Form 8-K - Current report

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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)

[phone]

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1.00 par value			FBK			New York Stock Exchange

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

Emerging growth company ☐ 

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

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

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SIGNATURES

 

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

 

 

			FB FINANCIAL CORPORATION
			By:			/s/ Michael M. Mettee
						Michael M. Mettee
						Chief Financial Officer
						(Principal Financial Officer)
Date: October 15, 2024

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 2024						Jun 2024						Sep 2023												Sep 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 sale						103,145						106,875						103,858												(13.9)		%				(0.69)		%
Loans HFI						9,478,129						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 assets						12,920,222						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 deposits						519,200						150,113						174,920												978.1		%				196.8		%
Noninterest-bearing deposits						2,226,144						2,187,185						2,358,435												7.09		%				(5.61)		%
Total deposits						10,976,211						10,468,002						10,639,068												19.3		%				3.17		%
Borrowings						182,107						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’ equity						1,562,329						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 assets						12.1		%				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

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						Three Months Ended
(dollars in thousands, except share data)						Sep 2024						Jun 2024						Sep 2023
Statement of Income Highlights
Net interest income						$	106,017					$	102,615					$	100,926
NIM						3.55		%				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 ratio						0.03		%				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 rate						10.3		%				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 diluted						46,803,330						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’ equity						2.67		%				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

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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

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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 Haupt						Michael Mettee
615-370-6737						615-564-1212
[e-mail]						[e-mail]
www.firstbankonline.com						[e-mail]

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

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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

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Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)
						As of or for the Three Months Ended
						Sep 2024						Jun 2024						Sep 2023
Selected Balance Sheet Data
Cash and cash equivalents						$	951,750					$	800,902					$	848,318
Investment securities, at fair value						1,567,922						1,482,379						1,351,153
Loans held for sale						103,145						106,875						103,858
Loans HFI						9,478,129						9,309,553						9,287,225
Allowance for credit losses on loans HFI						(156,260)						(155,055)						(146,134)
Total assets						12,920,222						12,535,169						12,489,631
Interest-bearing deposits (non-brokered)						8,230,867						8,130,704						8,105,713
Brokered deposits						519,200						150,113						174,920
Noninterest-bearing deposits						2,226,144						2,187,185						2,358,435
Total deposits						10,976,211						10,468,002						10,639,068
Borrowings						182,107						360,944						226,689
Allowance for credit losses on unfunded commitments						(6,042)						(5,984)						(11,600)
Total common shareholders’ equity						1,562,329						1,500,502						1,372,901
Selected Statement of Income Data
Total interest income						$	185,628					$	177,413					$	173,912
Total interest expense						79,611						74,798						72,986
Net interest income						106,017						102,615						100,926
Total noninterest (loss) income						(16,497)						25,608						8,042
Total noninterest expense						76,212						75,093						82,997
Earnings before income taxes and provisions for credit losses						13,308						53,130						25,971
Provisions for credit losses						1,914						2,224						2,821
Income tax expense						1,174						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 value						33.48						32.17						29.31
Tangible book value*						28.15						26.82						23.93
Weighted average number of shares outstanding - fully diluted						46,803,330						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:
Assets						0.32		%				1.30		%				0.61		%
Shareholders’ equity						2.67		%				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 ratio						86.4		%				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 assets						6.20		%				6.16		%				5.87		%
Cost of interest-bearing liabilities						3.63		%				3.56		%				3.41		%
Cost of total deposits						2.83		%				2.77		%				2.58		%
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI						1.65		%				1.67		%				1.57		%
Annualized net charge-offs as a percentage of average loans HFI						0.03		%				0.02		%				0.02		%
Nonperforming loans HFI as a percentage of loans HFI						0.96		%				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 assets						12.1		%				12.0		%				11.0		%
Tangible common equity to tangible assets*						10.4		%				10.2		%				9.16		%
Tier 1 leverage						11.5		%				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.

-END-

 

 

Third Quarter 2024

Financial Supplement

---

TABLE OF CONTENTS

 

			Page
Financial Summary and Key Metrics			4
Consolidated Statements of Income			5
Consolidated Balance Sheets			7
Average Balance and Interest Yield/Rate Analysis			8
Investments and Other Sources of Liquidity			11
Loan Portfolio			12
Asset Quality			13
Selected Deposit Data			14
Preliminary Capital Ratios			15
Segment Data			16
Non-GAAP Reconciliations			17

---

Use of non-GAAP Financial Measures

 

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

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 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023
Selected Balance Sheet Data
Cash and cash equivalents						$	951,750					$	800,902					$	870,730					$	810,932					$	848,318
Investment securities, at fair value						1,567,922						1,482,379						1,464,682						1,471,973						1,351,153
Loans held for sale						103,145						106,875						82,704						67,847						103,858
Loans HFI						9,478,129						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 assets						12,920,222						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 deposits						519,200						150,113						130,845						150,475						174,920
Noninterest-bearing deposits						2,226,144						2,187,185						2,182,121						2,218,382						2,358,435
Total deposits						10,976,211						10,468,002						10,504,928						10,548,287						10,639,068
Borrowings						182,107						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' equity						1,562,329						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 expense						79,611						74,798						76,638						73,747						72,986
Net interest income						106,017						102,615						99,490						101,088						100,926
Total noninterest (loss) income						(16,497)						25,608						7,962						15,339						8,042
Total noninterest expense						76,212						75,093						72,420						80,200						82,997
Earnings before income taxes and provisions for credit losses						13,308						53,130						35,032						36,227						25,971
Provisions for (reversals of) credit losses						1,914						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 value						33.48						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 diluted						46,803,330						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:
Assets						0.32		%				1.30		%				0.89		%				0.94		%				0.61		%
Shareholders’ equity						2.67		%				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 ratio						86.4		%				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 assets						6.20		%				6.16		%				6.03		%				5.96		%				5.87		%
Cost of interest-bearing liabilities						3.63		%				3.56		%				3.56		%				3.47		%				3.41		%
Cost of total deposits						2.83		%				2.77		%				2.76		%				2.65		%				2.58		%
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI						1.65		%				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 HFI						0.96		%				0.79		%				0.73		%				0.65		%				0.59		%
Nonperforming assets as a percentage of total assets						0.99		%				0.81		%				0.75		%				0.69		%				0.71		%
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets						12.1		%				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 leverage						11.5		%				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

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Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
																																																																														Sep 2024						Sep 2024
																																																																														vs.						vs.
						Three Months Ended																																																												Jun 2024						Sep 2023
						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023																																																Percent 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
Taxable						13,943						11,966						9,105						7,808						6,399																																																16.5		%				117.9		%
Tax-exempt						1,104						1,168						1,442						1,746						1,795																																																(5.48)		%				(38.5)		%
Other						11,956						8,900						9,975						9,544						11,836																																																34.3		%				1.01		%
Total interest income						185,628						177,413						176,128						174,835						173,912																																																4.63		%				6.74		%
Interest expense:
Deposits						76,088						71,501						72,625						70,873						69,826																																																6.42		%				8.97		%
Borrowings						3,523						3,297						4,013						2,874						3,160																																																6.85		%				11.5		%
Total interest expense						79,611						74,798						76,638						73,747						72,986																																																6.43		%				9.08		%
Net interest income						106,017						102,615						99,490						101,088						100,926																																																3.32		%				5.04		%
Provision for credit losses on loans HFI						1,856						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 income						11,553						11,910						12,585						8,376						11,998																																																(3.00)		%				(3.71)		%
Investment services and trust income						3,721						3,387						3,230						3,093						3,072																																																9.86		%				21.1		%
Service charges on deposit accounts						3,378						3,167						3,141						2,957						2,959																																																6.66		%				14.2		%
ATM and interchange fees						2,840						2,814						2,944						2,618						2,639																																																0.92		%				7.62		%
(Loss) gain from securities, net						(40,165)						—						(16,213)						183						(14,197)																																																NM						182.9		%
(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 income						2,465						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 revenue						89,520						128,223						107,452						116,427						108,968																																																(30.2)		%				(17.8)		%
Noninterest expenses:
Salaries, commissions and employee benefits						47,538						46,225						44,618						48,142						54,491																																																2.84		%				(12.8)		%
Occupancy and equipment expense						6,640						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 fees						1,900						1,979						1,919						1,823						1,760																																																(3.99)		%				7.95		%
Advertising						1,947						1,859						1,171						2,009						2,124																																																4.73		%				(8.33)		%
Amortization of core deposits and other intangibles						719						752						789						840						889																																																(4.39)		%				(19.1)		%
Other expense						14,982						15,664						14,901						15,422						14,967																																																(4.35)		%				0.10		%
Total noninterest expense						76,212						75,093						72,420						80,200						82,997																																																1.49		%				(8.17)		%
Income before income taxes						11,394						50,906						34,250						35,922						23,150																																																(77.6)		%				(50.8)		%
Income tax expense						1,174						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:
Basic						46,650,563						46,762,488						46,874,882						46,845,055						46,818,612																																																(0.24)		%				(0.36)		%
Fully diluted						46,803,330						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 diluted						0.22						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

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Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
																		Sep 2024
																		vs.
						Nine Months Ended												Sep 2023
						Sep 2024						Sep 2023						Percent variance
Interest income:
Interest and fees on loans						$	469,610					$	443,458					5.90		%
Interest on investment securities
Taxable						35,014						19,449						80.0		%
Tax-exempt						3,714						5,407						(31.3)		%
Other						30,831						35,261						(12.6)		%
Total interest income						539,169						503,575						7.07		%
Interest expense:
Deposits						220,214						187,946						17.2		%
Borrowings						10,833						9,500						14.0		%
Total interest expense						231,047						197,446						17.0		%
Net interest income						308,122						306,129						0.65		%
Provision for credit losses on loans HFI						7,648						13,603						(43.8)		%
Reversal of credit losses on unfunded commitments						(2,728)						(11,369)						(76.0)		%
Net interest income after provisions for credit losses						303,202						303,895						(0.23)		%
Noninterest income:
Mortgage banking income						36,048						36,316						(0.74)		%
Investment services and trust income						10,338						8,227						25.7		%
Service charges on deposit accounts						9,686						9,197						5.32		%
ATM and interchange fees						8,598						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 income						8,786						7,491						17.3		%
Total noninterest income						17,073						55,204						(69.1)		%
Total revenue						325,195						361,333						(10.0)		%
Noninterest expenses:
Salaries, commissions and employee benefits						138,381						155,299						(10.9)		%
Occupancy and equipment expense						19,582						18,618						5.18		%
Data processing						7,180						6,796						5.65		%
Legal and professional fees						5,798						7,067						(18.0)		%
Advertising						4,977						6,258						(20.5)		%
Amortization of core deposit and other intangibles						2,260						2,819						(19.8)		%
Other expense						45,547						47,872						(4.86)		%
Total noninterest expense						223,725						244,729						(8.58)		%
Income before income taxes						96,550						114,370						(15.6)		%
Income tax expense						18,393						23,507						(21.8)		%
Net income applicable to noncontrolling interest and FB Financial Corporation						78,157						90,863						(14.0)		%
Net income applicable to noncontrolling interests						8						8						—		%
Net income applicable to FB Financial Corporation						$	78,149					$	90,855					(14.0)		%
Weighted average common shares outstanding:
Basic						46,762,213						46,759,703						0.01		%
Fully diluted						46,874,037						46,802,543						0.15		%
Earnings per common share:
Basic						$	1.67					$	1.94					(13.9)		%
Fully diluted						1.67						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

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Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
																																																																														Annualized
																																																																														Sep 2024						Sep 2024
																																																																														vs.						vs.
						As of																																																												Jun 2024						Sep 2023
						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023																																																Percent 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 institutions						727,981						516,422						645,173						581,066						530,116																																																163.0		%				37.3		%
Cash and cash equivalents						951,750						800,902						870,730						810,932						848,318																																																74.9		%				12.2		%
Investments:
Available-for-sale debt securities, at fair value						1,567,922						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 cost						32,859						33,030						33,948						34,190						34,809																																																(2.06)		%				(5.60)		%
Loans held for sale						103,145						106,875						82,704						67,847						103,858																																																(13.9)		%				(0.69)		%
Loans held for investment						9,478,129						9,309,553						9,288,909						9,408,783						9,287,225																																																7.20		%				2.06		%
Less: allowance for credit losses on loans HFI						156,260						155,055						151,667						150,326						146,134																																																3.09		%				6.93		%
Net loans held for investment						9,321,869						9,154,498						9,137,242						9,258,457						9,141,091																																																7.27		%				1.98		%
Premises and equipment, net						152,572						154,731						155,271						155,731						156,081																																																(5.55)		%				(2.25)		%
Other real estate owned, net						3,779						4,173						3,613						3,192						1,504																																																(37.6)		%				151.3		%
Operating lease right-of-use assets						47,346						49,123						51,421						54,295						56,240																																																(14.4)		%				(15.8)		%
Interest receivable						52,228						52,781						53,506						52,715						49,205																																																(4.17)		%				6.14		%
Mortgage servicing rights, at fair value						157,097						164,505						165,674						164,249						172,710																																																(17.9)		%				(9.04)		%
Goodwill						242,561						242,561						242,561						242,561						242,561																																																—		%				—		%
Core deposit and other intangibles, net						6,449						7,168						7,920						8,709						9,549																																																(39.9)		%				(32.5)		%
Bank-owned life insurance						72,167						71,930						76,574						76,143						75,739																																																1.31		%				(4.72)		%
Other assets						208,478						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 checking						2,754,253						2,628,554						2,421,487						2,504,421						2,554,641																																																19.0		%				7.81		%
Money market and savings						4,098,496						4,157,968						4,298,938						4,204,851						4,119,357																																																(5.69)		%				(0.51)		%
Customer time deposits						1,378,118						1,343,934						1,471,190						1,469,811						1,431,119																																																10.1		%				(3.70)		%
Brokered and internet time deposits						519,200						150,361						131,192						150,822						175,516																																																975.9		%				195.8		%
Total deposits						10,976,211						10,468,002						10,504,928						10,548,287						10,639,068																																																19.3		%				3.17		%
Borrowings						182,107						360,944						360,821						390,964						226,689																																																(197.1)		%				(19.7)		%
Operating lease liabilities						59,584						61,932						64,562						67,643						67,542																																																(15.1)		%				(11.8)		%
Accrued expenses and other liabilities						139,898						143,696						138,390						142,622						183,338																																																(10.5)		%				(23.7)		%
Total liabilities						11,357,800						11,034,574						11,068,701						11,149,516						11,116,637																																																11.7		%				2.17		%
Shareholders’ equity:
Common stock, $1 par value						46,658						46,643						46,897						46,849						46,839																																																0.13		%				(0.39)		%
Additional paid-in capital						858,106						855,391						866,803						864,258						862,340																																																1.26		%				(0.49)		%
Retained earnings						732,435						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’ equity						1,562,329						1,500,502						1,479,526						1,454,794						1,372,901																																																16.4		%				13.8		%
Noncontrolling interest						93						93						93						93						93																																																—		%				—		%
Total equity						1,562,422						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

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Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
						Three Months Ended
						September 30, 2024																		June 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 sale						66,828						1,102						6.56		%				80,919						1,380						6.86		%
Investment securities:
Taxable						1,487,200						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 agreements						118,715						1,687						5.65		%				108,097						1,497						5.57		%
Interest-bearing deposits with other financial institutions						701,666						9,519						5.40		%				488,123						6,641						5.47		%
FHLB stock						32,919						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 banks						131,308																		124,729
Allowance for credit losses on loans HFI						(155,665)																		(151,724)
Other assets(c)(d)						814,577																		766,591
Total noninterest-earning assets						790,220																		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 market						3,802,818						37,574						3.93		%				3,779,139						36,887						3.93		%
Savings deposits						357,165						65						0.07		%				369,779						64						0.07		%
Customer time deposits						1,349,986						13,479						3.97		%				1,387,956						13,812						4.00		%
Brokered and internet time deposits						322,667						3,972						4.90		%				123,003						1,664						5.44		%
Time deposits						1,672,653						17,451						4.15		%				1,510,959						15,476						4.12		%
Total interest-bearing deposits						8,456,682						76,088						3.58		%				8,160,202						71,501						3.52		%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased						21,734						79						1.45		%				24,680						122						1.99		%
Subordinated debt						130,561						1,900						5.79		%				130,464						1,615						4.98		%
Other borrowings						125,616						1,544						4.89		%				131,293						1,560						4.78		%
Total other interest-bearing liabilities						277,911						3,523						5.04		%				286,437						3,297						4.63		%
Total interest-bearing liabilities						8,734,593						79,611						3.63		%				8,446,639						74,798						3.56		%
Noninterest-bearing liabilities:
Demand deposits						2,241,512																		2,222,005
Other liabilities(d)						242,155																		229,426
Total noninterest-bearing liabilities						2,483,667																		2,451,431
Total liabilities						11,218,260																		10,898,070
Total common shareholders’ equity						1,523,597																		1,473,281
Noncontrolling interest						93																		93
Total equity						1,523,690																		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

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Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
						Three Months Ended
						March 31, 2024																		December 31, 2023																		September 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 sale						48,566						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:
Taxable						1,399,237						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   agreements						155,380						2,126						5.50		%				107,276						1,518						5.61		%				95,326						1,375						5.72		%
Interest-bearing deposits with other financial institutions						530,390						7,066						5.36		%				525,763						7,195						5.43		%				696,600						9,620						5.48		%
FHLB stock						34,051						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 banks						167,732																		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 assets						794,282																		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 market						3,849,080						37,570						3.93		%				3,761,500						36,740						3.88		%				3,661,262						34,902						3.78		%
Savings deposits						377,963						62						0.07		%				388,296						67						0.07		%				410,403						65						0.06		%
Customer time deposits						1,457,377						14,124						3.90		%				1,447,094						13,463						3.69		%				1,400,290						11,909						3.37		%
Brokered and internet time deposits						140,292						1,853						5.31		%				162,317						2,159						5.28		%				182,652						2,444						5.31		%
Time deposits						1,597,669						15,977						4.02		%				1,609,411						15,622						3.85		%				1,582,942						14,353						3.60		%
Total interest-bearing deposits						8,363,796						72,625						3.49		%				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 purchased						24,219						149						2.47		%				31,673						177						2.22		%				30,520						349						4.54		%
Federal Home Loan Bank advances						—						—						—		%				—						—						—		%				13,859						204						5.84		%
Subordinated debt						129,718						2,286						7.09		%				128,621						2,604						8.03		%				127,605						2,600						8.08		%
Other borrowings						131,318						1,578						4.83		%				8,407						93						4.39		%				1,365						7						2.03		%
Total other interest-bearing liabilities						285,255						4,013						5.66		%				168,701						2,874						6.76		%				173,349						3,160						7.23		%
Total interest-bearing liabilities						8,649,051						76,638						3.56		%				8,428,047						73,747						3.47		%				8,496,926						72,986						3.41		%
Noninterest-bearing liabilities:
Demand deposits						2,227,175																		2,341,627																		2,410,280
Other liabilities(d)						253,024																		279,435																		256,606
Total noninterest-bearing liabilities						2,480,199																		2,621,062																		2,666,886
Total liabilities						11,129,250																		11,049,109																		11,163,812
Total common shareholders’ equity						1,460,736																		1,385,373																		1,393,253
Noncontrolling interest						93																		93																		93
Total equity						1,460,829																		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 deposits																		2.76		%																2.65		%																2.58		%
Average interest-earning assets to average interest-bearing liabilities																		136.4		%																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 income												1,436						0.06		%										3,322						0.14		%										4,345						0.19		%
Accretion on purchased loans												387						0.02		%										77						—		%										312						0.01		%
Nonaccrual interest												258						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

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Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
						Nine Months Ended
						September 30, 2024																		September 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 sale						65,443						3,333						6.80		%				59,982						2,979						6.64		%
Commercial loans held for sale												—						—		%				11,721						162						1.85		%
Investment securities:
Taxable						1,450,295						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 agreements						127,365						5,310						5.57		%				114,706						4,280						4.99		%
Interest-bearing deposits with other financial institutions						573,861						23,226						5.41		%				760,895						28,457						5.00		%
FHLB stock						33,486						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 banks						141,220																		133,881
Allowance for credit losses on loans HFI						(152,675)																		(137,958)
Other assets(c)(d)						786,211																		757,606
Total noninterest-earning assets						774,756																		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 market						3,810,318						112,031						3.93		%				3,517,106						89,465						3.40		%
Savings deposits						368,262						191						0.07		%				433,811						192						0.06		%
Customer time deposits						1,398,263						41,415						3.96		%				1,432,680						31,788						2.97		%
Brokered and internet time deposits						195,785						7,489						5.11		%				80,902						3,184						5.26		%
Time deposits						1,594,048						48,904						4.10		%				1,513,582						34,972						3.09		%
Total interest-bearing deposits						8,327,367						220,214						3.53		%				8,449,764						187,946						2.97		%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased						23,537						350						1.99		%				29,249						492						2.25		%
Federal Home Loan Bank advances						—						—						—		%				38,736						1,487						5.13		%
Subordinated debt						130,249						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 liabilities						283,182						10,833						5.11		%				196,433						9,500						6.47		%
Total interest-bearing liabilities						8,610,549						231,047						3.58		%				8,646,197						197,446						3.05		%
Noninterest-bearing liabilities:
Demand deposits						2,230,271																		2,475,850
Other liabilities(d)						241,535																		254,128
Total noninterest-bearing liabilities						2,471,806																		2,729,978
Total liabilities						11,082,355																		11,376,175
Total common shareholders’ equity						1,486,010																		1,371,278
Noncontrolling interest						93																		93
Total equity						1,486,103																		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 deposits																		2.79		%																2.30		%
Average interest-earning assets to average interest-bearing liabilities																		137.0		%																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

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Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)
						As of
						Sep 2024												Jun 2024												Mar 2024												Dec 2023									Sep 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 - residential						879,589						56		%				864,272						59		%				826,214						57		%				896,971			62		%				871,074			65		%
Mortgage-backed securities - commercial						16,289						1		%				16,103						1		%				16,615						1		%				16,961			1		%				16,677			1		%
Municipal securities						154,229						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 securities						982						—		%				3,419						—		%				3,397						—		%				3,326			—		%				3,258			—		%
Total available-for-sale debt securities						1,567,922						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 assets						12.1		%										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		%				$	800,902					57		%				$	870,730					63		%				$	810,932		60		%				$	848,318		63		%
Unpledged available-for-sale debt securities						510,538						35		%				612,756						43		%				514,724						37		%				542,427			40		%				494,582			37		%
Equity securities, at fair value						—						—		%				—						—		%				—						—		%				—			—		%				2,934			—		%
Total on-balance sheet liquidity						$	1,462,288					100		%				$	1,413,658					100		%				$	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 capacity						1,355,884						20		%				1,294,743						19		%				1,237,843						18		%				1,297,702			18		%				1,005,295			15		%
Federal Reserve discount window						2,133,951						32		%				2,230,338						32		%				2,382,574						34		%				2,431,084			34		%				2,398,285			35		%
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

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Loan Portfolio
(Unaudited)
(Dollars in Thousands)
						As of
						Sep 2024						% of Total						Jun 2024						% of Total						Mar 2024						% of Total						Dec 2023						% of Total						Sep 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		%
Construction						1,079,726						11		%				1,200,123						13		%				1,268,883						14		%				1,397,313						15		%				1,532,306						16		%
Residential real estate:
1-to-4 family mortgage						1,612,031						17		%				1,584,029						17		%				1,577,824						17		%				1,568,552						17		%				1,553,096						17		%
Residential line of credit						591,049						6		%				559,359						6		%				549,306						6		%				530,912						6		%				517,082						6		%
Multi-family mortgage						654,188						7		%				597,039						6		%				615,081						7		%				603,804						6		%				501,323						5		%
Commercial real estate:
Owner-occupied						1,324,208						14		%				1,274,705						14		%				1,236,007						13		%				1,232,071						13		%				1,206,351						13		%
Non-owner occupied						2,048,036						22		%				2,035,102						22		%				1,991,526						21		%				1,943,525						21		%				1,911,913						21		%
Consumer and other						480,076						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		%
Community						565,194						6		%				567,465						6		%				599,557						6		%				629,152						7		%				649,269						7		%
Specialty lending and other						1,117,860						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		%
Construction						510,157						19		%				516,813						19		%				590,575						21		%				725,864						25		%				922,219						30		%
Residential real estate:
1-to-4 family mortgage						3,665						—		%				5,597						—		%				1,485						—		%				973						—		%				946						—		%
Residential line of credit						735,928						27		%				721,949						27		%				702,939						25		%				700,126						24		%				685,597						22		%
Multi-family mortgage						11,771						—		%				12,526						—		%				25,047						1		%				23,583						1		%				21,951						1		%
Commercial real estate:
Owner-occupied						67,875						3		%				77,498						3		%				77,400						3		%				73,432						2		%				52,975						2		%
Non-owner occupied						51,960						2		%				73,178						3		%				82,370						3		%				82,966						3		%				93,910						3		%
Consumer and other						17,321						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

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Asset Quality
(Unaudited)
(Dollars in Thousands)
						As of or for the Three Months Ended
						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 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)
Recoveries						264						361						416						2,105						235
Provision for credit losses on loans HFI						1,856						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 HFI						1.65		%				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 industrial						23						20						14						81						112
Residential real estate:
1-to-4 family mortgage						9						10						56						44						16
Residential line of credit						18						—						—						—						1
Commercial real estate:
Owner occupied						12						188						40						14						13
Non-owner occupied						—						—						—						1,833						—
Consumer and other						202						143						306						133						93
Total recoveries						264						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 HFI						0.03		%				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 loans						64,585						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 owned						3,779						4,173						3,613						3,192						1,504
Other repossessed assets						2,182						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 HFI						0.96		%				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 HFI						0.68		%				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

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Selected Deposit Data
(Unaudited)
(Dollars in Thousands)
						As of
						Sep 2024												Jun 2024												Mar 2024												Dec 2023												Sep 2023
Deposits by market
Metropolitan						$	7,794,790					71		%				$	7,440,577					71		%				$	7,506,630					72		%				$	7,536,301					72		%				$	7,481,006					70		%
Community						2,459,641						22		%				2,499,574						24		%				2,500,182						24		%				2,522,536						24		%				2,571,667						24		%
Brokered/wholesale						519,200						5		%				150,113						1		%				130,845						1		%				150,475						1		%				174,920						2		%
Escrow and other(a)						202,580						2		%				377,738						4		%				367,271						3		%				338,975						3		%				411,475						4		%
Total						$	10,976,211					100		%				$	10,468,002					100		%				$	10,504,928					100		%				$	10,548,287					100		%				$	10,639,068					100		%
Deposits by customer     segment
Consumer						$	4,676,492					43		%				$	4,675,189					45		%				$	4,866,099					46		%				$	4,880,890					46		%				$	4,893,792					46		%
Commercial						4,886,660						45		%				4,270,924						41		%				4,085,282						39		%				4,069,724						39		%				4,126,424						39		%
Public						1,413,059						12		%				1,521,889						14		%				1,553,547						15		%				1,597,673						15		%				1,618,852						15		%
Total						$	10,976,211					100		%				$	10,468,002					100		%				$	10,504,928					100		%				$	10,548,287					100		%				$	10,639,068					100		%
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

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Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)
Computation of Tangible Common Equity to Tangible Assets:						September 30, 2024						December 31, 2023
Total Common Shareholders' Equity						$	1,562,329					$	1,454,794
Less:
Goodwill						242,561						242,561
Other intangibles						6,449						8,709
Tangible Common Equity						$	1,313,319					$	1,203,524
Total Assets						$	12,920,222					$	12,604,403
Less:
Goodwill						242,561						242,561
Other intangibles						6,449						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 Assets						12.1		%				11.5		%
Tangible Common Equity to Tangible Assets*						10.4		%				9.74		%
						September 30, 2024						December 31, 2023
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital						$	1,417,410					$	1,375,890
Tier 1 Capital						1,447,410						1,405,890
Total Capital						1,686,651						1,635,848
Preliminary Regulatory Capital Ratios:
Common Equity Tier 1						12.7		%				12.2		%
Tier 1 Risk-Based						13.0		%				12.5		%
Total Risk-Based						15.1		%				14.5		%
Tier 1 Leverage						11.5		%				11.3		%

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

FB Financial Corporation						15

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Segment Data
(Unaudited)
(Dollars in Thousands)
						As of or for the Three Months Ended
						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023
Banking segment
Net interest income						$	104,335					$	101,193					$	98,462					$	99,811					$	99,359
Provisions for credit losses						1,861						2,432						838						283						3,253
Noninterest (loss) income						(28,370)						13,477						(4,794)						6,889						(4,031)
Other noninterest expense						63,285						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 ratio						83.3		%				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 losses						53						(208)						(56)						22						(432)
Mortgage banking income						11,553						11,910						12,585						8,376						11,998
Other noninterest income						320						221						171						74						75
Other noninterest expense						12,927						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 ratio						95.4		%				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 income						7,244						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

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Non-GAAP Reconciliations
(Unaudited)
(Dollars in Thousands, Except Share Data)
						Three Months Ended																														Nine Months Ended
Adjusted net income						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 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 income						51,848						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

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Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
						Three Months Ended																														Nine Months Ended
Adjusted pre-tax pre-provision net     revenue						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 2023
Income before income taxes						$	11,394					$	50,906					$	34,250					$	35,922					$	23,150					$	96,550					$	114,370
Plus provisions for credit losses						1,914						2,224						782						305						2,821						4,920						2,234
Pre-tax pre-provision net revenue						13,308						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 Ended																														Nine Months Ended
Adjusted tangible net income						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 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

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Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
						Three Months Ended																														Nine Months Ended
Core efficiency ratio (tax-equivalent     basis)						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 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 income						23,957						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 ratio						85.1		%				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

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Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)
						Three Months Ended																														Nine Months Ended
Banking segment core efficiency ratio    (tax-equivalent)						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 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 Ended																														Nine Months Ended
Mortgage segment core efficiency ratio     (tax-equivalent)						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 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 income						1,682						1,422						1,028						1,277						1,567						4,132						—
Mortgage segment noninterest income						11,873						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

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Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
						As of
Tangible assets, common equity and related      measures						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023
Tangible assets
Total assets						$	12,920,222					$	12,535,169					$	12,548,320					$	12,604,403					$	12,489,631
Less goodwill						242,561						242,561						242,561						242,561						242,561
Less intangibles, net						6,449						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 goodwill						242,561						242,561						242,561						242,561						242,561
Less intangibles, net						6,449						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 outstanding						46,658,019						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 assets						12.1		%				12.0		%				11.8		%				11.5		%				11.0		%
Tangible common equity to tangible assets						10.4		%				10.2		%				9.99		%				9.74		%				9.16		%
On-balance sheet liquidity:
Cash and cash equivalents						$	951,750					$	800,902					$	870,730					$	810,932					$	848,318
Unpledged securities						510,538						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

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Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
						Three Months Ended																														Nine Months Ended
Adjusted return on average tangible      common equity and related      measures						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 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 goodwill						242,561						242,561						242,561						242,561						242,561						242,561						242,561
Less average intangibles, net						6,795						7,525						8,299						9,138						10,011						7,536						10,922
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 equity						2.67		%				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 equity						12.7		%				13.1		%				13.5		%				12.9		%				11.8		%				13.1		%				12.8		%

						Three Months Ended																														Nine Months Ended
Adjusted return on average assets,     common equity and related     measures						Sep 2024						Jun 2024						Mar 2024						Dec 2023						Sep 2023						Sep 2024						Sep 2023
Net income						$	10,220					$	39,979					$	27,950					$	29,369					$	19,175					$	78,149					$	90,855
Average assets						12,741,950						12,371,444						12,590,079						12,434,575						12,557,158						12,568,458						12,747,546
Average common equity						1,523,597						1,473,281						1,460,736						1,385,373						1,393,253						1,486,010						1,371,278
Return on average assets						0.32		%				1.30		%				0.89		%				0.94		%				0.61		%				0.83		%				0.95		%
Return on average common equity						2.67		%				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 assets						1.25		%				1.28		%				1.27		%				1.15		%				1.05		%				1.27		%				1.10		%
Adjusted return on average common equity						10.5		%				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

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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.

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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.

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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%

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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

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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.

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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

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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

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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

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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

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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

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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”.

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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

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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

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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

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15 Appendix

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

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

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

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

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

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

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

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

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

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

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

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

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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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