EX-99.2 3 a2q24supplementalfinancial.htm EX-99.2 Document




















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Second Quarter 2024
Financial Supplement



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



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


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)
 As of or for the Three Months Ended
 Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Selected Balance Sheet Data
Cash and cash equivalents$800,902 $870,730 $810,932 $848,318 $1,160,354 
Investment securities, at fair value1,482,379 1,464,682 1,471,973 1,351,153 1,422,391 
Loans held for sale106,875 82,704 67,847 103,858 99,131 
Loans HFI9,309,553 9,288,909 9,408,783 9,287,225 9,326,024 
Allowance for credit losses on loans HFI(155,055)(151,667)(150,326)(146,134)(140,664)
Total assets12,535,169 12,548,320 12,604,403 12,489,631 12,887,395 
Interest bearing deposits (non-brokered)8,130,704 8,191,962 8,179,430 8,105,713 8,233,082 
Brokered deposits150,113 130,845 150,475 174,920 238,885 
Non-interest bearing deposits2,187,185 2,182,121 2,218,382 2,358,435 2,400,288 
Total deposits10,468,002 10,504,928 10,548,287 10,639,068 10,872,255 
Borrowings360,944 360,821 390,964 226,689 390,354 
Allowance for credit losses on unfunded commitments(5,984)(7,700)(8,770)(11,600)(14,810)
Total common shareholders' equity1,500,502 1,479,526 1,454,794 1,372,901 1,386,951 
Selected Statement of Income Data
Total interest income$177,413 $176,128 $174,835 $173,912 $170,183 
Total interest expense74,798 76,638 73,747 72,986 68,640 
Net interest income102,615 99,490 101,088 100,926 101,543 
Total noninterest income25,608 7,962 15,339 8,042 23,813 
Total noninterest expense75,093 72,420 80,200 82,997 81,292 
Earnings before income taxes and provisions for credit losses53,130 35,032 36,227 25,971 44,064 
Provisions for (reversals of) credit losses2,224 782 305 2,821 (1,078)
Income tax expense 10,919 6,300 6,545 3,975 9,835 
Net income applicable to noncontrolling interest8 — 8 — 8 
Net income applicable to FB Financial Corporation$39,979 $27,950 $29,369 $19,175 $35,299 
Net interest income (tax-equivalent basis)$103,254 $100,199 $101,924 $101,762 $102,383 
Adjusted net income*$39,424 $39,890 $36,152 $33,148 $35,993 
Adjusted pre-tax, pre-provision net revenue*$52,369 $51,180 $45,390 $44,869 $44,992 
Per Common Share
Diluted net income$0.85 $0.59 $0.63 $0.41 $0.75 
Adjusted diluted net income*0.84 0.85 0.77 0.71 0.77 
Book value32.17 31.55 31.05 29.31 29.64 
Tangible book value*26.82 26.21 25.69 23.93 24.23 
Weighted average number of shares outstanding - fully diluted46,845,143 46,998,873 46,916,939 46,856,422 46,814,854 
Period-end number of shares 46,642,958 46,897,378 46,848,934 46,839,159 46,798,751 
Selected Ratios
Return on average:
Assets1.30 %0.89 %0.94 %0.61 %1.10 %
Shareholders' equity10.9 %7.70 %8.41 %5.46 %10.3 %
Tangible common equity*13.1 %9.29 %10.3 %6.67 %12.6 %
Efficiency ratio 58.6 %67.4 %68.9 %76.2 %64.8 %
Core efficiency ratio (tax-equivalent basis)*58.3 %58.1 %61.7 %63.1 %63.5 %
Loans HFI to deposit ratio88.9 %88.4 %89.2 %87.3 %85.8 %
Noninterest-bearing deposits to total deposits 20.9 %20.8 %21.0 %22.2 %22.1 %
Net interest margin (NIM) (tax-equivalent basis)3.57 %3.42 %3.46 %3.42 %3.40 %
Yield on interest-earning assets6.16 %6.03 %5.96 %5.87 %5.67 %
Cost of interest-bearing liabilities3.56 %3.56 %3.47 %3.41 %3.14 %
Cost of total deposits2.77 %2.76 %2.65 %2.58 %2.38 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.67 %1.63 %1.60 %1.57 %1.51 %
Annualized net charge-offs (recoveries) as a percentage of average
   loans HFI		0.02 %0.02 %(0.04)%0.02 %0.03 %
Nonperforming loans HFI as a percentage of loans HFI0.79 %0.73 %0.65 %0.59 %0.47 %
Nonperforming assets as a percentage of total assets0.81 %0.75 %0.69 %0.71 %0.59 %
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets12.0 %11.8 %11.5 %11.0 %10.8 %
Tangible common equity to tangible assets*10.2 %9.99 %9.74 %9.16 %8.98 %
Tier 1 leverage11.7 %11.3 %11.3 %11.0 %10.7 %
Tier 1 risk-based capital 13.0 %12.8 %12.5 %12.1 %11.9 %
Total risk-based capital 15.1 %15.0 %14.5 %14.1 %13.9 %
Common equity Tier 1 12.7 %12.6 %12.2 %11.8 %11.7 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
FB Financial Corporation
4

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
  Jun 2024Jun 2024
  vs.vs.
 Three Months EndedMar 2024Jun 2023
Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Percent variance Percent variance
Interest income:
Interest and fees on loans$155,379 $155,606 $155,737 $153,882 $149,220 (0.15)%4.13 %
Interest on investment securities
Taxable11,966 9,105 7,808 6,399 6,480 31.4 %84.7 %
Tax-exempt1,168 1,442 1,746 1,795 1,808 (19.0)%(35.4)%
Other8,900 9,975 9,544 11,836 12,675 (10.8)%(29.8)%
Total interest income177,413 176,128 174,835 173,912 170,183 0.73 %4.25 %
Interest expense:
Deposits71,501 72,625 70,873 69,826 65,257 (1.55)%9.57 %
Borrowings3,297 4,013 2,874 3,160 3,383 (17.8)%(2.54)%
Total interest expense74,798 76,638 73,747 72,986 68,640 (2.40)%8.97 %
Net interest income102,615 99,490 101,088 100,926 101,543 3.14 %1.06 %
Provision for credit losses on loans HFI3,940 1,852 3,135 6,031 2,575 112.7 %53.0 %
Reversal of credit losses on unfunded commitments(1,716)(1,070)(2,830)(3,210)(3,653)60.4 %(53.0)%
Net interest income after provisions for credit
   losses		100,391 98,708 100,783 98,105 102,621 1.71 %(2.17)%
Noninterest income:
Mortgage banking income11,910 12,585 8,376 11,998 12,232 (5.36)%(2.63)%
Service charges on deposit accounts3,167 3,141 2,957 2,959 3,185 0.83 %(0.57)%
Investment services and trust income3,387 3,230 3,093 3,072 2,777 4.86 %22.0 %
ATM and interchange fees2,814 2,944 2,618 2,639 2,629 (4.42)%7.04 %
(Loss) gain from securities, net— (16,213)183 (14,197)(28)(100.0)%(100.0)%
(Loss) gain on sales or write-downs of other real estate
     owned and other assets
(281)565 (492)115 533 (149.7)%(152.7)%
Other income4,611 1,710 (1,396)1,456 2,485 169.6 %85.6 %
Total noninterest income25,608 7,962 15,339 8,042 23,813 221.6 %7.54 %
Total revenue128,223 107,452 116,427 108,968 125,356 19.3 %2.29 %
Noninterest expenses:
Salaries, commissions and employee benefits46,225 44,618 48,142 54,491 52,020 3.60 %(11.1)%
Occupancy and equipment expense6,328 6,614 9,530 6,428 6,281 (4.32)%0.75 %
Data processing 2,286 2,408 2,434 2,338 2,345 (5.07)%(2.52)%
Legal and professional fees1,979 1,919 1,823 1,760 2,199 3.13 %(10.0)%
Advertising1,859 1,171 2,009 2,124 2,001 58.8 %(7.10)%
Amortization of core deposits and other intangibles752 789 840 889 940 (4.69)%(20.0)%
Other expense15,664 14,901 15,422 14,967 15,506 5.12 %1.02 %
Total noninterest expense75,093 72,420 80,200 82,997 81,292 3.69 %(7.63)%
Income before income taxes50,906 34,250 35,922 23,150 45,142 48.6 %12.8 %
Income tax expense10,919 6,300 6,545 3,975 9,835 73.3 %11.0 %
Net income applicable to FB Financial
Corporation and noncontrolling interest
39,987 27,950 29,377 19,175 35,307 43.1 %13.3 %
Net income applicable to noncontrolling interest8 — 8 — 8 100.0 %— %
Net income applicable to FB Financial
Corporation
$39,979 $27,950 $29,369 $19,175 $35,299 43.0 %13.3 %
Weighted average common shares outstanding:  
Basic46,762,488 46,874,882 46,845,055 46,818,612 46,779,388 (0.24)%(0.04)%
Fully diluted46,845,143 46,998,873 46,916,939 46,856,422 46,814,854 (0.33)%0.06 %
Earnings per common share:  
Basic$0.85 $0.60 $0.63 $0.41 $0.75 41.7 %13.3 %
Fully diluted0.85 0.59 0.63 0.41 0.75 44.1 %13.3 %
Fully diluted - adjusted*0.84 0.85 0.77 0.71 0.77 (1.18)%9.09 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation
5

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
   Jun 2024
 vs.
 Six Months Ended Jun 2023
 Jun 2024Jun 2023Percent variance
Interest income:
Interest and fees on loans$310,985 $289,576 7.39 %
Interest on investment securities
Taxable21,071 13,050 61.5 %
Tax-exempt2,610 3,612 (27.7)%
Other18,875 23,425 (19.4)%
Total interest income353,541 329,663 7.24 %
Interest expense:
Deposits144,126 118,120 22.0 %
Borrowings7,310 6,340 15.3 %
Total interest expense151,436 124,460 21.7 %
Net interest income202,105 205,203 (1.51)%
Provision for credit losses on loans HFI5,792 7,572 (23.5)%
Reversal of credit losses on unfunded commitments(2,786)(8,159)(65.9)%
Net interest income after provisions for credit losses199,099 205,790 (3.25)%
Noninterest income:
Mortgage banking income24,495 24,318 0.73 %
Service charges on deposit accounts6,308 6,238 1.12 %
Investment services and trust income6,617 5,155 28.4 %
ATM and interchange fees5,758 5,025 14.6 %
(Loss) gain from securities, net(16,213)41 NM
Gain on sales or write-downs of other real estate owned and other assets284 350 (18.9)%
Other income6,321 6,035 4.74 %
Total noninterest income33,570 47,162 (28.8)%
Total revenue235,675 252,365 (6.61)%
Noninterest expenses:
Salaries, commissions and employee benefits90,843 100,808 (9.89)%
Occupancy and equipment expense12,942 12,190 6.17 %
Legal and professional fees3,898 5,307 (26.5)%
Data processing 4,694 4,458 5.29 %
Advertising3,030 4,134 (26.7)%
Amortization of core deposit and other intangibles1,541 1,930 (20.2)%
Other expense30,565 32,905 (7.11)%
Total noninterest expense147,513 161,732 (8.79)%
Income before income taxes85,156 91,220 (6.65)%
Income tax expense17,219 19,532 (11.8)%
Net income applicable to noncontrolling interest and FB Financial Corporation67,937 71,688 (5.23)%
Net income applicable to noncontrolling interests8 8 — %
Net income applicable to FB Financial Corporation$67,929 $71,680 (5.23)%
Weighted average common shares outstanding: 
Basic46,818,685 46,729,778 0.19 %
Fully diluted46,911,466 46,777,603 0.29 %
Earnings per common share:
Basic$1.45 $1.53 (5.23)%
Fully diluted1.45 1.53 (5.23)%
Fully diluted - adjusted*1.69 1.53 10.5 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
NM- Not meaningful


FB Financial Corporation
6

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
  Annualized 
  Jun 2024Jun 2024
  vs.vs.
As ofMar 2024Jun 2023
Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Percent variance Percent variance
ASSETS
Cash and due from banks$192,571 $124,772 $146,542 $188,317 $147,646 218.5 %30.4 %
Federal funds sold and reverse repurchase agreements
91,909 100,785 83,324 129,885 48,346 (35.4)%90.1 %
Interest-bearing deposits in financial institutions516,422 645,173 581,066 530,116 964,362 (80.3)%(46.4)%
Cash and cash equivalents800,902 870,730 810,932 848,318 1,160,354 (32.3)%(31.0)%
Investments:
Available-for-sale debt securities, at fair value1,482,379 1,464,682 1,471,973 1,348,219 1,419,360 4.86 %4.44 %
Equity securities, at fair value— — — 2,934 3,031 — %(100.0)%
Federal Home Loan Bank stock, at cost33,030 33,948 34,190 34,809 40,266 (10.9)%(18.0)%
Loans held for sale106,875 82,704 67,847 103,858 99,131 117.5 %7.81 %
Loans held for investment9,309,553 9,288,909 9,408,783 9,287,225 9,326,024 0.89 %(0.18)%
Less: allowance for credit losses on loans HFI155,055 151,667 150,326 146,134 140,664 8.98 %10.23 %
Net loans held for investment9,154,498 9,137,242 9,258,457 9,141,091 9,185,360 0.76 %(0.34)%
Premises and equipment, net154,731 155,271 155,731 156,081 154,526 (1.40)%0.13 %
Other real estate owned, net4,173 3,613 3,192 1,504 1,974 62.3 %111.4 %
Operating lease right-of-use assets49,123 51,421 54,295 56,240 56,560 (18.0)%(13.1)%
Interest receivable52,781 53,506 52,715 49,205 44,973 (5.45)%17.4 %
Mortgage servicing rights, at fair value164,505 165,674 164,249 172,710 166,433 (2.84)%(1.16)%
Goodwill242,561 242,561 242,561 242,561 242,561 — %— %
Core deposit and other intangibles, net7,168 7,920 8,709 9,549 10,438 (38.2)%(31.3)%
Bank-owned life insurance71,930 76,574 76,143 75,739 75,341 (24.4)%(4.53)%
Other assets210,513 202,474 203,409 246,813 227,087 16.0 %(7.30)%
Total assets$12,535,169 $12,548,320 $12,604,403 $12,489,631 $12,887,395 (0.42)%(2.73)%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing$2,187,185 $2,182,121 $2,218,382 $2,358,435 $2,400,288 0.93 %(8.88)%
Interest-bearing checking2,628,554 2,421,487 2,504,421 2,554,641 2,879,336 34.4 %(8.71)%
Money market and savings4,157,968 4,298,938 4,204,851 4,119,357 3,971,975 (13.2)%4.68 %
Customer time deposits1,343,934 1,471,190 1,469,811 1,431,119 1,381,176 (34.8)%(2.70)%
Brokered and internet time deposits150,361 131,192 150,822 175,516 239,480 58.8 %(37.2)%
Total deposits10,468,002 10,504,928 10,548,287 10,639,068 10,872,255 (1.41)%(3.72)%
Borrowings360,944 360,821 390,964 226,689 390,354 0.14 %(7.53)%
Operating lease liabilities61,932 64,562 67,643 67,542 67,304 (16.4)%(7.98)%
Accrued expenses and other liabilities143,696 138,390 142,622 183,338 170,438 15.4 %(15.7)%
Total liabilities11,034,574 11,068,701 11,149,516 11,116,637 11,500,351 (1.24)%(4.05)%
Shareholders' equity:
Common stock, $1 par value46,643 46,897 46,849 46,839 46,799 (2.18)%(0.33)%
Additional paid-in capital855,391 866,803 864,258 862,340 859,516 (5.30)%(0.48)%
Retained earnings730,242 698,310 678,412 656,120 644,043 18.4 %13.4 %
Accumulated other comprehensive loss, net(131,774)(132,484)(134,725)(192,398)(163,407)(2.16)%(19.4)%
Total common shareholders' equity1,500,502 1,479,526 1,454,794 1,372,901 1,386,951 5.70 %8.19 %
Noncontrolling interest93 93 93 93 93 — %— %
Total equity1,500,595 1,479,619 1,454,887 1,372,994 1,387,044 5.70 %8.19 %
Total liabilities and shareholders' equity$12,535,169 $12,548,320 $12,604,403 $12,489,631 $12,887,395 (0.42)%(2.73)%

FB Financial Corporation
7

Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 June 30, 2024March 31, 2024
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:      
Loans HFI(a)(b)
$9,263,822 $154,226 6.70 %$9,386,794 $154,956 6.64 %
Mortgage loans held for sale80,919 1,380 6.86 %48,566 851 7.05 %
Investment securities:
Taxable1,464,045 11,966 3.29 %1,399,237 9,105 2.62 %
Tax-exempt(b)
193,347 1,580 3.29 %241,379 1,950 3.25 %
Total investment securities(b)
1,657,392 13,546 3.29 %1,640,616 11,055 2.71 %
Federal funds sold and reverse repurchase agreements108,097 1,497 5.57 %155,380 2,126 5.50 %
Interest-bearing deposits with other financial institutions488,123 6,641 5.47 %530,390 7,066 5.36 %
FHLB stock33,495 762 9.15 %34,051 783 9.25 %
Total interest-earning assets(b)
11,631,848 178,052 6.16 %11,795,797 176,837 6.03 %
Noninterest-earning assets: 
Cash and due from banks124,729 167,732 
Allowance for credit losses on loans HFI(151,724)(150,605)
Other assets(c)(d)
766,591 777,155 
Total noninterest-earning assets739,596 794,282 
Total assets$12,371,444 $12,590,079 
Interest-bearing liabilities: 
Interest-bearing deposits: 
Interest-bearing checking$2,500,325 $19,074 3.07 %$2,539,084 $19,016 3.01 %
Money market3,779,139 36,887 3.93 %3,849,080 37,570 3.93 %
Savings deposits369,779 64 0.07 %377,963 62 0.07 %
Customer time deposits1,387,956 13,812 4.00 %1,457,377 14,124 3.90 %
Brokered and internet time deposits123,003 1,664 5.44 %140,292 1,853 5.31 %
       Time deposits1,510,959 15,476 4.12 %1,597,669 15,977 4.02 %
Total interest-bearing deposits8,160,202 71,501 3.52 %8,363,796 72,625 3.49 %
Other interest-bearing liabilities: 
Securities sold under agreements to repurchase and federal funds purchased24,680 122 1.99 %24,219 149 2.47 %
Subordinated debt130,464 1,615 4.98 %129,718 2,286 7.09 %
Other borrowings131,293 1,560 4.78 %131,318 1,578 4.83 %
Total other interest-bearing liabilities286,437 3,297 4.63 %285,255 4,013 5.66 %
Total interest-bearing liabilities8,446,639 74,798 3.56 %8,649,051 76,638 3.56 %
Noninterest-bearing liabilities: 
Demand deposits2,222,005 2,227,175 
Other liabilities(d)
229,426 253,024 
Total noninterest-bearing liabilities2,451,431 2,480,199 
Total liabilities10,898,070 11,129,250 
Total common shareholders' equity1,473,281 1,460,736 
Noncontrolling interest93 93 
Total equity1,473,374 1,460,829 
Total liabilities and shareholders' equity$12,371,444 $12,590,079 
Net interest income(b)
 $103,254 $100,199 
Interest rate spread(b)
  2.60 %2.47 %
Net interest margin(b)(e)
  3.57 %3.42 %
Cost of total deposits  2.77 %2.76 %
Average interest-earning assets to average interest-bearing liabilities  137.7 %136.4 %
Tax-equivalent adjustment $639 $709 
Loans HFI yield components:  
    Contractual interest rate(b)
 $151,971 6.60 %$152,875 6.55 %
    Origination and other loan fee income 1,291 0.06 %1,436 0.06 %
    Accretion on purchased loans 161 0.01 %387 0.02 %
    Nonaccrual interest 737 0.03 %258 0.01 %
    Syndication fee income 66 — %— — %
          Total loans HFI yield $154,226 6.70 %$154,956 6.64 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $198,073 and $194,091 for the three months ended June 30, 2024 and March 31, 2024, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $20,750 for both the three months ended June 30, 2024 and March 31, 2024.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation
8

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 December 31, 2023September 30, 2023June 30, 2023
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:   
Loans HFI(a)(b)
$9,330,176 $155,081 6.59 %$9,280,530 $153,038 6.54 %$9,387,284 $148,415 6.34 %
Mortgage loans held for sale47,293 877 7.36 %60,291 1,047 6.89 %63,407 1,005 6.36 %
Commercial loans held for sale7,281— — %9,259— — %9,3773 0.13 %
Investment securities:
Taxable1,361,987 7,808 2.27 %1,344,052 6,399 1.89 %1,374,308 6,480 1.89 %
Tax-exempt(b)
283,395 2,361 3.31 %291,863 2,428 3.30 %293,739 2,445 3.34 %
Total investment securities(b)
1,645,382 10,169 2.45 %1,635,915 8,827 2.14 %1,668,047 8,925 2.15 %
Federal funds sold and reverse repurchase   agreements107,276 1,518 5.61 %95,326 1,375 5.72 %61,799 1,050 6.81 %
Interest-bearing deposits with other financial institutions525,763 7,195 5.43 %696,600 9,620 5.48 %857,862 10,829 5.06 %
FHLB stock34,556 831 9.54 %36,624 841 9.11 %42,133 796 7.58 %
Total interest-earning assets(b)
11,697,727 175,671 5.96 %11,814,545 174,748 5.87 %12,089,909 171,023 5.67 %
Noninterest-earning assets:
Cash and due from banks127,715 128,780 118,872 
Allowance for credit losses on loans HFI(147,035)(140,033)(138,983)
Other assets(c)(d)
756,168 753,866 756,651 
Total noninterest-earning assets736,848 742,613 736,540 
Total assets$12,434,575 $12,557,158 $12,826,449 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,500,139 $18,444 2.93 %$2,668,970 $20,506 3.05 %$3,127,219 $23,751 3.05 %
    Money market3,761,500 36,740 3.88 %3,661,262 34,902 3.78 %3,516,901 30,053 3.43 %
    Savings deposits388,296 67 0.07 %410,403 65 0.06 %433,530 63 0.06 %
    Customer time deposits1,447,094 13,463 3.69 %1,400,290 11,909 3.37 %1,426,320 10,658 3.00 %
    Brokered and internet time deposits162,317 2,159 5.28 %182,652 2,444 5.31 %56,455 732 5.20 %
       Time deposits1,609,41115,6223.85 %1,582,942 14,353 3.60 %1,482,775 11,390 3.08 %
Total interest-bearing deposits8,259,34670,8733.40 %8,323,577 69,826 3.33 %8,560,425 65,257 3.06 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased31,673 177 2.22 %30,520 349 4.54 %30,050 97 1.29 %
  Federal Home Loan Bank advances— — — %13,859 204 5.84 %61,264 784 5.13 %
  Subordinated debt128,621 2,604 8.03 %127,605 2,600 8.08 %127,129 2,496 7.88 %
  Other borrowings8,407 93 4.39 %1,365 7 2.03 %1,385 6 1.74 %
Total other interest-bearing liabilities168,701 2,874 6.76 %173,349 3,160 7.23 %219,828 3,383 6.17 %
Total interest-bearing liabilities8,428,047 73,747 3.47 %8,496,926 72,986 3.41 %8,780,253 68,640 3.14 %
Noninterest-bearing liabilities:
Demand deposits2,341,627 2,410,280 2,430,476 
Other liabilities(d)
279,435 256,606 238,809 
Total noninterest-bearing liabilities2,621,062 2,666,886 2,669,285 
Total liabilities11,049,109 11,163,812 11,449,538 
Total common shareholders' equity1,385,373 1,393,253 1,376,818 
Noncontrolling interest93 93 93 
Total equity1,385,466 1,393,346 1,376,911 
Total liabilities and shareholders' equity$12,434,575 $12,557,158 $12,826,449 
Net interest income(b)
$101,924 $101,762 $102,383 
Interest rate spread(b)
2.49 %2.46 %2.53 %
Net interest margin(b)(e)
3.46 %3.42 %3.40 %
Cost of total deposits2.65 %2.58 %2.38 %
Average interest-earning assets to average interest-bearing liabilities138.8 %139.0 %137.7 %
Tax-equivalent adjustment$836 $836 $840 
Loans HFI yield components:
    Contractual interest rate(b)
$151,193 6.43 %$147,806 6.32 %$144,322 6.16 %
    Origination and other loan fee income3,322 0.14 %4,345 0.19 %3,907 0.17 %
    Accretion (amortization) on purchased loans77 — %312 0.01 %(14)— %
    Nonaccrual interest489 0.02 %575 0.02 %200 0.01 %
          Total loans HFI yield$155,081 6.59 %$153,038 6.54 %$148,415 6.34 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $258,265, $232,613 and $212,016 for the three months ended December 31, 2023, September 30, 2023 and
June 30, 2023, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $21,072, $19,080 and      $19,956 for the three months ended December 31, 2023, September 30, 2023 and June 30, 2023, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation
9

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Six Months Ended
 June 30, 2024June 30, 2023
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:      
Loans HFI(a)(b)
$9,325,308 $309,182 6.67 %$9,367,108 $287,882 6.20 %
Mortgage loans held for sale64,742 2,231 6.93 %59,826 1,932 6.51 %
Commercial loans held for sale— — — %12,973 162 2.52 %
Investment securities:
Taxable1,431,641 21,071 2.96 %1,388,380 13,050 1.90 %
Tax-exempt(b)
217,363 3,530 3.27 %294,193 4,885 3.35 %
Total investment securities(b)
1,649,004 24,601 3.00 %1,682,573 17,935 2.15 %
Federal funds sold and reverse repurchase agreements131,738 3,623 5.53 %124,557 2,905 4.70 %
Interest-bearing deposits with other financial institutions509,256 13,707 5.41 %793,576 18,837 4.79 %
FHLB stock33,773 1,545 9.20 %44,600 1,683 7.61 %
Total interest-earning assets(b)
11,713,821 354,889 6.09 %12,085,213 331,336 5.53 %
Noninterest-earning assets:
Cash and due from banks146,230 136,474 
Allowance for credit losses on loans HFI(151,164)(136,904)
Other assets(c)(d)
771,872 759,352 
Total noninterest-earning assets766,938 758,922 
Total assets$12,480,759 $12,844,135 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,519,705 $38,090 3.04 %$3,146,034 $42,811 2.74 %
    Money market3,814,109 74,457 3.93 %3,443,833 54,563 3.19 %
    Savings deposits373,871 126 0.07 %445,709 127 0.06 %
    Customer time deposits1,422,666 27,936 3.95 %1,449,144 19,879 2.77 %
    Brokered and internet time deposits131,648 3,517 5.37 %29,182 740 5.11 %
       Time deposits1,554,314 31,453 4.07 %1,478,326 20,619 2.81 %
Total interest-bearing deposits8,261,999 144,126 3.51 %8,513,902 118,120 2.80 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased24,449 271 2.23 %28,603 143 1.01 %
  Federal Home Loan Bank advances— — — %51,381 1,283 5.04 %
  Subordinated debt130,091 3,901 6.03 %126,648 4,898 7.80 %
  Other borrowings 131,305 3,138 4.81 %1,536 16 2.10 %
Total other interest-bearing liabilities285,845 7,310 5.14 %208,168 6,340 6.14 %
Total interest-bearing liabilities8,547,844 151,436 3.56 %8,722,070 124,460 2.88 %
Noninterest-bearing liabilities:
Demand deposits2,224,590 2,509,179 
   Other liabilities(d)
241,225 252,685 
Total noninterest-bearing liabilities2,465,815 2,761,864 
Total liabilities11,013,659 11,483,934 
Total common shareholders' equity1,467,007 1,360,108
Noncontrolling interest93 93 
Total equity1,467,100 1,360,201 
Total liabilities and shareholders' equity$12,480,759 $12,844,135 
Net interest income(b)
$203,453 $206,876 
Interest rate spread(b)
2.53 %2.65 %
Net interest margin(b)(e)
3.49 %3.45 %
Cost of total deposits2.76 %2.16 %
Average interest-earning assets to average interest-bearing liabilities137.0 %138.6 %
Tax equivalent adjustment $1,348  $1,673 
Loans HFI yield components:   
    Contractual interest rate(b)
 $304,846 6.58 %$280,194 6.03 %
    Origination and other loan fee income 2,727 0.06 %7,008 0.15 %
    Accretion on purchased loans 548 0.01 %305 0.01 %
    Nonaccrual interest 995 0.02 %375 0.01 %
    Syndication fee income 66 — %— — %
          Total loans HFI yield $309,182 6.67 %$287,882 6.20 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $196,082 and $217,400 for the six months ended June 30, 2024 and 2023, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $20,750 and $21,717 for the      six months ended June 30, 2024 and 2023, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.
FB Financial Corporation
10

Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)
 As of
Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Investment securities, at fair value
Available-for-sale debt securities:  
  U.S. government agency securities$428,608 29 %$415,927 28 %$203,956 14 %$105,801 8 %$40,529 3 %
  Mortgage-backed securities - residential864,272 59 %826,214 57 %896,971 62 %871,074 65 %979,400 69 %
  Mortgage-backed securities - commercial16,103 1 %16,615 1 %16,961 1 %16,677 1 %17,254 1 %
  Municipal securities169,977 11 %171,672 12 %242,263 16 %244,611 18 %267,097 19 %
  Treasury securities— — %30,857 2 %108,496 7 %106,798 8 %108,221 8 %
  Corporate securities3,419 — %3,397 — %3,326 — %3,258 — %6,859 — %
Total available-for-sale debt securities1,482,379 100 %1,464,682 100 %1,471,973 100 %1,348,219 100 %1,419,360 100 %
Equity securities, at fair value — — %— — %— — %2,934 — %3,031 — %
Total investment securities, at fair value $1,482,379 100 %$1,464,682 100 %$1,471,973 100 %$1,351,153 100 %$1,422,391 100 %
Investment securities to total assets11.8 % 11.7 %11.7 %10.8 %11.0 %
Unrealized loss on available-for-sale debt securities(182,208)(183,598)(186,806)(265,048)(226,013)
Sources of liquidity
Current on-balance sheet:
  Cash and cash equivalents$800,902 57 %$870,73063 %$810,932 60 %$848,318 63 %$1,160,354 80 %
  Unpledged available-for-sale debt securities612,756 43 %514,72437 %542,427 40 %494,582 37 %281,09820 %
  Equity securities, at fair value—— %—— %— — %2,934 — %3,031— %
Total on-balance sheet liquidity$1,413,658100 %$1,385,454100 %$1,353,359 100 %$1,345,834 100 %$1,444,483 100 %
Available sources of liquidity:
  Unsecured borrowing capacity(a)
$3,361,580 49 %$3,392,255 48 %$3,350,026 48 %$3,371,911 50 %$3,332,710 52 %
   FHLB remaining borrowing capacity1,294,74319 %1,237,84318 %1,297,70218 %1,005,29515 %548,0529 %
   Federal Reserve discount window2,230,33832 %2,382,57434 %2,431,08434 %2,398,28535 %2,476,34739 %
Total available sources of liquidity$6,886,661 100 %$7,012,672 100 %$7,078,812 100 %$6,775,491 100 %$6,357,109 100 %
On-balance sheet liquidity as a
    percentage of total assets		11.3 %11.0 %10.7 %10.8 %11.2 %
On-balance sheet liquidity as a
    percentage of total tangible assets*		11.5 %11.3 %11.0 %11.0 %11.4 %
On-balance sheet liquidity and available
    sources of liquidity as a percentage of
    estimated uninsured and
    uncollateralized deposits(b)
259.2 %268.1 %269.0 %264.7 %258.9 %
(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation
11

Loan Portfolio
(Unaudited)
(Dollars in Thousands)
 As of
 Jun 2024% of Total Mar 2024% of TotalDec 2023% of TotalSep 2023% of TotalJun 2023% of Total
Loan portfolio  
Commercial and industrial $1,614,307 17 %$1,621,611 17 %$1,720,733 18 %$1,667,857 18 %$1,693,572 18 %
Construction1,200,123 13 %1,268,883 14 %1,397,313 15 %1,532,306 16 %1,636,970 18 %
Residential real estate: 
1-to-4 family mortgage1,584,029 17 %1,577,824 17 %1,568,552 17 %1,553,096 17 %1,548,614 17 %
Residential line of credit559,359 6 %549,306 6 %530,912 6 %517,082 6 %507,652 5 %
Multi-family mortgage597,039 6 %615,081 7 %603,804 6 %501,323 5 %518,025 6 %
Commercial real estate: 
Owner-occupied1,274,705 14 %1,236,007 13 %1,232,071 13 %1,206,351 13 %1,158,782 12 %
Non-owner occupied2,035,102 22 %1,991,526 21 %1,943,525 21 %1,911,913 21 %1,881,978 20 %
Consumer and other444,889 5 %428,671 5 %411,873 4 %397,297 4 %380,431 4 %
Total loans HFI$9,309,553 100 %$9,288,909 100 %$9,408,783 100 %$9,287,225 100 %$9,326,024 100 %
Percentage of loans HFI portfolio with
    floating interest rates		49.8 %49.0 %48.5 %47.6 %47.0 %
Percentage of loans HFI portfolio with
  floating interest rates that mature after
  one year		43.4 %42.4 %41.3 %40.6 %40.6 %
Loans by market
Metropolitan$7,668,893 82 %$7,668,330 83 %$7,830,739 83 %$7,691,944 83 %$7,718,424 83 %
Community567,465 6 %599,557 6 %629,152 7 %649,269 7 %653,335 7 %
Specialty lending and other1,073,195 12 %1,021,022 11 %948,892 10 %946,012 10 %954,265 10 %
Total$9,309,553 100 %$9,288,909 100 %$9,408,783 100 %$9,287,225 100 %$9,326,024 100 %
Unfunded loan commitments
Commercial and industrial $1,286,013 47 %$1,255,409 46 %$1,262,234 44 %$1,309,390 41 %$1,168,506 37 %
Construction516,813 19 %590,575 21 %725,864 25 %922,219 30 %1,142,982 36 %
Residential real estate:
1-to-4 family mortgage5,597 — %1,485 — %973 — %946 — %794 — %
Residential line of credit721,949 27 %702,939 25 %700,126 24 %685,597 22 %675,647 21 %
Multi-family mortgage12,526 — %25,047 1 %23,583 1 %21,951 1 %4,972 — %
Commercial real estate:
Owner-occupied77,498 3 %77,400 3 %73,432 2 %52,975 2 %50,927 2 %
Non-owner occupied73,178 3 %82,370 3 %82,966 3 %93,910 3 %104,201 3 %
Consumer and other29,103 1 %25,058 1 %25,509 1 %24,886 1 %23,306 1 %
Total unfunded loans HFI$2,722,677 100 %$2,760,283 100 %$2,894,687 100 %$3,111,874 100 %$3,171,335 100 %

FB Financial Corporation
12

Asset Quality
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
 Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period$151,667 $150,326 $146,134 $140,664 $138,809 
Charge-offs(913)(927)(1,048)(796)(892)
Recoveries361 416 2,105 235 172 
Provision for credit losses on loans HFI3,940 1,852 3,135 6,031 2,575 
Allowance for credit losses on loans HFI at the end of the period$155,055 $151,667 $150,326 $146,134 $140,664 
Allowance for credit losses on loans HFI as a percentage of loans HFI1.67 %1.63 %1.60 %1.57 %1.51 %
Allowance for credit losses on unfunded commitments$5,984 $7,700 $8,770 $11,600 $14,810 
Charge-offs
Commercial and industrial$(26)$(43)$(251)$(154)$(11)
Construction— (92)— — — 
Residential real estate:
1-to-4 family mortgage(293)— (10)(4)(16)
Residential line of credit— (20)— — — 
Commercial real estate:
Owner occupied— — — — (144)
Consumer and other(594)(772)(787)(638)(721)
Total charge-offs(913)(927)(1,048)(796)(892)
Recoveries
Commercial and industrial20 14 81 112 13 
Construction— — — — 10 
Residential real estate:
1-to-4 family mortgage10 56 44 16 25 
Residential line of credit— — — 1 — 
Commercial real estate:
Owner occupied188 40 14 13 16 
Non-owner occupied— — 1,833 — — 
Consumer and other143 306 133 93 108 
Total recoveries361 416 2,105 235 172 
Net (charge-offs) recoveries$(552)$(511)$1,057 $(561)$(720)
Annualized net charge-offs (recoveries) as a percentage of average loans HFI0.02 %0.02 %(0.04)%0.02 %0.03 %
Nonperforming assets
Loans past due 90 days or more and accruing interest$17,058 $12,858 $12,693 $11,649 $12,247 
Nonaccrual loans56,165 54,892 48,230 42,878 31,885 
Total nonperforming loans HFI
73,223 67,750 60,923 54,527 44,132 
Commercial loans held for sale— — — 9,260 9,267 
Mortgage loans held for sale(a)
22,354 20,876 21,229 22,074 20,225 
Other real estate owned4,173 3,613 3,192 1,504 1,974 
Other repossessed assets1,720 1,834 1,139 1,300 883 
Total nonperforming assets$101,470 $94,073 $86,483 $88,665 $76,481 
Total nonperforming loans HFI as a percentage of loans HFI0.79 %0.73 %0.65 %0.59 %0.47 %
Total nonperforming assets as a percentage of total assets
0.81 %0.75 %0.69 %0.71 %0.59 %
Total nonaccrual loans as a percentage of loans HFI0.60 %0.59 %0.51 %0.46 %0.34 %
(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.

FB Financial Corporation
13

 Selected Deposit Data
(Unaudited)
(Dollars in Thousands)
 As of
Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Deposits by market
Metropolitan$7,440,57771 %$7,506,63072 %$7,536,30172 %$7,481,00670 %$7,753,72471 %
Community2,499,57424 %2,500,18224 %2,522,53624 %2,571,66724 %2,499,01323 %
Brokered/wholesale150,1131 %130,8451 %150,4751 %174,9202 %238,8852 %
Escrow and other(a)
377,7384 %367,2713 %338,9753 %411,4754 %380,6334 %
Total$10,468,002100 %$10,504,928100 %$10,548,287100 %$10,639,068100 %$10,872,255100 %
Deposits by customer
    segment
Consumer$4,675,18945 %$4,866,09946 %$4,880,89046 %$4,893,79246 %$4,918,64145 %
Commercial 4,270,92441 %4,085,28239 %4,069,72439 %4,126,42439 %4,029,37637 %
Public1,521,88914 %1,553,54715 %1,597,67315 %1,618,85215 %1,924,23818 %
Total$10,468,002100 %$10,504,928100 %$10,548,287100 %$10,639,068100 %$10,872,255100 %
Estimated insured or
   collateralized deposits		$7,265,975$7,372,728$7,414,224$7,570,639$7,858,761
Estimated uninsured
   and uncollateralized
   deposits(b)
$3,202,027$3,132,200$3,134,063$3,068,429$3,013,494
Estimated uninsured and
   uncollateralized deposits
    as a % of total
    deposits(b)
30.6 %29.8 %29.7 %28.8 %27.7 %
(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.



FB Financial Corporation
14

Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)
Computation of Tangible Common Equity to Tangible Assets:June 30, 2024December 31, 2023
Total Common Shareholders' Equity$1,500,502 $1,454,794 
Less:
    Goodwill242,561 242,561 
    Other intangibles7,168 8,709 
Tangible Common Equity$1,250,773 $1,203,524 
Total Assets$12,535,169 $12,604,403 
Less:
    Goodwill242,561 242,561 
    Other intangibles7,168 8,709 
Tangible Assets$12,285,440 $12,353,133 
Preliminary Total Risk-Weighted Assets$11,091,537 $11,257,406 
Total Common Equity to Total Assets12.0 %11.5 %
Tangible Common Equity to Tangible Assets*10.2 %9.74 %
 June 30, 2024December 31, 2023
Preliminary Regulatory Capital: 
    Common Equity Tier 1 Capital$1,411,166 $1,375,890 
    Tier 1 Capital1,441,166 1,405,890 
    Total Capital1,679,578 1,635,848 
Preliminary Regulatory Capital Ratios: 
    Common Equity Tier 1 12.7 %12.2 %
    Tier 1 Risk-Based13.0 %12.5 %
    Total Risk-Based 15.1 %14.5 %
    Tier 1 Leverage11.7 %11.3 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
FB Financial Corporation
15

 
Segment Data
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Banking segment
Net interest income$101,468 $98,737 $100,093 $99,611 $99,909 
Provisions for credit losses2,432 838 283 3,253 (1,149)
Noninterest income (loss)13,477 (4,794)6,889 (4,031)11,480 
Other noninterest expense62,329 60,344 68,463 68,712 66,208 
Pre-tax net contribution after allocations$50,184 $32,761 $38,236 $23,615 $46,330 
Total assets$11,947,550 $11,979,904 $12,050,245 $11,904,608 $12,307,231 
Efficiency ratio54.2 %64.2 %64.0 %71.9 %59.4 %
Core efficiency ratio*53.8 %54.2 %56.4 %57.8 %58.4 %
Mortgage segment
Net interest income$1,147 $753 $995 $1,315 $1,634 
Provision for loan losses(208)(56)22 (432)71 
Mortgage banking income11,910 12,585 8,376 11,998 12,232 
Other noninterest income221 171 74 75 101 
Other noninterest expense12,764 12,076 11,737 14,285 15,084 
Pre-tax net contribution (loss) after allocations$722 $1,489 $(2,314)$(465)$(1,188)
Total assets $587,619 $568,416 $554,158 $585,023 $580,164 
Efficiency ratio96.1 %89.4 %124.3 %106.7 %108.0 %
Core efficiency ratio*97.0 %89.8 %123.8 %106.7 %104.8 %
Interest rate lock commitments volume$385,197 $377,166 $245,776 $373,068 $402,951 
Interest rate lock commitments pipeline (period end)$108,694 $130,315 $69,217 $112,810 $135,374 
Mortgage loan sales$315,044 $243,461 $257,170 $325,322 $330,326 
Gains and fees from origination and sale of mortgage loans held for sale$8,934 $6,458 $7,389 $8,941 $7,994 
Net change in fair value of loans held for sale, derivatives, and other(4)1,821 (1,686)(582)874 
Mortgage servicing income7,316 7,347 7,546 7,363 7,586 
Change in fair value of mortgage servicing rights, net of hedging(4,336)(3,041)(4,873)(3,724)(4,222)
Total mortgage banking income$11,910 $12,585 $8,376 $11,998 $12,232 
Mortgage sale margin(a)
2.84 %2.65 %2.87 %2.75 %2.42 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
(a) Calculated by dividing gains and fees from origination and sale of mortgage loans held for sale by total mortgage sales.
FB Financial Corporation
16

Non-GAAP Reconciliations
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months EndedSix Months Ended
Adjusted net incomeJun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Income before income taxes$50,906 $34,250 $35,922 $23,150 $45,142 $85,156 $91,220 
Less (loss) gain from securities, net— (16,213)183 (14,197)(28)(16,213)41 
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(281)565 (492)115 533 284 350 
Less cash life insurance benefit2,057 — — — — 2,057 — 
Less (loss) gain from changes in fair
    value of commercial loans held for
     sale 		— — (3,009)(7)(8)— 902 
Plus early retirement, severance and
   other costs		1,015 — 2,214 4,809 1,426 1,015 1,426 
Plus loss (gain) on lease terminations— — 1,843 — (1)— (73)
Plus FDIC special assessment— 500 1,788 — — 500 — 
Adjusted pre-tax net income50,145 50,398 45,085 42,048 46,070 100,543 91,280 
Income tax expense, adjusted for items
   above		10,721 10,508 8,933 8,900 10,077 21,229 19,548 
Adjusted net income$39,424 $39,890 $36,152 $33,148 $35,993 $79,314 $71,732 
Weighted average common share
     outstanding - fully diluted		46,845,143 46,998,873 46,916,939 46,856,422 46,814,854 46,911,466 46,777,603 
Adjusted diluted earnings per
     common share
Diluted earnings per common share$0.85 $0.59 $0.63 $0.41 $0.75 $1.45 $1.53 
Adjusted diluted earnings per
   common share 		$0.84 $0.85 $0.77 $0.71 $0.77 $1.69 $1.53 



FB Financial Corporation
17

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months EndedSix Months Ended
Adjusted pre-tax pre-provision net
    revenue		Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Income before income taxes$50,906 $34,250 $35,922 $23,150 $45,142 $85,156 $91,220 
Plus provisions for credit losses2,224 782 305 2,821 (1,078)3,006 (587)
Pre-tax pre-provision net revenue53,130 35,032 36,227 25,971 44,064 88,162 90,633 
Less (loss) gain from securities, net— (16,213)183 (14,197)(28)(16,213)41 
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(281)565 (492)115 533 284 350 
Less cash life insurance benefit2,057 — — — — 2,057 — 
Less (loss) gain from changes in fair
   value of commercial loans held for
    sale		— — (3,009)(7)(8)— 902 
Plus early retirement, severance and
   other costs		1,015 — 2,214 4,809 1,426 1,015 1,426 
Plus loss (gain) on lease
   terminations		— — 1,843 — (1)— (73)
Plus FDIC special assessment— 500 1,788 — — 500 — 
Adjusted pre-tax pre-provision net
    revenue		$52,369 $51,180 $45,390 $44,869 $44,992 $103,549 $90,693 
 
Three Months EndedSix Months Ended
Adjusted tangible net incomeJun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Income before income taxes$50,906 $34,250 $35,922 $23,150 $45,142 $85,156 $91,220 
Plus amortization of core deposit
     and other intangibles		752 789 840 889 940 1,541 1,930 
Less (loss) gain from securities, net— (16,213)183 (14,197)(28)(16,213)41 
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(281)565 (492)115 533 284 350 
Less cash life insurance benefit2,057 — — — — 2,057 — 
Less (loss) gain from changes in fair
    value of commercial loans held
    for sale		— — (3,009)(7)(8)— 902 
Plus early retirement, severance and
   other costs		1,015 — 2,214 4,809 1,426 1,015 1,426 
Plus loss (gain) on lease
   terminations		— — 1,843 — (1)— (73)
Plus FDIC special assessment— 500 1,788 — — 500 — 
Less income tax expense, adjusted
     for items above		10,917 10,714 9,152 9,131 10,322 21,630 20,051 
Adjusted tangible net income$39,980 $40,473 $36,773 $33,806 $36,688 $80,454 $73,159 
FB Financial Corporation
18

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months EndedSix Months Ended
Core efficiency ratio (tax-equivalent
    basis)		Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Total noninterest expense$75,093 $72,420 $80,200 $82,997 $81,292 $147,513 $161,732 
Less early retirement, severance and
   other costs		1,015 — 2,214 4,809 1,426 1,015 1,426 
Less loss (gain) on lease terminations— — 1,843 — (1)— (73)
Less FDIC special assessment— 500 1,788 — — 500 — 
Core noninterest expense$74,078 $71,920 $74,355 $78,188 $79,867 $145,998 $160,379 
Net interest income$102,615 $99,490 $101,088 $100,926 $101,543 $202,105 $205,203 
Net interest income (tax-equivalent basis)$103,254 $100,199 $101,924 $101,762 $102,383 $203,453 $206,876 
Total noninterest income25,608 7,962 15,339 8,042 23,813 33,570 47,162 
Less (loss) gain from securities, net— (16,213)183 (14,197)(28)(16,213)41 
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(281)565 (492)115 533 284 350 
Less cash life insurance benefit2,057 — — — — 2,057 — 
Less (loss) gain from changes in fair
     value of commercial loans held for
      sale		— — (3,009)(7)(8)— 902 
Core noninterest income23,832 23,610 18,657 22,131 23,316 47,442 45,869 
Total revenue$128,223 $107,452 $116,427 $108,968 $125,356 $235,675 $252,365 
Core revenue (tax-equivalent basis)$127,086 $123,809 $120,581 $123,893 $125,699 $250,895 $252,745 
Efficiency ratio58.6 %67.4 %68.9 %76.2 %64.8 %62.6 %64.1 %
Core efficiency ratio (tax-equivalent
     basis)		58.3 %58.1 %61.7 %63.1 %63.5 %58.2 %63.5 %
FB Financial Corporation
19

Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)
 Three Months EndedSix Months Ended
Banking segment core efficiency ratio
   (tax-equivalent)		Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Banking segment noninterest expense$62,329 $60,344 $68,463 $68,712 $66,208 $122,673 $132,960 
Less early retirement, severance and
   other costs		1,015 — 2,214 4,809 1,001 1,015 1,001 
Less loss on lease terminations— — 1,843 — — — — 
Less FDIC special assessment— 500 1,788 — — 500 — 
Banking segment core noninterest
   expense		$61,314 $59,844 $62,618 $63,903 $65,207 $121,158 $131,959 
Banking segment net interest income 101,468 98,737 100,093 99,611 99,909 200,205 202,179 
Banking segment net interest income
    (tax-equivalent basis)		102,107 99,446 100,929 100,447 100,749 201,553 203,852 
Banking segment noninterest (loss)
   income		13,477 (4,794)6,889 (4,031)11,480 8,683 22,973 
Less gain (loss) from securities, net— (16,213)183 (14,197)(28)(16,213)41 
Less (loss) gain from changes in fair
   value of commercial loans held for
   sale		— — (3,009)(7)(8)— 902 
Less cash life insurance benefit2,057 — — — — 2,057 — 
Less (loss) gain on sales or write-
    downs of other real estate owned
     and other assets		(398)509 (460)119 558 111 807 
Banking segment core noninterest
   income		11,818 10,910 10,175 10,054 10,958 22,728 21,223 
Banking segment total revenue$114,945 $93,943 $106,982 $95,580 $111,389 $208,888 $225,152 
Banking segment total core revenue
    (tax-equivalent basis)		$113,925 $110,356 $111,104 $110,501 $111,707 $224,281 $225,075 
Banking segment efficiency ratio 54.2 %64.2 %64.0 %71.9 %59.4 %58.7 %59.1 %
Banking segment core efficiency
    ratio (tax-equivalent basis)		53.8 %54.2 %56.4 %57.8 %58.4 %54.0 %58.6 %
Three Months EndedSix Months Ended
Mortgage segment core efficiency ratio
    (tax-equivalent)		Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Mortgage segment noninterest expense$12,764 $12,076 $11,737 $14,285 $15,084 $24,840 $28,772 
Less severance costs— — — — 425 — 425 
Less gain on lease terminations— — — — (1)— (73)
Mortgage segment core noninterest
     expense		$12,764 $12,076 $11,737 $14,285 $14,660 $24,840 $28,420 
Mortgage segment net interest income1,147 753 995 1,315 1,634 1,900 3,024 
Mortgage segment noninterest income12,131 12,756 8,450 12,073 12,333 24,887 24,189 
Less gain (loss) on sales or write-
    downs of other real estate owned		117 56 (32)(4)(25)173 (457)
Mortgage segment core noninterest
   income		12,014 12,700 8,482 12,077 12,358 24,714 24,646 
Mortgage segment total revenue$13,278 $13,509 $9,445 $13,388 $13,967 $26,787 $27,213 
Mortgage segment core total revenue$13,161 $13,453 $9,477 $13,392 $13,992 $26,614 $27,670 
Mortgage segment efficiency ratio 96.1 %89.4 %124.3 %106.7 %108.0 %92.7 %105.7 %
Mortgage segment core efficiency
      ratio (tax-equivalent basis)		97.0 %89.8 %123.8 %106.7 %104.8 %93.3 %102.7 %
FB Financial Corporation
20

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
As of
Tangible assets, common equity and related
     measures		Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023
Tangible assets
Total assets$12,535,169 $12,548,320 $12,604,403 $12,489,631 $12,887,395 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net7,168 7,920 8,709 9,549 10,438 
Tangible assets$12,285,440 $12,297,839 $12,353,133 $12,237,521 $12,634,396 
Tangible common equity
Total common shareholders' equity$1,500,502 $1,479,526 $1,454,794 $1,372,901 $1,386,951 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net7,168 7,920 8,709 9,549 10,438 
Tangible common equity$1,250,773 $1,229,045 $1,203,524 $1,120,791 $1,133,952 
Common shares outstanding46,642,958 46,897,378 46,848,934 46,839,159 46,798,751 
Book value per common share$32.17 $31.55 $31.05 $29.31 $29.64 
Tangible book value per common share$26.82 $26.21 $25.69 $23.93 $24.23 
Total common shareholders' equity to total assets12.0 %11.8 %11.5 %11.0 %10.8 %
Tangible common equity to tangible assets10.2 %9.99 %9.74 %9.16 %8.98 %
On-balance sheet liquidity:
Cash and cash equivalents$800,902 $870,730 $810,932 $848,318 $1,160,354 
Unpledged securities612,756 514,724 542,427 494,582 281,098 
Equity securities, at fair value— — — 2,934 3,031 
Total on-balance sheet liquidity$1,413,658 $1,385,454 $1,353,359 $1,345,834 $1,444,483 
On-balance sheet liquidity as a percentage of total
     assets		11.3 %11.0 %10.7 %10.8 %11.2 %
On-balance sheet liquidity as a percentage of total
      tangible assets		11.5 %11.3 %11.0 %11.0 %11.4 %
FB Financial Corporation
21

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months EndedSix Months Ended
Adjusted return on average tangible
     common equity and related
     measures		Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Average common shareholders' equity$1,473,281$1,460,736$1,385,373$1,393,253$1,376,818$1,467,007$1,360,108
Less average goodwill242,561242,561242,561242,561242,561242,561242,561
Less average intangibles, net7,5258,2999,13810,01110,9137,91211,385
Average tangible common equity$1,223,195$1,209,876$1,133,674$1,140,681$1,123,344$1,216,534$1,106,162
Net income$39,979$27,950$29,369$19,175$35,299$67,929$71,680
Return on average common equity10.9 %7.70 %8.41 %5.46 %10.3 %9.31 %10.6 %
Return on average tangible common
    equity		13.1 %9.29 %10.3 %6.67 %12.6 %11.2 %13.1 %
Adjusted tangible net income$39,980$40,473$36,773$33,806$36,688$80,454$73,159
Adjusted return on average tangible common equity13.1 %13.5 %12.9 %11.8 %13.1 %13.3 %13.3 %

Three Months EndedSix Months Ended
Adjusted return on average assets,
    common equity and related
    measures
Jun 2024Mar 2024Dec 2023Sep 2023Jun 2023Jun 2024Jun 2023
Net income$39,979$27,950$29,369$19,175$35,299$67,929$71,680
Average assets12,371,44412,590,07912,434,57512,557,15812,826,44912,480,75912,844,135
Average common equity1,473,2811,460,7361,385,3731,393,2531,376,8181,467,0071,360,108
Return on average assets1.30 %0.89 %0.94 %0.61 %1.10 %1.09 %1.13 %
Return on average common equity10.9 %7.70 %8.41 %5.46 %10.3 %9.31 %10.6 %
Adjusted net income$39,424$39,890$36,152$33,148$35,993$79,314$71,732
Adjusted return on average assets1.28 %1.27 %1.15 %1.05 %1.13 %1.28 %1.13 %
Adjusted return on average common equity10.8 %11.0 %10.4 %9.44 %10.5 %10.9 %10.6 %
Adjusted pre-tax pre-provision net
   income		$52,369$51,180$45,390$44,869$44,992$103,549$90,693
Adjusted pre-tax pre-provision return
    on average assets		1.70 %1.63 %1.45 %1.42 %1.41 %1.67 %1.42 %
FB Financial Corporation
22