fbk-20210719

FB Financial Corporation Reports Second Quarter 2021 Results

Reports Q2 diluted EPS of $0.90, ROAA of 1.46%

NASHVILLE, TENNESSEE— July 19, 2021-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $43.3 million, or $0.90 per diluted common share, compared to $0.70 per diluted common share in the same quarter last year and $1.10 in the previous quarter. Excluding non-operating activity, adjusted net income was $42.3 million, or $0.88 per diluted common share, compared to $0.74 per diluted common share in the same quarter last year and $1.12 in the previous quarter. The Company's return on average assets for the second quarter was 1.46% (1.43% adjusted) and return on tangible common equity was 16.1% (15.8% adjusted). The Company recorded growth in loans held for investment ("HFI") of $151.6 million in the second quarter, or 8.63% annualized. Excluding Paycheck Protection Program ("PPP") loans, the Company recorded HFI loan growth of $239.9 million, or 13.9% annualized. The Company recorded total reversals of loan loss provisions amounting to $13.8 million, bringing the allowance for credit losses ("ACL") to 2.01% of HFI loans, or 2.03% adjusted, to remove PPP loans.

For the six months ended June 30, 2021, the Company reported net income of $96.2 million, or $2.00 per diluted common share, compared to $23.6 million, or $0.74 per diluted common share, for the same period in 2020. Adjusting for non-operating items, EPS was $2.00 and $0.92 for the first six months of 2021 and 2020, respectively. The Company’s book value per common share at quarter-end was $28.96 and the tangible book value ("TBV") per common share was $23.43, representing a 16.4% annualized increase in TBV from the previous quarter-end.

President and Chief Executive Officer, Christopher T. Holmes stated, “The team delivered an outstanding quarter of loan growth and also lowered deposit costs by 10 bps during the quarter. These efforts contributed to net interest income growth of 4.83% quarter over quarter, or 19.4% annualized. We also added value for our shareholders by increasing our tangible book value per share at an annualized rate of 15.8%, during the first half of the year.”

Performance Summary


	2021						2020			Annualized
(dollars in thousands, expect per share data)	Second Quarter			First Quarter			Second Quarter				2Q21 / 1Q21 % Change		2Q21 / 2Q20 % Change
Balance Sheet Highlights
Investment securities	$	1,409,175		$	1,229,845		$	751,767			58.5	%	87.4	%
Mortgage loans held for sale, at fair value	697,407			834,779			435,479				(66.0)	%	60.1	%
Commercial loans held for sale, at fair value	124,122			174,983			—				(116.6)	%	100.0	%
Loans held for investment (HFI)	7,198,954			7,047,342			4,827,023				8.63	%	49.1	%
Adjusted loans held for investment*	7,141,548			6,901,645			4,512,345				13.9	%	58.3	%
Allowance for credit losses	144,663			157,954			113,129				(33.8)	%	27.9	%
Total assets	11,918,367			11,935,826			7,255,536				(0.59)	%	64.3	%
Customer deposits	10,163,056			10,219,173			5,937,373				(2.20)	%	71.2	%
Brokered and internet time deposits	40,900			37,713			15,428				33.9	%	165.1	%
Total deposits	10,203,956			10,256,886			5,952,801				(2.07)	%	71.4	%
Borrowings	183,962			180,179			328,662				8.42	%	(44.0)	%
Total common shareholders' equity	1,371,721			1,329,103			805,216				12.9	%	70.4	%
Book value per share	$	28.96		$	28.08		$	25.08			12.6	%	15.5	%
Total common shareholders' equity to total assets	11.5		%	11.1		%	11.1		%
Tangible book value per common share*	$	23.43		$	22.51		$	19.07			16.4	%	22.9	%
Tangible common equity to tangible assets*	9.52		%	9.13		%	8.67		%
* Certain measures are considered non-GAAP financial measures. See “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information, which accompanies this Earnings Release, as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated July 20, 2021, for a reconciliation and discussion of this non-GAAP measure.

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FB Financial Corporation

Second Quarter 2021 Results

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	2021						2020
(dollars in thousands, except share data)	Second Quarter			First Quarter			Second Quarter
Results of operations
Net interest income	$	86,563		$	82,576		$	55,337
NIM	3.18		%	3.19		%	3.50		%
Provisions for credit losses	$	(13,839)		$	(13,854)		$	25,921

Net charge-off ratio	0.02		%	0.05		%	0.00		%
Noninterest income	$	49,300		$	66,730		$	81,491
Mortgage banking income	$	35,499		$	55,332		$	72,168
Total revenue	$	135,863		$	149,306		$	136,828
Noninterest expense	$	92,960		$	94,698		$	80,579
Merger and offering expenses	$	605		$	—		$	1,586
Efficiency ratio	68.4		%	63.4		%	58.9		%
Core efficiency ratio*	68.9		%	63.0		%	57.5		%

Adjusted pre-tax, pre-provision earnings*	$	41,357		$	55,461		$	57,835
Total adjusted mortgage banking pre-tax net contribution*	$	542		$	16,348		$	33,616
Net income applicable to FB Financial Corporation(1)	$	43,294		$	52,874		$	22,873
Diluted earnings per common share	$	0.90		$	1.10		$	0.70
Effective tax rate	23.7		%	22.8		%	24.6		%


Weighted average number of shares outstanding - fully diluted	47,993,773			47,969,106			32,506,417
Actual shares outstanding - period end	47,360,950			47,331,680			32,101,108
Returns on average:
As reported
Assets ("ROAA")	1.46		%	1.86		%	1.30		%

Equity ("ROAE")	13.0		%	16.5		%	11.6		%
Tangible common equity ("ROATCE")*	16.1		%	20.6		%	15.3		%





* Certain measures are considered non-GAAP financial measures. See "Use of non-GAAP Financial Measures" and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information, which accompanies this Earnings Release, as well as "Use of non-GAAP Financial Measures" and the Appendix in the Earnings Release Presentation dated July 20, 2021, for a reconciliation and discussion of this non-GAAP measure. (1) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in fourth quarter of 2020.

Balance Sheet Strength

The Company reported loan balances (HFI) of $7.20 billion, an increase of $151.6 million, or 8.63% annualized, from March 31, 2021. Excluding PPP loans, adjusted loans (HFI) were $7.14 billion, representing an increase of $239.9 million, or 13.9% annualized, on a linked quarter basis. The contractual yield on loans decreased to 4.31% in the second quarter of 2021 from 4.39% in the first quarter of 2021.

Additionally, during the quarter, on balance sheet liquidity decreased to $2.13 billion, or 18.3% of tangible assets, from $2.26 billion, or 19.3% of tangible assets. During the second quarter of 2021, investment securities increased by $179.3 million from the previous quarter to $1.41 billion, or 11.8% of total assets.

The Company's net interest income on a tax-equivalent basis for the second quarter of 2021 was $87.3 million, an increase from $83.4 million in the previous quarter. The Company's net interest margin (“NIM”) was 3.18% for the second quarter, compared to 3.19% for the first quarter of 2021. The NIM for the second quarter of 2021 was impacted by a 13 basis point decline in the yield on interest-earning assets and a 16 basis point decline in the cost of interest-bearing liabilities on a linked quarter basis. As of June 30, 2021, $256.3 million in PPP loans had been forgiven, which accounts for 81.4% of originated PPP loans. For the second quarter of 2021, the average yield on PPP loans was 4.74%, inclusive of $1.1 million in loan fees recognized during the quarter.

During the second quarter of 2021, customer deposits decreased by $56.1 million to $10.16 billion. The Company's total cost of deposits declined by 10 basis points to 0.31% and the cost of interest-bearing deposits decreased to 0.41% from 0.53% in the previous quarter. Additionally, on July 1, 2021, the Company redeemed $20.0 million of subordinated debt with an effective interest rate of 4.73%.

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FB Financial Corporation

Second Quarter 2021 Results

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Commercial Loans Held for Sale (HFS)

As of June 30, 2021, the fair value of commercial loans HFS totaled $124.1 million, a decrease from $175.0 million at March 31, 2021. The decline in fair value resulted primarily from the resolution of five relationships and payment activity on the remaining ten relationships, which resulted in gains from changes in fair value of $1.4 million in the second quarter of 2021 compared to a loss of $0.9 million experienced in the first quarter of 2021.

Chief Financial Officer Michael Mettee stated, “We continue to lower our commercial loans HFS exposure. These loans continue to perform satisfactorily, and we experienced a positive mark-to-market on the portfolio this quarter. As we have discussed in prior quarters, this portfolio continues to decrease as a result of external refinances and 62% of the commercial HFS loan balances resulting from the Franklin combination have been resolved.”

Mortgage In Line with Expectations

Noninterest income was $49.3 million for the second quarter of 2021, compared to $66.7 million for the first quarter of 2021 and $81.5 million for the second quarter of 2020. Mortgage banking income was $35.5 million for the second quarter of 2021, compared to $55.3 million for the first quarter of 2021 and $72.2 million for the second quarter of 2020.

The Company's total mortgage banking pre-tax direct contribution for the second quarter of 2021 was $0.5 million, compared to $16.3 million for the first quarter of 2021 and $33.6 million for the second quarter of 2020. Interest rate lock commitment volume totaled $1.77 billion in the second quarter of 2021 compared to $1.89 billion in the first quarter of 2021 and $2.24 billion in the second quarter of 2020.

Mettee noted, “The mortgage business performed as we expected in the second quarter, with the decrease from the prior quarter related to lower lock volumes and declining margins.”

Expense Management

Noninterest expenses were $93.0 million for the second quarter of 2021, compared to $94.7 million for the first quarter of 2021 and $80.6 million for the second quarter of 2020. Core noninterest expense was $93.1 million for the second quarter of 2021, $94.7 million for the first quarter of 2021, and $79.0 million for the second quarter of 2020.

During the second quarter of 2021, the Company's core efficiency ratio was 68.9%, compared to 63.0% in the first quarter of 2021 and 57.5% for the second quarter of 2020. The Banking segment was flat with the previous quarter with a core efficiency ratio of 58.6% while the Mortgage segment efficiency ratio increased to 97.9% for the second quarter of 2021 from 70.4% in the previous quarter.

Mettee noted, “We continue to manage our expense structure as we invest in our teams to support our customer centric model, our growth expectations and our risk management framework.”

Credit Strength

The Company recorded total reversals in provisions for credit losses of $13.8 million in the second quarter of 2021, including a reversal of provision for credit losses on unfunded commitments of $1.0 million. The Company continues to maintain a strong balance sheet with an ACL of $144.7 million as of June 30, 2021, representing 2.01% of loans HFI, or 2.03% when adjusted to exclude PPP loans. This compares to an ACL percentage of 2.24% of loans HFI, or 2.29% when adjusted to exclude PPP loans as of the prior quarter-end.

The Company's net charge-offs to average loans was 0.02% for the second quarter of 2021 compared to net charge-offs to average loans of 0.05% in the first quarter of 2021. The Company's nonperforming assets decreased to 0.66% of total assets as of June 30, 2021, compared to 0.77% at March 31, 2021. Nonperforming loans were 0.83% of loans HFI at June 30, 2021, compared to 0.94% at March 31, 2021. Deferrals resulting from the COVID-19 pandemic decreased to $73.9 million, or 1.03% of loans HFI, as of June 30, 2021, compared to the aggregate balance deferred during the crisis of $1.64 billion. Of the $73.9 million in remaining deferrals, $25.1 million, or 0.35% of loans HFI, as of June 30, 2021, are receiving a full deferral of principal and interest, while $48.8 million, or 0.68% of loans HFI, as of June 30, 2021, are making interest payments and deferring principal payments.

Holmes commented, “Credit quality remains strong, and our local economies continue to prosper, resulting in a release from our ACL in the second quarter. I would expect to see future releases from our ACL in the coming quarters if these trends continue.”

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FB Financial Corporation

Second Quarter 2021 Results

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Capital Strength

“We remain in a position of strength with total capital to risk weighted assets of 14.9% and tangible common equity to tangible assets of 9.52%. The Company is well positioned to deploy capital as opportunities arise,” commented Holmes.

Summary

Holmes further commented, “The second quarter of 2021 highlighted our organic growth capability and our team's focus on execution coming out of the pandemic and the combination with Franklin. The Company remains steadfast in its commitment to customers, associates and shareholders and looks forward to the opportunities ahead.”

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results at 8:00 a.m. CT on July 20, 2021, and the conference call will be broadcast live over the Internet at https://services.choruscall.com/mediaframe/webcast.html?webcastid=K9kfsusM. An online replay will be available approximately an hour following the conclusion of the live broadcast.

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, the third largest Tennessee-headquartered community bank, with 81 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $11.9 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

Jeanie M. Rittenberry						Robert Hoehn
615-313-8328						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 Supplemental Financial Information and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Supplemental Financial Information 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 July 19, 2021.

BUSINESS SEGMENT RESULTS

The Company has included its business segment financial tables as part of this Earnings Release. A detailed discussion of our historical business segments is included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2020. Further discussion on the revisions to segment reporting made in the first quarter of 2021 is included in the Company's 10-Q filed with the SEC for the period ended March 31, 2021, and investors are encouraged to review that discussion in conjunction with this Earnings Release.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press 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 projected impact of the COVID-19 global pandemic on our business operations, statements relating to the benefits, costs, and synergies of the merger with Franklin Financial Network, Inc. (“Franklin”) (the “merger”), and FB Financial’s future plans, results, strategies, and expectations. 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,” “projection,” 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 FB Financial’s control. The inclusion of these forward-looking statements should not be regarded as a representation by FB Financial or any other person that such expectations, estimates, and projections will be achieved. Accordingly, FB Financial 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

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FB Financial Corporation

Second Quarter 2021 Results

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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 supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which we operate and/or the US economy generally, (2) the effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business and our customers' business, results of operations, asset quality and financial condition, as well as the efficacy, distribution, and public adoption of vaccines, (3) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (4) our ability to effectively manage problem credits, (5) the risk that the cost savings and any revenue synergies from the merger or another acquisition may not be realized or may take longer than anticipated to be realized, (6) the ability of FB Financial to effectively integrate and manage the larger and more complex operations of the combined company following the merger, (7) FB Financial’s ability to successfully execute its various business strategies, (8) the impact of the recent change in the U.S. presidential administration and Congress and any resulting impact on economic policy, capital markets, federal regulation, and the response to the COVD-19 pandemic, (9) the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (10) the effectiveness of our cyber security controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) general competitive, economic, political, and market conditions. Further information regarding FB Financial and factors which could affect the forward-looking statements contained herein can be found in FB Financial's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in any of FB Financial's subsequent filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond FB Financial’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 release, and FB Financial 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 FB Financial to predict their occurrence or how they will affect the company.

FB Financial 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 include, without limitation, adjusted earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, adjusted return on average tangible common equity, adjusted pre-tax pre-provision return on average tangible common equity, adjusted return on average assets and equity, and adjusted pre-tax pre-provision 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 also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted 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 other intangibles, 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 similar or with names similar to the non-GAAP financial

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FB Financial Corporation

Second Quarter 2021 Results

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measures the Company has discussed herein when comparing such non-GAAP financial measures. See the “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated July 20, 2021, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

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FB Financial Corporation

Second Quarter 2021 Results

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Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2021						2020
	Second Quarter			First Quarter			Second Quarter
Statement of Income Data
Total interest income	$	96,329		$	94,785		$	65,607
Total interest expense	9,766			12,209			10,270
Net interest income	86,563			82,576			55,337
Total noninterest income	49,300			66,730			81,491
Total noninterest expense	92,960			94,698			80,579
Earnings before income taxes and provisions for credit losses	42,903			54,608			56,249
Provisions for credit losses	(13,839)			(13,854)			25,921
Income tax expense	13,440			15,588			7,455
Net income applicable to noncontrolling interest	8			—			—
Net income applicable to FB Financial Corporation(c)	$	43,294		$	52,874		$	22,873
Net interest income (tax-equivalent basis)	$	87,321		$	83,368		$	55,977
Adjusted net income*	$	42,317		$	53,505		$	24,086
Adjusted pre-tax, pre-provision earnings*	$	41,357		$	55,461		$	57,835
Per Common Share
Diluted net income	$	0.90		$	1.10		$	0.70
Adjusted diluted net income*	0.88			1.12			0.74

Book value	28.96			28.08			25.08
Tangible book value*	23.43			22.51			19.07
Weighted average number of shares outstanding - fully diluted	47,993,773			47,969,106			32,506,417
Period-end number of shares	47,360,950			47,331,680			32,101,108
Selected Balance Sheet Data
Cash and cash equivalents	$	1,717,097		$	1,895,133		$	717,592
Loans held for investment (HFI)	7,198,954			7,047,342			4,827,023
Allowance for credit losses(a)	(144,663)			(157,954)			(113,129)
Mortgage loans held for sale, at fair value	697,407			834,779			435,479
Commercial loans held for sale, at fair value	124,122			174,983			—
Investment securities, at fair value	1,409,175			1,229,845			751,767
Other real estate owned, net	11,986			11,177			15,091
Total assets	11,918,367			11,935,826			7,255,536
Customer deposits	10,163,056			10,219,173			5,937,373
Brokered and internet time deposits	40,900			37,713			15,428
Total deposits	10,203,956			10,256,886			5,952,801
Borrowings	183,962			180,179			328,662
Total common shareholders' equity	1,371,721			1,329,103			805,216
Selected Ratios
Return on average:
Assets	1.46		%	1.86		%	1.30		%
Shareholders' equity	13.0		%	16.5		%	11.6		%
Tangible common equity*	16.1		%	20.6		%	15.3		%
Average shareholders' equity to average assets	11.3		%	11.3		%	11.2		%
Net interest margin (NIM) (tax-equivalent basis)	3.18		%	3.19		%	3.50		%
Efficiency ratio (GAAP)	68.4		%	63.4		%	58.9		%
Core efficiency ratio (tax-equivalent basis)*	68.9		%	63.0		%	57.5		%
Loans HFI to deposit ratio	70.6		%	68.7		%	81.1		%
Total loans to deposit ratio	78.6		%	78.6		%	88.4		%
Yield on interest-earning assets	3.53		%	3.66		%	4.14		%
Cost of interest-bearing liabilities	0.49		%	0.65		%	0.94		%
Cost of total deposits	0.31		%	0.41		%	0.65		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(a)	2.01		%	2.24		%	2.34		%
Adjusted allowance for credit losses as a percentage of loans HFI*(a)	2.03		%	2.29		%	2.51		%
Net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	0.05		%	—		%
Nonperforming loans HFI as a percentage of total loans HFI	0.83		%	0.94		%	0.72		%
Nonperforming assets as a percentage of total assets	0.66		%	0.77		%	0.71		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.5		%	11.1		%	11.1		%
Tangible common equity to tangible assets*	9.52		%	9.13		%	8.67		%
Tier 1 capital (to average assets)	10.1		%	10.1		%	9.70		%
Tier 1 capital (to risk-weighted assets)(b)	12.7		%	12.3		%	11.9		%
Total capital (to risk-weighted assets)(b)	14.9		%	14.6		%	13.2		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(b)	12.4		%	12.0		%	11.4		%

(a) Excludes reserve for credit losses on unfunded commitments of $13.2 million, $14.2 million, and $6.5 million recorded in accrued expenses and other liabilities at June 30, 2021, March 31, 2021, and June 30, 2020, respectively.

(b) We calculate our risk-weighted assets using the standardized method of the Basel III Framework.

(c) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in second quarter of 2021.

*These measures are considered non-GAAP financial measures. See "GAAP Reconciliation and Use of non-GAAP Financial Measures" and the corresponding financial tables below for reconciliations of these non-GAAP measures. Investors are encouraged to refer to the discussion of non-GAAP measures included in the corresponding earnings release.

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FB Financial Corporation

Second Quarter 2021 Results

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Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021				2020
Adjusted earnings	Second Quarter		First Quarter		Second Quarter
Income before income taxes	$	56,742	$	68,462	$	30,328
Plus merger, conversion and offering expenses	605		—		1,586

Less other non-operating items(1)	2,151		(853)		—
Adjusted pre-tax earnings	55,196		69,315		31,914
Income tax expense, adjusted	12,879		15,810		7,828
Adjusted earnings	$	42,317	$	53,505	$	24,086
Weighted average common shares outstanding - fully diluted	47,993,773		47,969,106		32,506,417
Adjusted diluted earnings per share
Diluted earnings per common share	$	0.90	$	1.10	$	0.70
Plus merger, conversion and offering expenses	0.01		—		0.05
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		—
Less other non-operating items	0.04		(0.02)		—
Less tax effect	(0.01)		—		0.01
Adjusted diluted earnings per share	$	0.88	$	1.12	$	0.74

(1 2Q21 includes a $1,364 gain from change in fair value of commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 1Q21 includes a $853 loss from change in fair value of commercial loans held for sale acquired from Franklin.



Adjusted earnings	1H 2021		1H 2020		2020
Income before income taxes	$	125,204	$	31,153	$	82,461
Plus merger, conversion and offering expenses	605		4,636		34,879
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		2,885		66,136
Less other non-operating items(1)	1,298		—		(4,400)
Adjusted pre-tax earnings	124,511		38,674		187,876
Income tax expense, adjusted	28,690		9,292		45,944
Adjusted earnings	$	95,821	$	29,382	$	141,932
Weighted average common shares outstanding - fully diluted	47,976,533		32,109,194		38,099,744
Adjusted diluted earnings per share
Diluted earnings per common share	$	2.00	$	0.74	$	1.67
Plus merger, conversion and offering expenses	0.01		0.14		0.92
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		0.09		1.74
Less other non-operating items	0.02		—		(0.11)
Less tax effect	(0.01)		0.05		0.71
Adjusted diluted earnings per share	$	2.00	$	0.92	$	3.73
(1) 2021 includes a $511 gain from change in fair value on commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.

	2021				2020
Adjusted pre-tax pre-provision earnings	Second Quarter		First Quarter		Second Quarter
Income before income taxes	$	56,742	$	68,462	$	30,328
Plus provisions for credit losses	(13,839)		(13,854)		25,921
Pre-tax pre-provision earnings	42,903		54,608		56,249
Plus merger, conversion and offering expenses	605		—		1,586
Less other non-operating items	2,151		(853)		—
Adjusted pre-tax pre-provision earnings	$	41,357	$	55,461	$	57,835

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FB Financial Corporation

Second Quarter 2021 Results

Page 9


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021						2020
Core efficiency ratio (tax-equivalent basis)	Second Quarter			First Quarter			Second Quarter
Total noninterest expense	$	92,960		$	94,698		$	80,579
Less merger, conversion and offering expenses	605			—			1,586
Less gain on lease terminations	(787)			$	—		—

Core noninterest expense	$	93,142		$	94,698		$	78,993
Net interest income (tax-equivalent basis)	$	87,321		$	83,368		$	55,977
Total noninterest income	49,300			66,730			81,491
Less gain (loss) on change in fair value on commercial loans held for sale	1,364			(853)			—
Less (loss) gain on sales or write-downs of other real estate owned and other assets	(27)			485			32
Less gain (loss) from securities, net	144			83			(28)
Core noninterest income	47,819			67,015			81,487
Core revenue	$	135,140		$	150,383		$	137,464
Efficiency ratio (GAAP)(a)	68.4		%	63.4		%	58.9		%
Core efficiency ratio (tax-equivalent basis)	68.9		%	63.0		%	57.5		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue

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FB Financial Corporation

Second Quarter 2021 Results

Page 10


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, historical segment efficiency ratios have been recast for consistency with these changes.

	2021						2020
Banking segment core efficiency ratio (tax equivalent)	Second Quarter			First Quarter			Second Quarter
Core noninterest expense	$	93,142		$	94,698		$	78,993
Less Mortgage segment noninterest expense	34,766			38,963			38,539
Core Banking segment noninterest expense	$	58,376		$	55,735		40,454
Core revenue	$	135,140		$	150,383		137,464
Less Core Mortgage segment total revenue	35,509			55,311			72,155
Core Banking segment total revenue	$	99,631		$	95,072		$	65,309
Banking segment core efficiency ratio (tax-equivalent basis)	58.6		%	58.6		%	61.9		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	34,766		$	38,963		$	38,539






Mortgage segment total revenue	35,308			55,311			72,155
Less loss on sales or write-downs of other real estate owned	(201)			—			—
Core Mortgage segment total revenue	$	35,509		$	55,311		$	72,155
Mortgage segment core efficiency ratio (tax-equivalent basis)	97.9		%	70.4		%	53.4		%















	2021						2020
Adjusted Mortgage contribution	Second Quarter			First Quarter			Second Quarter





Total Mortgage pre-tax net contribution	$	542		$	16,348		$	33,616



Pre-tax pre-provision earnings	42,903			54,608			56,249
% total Mortgage pre-tax pre-provision net contribution	1.26		%	29.9		%	59.8		%
Adjusted pre-tax pre-provision earnings	$	41,357		$	55,461		$	57,835
% total adjusted Mortgage pre-tax pre-provision net contribution	1.31		%	29.5		%	58.1		%

	2021						2020
Tangible assets and equity	Second Quarter			First Quarter			Second Quarter
Tangible assets
Total assets	$	11,918,367		$	11,935,826		$	7,255,536
Less goodwill	242,561			242,561			175,441
Less intangibles, net	19,592			20,986			17,671
Tangible assets	$	11,656,214		$	11,672,279		$	7,062,424
Tangible common equity
Total common shareholders' equity	$	1,371,721		$	1,329,103		$	805,216
Less goodwill	242,561			242,561			175,441
Less intangibles, net	19,592			20,986			17,671
Tangible common equity	$	1,109,568		$	1,065,556		$	612,104
Common shares outstanding	47,360,950			47,331,680			32,101,108
Book value per common share	$	28.96		$	28.08		$	25.08
Tangible book value per common share	$	23.43		$	22.51		$	19.07
Total common shareholders' equity to total assets	11.5		%	11.1		%	11.1		%
Tangible common equity to tangible assets	9.52		%	9.13		%	8.67		%

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FB Financial Corporation

Second Quarter 2021 Results

Page 11


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021						2020
Return on average tangible common equity	Second Quarter			First Quarter			Second Quarter
Total average shareholders' equity	$	1,339,938		$	1,303,493		$	795,705
Less average goodwill	242,561			242,561			175,150
Less average intangibles, net	20,253			21,695			18,209
Average tangible common equity	$	1,077,124		$	1,039,237		$	602,346
Net income	$	43,294		$	52,874		$	22,873
Return on average equity	13.0		%	16.5		%	11.6		%
Return on average tangible common equity	16.1		%	20.6		%	15.3		%
Adjusted net income	$	42,317		$	53,505		$	24,086
Adjusted return on average tangible common equity	15.8		%	20.9		%	16.1		%
Adjusted pre-tax pre-provision earnings	$	41,357		$	55,461		$	57,835
Adjusted pre-tax pre-provision return on average tangible common equity	15.4		%	21.6		%	38.6		%














	2021						2020
Adjusted return on average assets and equity	Second Quarter			First Quarter			Second Quarter
Net income	$	43,294		$	52,874		$	22,873
Average assets	11,900,450			11,508,783			7,074,612
Average equity	1,339,938			1,303,493			795,705
Return on average assets	1.46		%	1.86		%	1.30		%
Return on average equity	13.0		%	16.5		%	11.6		%
Adjusted net income	$	42,317		$	53,505		$	24,086
Adjusted return on average assets	1.43		%	1.89		%	1.37		%
Adjusted return on average equity	12.7		%	16.6		%	12.2		%








Adjusted pre-tax pre-provision earnings	$	41,357		$	55,461		$	57,835
Adjusted pre-tax pre-provision return on average assets	1.39		%	1.95		%	3.29		%
Adjusted pre-tax pre-provision return on average equity	12.4		%	17.3		%	29.2		%







	2021						2020
Adjusted allowance for credit losses to loans held for investment	Second Quarter			First Quarter			Second Quarter
Allowance for credit losses	$	144,663		$	157,954		$	113,129
Less allowance for credit losses attributed to PPP loans	9			23			51
Adjusted allowance for credit losses	$	144,654		$	157,931		$	113,078
Loans held for investment	$	7,198,954		$	7,047,342		$	4,827,023
Less PPP loans	57,406			145,697			314,678
Adjusted loans held for investment	$	7,141,548		$	6,901,645		$	4,512,345
Allowance for credit losses to loans held for investment	2.01		%	2.24		%	2.34		%
Adjusted allowance for credit losses to loans held for investment	2.03		%	2.29		%	2.51		%

-END-

Second Quarter 2021

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance, Average Yield Earned and Average Rate Paid			8



Loans and Deposits by Market			11

Segment Data			12

Loan Portfolio and Asset Quality			13

Preliminary Capital Ratios			15

Investment Portfolio			16

Non-GAAP Reconciliation			17

Use of non-GAAP Financial Measures

This Supplemental Financial Information 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 include, without limitation, adjusted earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, adjusted return on average tangible common equity, adjusted pre-tax pre-provision return on average tangible common equity, adjusted return on average assets and common equity, and adjusted pre-tax pre-provision return on average assets and common 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 also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted 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 demonstrating 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 other intangibles, 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. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. The Company includes tables under the Non-GAAP Reconciliation section of this document to provide a reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2021						2020
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Statement of Income Data
Total interest income	$	96,329		$	94,785		$	98,236		$	81,127		$	65,607
Total interest expense	9,766			12,209			12,992			12,299			10,270
Net interest income	86,563			82,576			85,244			68,828			55,337
Total noninterest income	49,300			66,730			80,638			97,026			81,491
Total noninterest expense	92,960			94,698			109,855			118,092			80,579
Earnings before income taxes and provisions for credit losses	42,903			54,608			56,027			47,762			56,249
Provisions for credit losses	(13,839)			(13,854)			(2,920)			55,401			25,921
Income tax expense (benefit)	13,440			15,588			13,337			(2,040)			7,455
Net income applicable to noncontrolling interest	8			—			8			—			—
Net income (loss) applicable to FB Financial Corporation(d)	$	43,294		$	52,874		$	45,602		$	(5,599)		$	22,873
Net interest income (tax-equivalent basis)	$	87,321		$	83,368		$	86,111		$	69,625		$	55,977
Adjusted net income*	$	42,317		$	53,505		$	54,454		$	58,096		$	24,086
Adjusted pre-tax, pre-provision earnings*	$	41,357		$	55,461		$	67,988		$	70,444		$	57,835
Per Common Share
Diluted net income (loss)(a)	$	0.90		$	1.10		$	0.95		$	(0.14)		$	0.70
Adjusted diluted net income*	0.88			1.12			1.14			1.43			0.74

Book value	28.96			28.08			27.35			26.38			25.08
Tangible book value*	23.43			22.51			21.73			20.87			19.07
Weighted average number of shares outstanding - fully diluted(a)	47,993,773			47,969,106			47,791,659			40,637,745			32,506,417
Period-end number of shares	47,360,950			47,331,680			47,220,743			47,191,677			32,101,108
Selected Balance Sheet Data
Cash and cash equivalents	$	1,717,097		$	1,895,133		$	1,317,898		$	1,062,391		$	717,592
Loans held for investment (HFI)	7,198,954			7,047,342			7,082,959			7,213,538			4,827,023
Allowance for credit losses(b)	(144,663)			(157,954)			(170,389)			(183,973)			(113,129)
Mortgage loans held for sale	697,407			834,779			683,770			610,695			435,479
Commercial loans held for sale	124,122			174,983			215,403			241,256			—
Investment securities, at fair value	1,409,175			1,229,845			1,176,991			1,164,910			751,767
Other real estate owned, net	11,986			11,177			12,111			12,748			15,091
Total assets	11,918,367			11,935,826			11,207,330			11,010,438			7,255,536
Customer deposits	10,163,056			10,219,173			9,396,478			9,001,673			5,937,373
Brokered and internet time deposits	40,900			37,713			61,559			92,074			15,428
Total deposits	10,203,956			10,256,886			9,458,037			9,093,747			5,952,801
Borrowings	183,962			180,179			238,324			438,838			328,662
Total common shareholders' equity	1,371,721			1,329,103			1,291,289			1,244,998			805,216
Selected Ratios
Return on average:
Assets	1.46		%	1.86		%	1.63		%	(0.24)		%	1.30		%
Shareholders' equity	13.0		%	16.5		%	14.4		%	(2.13)		%	11.6		%
Tangible common equity*	16.1		%	20.6		%	18.2		%	(2.72)		%	15.3		%
Average shareholders' equity to average assets	11.3		%	11.3		%	11.3		%	11.4		%	11.2		%
Net interest margin (NIM) (tax-equivalent basis)	3.18		%	3.19		%	3.32		%	3.28		%	3.50		%
Efficiency ratio (GAAP)	68.4		%	63.4		%	66.2		%	71.2		%	58.9		%
Core efficiency ratio (tax-equivalent basis)*	68.9		%	63.0		%	58.5		%	57.4		%	57.5		%
Loans HFI to deposit ratio	70.6		%	68.7		%	74.9		%	79.3		%	81.1		%
Total loans to deposit ratio	78.6		%	78.6		%	84.4		%	88.7		%	88.4		%
Yield on interest-earning assets	3.53		%	3.66		%	3.82		%	3.86		%	4.14		%
Cost of interest-bearing liabilities	0.49		%	0.65		%	0.73		%	0.83		%	0.94		%
Cost of total deposits	0.31		%	0.41		%	0.46		%	0.56		%	0.65		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	2.01		%	2.24		%	2.41		%	2.55		%	2.34		%
Adjusted allowance for credit losses as a percentage of loans HFI*(b)	2.03		%	2.29		%	2.48		%	2.66		%	2.51		%
Net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	0.05		%	0.58		%	(0.01)		%	—		%
Nonperforming loans HFI as a percentage of total loans HFI	0.83		%	0.94		%	0.91		%	0.61		%	0.72		%
Nonperforming assets as a percentage of total assets	0.66		%	0.77		%	0.75		%	0.64		%	0.71		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.5		%	11.1		%	11.5		%	11.3		%	11.1		%
Tangible common equity to tangible assets*	9.52		%	9.13		%	9.38		%	9.16		%	8.67		%
Tier 1 capital (to average assets)	10.1		%	10.1		%	10.0		%	11.8		%	9.70		%
Tier 1 capital (to risk-weighted assets)(c)	12.7		%	12.3		%	12.0		%	12.1		%	11.9		%
Total capital (to risk-weighted assets)(c)	14.9		%	14.6		%	15.0		%	15.3		%	13.2		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(c)	12.4		%	12.0		%	11.7		%	11.8		%	11.4		%

(a) Diluted earnings per share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

(b) Excludes reserve for credit losses on unfunded commitments of $13.2 million, $14.2 million $16.4 million, $16.1 million, and $6.5 million recorded in accrued expenses and other liabilities at June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 , and June 30, 2020 , respectively.

(d) Includes dividends declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the second quarter of 2021 and fourth quarter of 2020.


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
													Q2 2021		Q2 2021
													vs.		vs.
	2021				2020						Q1 2021	Q2 2020
	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	89,861	$	89,412	$	93,246	$	76,504	$	61,092			0.50	%	47.1	%
Interest on securities
Taxable	3,844		2,819		2,306		2,286		2,619				36.4	%	46.8	%
Tax-exempt	1,933		1,956		2,120		1,933		1,590				(1.18)	%	21.6	%
Other	691		598		564		404		306				15.6	%	125.8	%
Total interest income	96,329		94,785		98,236		81,127		65,607				1.63	%	46.8	%
Interest expense:
Deposits	7,919		9,826		10,809		10,573		9,309				(19.4)	%	(14.9)	%
Borrowings	1,847		2,383		2,183		1,726		961				(22.5)	%	92.2	%
Total interest expense	9,766		12,209		12,992		12,299		10,270				(20.0)	%	(4.91)	%
Net interest income	86,563		82,576		85,244		68,828		55,337				4.83	%	56.4	%
Provision for credit losses	(12,885)		(11,632)		(3,231)		45,834		24,039				10.8	%	(153.6)	%
Provision for credit losses on unfunded commitments	(954)		(2,222)		311		9,567		1,882				(57.1)	%	(150.7)	%
Net interest income after provisions for credit losses	100,402		96,430		88,164		13,427		29,416				4.12	%	241.3	%
Noninterest income:
Mortgage banking income	35,499		55,332		65,729		84,686		72,168				(35.8)	%	(50.8)	%
Service charges on deposit accounts	2,266		2,339		2,577		2,162		1,858				(3.12)	%	22.0	%
ATM and interchange fees	5,381		4,341		4,262		3,913		3,606				24.0	%	49.2	%
Investment services and trust income	2,999		2,008		2,187		1,828		1,368				49.4	%	119.2	%
Gain (loss) from securities, net	144		83		1,013		583		(28)				73.5	%	(614.3)	%
(Loss) gain on sales or write-downs of other real estate owned	(23)		496		(123)		(1,505)		86				(104.6)	%	(126.7)	%
(Loss) gain from other assets	(4)		(11)		66		226		(54)				(63.6)	%	(92.6)	%
Other income	3,038		2,142		4,927		5,133		2,487				41.8	%	22.2	%
Total noninterest income	49,300		66,730		80,638		97,026		81,491				(26.1)	%	(39.5)	%
Total revenue	135,863		149,306		165,882		165,854		136,828				(9.00)	%	(0.71)	%
Noninterest expenses:
Salaries, commissions and employee benefits	62,367		64,571		67,212		67,676		55,258				(3.41)	%	12.9	%
Occupancy and equipment expense	5,356		5,849		5,813		4,892		4,096				(8.43)	%	30.8	%
Legal and professional fees	2,090		2,434		2,227		1,917		1,952				(14.1)	%	7.07	%
Data processing	2,542		2,319		3,161		2,994		2,782				9.62	%	(8.63)	%
Merger costs	—		—		9,513		20,730		1,586				—	%	(100.0)	%
Amortization of core deposits and other intangibles	1,404		1,440		1,498		1,417		1,205				(2.50)	%	16.5	%


Advertising	3,559		2,253		2,826		2,256		2,591				58.0	%	37.4	%

Other expense	15,642		15,832		17,605		16,210		11,109				(1.20)	%	40.8	%
Total noninterest expense	92,960		94,698		109,855		118,092		80,579				(1.84)	%	15.4	%
Income (loss) before income taxes	56,742		68,462		58,947		(7,639)		30,328				(17.1)	%	87.1	%
Income tax expense (benefit)	13,440		15,588		13,337		(2,040)		7,455				(13.8)	%	80.3	%
Net income (loss) applicable to FB Financial Corporation and noncontrolling interest	43,302		52,874		45,610		(5,599)		22,873				(18.1)	%	89.3	%
Net income applicable to noncontrolling interest	8		—		8		—		—				100.0	%	100.0	%

Net income (loss) applicable to FB Financial Corporation	$	43,294	$	52,874	$	45,602	$	(5,599)	$	22,873			(18.1)	%	89.3	%
Weighted average common shares outstanding:
Basic	47,351,969		47,278,865		47,204,738		40,154,841		32,094,274				0.15	%	47.5	%
Fully diluted	47,993,773		47,969,106		47,791,659		40,637,745		32,506,417				0.05	%	47.6	%
Earnings (loss) per common share:
Basic	$	0.91	$	1.12	$	0.97	$	(0.14)	$	0.71			(18.8)	%	28.2	%
Fully diluted	0.90		1.10		0.95		(0.14)		0.70				(18.2)	%	28.6	%
Fully diluted - adjusted*	0.88		1.12		1.14		1.43		0.74				(21.4)	%	18.9	%

*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding financial tables below for reconciliations of these non-GAAP measures. Investors are encouraged to refer to the discussion of non-GAAP measures included in the corresponding earnings release.


FB Financial Corporation						5


Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)

					2021
	For the Six Months Ended				vs.
	June 30,				2020
	2021		2020		Percent variance
Interest income:
Interest and fees on loans	$	179,273	$	124,846	43.6	%
Interest on securities
Taxable	6,663		5,675		17.4	%
Tax-exempt	3,889		3,023		28.6	%
Other	1,289		1,737		(25.8)	%
Total interest income	191,114		135,281		41.3	%
Interest expense:
Deposits	17,745		21,477		(17.4)	%
Borrowings	4,230		2,218		90.7	%
Total interest expense	21,975		23,695		(7.26)	%
Net interest income	169,139		111,586		51.6	%
Provision for credit losses	(24,517)		52,003		(147.1)	%
Provision for credit losses on unfunded commitments	(3,176)		3,483		(191.2)	%
Net interest income after provisions for credit losses	196,832		56,100		250.9	%
Noninterest income:
Mortgage banking income	90,831		104,913		(13.4)	%
Service charges on deposit accounts	4,605		4,421		4.16	%
ATM and interchange fees	9,722		6,740		44.2	%
Investment services and trust income	5,007		3,065		63.4	%

Gain from securities, net	227		35		548.6	%
Gain on sales or write-downs of other real estate owned	473		137		245.3	%
Loss from other assets	(15)		(382)		96.1	%
Other income	5,180		5,262		(1.56)	%
Total noninterest income	116,030		124,191		(6.57)	%
Total revenue	285,169		235,777		20.9	%
Noninterest expenses:
Salaries, commissions and employee benefits	126,938		98,880		28.4	%
Occupancy and equipment expense	11,205		8,274		35.4	%
Legal and professional fees	4,524		3,510		28.9	%
Data processing	4,861		5,235		(7.14)	%
Merger costs	—		4,636		(100.0)	%
Amortization of core deposit and other intangibles	2,844		2,408		18.1	%
Advertising	5,812		4,980		16.7	%

Other expense	31,474		21,215		48.4	%
Total noninterest expense	187,658		149,138		25.8	%
Income before income taxes	125,204		31,153		301.9	%
Income tax expense	29,028		7,535		285.2	%
Net income applicable to noncontrolling interest and FB Financial Corporation	96,176		23,618		307.2	%
Net income applicable to noncontrolling interests	8		—		100.0	%

Net income applicable to FB Financial Corporation	$	96,168	$	23,618	307.2	%
Weighted average common shares outstanding:
Basic	47,312,312		31,676,004		49.4	%
Fully diluted	47,976,533		32,109,194		49.4	%
Earnings per common share:
Basic	$	2.03	$	0.75	170.7	%
Fully diluted	2.00		0.74		171.9	%
Fully diluted - adjusted*	2.00		0.92		117.4	%


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except %)

													Annualized
													Q2 2021		Q2 2021
													vs.		vs.
	2021				2020						Q1 2021	Q2 2020
	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	60,908	$	206,250	$	110,991	$	69,798	$	33,710			(282.6)	%	80.7	%
Federal funds sold and reverse repurchase agreements	59,321		104,153		121,153		118,588		34,638				(172.7)	%	71.3	%
Interest-bearing deposits in financial institutions	1,596,868		1,584,730		1,085,754		874,005		649,244				3.07	%	146.0	%
Cash and cash equivalents	1,717,097		1,895,133		1,317,898		1,062,391		717,592				(37.7)	%	139.3	%
Investments:
Available-for-sale debt securities, at fair value	1,404,372		1,225,178		1,172,400		1,160,521		747,438				58.7	%	87.9	%
Equity securities, at fair value	4,803		4,667		4,591		4,389		4,329				11.7	%	10.9	%
Federal Home Loan Bank stock, at cost	29,411		31,757		31,232		31,232		17,621				(29.6)	%	66.9	%
Mortgage loans held for sale, at fair value	697,407		834,779		683,770		610,695		435,479				(66.0)	%	60.1	%
Commercial loans held for sale, at fair value	124,122		174,983		215,403		241,256		—				(116.6)	%	100.0	%
Loans held for investment	7,198,954		7,047,342		7,082,959		7,213,538		4,827,023				8.63	%	49.1	%
Less: allowance for credit losses	144,663		157,954		170,389		183,973		113,129				(33.8)	%	27.9	%
Net loans	7,054,291		6,889,388		6,912,570		7,029,565		4,713,894				9.60	%	49.6	%
Premises and equipment, net	142,596		143,467		145,115		136,774		100,638				(2.44)	%	41.7	%
Other real estate owned, net	11,986		11,177		12,111		12,748		15,091				29.0	%	(20.6)	%
Operating lease right-of-use assets	45,423		48,453		49,537		52,410		30,447				(25.1)	%	49.2	%
Interest receivable	42,083		44,393		43,603		47,120		26,587				(20.9)	%	58.3	%
Mortgage servicing rights, at fair value	101,615		104,192		79,997		71,535		60,508				(9.92)	%	67.9	%
Goodwill	242,561		242,561		242,561		236,086		175,441				—	%	38.3	%
Core deposit and other intangibles, net	19,592		20,986		22,426		23,924		17,671				(26.6)	%	10.9	%
Other assets	281,008		264,712		274,116		289,792		192,800				24.69	%	45.8	%
Total assets	$	11,918,367	$	11,935,826	$	11,207,330	$	11,010,438	$	7,255,536			(0.59)	%	64.3	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,484,982	$	2,431,077	$	2,274,103	$	2,287,911	$	1,775,323			8.89	%	40.0	%
Interest-bearing checking	3,015,253		3,097,648		2,491,765		2,005,536		1,236,094				(10.7)	%	143.9	%
Money market and savings	3,421,281		3,347,731		3,254,915		3,236,670		1,749,889				8.81	%	95.5	%
Customer time deposits	1,241,540		1,342,717		1,375,695		1,471,556		1,176,067				(30.2)	%	5.57	%
Brokered and internet time deposits	40,900		37,713		61,559		92,074		15,428				33.9	%	165.1	%
Total deposits	10,203,956		10,256,886		9,458,037		9,093,747		5,952,801				(2.07)	%	71.4	%
Borrowings	183,962		180,179		238,324		438,838		328,662				8.42	%	(44.0)	%
Operating lease liabilities	50,396		54,232		55,187		56,705		33,803				(28.4)	%	49.1	%
Accrued expenses and other liabilities	108,239		115,333		164,400		176,057		135,054				(24.7)	%	(19.9)	%
Total liabilities	10,546,553		10,606,630		9,915,948		9,765,347		6,450,320				(2.27)	%	63.5	%
Shareholders' equity:
Common stock, $1 par value	47,361		47,332		47,222		47,192		32,101				0.25	%	47.5	%
Additional paid-in capital	902,782		900,521		898,847		896,158		462,930				1.01	%	95.0	%
Retained earnings	403,173		365,192		317,625		276,361		286,296				41.7	%	40.8	%
Accumulated other comprehensive income, net	18,405		16,058		27,595		25,287		23,889				58.6	%	(23.0)	%
Total common shareholders' equity	1,371,721		1,329,103		1,291,289		1,244,998		805,216				12.9	%	70.4	%
Noncontrolling interest	93		93		93		93		—				—	%	100.0	%
Total equity	1,371,814		$	1,329,196	1,291,382		1,245,091		805,216				12.9	%	70.4	%
Total liabilities and shareholders' equity	$	11,918,367	$	11,935,826	$	11,207,330	$	11,010,438	$	7,255,536			(0.59)	%	64.3	%


FB Financial Corporation						7


Average Balance, Average Yield Earned and Average Rate Paid
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended
	June 30, 2021						March 31, 2021
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,085,300	$	83,364	4.72	%	$	7,000,416	$	83,067	4.81	%
Mortgage loans held for sale(b)	726,782		4,948		2.73	%	648,054		4,290		2.68	%
Commercial loans held for sale	152,699		1,626		4.27	%	197,820		2,157		4.42	%
Securities:(b)
Taxable	976,170		3,844		1.58	%	830,686		2,819		1.38	%
Tax-exempt(a)	323,902		2,614		3.24	%	334,303		2,646		3.21	%
Total securities(a)	1,300,072		6,458		1.99	%	1,164,989		5,465		1.90	%
Federal funds sold and reverse repurchase agreements	106,257		41		0.15	%	133,813		20		0.06	%
Interest-bearing deposits with other financial institutions	1,614,106		494		0.12	%	1,427,184		421		0.12	%
FHLB stock	31,731		156		1.97	%	31,461		157		2.02	%
Total interest-earning assets(a)	11,016,947		97,087		3.53	%	10,603,737		95,557		3.66	%
Noninterest-earning assets:
Cash and due from banks	134,501						172,756
Allowance for credit losses	(157,990)						(171,380)
Other assets	906,992						903,670
Total noninterest-earning assets	883,503						905,046
Total assets	$	11,900,450					$	11,508,783
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,027,435	$	2,689	0.36	%	$	2,746,355	$	3,018	0.45	%
Money market(e)	2,960,264		2,816		0.38	%	2,917,856		3,615		0.50	%
Savings deposits	411,711		57		0.06	%	369,600		53		0.06	%
Customer time deposits(e)	1,291,125		2,016		0.63	%	1,365,570		3,036		0.90	%
Brokered and internet time deposits(e)	39,860		341		3.43	%	49,764		104		0.85	%
Time deposits	1,330,985		2,357		0.71	%	1,415,334		3,140		0.90	%
Total interest-bearing deposits	7,730,395		7,919		0.41	%	7,449,145		9,826		0.53	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	32,543		21		0.26	%	31,342		36		0.47	%

Subordinated debt(f)	149,155		1,819		4.89	%	188,996		2,341		5.02	%
Other borrowings	1,569		7		1.79	%	5,924		6		0.41	%
Total other interest-bearing liabilities	183,267		1,847		4.04	%	226,262		2,383		4.27	%
Total interest-bearing liabilities	7,913,662		9,766		0.49	%	7,675,407		12,209		0.65	%
Noninterest-bearing liabilities:
Demand deposits	2,484,176						2,348,814
Other liabilities	162,581						180,976
Total noninterest-bearing liabilities	2,646,757						2,529,790
Total liabilities	10,560,419						10,205,197
Total common shareholders' equity	1,339,938						1,303,493
Noncontrolling interest	93						93
Total equity	1,340,031						1,303,586
Total liabilities and shareholders' equity	$	11,900,450					$	11,508,783
Net interest income(a)			$	87,321					$	83,368
Interest rate spread(a)					3.04	%					3.01	%
Net interest margin(a)					3.18	%					3.19	%
Cost of total deposits					0.31	%					0.41	%
Average interest-earning assets to average interest-bearing liabilities					139.2	%					138.2	%
Tax-equivalent adjustment			$	758					$	792
Loans HFI yield components:
Contractual interest rate(a)(c)			$	76,127	4.31	%			$	75,828	4.39	%
Origination and other loan fee income(c)			6,928		0.39	%			6,640		0.38	%
Accretion on purchased loans			(226)		(0.01)	%			(58)		—	%
Nonaccrual interest			535		0.03	%			657		0.04	%

Total loans HFI yield			$	83,364	4.72	%			$	83,067	4.81	%

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

(b) Excludes the average balance for unrealized gains (losses) for mortgage loans held for sale and investments carried at fair value.

(c) Includes $290 and $426 of loan contractual interest and $1,098 and $1,598 of loan fees related to PPP loans for the three months ended June 30, 2021 and March 31, 2021, respectively.

(d) Includes $117,397 and $172,136 of average PPP loan balances for the three months ended June 30, 2021 and March 31, 2021, respectively.

(e) Includes $932 and $932 of interest rate premium accretion on money market deposits, $625 and $810 of interest rate premium accretion on customer time deposits and $127 and $153 of interest rate premium accretion on brokered and internet deposits for the three months ended June 30, 2021 and March 31, 2021, respectively.

(f) Includes $114 and $255 of interest rate premium accretion on subordinated debt for the three months ended June 30, 2021 and March 31, 2021, respectively


FB Financial Corporation						8


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2020						September 30, 2020						June 30, 2020
	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)(d)	$	7,139,870	$	86,398	4.81	%	$	6,062,785	$	71,660	4.70	%	$	4,775,229	$	58,201	4.90	%
Mortgage loans held for sale(b)	621,076		4,138		2.65	%	486,899		3,624		2.96	%	358,108		2,947		3.31	%
Commercial loans held for sale	236,676		2,830		4.76	%	99,745		1,336		5.33	%	—		—		—	%
Securities:(b)
Taxable	744,161		2,306		1.23	%	604,557		2,286		1.50	%	494,987		2,619		2.13	%
Tax-exempt(a)	359,509		2,867		3.17	%	309,352		2,614		3.36	%	236,161		2,174		3.70	%
Total securities(a)	1,103,670		5,173		1.86	%	913,909		4,900		2.13	%	731,148		4,793		2.64	%
Federal funds sold	95,266		30		0.13	%	88,626		19		0.09	%	50,402		10		0.08	%
Interest-bearing deposits with other financial institutions	1,082,004		375		0.14	%	763,251		309		0.16	%	509,283		194		0.15	%
FHLB stock	31,232		159		2.03	%	22,517		76		1.34	%	16,871		102		2.43	%
Total interest-earning assets(a)	10,309,794		99,103		3.82	%	8,437,732		81,924		3.86	%	6,441,041		66,247		4.14	%
Noninterest-earning assets:
Cash and due from banks	73,279						69,788						58,304
Allowance for credit losses	(183,932)						(144,991)						(91,196)
Other assets	912,022						816,759						666,463
Total noninterest-earning assets	801,369						741,556						633,571
Total assets	$	11,111,163					$	9,179,288					$	7,074,612
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,178,039	$	2,785	0.51	%	$	1,626,067	$	2,194	0.54	%	$	1,161,593	$	1,717	0.59	%
Money market(e)	2,769,421		3,968		0.57	%	2,179,128		3,589		0.66	%	1,422,344		2,179		0.62	%
Savings deposits	338,260		54		0.06	%	309,689		58		0.07	%	254,357		41		0.06	%
Customer time deposits(e)	1,410,108		3,704		1.04	%	1,334,829		4,817		1.44	%	1,197,960		5,292		1.78	%
Brokered and internet time deposits(e)	87,035		298		1.36	%	60,327		(85)		(0.56)	%	16,844		80		1.91	%
Time deposits	1,497,143		4,002		1.06	%	1,395,156		4,732		1.35	%	1,214,804		5,372		1.78	%
Total interest-bearing deposits	6,782,863		10,809		0.63	%	5,510,040		10,573		0.76	%	4,053,098		9,309		0.92	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	34,986		43		0.49	%	37,309		51		0.54	%	32,451		50		0.62	%
Federal Home Loan Bank advances(g)	102,174		(432)		(1.68)	%	249,457		406		0.65	%	250,000		405		0.65	%
Subordinated debt(f)	189,649		2,433		5.10	%	95,048		1,222		5.11	%	30,930		399		5.19	%
Other borrowings	16,612		139		3.33	%	15,015		47		1.25	%	15,000		107		2.87	%
Total other interest-bearing liabilities	343,421		2,183		2.53	%	396,829		1,726		1.73	%	328,381		961		1.18	%
Total interest-bearing liabilities	7,126,284		12,992		0.73	%	5,906,869		12,299		0.83	%	4,381,479		10,270		0.94	%
Noninterest-bearing liabilities:
Demand deposits	2,513,202						2,050,084						1,728,343
Other liabilities	210,483						177,329						169,085
Total noninterest-bearing liabilities	2,723,685						2,227,413						1,897,428
Total liabilities	9,849,969						8,134,282						6,278,907
Total common shareholders' equity	1,261,101						1,044,913						795,705
Noncontrolling interest	93						93						—
Total equity	1,261,194						1,045,006						795,705
Total liabilities and shareholders' equity	$	11,111,163					$	9,179,288					$	7,074,612
Net interest income(a)			$	86,111					$	69,625					$	55,977
Interest rate spread(a)					3.09	%					3.03	%					3.20	%
Net interest margin(a)					3.32	%					3.28	%					3.50	%
Cost of total deposits					0.46	%					0.56	%					0.65	%
Average interest-earning assets to average interest-bearing liabilities					144.7	%					142.8	%					147.0	%
Tax-equivalent adjustment			$	867					$	797					$	640
Loans HFI yield components:
Contractual interest rate(a)(c)			$	78,873	4.39	%			$	66,441	4.36	%			$	54,233	4.57	%
Origination and other loan fee income(c)			6,537		0.36	%			4,029		0.26	%			2,823		0.24	%
Accretion on purchased loans			708		0.04	%			526		0.04	%			976		0.08	%
Nonaccrual interest			280		0.02	%			664		0.04	%			169		0.01	%

Total loans HFI yield			$	86,398	4.81	%			$	71,660	4.70	%			$	58,201	4.90	%

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

(b) Excludes the average balance for unrealized gains (losses) for mortgage loans held for sale and investments carried at fair value.

(c) Includes $699, $797, and $596 of loan contractual interest and $2,448, $850, and $624 of loan fees related to PPP loans for the three months ended December 31, 2020, September 30, 2020, and June 30, 2020, respectively.

(d) Includes $279,757, $311,025, and $234,304 of average PPP loan balances for the three months ended December 31, 2020, September 30, 2020, and June 30, 2020, respectively.

(e) Includes $932, $0 and $0 of interest rate premium accretion on money market deposits, $1,101, $653, and $228 of interest rate premium accretion on customer time deposits, and $127, $342, and $(10) of interest rate premium accretion on brokered and internet deposits for the three months ended December 31, 2020, September 30, 2020, and June 30, 2020, respectively.

(f) Includes $262, $174, and $0 of interest rate premium accretion on subordinated debt for the three months ended December 31, 2020, September 30, 2020, and June 30, 2020, respectively

(g) Includes $545, $115, and $148, and of gain accreted from other comprehensive income with cancelled cash flow hedge for the three months ended December 31, 2020, September 30, 2020, and June 30, 2020, respectively.


FB Financial Corporation						9


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Years Ended
(Unaudited)
(In Thousands, Except %)
	Six months ended						Six months ended
	June 30, 2021						June 30, 2020
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,043,092	$	166,431	4.77	%	$	4,631,577	$	120,018	5.21	%
Mortgage loans held for sale(b)	687,635		9,238		2.71	%	286,129		4,937		3.47	%
Commercial loans held for sale	175,135		3,783		4.36	%	—		—		—	%
Securities:(b)
Taxable	903,830		6,663		1.49	%	503,493		5,675		2.27	%
Tax-exempt(a)	329,074		5,260		3.22	%	216,496		4,089		3.80	%
Total securities(a)	1,232,904		11,923		1.95	%	719,989		9,764		2.73	%
Federal funds sold and reverse repurchase agreements	119,959		61		0.10	%	78,785		255		0.65	%
Interest-bearing deposits with other financial institutions	1,521,162		915		0.12	%	398,330		1,276		0.64	%
FHLB stock	31,597		313		2.00	%	16,539		206		2.50	%
Total interest-earning assets(a)	10,811,484		192,664		3.59	%	6,131,349		136,456		4.48	%
Noninterest-earning assets:
Cash and due from banks	153,523						61,303
Allowance for loan losses	(164,648)						(77,128)
Other assets	900,592						622,499
Total noninterest-earning assets	889,467						606,674
Total assets	$	11,700,951					$	6,738,023
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,887,671	$	5,707	0.40	%	$	1,116,633	$	3,896	0.70	%
Money market(e)	2,939,177		6,431		0.44	%	1,400,394		6,150		0.88	%
Savings deposits	390,772		110		0.06	%	236,475		120		0.10	%
Customer time deposits(e)	1,332,868		5,052		0.76	%	1,200,080		11,135		1.87	%
Brokered and internet time deposits(e)	40,060		445		2.24	%	18,600		176		1.90	%
Time deposits	1,372,928		5,497		0.81	%	1,218,680		11,311		1.87	%
Total interest-bearing deposits	7,590,548		17,745		0.47	%	3,972,182		21,477		1.09	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	31,946		57		0.36	%	29,641		107		0.73	%
Federal Home Loan Bank advances(g)	—		—		—	%	250,000		1,119		0.90	%
Subordinated debt(f)	168,965		4,160		4.96	%	30,930		820		5.33	%
Other borrowings	3,734		13		0.70	%	11,374		172		3.04	%
Total other interest-bearing liabilities	204,645		4,230		4.17	%	321,945		2,218		1.39	%
Total interest-bearing liabilities	7,795,193		21,975		0.57	%	4,294,127		23,695		1.11	%
Noninterest-bearing liabilities:
Demand deposits	2,416,869						1,520,954
Other liabilities	166,849						140,467
Total noninterest-bearing liabilities	2,583,718						1,661,421
Total liabilities	10,378,911						5,955,548
Total common shareholders' equity	1,321,947						782,475
Noncontrolling interest	93						—
Total equity	1,322,040						782,475
Total liabilities and shareholders' equity	$	11,700,951					$	6,738,023
Net interest income(a)			$	170,689					$	112,761
Interest rate spread(a)					3.02	%					3.37	%
Net interest margin(a)					3.18	%					3.70	%
Cost of total deposits					0.36	%					0.79	%
Average interest-earning assets to average interest-bearing liabilities					138.7	%					142.8	%
Tax equivalent adjustment			$	1,550					$	1,175
Loans HFI yield components:
Contractual interest rate(a)(c)			$	151,955	4.35	%			$	111,615	4.85	%
Origination and other loan fee income(c)			13,568		0.39	%			5,412		0.23	%
Accretion on purchased loans			(284)		(0.01)	%			2,554		0.11	%
Nonaccrual interest			1,192		0.04	%			437		0.02	%

Total loans HFI yield			$	166,431	4.77	%			$	120,018	5.21	%

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

(b) Excludes the average balance for unrealized gains (losses) for mortgage loans held for sale and investments carried at fair value.

(c) Includes $716 and $596 of loan contractual interest and $2,696 and $624 of loan fees related to PPP loans for the six months ended June 30, 2021 and 2020 .

(d) Includes $144,615 and $117,152 of average PPP loan balances during the six months ended June 30, 2021 and 2020.

(e) Includes $1,864 and $0 of interest rate premium accretion on money market deposits, $1,435 and $228 of interest rate mark accretion on customer time deposits and $280 and $(22) of interest rate mark accretion on brokered and internet deposits for the six months ended June 30, 2021 and 2020, respectively.

(f) Includes $369 and $0 interest rate premium accretion on subordinated debt for the six months ended June 30, 2021 and 2020, respectively.

(g) Includes $0 and $295 of gain accretion from other comprehensive income with cancelled cash flow hedge for the six months ended June 30, 2021 and 2020, respectively.


FB Financial Corporation						10


Loans and Deposits by Market
For the Quarters Ended
(Unaudited)
(In Thousands)

	2021				2020
	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Loans by market
Metropolitan	$	5,752,482	$	5,550,927	$	5,580,822	$	5,699,082	$	3,387,279
Community	767,001		835,444		867,575		892,229		875,347
Specialty lending and other	679,471		660,971		634,562		622,227		564,397
Total	$	7,198,954	$	7,047,342	$	7,082,959	$	7,213,538	$	4,827,023
Deposits by market
Metropolitan	$	6,133,823	$	6,389,373	$	5,812,719	$	5,574,001	$	3,651,146
Community	2,246,922		2,192,116		2,001,802		1,928,006		1,915,996
Mortgage and other(a)	1,823,211		1,675,397		1,643,516		1,591,740		385,659
Total	$	10,203,956	$	10,256,886	$	9,458,037	$	9,093,747	$	5,952,801

(a) Includes deposits related to escrow balances from mortgage servicing portfolio and wholesale/other deposits.


FB Financial Corporation						11


Segment Data
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2021						2020
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Banking segment(a)
Net interest income	$	86,553		$	82,597		$	85,207		$	68,791		$	55,350
Provisions for credit losses	(13,839)			(13,854)			(2,920)			55,401			25,921

Noninterest income	14,002			11,398			14,909			12,340			9,323

Merger expense	—			—			8,788			20,400			1,586
Other noninterest expense	58,194			55,735			57,458			52,135			40,454
Pre-tax income (loss) after allocations	$	56,200		$	52,114		$	36,790		$	(46,805)		$	(3,288)
Total assets	$	10,908,107		$	10,787,955		$	10,254,324		$	10,143,956		$	6,632,506
Intracompany funding income included in net interest income	6,110			5,400			5,160			3,940			3,335
Core efficiency ratio*	58.6		%	58.6		%	54.0		%	61.7		%	61.9		%
Mortgage segment(a)
Net interest income	$	10		$	(21)		$	37		$	37		$	(13)

Mortgage banking income	35,499			55,332			65,729			84,686			72,168

Other noninterest income	(201)			—			—			—			—
Merger expense	—			—			725			330			—
Other noninterest expense	34,766			38,963			42,884			45,227			38,539
Direct contribution	$	542		$	16,348		$	22,157		$	39,166		$	33,616
Total assets	$	1,010,260		$	1,147,871		$	953,006		$	866,482		$	623,030
Intracompany funding expense included in net interest income	6,110			5,400			5,160			3,940			3,335
Core efficiency ratio*	97.9		%	70.4		%	65.2		%	53.4		%	53.4		%
Interest rate lock commitments volume during the period
Consumer direct	$	914,163		$	949,187		$	1,291,121		$	1,453,238		$	1,480,878
Retail	860,370			939,863			896,357			965,434			758,228

Total	$	1,774,533		$	1,889,050		$	2,187,478		$	2,418,672		$	2,239,106
Interest rate lock commitments pipeline (period end)
Consumer direct	$	446,691		$	643,624		$	833,569		$	912,349		$	848,732
Retail	340,568			415,155			358,052			451,872			357,200

Total	$	787,259		$	1,058,779		$	1,191,621		$	1,364,221		$	1,205,932
Mortgage sales
Consumer direct	$	922,910		$	829,883		$	1,070,909		$	1,034,278		$	962,417
Retail	758,599			742,187			757,308			735,765			632,996

Total	$	1,681,509		$	1,572,070		$	1,828,217		$	1,770,043		$	1,595,413
Gains and fees from origination and sale of mortgage loans held for sale	$	49,435		$	57,893		$	83,971		$	76,506		$	45,515
Net change in fair value of loans held for sale, derivatives, and other	(17,579)			(4,229)			(16,875)			10,084			34,778
Mortgage servicing income	6,788			6,931			6,461			5,536			5,113
Change in fair value of mortgage servicing rights, net of hedging	(3,145)			(5,263)			(7,828)			(7,440)			(13,238)
Total mortgage banking income	$	35,499		$	55,332		$	65,729		$	84,686		$	72,168
Mortgage sale margin(b)	2.94		%	3.68		%	4.59		%	4.32		%	2.85		%

*These measures are considered non-GAAP financial measures. See "GAAP Reconciliation and Use of non-GAAP financial measures" and the corresponding financial tables below for a reconciliation and discussion of these non-GAAP measures for a reconciliation and discussion of this non-GAAP measure.

(a) During the first quarter of 2021, the Company re-evaluated its reportable business segments to assign all retail mortgage activities to the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. Mortgage retail footprint has been assigned to the Mortgage segment for all periods presented.

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


FB Financial Corporation						12


Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2021									2020
	Second Quarter			% of Total		First Quarter			% of Total	Fourth Quarter			% of Total	Third Quarter			% of Total		Second Quarter			% of Total
Loan portfolio
Commercial and Industrial (a)	$	1,238,940		17	%	$	1,292,530		18%	$	1,346,122		19%	$	1,417,671		20	%	$	1,289,646		27	%
Construction	1,145,165			16	%	1,120,585			16%	1,222,220			17%	1,190,878			16	%	553,619			12	%
Residential real estate:
1-to-4 family mortgage	1,126,623			16	%	1,078,618			15%	1,089,270			15%	1,140,611			16	%	741,936			15	%
Residential line of credit	401,343			6	%	394,510			6%	408,211			6%	420,318			6	%	236,974			5	%
Multi-family mortgage	363,600			5	%	271,839			4%	175,676			2%	165,937			2	%	115,149			2	%
Commercial real estate:
Owner occupied	923,605			13	%	936,473			13%	924,841			13%	924,987			13	%	683,245			14	%
Non-owner occupied	1,675,214			23	%	1,652,638			24%	1,598,979			23%	1,644,400			23	%	923,192			19	%
Consumer and other	324,464			4	%	300,149			4%	317,640			5%	308,736			4	%	283,262			6	%
Total loans HFI	$	7,198,954		100	%	$	7,047,342		100%	$	7,082,959		100%	$	7,213,538		100	%	$	4,827,023		100	%
Allowance for credit losses rollforward summary
Allowance for credit losses at the beginning of the period	$	157,954				$	170,389			$	183,973			$	113,129				$	89,141


Charge-offs	(859)					(1,170)				(10,736)				(993)					(1,165)
Recoveries	453					367				383				1,172					1,114
Provision for credit losses	(12,885)					(11,632)				(3,231)				45,834					24,039
Initial allowance on acquired loans with credit deterioration	—					—				—				24,831					—

Allowance for credit losses at the end of the period	$	144,663				$	157,954			$	170,389			$	183,973				$	113,129
Allowance for credit losses as a percentage of total loans HFI	2.01		%			2.24		%		2.41		%		2.55		%			2.34		%
Adjusted allowance for credit losses as a percentage of loans HFI*	2.03		%			2.29		%		2.48		%		2.66		%			2.51		%
Allowance for credit losses on unfunded commitments	$	13,202				$	14,156			$	16,378			$	16,067				$	6,500
Charge-offs
Commercial and Industrial	$	(360)				$	(277)			$	(10,105)			$	(249)				$	(147)
Construction	—					(29)				—				—					(18)
Residential real estate:
1-to-4 family mortgage	(16)					(133)				(30)				(8)					(123)
Residential line of credit	(3)					(15)				(1)				—					(21)
Multi-family mortgage	—					—				—				—					—
Commercial real estate:
Owner occupied	—					—				—				(95)					—
Non-owner occupied	—					—				—				(166)					(545)
Consumer and other	(480)					(716)				(600)				(475)					(311)
Total charge-offs	(859)					(1,170)				(10,736)				(993)					(1,165)
Recoveries
Commercial and Industrial	87					129				60				757					807
Construction	—					—				3				51					151
Residential real estate:
1-to-4 family mortgage	41					24				(44)				116					26
Residential line of credit	9					6				64				22					24
Multi-family mortgage	—					—				—				—					—
Commercial real estate:
Owner occupied	126					13				15				51					3
Non-owner occupied	—					—				—				—					—
Consumer and other	190					195				285				175					103
Total recoveries	453					367				383				1,172					1,114
Net (charge-offs) recoveries	$	(406)				$	(803)			$	(10,353)			$	179				$	(51)
Net charge-offs (recoveries) as a percentage of average total loans	0.02		%			0.05		%		0.58		%		(0.01)		%			—		%
Classified loans	$	150,658				$	156,588			$	132,223			$	126,986				$	88,416


FB Financial Corporation						13


Loan Portfolio and Asset Quality (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2021						2020
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Nonperforming assets(b)
Past due 90 days or more and accruing interest	$	9,098		$	10,698		$	13,696		$	9,064		$	6,412
Nonaccrual	50,429			55,538			50,760			34,585			28,413
Total nonperforming loans held for investment	59,527			66,236			64,456			43,649			34,825
Commercial loans held for sale	5,844			12,779			6,489			12,812			—
Other real estate owned:
Foreclosed	6,488			4,735			6,408			6,570			7,340
Excess land and facilities	5,498			6,442			5,703			6,178			7,751
Other assets	816			1,230			1,170			1,184			1,306
Total nonperforming assets	$	78,173		$	91,422		$	84,226		$	70,393		$	51,222
Total nonperforming loans as a percentage of loans held for investment	0.83		%	0.94		%	0.91		%	0.61		%	0.72		%
Total nonperforming assets as a percentage of total assets	0.66		%	0.77		%	0.75		%	0.64		%	0.71		%
Total accruing loans over 90 days delinquent as a percentage of total assets	0.08		%	0.09		%	0.12		%	0.08		%	0.09		%
Loans restructured as troubled debt restructurings	$	42,678		$	26,095		$	15,988		$	16,681		$	13,277
Troubled debt restructurings as a percentage of loans held for investment	0.59		%	0.37		%	0.23		%	0.23		%	0.28		%

(a) Includes PPP loan balances of $57,406, $145,697, $212,645, $310,719, and $314,678 as of June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020 and June 30, 2020, respectively.

(b) Nonperforming assets include guaranteed repurchased loans previously sold of $3.5 million, $4.1 million, $3.7 million, $4.4 million, and $4.2 million, for the quarters ended June 30, 2021, March 31, 2021, December 31, 2020, September 30, 2020, and June 30, 2020, respectively.


FB Financial Corporation						14


Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)

Computation of Tangible Common Equity to Tangible Assets:	June 30, 2021			December 31, 2020

Total Common Shareholders' Equity	$	1,371,721		$	1,291,289
Less:
Goodwill	242,561			242,561
Other intangibles	19,592			22,426
Tangible Common Equity	$	1,109,568		$	1,026,302

Total Assets	$	11,918,367		$	11,207,330
Less:
Goodwill	242,561			242,561
Other intangibles	19,592			22,426
Tangible Assets	$	11,656,214		$	10,942,343

Preliminary Total Risk-Weighted Assets	$	9,265,237		$	9,073,675

Total Common Equity to Total Assets	11.5		%	11.5		%
Tangible Common Equity to Tangible Assets*	9.52		%	9.38		%


	June 30, 2021			December 31, 2020
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	1,147,609		$	1,060,364
Tier 1 Capital	1,177,609			1,090,364
Total Capital	1,383,471			1,358,897

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.4		%	11.7		%
Tier 1 Risk-Based	12.7		%	12.0		%
Total Risk-Based	14.9		%	15.0		%
Tier 1 Leverage	10.1		%	10.0		%

(a) Reflects CECL transition relief of $45,677 and $52,109 add-back for the period ending June 30, 2021 and December 31, 2020, respectively, and $51,547 and $57,979 disallowed from add-back to Tier 2 capital for the period ended June 30, 2021 and December 31, 2020, respectively.


FB Financial Corporation						15


Investment Portfolio
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2021										2020
Securities (at fair value)	Second Quarter					First Quarter					Fourth Quarter				Third Quarter					Second Quarter
Available-for-sale debt securities
U.S. government agency securities	$	8,255		1	%	$	—		—	%	$	2,003		—%	$	1,994		—	%	$	3,024		—	%
Mortgage-backed securities - residential	1,035,003			73	%	838,708			68	%	773,336			66%	738,106			63	%	440,778			59	%
Mortgage-backed securities - commercial	15,161			1	%	20,635			2	%	21,588			2%	21,854			2	%	13,828			2	%
Municipals, tax exempt	332,883			24	%	348,776			28	%	356,329			30%	374,880			32	%	266,052			35	%
Treasury securities	10,534			1	%	14,576			1	%	16,628			1%	21,700			2	%	22,771			3	%
Corporate securities	2,536			—	%	2,483			—	%	2,516			—%	1,987			—	%	985			—	%
Total available-for-sale debt securities	1,404,372			100	%	1,225,178			99	%	1,172,400			99%	1,160,521			99	%	747,438			99	%
Equity securities	4,803			—	%	4,667			1%		4,591			1%	4,389			1	%	4,329			1	%
Total securities	$	1,409,175		100	%	$	1,229,845		100%		$	1,176,991		100%	$	1,164,910		100	%	$	751,767		100	%
Securities to total assets	11.8		%			10.3		%			10.5		%		10.6		%			10.4		%
Unrealized gain on available-for-sale debt securities	$	22,321				$	19,245				$	34,552			$	31,468				$	29,683


FB Financial Corporation						16


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021				2020
Adjusted earnings	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Income (loss) before income taxes	$	56,742	$	68,462	$	58,947	$	(7,639)	$	30,328
Plus merger, conversion and offering expenses	605		—		9,513		20,730		1,586
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		—		63,251		—
Less other non-operating items(1)	2,151		(853)		(2,448)		(1,952)		—
Adjusted pre-tax earnings	55,196		69,315		70,908		78,294		31,914
Income tax expense, adjusted	12,879		15,810		16,454		20,198		7,828
Adjusted earnings	$	42,317	$	53,505	$	54,454	$	58,096	$	24,086
Weighted average common shares outstanding - fully diluted	47,993,773		47,969,106		47,791,659		40,637,745		32,506,417
Adjusted diluted earnings per share
Diluted earnings (loss) per common share	$	0.90	$	1.10	$	0.95	$	(0.14)	$	0.70
Plus merger, conversion and offering expenses	0.01		—		0.20		0.51		0.05

Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		—		1.56		—
Less other non-operating items	0.04		(0.02)		(0.05)		(0.05)		—
Less tax effect	(0.01)		—		0.06		0.55		0.01
Adjusted diluted earnings per share	$	0.88	$	1.12	$	1.14	$	1.43	$	0.74
(1) 2Q21 includes a $1,364 gain from change in fair value of commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 1Q21 includes a $853 loss from change in fair value of commercial loans held for sale acquired from Franklin; 4Q20 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin; 3Q20 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin.



	2021				2020
Adjusted pre-tax pre-provision earnings	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Income (loss) before income taxes	$	56,742	$	68,462	$	58,947	$	(7,639)	$	30,328
Plus provisions for credit losses	(13,839)		(13,854)		(2,920)		55,401		25,921
Pre-tax pre-provision earnings	42,903		54,608		56,027		47,762		56,249
Plus merger, conversion and offering expenses	605		—		9,513		20,730		1,586
Less other non-operating items	2,151		(853)		(2,448)		(1,952)		—
Adjusted pre-tax pre-provision earnings	$	41,357	$	55,461	$	67,988	$	70,444	$	57,835


FB Financial Corporation						17


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

Adjusted earnings	YTD 2021		2020		2019		2018		2017
Income before income taxes	$	125,204	$	82,461	$	109,539	$	105,854	$	73,485
Plus merger, conversion, offering, and mortgage restructuring expenses	605		34,879		7,380		2,265		19,034
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		66,136		—		—		—
Less other non-operating items(1)	1,298		(4,400)		—		—		—
Adjusted pre-tax earnings	124,511		187,876		116,919		108,119		92,519
Adjusted income tax expense	28,690		45,944		27,648		26,034		34,749
Adjusted earnings	$	95,821	$	141,932	$	89,271	$	82,085	$	57,770
Weighted average common shares outstanding - fully diluted	47,976,533		38,099,744		31,402,897		31,314,981		28,207,602
Adjusted diluted earnings per share
Diluted earnings per common share	$	2.00	$	1.67	$	2.65	$	2.55	$	1.86
Plus merger, conversion, offering, and mortgage restructuring expenses	0.01		0.92		0.24		0.07		0.67
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		1.74		—		—		—
Less other non-operating items	0.02		(0.11)		—		—		—
Less tax effect	(0.01)		0.71		0.06		0.01		0.48
Adjusted diluted earnings per share	$	2.00	$	3.73	$	2.83	$	2.61	$	2.05

(1) 2021 includes a $511 gain from change in fair value on commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.


Adjusted pre-tax pre-provision earnings	YTD 2021		2020		2019		2018		2017
Income before income taxes	$	125,204	$	82,461	$	109,539	$	105,854	$	73,485
Plus provisions for credit losses	(27,693)		107,967		7,053		5,398		(950)
Pre-tax pre-provision earnings	97,511		190,428		116,592		111,252		72,535
Plus merger, conversion, offering, and mortgage restructuring expenses	605		34,879		7,380		2,265		19,034
Less other non-operating items	1,298		(4,400)		—		—		—
Adjusted pre-tax pre-provision earnings	$	96,818	$	229,707	$	123,972	$	113,517	$	91,569


FB Financial Corporation						18


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021						2020
Core efficiency ratio (tax-equivalent basis)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Total noninterest expense	$	92,960		$	94,698		$	109,855		$	118,092		$	80,579
Less merger, conversion and offering expenses	605			—			9,513			20,730			1,586
Less gain on lease terminations	(787)			—			—			—			—
Less FHLB prepayment penalties	—			—			4,533			2,305			—
Core noninterest expense	$	93,142		$	94,698		$	95,809		$	95,057		$	78,993
Net interest income (tax-equivalent basis)	$	87,321		$	83,368		$	86,111		$	69,625		$	55,977
Total noninterest income	49,300			66,730			80,638			97,026			81,491
Less gain (loss) on change in fair value on commercial loans held for sale	1,364			(853)			1,370			1,858			—
Less cash life insurance benefit	—			—			715			—			—
Less (loss) gain on sales or write-downs of other real estate owned and other assets	(27)			485			(57)			(1,279)			32
Less gain (loss) from securities, net	144			83			1,013			583			(28)
Core noninterest income	47,819			67,015			77,597			95,864			81,487
Core revenue	$	135,140		$	150,383		$	163,708		$	165,489		$	137,464
Efficiency ratio (GAAP)(a)	68.4		%	63.4		%	66.2		%	71.2		%	58.9		%
Core efficiency ratio (tax-equivalent basis)	68.9		%	63.0		%	58.5		%	57.4		%	57.5		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, historical segment efficiency ratios have been recast for consistency with these changes.

	2021						2020
Banking segment core efficiency ratio (tax equivalent)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Core noninterest expense	$	93,142		$	94,698		$	95,809		$	95,057		$	78,993
Less Mortgage segment core noninterest expense	34,766			38,963			42,884			45,227			38,539
Core Banking segment noninterest expense	$	58,376		$	55,735		$	52,925		$	49,830		$	40,454
Core revenue	$	135,140		$	150,383		$	163,708		$	165,489		$	137,464
Less Core Mortgage segment total revenue	35,509			55,311			65,766			84,723			72,155
Core Banking segment total revenue	$	99,631		$	95,072		$	97,942		$	80,766		$	65,309
Banking segment core efficiency ratio (tax-equivalent basis)	58.6		%	58.6		%	54.0		%	61.7		%	61.9		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	34,766		$	38,963		$	43,609		$	45,557		$	38,539
Less mortgage merger expense	—			—			725			330			—


Core Mortgage segment noninterest expense	$	34,766		$	38,963		$	42,884		$	45,227		$	38,539
Mortgage segment total revenue	$	35,308		$	55,311		$	65,766		$	84,723		$	72,155
Less loss on sales or write-downs of other real estate owned	(201)			—			—			—			—
Core Mortgage segment total revenue	$	35,509		$	55,311		$	65,766		$	84,723		$	72,155
Mortgage segment core efficiency ratio (tax-equivalent basis)	97.9		%	70.4		%	65.2		%	53.4		%	53.4		%


FB Financial Corporation						19


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021						2020
Adjusted Mortgage contribution	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter





Mortgage pre-tax net contribution	$	542		$	16,348		$	22,157		$	39,166		$	33,616
Plus mortgage merger expense	—			—			725			330			—

Adjusted Mortgage pre-tax net contribution	$	542		$	16,348		$	22,882		$	39,496		$	33,616
Pre-tax pre-provision earnings	$	42,903		$	54,608		$	56,027		$	47,762		$	56,249
% Mortgage pre-tax pre-provision net contribution	1.26		%	29.9		%	39.5		%	82.0		%	59.8		%
Adjusted pre-tax pre-provision earnings	$	41,357		$	55,461		$	67,988		$	70,444		$	57,835
% total adjusted Mortgage pre-tax pre-provision net contribution	1.31		%	29.5		%	33.7		%	56.1		%	58.1		%

	2021						2020
Tangible assets and equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Tangible assets
Total assets	$	11,918,367		$	11,935,826		$	11,207,330		$	11,010,438		$	7,255,536
Less goodwill	242,561			242,561			242,561			236,086			175,441
Less intangibles, net	19,592			20,986			22,426			23,924			17,671
Tangible assets	$	11,656,214		$	11,672,279		$	10,942,343		$	10,750,428		$	7,062,424
Tangible common equity
Total common shareholders' equity	$	1,371,721		$	1,329,103		$	1,291,289		$	1,244,998		$	805,216
Less goodwill	242,561			242,561			242,561			236,086			175,441
Less intangibles, net	19,592			20,986			22,426			23,924			17,671
Tangible common equity	$	1,109,568		$	1,065,556		$	1,026,302		$	984,988		$	612,104
Common shares outstanding	47,360,950			47,331,680			47,220,743			47,191,677			32,101,108
Book value per common share	$	28.96		$	28.08		$	27.35		$	26.38		$	25.08
Tangible book value per common share	$	23.43		$	22.51		$	21.73		$	20.87		$	19.07
Total common shareholders' equity to total assets	11.5		%	11.1		%	11.5		%	11.3		%	11.1		%
Tangible common equity to tangible assets	9.52		%	9.13		%	9.38		%	9.16		%	8.67		%



	2021						2020
Return on average tangible common equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Average common shareholders' equity	$	1,339,938		$	1,303,493		$	1,261,101		$	1,044,913		$	795,705
Less average goodwill	242,561			242,561			242,983			205,473			175,150
Less average intangibles, net	20,253			21,695			23,178			20,973			18,209
Average tangible common equity	$	1,077,124		$	1,039,237		$	994,940		$	818,467		$	602,346
Net income (loss)	$	43,294		$	52,874		$	45,602		$	(5,599)		$	22,873
Return on average common equity	13.0		%	16.5		%	14.4		%	(2.13		%)	11.6		%
Return on average tangible common equity	16.1		%	20.6		%	18.2		%	(2.72		%)	15.3		%
Adjusted net income	$	42,317		$	53,505		$	54,454		$	58,096		$	24,086
Adjusted return on average tangible common equity	15.8		%	20.9		%	21.8		%	28.2		%	16.1		%
Adjusted pre-tax pre-provision earnings	$	41,357		$	55,461		$	67,988		$	70,444		$	57,835
Adjusted pre-tax pre-provision return on average tangible common equity	15.4		%	21.6		%	27.2		%	34.2		%	38.6		%


FB Financial Corporation						20


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

Return on average tangible common equity	YTD 2021			2020			2019			2018			2017
Average common shareholders' equity	$	1,321,947		$	966,336		$	723,494		$	629,922		$	466,219
Less average goodwill	242,561			199,104			160,587			137,190			84,997
Less average intangibles, net	20,970			22,659			17,236			12,815			8,047
Average tangible common equity	$	1,058,416		$	744,573		$	545,671		$	479,917		$	373,175
Net income	$	96,168		$	63,621		$	83,814		$	80,236		$	52,398
Return on average common equity	14.7		%	6.58		%	11.6		%	12.7		%	11.2		%
Return on average tangible common equity	18.3		%	8.54		%	15.4		%	16.7		%	14.0		%



Adjusted net income	$	95,821		$	141,932		$	89,271		$	82,085		$	57,770
Adjusted return on average tangible common equity	18.3		%	18.3		%	16.4		%	17.1		%	15.5		%
Adjusted pre-tax pre-provision earnings	$	96,818		$	229,707		$	123,972		$	113,517		$	91,569
Adjusted pre-tax pre-provision return on average tangible common equity	18.4		%	30.9		%	22.7		%	23.7		%	24.5		%

	2021						2020
Adjusted return on average assets and equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Net income (loss)	$	43,294		$	52,874		$	45,602		$	(5,599)		$	22,873
Average assets	11,900,450			11,508,783			11,111,163			9,179,288			7,074,612
Average common equity	1,339,938			1,303,493			1,261,101			1,044,913			795,705
Return on average assets	1.46		%	1.86		%	1.63		%	(0.24		%)	1.30		%
Return on average common equity	13.0		%	16.5		%	14.4		%	(2.13		%)	11.6		%
Adjusted net income	$	42,317		$	53,505		$	54,454		$	58,096		$	24,086
Adjusted return on average assets	1.43		%	1.89		%	1.95		%	2.52		%	1.37		%
Adjusted return on average common equity	12.7		%	16.6		%	17.2		%	22.1		%	12.2		%













Adjusted pre-tax pre-provision earnings	$	41,357		$	55,461		$	67,988		$	70,444		$	57,835
Adjusted pre-tax pre-provision return on average assets	1.39		%	1.95		%	2.43		%	3.05		%	3.29		%
Adjusted pre-tax pre-provision return on average common equity	12.4		%	17.3		%	21.4		%	26.8		%	29.2		%


FB Financial Corporation						21







Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

Adjusted return on average assets and equity	YTD 2021			2020			2019			2018			2017
Net income	$	96,168		$	63,621		$	83,814		$	80,236		$	52,398
Average assets	11,700,951			8,438,100			5,777,672			4,844,865			3,811,158
Average common equity	1,321,947			966,336			723,494			629,922			466,219
Return on average assets	1.66		%	0.75		%	1.45		%	1.66		%	1.37		%
Return on average common equity	14.7		%	6.58		%	11.6		%	12.7		%	11.2		%
Adjusted net income	$	95,821		$	141,932		$	89,271		$	82,085		$	57,770
Adjusted return on average assets	1.65		%	1.68		%	1.55		%	1.69		%	1.52		%
Adjusted return on average common equity	14.6		%	14.7		%	12.3		%	13.0		%	12.4		%




Adjusted pre-tax pre-provision earnings	$	96,818		$	229,707		$	123,972		$	113,517		$	91,569
Adjusted pre-tax pre-provision return on average assets	1.67		%	2.72		%	2.15		%	2.34		%	2.40		%
Adjusted pre-tax pre-provision return on average common equity	14.8		%	23.8		%	17.1		%	18.0		%	19.6		%

	2021						2020
Adjusted allowance for credit losses to loans held for investment	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Allowance for credit losses	$	144,663		$	157,954		$	170,389		$	183,973		$	113,129
Less allowance for credit losses attributed to PPP loans	9			23			34			49			51
Adjusted allowance for credit losses	$	144,654		$	157,931		$	170,355		$	183,924		$	113,078
Loans held for investment	$	7,198,954		$	7,047,342		$	7,082,959		$	7,213,538		$	4,827,023
Less PPP loans	57,406			145,697			212,645			310,719			314,678
Adjusted loans held for investment	$	7,141,548		$	6,901,645		$	6,870,314		$	6,902,819		$	4,512,345
Allowance for credit losses to loans held for investment	2.01		%	2.24		%	2.41		%	2.55		%	2.34		%
Adjusted allowance for credit losses to loans held for investment	2.03		%	2.29		%	2.48		%	2.66		%	2.51		%


FB Financial Corporation						22

July 20, 2021 2021 Second 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 projected impact of the COVID-19 global pandemic on our business operations, statements relating to the benefits, costs, and synergies of the merger with Franklin Financial Network, Inc. (“Franklin”) (the “merger”), and FB Financial’s future plans, results, strategies, and expectations. 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,” “projection,” 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 FB Financial’s control. The inclusion of these forward-looking statements should not be regarded as a representation by FB Financial or any other person that such expectations, estimates, and projections will be achieved. Accordingly, FB Financial 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 supply demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which we operate and/or the US economy generally, (2) the effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business and our customers’ business, results of operations, asset quality and financial condition, as well as the efficacy, distribution, and public adoption of vaccines, (3) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (4) our ability to effectively manage problem credits, (5) the risk that the cost savings and any revenue synergies from the merger or another acquisition may not be realized or may take longer than anticipated to be realized, (6) the ability of FB Financial to effectively integrate and manage the larger and more complex operations of the combined company following the merger, (7) FB Financial’s ability to successfully execute its various business strategies, (8) the impact of the recent change in the U.S. presidential administration and Congress and any resulting impact on economic policy, capital markets, federal regulation, and the response to the COVD-19 pandemic, (9) the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (10) the effectiveness of our cyber security controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) general competitive, economic, political, and market conditions. Further information regarding FB Financial and factors which could affect the forward-looking statements contained herein can be found in FB Financial's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in any of FB Financial's subsequent filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond FB Financial’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 FB Financial 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 FB Financial to predict their occurrence or how they will affect the company. FB Financial 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 include, without limitation, adjusted earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, adjusted return on average tangible common equity, adjusted pretax pre-provision return on average tangible common equity, adjusted return on average assets and equity, and adjusted pre-tax pre-provision 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 also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted 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 demonstrating 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 other intangibles, 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. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. The following tables provide a reconciliation of these measures to the most directly comparable GAAP financial measures.

3 2Q 2021 highlights Key highlights ◼ Excluding PPP loans, loans grew 13.9% annualized in 2Q 2021 as the economy reopened, spurring customer demand. High single digit percentage annual growth expected in 2021 ◼ $57.4 million of originally funded $315 million in PPP loans remaining as of 2Q 2021, $0.4 million in expected fee income from the program remaining ◼ Cost of total deposits decreased by 10 basis points from 1Q 2021, while yield on loans, excluding accretion and nonaccrual interest collections, declined by 7 basis points ◼ Improving economic conditions dictated reserve release of $13.8 million in 2Q 2021; ACL to loans HFI remains at 2.01% as of 2Q 2021 ◼ Deferrals declined to $73.9 million from $152 million in 1Q 2021. $25.1 million in full deferral of principal and interest; $48.8 million making interest only payments. ◼ Commercial Loans Held For Sale portfolio exposure down to $124 million as of 2Q 2021 compared to $430 million at announcement of Franklin Financial Network transaction and $175 million as of 1Q 2021 ◼ Total mortgage contribution of $0.5 million, in line with guidance ◼ Redeemed $20 million in subordinated notes on July 1, 2021 Financial results 1 Results are non-GAAP financial measures that adjust GAAP reported net income, total assets, equity and other metrics for certain intangibles, income and expense items as outlined in the non-GAAP reconciliation calculations, using a combined marginal income tax rate of 26.06% excluding one-time items. See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. 2Q 2021 Diluted earnings per share Adjusted diluted earnings per share1 $0.90 $0.88 Net income ($mm) Adjusted net income1 ($mm) $43.3 $42.3 Return on average assets Adjusted return on average assets1 1.46% 1.43% Return on average equity Adjusted return on average equity1 13.0% 12.7% Return on average tangible common equity1 Adjusted return on average tangible common equity1 16.1% 15.8% Adjusted pre-tax, pre-provision earnings1 ($mm) $41.4 Adjusted pre-tax, pre-provision return on average assets1 1.39% Adjusted pre-tax, pre-provision return on average tangible common equity1 15.4% Net interest margin Impact of accretion and nonaccrual interest (bps) 3.18% 1 Efficiency ratio Core efficiency ratio1 68.4% 68.9% Tangible common equity / tangible assets1 9.5%

4 Core earnings power ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. Adjusted return on average assets¹ 1.52% 1.69% 1.55% 1.68% 1.65% 2017 2018 2019 2020 1H21 Drivers of profitability Net interest margin Noninterest income ($mm)Loans/deposits Core efficiency ratio1 4.46% 4.66% 4.34% 3.46% 3.18% 2017 2018 2019 2020 1H21 68.1% 65.8% 65.4% 59.2% 65.8% 2017 2018 2019 2020 1H21 $142 $131 $135 $302 $116 2017 2018 2019 2020 1H21 101% 95% 95% 84% 79% 86% 88% 89% 75% 71% 15% 7% 6% 9% 8% 2017 2018 2019 2020 2Q21 Loans excluding HFS Loans HFS

5 Stable net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment 2 Excess liquidity defined as interest-bearing deposits with other financial institutions in excess of 5% of average tangible assets. Assumes funded from all interest bearing liabilities. $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2Q20 3Q20 4Q20 1Q21 2Q21 A v g . in te re s t e a rn in g a s s e ts ( $ m m ) Y ie ld s a n d C o s ts ( % ) Average interest earning assets Yield on loans Cost of deposits NIM NIM1 3.50% 3.28% 3.32% 3.19% 3.18% Impact of accretion and nonaccrual interest (bps) 7 5 4 3 1 Impact of excess liquidity2 (bps) (7) (15) (22) (33) (37) Deposit Cost: Cost of MMDA 0.62% 0.66% 0.57% 0.50% 0.38% Cost of customer time 1.78% 1.44% 1.04% 0.90% 0.63% Cost of interest-bearing 0.92% 0.76% 0.63% 0.53% 0.41% Total deposit cost 0.65% 0.56% 0.46% 0.41% 0.31% Loans HFI Yield: Contractual interest 4.57% 4.36% 4.39% 4.39% 4.31% Origination and other loan fee income 0.24% 0.26% 0.36% 0.38% 0.39% Nonaccrual interest 0.01% 0.04% 0.05% 0.04% 0.03% Accretion on purchased loans 0.08% 0.04% 0.02% 0.00% (0.01%) Total loan (HFI) yield 4.90% 4.70% 4.81% 4.81% 4.72%

6 1Q21 Mortgage faces industry headwinds Highlights ◼ Total mortgage pre-tax contribution of $0.5 million ◼ Slower pace of refinance activity and housing supply shortages resulting in weaker IRLC volume ◼ Margins continue to compress due to weaker volumes and excess industry capacity ◼ Pipeline at the end of 2Q 2021 of $0.8 billion, as compared to $1.1 billion at the end of 1Q 2021 ◼ Mortgage banking income of $35.5 million in 2Q 2021 compared to $55.3 million in 1Q 2021 Mortgage banking income ($mm) 2Q20 1Q21 2Q21 Gain on Sale $45.5 $57.9 $49.4 Fair value changes $34.8 ($4.2) ($17.6) Servicing Revenue $5.1 $6.9 $6.8 Fair value MSR changes ($13.2) ($5.3) ($3.1) Total Income $72.2 $55.3 $35.5 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures ² As of the respective period-end 3 Defined as the fair value plus related derivatives for mandatory and best efforts divided by their pull-through weighted volume. Quarterly mortgage production Mark to Market Value and Gain on Sale Margin 2Q20 2Q21 IRLC volume: IRLC pipeline2: Refinance %: Purchase %: $2,239mm $1,889mm $1,775mm $1,206mm $1,059mm $787mm 80% 66% 58% 20% 34% 42% Consumer Direct Retail 3.84% 3.99% 3.42% 2.91% 2.42% 2.85% 4.32% 4.59% 3.68% 2.94% 2Q20 3Q20 4Q20 1Q21 2Q21 Mark to Market Value Gain on Sale Margin3

7 Managing expenses and investing to support growth Highlights ◼Consolidated 2Q 2021 core efficiency ratio¹ of 68.9% ◼Change in segment definitions 1Q 2021 as mortgage retail footprint no longer included in the banking segment ◼Banking segment reflects ongoing investment in people, processes and systems to support growth expectations ◼Mortgage efficiency will remain above targeted 85% threshold for remainder of 2021 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, historical segment efficiency ratios have been recast for consistency with these changes. Core efficiency ratio (tax-equivalent basis)¹ 61.9% 61.7% 54.0% 58.6% 58.6% 57.5% 57.4% 58.5% 63.0% 68.9% 53.4% 53.4% 65.2% 70.4% 97.9% 2Q20 3Q20 4Q20 1Q21 2Q21 Banking segment Consolidated Mortgage segment

8 Well-capitalized for future opportunities Tangible book value per share3 Simple capital structure Common Equity Tier 1 Capital 83% Trust Preferred 2% Subordinated Notes 9% Tier 2 ACL 6% Total regulatory capital: $1,3831 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $23.43 3Q16 4Q16 4Q17 4Q18 4Q19 4Q20 2Q21 2Q201 1Q211 2Q211,2 Shareholder’s equity/Assets 11.1% 11.1% 11.5% TCE/TA3 8.7% 9.1% 9.5% Common equity tier 1/Risk-weighted assets 11.4% 12.0% 12.4% Tier 1 capital/Risk-weighted assets 11.9% 12.3% 12.7% Total capital/Risk-weighted assets 13.2% 14.6% 14.9% Tier 1 capital /Average assets 9.7% 10.1% 10.1% C&D loans subject to 100% tier 1 capital plus ACL4 70% 88% 90% CRE loans subject to 300% tier 1 capital plus ACL4 203% 239% 251% Capital position 1 For regulatory capital purposes, the CECL impact over 2020 and 2021 is gradually phased-in from Common Equity Tier 1 Capital to Tier 2 capital. As of 2Q20, 1Q21 and 2Q21, respectively, $37.8 million, $49.0 million and $45.7 million are being added back to CET 1 and Tier 1 Capital, and $43.7 million, $54.9 million and $51.5 million are being taken out of Tier 2 capital. 2 Total regulatory capital, FB Financial Corporation. 1Q21 calculation is preliminary and subject to change. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 4 Tier 1 capital at FirstBank as defined in Call Report.

9 Noninterest- bearing checking 24% Interest-bearing checking 30% Money market 29% Savings 4% Time 13% 54% Checking accounts Valuable core deposit base ¹ Includes mortgage servicing-related deposits of $149.1 million, $194.3 million, $147.9 million, $170.9 million and $166.1 million for the quarters ended June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021 and June 30, 2021 respectively. Total deposits ($mm) Cost of deposits Noninterest bearing deposits1 ($mm) Deposit composition $5,938 $9,002 $9,396 $10,219 $10,163 $15 $92 $62 $38 $41 $5,953 $9,094 $9,458 $10,257 $10,204 2Q20 3Q20 4Q20 1Q21 2Q21 Customer deposits Brokered and internet time deposits $1,775 $2,288 $2,274 $2,431 $2,485 2Q20 3Q20 4Q20 1Q21 2Q21 29.8% 25.2% 24.0% 23.7% 24.4% 0.65% 0.56% 0.46% 0.41% 0.31% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2Q20 3Q20 4Q20 1Q21 2Q21 Noninterest bearing (%) Cost of total deposits (%)

10 Retail 19% Hotel 18% Office 18% Warehouse / Industrial 12% Land-Mobile Home Park 5% Healthcare Facility 3% Self Storage 2% Other 23% 1-4 Family to be sold 43% Commercial Land 31% 1-4 Consumer Construction 9% Retail 4% Self Storage 3% Multifamily 2% Other 8% 1-4 family 16% 1-4 family HELOC 6% Multifamily 5% C&D 16% CRE 23% C&I 30% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix 1 C&I includes owner-occupied CRE. PPP Loans comprise 2.7% of C&I loans, or 0.8% of gross loans (HFI). 2 Excludes owner-occupied CRE. C&I1 exposure by industry 1 2 C&D exposure by type Balance Ex. PPP PPP C&I CRE-OO Total % of Total Loans Real Estate Rental and Leasing 375.3$ 162.7$ 538.0$ 25.6% 2.2$ Retail Trade 68.5 123.1 191.6 9.1% 4.2 Wholesale Trade 116.9 53.6 170.5 8.1% 3.9 Manufacturing 94.3 62.2 156.5 7.4% 2.7 Health Care and Social Assistance 52.9 96.8 149.7 7.1% 5.1 Finance and Insurance 138.8 10.6 149.4 7.1% 1.0 Other Services (except Public Administration) 20.8 108.8 129.6 6.2% 3.0 Construction 66.0 48.6 114.6 5.4% 10.8 Accomodation and Food Services 21.1 85.2 106.2 5.0% 4.4 Transportation and Warehousing 53.1 18.7 71.8 3.4% 5.9 Professional, Scientific and Technical Services 33.4 28.0 61.5 2.9% 2.0 Arts, Entertainment and Recreation 18.7 35.0 53.7 2.6% 2.3 Information 21.1 18.5 39.6 1.9% 0.6 Other 100.7 71.7 172.4 8.2% 9.4 Total 1,181.5$ 923.6$ 2,105.1$ 100.0% 57.4$

11 ◼ Total deferrals across the entire loan portfolio are down to $73.9 million. $48.8 million are paying interest, while $25.1 million are full deferrals of principal and interest. ◼ Credit quality remains satisfactory overall ◼ Credit quality for the industries of concern has been better than initial expectations ◼ Re-openings across the footprint have created positive trends for each industry of concern; hotel and restaurant exposures in particular have benefitted ◼ Healthcare’s elevated Classified Loan percentage is primarily related to two assisted living facilities referenced on the 1Q 2021 earnings call. Operations have improved, and we are cautiously optimistic about the resolution of the credits Pandemic-related credit update Industries of concern deferral overview Industry exposures / gross loans (HFI) 8.0% 4.6% 4.3% 2.2% 1.7% 1.7% Retail Hotel Healthcare Restaurant Other Leisure Transportation Industries of concern credit quality 0.0% 0.0% 0.0% 0.0% 11.4 5.5% 3 3 0.7% 0.0% Retail Hotel Healthcare Restaurant Other Leisure Transportation Interest Only / Industry Loans Full P&I Deferral / Industry Loans 1.7% 1.5% 4.9% 0.1% 1.6% 4.5% 9.5% 1.5% 2.1% 0.4% Retail Hotel Healthcare Restaurant Other Leisure Transportation Special Mention / Industry Loans Classified / Industry Loans

12 0.72% 0.61% 0.91% 0.94% 0.83% 0.71% 0.64% 0.75% 0.77% 0.66% 2Q20 3Q20 4Q20 1Q21 2Q21 NPLs (HFI)/loans (HFI) NPAs/assets 2.51% 2.66% 2.48% 2.29% 2.03% 2Q20 3Q20 4Q20 1Q21 2Q21 0.00% (0.01%) 0.58% 0.05% 0.02% 2Q20 3Q20 4Q20 1Q21 2Q21 Asset quality remains solid Nonperforming ratios Classified loans / loans HFI LLR/loans HFI (excluding PPP loans)2 Net charge-offs (recoveries) / average loans 1 Includes acquired excess land and facilities held for sale–see page 14 of the Quarterly Financial Supplement. 2 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. 1.83% 1.76% 1.87% 2.22% 2.09% 2Q20 3Q20 4Q20 1Q21 2Q21 1

13 Allowance for credit losses overview ACL / Loans HFI by Category ◼ Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model with key economic data summarized below: 1Source: Moody’s “May 2021 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”. 2 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 3 Commercial and Industrial excludes $54.7 million, $145.7 million, and $314.7 in PPP loans for June 30, 2020, March 31, 2021 and June 30, 2021, respectively. 32 2.51% 0.83% 3.30% 6.43% 3.91% 1.68% 2.87% 2.48%2.29% 0.88% 3.04% 3.45% 4.29% 1.82% 2.35% 3.47% 2.03% 0.88% 2.56% 2.88% 3.71% 1.75% 1.67% 3.27% Gross Loans HFI (Ex. PPP) Commercial & Industrial Non-Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 2Q 2020 1Q 2021 2Q 2021 FQE, FYE 12/31, 3Q 2021 4Q 2021 2021 2022 2023 2024 2025 GDP (bcw$) 19,727.6$ 19,866.4$ 19,564.1$ 20,136.8$ 20,610.8$ 21,254.9$ 21,831.4$ Annualized % Change 3.2% 2.8% 6.2% 2.9% 2.4% 3.1% 2.7% Total Employment (millions) 144.7 144.5 144.4 147.3 149.7 151.4 152.7 Unemployment Rate 6.3% 6.6% 6.3% 5.1% 4.5% 4.4% 4.0% CRE Price Index 288.1 279.5 279.5 278.0 310.5 335.5 357.6 NCREIF Property Index: Rate of Return 3.2% 0.5% 1.7% 1.5% 2.2% 3.1% 2.8%

14 Appendix

15 GAAP reconciliation and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

16 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings

17 GAAP reconciliation and use of non-GAAP financial measures Adjusted earnings and diluted earnings per share*

18 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings

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

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

21 GAAP reconciliation and use of non-GAAP financial measures Segment core efficiency ratios (tax-equivalent basis)

22 GAAP reconciliation and use of non-GAAP financial measures Adjusted mortgage contribution

23 GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity and tangible book value per share

24 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity and adjusted pre-tax pre-provision return on average tangible common equity

25 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity and adjusted pre-tax pre-provision return on average tangible common equity

26 GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and equity and adjusted pre-tax pre-provision return on average assets and equity

27 GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and equity and adjusted pre-tax pre-provision return on average assets and equity

28 GAAP reconciliation and use of non-GAAP financial measures Adjusted Allowance for Credit Losses to Loans Held for Investment


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 July 19, 2021
99.2						Supplemental Financial Information for the quarter ended June 30, 2021
99.3						Earnings Presentation dated July 20, 2021
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

Date: July 19, 2021


☐			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))