EX-99.2 3 a1q25supplementalfinancial.htm EX-99.2 Document




















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First Quarter 2025
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
 12
 
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
Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Selected Balance Sheet Data
Cash and cash equivalents$794,706 $1,042,488 $951,750 $800,902 $870,730 
Investment securities, at fair value1,580,720 1,538,008 1,567,922 1,482,379 1,464,682 
Loans held for sale172,770 126,760 103,145 106,875 82,704 
Loans HFI9,771,536 9,602,384 9,478,129 9,309,553 9,288,909 
Allowance for credit losses on loans HFI(150,531)(151,942)(156,260)(155,055)(151,667)
Total assets13,136,449 13,157,482 12,920,222 12,535,169 12,548,320 
Interest-bearing deposits (non-brokered)8,623,636 8,625,113 8,230,867 8,130,704 8,191,962 
Brokered deposits414,428 469,089 519,200 150,113 130,845 
Noninterest-bearing deposits2,163,934 2,116,232 2,226,144 2,187,185 2,182,121 
Total deposits11,201,998 11,210,434 10,976,211 10,468,002 10,504,928 
Borrowings168,944 176,789 182,107 360,944 360,821 
Allowance for credit losses on unfunded commitments6,493 6,107 6,042 5,984 7,700 
Total common shareholders' equity1,601,962 1,567,538 1,562,329 1,500,502 1,479,526 
Selected Statement of Income Data
Total interest income$179,706 $186,369 $185,628 $177,413 $176,128 
Total interest expense72,065 77,988 79,611 74,798 76,638 
Net interest income107,641 108,381 106,017 102,615 99,490 
Total noninterest income (loss)23,032 21,997 (16,497)25,608 7,962 
Total noninterest expense79,549 73,174 76,212 75,093 72,420 
Earnings before income taxes and provisions for credit losses51,124 57,204 13,308 53,130 35,032 
Provisions for credit losses2,292 7,084 1,914 2,224 782 
Income tax expense 9,471 12,226 1,174 10,919 6,300 
Net income applicable to noncontrolling interest— 8 — 8 — 
Net income applicable to FB Financial Corporation$39,361 $37,886 $10,220 $39,979 $27,950 
Net interest income (tax-equivalent basis)$108,427 $109,004 $106,634 $103,254 $100,199 
Adjusted net income*$40,108 $39,835 $40,132 $39,424 $39,890 
Adjusted pre-tax, pre-provision net revenue*$52,134 $59,829 $53,762 $52,369 $51,180 
Per Common Share
Diluted net income$0.84 $0.81 $0.22 $0.85 $0.59 
Adjusted diluted net income*0.85 0.85 0.86 0.84 0.85 
Book value34.44 33.59 33.48 32.17 31.55 
Tangible book value*29.12 28.27 28.15 26.82 26.21 
Weighted average number of shares outstanding - fully diluted47,024,211 46,862,935 46,803,330 46,845,143 46,998,873 
Period-end number of shares 46,514,547 46,663,120 46,658,019 46,642,958 46,897,378 
Selected Ratios
Return on average:
Assets1.21 %1.14 %0.32 %1.30 %0.89 %
Shareholders’ equity10.1 %9.63 %2.67 %10.9 %7.70 %
Tangible common equity*11.9 %11.5 %3.19 %13.1 %9.29 %
Efficiency ratio 60.9 %56.1 %85.1 %58.6 %67.4 %
Core efficiency ratio (tax-equivalent basis)*59.9 %54.6 %58.4 %58.3 %58.1 %
Loans HFI to deposit ratio87.2 %85.7 %86.4 %88.9 %88.4 %
Noninterest-bearing deposits to total deposits 19.3 %18.9 %20.3 %20.9 %20.8 %
Net interest margin (NIM) (tax-equivalent basis)3.55 %3.50 %3.55 %3.57 %3.42 %
Yield on interest-earning assets5.91 %6.01 %6.20 %6.16 %6.03 %
Cost of interest-bearing liabilities3.16 %3.40 %3.63 %3.56 %3.56 %
Cost of total deposits2.54 %2.70 %2.83 %2.77 %2.76 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.54 %1.58 %1.65 %1.67 %1.63 %
Annualized net charge-offs as a percentage of average loans HFI0.14 %0.47 %0.03 %0.02 %0.02 %
Nonperforming loans HFI as a percentage of loans HFI0.79 %0.87 %0.96 %0.79 %0.73 %
Nonperforming assets as a percentage of total assets0.84 %0.93 %0.99 %0.81 %0.75 %
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets12.2 %11.9 %12.1 %12.0 %11.8 %
Tangible common equity to tangible assets*10.5 %10.2 %10.4 %10.2 %9.99 %
Tier 1 leverage11.4 %11.3 %11.5 %11.7 %11.3 %
Tier 1 risk-based capital 13.1 %13.1 %13.0 %13.0 %12.8 %
Total risk-based capital 15.2 %15.2 %15.1 %15.1 %15.0 %
Common equity Tier 1 12.8 %12.8 %12.7 %12.7 %12.6 %
*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)
  Mar 2025Mar 2025
  vs.vs.
 Three Months EndedDec 2024Mar 2024
Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024Percent variance Percent variance
Interest income:
Interest and fees on loans$153,185 $156,792 $158,625 $155,379 $155,606 (2.30)%(1.56)%
Interest on investment securities
Taxable14,471 15,043 13,943 11,966 9,105 (3.80)%58.9 %
Tax-exempt1,033 1,035 1,104 1,168 1,442 (0.19)%(28.4)%
Other11,017 13,499 11,956 8,900 9,975 (18.4)%10.4 %
Total interest income179,706 186,369 185,628 177,413 176,128 (3.58)%2.03 %
Interest expense:
Deposits70,249 76,131 76,088 71,501 72,625 (7.73)%(3.27)%
Borrowings1,816 1,857 3,523 3,297 4,013 (2.21)%(54.7)%
Total interest expense72,065 77,988 79,611 74,798 76,638 (7.59)%(5.97)%
Net interest income107,641 108,381 106,017 102,615 99,490 (0.68)%8.19 %
Provision for credit losses on loans HFI1,906 7,019 1,856 3,940 1,852 (72.8)%2.92 %
Provision for (reversal of) credit losses on unfunded
   commitments		386 65 58 (1,716)(1,070)493.8 %(136.1)%
Net interest income after provisions for credit
   losses		105,349 101,297 104,103 100,391 98,708 4.00 %6.73 %
Noninterest income:
Mortgage banking income12,426 10,586 11,553 11,910 12,585 17.4 %(1.26)%
Investment services and trust income3,711 3,853 3,721 3,387 3,230 (3.69)%14.9 %
Service charges on deposit accounts3,479 3,548 3,378 3,167 3,141 (1.94)%10.8 %
ATM and interchange fees2,677 2,867 2,840 2,814 2,944 (6.63)%(9.07)%
 Gain (loss) from securities, net16 — (40,165)— (16,213)100.0 %(100.1)%
(Loss) gain on sales or write-downs of premises and
   equipment, other real estate owned and other assets, net
(625)(2,162)(289)(281)565 (71.1)%(210.6)%
Other income1,348 3,305 2,465 4,611 1,710 (59.2)%(21.2)%
Total noninterest income (loss)23,032 21,997 (16,497)25,608 7,962 4.71 %189.3 %
Total revenue130,673 130,378 89,520 128,223 107,452 0.23 %21.6 %
Noninterest expenses:
Salaries, commissions and employee benefits48,351 45,432 47,538 46,225 44,618 6.42 %8.37 %
Occupancy and equipment expense6,597 6,668 6,640 6,328 6,614 (1.06)%(0.26)%
Advertising2,487 2,030 1,947 1,859 1,171 22.5 %112.4 %
Data processing 2,313 2,462 2,486 2,286 2,408 (6.05)%(3.95)%
Legal and professional fees1,992 1,881 1,900 1,979 1,919 5.90 %3.80 %
Amortization of core deposits and other intangibles656 687 719 752 789 (4.51)%(16.9)%
Merger and integration costs401 — — — — 100.0 %— %
Other expense16,752 14,014 14,982 15,664 14,901 19.5 %12.4 %
Total noninterest expense79,549 73,174 76,212 75,093 72,420 8.71 %9.84 %
Income before income taxes48,832 50,120 11,394 50,906 34,250 (2.57)%42.6 %
Income tax expense9,471 12,226 1,174 10,919 6,300 (22.5)%50.3 %
Net income applicable to FB Financial
Corporation and noncontrolling interest
39,361 37,894 10,220 39,987 27,950 3.9 %40.8 %
Net income applicable to noncontrolling interest— 8 — 8 — (100.0)%— %
Net income applicable to FB Financial
Corporation
$39,361 $37,886 $10,220 $39,979 $27,950 3.9 %40.8 %
Weighted average common shares outstanding:  
Basic46,674,698 46,662,772 46,650,563 46,762,488 46,874,882 0.03 %(0.43)%
Fully diluted47,024,211 46,862,935 46,803,330 46,845,143 46,998,873 0.34 %0.05 %
Earnings per common share:  
Basic$0.84 $0.81 $0.22 $0.85 $0.60 3.70 %40.0 %
Fully diluted0.84 0.81 0.22 0.85 0.59 3.70 %42.4 %
Fully diluted - adjusted*0.85 0.85 0.86 0.84 0.85 — %— %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.



FB Financial Corporation
5

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
  Annualized 
  Mar 2025Mar 2025
  vs.vs.
As ofDec 2024Mar 2024
Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024Percent variance Percent variance
ASSETS
Cash and due from banks$149,607 $120,153 $126,470 $192,571 $124,772 99.4 %19.9 %
Federal funds sold and reverse repurchase agreements
109,982 125,825 97,299 91,909 100,785 (51.1)%9.13 %
Interest-bearing deposits in financial institutions535,117 796,510 727,981 516,422 645,173 (133.1)%(17.1)%
Cash and cash equivalents794,706 1,042,488 951,750 800,902 870,730 (96.4)%(8.73)%
Investments:
Available-for-sale debt securities, at fair value1,580,720 1,538,008 1,567,922 1,482,379 1,464,682 11.3 %7.92 %
Federal Home Loan Bank stock, at cost32,234 32,749 32,859 33,030 33,948 (6.38)%(5.05)%
Loans held for sale172,770 126,760 103,145 106,875 82,704 147.2 %108.9 %
Loans held for investment9,771,536 9,602,384 9,478,129 9,309,553 9,288,909 7.14 %5.20 %
Less: allowance for credit losses on loans HFI150,531 151,942 156,260 155,055 151,667 (3.77)%(0.75)%
Net loans held for investment9,621,005 9,450,442 9,321,869 9,154,498 9,137,242 7.32 %5.29 %
Premises and equipment, net146,272 148,899 152,572 154,731 155,271 (7.16)%(5.80)%
Other real estate owned, net3,326 4,409 3,779 4,173 3,613 (99.6)%(7.94)%
Operating lease right-of-use assets47,381 47,963 47,346 49,123 51,421 (4.92)%(7.86)%
Interest receivable51,268 49,611 52,228 52,781 53,506 13.5 %(4.18)%
Mortgage servicing rights, at fair value156,379 162,038 157,097 164,505 165,674 (14.2)%(5.61)%
Goodwill242,561 242,561 242,561 242,561 242,561 — %— %
Core deposit and other intangibles, net5,106 5,762 6,449 7,168 7,920 (46.2)%(35.5)%
Bank-owned life insurance72,400 72,504 72,167 71,930 76,574 (0.58)%(5.45)%
Other assets210,321 233,288 208,478 210,513 202,474 (39.9)%3.88 %
Total assets$13,136,449 $13,157,482 $12,920,222 $12,535,169 $12,548,320 (0.65)%4.69 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing$2,163,934 $2,116,232 $2,226,144 $2,187,185 $2,182,121 9.14 %(0.83)%
Interest-bearing checking2,776,958 2,906,425 2,754,253 2,628,554 2,421,487 (18.1)%14.7 %
Money market and savings4,482,908 4,338,483 4,098,496 4,157,968 4,298,938 13.5 %4.28 %
Customer time deposits1,363,770 1,380,205 1,378,118 1,343,934 1,471,190 (4.83)%(7.30)%
Brokered and internet time deposits414,428 469,089 519,200 150,361 131,192 (47.3)%215.9 %
Total deposits11,201,998 11,210,434 10,976,211 10,468,002 10,504,928 (0.31)%6.64 %
Borrowings168,944 176,789 182,107 360,944 360,821 (18.0)%(53.2)%
Operating lease liabilities59,174 60,024 59,584 61,932 64,562 (5.74)%(8.35)%
Accrued expenses and other liabilities104,278 142,604 139,898 143,696 138,390 (109.0)%(24.6)%
Total liabilities11,534,394 11,589,851 11,357,800 11,034,574 11,068,701 (1.94)%4.21 %
Shareholders’ equity:
Common stock, $1 par value46,515 46,663 46,658 46,643 46,897 (1.29)%(0.81)%
Additional paid-in capital854,715 860,266 858,106 855,391 866,803 (2.62)%(1.39)%
Retained earnings792,685 762,293 732,435 730,242 698,310 16.2 %13.5 %
Accumulated other comprehensive loss, net(91,953)(101,684)(74,870)(131,774)(132,484)(38.8)%(30.6)%
Total common shareholders’ equity1,601,962 1,567,538 1,562,329 1,500,502 1,479,526 8.91 %8.28 %
Noncontrolling interest93 93 93 93 93 — %— %
Total equity1,602,055 1,567,631 1,562,422 1,500,595 1,479,619 8.91 %8.27 %
Total liabilities and shareholders’ equity$13,136,449 $13,157,482 $12,920,222 $12,535,169 $12,548,320 (0.65)%4.69 %

FB Financial Corporation
6

Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 March 31, 2025December 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)
$9,621,057 $152,174 6.41 %$9,522,996 $155,897 6.51 %
Mortgage loans held for sale93,944 1,433 6.19 %71,569 1,153 6.41 %
Investment securities:
Taxable1,541,868 14,471 3.81 %1,523,297 15,043 3.93 %
Tax-exempt(b)
167,958 1,397 3.37 %168,284 1,400 3.31 %
Total investment securities(b)
1,709,826 15,868 3.76 %1,691,581 16,443 3.87 %
Federal funds sold and reverse repurchase agreements123,390 1,374 4.52 %112,388 1,393 4.93 %
Interest-bearing deposits with other financial institutions811,216 8,902 4.45 %943,638 11,361 4.79 %
FHLB stock32,493 741 9.25 %32,773 745 9.04 %
Total interest-earning assets(b)
12,391,926 180,492 5.91 %12,374,945 186,992 6.01 %
Noninterest-earning assets: 
Cash and due from banks123,158 117,819 
Allowance for credit losses on loans HFI(152,234)(155,022)
Other assets(c)(d)
844,119 856,453 
Total noninterest-earning assets815,043 819,250 
Total assets$13,206,969 $13,194,195 
Interest-bearing liabilities:
Interest-bearing deposits: 
Interest-bearing checking$2,840,211 $18,267 2.61 %$2,837,092 $20,957 2.94 %
Money market4,083,754 34,360 3.41 %3,880,258 35,044 3.59 %
Savings deposits353,865 66 0.08 %349,912 62 0.07 %
Customer time deposits1,373,045 12,702 3.75 %1,402,300 14,114 4.00 %
Brokered and internet time deposits443,923 4,854 4.43 %518,337 5,954 4.57 %
       Time deposits1,816,968 17,556 3.92 %1,920,637 20,068 4.16 %
Total interest-bearing deposits9,094,798 70,249 3.13 %8,987,899 76,131 3.37 %
Other interest-bearing liabilities: 
Securities sold under agreements to repurchase and federal funds purchased11,046 6 0.22 %14,791 16 0.43 %
Subordinated debt130,755 1,804 5.60 %130,658 1,837 5.59 %
Other borrowings1,220 6 1.99 %1,245 4 1.28 %
Total other interest-bearing liabilities143,021 1,816 5.15 %146,694 1,857 5.04 %
Total interest-bearing liabilities9,237,819 72,065 3.16 %9,134,593 77,988 3.40 %
Noninterest-bearing liabilities: 
Demand deposits2,134,924 2,241,492 
Other liabilities(d)
250,175 253,514 
Total noninterest-bearing liabilities2,385,099 2,495,006 
Total liabilities11,622,918 11,629,599 
Total common shareholders’ equity1,583,958 1,564,503 
Noncontrolling interest93 93 
Total equity1,584,051 1,564,596 
Total liabilities and shareholders’ equity$13,206,969 $13,194,195 
Net interest income(b)
 $108,427 $109,004 
Interest rate spread(b)
  2.75 %2.61 %
Net interest margin(b)(e)
  3.55 %3.50 %
Cost of total deposits  2.54 %2.70 %
Average interest-earning assets to average interest-bearing liabilities  134.1 %135.5 %
Tax-equivalent adjustment $786 $623 
Loans HFI yield components:  
    Contractual interest rate(b)
 $149,819 6.31 %$153,255 6.40 %
    Origination and other loan fee income 1,797 0.08 %1,859 0.08 %
    Accretion on purchased loans 2 — %119 — %
    Nonaccrual interest 556 0.02 %664 0.03 %
          Total loans HFI yield $152,174 6.41 %$155,897 6.51 %
(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 $132,262 and $119,243 for the three months ended March 31, 2025 and December 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 $30,731 and 31,519 for the three months ended March 31, 2025 and December 31, 2024, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation
7

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 September 30, 2024June 30, 2024March 31, 2024
 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)
$9,362,937 $157,751 6.70 %$9,263,822 $154,226 6.70 %$9,386,794 $154,956 6.64 %
Mortgage loans held for sale66,828 1,102 6.56 %80,919 1,380 6.86 %48,566 851 7.05 %
Investment securities:
Taxable1,487,200 13,943 3.73 %1,464,045 11,966 3.29 %1,399,237 9,105 2.62 %
Tax-exempt(b)
181,465 1,493 3.27 %193,347 1,580 3.29 %241,379 1,950 3.25 %
Total investment securities(b)
1,668,665 15,436 3.68 %1,657,392 13,546 3.29 %1,640,616 11,055 2.71 %
Federal funds sold and reverse repurchase   agreements118,715 1,687 5.65 %108,097 1,497 5.57 %155,380 2,126 5.50 %
Interest-bearing deposits with other financial institutions701,666 9,519 5.40 %488,123 6,641 5.47 %530,390 7,066 5.36 %
FHLB stock32,919 750 9.06 %33,495 762 9.15 %34,051 783 9.25 %
Total interest-earning assets(b)
11,951,730 186,245 6.20 %11,631,848 178,052 6.16 %11,795,797 176,837 6.03 %
Noninterest-earning assets:
Cash and due from banks131,308 124,729 167,732 
Allowance for credit losses on loans HFI(155,665)(151,724)(150,605)
Other assets(c)(d)
814,577 766,591 777,155 
Total noninterest-earning assets790,220 739,596 794,282 
Total assets$12,741,950 $12,371,444 $12,590,079 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,624,046 $20,998 3.18 %$2,500,325 $19,074 3.07 %$2,539,084 $19,016 3.01 %
    Money market3,802,818 37,574 3.93 %3,779,139 36,887 3.93 %3,849,080 37,570 3.93 %
    Savings deposits357,165 65 0.07 %369,779 64 0.07 %377,963 62 0.07 %
    Customer time deposits1,349,986 13,479 3.97 %1,387,956 13,812 4.00 %1,457,377 14,124 3.90 %
    Brokered and internet time deposits322,667 3,972 4.90 %123,003 1,664 5.44 %140,292 1,853 5.31 %
       Time deposits1,672,65317,4514.15 %1,510,959 15,476 4.12 %1,597,669 15,977 4.02 %
Total interest-bearing deposits8,456,68276,0883.58 %8,160,202 71,501 3.52 %8,363,796 72,625 3.49 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased21,734 79 1.45 %24,680 122 1.99 %24,219 149 2.47 %
  Subordinated debt130,561 1,900 5.79 %130,464 1,615 4.98 %129,718 2,286 7.09 %
  Other borrowings125,616 1,544 4.89 %131,293 1,560 4.78 %131,318 1,578 4.83 %
Total other interest-bearing liabilities277,911 3,523 5.04 %286,437 3,297 4.63 %285,255 4,013 5.66 %
Total interest-bearing liabilities8,734,593 79,611 3.63 %8,446,639 74,798 3.56 %8,649,051 76,638 3.56 %
Noninterest-bearing liabilities:
Demand deposits2,241,512 2,222,005 2,227,175 
Other liabilities(d)
242,155 229,426 253,024 
Total noninterest-bearing liabilities2,483,667 2,451,431 2,480,199 
Total liabilities11,218,260 10,898,070 11,129,250 
Total common shareholders’ equity1,523,597 1,473,281 1,460,736 
Noncontrolling interest93 93 93 
Total equity1,523,690 1,473,374 1,460,829 
Total liabilities and shareholders’ equity$12,741,950 $12,371,444 $12,590,079 
Net interest income(b)
$106,634 $103,254 $100,199 
Interest rate spread(b)
2.57 %2.60 %2.47 %
Net interest margin(b)(e)
3.55 %3.57 %3.42 %
Cost of total deposits2.83 %2.77 %2.76 %
Average interest-earning assets to average interest-bearing liabilities136.8 %137.7 %136.4 %
Tax-equivalent adjustment$617 $639 $709 
Loans HFI yield components:
    Contractual interest rate(b)
$155,884 6.62 %$152,037 6.60 %$152,875 6.55 %
    Origination and other loan fee income1,779 0.08 %1,291 0.06 %1,436 0.06 %
    (Amortization) accretion on purchased loans(10)— %161 0.01 %387 0.02 %
    Nonaccrual interest98 — %737 0.03 %258 0.01 %
          Total loans HFI yield$157,751 6.70 %$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 $153,838, $198,073 and $194,091 for the three months ended September 30, 2024, 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 $25,451, $20,750
and $20,750 for the three months ended September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation
8

Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)
 As of
Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Investment securities, at fair value
Available-for-sale debt securities:  
  U.S. government agency securities$602,942 38 %$563,007 36 %$516,833 33 %$428,608 29 %$415,927 28 %
  Mortgage-backed securities - residential816,556 52 %810,999 53 %879,589 56 %864,272 59 %826,214 57 %
  Mortgage-backed securities - commercial14,828 1 %14,857 1 %16,289 1 %16,103 1 %16,615 1 %
  Municipal securities145,396 9 %147,857 10 %154,229 10 %169,977 11 %171,672 12 %
  Treasury securities— — %299 — %— — %— — %30,857 2 %
  Corporate securities998 — %989 — %982 — %3,419 — %3,397 — %
Total available-for-sale debt securities1,580,720 100 %1,538,008 100 %1,567,922 100 %1,482,379 100 %1,464,682 100 %
Investment securities to total assets12.0 % 11.7 %12.1 %11.8 %11.7 %
Unrealized loss on available-for-sale debt securities(128,173)(141,389)(105,157)(182,208)(183,598)
Sources of liquidity
Current on-balance sheet:
  Cash and cash equivalents$794,70653 %$1,042,48863 %$951,75065 %$800,90257 %$870,73063 %
  Unpledged available-for-sale debt securities703,11747 %600,96537 %510,53835 %612,75643 %514,72437 %
Total on-balance sheet liquidity$1,497,823100 %$1,643,453100 %$1,462,288 100 %$1,413,658 100 %$1,385,454 100 %
Available sources of liquidity:
  Unsecured borrowing capacity(a)
$3,369,107 48 %$3,318,091 49 %$3,199,575 48 %$3,361,580 49 %$3,392,255 48 %
   FHLB remaining borrowing capacity1,476,68821 %1,397,90521 %1,355,88420 %1,294,74319 %1,237,84318 %
   Federal Reserve discount window2,134,44831 %2,053,54130 %2,133,95132 %2,230,33832 %2,382,57434 %
Total available sources of liquidity$6,980,243 100 %$6,769,537 100 %$6,689,410 100 %$6,886,661 100 %$7,012,672 100 %
On-balance sheet liquidity as a
    percentage of total assets		11.4 %12.5 %11.3 %11.3 %11.0 %
On-balance sheet liquidity as a
    percentage of total tangible assets*		11.6 %12.7 %11.5 %11.5 %11.3 %
On-balance sheet liquidity and available
    sources of liquidity as a percentage of
    estimated uninsured and
    uncollateralized deposits(b)
283.4 %293.8 %245.4 %259.2 %268.1 %
(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
9

Loan Portfolio
(Unaudited)
(Dollars in Thousands)
 As of
 Mar 2025% of Total Dec 2024% of TotalSep 2024% of TotalJun 2024% of TotalMar 2024% of Total
Loan portfolio  
Commercial and industrial $1,782,981 18 %$1,691,213 18 %$1,688,815 18 %$1,614,307 17 %$1,621,611 17 %
Construction1,022,299 10 %1,087,732 11 %1,079,726 11 %1,200,123 13 %1,268,883 14 %
Residential real estate: 
1-to-4 family mortgage1,632,574 17 %1,616,754 17 %1,612,031 17 %1,584,029 17 %1,577,824 17 %
Residential line of credit613,868 6 %602,475 6 %591,049 6 %559,359 6 %549,306 6 %
Multi-family mortgage648,326 7 %653,769 7 %654,188 7 %597,039 6 %615,081 7 %
Commercial real estate: 
Owner-occupied1,356,007 14 %1,357,568 14 %1,324,208 14 %1,274,705 14 %1,236,007 13 %
Non-owner occupied2,153,825 22 %2,099,129 22 %2,048,036 22 %2,035,102 22 %1,991,526 21 %
Consumer and other561,656 6 %493,744 5 %480,076 5 %444,889 5 %428,671 5 %
Total loans HFI$9,771,536 100 %$9,602,384 100 %$9,478,129 100 %$9,309,553 100 %$9,288,909 100 %
Percentage of loans HFI portfolio with
    floating interest rates		49.7 %49.4 %49.2 %49.8 %49.0 %
Percentage of loans HFI portfolio with
  floating interest rates that mature after
  one year		44.4 %43.5 %43.6 %43.4 %42.4 %
Loans by market
Metropolitan$8,045,289 82 %$7,934,549 82 %$7,795,075 82 %$7,668,893 82 %$7,668,330 83 %
Community538,819 6 %546,987 6 %565,194 6 %567,465 6 %599,557 6 %
Specialty lending and other1,187,428 12 %1,120,848 12 %1,117,860 12 %1,073,195 12 %1,021,022 11 %
Total$9,771,536 100 %$9,602,384 100 %$9,478,129 100 %$9,309,553 100 %$9,288,909 100 %
Unfunded loan commitments
Commercial and industrial $1,349,491 48 %$1,371,413 50 %$1,314,683 48 %$1,286,013 47 %$1,255,409 46 %
Construction540,992 19 %498,133 18 %510,157 19 %516,813 19 %590,575 21 %
Residential real estate:
1-to-4 family mortgage5,094 — %7,299 — %3,665 — %5,597 — %1,485 — %
Residential line of credit743,413 27 %734,031 26 %735,928 27 %721,949 27 %702,939 25 %
Multi-family mortgage9,586 — %12,044 — %11,771 — %12,526 — %25,047 1 %
Commercial real estate:
Owner-occupied68,566 3 %78,856 3 %67,875 3 %77,498 3 %77,400 3 %
Non-owner occupied63,948 2 %54,898 2 %51,960 2 %73,178 3 %82,370 3 %
Consumer and other14,547 1 %13,431 1 %17,321 1 %29,103 1 %25,058 1 %
Total unfunded loans HFI$2,795,637 100 %$2,770,105 100 %$2,713,360 100 %$2,722,677 100 %$2,760,283 100 %

FB Financial Corporation
10

Asset Quality
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
 Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period$151,942 $156,260 $155,055 $151,667 $150,326 
Charge-offs(3,893)(12,010)(915)(913)(927)
Recoveries576 673 264 361 416 
Provision for credit losses on loans HFI1,906 7,019 1,856 3,940 1,852 
Allowance for credit losses on loans HFI at the end of the period$150,531 $151,942 $156,260 $155,055 $151,667 
Charge-offs
Commercial and industrial$(2,901)$(10,921)$(90)$(26)$(43)
Construction— (30)— — (92)
Residential real estate:
1-to-4 family mortgage(3)(144)(2)(293)— 
Residential line of credit— — (53)— (20)
Commercial real estate:
Owner occupied(17)— — — — 
Consumer and other(972)(915)(770)(594)(772)
Total charge-offs(3,893)(12,010)(915)(913)(927)
Recoveries
Commercial and industrial42 371 23 20 14 
Residential real estate:
1-to-4 family mortgage9 9 9 10 56 
Residential line of credit— — 18 — — 
Commercial real estate:
Owner occupied21 5 12 188 40 
Non-owner occupied1 — — — — 
Consumer and other503 288 202 143 306 
Total recoveries576 673 264 361 416 
Net charge-offs$(3,317)$(11,337)$(651)$(552)$(511)
Annualized net charge-offs as a percentage of average loans HFI0.14 %0.47 %0.03 %0.02 %0.02 %
Nonperforming assets
Loans past due 90 days or more and accruing interest$28,422 $24,347 $26,250 $17,058 $12,858 
Nonaccrual loans48,738 59,358 64,585 56,165 54,892 
Total nonperforming loans HFI
77,160 83,705 90,835 73,223 67,750 
Mortgage loans held for sale(a)
27,152 31,357 30,537 22,354 20,876 
Other real estate owned3,326 4,409 3,779 4,173 3,613 
Other repossessed assets2,791 2,444 2,182 1,720 1,834 
Total nonperforming assets$110,429 $121,915 $127,333 $101,470 $94,073 
Total nonperforming loans HFI as a percentage of loans HFI0.79 %0.87 %0.96 %0.79 %0.73 %
Total nonperforming assets as a percentage of total assets
0.84 %0.93 %0.99 %0.81 %0.75 %
Total nonaccrual loans as a percentage of loans HFI0.50 %0.62 %0.68 %0.60 %0.59 %
(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
11

 Selected Deposit Data
(Unaudited)
(Dollars in Thousands)
 As of
Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Deposits by market
Metropolitan$8,091,92172 %$8,136,84973 %$7,794,79071 %$7,440,57771 %$7,506,63072 %
Community2,536,16523 %2,471,05222 %2,459,64122 %2,499,57424 %2,500,18224 %
Brokered/wholesale414,4284 %469,0894 %519,2005 %150,1131 %130,8451 %
Escrow and other(a)
159,4841 %133,4441 %202,5802 %377,7384 %367,2713 %
Total$11,201,998100 %$11,210,434100 %$10,976,211100 %$10,468,002100 %$10,504,928100 %
Deposits by customer
    segment
Consumer$4,868,54443 %$4,853,60943 %$4,676,49243 %$4,675,18945 %$4,866,09946 %
Commercial 4,695,92342 %4,802,10543 %4,886,66045 %4,270,92441 %4,085,28239 %
Public1,637,53115 %1,554,72014 %1,413,05912 %1,521,88914 %1,553,54715 %
Total$11,201,998100 %$11,210,434100 %$10,976,211100 %$10,468,002100 %$10,504,928100 %
Estimated insured or
   collateralized deposits		$8,210,241$8,346,796$7,654,786$7,265,975$7,372,728
Estimated uninsured
   and uncollateralized
   deposits(b)
$2,991,757$2,863,638$3,321,425$3,202,027$3,132,200
Estimated uninsured and
   uncollateralized deposits
    as a % of total
    deposits(b)
26.7 %25.5 %30.3 %30.6 %29.8 %
(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.



FB Financial Corporation
12

Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)
Computation of Tangible Common Equity to Tangible Assets:March 31, 2025December 31, 2024
Total Common Shareholders' Equity$1,601,962 $1,567,538 
Less:
    Goodwill242,561 242,561 
    Other intangibles5,106 5,762 
Tangible Common Equity$1,354,295 $1,319,215 
Total Assets$13,136,449 $13,157,482 
Less:
    Goodwill242,561 242,561 
    Other intangibles5,106 5,762 
Tangible Assets$12,888,782 $12,909,159 
Preliminary Total Risk-Weighted Assets$11,452,717 $11,306,312 
Total Common Equity to Total Assets12.2 %11.9 %
Tangible Common Equity to Tangible Assets*10.5 %10.2 %
 March 31, 2025December 31, 2024
Preliminary Regulatory Capital: 
    Common Equity Tier 1 Capital$1,466,448 $1,450,722 
    Tier 1 Capital1,496,448 1,480,722 
    Total Capital1,739,703 1,721,941 
Preliminary Regulatory Capital Ratios: 
    Common Equity Tier 1 12.8 %12.8 %
    Tier 1 Risk-Based13.1 %13.1 %
    Total Risk-Based 15.2 %15.2 %
    Tier 1 Leverage11.4 %11.3 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
FB Financial Corporation
13

 
Segment Data
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Banking segment
Interest income$178,915 $186,219 $185,824 $177,570 $176,420 
Interest expense73,156 79,426 81,489 76,377 77,958 
Net interest income$105,759 $106,793 $104,335 $101,193 $98,462 
Provisions for credit losses2,189 7,133 1,861 2,432 838 
Noninterest income (loss)10,660 11,311 (28,370)13,477 (4,794)
Salaries, commissions and employee benefits41,469 38,289 39,938 38,793 37,790 
Other noninterest expense25,440 22,754 23,180 23,390 22,405 
Pre-tax net contribution after allocations$47,321 $49,928 $10,986 $50,055 $32,635 
Total assets$12,490,097 $12,554,435 $12,337,135 $11,947,550 $11,979,904 
Efficiency ratio57.5 %51.7 %83.3 %54.4 %64.4 %
Core efficiency ratio*56.5 %50.2 %54.1 %53.9 %54.4 %
Mortgage segment
Interest income$791 $150 $(196)$(157)$(292)
Interest expense(1,091)(1,438)(1,878)(1,579)(1,320)
Net interest income$1,882 $1,588 $1,682 $1,422 $1,028 
Provisions for (reversals of) loan losses103 (49)53 (208)(56)
Mortgage banking income12,426 10,586 11,553 11,910 12,585 
Other noninterest (loss) income(54)100 320 221 171 
Salaries, commissions and employee benefits6,882 7,143 7,600 7,432 6,828 
Other noninterest expense5,758 4,988 5,494 5,478 5,397 
Pre-tax net contribution after allocations$1,511 $192 $408 $851 $1,615 
Total assets $646,352 $603,047 $583,087 $587,619 $568,416 
Efficiency ratio88.7 %98.8 %96.6 %95.3 %88.7 %
Core efficiency ratio*87.9 %98.8 %96.7 %96.1 %89.1 %
Interest rate lock commitments volume$381,777 $315,891 $381,240 $385,197 $377,166 
Interest rate lock commitments pipeline (period end)$118,200 $65,687 $105,714 $108,694 $130,315 
Mortgage loan sales$222,805 $287,291 $327,269 $315,044 $243,461 
Gains and fees from origination and sale of mortgage loans held for sale$5,602 $7,788 $9,279 $8,934 $6,458 
Net change in fair value of loans held for sale, derivatives, and other2,816 (96)(480)(4)1,821 
Mortgage servicing income7,077 7,305 7,244 7,316 7,347 
Change in fair value of mortgage servicing rights, net of hedging(3,069)(4,411)(4,490)(4,336)(3,041)
Total mortgage banking income$12,426 $10,586 $11,553 $11,910 $12,585 
Mortgage sale margin(a)
2.51 %2.71 %2.84 %2.84 %2.65 %
*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
14

Non-GAAP Reconciliations
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months Ended
Adjusted net incomeMar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Income before income taxes$48,832 $50,120 $11,394 $50,906 $34,250 
Less gain (loss) from securities, net16 — (40,165)— (16,213)
Less (loss) gain on sales or write-
   downs of premises and equipment,
   other real estate owned and other
   assets, net		(625)(2,162)(289)(281)565 
Less cash life insurance benefit— — — 2,057 — 
Plus early retirement and severance costs— 463 — 1,015 — 
Plus FDIC special assessment— — — — 500 
Plus merger and integration costs401 — — — — 
Adjusted pre-tax net income49,842 52,745 51,848 50,145 50,398 
Income tax expense, adjusted for items
   above		9,734 12,910 11,716 10,721 10,508 
Adjusted net income$40,108 $39,835 $40,132 $39,424 $39,890 
Weighted average common share
     outstanding - fully diluted		47,024,211 46,862,935 46,803,330 46,845,143 46,998,873 
Adjusted diluted earnings per
     common share
Diluted earnings per common share$0.84 $0.81 $0.22 $0.85 $0.59 
Adjusted diluted earnings per
   common share 		$0.85 $0.85 $0.86 $0.84 $0.85 



FB Financial Corporation
15

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months Ended
Adjusted pre-tax pre-provision net
    revenue		Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Income before income taxes$48,832 $50,120 $11,394 $50,906 $34,250 
Plus provisions for credit losses2,292 7,084 1,914 2,224 782 
Pre-tax pre-provision net revenue51,124 57,204 13,308 53,130 35,032 
Less gain (loss) from securities, net16 — (40,165)— (16,213)
Less (loss) gain on sales or write-
   downs of premises and equipment,
   other real estate owned and other
   assets, net		(625)(2,162)(289)(281)565 
Less cash life insurance benefit— — — 2,057 — 
Plus early retirement and severance costs— 463 — 1,015 — 
Plus FDIC special assessment— — — — 500 
Plus merger and integration costs401 — — — — 
Adjusted pre-tax pre-provision net
    revenue		$52,134 $59,829 $53,762 $52,369 $51,180 
 
Three Months Ended
Adjusted tangible net incomeMar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Income before income taxes$48,832 $50,120 $11,394 $50,906 $34,250 
Plus amortization of core deposit
     and other intangibles		656 687 719 752 789 
Less gain (loss) from securities, net16 — (40,165)— (16,213)
Less (loss) gain on sales or write-
   downs of premises and equipment,
   other real estate owned and other
   assets, net		(625)(2,162)(289)(281)565 
Less cash life insurance benefit— — — 2,057 — 
Plus early retirement and severance costs— 463 — 1,015 — 
Plus FDIC special assessment— — — — 500 
Plus merger and integration costs401 — — — — 
Less income tax expense, adjusted
     for items above		9,905 13,089 11,904 10,917 10,714 
Adjusted tangible net income$40,593 $40,343 $40,663 $39,980 $40,473 
FB Financial Corporation
16

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Core efficiency ratio (tax-equivalent
    basis)		Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Total noninterest expense$79,549 $73,174 $76,212 $75,093 $72,420 
Less early retirement and severance costs— 463 — 1,015 — 
Less FDIC special assessment— — — — 500 
Less merger and integration costs401 — — — — 
Core noninterest expense$79,148 $72,711 $76,212 $74,078 $71,920 
Net interest income$107,641 $108,381 $106,017 $102,615 $99,490 
Net interest income (tax-equivalent basis)108,427 109,004 106,634 103,254 100,199 
Total noninterest income (loss)23,032 21,997 (16,497)25,608 7,962 
Less gain (loss) from securities, net16 — (40,165)— (16,213)
Less (loss) gain on sales or write-
   downs of premises and equipment,
   other real estate owned and other
   assets, net		(625)(2,162)(289)(281)565 
Less cash life insurance benefit— — — 2,057 — 
Core noninterest income23,641 24,159 23,957 23,832 23,610 
Total revenue$130,673 $130,378 $89,520 $128,223 $107,452 
Core revenue (tax-equivalent basis)$132,068 $133,163 $130,591 $127,086 $123,809 
Efficiency ratio60.9 %56.1 %85.1 %58.6 %67.4 %
Core efficiency ratio (tax-equivalent
     basis)		59.9 %54.6 %58.4 %58.3 %58.1 %
FB Financial Corporation
17

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Banking segment core efficiency ratio
   (tax-equivalent)		Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Banking segment noninterest expense$66,909 $61,113 $63,285 $62,329 $60,344 
Less early retirement and severance costs— 463 — 1,015 — 
Less FDIC special assessment— — — — 500 
Less merger and integration costs401 — — — — 
Banking segment core noninterest
   expense		$66,508 $60,650 $63,285 $61,314 $59,844 
Banking segment net interest income $105,759 $106,793 $104,335 $101,193 $98,462 
Banking segment net interest income
    (tax-equivalent basis)		106,545 107,416 104,952 101,832 99,171 
Banking segment noninterest income (loss)10,660 11,311 (28,370)13,477 (4,794)
Less gain (loss) from securities, net16 — (40,165)— (16,213)
Less cash life insurance benefit— — — 2,057 — 
Less (loss) gain on sales or write-
   downs of premises and equipment,
   other real estate owned and other
   assets, net		(497)(2,162)(299)(398)509 
Banking segment core noninterest
   income		11,141 13,473 12,094 11,818 10,910 
Banking segment total revenue$116,419 $118,104 $75,965 $114,670 $93,668 
Banking segment total core revenue
    (tax-equivalent basis)		$117,686 $120,889 $117,046 $113,650 $110,081 
Banking segment efficiency ratio 57.5 %51.7 %83.3 %54.4 %64.4 %
Banking segment core efficiency
    ratio (tax-equivalent basis)		56.5 %50.2 %54.1 %53.9 %54.4 %
Three Months Ended
Mortgage segment core efficiency ratio
    (tax-equivalent)		Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Mortgage segment noninterest expense$12,640 $12,131 $13,094 $12,910 $12,225 
Mortgage segment core noninterest
     expense		$12,640 $12,131 $13,094 $12,910 $12,225 
Mortgage segment net interest income$1,882 $1,588 $1,682 $1,422 $1,028 
Mortgage segment noninterest income12,372 10,686 11,873 12,131 12,756 
Less (loss) gain on sales or write-
   downs of premises and equipment,
   other real estate owned and other
   assets, net		(128)— 10 117 56 
Mortgage segment core noninterest
   income		12,500 10,686 11,863 12,014 12,700 
Mortgage segment total revenue$14,254 $12,274 $13,555 $13,553 $13,784 
Mortgage segment core total revenue$14,382 $12,274 $13,545 $13,436 $13,728 
Mortgage segment efficiency ratio 88.7 %98.8 %96.6 %95.3 %88.7 %
Mortgage segment core efficiency
      ratio (tax-equivalent basis)		87.9 %98.8 %96.7 %96.1 %89.1 %
FB Financial Corporation
18

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
As of
Tangible assets, common equity and related
     measures		Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Tangible assets
Total assets$13,136,449 $13,157,482 $12,920,222 $12,535,169 $12,548,320 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net5,106 5,762 6,449 7,168 7,920 
Tangible assets$12,888,782 $12,909,159 $12,671,212 $12,285,440 $12,297,839 
Tangible common equity
Total common shareholders’ equity$1,601,962 $1,567,538 $1,562,329 $1,500,502 $1,479,526 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net5,106 5,762 6,449 7,168 7,920 
Tangible common equity$1,354,295 $1,319,215 $1,313,319 $1,250,773 $1,229,045 
Common shares outstanding46,514,547 46,663,120 46,658,019 46,642,958 46,897,378 
Book value per common share$34.44 $33.59 $33.48 $32.17 $31.55 
Tangible book value per common share$29.12 $28.27 $28.15 $26.82 $26.21 
Total common shareholders’ equity to total assets12.2 %11.9 %12.1 %12.0 %11.8 %
Tangible common equity to tangible assets10.5 %10.2 %10.4 %10.2 %9.99 %
On-balance sheet liquidity:
Cash and cash equivalents$794,706 $1,042,488 $951,750 $800,902 $870,730 
Unpledged securities703,117 600,965 510,538 612,756 514,724 
Total on-balance sheet liquidity$1,497,823 $1,643,453 $1,462,288 $1,413,658 $1,385,454 
On-balance sheet liquidity as a percentage of total
     assets		11.4 %12.5 %11.3 %11.3 %11.0 %
On-balance sheet liquidity as a percentage of total
      tangible assets		11.6 %12.7 %11.5 %11.5 %11.3 %
FB Financial Corporation
19

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Adjusted return on average tangible
     common equity and related
     measures		Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Average common shareholders’ equity$1,583,958$1,564,503$1,523,597$1,473,281$1,460,736
Less average goodwill242,561242,561242,561242,561242,561
Less average intangibles, net5,4266,1076,7957,5258,299
Average tangible common equity$1,335,971$1,315,835$1,274,241$1,223,195$1,209,876
Net income$39,361$37,886$10,220$39,979$27,950
Return on average common equity10.1 %9.63 %2.67 %10.9 %7.70 %
Return on average tangible common equity11.9 %11.5 %3.19 %13.1 %9.29 %
Adjusted tangible net income$40,593$40,343$40,663$39,980$40,473
Adjusted return on average tangible common equity12.3 %12.2 %12.7 %13.1 %13.5 %

Three Months Ended
Adjusted return on average assets,
    common equity and related
    measures
Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
Net income$39,361$37,886$10,220$39,979$27,950
Average assets13,206,96913,194,19512,741,95012,371,44412,590,079
Average common equity1,583,9581,564,5031,523,5971,473,2811,460,736
Return on average assets1.21 %1.14 %0.32 %1.30 %0.89 %
Return on average common equity10.1 %9.63 %2.67 %10.9 %7.70 %
Adjusted net income$40,108$39,835$40,132$39,424$39,890
Adjusted return on average assets1.23 %1.20 %1.25 %1.28 %1.27 %
Adjusted return on average common equity10.3 %10.1 %10.5 %10.8 %11.0 %
Adjusted pre-tax pre-provision net
   income		$52,134$59,829$53,762$52,369$51,180
Adjusted pre-tax pre-provision return
    on average assets		1.60 %1.80 %1.68 %1.70 %1.63 %
FB Financial Corporation
20