Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of report (Date of earliest event reported): January 16, 2024

FB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Tennessee

001-37875

62-1216058

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification Number)

1221 Broadway, Suite 1300

Nashville, Tennessee 37203

(Address of principal executive offices) (Zip Code)

(615) 564-1212

(Registrant’s telephone number, including area code)

Not Applicable

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

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


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


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


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


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

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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On January 16, 2024, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2023 (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 January 16, 2024, FB Financial will host a conference call to discuss financial results for the quarter ended December 31, 2023.

On January 16, 2024, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the fourth quarter ended December 31, 2023 (the “Financial Supplement”) and an earnings release presentation (the “Earnings Presentation”) containing additional information about FB Financial’s financial results for the quarter ended December 31, 2023.

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 January 16, 2024
99.2						Financial Supplement for the quarter ended December 31, 2023
99.3						Earnings Presentation dated January 16, 2024
104						Cover Page Interactive Data File (formatted as inline XBRL document)

SIGNATURES

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


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer
		(Principal Financial Officer)
Date: January 16, 2024

FB Financial Corporation Reports Fourth Quarter 2023 Financial Results

Reports Q4 Diluted EPS of $0.63, Adjusted Diluted EPS* of $0.77

NASHVILLE, TENNESSEE—January 16, 2024-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $29.4 million, or $0.63 per diluted common share, for the fourth quarter of 2023, compared to $0.41 in the previous quarter and $0.81 in the fourth quarter of last year. Adjusted net income* was $36.2 million, or $0.77 per diluted common share, compared to $0.71 in the previous quarter and $0.85 in the fourth quarter of last year.

The Company’s loans held for investment (“HFI”) grew to $9.41 billion, or 5.19% annualized, as of the end of the fourth quarter compared to $9.29 billion as of the end of the previous quarter and $9.30 billion as of the end of the fourth quarter last year. Deposits were $10.55 billion as of December 31, 2023, compared to $10.64 billion as of September 30, 2023, and $10.86 billion as of December 31, 2022. Net interest margin (“NIM”) increased to 3.46% for the fourth quarter of 2023 compared to 3.42% in the prior quarter and 3.78% in the fourth quarter of 2022. The Company ended the quarter with book value per common share of $31.05 and tangible book value per common share* of $25.69, representing a 23.6% and 29.2% annualized increase respectively from the previous quarter.

President and Chief Executive Officer, Christopher T. Holmes stated, “The Company continues to execute well in key initiatives of limiting balance sheet risk, improving profitability, and enhancing operations. We have had success growing core banking relationships, improving net interest margin and reducing expenses while improving our risk profile by managing credit concentrations, all during what was a difficult banking year. Our success in 2023 has prepared us to deal with potential economic challenges, and at the same time, has positioned us to take advantage of opportunities.”


										Annualized
(dollars in thousands, except share data)	Dec 2023			Sep 2023			Dec 2022			Dec 23 / Sep 23 % Change		Dec 23 / Dec 22 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,471,973		$	1,351,153		$	1,474,176		35.5	%	(0.15)	%
Loans held for sale	67,847			103,858			139,451			(137.6)	%	(51.3)	%

Loans HFI	9,408,783			9,287,225			9,298,212			5.19	%	1.19	%

Allowance for credit losses on loans HFI	150,326			146,134			134,192			11.4	%	12.0	%
Allowance for credit losses on unfunded commitments	8,770			11,600			22,969			(96.8)	%	(61.8)	%
Total assets	12,604,403			12,489,631			12,847,756			3.65	%	(1.89)	%

Interest-bearing deposits (non-brokered)	8,179,430			8,105,713			8,178,453			3.61	%	—	%
Brokered deposits	150,475			174,920			750			(55.4)	%	NM
Noninterest-bearing deposits	2,218,382			2,358,435			2,676,631			(23.6)	%	(17.1)	%



Total deposits	10,548,287			10,639,068			10,855,834			(3.39)	%	(2.83)	%

Borrowings	390,964			226,689			415,677			287.5	%	(5.95)	%
Total common shareholders' equity	1,454,794			1,372,901			1,325,425			23.7	%	9.76	%
Book value per common share	$	31.05		$	29.31		$	28.36		23.6	%	9.49	%
Tangible book value per common share*	$	25.69		$	23.93		$	22.90		29.2	%	12.2	%

Total common shareholders' equity to total assets	11.5		%	11.0		%	10.3		%
Tangible common equity to tangible assets*	9.74		%	9.16		%	8.50		%

*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement.
NM- Not meaningful

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FB Financial Corporation

Fourth Quarter 2023 Results

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	Three Months Ended
(dollars in thousands, except share data)	Dec 2023			Sep 2023			Dec 2022
Statement of Income Highlights
Net interest income	$	101,088		$	100,926		$	110,498
NIM	3.46		%	3.42		%	3.78		%



Noninterest income	$	15,339		$	8,042		$	17,469

Gain (loss) from securities, net	$	183		$	(14,197)		$	25
Loss from changes in fair value of commercial loans held for sale acquired in previous business combinations	$	(3,009)		$	(7)		$	(2,562)
Total revenue	$	116,427		$	108,968		$	127,967
Noninterest expense	$	80,200		$	82,997		$	80,230


Early retirement and severance costs	$	2,214		$	4,809		$	—
Loss on lease terminations	$	1,843		$	—		$	—
FDIC special assessment	$	1,788		$	—		$	—
Efficiency ratio	68.9		%	76.2		%	62.7		%
Core efficiency ratio*	61.7		%	63.1		%	61.0		%





Pre-tax, pre-provision earnings	$	36,227		$	25,971		$	47,737
Adjusted pre-tax, pre-provision earnings*	$	45,390		$	44,869		$	50,526
Provisions for credit losses	$	305		$	2,821		$	(456)
Net (recoveries) charge-off ratio	(0.04)		%	0.02		%	0.02		%
Net income applicable to FB Financial Corporation	$	29,369		$	19,175		$	38,143
Diluted earnings per common share	$	0.63		$	0.41		$	0.81
Effective tax rate	18.2		%	17.2		%	20.8		%
Adjusted net income*	$	36,152		$	33,148		$	40,213
Adjusted diluted earnings per common share*	$	0.77		$	0.71		$	0.85


Weighted average number of shares outstanding - fully diluted	46,916,939			46,856,422			47,036,742

Returns on average:

Return on average total assets	0.94		%	0.61		%	1.22		%
Adjusted*	1.15		%	1.05		%	1.28		%
Return on average shareholders' equity	8.41		%	5.46		%	11.7		%
Return on average tangible common equity*	10.3		%	6.67		%	14.6		%
Adjusted*	12.9		%	11.8		%	15.6		%




*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement.

Balance Sheet and Net Interest Margin

The Company reported loans HFI of $9.41 billion at the end of the fourth quarter of 2023 compared to $9.29 billion from the end of the prior quarter. As construction projects transitioned to permanent financing, construction loans declined by $135.0 million which contributed to multifamily and non-owner occupied commercial real estate balance increases of $102.5 million and $31.6 million, respectively. The net loan growth primarily resulted from increases in commercial and industrial of $52.9 million and owner-occupied commercial real estate of $25.7 million. The contractual yield on loans HFI increased to 6.43% for the fourth quarter of 2023 from 6.32% for the previous quarter.

The Company reported total deposits of $10.55 billion at the end of the fourth quarter of 2023 compared to $10.64 billion at the end of the third quarter. The Company's total cost of deposits increased to 2.65% during the fourth quarter from 2.58% for the third quarter of 2023, and the cost of interest-bearing deposits increased to 3.40% from 3.33% for the same periods. Noninterest-bearing deposits were $2.22 billion at the end of the quarter compared to $2.36 billion at the end of third quarter of 2023. The decrease includes a reduction in mortgage escrow deposits of $59.1 million.

The Company’s net interest income on a tax equivalent basis increased slightly for the fourth quarter of 2023 to $101.9 million compared to $101.8 million in the prior quarter. NIM expanded to 3.46% for the fourth quarter of 2023 from 3.42% for the previous quarter as the increase in contractual yield on loans HFI outpaced the increase in the cost of interest-bearing deposits from the third quarter to the fourth quarter.

Holmes continued, “We were able to expand net interest margin during the quarter with prudent loan growth while continuing to reduce the risk profile of the balance sheet. We are encouraged by the increases that we achieved in both net interest income and net interest margin. Our team is focused on expanding existing relationships and developing new relationships in order to grow customer deposits at a reasonable customer value proposition.”

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FB Financial Corporation

Fourth Quarter 2023 Results

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Noninterest Income

Core noninterest income* was $18.7 million for the fourth quarter of 2023, compared to $22.1 million and $20.3 million for the third quarter of 2023 and fourth quarter of 2022, respectively. These amounts reflect adjustments of a $3.0 million loss for changes in fair value on commercial loans held for sale, a $492 thousand loss on sales or write-downs of other real estate owned and other assets and a $183 thousand gain from securities in the fourth quarter 2023 compared to a $7 thousand loss for changes in fair value on commercial loans held for sale, a $115 thousand gain on sales or write-downs of other real estate owned and other assets and a $14.2 million loss from securities in the previous quarter.

The Company completed the exit of the commercial loans held for sale portfolio acquired in the Franklin Financial Network transaction after exiting the final relationship during the fourth quarter, resulting in a charge of $3.0 million in the quarter and a net gain of $7.2 million over the life of this portfolio.

Mortgage banking income remains subdued in the higher interest rate environment as the Company recognized revenue of $8.4 million in the fourth quarter of 2023 compared with $12.0 million in the previous quarter and $9.1 million in the fourth quarter of 2022.

Expense Management

Core noninterest expense* during the fourth quarter of 2023 was $74.4 million compared to $78.2 million for the prior quarter and $80.2 million for the fourth quarter of 2022. These amounts reflect adjustments of $2.2 million for early retirement and severance costs, $1.8 million of loss on lease terminations and $1.8 million for the Federal Deposit Insurance Corporation ("FDIC") special assessment recognized in the fourth quarter of 2023 compared to $4.8 million for early retirement and severance costs in the prior quarter. During the fourth quarter of 2023, the Company's core efficiency ratio*1 was 61.7%, compared to 63.1% in the previous quarter and 61.0% in the fourth quarter of 2022. Core banking noninterest expense* was $63.7 million for the quarter, compared to $66.2 million in the prior quarter.

Chief Financial Officer, Michael Mettee noted, “The Company continued to lower our expense run rate during the quarter. Expense discipline continues to be a management focus even as we look to efficiently scale our operational platform.”

Credit Quality

The Company recorded a provision expense of $3.1 million during the fourth quarter related to loans HFI; it also recorded a provision reversal of $2.8 million on unfunded loan commitments, resulting in a net provision expense of $0.3 million. Given the range of economic forecasts for the coming quarters, the Company continued managing its exposure in unfunded commitments in construction and land development lower, ending the year with $725.9 million of exposure, which is a reduction from the previous quarter of $196.4 million and a reduction for the year of $913.2 million. The Company had an allowance for credit losses on loans HFI as of the end of the fourth quarter of 2023 of $150.3 million, representing 1.60% of loans HFI compared to $146.1 million, or 1.57% of loans HFI as of September 30, 2023.

The Company experienced net recoveries of $1.1 million in the fourth quarter of 2023, representing annualized net recoveries of 0.04% of average loans HFI for the quarter compared to annualized net charge-offs of 0.02% in both the third quarter of 2023 and fourth quarter of 2022. For the year ended December 31, 2023, the Company experienced annualized net charge-offs of $0.6 million representing net charge-offs of 0.01% of average loans HFI, compared to annualized net charge-offs of 0.02% for the year ended December 31, 2022.

The Company's nonperforming loans HFI as a percentage of total loans HFI increased to 0.65% as of the end of the fourth quarter of 2023 compared to 0.59% at the previous quarter-end and 0.49% at the end of the fourth quarter of 2022. The increase was primarily due to two commercial and industrial relationships moving to nonaccrual. Nonperforming assets as a percentage of total assets decreased to 0.69% as of the end of the fourth quarter of 2023 compared to 0.71% at the end of the prior quarter and 0.68% as of the end of the fourth quarter of 2022.

Holmes commented, “The Company had net recoveries for the quarter, demonstrating our resolve to work with customers for positive outcomes. We also modestly increased our allowance for credit losses, remaining cautious on our economic outlook. However, our local economies have continued performing well, migration into our markets continues at a healthy pace, and we are cautiously optimistic as we look forward into the coming year.”

Capital Strength

Holmes continued, “We continue to build on our already strong capital position growing tangible common equity to tangible assets* to a solid 9.74% and Common Equity Tier 1 to 12.2%. Our capital levels provide flexibility as we enter 2024 in a position of strength.”

*Non-GAAP financial measure;1A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement.

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FB Financial Corporation

Fourth Quarter 2023 Results

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Summary

Holmes finalized, “While 2023 was a challenging year for the banking industry, I am proud of our team's management of credit, capital and liquidity while also taking care of our customers. We have executed in a difficult operating environment and positioned the Company to capitalize on future opportunities.”

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results on January 16, 2024, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 1010003) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through January 23, 2024, by dialing 1-877-344-7529 and entering confirmation code 8306498.

A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=3uK1Ur6B. 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.

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 81 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FB Financial Corporation has approximately $12.60 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

Jeanie M. Rittenberry						Michael Mettee
615-313-8328						615-564-1212
jrittenberry@firstbankonline.com						mmettee@firstbankonline.com
www.firstbankonline.com						investorrelations@firstbankonline.com

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Fourth Quarter 2023 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Fourth Quarter 2023 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 January 16, 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

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FB Financial Corporation

Fourth Quarter 2023 Results

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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, 2022, 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 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 and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, 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 Fourth Quarter 2023 Financial Supplement, which is available at https://investors.firstbankonline.com.

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FB Financial Corporation

Fourth Quarter 2023 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
	Dec 2023			Sep 2023			Dec 2022
Selected Statement of Income Data
Total interest income	$	174,835		$	173,912		$	147,598
Total interest expense	73,747			72,986			37,100
Net interest income	101,088			100,926			110,498
Total noninterest income	15,339			8,042			17,469
Total noninterest expense	80,200			82,997			80,230
Earnings before income taxes and provisions for credit losses	36,227			25,971			47,737
Provisions for (reversals of) credit losses	305			2,821			(456)
Income tax expense	6,545			3,975			10,042
Net income applicable to noncontrolling interest	8			—			8
Net income applicable to FB Financial Corporation	$	29,369		$	19,175		$	38,143
Net interest income (tax-equivalent basis)	$	101,924		$	101,762		$	111,279
Adjusted net income*	$	36,152		$	33,148		$	40,213
Adjusted pre-tax, pre-provision earnings*	$	45,390		$	44,869		$	50,526
Per Common Share
Diluted net income	$	0.63		$	0.41		$	0.81
Adjusted diluted net income*	0.77			0.71			0.85

Book value	31.05			29.31			28.36
Tangible book value*	25.69			23.93			22.90

Weighted average number of shares outstanding - fully diluted	46,916,939			46,856,422			47,036,742
Period-end number of shares	46,848,934			46,839,159			46,737,912
Selected Balance Sheet Data
Cash and cash equivalents	$	810,932		$	848,318		$	1,027,052
Loans HFI	9,408,783			9,287,225			9,298,212
Allowance for credit losses on loans HFI	(150,326)			(146,134)			(134,192)
Allowance for credit losses on unfunded commitments	(8,770)			(11,600)			(22,969)
Mortgage loans held for sale	67,847			94,598			108,961
Commercial loans held for sale, at fair value	—			9,260			30,490
Investment securities, at fair value	1,471,973			1,351,153			1,474,176

Total assets	12,604,403			12,489,631			12,847,756

Interest-bearing deposits (non-brokered)	8,179,430			8,105,713			8,178,453
Brokered deposits	150,475			174,920			750
Noninterest-bearing deposits	2,218,382			2,358,435			2,676,631



Total deposits	10,548,287			10,639,068			10,855,834

Borrowings	390,964			226,689			415,677
Total common shareholders' equity	1,454,794			1,372,901			1,325,425
Selected Ratios
Return on average:
Assets	0.94		%	0.61		%	1.22		%
Shareholders' equity	8.41		%	5.46		%	11.7		%
Tangible common equity*	10.3		%	6.67		%	14.6		%

Net interest margin (tax-equivalent basis)	3.46		%	3.42		%	3.78		%
Efficiency ratio	68.9		%	76.2		%	62.7		%
Core efficiency ratio (tax-equivalent basis)*	61.7		%	63.1		%	61.0		%
Loans HFI to deposit ratio	89.2		%	87.3		%	85.7		%

Noninterest-bearing deposits to total deposits	21.0		%	22.2		%	24.7		%
Yield on interest-earning assets	5.96		%	5.87		%	5.04		%
Cost of interest-bearing liabilities	3.47		%	3.41		%	1.84		%
Cost of total deposits	2.65		%	2.58		%	1.20		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.60		%	1.57		%	1.44		%

Net (recoveries) charge-offs as a percentage of average loans HFI	(0.04)		%	0.02		%	0.02		%
Nonperforming loans HFI as a percentage of loans HFI	0.65		%	0.59		%	0.49		%
Nonperforming assets as a percentage of total assets	0.69		%	0.71		%	0.68		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.5		%	11.0		%	10.3		%
Tangible common equity to tangible assets*	9.74		%	9.16		%	8.50		%

Tier 1 risk-based capital	12.5		%	12.1		%	11.3		%

Common equity Tier 1	12.2		%	11.8		%	11.0		%

*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2023 Financial Supplement.

-END-

Fourth Quarter 2023

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 and unadjusted pre-tax pre-provision earnings, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.


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

	As of or for the Three Months Ended
	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Selected Statement of Income Data
Total interest income	$	174,835		$	173,912		$	170,183		$	159,480		$	147,598
Total interest expense	73,747			72,986			68,640			55,820			37,100
Net interest income	101,088			100,926			101,543			103,660			110,498
Total noninterest income	15,339			8,042			23,813			23,349			17,469
Total noninterest expense	80,200			82,997			81,292			80,440			80,230
Earnings before income taxes and provisions for credit losses	36,227			25,971			44,064			46,569			47,737
Provisions for (reversals of) credit losses	305			2,821			(1,078)			491			(456)
Income tax expense	6,545			3,975			9,835			9,697			10,042
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation	$	29,369		$	19,175		$	35,299		$	36,381		$	38,143
Net interest income (tax-equivalent basis)	$	101,924		$	101,762		$	102,383		$	104,493		$	111,279
Adjusted net income*	$	36,152		$	33,148		$	35,993		$	35,739		$	40,213
Adjusted pre-tax, pre-provision earnings*	$	45,390		$	44,869		$	44,992		$	45,701		$	50,526
Per Common Share
Diluted net income	$	0.63		$	0.41		$	0.75		$	0.78		$	0.81
Adjusted diluted net income*	0.77			0.71			0.77			0.76			0.85

Book value	31.05			29.31			29.64			29.29			28.36
Tangible book value*	25.69			23.93			24.23			23.86			22.90

Weighted average number of shares outstanding - fully diluted	46,916,939			46,856,422			46,814,854			46,765,154			47,036,742
Period-end number of shares	46,848,934			46,839,159			46,798,751			46,762,626			46,737,912
Selected Balance Sheet Data
Cash and cash equivalents	$	810,932		$	848,318		$	1,160,354		$	1,319,951		$	1,027,052
Loans HFI	9,408,783			9,287,225			9,326,024			9,365,996			9,298,212
Allowance for credit losses on loans HFI	(150,326)			(146,134)			(140,664)			(138,809)			(134,192)
Allowance for credit losses on unfunded commitments	(8,770)			(11,600)			(14,810)			(18,463)			(22,969)
Mortgage loans held for sale	67,847			94,598			89,864			73,005			108,961
Commercial loans held for sale, at fair value	—			9,260			9,267			9,510			30,490
Investment securities, at fair value	1,471,973			1,351,153			1,422,391			1,474,064			1,474,176

Total assets	12,604,403			12,489,631			12,887,395			13,101,147			12,847,756

Interest-bearing deposits (non-brokered)	8,179,430			8,105,713			8,233,082			8,693,515			8,178,453
Brokered deposits	150,475			174,920			238,885			251			750
Noninterest-bearing deposits	2,218,382			2,358,435			2,400,288			2,489,149			2,676,631



Total deposits	10,548,287			10,639,068			10,872,255			11,182,915			10,855,834

Borrowings	390,964			226,689			390,354			312,131			415,677
Total common shareholders' equity	1,454,794			1,372,901			1,386,951			1,369,696			1,325,425
Selected Ratios
Return on average:
Assets	0.94		%	0.61		%	1.10		%	1.15		%	1.22		%
Shareholders' equity	8.41		%	5.46		%	10.3		%	11.0		%	11.7		%
Tangible common equity*	10.3		%	6.67		%	12.6		%	13.6		%	14.6		%

Net interest margin (NIM) (tax-equivalent basis)	3.46		%	3.42		%	3.40		%	3.51		%	3.78		%
Efficiency ratio	68.9		%	76.2		%	64.8		%	63.3		%	62.7		%
Core efficiency ratio (tax-equivalent basis)*	61.7		%	63.1		%	63.5		%	63.3		%	61.0		%
Loans HFI to deposit ratio	89.2		%	87.3		%	85.8		%	83.8		%	85.7		%

Noninterest-bearing deposits to total deposits	21.0		%	22.2		%	22.1		%	22.3		%	24.7		%
Yield on interest-earning assets	5.96		%	5.87		%	5.67		%	5.38		%	5.04		%
Cost of interest-bearing liabilities	3.47		%	3.41		%	3.14		%	2.61		%	1.84		%
Cost of total deposits	2.65		%	2.58		%	2.38		%	1.94		%	1.20		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.60		%	1.57		%	1.51		%	1.48		%	1.44		%

Net (recoveries) charge-offs as a percentage of average loans HFI	(0.04)		%	0.02		%	0.03		%	0.02		%	0.02		%
Nonperforming loans HFI as a percentage of loans HFI	0.65		%	0.59		%	0.47		%	0.49		%	0.49		%
Nonperforming assets as a percentage of total assets	0.69		%	0.71		%	0.59		%	0.61		%	0.68		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.5		%	11.0		%	10.8		%	10.5		%	10.3		%
Tangible common equity to tangible assets*	9.74		%	9.16		%	8.98		%	8.68		%	8.50		%

Tier 1 risk-based capital	12.5		%	12.1		%	11.9		%	11.6		%	11.3		%


Common equity Tier 1	12.2		%	11.8		%	11.7		%	11.3		%	11.0		%

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


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Dec 2023		Dec 2023
													vs.		vs.
	Three Months Ended										Sep 2023	Dec 2022
	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	155,737	$	153,882	$	149,220	$	140,356	$	133,180			1.21	%	16.9	%
Interest on securities
Taxable	7,808		6,399		6,480		6,570		6,707				22.0	%	16.4	%
Tax-exempt	1,746		1,795		1,808		1,804		1,806				(2.73)	%	(3.32)	%
Other	9,544		11,836		12,675		10,750		5,905				(19.4)	%	61.6	%
Total interest income	174,835		173,912		170,183		159,480		147,598				0.53	%	18.5	%
Interest expense:
Deposits	70,873		69,826		65,257		52,863		31,456				1.50	%	125.3	%
Borrowings	2,874		3,160		3,383		2,957		5,644				(9.05)	%	(49.1)	%
Total interest expense	73,747		72,986		68,640		55,820		37,100				1.04	%	98.8	%
Net interest income	101,088		100,926		101,543		103,660		110,498				0.16	%	(8.52)	%
Provision for credit losses on loans HFI	3,135		6,031		2,575		4,997		152				(48.0)	%	NM
Reversal of credit losses on unfunded commitments	(2,830)		(3,210)		(3,653)		(4,506)		(608)				(11.8)	%	365.5	%
Net interest income after provisions for credit losses	100,783		98,105		102,621		103,169		110,954				2.73	%	(9.17)	%
Noninterest income:
Mortgage banking income	8,376		11,998		12,232		12,086		9,106				(30.2)	%	(8.02)	%
Service charges on deposit accounts	2,957		2,959		3,185		3,053		3,019				(0.07)	%	(2.05)	%
Investment services and trust income	3,093		3,072		2,777		2,378		2,232				0.68	%	38.6	%
ATM and interchange fees	2,618		2,639		2,629		2,396		2,546				(0.80)	%	2.83	%
Gain (loss) from securities, net	183		(14,197)		(28)		69		25				(101.3)	%	632.0	%
(Loss) gain on sales or write-downs of other real estate owned and other assets	(492)		115		533		(183)		(252)				(527.8)	%	95.2	%

Other income	(1,396)		1,456		2,485		3,550		793				(195.9)	%	(276.0)	%
Total noninterest income	15,339		8,042		23,813		23,349		17,469				90.7	%	(12.2)	%
Total revenue	116,427		108,968		125,356		127,009		127,967				6.85	%	(9.02)	%
Noninterest expenses:
Salaries, commissions and employee benefits	48,142		54,491		52,020		48,788		45,839				(11.7)	%	5.02	%
Occupancy and equipment expense	9,530		6,428		6,281		5,909		6,295				48.3	%	51.4	%
Legal and professional fees	1,823		1,760		2,199		3,108		4,857				3.58	%	(62.5)	%
Data processing	2,434		2,338		2,345		2,113		2,096				4.11	%	16.1	%

Advertising	2,009		2,124		2,001		2,133		3,094				(5.41)	%	(35.1)	%
Amortization of core deposits and other intangibles	840		889		940		990		1,039				(5.51)	%	(19.2)	%



Other expense	15,422		14,967		15,506		17,399		17,010				3.04	%	(9.34)	%
Total noninterest expense	80,200		82,997		81,292		80,440		80,230				(3.37)	%	(0.04)	%
Income before income taxes	35,922		23,150		45,142		46,078		48,193				55.2	%	(25.5)	%
Income tax expense	6,545		3,975		9,835		9,697		10,042				64.7	%	(34.8)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	29,377		19,175		35,307		36,381		38,151				53.2	%	(23.0)	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	29,369	$	19,175	$	35,299	$	36,381	$	38,143			53.2	%	(23.0)	%
Weighted average common shares outstanding:
Basic	46,845,055		46,818,612		46,779,388		46,679,618		46,909,389				0.06	%	(0.14)	%
Fully diluted	46,916,939		46,856,422		46,814,854		46,765,154		47,036,742				0.13	%	(0.25)	%
Earnings per common share:
Basic	$	0.63	$	0.41	$	0.75	$	0.78	$	0.81			53.7	%	(22.2)	%
Fully diluted	0.63		0.41		0.75		0.78		0.81				53.7	%	(22.2)	%
Fully diluted - adjusted*	0.77		0.71		0.77		0.76		0.85				8.45	%	(9.41)	%

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

NM- Not meaningful


FB Financial Corporation						5


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

					Dec 2023
					vs.
	For the Year Ended				Dec 2022
	Dec 2023		Dec 2022		Percent variance
Interest income:
Interest and fees on loans	$	599,195	$	436,363	37.3	%
Interest on securities
Taxable	27,257		25,469		7.02	%
Tax-exempt	7,153		7,332		(2.44)	%
Other	44,805		12,258		265.5	%
Total interest income	678,410		481,422		40.9	%
Interest expense:
Deposits	258,819		56,642		356.9	%
Borrowings	12,374		12,545		(1.36)	%
Total interest expense	271,193		69,187		292.0	%
Net interest income	407,217		412,235		(1.22)	%
Provision for credit losses on loans HFI	16,738		10,393		61.1	%
(Reversal of) provision for credit losses on unfunded commitments	(14,199)		8,589		(265.3)	%
Net interest income after provisions for credit losses	404,678		393,253		2.91	%
Noninterest income:
Mortgage banking income	44,692		73,580		(39.3)	%
Service charges on deposit accounts	12,154		12,049		0.87	%
Investment services and trust income	11,320		8,866		27.7	%
ATM and interchange fees	10,282		15,600		(34.1)	%

Loss from securities, net	(13,973)		(376)		NM
Loss on sales or write-downs of other real estate owned and other assets	(27)		(265)		(89.8)	%

Other income	6,095		5,213		16.9	%
Total noninterest income	70,543		114,667		(38.5)	%
Total revenue	477,760		526,902		(9.33)	%
Noninterest expenses:
Salaries, commissions and employee benefits	203,441		211,491		(3.81)	%
Occupancy and equipment expense	28,148		23,562		19.5	%
Legal and professional fees	8,890		15,028		(40.8)	%
Data processing	9,230		9,315		(0.91)	%

Advertising	8,267		11,208		(26.2)	%
Amortization of core deposit and other intangibles	3,659		4,585		(20.2)	%
Mortgage restructuring expense	—		12,458		(100.0)	%
Other expense	63,294		60,699		4.28	%
Total noninterest expense	324,929		348,346		(6.72)	%
Income before income taxes	150,292		159,574		(5.82)	%
Income tax expense	30,052		35,003		(14.1)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	120,240		124,571		(3.48)	%
Net income applicable to noncontrolling interests	16		16		—	%

Net income applicable to FB Financial Corporation	$	120,224	$	124,555	(3.48)	%
Weighted average common shares outstanding:
Basic	46,781,214		47,113,470		(0.71)	%
Fully diluted	46,822,792		47,239,791		(0.88)	%
Earnings per common share:
Basic	$	2.57	$	2.64	(2.65)	%
Fully diluted	2.57		2.64		(2.65)	%
Fully diluted - adjusted*	3.01		2.92		3.08	%

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

NM- Not meaningful


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Dec 2023		Dec 2023
													vs.		vs.
	As of										Sep 2023	Dec 2022
	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	146,542	$	188,317	$	147,646	$	133,874	$	259,872			(88.0)	%	(43.6)	%
Federal funds sold and reverse repurchase agreements	83,324		129,885		48,346		63,994		210,536				(142.2)	%	(60.4)	%
Interest-bearing deposits in financial institutions	581,066		530,116		964,362		1,122,083		556,644				38.1	%	4.39	%
Cash and cash equivalents	810,932		848,318		1,160,354		1,319,951		1,027,052				(17.5)	%	(21.0)	%
Investments:
Available-for-sale debt securities, at fair value	1,471,973		1,348,219		1,419,360		1,471,005		1,471,186				36.4	%	0.05	%
Equity securities, at fair value	—		2,934		3,031		3,059		2,990				(100.0)	%	(100.00)	%
Federal Home Loan Bank stock, at cost	34,190		34,809		40,266		43,369		58,641				(7.06)	%	(41.7)	%
Mortgage loans held for sale	67,847		94,598		89,864		73,005		108,961				(112.2)	%	(37.7)	%
Commercial loans held for sale, at fair value	—		9,260		9,267		9,510		30,490				(100.0)	%	(100.0)	%
Loans held for investment	9,408,783		9,287,225		9,326,024		9,365,996		9,298,212				5.19	%	1.19	%
Less: allowance for credit losses on loans HFI	150,326		146,134		140,664		138,809		134,192				11.4	%	12.0	%
Net loans held for investment	9,258,457		9,141,091		9,185,360		9,227,187		9,164,020				5.09	%	1.03	%
Premises and equipment, net	155,731		156,081		154,526		153,397		146,316				(0.89)	%	6.43	%
Other real estate owned, net	3,192		1,504		1,974		4,085		5,794				445.3	%	(44.9)	%
Operating lease right-of-use assets	54,295		56,240		56,560		57,054		60,043				(13.7)	%	(9.57)	%
Interest receivable	52,715		49,205		44,973		44,737		45,684				28.3	%	15.4	%
Mortgage servicing rights, at fair value	164,249		172,710		166,433		164,879		168,365				(19.4)	%	(2.44)	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	8,709		9,549		10,438		11,378		12,368				(34.9)	%	(29.6)	%
Bank-owned life insurance	76,143		75,739		75,341		74,963		75,329				2.12	%	1.08	%
Other assets	203,409		246,813		227,087		201,007		227,956				(69.8)	%	(10.8)	%
Total assets	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756			3.65	%	(1.89)	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,218,382	$	2,358,435	$	2,400,288	$	2,489,149	$	2,676,631			(23.6)	%	(17.1)	%
Interest-bearing checking	2,504,421		2,554,641		2,879,336		3,292,883		3,059,984				(7.80)	%	(18.2)	%
Money market and savings	4,204,851		4,119,357		3,971,975		3,904,013		3,697,245				8.23	%	13.7	%
Customer time deposits	1,469,811		1,431,119		1,381,176		1,496,024		1,420,131				10.7	%	3.50	%
Brokered and internet time deposits	150,822		175,516		239,480		846		1,843				(55.8)	%	NM
Total deposits	10,548,287		10,639,068		10,872,255		11,182,915		10,855,834				(3.39)	%	(2.83)	%
Borrowings	390,964		226,689		390,354		312,131		415,677				287.5	%	(5.95)	%
Operating lease liabilities	67,643		67,542		67,304		67,345		69,754				0.59	%	(3.03)	%
Accrued expenses and other liabilities	142,622		183,338		170,438		168,967		180,973				(88.1)	%	(21.2)	%
Total liabilities	11,149,516		11,116,637		11,500,351		11,731,358		11,522,238				1.17	%	(3.23)	%
Shareholders' equity:
Common stock, $1 par value	46,849		46,839		46,799		46,763		46,738				0.08	%	0.24	%
Additional paid-in capital	864,258		862,340		859,516		856,628		861,588				0.88	%	0.31	%
Retained earnings	678,412		656,120		644,043		615,871		586,532				13.5	%	15.7	%
Accumulated other comprehensive loss, net	(134,725)		(192,398)		(163,407)		(149,566)		(169,433)				(118.9)	%	(20.5)	%
Total common shareholders' equity	1,454,794		1,372,901		1,386,951		1,369,696		1,325,425				23.7	%	9.76	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,454,887		1,372,994		1,387,044		1,369,789		1,325,518				23.7	%	9.76	%
Total liabilities and shareholders' equity	$	12,604,403	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756			3.65	%	(1.89)	%

NM- Not meaningful


FB Financial Corporation						7


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	December 31, 2023						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)	$	9,330,176	$	155,081	6.59	%	$	9,280,530	$	153,038	6.54	%
Mortgage loans held for sale	47,293		877		7.36	%	60,291		1,047		6.89	%
Commercial loans held for sale	7,281		—		—	%	9,259		—		—	%
Securities:
Taxable	1,361,987		7,808		2.27	%	1,344,052		6,399		1.89	%
Tax-exempt(b)	283,395		2,361		3.31	%	291,863		2,428		3.30	%
Total securities(b)	1,645,382		10,169		2.45	%	1,635,915		8,827		2.14	%
Federal funds sold and reverse repurchase agreements	107,276		1,518		5.61	%	95,326		1,375		5.72	%
Interest-bearing deposits with other financial institutions	525,763		7,195		5.43	%	696,600		9,620		5.48	%
FHLB stock	34,556		831		9.54	%	36,624		841		9.11	%
Total interest-earning assets(b)	11,697,727		175,671		5.96	%	11,814,545		174,748		5.87	%
Noninterest-earning assets:
Cash and due from banks	127,715						128,780
Allowance for credit losses on loans HFI	(147,035)						(140,033)
Other assets(c)(d)	756,168						753,866
Total noninterest-earning assets	736,848						742,613
Total assets	$	12,434,575					$	12,557,158
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,500,139	$	18,444	2.93	%	$	2,668,970	$	20,506	3.05	%
Money market	3,761,500		36,740		3.88	%	3,661,262		34,902		3.78	%
Savings deposits	388,296		67		0.07	%	410,403		65		0.06	%
Customer time deposits	1,447,094		13,463		3.69	%	1,400,290		11,909		3.37	%
Brokered and internet time deposits	162,317		2,159		5.28	%	182,652		2,444		5.31	%
Time deposits	1,609,411		15,622		3.85	%	1,582,942		14,353		3.60	%
Total interest-bearing deposits	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	31,673		177		2.22	%	30,520		349		4.54	%
Federal Home Loan Bank advances	—		—		—	%	13,859		204		5.84	%
Subordinated debt	128,621		2,604		8.03	%	127,605		2,600		8.08	%
Other borrowings	8,407		93		4.39	%	1,365		7		2.03	%
Total other interest-bearing liabilities	168,701		2,874		6.76	%	173,349		3,160		7.23	%
Total interest-bearing liabilities	8,428,047		73,747		3.47	%	8,496,926		72,986		3.41	%
Noninterest-bearing liabilities:
Demand deposits	2,341,627						2,410,280
Other liabilities(d)	279,435						256,606
Total noninterest-bearing liabilities	2,621,062						2,666,886
Total liabilities	11,049,109						11,163,812
Total common shareholders' equity	1,385,373						1,393,253
Noncontrolling interest	93						93
Total equity	1,385,466						1,393,346
Total liabilities and shareholders' equity	$	12,434,575					$	12,557,158
Net interest income(b)			$	101,924					$	101,762
Interest rate spread(b)					2.49	%					2.46	%
Net interest margin(b)(e)					3.46	%					3.42	%
Cost of total deposits					2.65	%					2.58	%
Average interest-earning assets to average interest-bearing liabilities					138.8	%					139.0	%
Tax-equivalent adjustment			$	836					$	836
Loans HFI yield components:
Contractual interest rate(b)			$	151,193	6.43	%			$	147,806	6.32	%
Origination and other loan fee income			3,322		0.14	%			4,345		0.19	%
Accretion on purchased loans			77		—	%			312		0.01	%
Nonaccrual interest			489		0.02	%			575		0.02	%

Total loans HFI yield			$	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 $258,265 and $232,613 for the three months ended 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 $21,072 and $19,080 for the three months ended 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						8


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	June 30, 2023						March 31, 2023						December 31, 2022
	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)	$	9,387,284	$	148,415	6.34	%	$	9,346,708	$	139,467	6.05	%	$	9,250,859	$	132,171	5.67	%
Mortgage loans held for sale	63,407		1,005		6.36	%	56,204		927		6.69	%	56,180		843		5.95	%
Commercial loans held for sale	9,377		3		0.13	%	16,608		159		3.88	%	33,640		311		3.67	%
Securities:
Taxable	1,374,308		6,480		1.89	%	1,402,535		6,570		1.90	%	1,431,776		6,707		1.86	%
Tax-exempt(b)	293,739		2,445		3.34	%	294,652		2,440		3.36	%	295,698		2,442		3.28	%
Total securities(b)	1,668,047		8,925		2.15	%	1,697,187		9,010		2.15	%	1,727,474		9,149		2.10	%
Federal funds sold and reverse repurchase agreements	61,799		1,050		6.81	%	188,013		1,855		4.00	%	200,062		1,924		3.82	%
Interest-bearing deposits with other financial institutions	857,862		10,829		5.06	%	728,576		8,008		4.46	%	364,543		3,236		3.52	%
FHLB stock	42,133		796		7.58	%	47,094		887		7.64	%	58,623		745		5.04	%
Total interest-earning assets(b)	12,089,909		171,023		5.67	%	12,080,390		160,313		5.38	%	11,691,381		148,379		5.04	%
Noninterest-earning assets:
Cash and due from banks	118,872						154,270						136,334
Allowance for credit losses on loans HFI	(138,983)						(134,803)						(135,998)
Other assets(c)(d)	756,651						761,757						754,310
Total noninterest-earning assets	736,540						781,224						754,646
Total assets	$	12,826,449					$	12,861,614					$	12,446,027
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,127,219	$	23,751	3.05	%	$	3,165,058	$	19,060	2.44	%	$	2,702,960	$	10,284	1.51	%
Money market	3,516,901		30,053		3.43	%	3,369,953		24,510		2.95	%	2,976,759		15,196		2.03	%
Savings deposits	433,530		63		0.06	%	458,023		64		0.06	%	488,243		66		0.05	%
Customer time deposits	1,426,320		10,658		3.00	%	1,472,221		9,221		2.54	%	1,310,505		5,902		1.79	%
Brokered and internet time deposits	56,455		732		5.20	%	1,607		8		2.02	%	1,980		8		1.60	%
Time deposits	1,482,775		11,390		3.08	%	1,473,828		9,229		2.54	%	1,312,485		5,910		1.79	%
Total interest-bearing deposits	8,560,425		65,257		3.06	%	8,466,862		52,863		2.53	%	7,480,447		31,456		1.67	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,050		97		1.29	%	27,139		46		0.69	%	27,140		28		0.41	%
Federal Home Loan Bank advances	61,264		784		5.13	%	41,389		499		4.89	%	349,859		3,428		3.89	%
Subordinated debt	127,129		2,496		7.88	%	126,161		2,402		7.72	%	126,054		2,182		6.87	%
Other borrowings	1,385		6		1.74	%	1,688		10		2.40	%	1,434		6		1.66	%
Total other interest-bearing liabilities	219,828		3,383		6.17	%	196,377		2,957		6.11	%	504,487		5,644		4.44	%
Total interest-bearing liabilities	8,780,253		68,640		3.14	%	8,663,239		55,820		2.61	%	7,984,934		37,100		1.84	%
Noninterest-bearing liabilities:
Demand deposits	2,430,476						2,588,756						2,886,297
Other liabilities(d)	238,809						266,299						279,945
Total noninterest-bearing liabilities	2,669,285						2,855,055						3,166,242
Total liabilities	11,449,538						11,518,294						11,151,176
Total common shareholders' equity	1,376,818						1,343,227						1,294,758
Noncontrolling interest	93						93						93
Total equity	1,376,911						1,343,320						1,294,851
Total liabilities and shareholders' equity	$	12,826,449					$	12,861,614					$	12,446,027
Net interest income(b)			$	102,383					$	104,493					$	111,279
Interest rate spread(b)					2.53	%					2.77	%					3.20	%
Net interest margin(b)(e)					3.40	%					3.51	%					3.78	%
Cost of total deposits					2.38	%					1.94	%					1.20	%
Average interest-earning assets to average interest-bearing liabilities					137.7	%					139.4	%					146.4	%
Tax-equivalent adjustment			$	840					$	833					$	781
Loans HFI yield components:
Contractual interest rate(b)			$	144,322	6.16	%			$	135,872	5.90	%			$	126,955	5.45	%
Origination and other loan fee income			3,907		0.17	%			3,101		0.13	%			4,244		0.18	%
(Amortization) accretion on purchased loans			(14)		—	%			319		0.01	%			319		0.01	%
Nonaccrual interest			200		0.01	%			175		0.01	%			653		0.03	%

Total loans HFI yield			$	148,415	6.34	%			$	139,467	6.05	%			$	132,171	5.67	%

(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 $212,016, $222,843 and $254,646 for the three months ended June 30, 2023, March 31, 2023 and

December 31, 2022, 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 $19,956, $23,180 and $26,706 for the three months ended June 30, 2023. March 31, 2023 and December 31, 2022, respectively.

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


FB Financial Corporation						9


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	For the Year Ended
	December 31, 2023						December 31, 2022
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,335,977	$	596,001	6.38	%	$	8,541,650	$	425,814	4.99	%
Mortgage loans held for sale	56,815		3,856		6.79	%	215,952		8,385		3.88	%
Commercial loans held for sale	10,602		162		1.53	%	51,075		2,627		5.14	%
Securities:
Taxable	1,370,514		27,257		1.99	%	1,439,745		25,469		1.77	%
Tax-exempt(b)	290,884		9,674		3.33	%	305,212		9,916		3.25	%
Total securities(b)	1,661,398		36,931		2.22	%	1,744,957		35,385		2.03	%
Federal funds sold and reverse repurchase agreements	112,833		5,798		5.14	%	197,235		3,414		1.73	%
Interest-bearing deposits with other financial institutions	701,629		35,652		5.08	%	843,779		7,275		0.86	%
FHLB stock	40,058		3,355		8.38	%	43,969		1,569		3.57	%
Total interest-earning assets(b)	11,919,312		681,755		5.72	%	11,638,617		484,469		4.16	%
Noninterest-earning assets:
Cash and due from banks	132,327						107,814
Allowance for credit losses on loans HFI	(140,246)						(127,499)
Other assets(c)(d)	757,441						758,918
Total noninterest-earning assets	749,522						739,233
Total assets	$	12,668,834					$	12,377,850
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,863,053	$	81,761	2.86	%	$	3,121,638	$	21,857	0.70	%
Money market	3,578,707		126,205		3.53	%	2,846,101		22,868		0.80	%
Savings deposits	422,339		259		0.06	%	500,189		268		0.05	%
Customer time deposits	1,436,313		45,251		3.15	%	1,167,947		11,555		0.99	%
Brokered and internet time deposits	101,423		5,343		5.27	%	6,935		94		1.36	%
Time deposits	1,537,736		50,594		3.29	%	1,174,882		11,649		0.99	%
Total interest-bearing deposits	8,401,835		258,819		3.08	%	7,642,810		56,642		0.74	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	29,860		669		2.24	%	28,497		66		0.23	%
Federal Home Loan Bank advances	28,973		1,487		5.13	%	171,142		5,583		3.26	%
Subordinated debt	127,386		10,102		7.93	%	127,799		6,868		5.37	%
Other borrowings	3,225		116		3.60	%	1,468		28		1.91	%
Total other interest-bearing liabilities	189,444		12,374		6.53	%	328,906		12,545		3.81	%
Total interest-bearing liabilities	8,591,279		271,193		3.16	%	7,971,716		69,187		0.87	%
Noninterest-bearing liabilities:
Demand deposits	2,442,019						2,877,266
Other liabilities(d)	260,612						179,192
Total noninterest-bearing liabilities	2,702,631						3,056,458
Total liabilities	11,293,910						11,028,174
Total common shareholders' equity	1,374,831						1,349,583
Noncontrolling interest	93						93
Total equity	1,374,924						1,349,676
Total liabilities and shareholders' equity	$	12,668,834					$	12,377,850
Net interest income(b)			$	410,562					$	415,282
Interest rate spread(b)					2.56	%					3.29	%
Net interest margin(b)(e)					3.44	%					3.57	%
Cost of total deposits					2.39	%					0.54	%
Average interest-earning assets to average interest-bearing liabilities					138.7	%					146.0	%
Tax equivalent adjustment			$	3,345					$	3,047
Loans HFI yield components:
Contractual interest rate(b)			$	579,193	6.20	%			$	400,154	4.69	%
Origination and other loan fee income			14,675		0.15	%			22,818		0.27	%
Accretion (amortization) on purchased loans			694		0.01	%			(1,020)		(0.01)	%
Nonaccrual interest			1,439		0.02	%			2,712		0.03	%
Syndication fee income			—		—	%			1,150		0.01	%
Total loans HFI yield			$	596,001	6.38	%			$	425,814	4.99	%

(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 $231,534 and $144,326 for the years ended December 31, 2023 and 2022, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $21,688 and $13,149 for the years ended December 31, 2023 and 2022, respectively.

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


FB Financial Corporation						10


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

	As of
	Dec 2023					Sep 2023					Jun 2023					Mar 2023					Dec 2022
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	203,956		14	%	$	105,801		8	%	$	40,529		3	%	$	40,928		3	%	$	40,062		3	%
Mortgage-backed securities - residential	896,971			62	%	871,074			65	%	979,400			69	%	1,025,388			71	%	1,034,193			71	%
Mortgage-backed securities - commercial	16,961			1	%	16,677			1	%	17,254			1	%	17,723			1	%	17,644			1	%
Municipal securities	242,263			16	%	244,611			18	%	267,097			19	%	270,994			18	%	264,420			18	%
Treasury securities	108,496			7	%	106,798			8	%	108,221			8	%	108,823			7	%	107,680			7	%
Corporate securities	3,326			—	%	3,258			—	%	6,859			—	%	7,149			—	%	7,187			—	%
Total available-for-sale debt securities	1,471,973			100	%	1,348,219			100	%	1,419,360			100	%	1,471,005			100	%	1,471,186			100	%
Equity securities, at fair value	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%	2,990			—	%
Total investment securities, at fair value	$	1,471,973		100	%	$	1,351,153		100	%	$	1,422,391		100	%	$	1,474,064		100	%	$	1,474,176		100	%
Investment securities to total assets	11.7		%			10.8		%			11.0		%			11.3		%			11.5		%
Unrealized loss on available-for-sale debt securities	$(186,806)					$(265,048)					$(226,013)					$(207,265)					$(234,388)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	810,932		60	%	$	848,318		63	%	$	1,160,354		80	%	$	1,319,951		82	%	$	1,027,052		78	%
Unpledged available-for-sale debt securities	542,427			40	%	494,582			37	%	281,098			20	%	286,169			18	%	280,165			21	%
Equity securities, at fair value	—			—	%	2,934			—	%	3,031			—	%	3,059			—	%	2,990			1	%
Total on-balance sheet liquidity	$	1,353,359		100	%	$	1,345,834		100	%	$	1,444,483		100	%	$	1,609,179		100	%	$	1,310,207		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,350,026		48	%	$	3,371,911		50	%	$	3,332,710		52	%	$	3,755,059		55	%	$	3,595,812		52	%
FHLB remaining borrowing capacity	1,297,702			18	%	1,005,295			15	%	548,052			9	%	473,160			7	%	829,959			12	%
Federal Reserve discount window	2,431,084			34	%	2,398,285			35	%	2,476,347			39	%	2,548,886			38	%	2,470,000			36	%
Total available sources of liquidity	$	7,078,812		100	%	$	6,775,491		100	%	$	6,357,109		100	%	$	6,777,105		100	%	$	6,895,771		100	%

On-balance sheet liquidity as a percentage of total assets	10.7		%			10.8		%			11.2		%			12.3		%			10.2		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.0		%			11.0		%			11.4		%			12.5		%			10.4		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	269.0		%			264.7		%			258.9		%			257.5		%			230.0		%

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

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

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


FB Financial Corporation						11


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2023		% of Total		Sep 2023		% of Total		Jun 2023		% of Total		Mar 2023		% of Total		Dec 2022		% of Total
Loan portfolio
Commercial and industrial	$	1,720,733	18	%	$	1,667,857	18	%	$	1,693,572	18	%	$	1,671,398	18	%	$	1,645,783	18	%
Construction	1,397,313		15	%	1,532,306		16	%	1,636,970		18	%	1,697,513		18	%	1,657,488		18	%
Residential real estate:
1-to-4 family mortgage	1,568,552		17	%	1,553,096		17	%	1,548,614		17	%	1,562,503		17	%	1,573,121		17	%
Residential line of credit	530,912		6	%	517,082		6	%	507,652		5	%	497,391		5	%	496,660		5	%
Multi-family mortgage	603,804		6	%	501,323		5	%	518,025		6	%	489,379		5	%	479,572		5	%
Commercial real estate:
Owner-occupied	1,232,071		13	%	1,206,351		13	%	1,158,782		12	%	1,136,978		12	%	1,114,580		12	%
Non-owner occupied	1,943,525		21	%	1,911,913		21	%	1,881,978		20	%	1,939,517		21	%	1,964,010		21	%
Consumer and other	411,873		4	%	397,297		4	%	380,431		4	%	371,317		4	%	366,998		4	%
Total loans HFI	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%
Percentage of loans HFI portfolio with variable interest rates			48.5	%			47.6	%			47.0	%			46.5	%			46.7	%
Percentage of loans HFI portfolio with variable interest rates that mature after one year			41.3	%			40.6	%			40.6	%			40.1	%			40.5	%

Loans by market
Metropolitan	$	7,830,739	83	%	$	7,691,944	83	%	$	7,718,424	83	%	$	7,777,346	83	%	$	7,710,999	83	%
Community	629,152		7	%	649,269		7	%	653,335		7	%	668,192		7	%	670,043		7	%
Specialty lending and other	948,892		10	%	946,012		10	%	954,265		10	%	920,458		10	%	917,170		10	%
Total	$	9,408,783	100	%	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%

Unfunded loan commitments
Commercial and industrial	$	1,262,234	44	%	$	1,309,390	41	%	$	1,168,506	37	%	$	1,125,810	34	%	$	1,026,078	29	%
Construction	725,864		25	%	922,219		30	%	1,142,982		36	%	1,340,193		40	%	1,639,015		46	%
Residential real estate:
1-to-4 family mortgage	973		—	%	946		—	%	794		—	%	670		—	%	829		—	%
Residential line of credit	700,126		24	%	685,597		22	%	675,647		21	%	663,291		20	%	655,090		18	%
Multi-family mortgage	23,583		1	%	21,951		1	%	4,972		—	%	6,310		—	%	17,092		1	%
Commercial real estate:
Owner-occupied	73,432		2	%	52,975		2	%	50,927		2	%	48,063		1	%	41,954		1	%
Non-owner occupied	82,966		3	%	93,910		3	%	104,201		3	%	119,239		4	%	145,208		4	%
Consumer and other	25,509		1	%	24,886		1	%	23,306		1	%	25,787		1	%	26,634		1	%
Total unfunded loans HFI	$	2,894,687	100	%	$	3,111,874	100	%	$	3,171,335	100	%	$	3,329,363	100	%	$	3,551,900	100	%


FB Financial Corporation						12


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	146,134		$	140,664		$	138,809		$	134,192		$	134,476


Charge-offs	(1,048)			(796)			(892)			(767)			(1,273)
Recoveries	2,105			235			172			387			837
Provision for credit losses on loans HFI	3,135			6,031			2,575			4,997			152


Allowance for credit losses on loans HFI at the end of the period	$	150,326		$	146,134		$	140,664		$	138,809		$	134,192
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.60		%	1.57		%	1.51		%	1.48		%	1.44		%

Allowance for credit losses on unfunded commitments	$	8,770		$	11,600		$	14,810		$	18,463		$	22,969
Charge-offs
Commercial and industrial	$	(251)		$	(154)		$	(11)		$	(46)		$	(332)

Residential real estate:
1-to-4 family mortgage	(10)			(4)			(16)			(16)			(34)


Commercial real estate:
Owner occupied	—			—			(144)			—			(15)
Non-owner occupied	—			—			—			—			(268)
Consumer and other	(787)			(638)			(721)			(705)			(624)
Total charge-offs	(1,048)			(796)			(892)			(767)			(1,273)
Recoveries
Commercial and industrial	81			112			13			67			679
Construction	—			—			10			—			—
Residential real estate:
1-to-4 family mortgage	44			16			25			15			15
Residential line of credit	—			1			—			—			—

Commercial real estate:
Owner occupied	14			13			16			66			12
Non-owner occupied	1,833			—			—			—			—
Consumer and other	133			93			108			239			131
Total recoveries	2,105			235			172			387			837
Net recoveries (charge-offs)	$	1,057		$	(561)		$	(720)		$	(380)		$	(436)
Net (recoveries) charge-offs as a percentage of average loans HFI	(0.04)		%	0.02		%	0.03		%	0.02		%	0.02		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	12,693		$	11,649		$	12,247		$	12,580		$	18,415
Nonaccrual loans	48,230			42,878			31,885			32,900			27,431
Total nonperforming loans HFI	60,923			54,527			44,132			45,480			45,846
Commercial loans held for sale	—			9,260			9,267			9,278			9,289
Mortgage loans held for sale(a)	21,229			22,074			20,225			20,528			26,211

Other real estate owned	3,192			1,504			1,974			4,085			5,794

Other repossessed assets	1,139			1,300			883			498			351
Total nonperforming assets	$	86,483		$	88,665		$	76,481		$	79,869		$	87,491
Total nonperforming loans HFI as a percentage of loans HFI	0.65		%	0.59		%	0.47		%	0.49		%	0.49		%
Total nonperforming assets as a percentage of total assets	0.69		%	0.71		%	0.59		%	0.61		%	0.68		%
Total nonaccrual loans as a percentage of loans HFI	0.51		%	0.46		%	0.34		%	0.35		%	0.30		%

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


FB Financial Corporation						13


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2023					Sep 2023					Jun 2023					Mar 2023					Dec 2022





Deposits by market
Metropolitan	$	7,536,301		72	%	$	7,481,006		70	%	$	7,753,724		71	%	$	8,075,721		72	%	$	7,813,089		72	%
Community	2,522,536			24	%	2,571,667			24	%	2,499,013			23	%	2,756,700			25	%	2,671,326			25	%
Brokered/wholesale	150,475			1	%	174,920			2	%	238,885			2	%	251			—	%	750			—	%
Escrow and other(a)	338,975			3	%	411,475			4	%	380,633			4	%	350,243			3	%	370,669			3	%
Total	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%

Deposits by customer segment
Consumer	$	4,880,890		46	%	$	4,893,792		46	%	$	4,918,641		45	%	$	5,028,364		45	%	$	4,985,544		46	%
Commercial	4,069,724			39	%	4,126,424			39	%	4,029,376			37	%	3,767,743			34	%	3,796,698			35	%
Public	1,597,673			15	%	1,618,852			15	%	1,924,238			18	%	2,386,808			21	%	2,073,592			19	%
Total	$	10,548,287		100	%	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%

Estimated insured or collateralized deposits	$	7,414,224				$	7,570,639				$	7,858,761				$	7,926,537				$	7,288,641





Estimated uninsured and uncollateralized deposits(b)	$	3,134,063				$	3,068,429				$	3,013,494				$	3,256,378				$	3,567,193

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	29.7		%			28.8		%			27.7		%			29.1		%			32.9		%

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

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


FB Financial Corporation						14


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


Computation of Tangible Common Equity to Tangible Assets:	December 31, 2023			December 31, 2022

Total Common Shareholders' Equity	$	1,454,794		$	1,325,425
Less:
Goodwill	242,561			242,561
Other intangibles	8,709			12,368
Tangible Common Equity	$	1,203,524		$	1,070,496

Total Assets	$	12,604,403		$	12,847,756
Less:
Goodwill	242,561			242,561
Other intangibles	8,709			12,368
Tangible Assets	$	12,353,133		$	12,592,827

Preliminary Total Risk-Weighted Assets	$	11,257,346		$	11,668,205

Total Common Equity to Total Assets	11.5		%	10.3		%
Tangible Common Equity to Tangible Assets*	9.74		%	8.50		%


	December 31, 2023			December 31, 2022
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,375,890		$	1,285,386
Tier 1 Capital	1,405,890			1,315,386
Total Capital	1,635,848			1,528,344

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.2		%	11.0		%
Tier 1 Risk-Based	12.5		%	11.3		%
Total Risk-Based	14.5		%	13.1		%
Tier 1 Leverage	11.3		%	10.5		%

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


FB Financial Corporation						15


Segment Data
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Banking segment
Net interest income	$	101,088		$	100,926		$	101,543		$	103,660		$	110,498
Provisions for credit losses	305			2,821			(1,078)			491			(456)

Noninterest income (loss)	6,889			(4,031)			11,480			11,493			8,345


Other noninterest expense	69,559			70,974			67,653			68,350			66,926
Pre-tax net contribution after allocations	$	38,113		$	23,100		$	46,448		$	46,312		$	52,373
Total assets	$	12,046,190		$	11,900,598		$	12,302,812		$	12,530,039		$	12,228,451
Intracompany funding income included in net interest income	3,887			4,033			4,319			3,931			4,247
Core efficiency ratio*	56.8		%	59.2		%	58.8		%	59.6		%	54.7		%
Mortgage segment
Net interest income	$	—		$	—		$	—		$	—		$	—

Mortgage banking income	8,376			11,998			12,232			12,086			9,106
Other noninterest income	74			75			101			(230)			18


Other noninterest expense	10,641			12,023			13,639			12,090			13,304
Pre-tax net contribution (loss) after allocations	$	(2,191)		$	50		$	(1,306)		$	(234)		$	(4,180)
Total assets	$	558,213		$	589,033		$	584,583		$	571,108		$	619,305
Intracompany funding expense included in net interest income	3,887			4,033			4,319			3,931			4,247
Core efficiency ratio*	125.5		%	99.6		%	106.9		%	98.4		%	145.4		%










Interest rate lock commitments volume	$	245,776		$	373,068		$	402,951		$	375,042		$	281,650




Interest rate lock commitments pipeline (period end)	$	69,217		$	112,810		$	135,374		$	157,213		$	118,313




Mortgage loan sales	$	257,170		$	325,322		$	330,326		$	332,307		$	266,834
Gains and fees from origination and sale of mortgage loans held for sale	$	7,389		$	8,941		$	7,994		$	8,146		$	8,967
Net change in fair value of loans held for sale, derivatives, and other	(1,686)			(582)			874			(421)			(2,270)
Mortgage servicing income	7,546			7,363			7,586			7,768			7,264
Change in fair value of mortgage servicing rights, net of hedging	(4,873)			(3,724)			(4,222)			(3,407)			(4,855)
Total mortgage banking income	$	8,376		$	11,998		$	12,232		$	12,086		$	9,106
Mortgage sale margin(a)	2.87		%	2.75		%	2.42		%	2.45		%	3.36		%

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

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


FB Financial Corporation						16


Non-GAAP Reconciliations

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

	Three Months Ended										Year Ended
Adjusted net income	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022		Dec 2023		Dec 2022
Income before income taxes	$	35,922	$	23,150	$	45,142	$	46,078	$	48,193	$	150,292	$	159,574
Less gain (loss) from securities, net	183		(14,197)		(28)		69		25		(13,973)		(376)
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(492)		115		533		(183)		(252)		(27)		(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)		(7)		(8)		910		(2,562)		(2,114)		(5,133)
Plus early retirement, severance and other costs	2,214		4,809		1,426		—		—		8,449		—
Plus loss (gain) on lease terminations	1,843		—		(1)		(72)		—		1,770		18
Plus FDIC special assessment	1,788		—		—		—		—		1,788		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458

Adjusted pre-tax net income	45,085		42,048		46,070		45,210		50,982		178,413		177,824
Income tax expense, adjusted for items above	8,933		8,900		10,077		9,471		10,769		37,380		39,759
Adjusted net income	$	36,152	$	33,148	$	35,993	$	35,739	$	40,213	$	141,033	$	138,065
Weighted average common shares outstanding - fully diluted	46,916,939		46,856,422		46,814,854		46,765,154		47,036,742		46,822,792		47,239,791
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.63	$	0.41	$	0.75	$	0.78	$	0.81	$	2.57	$	2.64








Adjusted diluted earnings per common share	$	0.77	$	0.71	$	0.77	$	0.76	$	0.85	$	3.01	$	2.92


FB Financial Corporation						17


Non-GAAP Reconciliations (continued)

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

	Three Months Ended										Year Ended
Adjusted pre-tax pre-provision earnings	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022		Dec 2023		Dec 2022
Income before income taxes	$	35,922	$	23,150	$	45,142	$	46,078	$	48,193	$	150,292	$	159,574
Plus provisions for credit losses	305		2,821		(1,078)		491		(456)		2,539		18,982
Pre-tax pre-provision earnings	36,227		25,971		44,064		46,569		47,737		152,831		178,556
Less gain (loss) from securities, net	183		(14,197)		(28)		69		25		(13,973)		(376)
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(492)		115		533		(183)		(252)		(27)		(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)		(7)		(8)		910		(2,562)		(2,114)		(5,133)
Plus early retirement, severance and other costs	2,214		4,809		1,426		—		—		8,449		—
Plus loss (gain) on lease terminations	1,843		—		(1)		(72)		—		1,770		18
Plus FDIC special assessment	1,788		—		—		—		—		1,788		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458
Adjusted pre-tax pre-provision earnings	$	45,390	$	44,869	$	44,992	$	45,701	$	50,526	$	180,952	$	196,806



	Three Months Ended										Year Ended
Adjusted tangible net income	Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022		Dec 2023		Dec 2022
Income before income taxes	$	35,922	$	23,150	$	45,142	$	46,078	$	48,193	$	150,292	$	159,574

Plus amortization of core deposit and other intangibles	840		889		940		990		1,039		3,659		4,585
Less gain (loss) from securities, net	183		(14,197)		(28)		69		25		(13,973)		(376)
Less (loss) gain on sales or write- downs of other real estate owned and other assets	(492)		115		533		(183)		(252)		(27)		(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)		(7)		(8)		910		(2,562)		(2,114)		(5,133)
Plus early retirement, severance and other costs	2,214		4,809		1,426		—		—		8,449		—
Plus loss (gain) on lease terminations	1,843		—		(1)		(72)		—		1,770		18
Plus FDIC special assessment	1,788		—		—		—		—		1,788		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458
Less income tax expense, adjusted for items above	9,152		9,131		10,322		9,729		11,040		38,334		40,954
Adjusted tangible net income	$	36,773	$	33,806	$	36,688	$	36,471	$	40,981	$	143,738	$	141,455


FB Financial Corporation						18


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Year Ended
Core efficiency ratio (tax-equivalent basis)	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Total noninterest expense	$	80,200		$	82,997		$	81,292		$	80,440		$	80,230		$	324,929		$	348,346



Less early retirement, severance and other costs	2,214			4,809			1,426			—			—			8,449			—
Less loss (gain) on lease terminations	1,843			—			(1)			(72)			—			1,770			18
Less FDIC special assessment	1,788			—			—			—			—			1,788			—
Less mortgage restructuring expense	—			—			—			—			—			—			12,458
Core noninterest expense	$	74,355		$	78,188		$	79,867		$	80,512		$	80,230		$	312,922		$	335,870
Net interest income	$	101,088		$	100,926		$	101,543		$	103,660		$	110,498		$	407,217		$	412,235
Net interest income (tax-equivalent basis)	$	101,924		$	101,762		$	102,383		$	104,493		$	111,279		$	410,562		$	415,282
Total noninterest income	15,339			8,042			23,813			23,349			17,469			70,543			114,667
Less gain (loss) from securities, net	183			(14,197)			(28)			69			25			(13,973)			(376)
Less (loss) gain on sales or write-downs of other real estate owned and other assets	(492)			115			533			(183)			(252)			(27)			(265)
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)			(7)			(8)			910			(2,562)			(2,114)			(5,133)


Core noninterest income	18,657			22,131			23,316			22,553			20,258			86,657			120,441
Total revenue	$	116,427		$	108,968		$	125,356		$	127,009		$	127,967		$	477,760		$	526,902
Core revenue (tax-equivalent basis)	$	120,581		$	123,893		$	125,699		$	127,046		$	131,537		$	497,219		$	535,723
Efficiency ratio	68.9		%	76.2		%	64.8		%	63.3		%	62.7		%	68.0		%	66.1		%
Core efficiency ratio (tax-equivalent basis)	61.7		%	63.1		%	63.5		%	63.4		%	61.0		%	62.9		%	62.7		%


FB Financial Corporation						19


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

	Three Months Ended															Year Ended
Banking segment core efficiency ratio (tax equivalent)	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Banking segment noninterest expense	$	69,559		$	70,974		$	67,653		$	68,350		$	66,926		$	276,536		$	251,716
Less early retirement, severance and other costs	2,214			4,809			1,001			—			—			8,024			—
Less loss (gain) on lease terminations	1,843			—			—			—			—			1,843			—
Less FDIC special assessment	$	1,788		$	—		$	—		$	—		$	—		$	1,788		$	—
Banking segment core noninterest expense	$	63,714		$	66,165		$	66,652		$	68,350		$	66,926		$	264,881		$	251,716
Banking segment net interest income	101,088			100,926			101,543			103,660			110,498			407,217			412,237
Banking segment net interest income (tax-equivalent basis)	101,924			101,762			102,383			104,493			111,279			410,562			415,284
Banking segment noninterest income (loss)	6,889			(4,031)			11,480			11,493			8,345			25,831			41,320
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(3,009)			(7)			(8)			910			(2,562)			(2,114)			(5,133)

Less (loss) gain on sales or write-downs of other real estate owned and other assets	(460)			119			558			249			(228)			466			10
Less gain (loss) from securities, net	183			(14,197)			(28)			69			25			(13,973)			(376)
Banking segment core noninterest income	10,175			10,054			10,958			10,265			11,110			41,452			46,819
Banking segment total revenue	$	107,977		$	96,895		$	113,023		$	115,153		$	118,843		$	433,048		$	453,557
Banking segment total core revenue (tax-equivalent basis)	$	112,099		$	111,816		$	113,341		$	114,758		$	122,389		$	452,014		$	462,103
Banking segment efficiency ratio	64.4		%	73.2		%	59.9		%	59.4		%	56.3		%	63.9		%	55.5		%
Banking segment core efficiency ratio (tax-equivalent basis)	56.8		%	59.2		%	58.8		%	59.6		%	54.7		%	58.6		%	54.5		%





	Three Months Ended															Year Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Mortgage segment noninterest expense	$	10,641		$	12,023		$	13,639		$	12,090		$	13,304		$	48,393		$	96,630
Less severance costs	—			—			425			—			—			425			—
Less loss (gain) on lease terminations	—			—			(1)			(72)			—			(73)			18
Less mortgage restructuring expense	—			—			—			—			—			—			12,458


Mortgage segment core noninterest expense	$	10,641		$	12,023		$	13,215		$	12,162		$	13,304		$	48,041		$	84,154
Mortgage segment net interest income	—			—			—			—			—			—			(2)
Mortgage segment noninterest income	8,450			12,073			12,333			11,856			9,124			44,712			73,347
Less loss on sales or write- downs of other real estate owned	(32)			(4)			(25)			(432)			(24)			(493)			(275)
Mortgage segment core noninterest income	8,482			12,077			12,358			12,288			9,148			45,205			73,622
Mortgage segment total revenue	$	8,450		$	12,073		$	12,333		$	11,856		$	9,124		$	44,712		$	73,345
Mortgage segment core total revenue	$	8,482		$	12,077		$	12,358		$	12,288		$	9,148		$	45,205		$	73,620
Mortgage segment efficiency ratio	125.9		%	99.6		%	110.6		%	102.0		%	145.8		%	108.2		%	131.7		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	125.5		%	99.6		%	106.9		%	98.4		%	145.4		%	106.3		%	114.3		%


FB Financial Corporation						20


Non-GAAP Reconciliations (continued)

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

	As of
Tangible assets, common equity and related measures	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022
Tangible assets
Total assets	$	12,604,403		$	12,489,631		$	12,887,395		$	13,101,147		$	12,847,756
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	8,709			9,549			10,438			11,378			12,368
Tangible assets	$	12,353,133		$	12,237,521		$	12,634,396		$	12,847,208		$	12,592,827
Tangible common equity
Total common shareholders' equity	$	1,454,794		$	1,372,901		$	1,386,951		$	1,369,696		$	1,325,425
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	8,709			9,549			10,438			11,378			12,368
Tangible common equity	$	1,203,524		$	1,120,791		$	1,133,952		$	1,115,757		$	1,070,496


Common shares outstanding	46,848,934			46,839,159			46,798,751			46,762,626			46,737,912
Book value per common share	$	31.05		$	29.31		$	29.64		$	29.29		$	28.36
Tangible book value per common share	$	25.69		$	23.93		$	24.23		$	23.86		$	22.90

Total common shareholders' equity to total assets	11.5		%	11.0		%	10.8		%	10.5		%	10.3		%
Tangible common equity to tangible assets	9.74		%	9.16		%	8.98		%	8.68		%	8.50		%
On-balance sheet liquidity:
Cash and cash equivalents	$	810,932		$	848,318		$	1,160,354		$	1,319,951		$	1,027,052
Unpledged securities	542,427			494,582			281,098			286,169			280,165
Equity securities, at fair value	—			2,934			3,031			3,059			2,990
Total on-balance sheet liquidity	$	1,353,359		$	1,345,834		$	1,444,483		$	1,609,179		$	1,310,207
On-balance sheet liquidity as a percentage of total assets	10.7		%	10.8		%	11.2		%	12.3		%	10.2		%
On-balance sheet liquidity as a percentage of total tangible assets	11.0		%	11.0		%	11.4		%	12.5		%	10.4		%


FB Financial Corporation						21


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Year Ended
Adjusted return on average tangible common equity and related measures	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Average common shareholders' equity	$	1,385,373		$	1,393,253		$	1,376,818		$	1,343,227		$	1,294,758		$	1,374,831		$	1,349,583
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	9,138			10,011			10,913			11,862			12,865			10,472			14,573
Average tangible common equity	$	1,133,674		$	1,140,681		$	1,123,344		$	1,088,804		$	1,039,332		$	1,121,798		$	1,092,449
Net income	$	29,369		$	19,175		$	35,299		$	36,381		$	38,143		$	120,224		$	124,555
Return on average common equity	8.41		%	5.46		%	10.3		%	11.0		%	11.7		%	8.74		%	9.23		%
Return on average tangible common equity	10.3		%	6.67		%	12.6		%	13.6		%	14.6		%	10.7		%	11.4		%
Adjusted tangible net income	$	36,773		$	33,806		$	36,688		$	36,471		$	40,981		$	143,738		$	141,455
Adjusted return on average tangible common equity	12.9		%	11.8		%	13.1		%	13.6		%	15.6		%	12.8		%	12.9		%












	Three Months Ended															Year Ended
Adjusted return on average assets, common equity and related measures	Dec 2023			Sep 2023			Jun 2023			Mar 2023			Dec 2022			Dec 2023			Dec 2022
Net income	$	29,369		$	19,175		$	35,299		$	36,381		$	38,143		$	120,224		$	124,555
Average assets	12,434,575			12,557,158			12,826,449			12,861,614			12,446,027			12,668,834			12,377,850
Average common equity	1,385,373			1,393,253			1,376,818			1,343,227			1,294,758			1,374,831			1,349,583
Return on average assets	0.94		%	0.61		%	1.10		%	1.15		%	1.22		%	0.95		%	1.01		%
Return on average common equity	8.41		%	5.46		%	10.3		%	11.0		%	11.7		%	8.74		%	9.23		%
Adjusted net income	$	36,152		$	33,148		$	35,993		$	35,739		$	40,213		$	141,033		$	138,065
Adjusted return on average assets	1.15		%	1.05		%	1.13		%	1.13		%	1.28		%	1.11		%	1.12		%
Adjusted return on average common equity	10.4		%	9.44		%	10.5		%	10.8		%	12.3		%	10.3		%	10.2		%













Adjusted pre-tax pre-provision earnings	$	45,390		$	44,869		$	44,992		$	45,701		$	50,526		$	180,952		$	196,806
Adjusted pre-tax pre-provision return on average assets	1.45		%	1.42		%	1.41		%	1.44		%	1.61		%	1.43		%	1.59		%


FB Financial Corporation						22

January 16, 2024 2023 Fourth Quarter Earnings Presentation

1 Forward–looking statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (13) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Presentation, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

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

3 4Q 2023 and Annual Highlights Key highlights  Net interest income (tax-equivalent basis) and NIM increased in 4Q 2023 over 3Q 2023 to $101.9 million from $101.8 million and 3.46% from 3.42%, respectively  Contractual yield on loans held for investment (HFI) yield increased by 11 bps to 6.43% in 4Q 2023 from 6.32% in 3Q 2023 while cost of interest- bearing deposits increased by 7 bps to 3.40% in 4Q 2023 from 3.33% in 3Q 2023  Banking segment expenses were $69.6 million in 4Q 2023 compared to $71.0 million in 3Q 2023; Core banking segment expenses1 were $63.7 million in 4Q 2023 as compared to $66.2 million in 3Q 2023  Grew net loans HFI by $121.5 million, or 5.19% annualized, while intentionally decreasing construction and land development loan balances by $135.0 million  Increased ACL to loans HFI by 3 basis points to 1.60% in 4Q 2023. Recorded net charge-offs of 0.01% for the year in 2023 and annualized net recoveries of 0.04% in 4Q 2023. Credit quality metrics remain solid  Exited the final relationship in the commercial loans HFS portfolio; experienced a loss of $3.0 million in 4Q 2023 and a net gain of $7.2 million over the life of the portfolio  Preliminary capital ratios reflect strength and optionality entering 2024: – Tangible Common Equity to Tangible Assets1 9.74% – Common Equity Tier 1 Ratio of 12.2% – Total Risk-Based Capital of 14.5% Financial results 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Concentration ratios for FirstBank. FY 20234Q 2023 $2.57 $3.01 $0.63 $0.77 Diluted earnings per common share Adjusted diluted earnings per common share1 $120.2 $141.0 $29.4 $36.2 Net income ($mm) Adjusted net income1 ($mm) 0.95% 1.11% 0.94% 1.15% Return on average assets Adjusted return on average assets1 8.74% 10.3% 8.41% 10.4% Return on average common equity Adjusted return on average common equity1 10.7% 12.8% 10.3% 12.9% Return on average tangible common equity1 Adjusted return on average tangible common equity1 $181.0$45.4Adjusted pre-tax, pre-provision earnings1 ($mm) 3.44%3.46%Net interest margin 11.5% 9.74% 11.5% 9.74% Total common equity / total assets Tangible common equity / tangible assets1

4 Driving shareholder value ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 4Q23 calculation is preliminary and subject to change. Earnings per Share $2.65 $1.67 $3.97 $2.64 $2.57 $2.83 $3.70 $3.76 $2.92 $3.01 2019 2020 2021 2022 2023 Earnings per Share Adjusted Earnings per Share1 Dashboard Adjusted PTPP1 Total RBC Ratio2 NPLs / Loans HFI Tangible Book Value per Share1 Adjusted ROATCE1 15.6% 13.6% 13.1% 11.8% 12.9% 4Q22 1Q23 2Q23 3Q23 4Q23 13.1% 13.6% 13.9% 14.1% 14.5% 4Q22 1Q23 2Q23 3Q23 4Q23 0.49% 0.49% 0.47% 0.59% 0.65% 4Q22 1Q23 2Q23 3Q23 4Q23 $50.5 $45.7 $45.0 $44.9 $45.4 4Q22 1Q23 2Q23 3Q23 4Q23 $24.56 $27.35 $30.13 $28.36 $31.05 $18.55 $21.73 $24.67 $22.90 $25.69 2019 2020 2021 2022 2023 BVPS TBVPS

5 Significant projected reduction in run-rate expenses Highlights  Consolidated 4Q 2023 efficiency ratio of 68.9%; core efficiency ratio¹ of 61.7%  Reduced annual core expense projection by $20 million for 2024 vs. 2023  Q4 charges resulting from expense reductions and FDIC assessment:  $2.2 million in early retirement, severance and other costs  $1.8 million of lease terminations and branch closure costs  $1.8 million of special FDIC assessment  Mortgage core revenue¹ continues to decline; has been less than 10% of core total revenue¹ each of the past 5 quarters ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Core efficiency ratio (tax-equivalent basis)¹ 54.7% 59.6% 58.8% 59.2% 56.8% 61.0% 63.4% 63.5% 63.1% 61.7% 145.4% 98.4% 106.9% 99.6% 125.5% 4Q22 1Q23 2Q23 3Q23 4Q23 Banking segment Consolidated Mortgage segment

6 Stabilizing net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 4Q22 1Q23 2Q23 3Q23 4Q23 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM 3.46%3.42%3.40%3.51%3.78%NIM1 23124 Impact of accretion and nonaccrual interest (bps) Deposit Cost: 3.88%3.78%3.43%2.95%2.03%Cost of MMDA 3.69%3.37%3.00%2.54%1.79%Cost of customer time 3.40%3.33%3.06%2.53%1.67%Cost of interest-bearing 2.65%2.58%2.38%1.94%1.20%Total deposit cost Loans HFI Yield: 6.43%6.32%6.16%5.90%5.45%Contractual interest1 0.14%0.19%0.17%0.13%0.18% Origination and other loan fee income 0.02%0.02%0.01%0.01%0.03%Nonaccrual interest 0.00%0.01%0.00%0.01%0.01% Accretion on purchased loans 6.59%6.54%6.34%6.05%5.67%Total loan (HFI) yield 2.45%2.14%2.15%2.15%2.10%Securities yield¹

7 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: $1,636 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 $25.69 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 4Q2323Q234Q22 11.5%11.0%10.3%Shareholder’s Equity/Assets 9.7%9.2%8.5%TCE/TA1 12.2%11.8%11.0%Common Equity Tier 1 12.5%12.1%11.3%Tier 1 Risk-Based 14.5%14.1%13.1%Total Risk-Based 11.3%11.0%10.5%Tier 1 Leverage 93%104%119%C&D to 100% Tier 1 Capital plus ACL3 265%270%297%CRE to 300% Tier 1 Capital plus ACL3 AOCI Adjusted Ratios1 11.3%Adj. Common Equity Tier 1 13.7%Adjusted Total Risk-Based Capital Position 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 4Q23 calculation is preliminary and subject to change. 3 Concentration ratios for FirstBank.

8 Residential Development 49% Commercial 26% Consumer 13% Multifamily 12%Office 18% Retail 25% Hotel 16% Warehouse/Industrial 16% Land-Mobile Home Park 6% Self Storage 6% Healthcare Facility 4% Other 9% 1-4 family 17% 1-4 family HELOC 6% Multifamily 6% C&D 15% CRE 21% C&I 31% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of December 31, 2023 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry ($ millions) 1 2 C&D exposure by type

9 Nashville 58% Memphis 10% Knoxville 5% Huntsville 5% Birmingham 5% Chattanooga 3% Other 4% Communities 10% Class A 24% Class B 39% Class C 12% Under $2 Million 25% Office exposure (non-owner occupied CRE & C&D)  Office loans represent only 3.8% of our total HFI loan portfolio as of the end of 4Q23  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 ($267.6 million outstanding, or 75% of total office portfolio) with limited concerns uncovered  5.2% of the total office portfolio matures through 2024  56% of the total office portfolio is fixed rate vs. 44% floating rate  As of 4Q23, 98% of the portfolio is pass rated and current Geographic exposure Note: Data as of December 31, 2023. Data excludes medical office buildings. Exposure by class Credit detail by class Class Oustanding ($mm) Average Balance ($mm) Wtd. Avg. LTV Wtd. Avg. Occupancy Class A >$ 2 million 85.3$ 7.8$ 57.3% 87.2% Class B > $ 2 million 140.7 5.7 64.6% 78.4% Class C > $ 2 million 41.6 5.2 63.5% 77.5% Total > $2 million 267.6$ 6.2$ 62.1% 81.1% Total < $2 million 92.7 0.6 N/A N/A Total Office 360.3$ 1.8$ N/A N/A

10 1.44% 0.67% 1.12% 0.70% 2.40% 1.35% 1.66% 1.51% 3.67% 1.57% 1.05% 1.19% 0.87% 2.47% 1.37% 1.65% 1.77% 3.95% 1.60% 1.14% 1.18% 0.86% 2.53% 1.46% 1.69% 1.78% 4.11% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 4Q22 3Q23 4Q23 Allowance for credit losses overview ACL on loans HFI / Loans HFI by category  Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model1 with key economic data summarized below: 1Source: Moody’s “ December 2023 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”.

11 0.02% 0.02% 0.03% 0.02% (0.04%) 4Q22 1Q23 2Q23 3Q23 4Q23 0.41% 0.38% 0.36% 0.46% 0.52% 0.20% 0.16% 0.16% 0.18% 0.17%0.07% 0.07% 0.07% 0.07% 0.68% 0.61% 0.59% 0.71% 0.69% 4Q22 1Q23 2Q23 3Q23 4Q23 Commercial loans HFS Optional GNMA repurchase Other NPAs 1.44% 1.48% 1.51% 1.57% 1.60% 4Q22 1Q23 2Q23 3Q23 4Q23 Asset quality remains solid Nonperforming assets / assets Nonperforming loans HFI / loans HFI ACL on loans HFI / loans HFI Net charge-offs (recoveries) / average loans HFI 1 Includes other real estate owned and repossessed assets–see page 13 of the Third Quarter 2023 Financial Supplement. 0.49% 0.49% 0.47% 0.59% 0.65% 4Q22 1Q23 2Q23 3Q23 4Q23 1

12 Noninterest- bearing checking 21% Interest-bearing checking 24% Money market 36% Savings 4% Time 15% 45% Checking accounts Valuable deposit base Cost of deposits 4Q23 Deposit composition 24.7% 22.3% 22.1% 22.2% 21.0% 1.20% 1.94% 2.38% 2.58% 2.65% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 4Q22 1Q23 2Q23 3Q23 4Q23 Noninterest-bearing (%) Cost of total deposits (%) $4,986 $5,028 $4,919 $4,894 $4,881 $3,797 $3,768 $4,029 $4,126 $4,070 $2,073 $2,387 $1,924 $1,619 $1,597 $10,856 $11,183 $10,872 $10,639 $10,548 4Q22 1Q23 2Q23 3Q23 4Q23 Consumer Commercial Public Deposits by customer segment ($mm) 4Q23 Insured, collateralized or uninsured by segment ($mm) $3,843 $1,973 $66 $1,531 $1,038 $2,097 $4,881 $4,070 $1,597 Consumer Commercial Public Insured Collateralized Uninsured, uncollateralized

13 $1,310.2 $1,609.2 $1,444.5 $1,345.8 $1,353.3 10.4% 12.5% 11.4% 11.0% 11.0% $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 4Q22 1Q23 2Q23 3Q23 4Q23 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Strong liquidity position On-balance sheet liquidity ($mm) Liquidity / Uninsured and Uncollateralized (UU) Deposits 4Q23 Sources of liquidity ($mm) Current on-balance sheet: $810.9Cash and equivalents 542.4Unpledged available-for-sale debt securities $1,353.3Total on-balance sheet Available sources of liquidity: $3,350.0Unsecured borrowing capacity2 1,297.7FHLB remaining borrowing capacity3 2,431.1Federal Reserve discount window $7,078.8Total available sources  Well positioned for economic challenges created by the current volatile environment  Securities portfolio makes up 11.7% of total assets and does not include any HTM securities  On-balance sheet liquidity of $1.4 billion or 43% of estimated uninsured and uncollateralized deposits  Increased available borrowing capacity at the FHLB and Federal Reserve discount window in the current quarter by $325.2 million or 9.55% by pledging additional collateral  Cushion of an 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. 37% 49% 48% 44% 43% 193% 209% 211% 221% 226% 230% 258% 259% 265% 269% 4Q22 1Q23 2Q23 3Q23 4Q23 On-balance sheet / UU deposits Available sources / UU deposits

14 Mortgage performance in 4Q 2023 Highlights  Mortgage segment pre-tax net loss of $2.2 million in 4Q 2023  Interest rate lock commitment volume decreased 34.1% in 4Q 2023 compared to 3Q 2023  Decay and interest rate volatility led to MSR fair value losses, net of hedging of $4.87 million in 4Q  Mortgage volume and margins continue to be under pressure due to high-rate environment, excess industry capacity and home affordability challenges Mortgage banking income ($mm) 4Q233Q234Q22 $7.4$8.9$9.0 Gains and fees from originations and sale of loans HFS ($1.7)($0.6)($2.3) Fair value changes of loans HFS and derivatives $7.5$7.4$7.3Servicing revenue ($4.9)($3.7)($4.9)Fair value MSR changes $8.4$12.0$9.1Total Income 3.36% 2.45% 2.42% 2.75% 2.87% 4Q22 1Q23 2Q23 3Q23 4Q23 Interest rate lock commitment volume ($mm) Mortgage segment gain on sale margin . $239 $323 $358 $330 $201 $43 $52 $45 $43 $45 $282 $375 $403 $373 $246 4Q22 1Q23 2Q23 3Q23 4Q23 Purchase Refinance

15 Appendix

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

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

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

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

20 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision earnings

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

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

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

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

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

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

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

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

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

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

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

Cover	Jan. 16, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 16, 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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