Q24 BVPS TBVPS1 14.1% 14.5% 15.0% 15.1% 15.1% 3Q23 4Q23 1Q24 2Q24 3Q24

 
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: $1,687mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 $25.69 $28.15 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 3Q24 3Q23 2Q24 3Q24 Shareholder’s Equity/Assets 11.0% 12.0% 12.1% TCE/TA1 9.2% 10.2% 10.4% Common Equity Tier 12 11.8% 12.7% 12.7% Tier 1 Risk-Based2 12.1% 13.0% 13.0% Total Risk-Based2 14.1% 15.1% 15.1% Tier 1 Leverage2 11.0% 11.7% 11.5% C&D to 100% Tier 1 Capital plus ACL2,3 104% 78% 69% CRE to 300% Tier 1 Capital plus ACL2,3 270% 249% 245% AOCI Adjusted Ratios1,2 Adj. Common Equity Tier 1 12.3% Adjusted Total Risk-Based 14.7% Capital Position 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 3Q24 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 3Q 2024 efficiency ratio of 85.1% and core efficiency ratio¹ of 58.4% compared to 58.6% and 58.3% in 2Q 2024, respectively and 76.2% and 63.1% in 3Q 2023, respectively Expense growth driven by addition of revenue producers and additional funding of short-term incentive pool Continued focus on adding scale to realize benefits of prior investments in efficient operating platform Mortgage efficiency ratio continues to be elevated due to interest rate environment, excess industry capacity and housing affordability challenges $83.0 $80.2 $72.4 $75.1 $76.2 $78.2 $74.4 $71.9 $74.1 $76.2 $63.9 $62.6 $59.8 $61.3 $63.3 3Q23 4Q23 1Q24 2Q24 3Q24 Consolidated Consolidated core Banking core1 1 58.0% 56.5% 54.4% 53.9% 54.1% 104.7% 120.3% 88.0% 95.0% 95.4% 63.1% 61.7% 58.1% 58.3% 58.4% 3Q23 4Q23 1Q24 2Q24 3Q24 Banking segment Mortgage segment Consolidated

 
7 NIM1 3.42% 3.46% 3.42% 3.57% 3.55% Impact of accretion and nonaccrual interest (bps) 2 3 4 4 0 Deposit Cost: Cost of MMDA 3.78% 3.88% 3.93% 3.93% 3.93% Cost of customer time 3.37% 3.69% 3.90% 4.00% 3.97% Cost of interest-bearing 3.33% 3.40% 3.49% 3.52% 3.58% Total deposit cost 2.58% 2.65% 2.76% 2.77% 2.83% Loans HFI Yield: Contractual interest1 6.32% 6.43% 6.55% 6.60% 6.62% Origination and other loan fee income 0.19% 0.14% 0.06% 0.06% 0.08% Nonaccrual interest 0.02% 0.02% 0.01% 0.03% 0.00% Accretion on purchased loans 0.01% 0.00% 0.02% 0.01% 0.00% Total loan (HFI) yield 6.54% 6.59% 6.64% 6.70% 6.70% Securities yield¹ 2.14% 2.45% 2.71% 3.29% 3.68% Stabilizing net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 3Q23 4Q23 1Q24 2Q24 3Q24 Av g. in te re st e ar ni ng as se ts ($ 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 7% C&D 11% CRE 22% C&I 32% Other 5% Residential Development 45% Commercial 28% Consumer 14% Multifamily 13% Office 17% Retail 24% Hotel 15% Warehouse/Industrial 15% Land-Mobile Home Park 5% Self Storage 7% Healthcare Facility 4% Assisted Living Facility 7% Other 6% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of September 30, 20241 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 11% Knoxville 3% Huntsville 5% Birmingham 6% Chattanooga 3% Other 5% Communities 9% Class A 23% Class B 38% Class C 13% Under $2 Million 26% 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 3Q24  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 ($266.8 million outstanding, or 74% of total office portfolio) with limited concerns uncovered  2.3% and 14.5% of the total office portfolio matures through 2024 and 2025, respectively  52% of the total office portfolio is fixed rate vs. 48% floating rate  As of 3Q24, 98% of the portfolio is pass rated and current Geographic exposure Note: Data as of September 30, 2024. Data excludes medical office buildings. Exposure by class Credit detail by class

 
10 0.59% 0.65% 0.73% 0.79% 0.96% 3Q23 4Q23 1Q24 2Q24 3Q24 0.02% (0.04%) 0.02% 0.02% 0.03% 3Q23 4Q23 1Q24 2Q24 3Q24 0.46% 0.52% 0.58% 0.63% 0.76% 0.18% 0.17% 0.17% 0.18% 0.23% 0.07% 0.71% 0.69% 0.75% 0.81% 0.99% 3Q23 4Q23 1Q24 2Q24 3Q24 Commercial loans HFS Optional GNMA repurchase Other NPAs 1.57% 1.60% 1.63% 1.67% 1.65% 3Q23 4Q23 1Q24 2Q24 3Q24 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 Third Quarter 2024 Financial Supplement. 1

 
11 1.57% 1.05% 1.19% 0.87% 2.47% 1.37% 1.65% 1.77% 3.95% 1.67% 1.40% 1.21% 0.89% 2.85% 1.48% 1.62% 1.81% 4.04% 1.65% 1.43% 1.20% 0.87% 2.83% 1.47% 1.61% 1.81% 3.96% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 3Q23 2Q24 3Q24 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 “September 2024 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”.

 
12 Noninterest- bearing checking 20% Interest-bearing checking 25%Money market 34% Savings 3% Time 18% 45% Checking accounts Valuable deposit base Cost of deposits 3Q24 Deposit composition 22.2% 21.0% 20.8% 20.9% 20.3% 2.58% 2.65% 2.76% 2.77% 2.83% 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% 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest-bearing as % of total deposits Cost of total deposits (%) $4,894 $4,881 $4,866 $4,675 $4,676 $4,126 $4,070 $4,085 $4,271 $4,887 $1,619 $1,597 $1,554 $1,522 $1,413 $10,639 $10,548 $10,505 $10,468 $10,976 3Q23 4Q23 1Q24 2Q24 3Q24 Consumer Commercial Public Deposits by customer segment ($mm) 3Q24 Insured, collateralized or uninsured by segment ($mm) $3,763 $2,479 $57 $1,356 $913 $2,408 $4,676 $4,887 $1,413 Consumer Commercial Public Insured Collateralized Uninsured, uncollateralized

 
13 $1,346 $1,353 $1,385 $1,414 $1,462 11.0% 11.0% 11.3% 11.5% 11.5% 3Q23 4Q23 1Q24 2Q24 3Q24 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Strong liquidity position On-balance sheet liquidity ($mm) Liquidity / Uninsured and Uncollateralized (UU) Deposits 3Q24 Sources of liquidity ($mm) Current on-balance sheet: Cash and equivalents $951.8 Unpledged available-for-sale debt securities 510.5 Total on-balance sheet $1,462.3 Available sources of liquidity: Unsecured borrowing capacity2 $3,199.5 FHLB remaining borrowing capacity3 1,355.9 Federal Reserve discount window 2,134.0 Total available sources $6,689.4  Well positioned for economic challenges created by the uncertain economic environment  Securities portfolio makes up 12.1% of total assets and does not include any HTM securities  On-balance sheet liquidity of $1.5 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. 44% 43% 44% 44% 44% 221% 226% 224% 215% 201% 265% 269% 268% 259% 245% 3Q23 4Q23 1Q24 2Q24 3Q24 On-balance sheet / UU deposits Available sources / UU deposits

 
14 Mortgage performance in 3Q 2024 Highlights Mortgage segment pre-tax net contribution of $0.6 million in 3Q 2024 Hired 11 new mortgage originators during 3Q 2024 Mortgage volume and margins have stabilized; industry continues to face pressure of interest rate environment, excess industry capacity and home affordability challenges Mortgage banking income ($mm) 3Q23 2Q24 3Q24 Gains and fees from originations and sale of loans HFS $8.9 $8.9 $9.3 Fair value changes of loans HFS and derivatives ($0.6) $0 ($0.5) Servicing revenue $7.4 $7.3 $7.2 Fair value MSR changes ($3.7) ($4.3) ($4.5) Total Income $12.0 $11.9 $11.5 2.75% 2.87% 2.65% 2.84% 2.84% 3Q23 4Q23 1Q24 2Q24 3Q24 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin . $330 $201 $320 $336 $314 $43 $45 $57 $49 $67 $373 $246 $377 $385 $381 3Q23 4Q23 1Q24 2Q24 3Q24 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

 
v3.24.3
Cover
Oct. 15, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 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
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