fbk-20250121

FB Financial Corporation Reports Fourth Quarter 2024 Financial Results

Reports Q4 Diluted EPS of $0.81, Adjusted Diluted EPS* of $0.85

NASHVILLE, TENNESSEE—January 21, 2025-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $37.9 million, or $0.81 per diluted common share, for the fourth quarter of 2024, compared to $0.22 in the previous quarter and $0.63 in the fourth quarter of last year. Adjusted net income* was $39.8 million, or $0.85 per diluted common share, compared to $0.86 in the previous quarter and $0.77 in the fourth quarter of last year.

The Company ended the fourth quarter with loans held for investment (“HFI”) of $9.60 billion compared to $9.48 billion at the end of the previous quarter, a 5.22% annualized increase, and $9.41 billion at the end of the fourth quarter of last year, a 2.06% increase. Deposits were $11.21 billion as of December 31, 2024, compared to $10.98 billion as of September 30, 2024, an 8.49% annualized increase, and $10.55 billion as of December 31, 2023, a 6.28% increase. Net interest margin (“NIM”) was 3.50% for the fourth quarter of 2024, compared to 3.55% in the prior quarter and 3.46% in the fourth quarter of 2023. The Company ended the quarter with book value per common share of $33.59 and tangible book value per common share* of $28.27.

President and Chief Executive Officer, Christopher T. Holmes stated, “The Company continued producing both deposit and loan growth during the quarter, resulting in increased net interest income. The growth came with an improved GAAP return on average assets of 1.14% and an adjusted pre-tax, pre-provision return on average assets* of 1.80%. Our strong financial position and operating momentum position us well moving into 2025.”


										Annualized
(dollars in thousands, except share data)	Dec 2024			Sep 2024			Dec 2023			Dec 24 / Sep 24 % Change		Dec 24 / Dec 23 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,538,008		$	1,567,922		$	1,471,973		(7.59)	%	4.49	%
Loans held for sale	126,760			103,145			67,847			91.1	%	86.8	%

Loans HFI	9,602,384			9,478,129			9,408,783			5.22	%	2.06	%

Allowance for credit losses on loans HFI	(151,942)			(156,260)			(150,326)			(11.0)	%	1.07	%
Total assets	13,157,482			12,920,222			12,604,403			7.31	%	4.39	%

Interest-bearing deposits (non-brokered)	8,625,113			8,230,867			8,179,430			19.1	%	5.45	%
Brokered deposits	469,089			519,200			150,475			(38.4)	%	211.7	%
Noninterest-bearing deposits	2,116,232			2,226,144			2,218,382			(19.6)	%	(4.60)	%



Total deposits	11,210,434			10,976,211			10,548,287			8.49	%	6.28	%

Borrowings	176,789			182,107			390,964			(11.6)	%	(54.8)	%
Allowance for credit losses on unfunded commitments	6,107			6,042			8,770			4.28	%	(30.4)	%
Total common shareholders’ equity	1,567,538			1,562,329			1,454,794			1.33	%	7.75	%
Book value per common share	$	33.59		$	33.48		$	31.05		1.31	%	8.18	%
Tangible book value per common share*	$	28.27		$	28.15		$	25.69		1.70	%	10.0	%

Total common shareholders’ equity to total assets	11.9		%	12.1		%	11.5		%
Tangible common equity to tangible assets*	10.2		%	10.4		%	9.74		%

*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Fourth Quarter 2024 Financial Supplement.

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FB Financial Corporation

Fourth Quarter 2024 Results

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	Three Months Ended
(dollars in thousands, except share data)	Dec 2024			Sep 2024			Dec 2023
Statement of Income Highlights
Net interest income	$	108,381		$	106,017		$	101,088
NIM	3.50		%	3.55		%	3.46		%



Noninterest income (loss)	$	21,997		$	(16,497)		$	15,339

(Loss) gain from securities, net	$	—		$	(40,165)		$	183


Total revenue	$	130,378		$	89,520		$	116,427
Noninterest expense	$	73,174		$	76,212		$	80,200


Early retirement and severance costs	$	463		$	—		$	2,214


Efficiency ratio	56.1		%	85.1		%	68.9		%
Core efficiency ratio*	54.6		%	58.4		%	61.7		%





Pre-tax, pre-provision net revenue	$	57,204		$	13,308		$	36,227
Adjusted pre-tax, pre-provision net revenue*	$	59,829		$	53,762		$	45,390
Provisions for credit losses	$	7,084		$	1,914		$	305
Net charge-offs (recoveries) ratio	0.47		%	0.03		%	(0.04)		%
Net income applicable to FB Financial Corporation	$	37,886		$	10,220		$	29,369
Diluted earnings per common share	$	0.81		$	0.22		$	0.63
Effective tax rate	24.4		%	10.3		%	18.2		%
Adjusted net income*	$	39,835		$	40,132		$	36,152
Adjusted diluted earnings per common share*	$	0.85		$	0.86		$	0.77


Weighted average number of shares outstanding - fully diluted	46,862,935			46,803,330			46,916,939

Returns on average:

Return on average total assets (“ROAA”)	1.14		%	0.32		%	0.94		%
Adjusted*	1.20		%	1.25		%	1.15		%
Return on average shareholders’ equity	9.63		%	2.67		%	8.41		%

Return on average tangible common equity (“ROATCE”)*	11.5		%	3.19		%	10.3		%
Adjusted*	12.2		%	12.7		%	12.9		%




*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Fourth Quarter 2024 Financial Supplement.

Balance Sheet and Net Interest Margin

The Company reported loans HFI of $9.60 billion at the end of the fourth quarter of 2024, compared to $9.48 billion at the end of the prior quarter. Net growth in loans HFI was driven by net increases of $51.1 million in owner occupied commercial real estate loans, $33.4 million in non-owner occupied commercial real estate loans, $16.1 million in residential real estate loans and $13.7 million in consumer and other loans.

The Company reported total deposits of $11.21 billion at the end of the fourth quarter compared to $10.98 billion at the end of the third quarter. Total cost of deposits decreased to 2.70% during the fourth quarter compared to 2.83% in the third quarter of 2024. The decrease in cost was driven by the federal funds rate cuts as the cost of the Company’s indexed deposits moved lower and pricing of other interest-bearing deposits also adjusted lower to align with the rate cuts. Noninterest-bearing deposits were $2.12 billion at the end of the quarter compared to $2.23 billion at the end of the third quarter of 2024, decreasing largely due to a seasonal decline of $57.9 million in mortgage escrow deposits compared to the prior period.

The Company’s net interest income on a tax-equivalent basis increased in the fourth quarter of 2024 to $109.0 million from $106.6 million in the prior quarter. NIM was 3.50% for the fourth quarter of 2024 compared to 3.55% for the previous quarter. NIM was impacted by an increase in the Company’s cash and cash equivalents during the quarter relative to the previous quarter as the Company grew deposits in anticipation of additional loan growth in 2025. The cost of interest-bearing deposits decreased to 3.37% from 3.58% in the previous quarter and the contractual yield on loans HFI decreased to 6.40% from 6.62% in the third quarter of 2024.

Holmes continued, “The Company achieved core deposit growth of 10.8% annualized and loan growth of 5.22% annualized for the quarter. NIM was within our expected range as we built deposits to prepare for expected loan growth. Our focus is customer relationships and we will continue to build the Company by adding and expanding on core banking relationships.”

Noninterest Income

Core noninterest income* was $24.2 million for the fourth quarter of 2024, compared to $24.0 million and $18.7 million for the prior quarter and fourth quarter of 2023, respectively.

Mortgage banking income declined to $10.6 million in the fourth quarter of 2024, compared to $11.6 million in the prior quarter and $8.4 million in the fourth quarter of 2023.

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FB Financial Corporation

Fourth Quarter 2024 Results

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Noninterest Expense

Core noninterest expense* during the fourth quarter of 2024 was $72.7 million compared to $76.2 million for the prior quarter and $74.4 million for the fourth quarter of 2023. During the fourth quarter of 2024, the Company’s core efficiency ratio*1 was 54.6%, compared to 58.4% in the previous quarter and 61.7% in the fourth quarter of 2023. Core banking noninterest expense* was $60.7 million for the quarter, compared to $63.3 million in the prior quarter and $62.6 million in the fourth quarter of 2023.

Chief Financial Officer Michael Mettee commented, “Improvement in operating efficiency was a highlight this quarter driven by strong revenue growth and expenses that met expectations.”

Credit Quality

In the fourth quarter, the Company recorded provision expenses of $7.0 million related to loans HFI and $65 thousand related to unfunded loan commitments. The Company had an allowance for credit losses on loans HFI as of the end of the fourth quarter of 2024 of $151.9 million, representing 1.58% of loans HFI compared to $156.3 million, or 1.65% of loans HFI as of September 30, 2024.

The Company had net charge-offs of $11.3 million in the fourth quarter of 2024, representing annualized net charge-offs of 0.47% of average loans HFI, which compares to annualized net charge-offs of 0.03% in the prior quarter and annualized net recoveries of 0.04% in the fourth quarter of 2023. For the year ended December 31, 2024, the Company experienced annualized net charge-offs of $13.1 million, or 0.14% of average loans HFI, compared to annualized net charge-offs of 0.01% for the year ended December 31, 2023. The increase was driven by the charge-off of a single previously reserved commercial and industrial relationship during the fourth quarter of 2024.

The Company’s nonperforming loans HFI as a percentage of total loans HFI decreased to 0.87% as of the end of the fourth quarter of 2024, compared to 0.96% at the previous quarter-end and 0.65% at the end of the fourth quarter of 2023. Nonperforming assets as a percentage of total assets decreased to 0.93% as of the end of the fourth quarter of 2024, compared to 0.99% at the end of the prior quarter and 0.69% as of the end of the fourth quarter of 2023.

Holmes commented, “Annualized net charge-offs for the quarter were 47 basis points due to the charge-off of a relationship that was previously disclosed and had a related specific reserve. Excluding the impact of this charge-off, our allowance for credit losses increased as a percent of loans HFI as we continue to maintain a healthy reserve that keeps us prepared for a full range of economic conditions.”

Capital

The Company continued its capital build in the fourth quarter, resulting in a preliminary total risk-based capital ratio of 15.2%, preliminary common equity tier 1 ratio of 12.8% and tangible common equity to tangible assets ratio* of 10.2%.

Holmes continued, “The Company continues to build capital for organic and strategic opportunities. We are well situated for opportunities or challenges, but are optimistic about a strong economic environment in our markets in 2025.”

Summary

Holmes finalized, “The team finished 2024 with strong revenue growth, managed expenses and a solid balance sheet. We head into 2025 with optimism and momentum.”

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company’s financial results on January 21, 2025, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 6995872) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through January 28, 2025, by dialing 1-877-344-7529 and entering confirmation code 7270666.

A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=CYYSGkob. An online replay will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 12 months.

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank with 77 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FB Financial Corporation has approximately $13.16 billion in total assets.

*Non-GAAP financial measure;1A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Fourth Quarter 2024 Financial Supplement.

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FB Financial Corporation

Fourth Quarter 2024 Results

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MEDIA CONTACT:						FINANCIAL CONTACT:

Dustin Haupt						Michael Mettee
615-370-6737						615-564-1212
[email protected]						[email protected]
www.firstbankonline.com						[email protected]

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Fourth Quarter 2024 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Fourth Quarter 2024 Financial Supplement and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on January 21, 2025.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Earnings Release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management’s current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (7) the Company’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (11) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact, extent and timing of technological changes, (13) concentrations of credit or deposit exposure, (14) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (15) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (16) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties

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FB Financial Corporation

Fourth Quarter 2024 Results

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may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.

The Company qualifies all forward-looking statements by these cautionary statements.

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

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

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.

A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company’s Fourth Quarter 2024 Financial Supplement, which is available at https://investors.firstbankonline.com.

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FB Financial Corporation

Fourth Quarter 2024 Results

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Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)

	As of or for the Three Months Ended
	Dec 2024			Sep 2024			Dec 2023
Selected Balance Sheet Data
Cash and cash equivalents	$	1,042,488		$	951,750		$	810,932
Investment securities, at fair value	1,538,008			1,567,922			1,471,973
Loans held for sale	126,760			103,145			67,847
Loans HFI	9,602,384			9,478,129			9,408,783
Allowance for credit losses on loans HFI	(151,942)			(156,260)			(150,326)


Total assets	13,157,482			12,920,222			12,604,403
Interest-bearing deposits (non-brokered)	8,625,113			8,230,867			8,179,430
Brokered deposits	469,089			519,200			150,475
Noninterest-bearing deposits	2,116,232			2,226,144			2,218,382
Total deposits	11,210,434			10,976,211			10,548,287
Borrowings	176,789			182,107			390,964
Allowance for credit losses on unfunded commitments	6,107			6,042			8,770
Total common shareholders’ equity	1,567,538			1,562,329			1,454,794
Selected Statement of Income Data
Total interest income	$	186,369		$	185,628		$	174,835
Total interest expense	77,988			79,611			73,747
Net interest income	108,381			106,017			101,088
Total noninterest income (loss)	21,997			(16,497)			15,339
Total noninterest expense	73,174			76,212			80,200
Earnings before income taxes and provisions for credit losses	57,204			13,308			36,227
Provisions for credit losses	7,084			1,914			305
Income tax expense	12,226			1,174			6,545
Net income applicable to noncontrolling interest	8			—			8
Net income applicable to FB Financial Corporation	$	37,886		$	10,220		$	29,369
Net interest income (tax-equivalent basis)	$	109,004		$	106,634		$	101,924
Adjusted net income*	$	39,835		$	40,132		$	36,152
Adjusted pre-tax, pre-provision net revenue*	$	59,829		$	53,762		$	45,390
Per Common Share
Diluted net income	$	0.81		$	0.22		$	0.63
Adjusted diluted net income*	0.85			0.86			0.77

Book value	33.59			33.48			31.05
Tangible book value*	28.27			28.15			25.69

Weighted average number of shares outstanding - fully diluted	46,862,935			46,803,330			46,916,939
Period-end number of shares	46,663,120			46,658,019			46,848,934
Selected Ratios
Return on average:
Assets	1.14		%	0.32		%	0.94		%
Shareholders’ equity	9.63		%	2.67		%	8.41		%
Tangible common equity*	11.5		%	3.19		%	10.3		%

Efficiency ratio	56.1		%	85.1		%	68.9		%
Core efficiency ratio (tax-equivalent basis)*	54.6		%	58.4		%	61.7		%
Loans HFI to deposit ratio	85.7		%	86.4		%	89.2		%

Noninterest-bearing deposits to total deposits	18.9		%	20.3		%	21.0		%
Net interest margin (tax-equivalent basis)	3.50		%	3.55		%	3.46		%
Yield on interest-earning assets	6.01		%	6.20		%	5.96		%
Cost of interest-bearing liabilities	3.40		%	3.63		%	3.47		%
Cost of total deposits	2.70		%	2.83		%	2.65		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.58		%	1.65		%	1.60		%

Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.47		%	0.03		%	(0.04)		%
Nonperforming loans HFI as a percentage of loans HFI	0.87		%	0.96		%	0.65		%
Nonperforming assets as a percentage of total assets	0.93		%	0.99		%	0.69		%
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets	11.9		%	12.1		%	11.5		%
Tangible common equity to tangible assets*	10.2		%	10.4		%	9.74		%
Tier 1 leverage	11.3		%	11.5		%	11.3		%
Tier 1 risk-based capital	13.1		%	13.0		%	12.5		%
Total risk-based capital	15.2		%	15.1		%	14.5		%
Common equity Tier 1	12.8		%	12.7		%	12.2		%

*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Fourth Quarter 2024 Financial Supplement.

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Fourth Quarter 2024

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8



Investments and Other Sources of Liquidity			11

Loan Portfolio			12

Asset Quality			13

Selected Deposit Data			14

Preliminary Capital Ratios			15

Segment Data			16

Non-GAAP Reconciliations			17

Use of non-GAAP Financial Measures

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


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

	As of or for the Three Months Ended
	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Selected Balance Sheet Data
Cash and cash equivalents	$	1,042,488		$	951,750		$	800,902		$	870,730		$	810,932
Investment securities, at fair value	1,538,008			1,567,922			1,482,379			1,464,682			1,471,973
Loans held for sale	126,760			103,145			106,875			82,704			67,847
Loans HFI	9,602,384			9,478,129			9,309,553			9,288,909			9,408,783
Allowance for credit losses on loans HFI	(151,942)			(156,260)			(155,055)			(151,667)			(150,326)


Total assets	13,157,482			12,920,222			12,535,169			12,548,320			12,604,403
Interest-bearing deposits (non-brokered)	8,625,113			8,230,867			8,130,704			8,191,962			8,179,430
Brokered deposits	469,089			519,200			150,113			130,845			150,475
Noninterest-bearing deposits	2,116,232			2,226,144			2,187,185			2,182,121			2,218,382
Total deposits	11,210,434			10,976,211			10,468,002			10,504,928			10,548,287
Borrowings	176,789			182,107			360,944			360,821			390,964
Allowance for credit losses on unfunded commitments	6,107			6,042			5,984			7,700			8,770
Total common shareholders' equity	1,567,538			1,562,329			1,500,502			1,479,526			1,454,794
Selected Statement of Income Data
Total interest income	$	186,369		$	185,628		$	177,413		$	176,128		$	174,835
Total interest expense	77,988			79,611			74,798			76,638			73,747
Net interest income	108,381			106,017			102,615			99,490			101,088
Total noninterest income (loss)	21,997			(16,497)			25,608			7,962			15,339
Total noninterest expense	73,174			76,212			75,093			72,420			80,200
Earnings before income taxes and provisions for credit losses	57,204			13,308			53,130			35,032			36,227
Provisions for credit losses	7,084			1,914			2,224			782			305
Income tax expense	12,226			1,174			10,919			6,300			6,545
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation	$	37,886		$	10,220		$	39,979		$	27,950		$	29,369
Net interest income (tax-equivalent basis)	$	109,004		$	106,634		$	103,254		$	100,199		$	101,924
Adjusted net income*	$	39,835		$	40,132		$	39,424		$	39,890		$	36,152
Adjusted pre-tax, pre-provision net revenue*	$	59,829		$	53,762		$	52,369		$	51,180		$	45,390
Per Common Share
Diluted net income	$	0.81		$	0.22		$	0.85		$	0.59		$	0.63
Adjusted diluted net income*	0.85			0.86			0.84			0.85			0.77

Book value	33.59			33.48			32.17			31.55			31.05
Tangible book value*	28.27			28.15			26.82			26.21			25.69

Weighted average number of shares outstanding - fully diluted	46,862,935			46,803,330			46,845,143			46,998,873			46,916,939
Period-end number of shares	46,663,120			46,658,019			46,642,958			46,897,378			46,848,934
Selected Ratios
Return on average:
Assets	1.14		%	0.32		%	1.30		%	0.89		%	0.94		%
Shareholders’ equity	9.63		%	2.67		%	10.9		%	7.70		%	8.41		%
Tangible common equity*	11.5		%	3.19		%	13.1		%	9.29		%	10.3		%

Efficiency ratio	56.1		%	85.1		%	58.6		%	67.4		%	68.9		%
Core efficiency ratio (tax-equivalent basis)*	54.6		%	58.4		%	58.3		%	58.1		%	61.7		%
Loans HFI to deposit ratio	85.7		%	86.4		%	88.9		%	88.4		%	89.2		%

Noninterest-bearing deposits to total deposits	18.9		%	20.3		%	20.9		%	20.8		%	21.0		%
Net interest margin (NIM) (tax-equivalent basis)	3.50		%	3.55		%	3.57		%	3.42		%	3.46		%
Yield on interest-earning assets	6.01		%	6.20		%	6.16		%	6.03		%	5.96		%
Cost of interest-bearing liabilities	3.40		%	3.63		%	3.56		%	3.56		%	3.47		%
Cost of total deposits	2.70		%	2.83		%	2.77		%	2.76		%	2.65		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.58		%	1.65		%	1.67		%	1.63		%	1.60		%

Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.47		%	0.03		%	0.02		%	0.02		%	(0.04)		%
Nonperforming loans HFI as a percentage of loans HFI	0.87		%	0.96		%	0.79		%	0.73		%	0.65		%
Nonperforming assets as a percentage of total assets	0.93		%	0.99		%	0.81		%	0.75		%	0.69		%
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets	11.9		%	12.1		%	12.0		%	11.8		%	11.5		%
Tangible common equity to tangible assets*	10.2		%	10.4		%	10.2		%	9.99		%	9.74		%
Tier 1 leverage	11.3		%	11.5		%	11.7		%	11.3		%	11.3		%
Tier 1 risk-based capital	13.1		%	13.0		%	13.0		%	12.8		%	12.5		%
Total risk-based capital	15.2		%	15.1		%	15.1		%	15.0		%	14.5		%

Common equity Tier 1	12.8		%	12.7		%	12.7		%	12.6		%	12.2		%

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


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Dec 2024		Dec 2024
													vs.		vs.
	Three Months Ended										Sep 2024	Dec 2023
	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	156,792	$	158,625	$	155,379	$	155,606	$	155,737			(1.16)	%	0.68	%
Interest on investment securities
Taxable	15,043		13,943		11,966		9,105		7,808				7.89	%	92.7	%
Tax-exempt	1,035		1,104		1,168		1,442		1,746				(6.25)	%	(40.7)	%
Other	13,499		11,956		8,900		9,975		9,544				12.9	%	41.4	%
Total interest income	186,369		185,628		177,413		176,128		174,835				0.40	%	6.60	%
Interest expense:
Deposits	76,131		76,088		71,501		72,625		70,873				0.06	%	7.42	%
Borrowings	1,857		3,523		3,297		4,013		2,874				(47.3)	%	(35.4)	%
Total interest expense	77,988		79,611		74,798		76,638		73,747				(2.04)	%	5.75	%
Net interest income	108,381		106,017		102,615		99,490		101,088				2.23	%	7.21	%
Provision for credit losses on loans HFI	7,019		1,856		3,940		1,852		3,135				278.2	%	123.9	%
Provision for (reversal of) credit losses on unfunded commitments	65		58		(1,716)		(1,070)		(2,830)				12.1	%	(102.3)	%
Net interest income after provisions for credit losses	101,297		104,103		100,391		98,708		100,783				(2.70)	%	0.51	%
Noninterest income:
Mortgage banking income	10,586		11,553		11,910		12,585		8,376				(8.37)	%	26.4	%
Investment services and trust income	3,853		3,721		3,387		3,230		3,093				3.55	%	24.6	%
Service charges on deposit accounts	3,548		3,378		3,167		3,141		2,957				5.03	%	20.0	%
ATM and interchange fees	2,867		2,840		2,814		2,944		2,618				0.95	%	9.51	%
(Loss) gain from securities, net	—		(40,165)		—		(16,213)		183				(100.0)	%	(100.0)	%
(Loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)				648.1	%	339.4	%

Other income	3,305		2,465		4,611		1,710		(1,396)				34.1	%	(336.7)	%
Total noninterest income (loss)	21,997		(16,497)		25,608		7,962		15,339				(233.3)	%	43.4	%
Total revenue	130,378		89,520		128,223		107,452		116,427				45.6	%	12.0	%
Noninterest expenses:
Salaries, commissions and employee benefits	45,432		47,538		46,225		44,618		48,142				(4.43)	%	(5.63)	%
Occupancy and equipment expense	6,668		6,640		6,328		6,614		9,530				0.42	%	(30.0)	%
Data processing	2,462		2,486		2,286		2,408		2,434				(0.97)	%	1.15	%
Legal and professional fees	1,881		1,900		1,979		1,919		1,823				(1.00)	%	3.18	%

Advertising	2,030		1,947		1,859		1,171		2,009				4.26	%	1.05	%
Amortization of core deposits and other intangibles	687		719		752		789		840				(4.45)	%	(18.2)	%



Other expense	14,014		14,982		15,664		14,901		15,422				(6.46)	%	(9.13)	%
Total noninterest expense	73,174		76,212		75,093		72,420		80,200				(3.99)	%	(8.76)	%
Income before income taxes	50,120		11,394		50,906		34,250		35,922				339.9	%	39.5	%
Income tax expense	12,226		1,174		10,919		6,300		6,545				941.4	%	86.8	%
Net income applicable to FB Financial Corporation and noncontrolling interest	37,894		10,220		39,987		27,950		29,377				270.8	%	29.0	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	37,886	$	10,220	$	39,979	$	27,950	$	29,369			270.7	%	29.0	%
Weighted average common shares outstanding:
Basic	46,662,772		46,650,563		46,762,488		46,874,882		46,845,055				0.03	%	(0.39)	%
Fully diluted	46,862,935		46,803,330		46,845,143		46,998,873		46,916,939				0.13	%	(0.12)	%
Earnings per common share:
Basic	$	0.81	$	0.22	$	0.85	$	0.60	$	0.63			268.2	%	28.6	%
Fully diluted	0.81		0.22		0.85		0.59		0.63				268.2	%	28.6	%
Fully diluted - adjusted*	0.85		0.86		0.84		0.85		0.77				(1.16)	%	10.4	%

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

NM- Not meaningful


FB Financial Corporation						5


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

					Dec 2024
					vs.
	Year Ended				Dec 2023
	Dec 2024		Dec 2023		Percent variance
Interest income:
Interest and fees on loans	$	626,402	$	599,195	4.54	%
Interest on investment securities
Taxable	50,057		27,257		83.6	%
Tax-exempt	4,749		7,153		(33.6)	%
Other	44,330		44,805		(1.06)	%
Total interest income	725,538		678,410		6.95	%
Interest expense:
Deposits	296,345		258,819		14.5	%
Borrowings	12,690		12,374		2.55	%
Total interest expense	309,035		271,193		14.0	%
Net interest income	416,503		407,217		2.28	%
Provision for credit losses on loans HFI	14,667		16,738		(12.4)	%
Reversal of credit losses on unfunded commitments	(2,663)		(14,199)		(81.2)	%
Net interest income after provisions for credit losses	404,499		404,678		(0.04)	%
Noninterest income:
Mortgage banking income	46,634		44,692		4.35	%
Investment services and trust income	14,191		11,320		25.4	%
Service charges on deposit accounts	13,234		12,154		8.89	%
ATM and interchange fees	11,465		10,282		11.5	%

Loss from securities, net	(56,378)		(13,973)		303.5	%
Loss on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(2,167)		(27)		NM

Other income	12,091		6,095		98.4	%
Total noninterest income	39,070		70,543		(44.6)	%
Total revenue	455,573		477,760		(4.64)	%
Noninterest expenses:
Salaries, commissions and employee benefits	183,813		203,441		(9.65)	%
Occupancy and equipment expense	26,250		28,148		(6.74)	%
Data processing	9,642		9,230		4.46	%
Legal and professional fees	7,679		8,890		(13.6)	%

Advertising	7,007		8,267		(15.2)	%
Amortization of core deposit and other intangibles	2,947		3,659		(19.5)	%

Other expense	59,561		63,294		(5.90)	%
Total noninterest expense	296,899		324,929		(8.63)	%
Income before income taxes	146,670		150,292		(2.41)	%
Income tax expense	30,619		30,052		1.89	%
Net income applicable to noncontrolling interest and FB Financial Corporation	116,051		120,240		(3.48)	%
Net income applicable to noncontrolling interests	16		16		—	%

Net income applicable to FB Financial Corporation	$	116,035	$	120,224	(3.48)	%
Weighted average common shares outstanding:
Basic	46,737,217		46,781,214		(0.09)	%
Fully diluted	46,872,625		46,822,792		0.11	%
Earnings per common share:
Basic	$	2.48	$	2.57	(3.50)	%
Fully diluted	2.48		2.57		(3.50)	%
Fully diluted - adjusted*	3.40		3.01		13.0	%

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

NM- Not meaningful


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Dec 2024		Dec 2024
													vs.		vs.
	As of										Sep 2024	Dec 2023
	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	120,153	$	126,470	$	192,571	$	124,772	$	146,542			(19.9)	%	(18.0)	%
Federal funds sold and reverse repurchase agreements	125,825		97,299		91,909		100,785		83,324				116.6	%	51.0	%
Interest-bearing deposits in financial institutions	796,510		727,981		516,422		645,173		581,066				37.4	%	37.1	%
Cash and cash equivalents	1,042,488		951,750		800,902		870,730		810,932				37.9	%	28.6	%
Investments:
Available-for-sale debt securities, at fair value	1,538,008		1,567,922		1,482,379		1,464,682		1,471,973				(7.59)	%	4.49	%

Federal Home Loan Bank stock, at cost	32,749		32,859		33,030		33,948		34,190				(1.33)	%	(4.21)	%


Loans held for sale	126,760		103,145		106,875		82,704		67,847				91.1	%	86.8	%
Loans held for investment	9,602,384		9,478,129		9,309,553		9,288,909		9,408,783				5.22	%	2.06	%
Less: allowance for credit losses on loans HFI	151,942		156,260		155,055		151,667		150,326				(11.0)	%	1.07	%
Net loans held for investment	9,450,442		9,321,869		9,154,498		9,137,242		9,258,457				5.49	%	2.07	%
Premises and equipment, net	148,899		152,572		154,731		155,271		155,731				(9.58)	%	(4.39)	%
Other real estate owned, net	4,409		3,779		4,173		3,613		3,192				66.3	%	38.1	%
Operating lease right-of-use assets	47,963		47,346		49,123		51,421		54,295				5.18	%	(11.7)	%
Interest receivable	49,611		52,228		52,781		53,506		52,715				(19.9)	%	(5.89)	%
Mortgage servicing rights, at fair value	162,038		157,097		164,505		165,674		164,249				12.5	%	(1.35)	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	5,762		6,449		7,168		7,920		8,709				(42.4)	%	(33.8)	%
Bank-owned life insurance	72,504		72,167		71,930		76,574		76,143				1.86	%	(4.78)	%
Other assets	233,288		208,478		210,513		202,474		203,409				47.3	%	14.7	%
Total assets	$	13,157,482	$	12,920,222	$	12,535,169	$	12,548,320	$	12,604,403			7.31	%	4.39	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,116,232	$	2,226,144	$	2,187,185	$	2,182,121	$	2,218,382			(19.6)	%	(4.60)	%
Interest-bearing checking	2,906,425		2,754,253		2,628,554		2,421,487		2,504,421				22.0	%	16.1	%
Money market and savings	4,338,483		4,098,496		4,157,968		4,298,938		4,204,851				23.3	%	3.18	%
Customer time deposits	1,380,205		1,378,118		1,343,934		1,471,190		1,469,811				0.60	%	(6.10)	%
Brokered and internet time deposits	469,089		519,200		150,361		131,192		150,822				(38.4)	%	211.0	%
Total deposits	11,210,434		10,976,211		10,468,002		10,504,928		10,548,287				8.49	%	6.28	%
Borrowings	176,789		182,107		360,944		360,821		390,964				(11.6)	%	(54.8)	%
Operating lease liabilities	60,024		59,584		61,932		64,562		67,643				2.94	%	(11.3)	%
Accrued expenses and other liabilities	142,604		139,898		143,696		138,390		142,622				7.70	%	(0.01)	%
Total liabilities	11,589,851		11,357,800		11,034,574		11,068,701		11,149,516				8.13	%	3.95	%
Shareholders’ equity:
Common stock, $1 par value	46,663		46,658		46,643		46,897		46,849				0.04	%	(0.40)	%
Additional paid-in capital	860,266		858,106		855,391		866,803		864,258				1.00	%	(0.46)	%
Retained earnings	762,293		732,435		730,242		698,310		678,412				16.2	%	12.4	%
Accumulated other comprehensive loss, net	(101,684)		(74,870)		(131,774)		(132,484)		(134,725)				142.5	%	(24.5)	%
Total common shareholders’ equity	1,567,538		1,562,329		1,500,502		1,479,526		1,454,794				1.33	%	7.75	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,567,631		1,562,422		1,500,595		1,479,619		1,454,887				1.33	%	7.75	%
Total liabilities and shareholders’ equity	$	13,157,482	$	12,920,222	$	12,535,169	$	12,548,320	$	12,604,403			7.31	%	4.39	%


FB Financial Corporation						7


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	December 31, 2024						September 30, 2024
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,522,996	$	155,897	6.51	%	$	9,362,937	$	157,751	6.70	%
Mortgage loans held for sale	71,569		1,153		6.41	%	66,828		1,102		6.56	%

Investment securities:
Taxable	1,523,297		15,043		3.93	%	1,487,200		13,943		3.73	%
Tax-exempt(b)	168,284		1,400		3.31	%	181,465		1,493		3.27	%
Total investment securities(b)	1,691,581		16,443		3.87	%	1,668,665		15,436		3.68	%
Federal funds sold and reverse repurchase agreements	112,388		1,393		4.93	%	118,715		1,687		5.65	%
Interest-bearing deposits with other financial institutions	943,638		11,361		4.79	%	701,666		9,519		5.40	%
FHLB stock	32,773		745		9.04	%	32,919		750		9.06	%
Total interest-earning assets(b)	12,374,945		186,992		6.01	%	11,951,730		186,245		6.20	%
Noninterest-earning assets:
Cash and due from banks	117,819						131,308
Allowance for credit losses on loans HFI	(155,022)						(155,665)
Other assets(c)(d)	856,453						814,577
Total noninterest-earning assets	819,250						790,220
Total assets	$	13,194,195					$	12,741,950
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,837,092	$	20,957	2.94	%	$	2,624,046	$	20,998	3.18	%
Money market	3,880,258		35,044		3.59	%	3,802,818		37,574		3.93	%
Savings deposits	349,912		62		0.07	%	357,165		65		0.07	%
Customer time deposits	1,402,300		14,114		4.00	%	1,349,986		13,479		3.97	%
Brokered and internet time deposits	518,337		5,954		4.57	%	322,667		3,972		4.90	%
Time deposits	1,920,637		20,068		4.16	%	1,672,653		17,451		4.15	%
Total interest-bearing deposits	8,987,899		76,131		3.37	%	8,456,682		76,088		3.58	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	14,791		16		0.43	%	21,734		79		1.45	%

Subordinated debt	130,658		1,837		5.59	%	130,561		1,900		5.79	%
Other borrowings	1,245		4		1.28	%	125,616		1,544		4.89	%
Total other interest-bearing liabilities	146,694		1,857		5.04	%	277,911		3,523		5.04	%
Total interest-bearing liabilities	9,134,593		77,988		3.40	%	8,734,593		79,611		3.63	%
Noninterest-bearing liabilities:
Demand deposits	2,241,492						2,241,512
Other liabilities(d)	253,514						242,155
Total noninterest-bearing liabilities	2,495,006						2,483,667
Total liabilities	11,629,599						11,218,260
Total common shareholders’ equity	1,564,503						1,523,597
Noncontrolling interest	93						93
Total equity	1,564,596						1,523,690
Total liabilities and shareholders’ equity	$	13,194,195					$	12,741,950
Net interest income(b)			$	109,004					$	106,634
Interest rate spread(b)					2.61	%					2.57	%
Net interest margin(b)(e)					3.50	%					3.55	%
Cost of total deposits					2.70	%					2.83	%
Average interest-earning assets to average interest-bearing liabilities					135.5	%					136.8	%
Tax-equivalent adjustment			$	623					$	617
Loans HFI yield components:
Contractual interest rate(b)			$	153,255	6.40	%			$	155,884	6.62	%
Origination and other loan fee income			1,859		0.08	%			1,779		0.08	%
Accretion (amortization) on purchased loans			119		—	%			(10)		—	%
Nonaccrual interest			664		0.03	%			98		—	%

Total loans HFI yield			$	155,897	6.51	%			$	157,751	6.70	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.

(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.

(c) Includes average net unrealized losses on investment securities available for sale of $119,243 and $153,838 for the three months ended December 31, 2024 and September 30, 2024, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $31,519 and 25,451 for the three months ended December 31, 2024 and September 30, 2024, respectively.

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


FB Financial Corporation						8


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	June 30, 2024						March 31, 2024						December 31, 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)	$	9,263,822	$	154,226	6.70	%	$	9,386,794	$	154,956	6.64	%	$	9,330,176	$	155,081	6.59	%
Mortgage loans held for sale	80,919		1,380		6.86	%	48,566		851		7.05	%	47,293		877		7.36	%
Commercial loans held for sale	—		—		—	%	—		—		—	%	7,281		—		—	%
Investment securities:
Taxable	1,464,045		11,966		3.29	%	1,399,237		9,105		2.62	%	1,361,987		7,808		2.27	%
Tax-exempt(b)	193,347		1,580		3.29	%	241,379		1,950		3.25	%	283,395		2,361		3.31	%
Total investment securities(b)	1,657,392		13,546		3.29	%	1,640,616		11,055		2.71	%	1,645,382		10,169		2.45	%
Federal funds sold and reverse repurchase agreements	108,097		1,497		5.57	%	155,380		2,126		5.50	%	107,276		1,518		5.61	%
Interest-bearing deposits with other financial institutions	488,123		6,641		5.47	%	530,390		7,066		5.36	%	525,763		7,195		5.43	%
FHLB stock	33,495		762		9.15	%	34,051		783		9.25	%	34,556		831		9.54	%
Total interest-earning assets(b)	11,631,848		178,052		6.16	%	11,795,797		176,837		6.03	%	11,697,727		175,671		5.96	%
Noninterest-earning assets:
Cash and due from banks	124,729						167,732						127,715
Allowance for credit losses on loans HFI	(151,724)						(150,605)						(147,035)
Other assets(c)(d)	766,591						777,155						756,168
Total noninterest-earning assets	739,596						794,282						736,848
Total assets	$	12,371,444					$	12,590,079					$	12,434,575
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,500,325	$	19,074	3.07	%	$	2,539,084	$	19,016	3.01	%	$	2,500,139	$	18,444	2.93	%
Money market	3,779,139		36,887		3.93	%	3,849,080		37,570		3.93	%	3,761,500		36,740		3.88	%
Savings deposits	369,779		64		0.07	%	377,963		62		0.07	%	388,296		67		0.07	%
Customer time deposits	1,387,956		13,812		4.00	%	1,457,377		14,124		3.90	%	1,447,094		13,463		3.69	%
Brokered and internet time deposits	123,003		1,664		5.44	%	140,292		1,853		5.31	%	162,317		2,159		5.28	%
Time deposits	1,510,959		15,476		4.12	%	1,597,669		15,977		4.02	%	1,609,411		15,622		3.85	%
Total interest-bearing deposits	8,160,202		71,501		3.52	%	8,363,796		72,625		3.49	%	8,259,346		70,873		3.40	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	24,680		122		1.99	%	24,219		149		2.47	%	31,673		177		2.22	%

Subordinated debt	130,464		1,615		4.98	%	129,718		2,286		7.09	%	128,621		2,604		8.03	%
Other borrowings	131,293		1,560		4.78	%	131,318		1,578		4.83	%	8,407		93		4.39	%
Total other interest-bearing liabilities	286,437		3,297		4.63	%	285,255		4,013		5.66	%	168,701		2,874		6.76	%
Total interest-bearing liabilities	8,446,639		74,798		3.56	%	8,649,051		76,638		3.56	%	8,428,047		73,747		3.47	%
Noninterest-bearing liabilities:
Demand deposits	2,222,005						2,227,175						2,341,627
Other liabilities(d)	229,426						253,024						279,435
Total noninterest-bearing liabilities	2,451,431						2,480,199						2,621,062
Total liabilities	10,898,070						11,129,250						11,049,109
Total common shareholders’ equity	1,473,281						1,460,736						1,385,373
Noncontrolling interest	93						93						93
Total equity	1,473,374						1,460,829						1,385,466
Total liabilities and shareholders’ equity	$	12,371,444					$	12,590,079					$	12,434,575
Net interest income(b)			$	103,254					$	100,199					$	101,924
Interest rate spread(b)					2.60	%					2.47	%					2.49	%
Net interest margin(b)(e)					3.57	%					3.42	%					3.46	%
Cost of total deposits					2.77	%					2.76	%					2.65	%
Average interest-earning assets to average interest-bearing liabilities					137.7	%					136.4	%					138.8	%
Tax-equivalent adjustment			$	639					$	709					$	836
Loans HFI yield components:
Contractual interest rate(b)			$	152,037	6.60	%			$	152,875	6.55	%			$	151,193	6.43	%
Origination and other loan fee income			1,291		0.06	%			1,436		0.06	%			3,322		0.14	%
Accretion on purchased loans			161		0.01	%			387		0.02	%			77		—	%
Nonaccrual interest			737		0.03	%			258		0.01	%			489		0.02	%

Total loans HFI yield			$	154,226	6.70	%			$	154,956	6.64	%			$	155,081	6.59	%

(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, $194,091 and $258,265 for the three months ended June 30, 2024, March 31, 2024 and

December 31, 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, $20,750 and $21,072 for the three months ended June 30, 2024, March 31, 2024 and December 31, 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)

	Year Ended
	December 31, 2024						December 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,384,458	$	622,830	6.64	%	$	9,335,977	$	596,001	6.38	%
Mortgage loans held for sale	66,983		4,486		6.70	%	56,815		3,856		6.79	%
Commercial loans held for sale	—		—		—	%	10,602		162		1.53	%
Investment securities:
Taxable	1,468,646		50,057		3.41	%	1,370,514		27,257		1.99	%
Tax-exempt(b)	196,003		6,423		3.28	%	290,884		9,674		3.33	%
Total investment securities(b)	1,664,649		56,480		3.39	%	1,661,398		36,931		2.22	%
Federal funds sold and reverse repurchase agreements	123,601		6,703		5.42	%	112,833		5,798		5.14	%
Interest-bearing deposits with other financial institutions	666,810		34,587		5.19	%	701,629		35,652		5.08	%
FHLB stock	33,307		3,040		9.13	%	40,058		3,355		8.38	%
Total interest-earning assets(b)	11,939,808		728,126		6.10	%	11,919,312		681,755		5.72	%
Noninterest-earning assets:
Cash and due from banks	135,338						132,327
Allowance for credit losses on loans HFI	(153,265)						(140,246)
Other assets(c)(d)	803,867						757,441
Total noninterest-earning assets	785,940						749,522
Total assets	$	12,725,748					$	12,668,834
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,625,713	$	80,045	3.05	%	$	2,863,053	$	81,761	2.86	%
Money market	3,827,898		147,075		3.84	%	3,578,707		126,205		3.53	%
Savings deposits	363,649		253		0.07	%	422,339		259		0.06	%
Customer time deposits	1,399,278		55,529		3.97	%	1,436,313		45,251		3.15	%
Brokered and internet time deposits	276,864		13,443		4.86	%	101,423		5,343		5.27	%
Time deposits	1,676,142		68,972		4.11	%	1,537,736		50,594		3.29	%
Total interest-bearing deposits	8,493,402		296,345		3.49	%	8,401,835		258,819		3.08	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	21,339		366		1.72	%	29,860		669		2.24	%
Federal Home Loan Bank advances	—		—		—	%	28,973		1,487		5.13	%
Subordinated debt	130,352		7,638		5.86	%	127,386		10,102		7.93	%
Other borrowings	97,182		4,686		4.82	%	3,225		116		3.60	%
Total other interest-bearing liabilities	248,873		12,690		5.10	%	189,444		12,374		6.53	%
Total interest-bearing liabilities	8,742,275		309,035		3.53	%	8,591,279		271,193		3.16	%
Noninterest-bearing liabilities:
Demand deposits	2,233,092						2,442,019
Other liabilities(d)	244,549						260,612
Total noninterest-bearing liabilities	2,477,641						2,702,631
Total liabilities	11,219,916						11,293,910
Total common shareholders’ equity	1,505,739						1,374,831
Noncontrolling interest	93						93
Total equity	1,505,832						1,374,924
Total liabilities and shareholders’ equity	$	12,725,748					$	12,668,834
Net interest income(b)			$	419,091					$	410,562
Interest rate spread(b)					2.57	%					2.56	%
Net interest margin(b)(e)					3.51	%					3.44	%
Cost of total deposits					2.76	%					2.39	%
Average interest-earning assets to average interest-bearing liabilities					136.6	%					138.7	%
Tax equivalent adjustment			$	2,588					$	3,345
Loans HFI yield components:
Contractual interest rate(b)			$	614,051	6.54	%			$	579,193	6.20	%
Origination and other loan fee income			6,365		0.07	%			14,675		0.15	%
Accretion on purchased loans			657		0.01	%			694		0.01	%
Nonaccrual interest			1,757		0.02	%			1,439		0.02	%

Total loans HFI yield			$	622,830	6.64	%			$	596,001	6.38	%

(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 $166,149 and $231,534 for the years ended December 31, 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 $24,639 and $21,688 for the years ended December 31, 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
	Dec 2024					Sep 2024					Jun 2024					Mar 2024					Dec 2023
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	563,007		36	%	$	516,833		33	%	$	428,608		29	%	$	415,927		28	%	$	203,956		14	%
Mortgage-backed securities - residential	810,999			53	%	879,589			56	%	864,272			59	%	826,214			57	%	896,971			62	%
Mortgage-backed securities - commercial	14,857			1	%	16,289			1	%	16,103			1	%	16,615			1	%	16,961			1	%
Municipal securities	147,857			10	%	154,229			10	%	169,977			11	%	171,672			12	%	242,263			16	%
Treasury securities	299			—	%	—			—	%	—			—	%	30,857			2	%	108,496			7	%
Corporate securities	989			—	%	982			—	%	3,419			—	%	3,397			—	%	3,326			—	%
Total available-for-sale debt securities	1,538,008			100	%	1,567,922			100	%	1,482,379			100	%	1,464,682			100	%	1,471,973			100	%


Investment securities to total assets	11.7		%			12.1		%			11.8		%			11.7		%			11.7		%
Unrealized loss on available-for-sale debt securities	(141,389)					(105,157)					(182,208)					(183,598)					(186,806)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	1,042,488		63	%	$	951,750		65	%	$	800,902		57	%	$	870,730		63	%	$	810,932		60	%
Unpledged available-for-sale debt securities	600,965			37	%	510,538			35	%	612,756			43	%	514,724			37	%	542,427			40	%

Total on-balance sheet liquidity	$	1,643,453		100	%	$	1,462,288		100	%	$	1,413,658		100	%	$	1,385,454		100	%	$	1,353,359		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,318,091		49	%	$	3,199,575		48	%	$	3,361,580		49	%	$	3,392,255		48	%	$	3,350,026		48	%
FHLB remaining borrowing capacity	1,397,905			21	%	1,355,884			20	%	1,294,743			19	%	1,237,843			18	%	1,297,702			18	%
Federal Reserve discount window	2,053,541			30	%	2,133,951			32	%	2,230,338			32	%	2,382,574			34	%	2,431,084			34	%
Total available sources of liquidity	$	6,769,537		100	%	$	6,689,410		100	%	$	6,886,661		100	%	$	7,012,672		100	%	$	7,078,812		100	%

On-balance sheet liquidity as a percentage of total assets	12.5		%			11.3		%			11.3		%			11.0		%			10.7		%
On-balance sheet liquidity as a percentage of total tangible assets*	12.7		%			11.5		%			11.5		%			11.3		%			11.0		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	293.8		%			245.4		%			259.2		%			268.1		%			269.0		%

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

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

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


FB Financial Corporation						11


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2024		% of Total		Sep 2024		% of Total		Jun 2024		% of Total		Mar 2024		% of Total		Dec 2023		% of Total
Loan portfolio
Commercial and industrial	$	1,691,213	18	%	$	1,688,815	18	%	$	1,614,307	17	%	$	1,621,611	17	%	$	1,720,733	18	%
Construction	1,087,732		11	%	1,079,726		11	%	1,200,123		13	%	1,268,883		14	%	1,397,313		15	%
Residential real estate:
1-to-4 family mortgage	1,616,754		17	%	1,612,031		17	%	1,584,029		17	%	1,577,824		17	%	1,568,552		17	%
Residential line of credit	602,475		6	%	591,049		6	%	559,359		6	%	549,306		6	%	530,912		6	%
Multi-family mortgage	653,769		7	%	654,188		7	%	597,039		6	%	615,081		7	%	603,804		6	%
Commercial real estate:
Owner-occupied	1,357,568		14	%	1,324,208		14	%	1,274,705		14	%	1,236,007		13	%	1,232,071		13	%
Non-owner occupied	2,099,129		22	%	2,048,036		22	%	2,035,102		22	%	1,991,526		21	%	1,943,525		21	%
Consumer and other	493,744		5	%	480,076		5	%	444,889		5	%	428,671		5	%	411,873		4	%
Total loans HFI	$	9,602,384	100	%	$	9,478,129	100	%	$	9,309,553	100	%	$	9,288,909	100	%	$	9,408,783	100	%
Percentage of loans HFI portfolio with floating interest rates			49.4	%			49.2	%			49.8	%			49.0	%			48.5	%
Percentage of loans HFI portfolio with floating interest rates that mature after one year			43.5	%			43.6	%			43.4	%			42.4	%			41.3	%

Loans by market
Metropolitan	$	7,934,549	82	%	$	7,795,075	82	%	$	7,668,893	82	%	$	7,668,330	83	%	$	7,830,739	83	%
Community	546,987		6	%	565,194		6	%	567,465		6	%	599,557		6	%	629,152		7	%
Specialty lending and other	1,120,848		12	%	1,117,860		12	%	1,073,195		12	%	1,021,022		11	%	948,892		10	%
Total	$	9,602,384	100	%	$	9,478,129	100	%	$	9,309,553	100	%	$	9,288,909	100	%	$	9,408,783	100	%

Unfunded loan commitments
Commercial and industrial	$	1,371,413	50	%	$	1,314,683	48	%	$	1,286,013	47	%	$	1,255,409	46	%	$	1,262,234	44	%
Construction	498,133		18	%	510,157		19	%	516,813		19	%	590,575		21	%	725,864		25	%
Residential real estate:
1-to-4 family mortgage	7,299		—	%	3,665		—	%	5,597		—	%	1,485		—	%	973		—	%
Residential line of credit	734,031		26	%	735,928		27	%	721,949		27	%	702,939		25	%	700,126		24	%
Multi-family mortgage	12,044		—	%	11,771		—	%	12,526		—	%	25,047		1	%	23,583		1	%
Commercial real estate:
Owner-occupied	78,856		3	%	67,875		3	%	77,498		3	%	77,400		3	%	73,432		2	%
Non-owner occupied	54,898		2	%	51,960		2	%	73,178		3	%	82,370		3	%	82,966		3	%
Consumer and other	13,431		1	%	17,321		1	%	29,103		1	%	25,058		1	%	25,509		1	%
Total unfunded loans HFI	$	2,770,105	100	%	$	2,713,360	100	%	$	2,722,677	100	%	$	2,760,283	100	%	$	2,894,687	100	%


FB Financial Corporation						12


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	156,260		$	155,055		$	151,667		$	150,326		$	146,134


Charge-offs	(12,010)			(915)			(913)			(927)			(1,048)
Recoveries	673			264			361			416			2,105
Provision for credit losses on loans HFI	7,019			1,856			3,940			1,852			3,135


Allowance for credit losses on loans HFI at the end of the period	$	151,942		$	156,260		$	155,055		$	151,667		$	150,326
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.58		%	1.65		%	1.67		%	1.63		%	1.60		%

Allowance for credit losses on unfunded commitments	$	6,107		$	6,042		$	5,984		$	7,700		$	8,770
Charge-offs
Commercial and industrial	$	(10,921)		$	(90)		$	(26)		$	(43)		$	(251)
Construction	(30)			—			—			(92)			—
Residential real estate:
1-to-4 family mortgage	(144)			(2)			(293)			—			(10)
Residential line of credit	—			(53)			—			(20)			—




Consumer and other	(915)			(770)			(594)			(772)			(787)
Total charge-offs	(12,010)			(915)			(913)			(927)			(1,048)
Recoveries
Commercial and industrial	371			23			20			14			81

Residential real estate:
1-to-4 family mortgage	9			9			10			56			44
Residential line of credit	—			18			—			—			—

Commercial real estate:
Owner occupied	5			12			188			40			14
Non-owner occupied	—			—			—			—			1,833
Consumer and other	288			202			143			306			133
Total recoveries	673			264			361			416			2,105
Net (charge-offs) recoveries	$	(11,337)		$	(651)		$	(552)		$	(511)		$	1,057
Annualized net charge-offs (recoveries) as a percentage of average loans HFI	0.47		%	0.03		%	0.02		%	0.02		%	(0.04)		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	24,347		$	26,250		$	17,058		$	12,858		$	12,693
Nonaccrual loans	59,358			64,585			56,165			54,892			48,230
Total nonperforming loans HFI	83,705			90,835			73,223			67,750			60,923

Mortgage loans held for sale(a)	31,357			30,537			22,354			20,876			21,229

Other real estate owned	4,409			3,779			4,173			3,613			3,192

Other repossessed assets	2,444			2,182			1,720			1,834			1,139
Total nonperforming assets	$	121,915		$	127,333		$	101,470		$	94,073		$	86,483
Total nonperforming loans HFI as a percentage of loans HFI	0.87		%	0.96		%	0.79		%	0.73		%	0.65		%
Total nonperforming assets as a percentage of total assets	0.93		%	0.99		%	0.81		%	0.75		%	0.69		%
Total nonaccrual loans as a percentage of loans HFI	0.62		%	0.68		%	0.60		%	0.59		%	0.51		%

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


FB Financial Corporation						13


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Dec 2024					Sep 2024					Jun 2024					Mar 2024					Dec 2023





Deposits by market
Metropolitan	$	8,136,849		73	%	$	7,794,790		71	%	$	7,440,577		71	%	$	7,506,630		72	%	$	7,536,301		72	%
Community	2,471,052			22	%	2,459,641			22	%	2,499,574			24	%	2,500,182			24	%	2,522,536			24	%
Brokered/wholesale	469,089			4	%	519,200			5	%	150,113			1	%	130,845			1	%	150,475			1	%
Escrow and other(a)	133,444			1	%	202,580			2	%	377,738			4	%	367,271			3	%	338,975			3	%
Total	$	11,210,434		100	%	$	10,976,211		100	%	$	10,468,002		100	%	$	10,504,928		100	%	$	10,548,287		100	%

Deposits by customer segment
Consumer	$	4,853,609		43	%	$	4,676,492		43	%	$	4,675,189		45	%	$	4,866,099		46	%	$	4,880,890		46	%
Commercial	4,802,105			43	%	4,886,660			45	%	4,270,924			41	%	4,085,282			39	%	4,069,724			39	%
Public	1,554,720			14	%	1,413,059			12	%	1,521,889			14	%	1,553,547			15	%	1,597,673			15	%
Total	$	11,210,434		100	%	$	10,976,211		100	%	$	10,468,002		100	%	$	10,504,928		100	%	$	10,548,287		100	%

Estimated insured or collateralized deposits	$	8,346,796				$	7,654,786				$	7,265,975				$	7,372,728				$	7,414,224





Estimated uninsured and uncollateralized deposits(b)	$	2,863,638				$	3,321,425				$	3,202,027				$	3,132,200				$	3,134,063

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	25.5		%			30.3		%			30.6		%			29.8		%			29.7		%

(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:	December 31, 2024			December 31, 2023

Total Common Shareholders' Equity	$	1,567,538		$	1,454,794
Less:
Goodwill	242,561			242,561
Other intangibles	5,762			8,709
Tangible Common Equity	$	1,319,215		$	1,203,524

Total Assets	$	13,157,482		$	12,604,403
Less:
Goodwill	242,561			242,561
Other intangibles	5,762			8,709
Tangible Assets	$	12,909,159		$	12,353,133

Preliminary Total Risk-Weighted Assets	$	11,306,312		$	11,257,406

Total Common Equity to Total Assets	11.9		%	11.5		%
Tangible Common Equity to Tangible Assets*	10.2		%	9.74		%


	December 31, 2024			December 31, 2023
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,450,722		$	1,375,890
Tier 1 Capital	1,480,722			1,405,890
Total Capital	1,721,941			1,635,848

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.8		%	12.2		%
Tier 1 Risk-Based	13.1		%	12.5		%
Total Risk-Based	15.2		%	14.5		%
Tier 1 Leverage	11.3		%	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
	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Banking segment
Interest income	$	186,219		$	185,824		$	177,570		$	176,420		$	175,132
Interest expense	79,426			81,489			76,377			77,958			75,321
Net interest income	$	106,793		$	104,335		$	101,193		$	98,462		$	99,811
Provisions for credit losses	7,133			1,861			2,432			838			283

Noninterest income (loss)	11,311			(28,370)			13,477			(4,794)			6,889


Salaries, commissions and employee benefits	38,169			39,851			38,689			37,702			41,439
Other noninterest expense	22,944			23,434			23,640			22,642			27,024
Pre-tax net contribution after allocations	$	49,858		$	10,819		$	49,909		$	32,486		$	37,954
Total assets	$	12,554,435		$	12,337,135		$	11,947,550		$	11,979,904		$	12,050,245

Efficiency ratio	51.7		%	83.3		%	54.4		%	64.4		%	64.2		%
Core efficiency ratio*	50.2		%	54.1		%	53.9		%	54.4		%	56.5		%
Mortgage segment
Interest income	$	150		$	(196)		$	(157)		$	(292)		$	(297)
Interest expense	(1,438)			(1,878)			(1,579)			(1,320)			(1,574)
Net interest income	$	1,588		$	1,682		$	1,422		$	1,028		$	1,277
(Reversals of) provisions for loan losses	(49)			53			(208)			(56)			22
Mortgage banking income	10,586			11,553			11,910			12,585			8,376
Other noninterest income	100			320			221			171			74


Salaries, commissions and employee benefits	7,263			7,687			7,536			6,916			6,703
Other noninterest expense	4,798			5,240			5,228			5,160			5,034
Pre-tax net contribution (loss) after allocations	$	262		$	575		$	997		$	1,764		$	(2,032)
Total assets	$	603,047		$	583,087		$	587,619		$	568,416		$	554,158

Efficiency ratio	98.3		%	95.4		%	94.2		%	87.6		%	120.7		%
Core efficiency ratio*	98.3		%	95.4		%	95.0		%	88.0		%	120.3		%










Interest rate lock commitments volume	$	315,891		$	381,240		$	385,197		$	377,166		$	245,776




Interest rate lock commitments pipeline (period end)	$	65,687		$	105,714		$	108,694		$	130,315		$	69,217




Mortgage loan sales	$	287,291		$	327,269		$	315,044		$	243,461		$	257,170
Gains and fees from origination and sale of mortgage loans held for sale	$	7,788		$	9,279		$	8,934		$	6,458		$	7,389
Net change in fair value of loans held for sale, derivatives, and other	(96)			(480)			(4)			1,821			(1,686)
Mortgage servicing income	7,305			7,244			7,316			7,347			7,546
Change in fair value of mortgage servicing rights, net of hedging	(4,411)			(4,490)			(4,336)			(3,041)			(4,873)
Total mortgage banking income	$	10,586		$	11,553		$	11,910		$	12,585		$	8,376
Mortgage sale margin(a)	2.71		%	2.84		%	2.84		%	2.65		%	2.87		%

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

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


FB Financial Corporation						16


Non-GAAP Reconciliations

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

	Three Months Ended										Year Ended
Adjusted net income	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023		Dec 2024		Dec 2023
Income before income taxes	$	50,120	$	11,394	$	50,906	$	34,250	$	35,922	$	146,670	$	150,292
Less (loss) gain from securities, net	—		(40,165)		—		(16,213)		183		(56,378)		(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)		(2,167)		(27)
Less cash life insurance benefit	—		—		2,057		—		—		2,057		—
Less loss from changes in fair value of commercial loans held for sale	—		—		—		—		(3,009)		—		(2,114)
Plus early retirement, severance and other costs	463		—		1,015		—		2,214		1,478		8,449
Plus loss on lease terminations	—		—		—		—		1,843		—		1,770
Plus FDIC special assessment	—		—		—		500		1,788		500		1,788


Adjusted pre-tax net income	52,745		51,848		50,145		50,398		45,085		205,136		178,413
Income tax expense, adjusted for items above	12,910		11,716		10,721		10,508		8,933		45,855		37,380
Adjusted net income	$	39,835	$	40,132	$	39,424	$	39,890	$	36,152	$	159,281	$	141,033
Weighted average common share outstanding - fully diluted	46,862,935		46,803,330		46,845,143		46,998,873		46,916,939		46,872,625		46,822,792
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.81	$	0.22	$	0.85	$	0.59	$	0.63	$	2.48	$	2.57








Adjusted diluted earnings per common share	$	0.85	$	0.86	$	0.84	$	0.85	$	0.77	$	3.40	$	3.01


FB Financial Corporation						17


Non-GAAP Reconciliations (continued)

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

	Three Months Ended										Year Ended
Adjusted pre-tax pre-provision net revenue	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023		Dec 2024		Dec 2023
Income before income taxes	$	50,120	$	11,394	$	50,906	$	34,250	$	35,922	$	146,670	$	150,292
Plus provisions for credit losses	7,084		1,914		2,224		782		305		12,004		2,539
Pre-tax pre-provision net revenue	57,204		13,308		53,130		35,032		36,227		158,674		152,831
Less (loss) gain from securities, net	—		(40,165)		—		(16,213)		183		(56,378)		(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)		(2,167)		(27)
Less cash life insurance benefit	—		—		2,057		—		—		2,057		—
Less loss from changes in fair value of commercial loans held for sale	—		—		—		—		(3,009)		—		(2,114)
Plus early retirement, severance and other costs	463		—		1,015		—		2,214		1,478		8,449
Plus loss on lease terminations	—		—		—		—		1,843		—		1,770
Plus FDIC special assessment	—		—		—		500		1,788		500		1,788

Adjusted pre-tax pre-provision net revenue	$	59,829	$	53,762	$	52,369	$	51,180	$	45,390	$	217,140	$	180,952



	Three Months Ended										Year Ended
Adjusted tangible net income	Dec 2024		Sep 2024		Jun 2024		Mar 2024		Dec 2023		Dec 2024		Dec 2023
Income before income taxes	$	50,120	$	11,394	$	50,906	$	34,250	$	35,922	$	146,670	$	150,292

Plus amortization of core deposit and other intangibles	687		719		752		789		840		2,947		3,659
Less (loss) gain from securities, net	—		(40,165)		—		(16,213)		183		(56,378)		(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)		(289)		(281)		565		(492)		(2,167)		(27)
Less cash life insurance benefit	—		—		2,057		—		—		2,057		—
Less loss from changes in fair value of commercial loans held for sale	—		—		—		—		(3,009)		—		(2,114)
Plus early retirement, severance and other costs	463		—		1,015		—		2,214		1,478		8,449
Plus loss on lease terminations	—		—		—		—		1,843		—		1,770
Plus FDIC special assessment	—		—		—		500		1,788		500		1,788

Less income tax expense, adjusted for items above	13,089		11,904		10,917		10,714		9,152		46,623		38,334
Adjusted tangible net income	$	40,343	$	40,663	$	39,980	$	40,473	$	36,773	$	161,460	$	143,738


FB Financial Corporation						18


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Year Ended
Core efficiency ratio (tax-equivalent basis)	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Total noninterest expense	$	73,174		$	76,212		$	75,093		$	72,420		$	80,200		$	296,899		$	324,929



Less early retirement, severance and other costs	463			—			1,015			—			2,214			1,478			8,449
Plus loss on lease terminations	—			—			—			—			1,843			—			1,770
Less FDIC special assessment	—			—			—			500			1,788			500			1,788

Core noninterest expense	$	72,711		$	76,212		$	74,078		$	71,920		$	74,355		$	294,921		$	312,922
Net interest income	$	108,381		$	106,017		$	102,615		$	99,490		$	101,088		$	416,503		$	407,217
Net interest income (tax-equivalent basis)	109,004			106,634			103,254			100,199			101,924			419,091			410,562
Total noninterest income (loss)	21,997			(16,497)			25,608			7,962			15,339			39,070			70,543
Less (loss) gain from securities, net	—			(40,165)			—			(16,213)			183			(56,378)			(13,973)
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)			(289)			(281)			565			(492)			(2,167)			(27)
Less cash life insurance benefit	—			—			2,057			—			—			2,057			—
Less loss from changes in fair value of commercial loans held for sale	—			—			—			—			(3,009)			—			(2,114)


Core noninterest income	24,159			23,957			23,832			23,610			18,657			95,558			86,657
Total revenue	$	130,378		$	89,520		$	128,223		$	107,452		$	116,427		$	455,573		$	477,760
Core revenue (tax-equivalent basis)	$	133,163		$	130,591		$	127,086		$	123,809		$	120,581		$	514,649		$	497,219
Efficiency ratio	56.1		%	85.1		%	58.6		%	67.4		%	68.9		%	65.2		%	68.0		%
Core efficiency ratio (tax-equivalent basis)	54.6		%	58.4		%	58.3		%	58.1		%	61.7		%	57.3		%	62.9		%


FB Financial Corporation						19


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

	Three Months Ended															Year Ended
Banking segment core efficiency ratio (tax-equivalent)	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Banking segment noninterest expense	$	61,113		$	63,285		$	62,329		$	60,344		$	68,463		$	247,071		$	270,135
Less early retirement, severance and other costs	463			—			1,015			—			2,214			1,478			8,024
Less loss on lease terminations	—			—			—			—			1,843			—			1,843
Less FDIC special assessment	—			—			—			500			1,788			500			1,788
Banking segment core noninterest expense	$	60,650		$	63,285		$	61,314		$	59,844		$	62,618		$	245,093		$	258,480
Banking segment net interest income	$	106,793		$	104,335		$	101,193		$	98,462		$	99,811		$	410,783		$	401,249
Banking segment net interest income (tax-equivalent basis)	107,416			104,952			101,832			99,171			100,647			413,371			404,594
Banking segment noninterest income (loss)	11,311			(28,370)			13,477			(4,794)			6,889			(8,376)			25,831
Less (loss) gain from securities, net	—			(40,165)			—			(16,213)			183			(56,378)			(13,973)
Less loss from changes in fair value of commercial loans held for sale	—			—			—			—			(3,009)			—			(2,114)

Less cash life insurance benefit	—			—			2,057			—			—			2,057			—
Less (loss) gain on sales or write- downs of premises and equipment, other real estate owned and other assets, net	(2,162)			(299)			(398)			509			(460)			(2,350)			466
Banking segment core noninterest income	13,473			12,094			11,818			10,910			10,175			48,295			41,452
Banking segment total revenue	$	118,104		$	75,965		$	114,670		$	93,668		$	106,700		$	402,407		$	427,080
Banking segment total core revenue (tax-equivalent basis)	$	120,889		$	117,046		$	113,650		$	110,081		$	110,822		$	461,666		$	446,046
Banking segment efficiency ratio	51.7		%	83.3		%	54.4		%	64.4		%	64.2		%	61.4		%	63.3		%
Banking segment core efficiency ratio (tax-equivalent basis)	50.2		%	54.1		%	53.9		%	54.4		%	56.5		%	53.1		%	57.9		%





	Three Months Ended															Year Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Mortgage segment noninterest expense	$	12,061		$	12,927		$	12,764		$	12,076		$	11,737		$	49,828		$	54,794
Less severance costs	—			—			—			—			—			—			425
Less gain on lease terminations	—			—			—			—			—			—			(73)



Mortgage segment core noninterest expense	$	12,061		$	12,927		$	12,764		$	12,076		$	11,737		$	49,828		$	54,442
Mortgage segment net interest income	$	1,588		$	1,682		$	1,422		$	1,028		$	1,277		$	5,720		$	5,968
Mortgage segment noninterest income	10,686			11,873			12,131			12,756			8,450			47,446			44,712
Less gain (loss) on sales or write- downs of premises and equipment, other real estate owned and other assets, net	—			10			117			56			(32)			183			(493)
Mortgage segment core noninterest income	10,686			11,863			12,014			12,700			8,482			47,263			45,205
Mortgage segment total revenue	$	12,274		$	13,555		$	13,553		$	13,784		$	9,727		$	53,166		$	50,680
Mortgage segment core total revenue	$	12,274		$	13,545		$	13,436		$	13,728		$	9,759		$	52,983		$	51,173
Mortgage segment efficiency ratio	98.3		%	95.4		%	94.2		%	87.6		%	120.7		%	93.7		%	108.1		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	98.3		%	95.4		%	95.0		%	88.0		%	120.3		%	94.0		%	106.4		%


FB Financial Corporation						20


Non-GAAP Reconciliations (continued)

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

	As of
Tangible assets, common equity and related measures	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023
Tangible assets
Total assets	$	13,157,482		$	12,920,222		$	12,535,169		$	12,548,320		$	12,604,403
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	5,762			6,449			7,168			7,920			8,709
Tangible assets	$	12,909,159		$	12,671,212		$	12,285,440		$	12,297,839		$	12,353,133
Tangible common equity
Total common shareholders’ equity	$	1,567,538		$	1,562,329		$	1,500,502		$	1,479,526		$	1,454,794
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	5,762			6,449			7,168			7,920			8,709
Tangible common equity	$	1,319,215		$	1,313,319		$	1,250,773		$	1,229,045		$	1,203,524


Common shares outstanding	46,663,120			46,658,019			46,642,958			46,897,378			46,848,934
Book value per common share	$	33.59		$	33.48		$	32.17		$	31.55		$	31.05
Tangible book value per common share	$	28.27		$	28.15		$	26.82		$	26.21		$	25.69

Total common shareholders’ equity to total assets	11.9		%	12.1		%	12.0		%	11.8		%	11.5		%
Tangible common equity to tangible assets	10.2		%	10.4		%	10.2		%	9.99		%	9.74		%
On-balance sheet liquidity:
Cash and cash equivalents	$	1,042,488		$	951,750		$	800,902		$	870,730		$	810,932
Unpledged securities	600,965			510,538			612,756			514,724			542,427

Total on-balance sheet liquidity	$	1,643,453		$	1,462,288		$	1,413,658		$	1,385,454		$	1,353,359
On-balance sheet liquidity as a percentage of total assets	12.5		%	11.3		%	11.3		%	11.0		%	10.7		%
On-balance sheet liquidity as a percentage of total tangible assets	12.7		%	11.5		%	11.5		%	11.3		%	11.0		%


FB Financial Corporation						21


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Year Ended
Adjusted return on average tangible common equity and related measures	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Average common shareholders’ equity	$	1,564,503		$	1,523,597		$	1,473,281		$	1,460,736		$	1,385,373		$	1,505,739		$	1,374,831
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	6,107			6,795			7,525			8,299			9,138			7,177			10,472
Average tangible common equity	$	1,315,835		$	1,274,241		$	1,223,195		$	1,209,876		$	1,133,674		$	1,256,001		$	1,121,798
Net income	$	37,886		$	10,220		$	39,979		$	27,950		$	29,369		$	116,035		$	120,224
Return on average common equity	9.63		%	2.67		%	10.9		%	7.70		%	8.41		%	7.71		%	8.74		%
Return on average tangible common equity	11.5		%	3.19		%	13.1		%	9.29		%	10.3		%	9.24		%	10.7		%
Adjusted tangible net income	$	40,343		$	40,663		$	39,980		$	40,473		$	36,773		$	161,460		$	143,738
Adjusted return on average tangible common equity	12.2		%	12.7		%	13.1		%	13.5		%	12.9		%	12.9		%	12.8		%












	Three Months Ended															Year Ended
Adjusted return on average assets, common equity and related measures	Dec 2024			Sep 2024			Jun 2024			Mar 2024			Dec 2023			Dec 2024			Dec 2023
Net income	$	37,886		$	10,220		$	39,979		$	27,950		$	29,369		$	116,035		$	120,224
Average assets	13,194,195			12,741,950			12,371,444			12,590,079			12,434,575			12,725,748			12,668,834
Average common equity	1,564,503			1,523,597			1,473,281			1,460,736			1,385,373			1,505,739			1,374,831
Return on average assets	1.14		%	0.32		%	1.30		%	0.89		%	0.94		%	0.91		%	0.95		%
Return on average common equity	9.63		%	2.67		%	10.9		%	7.70		%	8.41		%	7.71		%	8.74		%
Adjusted net income	$	39,835		$	40,132		$	39,424		$	39,890		$	36,152		$	159,281		$	141,033
Adjusted return on average assets	1.20		%	1.25		%	1.28		%	1.27		%	1.15		%	1.25		%	1.11		%
Adjusted return on average common equity	10.1		%	10.5		%	10.8		%	11.0		%	10.4		%	10.6		%	10.3		%













Adjusted pre-tax pre-provision net income	$	59,829		$	53,762		$	52,369		$	51,180		$	45,390		$	217,140		$	180,952
Adjusted pre-tax pre-provision return on average assets	1.80		%	1.68		%	1.70		%	1.63		%	1.45		%	1.71		%	1.43		%


FB Financial Corporation						22

January 21, 2025 2024 Fourth Quarter Earnings Presentation

1 Forward–looking statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management’s current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (7) the Company’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (11) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact, extent and timing of technological changes, (13) concentrations of credit or deposit exposure, (14) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (15) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (16) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Presentation, and the Company undertakes no obligation to publicly update or review any forward- looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

2 Use of non-GAAP financial measures This Presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles. Additionally, the Company presents adjusted risk-weighted assets, adjusted common equity tier 1 capital and adjusted total risk-based capital to show the impact if all available-for-sale securities were sold. Adjusted risk-weighted assets excludes the book value and net unrealized loss of the available-for-sale securities portfolio. Adjusted common equity tier 1 and adjusted total risk-based capital includes the portion of accumulated other comprehensive income related to available-for-sale securities that the Company has elected to remove from the capital calculations in accordance with the capital rules. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non- GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non- GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. Also, since investors may assess the Company’s capital adequacy with the impact of the net unrealized losses on available-for-sale securities, the Company believes that it is useful to provide investors the ability to assess the Company’s capital adequacy as if all available-for-sale securities were sold. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Presentation for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

3 4Q 2024 and Annual Highlights Key highlights  Loans HFI grew by 5.22% annualized compared to 3Q 2024, while total deposit balances grew by 8.49% annualized  4Q 2024 net income of $37.9 million and $39.8 million on an adjusted1 basis, resulting in ROAA and adjusted ROAA1 of 1.14% and 1.20%, respectively.  4Q 2024 pre-tax pre-provision net revenue of $57.2 million and $59.8 million an adjusted1 basis resulting in adjusted PPNR ROAA1 of 1.80%.  Net interest income of $108.4 million, up $2.4 million or 2.23% from the previous quarter – Higher average earning asset base, up 14.1% annualized from 3Q 2024 – Higher yield on securities of 3.87%, up 19 basis points compared to 3Q 2024, driven by a full quarter of reinvested proceeds from the prior quarter's securities restructuring – Improved interest expense despite an increase in balances, driven by a decrease in total deposit costs of 13 basis points compared to 3Q 2024 – Net interest margin decrease of 5 basis points, to 3.50%, impacted by higher interest-earning cash balances held during the quarter  Core banking segment efficiency ratio1 of 50.2% compared to 54.1% in 3Q 2024 and 56.5% in 4Q 2023. Efficiency ratio impacted by a decrease in annual incentive accruals and a favorable franchise tax benefit during the quarter  ACL of 1.58% of loans HFI with annualized net charge-offs of 0.47% in the quarter, impacted by a $10.5 million charge-off of a single C&I relationship for which the Company was well reserved  Continued capital build: – Tangible Common Equity to Tangible Assets1 10.2% – Preliminary Common Equity Tier 1 Ratio of 12.8% – Preliminary Total Risk-Based Capital of 15.2% – C&D and CRE concentration ratios within target ranges Financial results 1 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. FY 20244Q 2024 $2.48 $3.40 $0.81 $0.85 Diluted earnings per common share Adjusted diluted earnings per common share1 $116.0 $159.3 $37.9 $39.8 Net income ($mm) Adjusted net income1 ($mm) 0.91% 1.25% 1.14% 1.20% Return on average assets Adjusted return on average assets1 7.71% 10.6% 9.63% 10.1% Return on average common equity Adjusted return on average common equity1 9.24% 12.9% 11.5% 12.2% Return on average tangible common equity1 Adjusted return on average tangible common equity1 $158.7 $217.1 1.71% $57.2 $59.8 1.80% Pre-tax pre-provision net revenue ($mm) Adjusted pre-tax pre-provision net revenue1 ($mm) Adjusted pre-tax pre-provision net revenue return on average assets1 3.51%3.50%Net interest margin (tax-equivalent basis) 11.9% 10.2% 11.9% 10.2% Total common equity / total assets Tangible common equity / tangible assets1

4 Driving shareholder value ¹ Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 4Q24 calculation is preliminary and subject to change. Earnings per Share $1.67 $3.97 $2.64 $2.57 $2.48 $3.70 $3.76 $2.92 $3.01 $3.40 2020 2021 2022 2023 2024 Earnings per Share Adjusted Earnings per Share1 Dashboard Adjusted PPNR1 Total RBC Ratio2 NPLs / Loans HFI Book Value per Share Adjusted ROATCE1 12.9% 13.5% 13.1% 12.7% 12.2% 4Q23 1Q24 2Q24 3Q24 4Q24 0.65% 0.73% 0.79% 0.96% 0.87% 4Q23 1Q24 2Q24 3Q24 4Q24 $45.4 $51.2 $52.4 $53.8 $59.8 4Q23 1Q24 2Q24 3Q24 4Q24 $27.35 $30.13 $28.36 $31.05 $33.59 $21.73 $24.67 $22.90 $25.69 $28.27 2020 2021 2022 2023 2024 BVPS TBVPS1 14.5% 15.0% 15.1% 15.1% 15.2% 4Q23 1Q24 2Q24 3Q24 4Q24

5 Well-capitalized for future opportunities Tangible Book Value per Share1 Simple Capital Structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,721mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 $25.69 $28.27 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 2024 4Q243Q244Q23 11.9%12.1%11.5%Shareholder’s Equity/Assets 10.2%10.4%9.7%TCE/TA1 12.8%12.7%12.2%Common Equity Tier 12 13.1%13.0%12.5%Tier 1 Risk-Based2 15.2%15.1%14.5%Total Risk-Based2 11.3%11.5%11.3%Tier 1 Leverage2 70%69%93%C&D to 100% Tier 1 Capital plus ACL2,3 249%245%265%CRE to 300% Tier 1 Capital plus ACL2,3 AOCI Adjusted Ratios1,2 12.1%Adj. Common Equity Tier 1 14.5%Adjusted Total Risk-Based Capital Position 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 4Q24 calculation is preliminary and subject to change. 3 Concentration ratios for FirstBank.

6 Building operating leverage Highlights ¹ Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Core efficiency ratio (tax-equivalent basis)¹ Noninterest expense ($mm) Consolidated 4Q 2024 efficiency ratio of 56.1% and core efficiency ratio¹ of 54.6% compared to 85.1% and 58.4% in 3Q 2024, respectively and 68.9% and 61.7% in 4Q 2023, respectively Expense decrease during the quarter driven by a right sizing of our short-term incentive pool to close the year and a one-time franchise tax benefit Continued focus on adding scale to realize benefits of prior investments in efficient operating platform Mortgage efficiency ratio continues to be elevated due to interest rate environment, excess industry capacity and housing affordability challenges $80.2 $72.4 $75.1 $76.2 $73.2 $74.4 $71.9 $74.1 $76.2 $72.7 $62.6 $59.8 $61.3 $63.3 $60.6 4Q23 1Q24 2Q24 3Q24 4Q24 Consolidated Consolidated core Banking core1 1 56.5% 54.4% 53.9% 54.1% 50.2% 120.3% 88.0% 95.0% 95.4% 98.3% 61.7% 58.1% 58.3% 58.4% 54.6% 4Q23 1Q24 2Q24 3Q24 4Q24 Banking segment Mortgage segment Consolidated

7 3.50%3.55%3.57%3.42%3.46%NIM1 30443 Impact of accretion and nonaccrual interest (bps) Deposit Cost: 3.59%3.93%3.93%3.93%3.88%Cost of MMDA 4.00%3.97%4.00%3.90%3.69%Cost of customer time 3.37%3.58%3.52%3.49%3.40%Cost of interest-bearing 2.70%2.83%2.77%2.76%2.65%Total deposit cost Loans HFI Yield: 6.40%6.62%6.60%6.55%6.43%Contractual interest1 0.08%0.08%0.06%0.06%0.14% Origination and other loan fee income 0.03%0.00%0.03%0.01%0.02%Nonaccrual interest 0.00%0.00%0.01%0.02%0.00% Accretion on purchased loans 6.51%6.70%6.70%6.64%6.59%Total loan (HFI) yield 3.87%3.68%3.29%2.71%2.45%Securities yield¹ Stable net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 4Q23 1Q24 2Q24 3Q24 4Q24 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM

8 1-4 family 17% 1-4 family HELOC 6% Multifamily 7% C&D 11% CRE 22% C&I 32% Other 5% Residential Development 43% Commercial 28% Consumer 14% Multifamily 15% Office 17% Retail 23% Hotel 15% Warehouse/Industrial 16% Land-Mobile Home Park 4% Self Storage 6% Healthcare Facility 4% Assisted Living Facility 7% Other 8% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of December 31, 20241 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry ($ millions) 1 2 C&D exposure by type % of TotalTotalCRE-OOC&IIndustry 17%$ 509$ 226$ 283Real estate rental and leasing 9%290118172Manufacturing 9%28816272Finance and insurance 9%28320281Other services (except public administration) 9%27218884Retail trade 7%21013377Health care and social assistance 6%1777998Wholesale trade 6%16863105Construction 5%14739108Professional, scientific and technical services 4%12710126Accommodation and food services 4%1265175Transportation and warehousing 3%1031489Information 4%841470Administrative and support and waste management and remediation services 2%721953Educational services 6%1939598Other 100%3,0491,3581,691Total

9 Nashville 59% Memphis 10% Knoxville 3% Huntsville 5% Birmingham 6% Chattanooga 2% Other 5% Communities 10% Class A 23% Class B 38% Class C 14% Under $2 Million 25% Office exposure (non-owner occupied CRE & C&D)  Office loans represent only 3.8% of our total HFI loan portfolio as of the end of 4Q24  Projects generally characterized by 25-30% cash equity requirement, loan to value maximums of 70%-75% at origination, and requests for guarantors  Reviewed all office loans with commitments greater than $2 million ($273.7 million outstanding, or 75% of total office portfolio) with limited concerns uncovered  12.9% and 16.6% of the total office portfolio matures through 2025 and 2026, respectively  52% of the total office portfolio is fixed rate vs. 48% floating rate  As of 4Q24, 98% of the portfolio is pass rated and current Geographic exposure Note: Data as of December 31, 2024. Data excludes medical office buildings. Exposure by class Wtd. Avg. Occupancy Wtd. Avg. LTV Average Balance ($mm) Outstanding ($mm)Class 91.4%54.7%$9.5$85.1Class A > $2 million 82.7%62.8%$6.3$138.6Class B > $2 million 71.1%65.2%$5.0$50.0Class C > $2 million 83.3%60.7%$6.7$273.7Total > $2 million N/AN/A0.691.9Total < $2 million N/AN/A$1.8$365.6Total Office Credit detail by class

10 0.65% 0.73% 0.79% 0.96% 0.87% 4Q23 1Q24 2Q24 3Q24 4Q24 (0.04%) 0.02% 0.02% 0.03% 0.47% 4Q23 1Q24 2Q24 3Q24 4Q24 0.52% 0.58% 0.63% 0.76% 0.69% 0.17% 0.17% 0.18% 0.23% 0.24%0.69% 0.75% 0.81% 0.99% 0.93% 4Q23 1Q24 2Q24 3Q24 4Q24 Optional GNMA repurchase Other NPAs 1.60% 1.63% 1.67% 1.65% 1.58% 4Q23 1Q24 2Q24 3Q24 4Q24 Asset quality remains solid Nonperforming assets / assets Nonperforming loans HFI / loans HFI ACL on loans HFI / loans HFI Annualized net (recoveries) charge-offs / avg. loans HFI 1 Includes other real estate owned and repossessed assets–see page 13 of the Fourth Quarter 2024 Financial Supplement. 1

11 1.60% 1.14% 1.18% 0.86% 2.53% 1.46% 1.69% 1.78% 4.11% 1.65% 1.43% 1.20% 0.87% 2.83% 1.47% 1.61% 1.81% 3.96% 1.58% 0.99% 1.22% 0.88% 2.91% 1.61% 1.57% 1.82% 3.90% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 4Q23 3Q24 4Q24 Allowance for credit losses overview ACL on loans HFI / Loans HFI by category  Allowance for Credit Losses (ACL) model utilizes Moody’s model1 with key economic data summarized below: 1 Source: Moody’s “December 2024 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”. For the year ended December 31,For the quarter ended 20282027202620252Q251Q25 $25,150.1$24,634.2$24,201.0$23,820.7$23,771.7$23,664.6GDP(bcw$) 2.1%1.8%1.6%2.2%1.8%2.2%Annualized % Change 161.7161.2160.8160.1160.0159.7Total Employment (millions) 4.0%4.1%4.1%4.1%4.1%4.1%Unemployment Rate 350.7333.9314.9304.2304.6305.1CRE Price Index 2.0%1.8%1.8%1.2%1.1%0.9%NCREIF Property Index: Rate of Return

12 Noninterest- bearing checking 19% Interest-bearing checking 26%Money market 36% Savings 3% Time 16% 45% Checking accounts Valuable deposit base Cost of deposits 4Q24 Deposit composition 21.0% 20.8% 20.9% 20.3% 18.9% 2.65% 2.76% 2.77% 2.83% 2.70% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 4Q23 1Q24 2Q24 3Q24 4Q24 Noninterest-bearing as % of total deposits Cost of total deposits (%) $4,881 $4,866 $4,675 $4,676 $4,853 $4,070 $4,085 $4,271 $4,887 $4,802 $1,597 $1,554 $1,522 $1,413 $1,555 $10,548 $10,505 $10,468 $10,976 $11,210 4Q23 1Q24 2Q24 3Q24 4Q24 Consumer Commercial Public Deposits by customer segment ($mm) 4Q24 Insured, collateralized or uninsured by segment ($mm) $3,813 $2,979 $57 $1,498 $1,040 $1,823 $4,853 $4,802 $1,555 Consumer Commercial Public Insured Collateralized Uninsured, uncollateralized

13 $1,353 $1,385 $1,414 $1,462 $1,644 11.0% 11.3% 11.5% 11.5% 12.7% 4Q23 1Q24 2Q24 3Q24 4Q24 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Strong liquidity position On-balance sheet liquidity ($mm) Liquidity / Uninsured and Uncollateralized (UU) Deposits 4Q24 Sources of liquidity ($mm) Current on-balance sheet: $1,042.5Cash and equivalents 601.0Unpledged available-for-sale debt securities $1,643.5Total on-balance sheet Available sources of liquidity: $3,318.1Unsecured borrowing capacity2 1,397.9FHLB remaining borrowing capacity3 2,053.5Federal Reserve discount window $6,769.5Total available sources  Balance sheet structure provides multiple options to increase returns including core funded loan growth and/or continued deposit cost mitigation  Securities portfolio makes up 11.7% of total assets and does not include any HTM securities  On-balance sheet liquidity of $1.6 billion or 57% of estimated uninsured and uncollateralized deposits  Additional $2.3 billion of real estate loans held at REIT subsidiary available to the Company as additional borrowing capacity ¹ Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Includes capacity from internal policy. 3 FHLB borrowing capacity does not include loans held at REIT that could be pledged for additional capacity. 43% 44% 44% 44% 57% 226% 224% 215% 201% 237% 269% 268% 259% 245% 4Q23 1Q24 2Q24 3Q24 4Q24 On-balance sheet / UU deposits Available sources / UU deposits 294%

14 Mortgage performance in 4Q 2024 Highlights Mortgage segment pre-tax net contribution of $0.3 million in 4Q 2024 Mortgage segment profitability has stabilized delivering positive pre-tax net contribution over the last 4 quarters Grew the team with the addition of 5 new mortgage originators during 4Q 2024 Mortgage banking income ($mm) 4Q243Q244Q23 $7.8$9.3$7.4 Gains and fees from originations and sale of loans HFS ($0.1)($0.5)($1.7) Fair value changes of loans HFS and derivatives $7.3$7.2$7.5Servicing revenue ($4.4)($4.5)($4.8)Fair value MSR changes $10.6$11.5$8.4Total Income 2.87% 2.65% 2.84% 2.84% 2.71% 4Q23 1Q24 2Q24 3Q24 4Q24 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin $201 $320 $336 $314 $258 $45 $57 $49 $67 $58 $246 $377 $385 $381 $316 4Q23 1Q24 2Q24 3Q24 4Q24 Purchase Refinance

15 Appendix

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

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

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

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

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

21 GAAP Reconciliations and use of non-GAAP Financial Measures Adjusted tangible net income

22 GAAP reconciliations and use of non-GAAP financial measures Adjusted Common Equity Tier 1 and Total Risk-Based capital ratios

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

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

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

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

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

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

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

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

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


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


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued January 21 , 202 5
99.2						Financial Supplement for the quarter ended December 31, 2024
99.3						Earnings Presentation dated January 21, 2025
104						Cover Page Interactive Data File (formatted as inline XBRL document)


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer
		(Principal Financial Officer)
Date: January 21, 2025


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


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


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