fbk-20240415
false000164974900016497492024-04-152024-04-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
   
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 15, 2024
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Tennessee 001-37875 62-1216058
(State or other jurisdiction
of incorporation)		 (Commission File Number) (IRS Employer
Identification Number)
1221 Broadway, Suite 1300
Nashville, Tennessee 37203
(Address of principal executive offices) (Zip Code)

(615) 564-1212
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueFBKNew York Stock Exchange

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

Emerging growth company ☐ 

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




Item 2.02. Results of Operations and Financial Condition.

On April 15, 2024, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the first quarter ended March 31, 2024 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this current report on Form 8-K (this “Report”).

Item 7.01. Regulation FD Disclosure.

On April 16, 2024, FB Financial will host a conference call to discuss financial results for the quarter ended March 31, 2024.

On April 15, 2024, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the first quarter ended March 31, 2024 (the “Financial Supplement”) and an earnings release presentation (the “Earnings Presentation”) containing additional information about FB Financial’s financial results for the quarter ended March 31, 2024.

Copies of the Financial Supplement and the Earnings Presentation are furnished as Exhibit 99.2 and Exhibit 99.3, respectively, to this Report.

The information contained in this Report, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit NumberDescription of Exhibit
104Cover Page Interactive Data File (formatted as inline XBRL document)


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 FB FINANCIAL CORPORATION
   
   
 By:/s/ Michael M. Mettee
  Michael M. Mettee
  Chief Financial Officer
  (Principal Financial Officer)
Date: April 15, 2024
  



fb_suppa01a.jpg
FB Financial Corporation Reports First Quarter 2024 Financial Results
Reports Q1 Diluted EPS of $0.59, Adjusted Diluted EPS* of $0.85
NASHVILLE, TENNESSEE—April 15, 2024-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $28.0 million, or $0.59 per diluted common share, for the first quarter of 2024, compared to $0.63 in the previous quarter and $0.78 in the first quarter of last year. Adjusted net income* was $39.9 million, or $0.85 per diluted common share, compared to $0.77 in the previous quarter and $0.76 in the first quarter of last year.
The Company ended the first quarter with loans held for investment (“HFI”) of $9.29 billion compared to $9.41 billion at the end of the previous quarter and $9.37 billion at the end of the first quarter of last year. Deposits were $10.50 billion as of March 31, 2024, compared to $10.55 billion as of December 31, 2023, and $11.18 billion as of March 31, 2023. Net interest margin (“NIM”) was 3.42% for the first quarter of 2024 compared to 3.46% in the prior quarter and 3.51% in the first quarter of 2023. The Company ended the quarter with book value per common share of $31.55 and tangible book value per common share* of $26.21, representing a 6.48% and an 8.14% annualized increase respectively from the previous quarter.
President and Chief Executive Officer, Christopher T. Holmes stated, “The results for the quarter continue with the same themes from recent quarters: balance sheet strength and earnings momentum. Our capital, liquidity, credit and reserves all are in excellent positions, and our profitability is reflective of the margin and expense actions of the previous year. Further, we had a securities transaction late in the quarter which will contribute additional near-term earnings and provide additional balance sheet optionality.”
Annualized
(dollars in thousands, except share data)Mar 2024Dec 2023Mar 2023Mar 24 / Dec 23
% Change		Mar 24 / Mar 23
% Change
Balance Sheet Highlights
     Investment securities, at fair value$1,464,682 $1,471,973 $1,474,064 (1.99)%(0.64)%
     Loans held for sale82,704 67,847 82,515 88.1 %0.23 %
     Loans HFI9,288,909 9,408,783 9,365,996 (5.12)%(0.82)%
     Allowance for credit losses on loans HFI151,667 150,326 138,809 3.59 %9.26 %
     Total assets12,548,320 12,604,403 13,101,147 (1.79)%(4.22)%
     Interest-bearing deposits (non-brokered)8,191,962 8,179,430 8,693,515 0.62 %(5.77)%
     Brokered deposits130,845 150,475 251 (52.5)%NM
     Noninterest-bearing deposits2,182,121 2,218,382 2,489,149 (6.57)%(12.3)%
     Total deposits10,504,928 10,548,287 11,182,915 (1.65)%(6.06)%
     Borrowings360,821 390,964 312,131 (31.0)%15.6 %
     Allowance for credit losses on unfunded
         commitments		7,700 8,770 18,463 (49.1)%(58.3)%
     Total common shareholders' equity1,479,526 1,454,794 1,369,696 6.84 %8.02 %
Book value per common share$31.55 $31.05 $29.29 6.48 %7.72 %
Tangible book value per common share*$26.21 $25.69 $23.86 8.14 %9.85 %
Total common shareholders' equity to total assets11.8 %11.5 %10.5 %
Tangible common equity to tangible assets*9.99 %9.74 %8.68 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement.
NM- Not meaningful
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First Quarter 2024 Results
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Three Months Ended
(dollars in thousands, except share data)Mar 2024Dec 2023Mar 2023
Statement of Income Highlights
Net interest income$99,490 $101,088 $103,660 
      NIM3.42 %3.46 %3.51 %
Noninterest income$7,962 $15,339 $23,349 
     (Loss) gain from securities, net$(16,213)$183 $69 
     (Loss) gain from changes in fair value of commercial loans held for sale acquired in
         previous business combinations		$— $(3,009)$910 
Total revenue$107,452 $116,427 $127,009 
Noninterest expense$72,420 $80,200 $80,440 
Early retirement and severance costs$— $2,214 $— 
Loss (gain) on lease terminations$— $1,843 $(72)
FDIC special assessment$500 $1,788 $— 
Efficiency ratio 67.4 %68.9 %63.3 %
      Core efficiency ratio*58.1 %61.7 %63.4 %
Pre-tax, pre-provision net revenue$35,032 $36,227 $46,569 
Adjusted pre-tax, pre-provision net revenue*$51,180 $45,390 $45,701 
Provisions for credit losses$782 $305 $491 
Net charge-offs (recoveries) ratio0.02 %(0.04)%0.02 %
Net income applicable to FB Financial Corporation$27,950 $29,369 $36,381 
Diluted earnings per common share$0.59 $0.63 $0.78 
       Effective tax rate18.4 %18.2 %21.0 %
Adjusted net income*$39,890 $36,152 $35,739 
Adjusted diluted earnings per common share*$0.85 $0.77 $0.76 
Weighted average number of shares outstanding - fully diluted46,998,873 46,916,939 46,765,154 
Returns on average:
     Return on average total assets (“ROAA”)
0.89 %0.94 %1.15 %
         Adjusted*
1.27 %1.15 %1.13 %
     Return on average shareholders' equity7.70 %8.41 %11.0 %
     Return on average tangible common equity (“ROATCE”)*
9.29 %10.3 %13.6 %
         Adjusted*
13.5 %12.9 %13.6 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement.
Balance Sheet and Net Interest Margin
The Company reported loans HFI of $9.29 billion at the end of the first quarter of 2024, a decline of $119.9 million compared to $9.41 billion at the end of the prior quarter. This was driven by a decline in construction loans of $128.4 million, which contributed to multifamily and non-owner occupied commercial real estate balance increases of $11.3 million and $48.0 million, respectively. Additionally, the Company had a larger commercial and industrial credit payoff during the quarter, which accounted for $48.9 million of the decrease. Net of the decrease in construction loans and the commercial and industrial credit payoff, the loans HFI portfolio increased by $57.4 million, or 2.46% annualized.
Near the end of the first quarter, the Company executed a balance sheet restructure by electing to sell $207.9 million in available-for-sale securities with a weighted average yield of 2.14% and reinvested the proceeds of the sales into available-for-sale securities with a weighted average yield of 5.94%. The securities sales resulted in a loss of $16.2 million included in the first quarter results.
The Company reported total deposits of $10.50 billion at the end of the first quarter of 2024 compared to $10.55 billion at the end of the fourth quarter of 2023. The Company's total cost of deposits increased to 2.76% during the first quarter from 2.65% in the fourth quarter of 2023. Noninterest-bearing deposits were $2.18 billion at the end of the quarter compared to $2.22 billion at the end of the fourth quarter of 2023.
The Company’s net interest income on a tax equivalent basis decreased slightly in the first quarter of 2024 to $100.2 million from $101.9 million in the prior quarter. NIM decreased to 3.42% for the first quarter of 2024 from 3.46% for the previous quarter. NIM was impacted as the Company recognized less from loan fees and loan origination expenses in comparison to previous quarters due to an updated methodology for deferrals of these items. The cost of interest-bearing deposits increased to 3.49% from 3.40% in the previous quarter and the contractual yield on loans HFI increased to 6.55% from 6.43% from the fourth quarter of 2023.
Holmes continued, “Net interest margin was in line with expectations for the quarter and exceeded the prior quarter when adjusting for loan fees. The Company continued to reduce exposure to construction lending during the quarter, resulting in a
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FB Financial Corporation
First Quarter 2024 Results
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decrease in loan balances. The team is focused on growing relationship-based customers versus transactional business, and this resolve for growing relationships will create long term value for the Company and our shareholders.”
Noninterest Income
Core noninterest income* was $23.6 million for the first quarter of 2024, compared to $18.7 million and $22.6 million for the fourth and first quarters of 2023, respectively. On a percentage basis, core noninterest income* was up 26.5% from the fourth quarter of 2023 and 4.69% from the first quarter of 2023. Core noninterest income* for the first quarter of 2024 reflected adjustments for a $16.2 million loss from sale of securities and a $0.6 million gain on sale of other real estate owned; detail on adjustments for prior periods is available in the non-GAAP reconciliations.
Despite the interest rate environment, mortgage banking income increased to $12.6 million in the first quarter of 2024 compared to $8.4 million in the prior quarter and $12.1 million in the first quarter of 2023.
Chief Financial Officer, Michael Mettee commented, “After adjusting noninterest income for the loss related to our securities trade, which enhanced the earnings and liquidity profile of the Company, the Company had good growth in fee income led by strong performances from both our mortgage and investment teams.”
Noninterest Expense
Core noninterest expense* during the first quarter of 2024 was $71.9 million compared to $74.4 million for the prior quarter and $80.5 million for the first quarter of 2023. These amounts reflect adjustments to expenses of $0.5 million for the Federal Deposit Insurance Corporation (“FDIC”) special assessment in the first quarter and compare to adjustments of $2.2 million for early retirement and severance costs, $1.8 million of loss on lease terminations and $1.8 million for the FDIC special assessment in the fourth quarter of 2023 and a $0.1 million gain on lease terminations in the first quarter of 2023. During the first quarter of 2024, the Company's core efficiency ratio*1 was 58.1%, compared to 61.7% in the previous quarter and 63.4% in the first quarter of 2023. Core banking noninterest expense* was $59.8 million for the quarter, compared to $62.6 million in the prior quarter.
Mettee noted, “Continued efficiency improvements and proactive expense management remain a focus of the Company in this operating environment. At the same time, we are intent on adding seasoned revenue producers to add scale to the operating platform that we have developed over the prior two years.”
Credit Quality
In the first quarter, the Company recorded a provision expense of $1.9 million related to loans HFI and a provision reversal of $1.1 million related to unfunded loan commitments, resulting in a net provision expense of $0.8 million. Through an intentional effort to derisk the balance sheet, the Company ended the quarter with $590.6 million in unfunded commitments for construction and land development loans, a decline of $135.3 million from the fourth quarter of 2023 and $749.6 million from the first quarter of 2023. The Company had an allowance for credit losses on loans HFI as of the end of the first quarter of 2024 of $151.7 million, representing 1.63% of loans HFI compared to $150.3 million, or 1.60% of loans HFI as of December 31, 2023.
The Company experienced net charge-offs of $0.5 million in the first quarter of 2024, representing annualized net charge-offs of 0.02% of average loans HFI, which compares to annualized net recoveries of 0.04% in the fourth quarter of 2023 and annualized net charge-offs of 0.02% in the first quarter of 2023.
The Company's nonperforming loans HFI as a percentage of total loans HFI increased to 0.73% as of the end of the first quarter of 2024 compared to 0.65% at the previous quarter-end and 0.49% at the end of the first quarter of 2023. Nonperforming assets as a percentage of total assets increased to 0.75% as of the end of the first quarter of 2024 compared to 0.69% at the end of the prior quarter and 0.61% as of the end of the first quarter of 2023.
Holmes commented, “The Company continued to modestly build its allowance for credit losses during the quarter as we remain cautious on the economy and cognizant of certain asset classes. Our loan portfolio continues to perform as expected, demonstrated by 2 basis points of annualized net charge-offs during the quarter and stable nonperforming metrics.”
Capital Strength
Holmes continued, “Our capital position provided us the opportunity to partially restructure our balance sheet and reauthorize our share repurchase program. While we continue to build our capital levels through our earnings power, we are working to deploy capital as opportunities present themselves.”


*Non-GAAP financial measure;1A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement.
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First Quarter 2024 Results
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Summary
Holmes finalized, “The first quarter results reflect the efforts of the team over the last two years to improve on a solid foundation that we can leverage to build scale, increase returns and build long term shareholder value. The quarter reflects progress towards those goals and towards our goal of industry leading performance metrics.”
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company's financial results on April 16, 2024, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 2780822) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through April 23, 2024, by dialing 1-877-344-7529 and entering confirmation code 3452585.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=thzEZCfJ. An online replay will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 12 months.
ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank with 76 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FB Financial Corporation has approximately $12.55 billion in total assets.
MEDIA CONTACT:
FINANCIAL CONTACT:
Jeanie M. RittenberryMichael Mettee
615-313-8328615-564-1212
[email protected][email protected]
www.firstbankonline.com
SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION
Investors are encouraged to review this Earnings Release in conjunction with the First Quarter 2024 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the First Quarter 2024 Financial Supplement and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on April 15, 2024.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Earnings Release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other
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First Quarter 2024 Results
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financial service providers, including legislative developments, (10) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (13) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.
The Company qualifies all forward-looking statements by these cautionary statements.
GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES
This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated core revenue, consolidated core and segment noninterest expense and consolidated core noninterest income, consolidated core efficiency ratio (tax equivalent basis), and adjusted return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.
The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.
A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company's First Quarter 2024 Financial Supplement, which is available at https://investors.firstbankonline.com.
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First Quarter 2024 Results
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Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)
As of or for the Three Months Ended
Mar 2024Dec 2023Mar 2023
Selected Statement of Income Data
Total interest income$176,128 $174,835 $159,480 
Total interest expense76,638 73,747 55,820 
Net interest income99,490 101,088 103,660 
Total noninterest income7,962 15,339 23,349 
Total noninterest expense72,420 80,200 80,440 
Earnings before income taxes and provisions for credit losses35,032 36,227 46,569 
Provisions for credit losses782 305 491 
Income tax expense6,300 6,545 9,697 
Net income applicable to noncontrolling interest— 8 — 
Net income applicable to FB Financial Corporation$27,950 $29,369 $36,381 
Net interest income (tax-equivalent basis)$100,199 $101,924 $104,493 
Adjusted net income*$39,890 $36,152 $35,739 
Adjusted pre-tax, pre-provision net revenue*$51,180 $45,390 $45,701 
Per Common Share
Diluted net income$0.59 $0.63 $0.78 
Adjusted diluted net income*0.85 0.77 0.76 
Book value31.55 31.05 29.29 
Tangible book value*26.21 25.69 23.86 
Weighted average number of shares outstanding - fully diluted46,998,873 46,916,939 46,765,154 
Period-end number of shares 46,897,378 46,848,934 46,762,626 
Selected Balance Sheet Data
Cash and cash equivalents$870,730 $810,932 $1,319,951 
Loans HFI9,288,909 9,408,783 9,365,996 
Allowance for credit losses on loans HFI(151,667)(150,326)(138,809)
Mortgage loans held for sale82,704 67,847 73,005 
Commercial loans held for sale, at fair value— — 9,510 
Investment securities, at fair value1,464,682 1,471,973 1,474,064 
Total assets12,548,320 12,604,403 13,101,147 
Interest-bearing deposits (non-brokered)8,191,962 8,179,430 8,693,515 
Brokered deposits130,845 150,475 251 
Noninterest-bearing deposits2,182,121 2,218,382 2,489,149 
Total deposits10,504,928 10,548,287 11,182,915 
Borrowings360,821 390,964 312,131 
Allowance for credit losses on unfunded commitments(7,700)(8,770)(18,463)
Total common shareholders' equity1,479,526 1,454,794 1,369,696 
Selected Ratios
Return on average:
Assets0.89 %0.94 %1.15 %
Shareholders' equity7.70 %8.41 %11.0 %
Tangible common equity*9.29 %10.3 %13.6 %
Net interest margin (tax-equivalent basis)3.42 %3.46 %3.51 %
Efficiency ratio 67.4 %68.9 %63.3 %
Core efficiency ratio (tax-equivalent basis)*58.1 %61.7 %63.4 %
Loans HFI to deposit ratio88.4 %89.2 %83.8 %
Noninterest-bearing deposits to total deposits 20.8 %21.0 %22.3 %
Yield on interest-earning assets6.03 %5.96 %5.38 %
Cost of interest-bearing liabilities3.56 %3.47 %2.61 %
Cost of total deposits2.76 %2.65 %1.94 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.63 %1.60 %1.48 %
Net charge-offs (recoveries) as a percentage of average loans HFI0.02 %(0.04)%0.02 %
Nonperforming loans HFI as a percentage of loans HFI0.73 %0.65 %0.49 %
Nonperforming assets as a percentage of total assets
0.75 %0.69 %0.61 %
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets11.8 %11.5 %10.5 %
Tangible common equity to tangible assets*9.99 %9.74 %8.68 %
Tier 1 risk-based capital
12.8 %12.5 %11.6 %
Common equity Tier 1
12.6 %12.2 %11.3 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's First Quarter 2024 Financial Supplement.
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First Quarter 2024
Financial Supplement



TABLE OF CONTENTS
 
 Page
  
Financial Summary and Key Metrics
  
Consolidated Statements of Income
  
Consolidated Balance Sheets
Average Balance and Interest Yield/Rate Analysis
Investments and Other Sources of Liquidity
  
Loan Portfolio
  
Asset Quality
  
Selected Deposit Data
 12
Preliminary Capital Ratios
  
Segment Data
  
Non-GAAP Reconciliations



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


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)
 As of or for the Three Months Ended
 Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Selected Statement of Income Data
Total interest income$176,128 $174,835 $173,912 $170,183 $159,480 
Total interest expense76,638 73,747 72,986 68,640 55,820 
Net interest income99,490 101,088 100,926 101,543 103,660 
Total noninterest income7,962 15,339 8,042 23,813 23,349 
Total noninterest expense72,420 80,200 82,997 81,292 80,440 
Earnings before income taxes and provisions for credit losses35,032 36,227 25,971 44,064 46,569 
Provisions for (reversals of) credit losses782 305 2,821 (1,078)491 
Income tax expense 6,300 6,545 3,975 9,835 9,697 
Net income applicable to noncontrolling interest— 8 — 8 — 
Net income applicable to FB Financial Corporation$27,950 $29,369 $19,175 $35,299 $36,381 
Net interest income (tax-equivalent basis)$100,199 $101,924 $101,762 $102,383 $104,493 
Adjusted net income*$39,890 $36,152 $33,148 $35,993 $35,739 
Adjusted pre-tax, pre-provision net revenue*$51,180 $45,390 $44,869 $44,992 $45,701 
Per Common Share
Diluted net income$0.59 $0.63 $0.41 $0.75 $0.78 
Adjusted diluted net income*0.85 0.77 0.71 0.77 0.76 
Book value31.55 31.05 29.31 29.64 29.29 
Tangible book value*26.21 25.69 23.93 24.23 23.86 
Weighted average number of shares outstanding - fully diluted46,998,873 46,916,939 46,856,422 46,814,854 46,765,154 
Period-end number of shares 46,897,378 46,848,934 46,839,159 46,798,751 46,762,626 
Selected Balance Sheet Data
Cash and cash equivalents$870,730 $810,932 $848,318 $1,160,354 $1,319,951 
Loans HFI9,288,909 9,408,783 9,287,225 9,326,024 9,365,996 
Allowance for credit losses on loans HFI(151,667)(150,326)(146,134)(140,664)(138,809)
Mortgage loans held for sale82,704 67,847 94,598 89,864 73,005 
Commercial loans held for sale, at fair value— — 9,260 9,267 9,510 
Investment securities, at fair value1,464,682 1,471,973 1,351,153 1,422,391 1,474,064 
Total assets12,548,320 12,604,403 12,489,631 12,887,395 13,101,147 
Interest-bearing deposits (non-brokered)8,191,962 8,179,430 8,105,713 8,233,082 8,693,515 
Brokered deposits130,845 150,475 174,920 238,885 251 
Noninterest-bearing deposits2,182,121 2,218,382 2,358,435 2,400,288 2,489,149 
Total deposits10,504,928 10,548,287 10,639,068 10,872,255 11,182,915 
Borrowings360,821 390,964 226,689 390,354 312,131 
Allowance for credit losses on unfunded commitments(7,700)(8,770)(11,600)(14,810)(18,463)
Total common shareholders' equity1,479,526 1,454,794 1,372,901 1,386,951 1,369,696 
Selected Ratios
Return on average:
Assets0.89 %0.94 %0.61 %1.10 %1.15 %
Shareholders' equity7.70 %8.41 %5.46 %10.3 %11.0 %
Tangible common equity*9.29 %10.3 %6.67 %12.6 %13.6 %
Net interest margin (NIM) (tax-equivalent basis)3.42 %3.46 %3.42 %3.40 %3.51 %
Efficiency ratio 67.4 %68.9 %76.2 %64.8 %63.3 %
Core efficiency ratio (tax-equivalent basis)*58.1 %61.7 %63.1 %63.5 %63.4 %
Loans HFI to deposit ratio88.4 %89.2 %87.3 %85.8 %83.8 %
Noninterest-bearing deposits to total deposits 20.8 %21.0 %22.2 %22.1 %22.3 %
Yield on interest-earning assets6.03 %5.96 %5.87 %5.67 %5.38 %
Cost of interest-bearing liabilities3.56 %3.47 %3.41 %3.14 %2.61 %
Cost of total deposits2.76 %2.65 %2.58 %2.38 %1.94 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.63 %1.60 %1.57 %1.51 %1.48 %
Net charge-offs (recoveries) as a percentage of average loans HFI0.02 %(0.04)%0.02 %0.03 %0.02 %
Nonperforming loans HFI as a percentage of loans HFI0.73 %0.65 %0.59 %0.47 %0.49 %
Nonperforming assets as a percentage of total assets0.75 %0.69 %0.71 %0.59 %0.61 %
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets11.8 %11.5 %11.0 %10.8 %10.5 %
Tangible common equity to tangible assets*9.99 %9.74 %9.16 %8.98 %8.68 %
Tier 1 risk-based capital 12.8 %12.5 %12.1 %11.9 %11.6 %
Common equity Tier 1 12.6 %12.2 %11.8 %11.7 %11.3 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
FB Financial Corporation
4

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
  Mar 2024Mar 2024
  vs.vs.
 Three Months EndedDec 2023Mar 2023
Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023Percent variance Percent variance
Interest income:
Interest and fees on loans$155,606 $155,737 $153,882 $149,220 $140,356 (0.08)%10.9 %
Interest on securities
Taxable9,105 7,808 6,399 6,480 6,570 16.6 %38.6 %
Tax-exempt1,442 1,746 1,795 1,808 1,804 (17.4)%(20.1)%
Other9,975 9,544 11,836 12,675 10,750 4.52 %(7.21)%
Total interest income176,128 174,835 173,912 170,183 159,480 0.74 %10.4 %
Interest expense:
Deposits72,625 70,873 69,826 65,257 52,863 2.47 %37.4 %
Borrowings4,013 2,874 3,160 3,383 2,957 39.6 %35.7 %
Total interest expense76,638 73,747 72,986 68,640 55,820 3.92 %37.3 %
Net interest income99,490 101,088 100,926 101,543 103,660 (1.58)%(4.02)%
Provision for credit losses on loans HFI1,852 3,135 6,031 2,575 4,997 (40.9)%(62.9)%
Reversal of credit losses on unfunded commitments(1,070)(2,830)(3,210)(3,653)(4,506)(62.2)%(76.3)%
Net interest income after provisions for credit
   losses		98,708 100,783 98,105 102,621 103,169 (2.06)%(4.32)%
Noninterest income:
Mortgage banking income12,585 8,376 11,998 12,232 12,086 50.3 %4.13 %
Service charges on deposit accounts3,141 2,957 2,959 3,185 3,053 6.22 %2.88 %
Investment services and trust income3,230 3,093 3,072 2,777 2,378 4.43 %35.8 %
ATM and interchange fees2,944 2,618 2,639 2,629 2,396 12.5 %22.9 %
(Loss) gain from securities, net(16,213)183 (14,197)(28)69 NMNM
 Gain (loss) on sales or write-downs of other real estate
     owned and other assets
565 (492)115 533 (183)(214.8)%(408.7)%
Other income1,710 (1,396)1,456 2,485 3,550 (222.5)%(51.8)%
Total noninterest income7,962 15,339 8,042 23,813 23,349 (48.1)%(65.9)%
Total revenue107,452 116,427 108,968 125,356 127,009 (7.71)%(15.4)%
Noninterest expenses:
Salaries, commissions and employee benefits44,618 48,142 54,491 52,020 48,788 (7.32)%(8.55)%
Occupancy and equipment expense6,614 9,530 6,428 6,281 5,909 (30.6)%11.9 %
Data processing 2,408 2,434 2,338 2,345 2,113 (1.07)%14.0 %
Legal and professional fees1,919 1,823 1,760 2,199 3,108 5.27 %(38.3)%
Advertising1,171 2,009 2,124 2,001 2,133 (41.7)%(45.1)%
Amortization of core deposits and other intangibles789 840 889 940 990 (6.07)%(20.3)%
Other expense14,901 15,422 14,967 15,506 17,399 (3.38)%(14.4)%
Total noninterest expense72,420 80,200 82,997 81,292 80,440 (9.70)%(9.97)%
Income before income taxes34,250 35,922 23,150 45,142 46,078 (4.65)%(25.7)%
Income tax expense6,300 6,545 3,975 9,835 9,697 (3.74)%(35.0)%
Net income applicable to FB Financial
Corporation and noncontrolling interest
27,950 29,377 19,175 35,307 36,381 (4.86)%(23.2)%
Net income applicable to noncontrolling interest— 8 — 8 — (100.0)%— %
Net income applicable to FB Financial
Corporation
$27,950 $29,369 $19,175 $35,299 $36,381 (4.83)%(23.2)%
Weighted average common shares outstanding:  
Basic46,874,882 46,845,055 46,818,612 46,779,388 46,679,618 0.06 %0.42 %
Fully diluted46,998,873 46,916,939 46,856,422 46,814,854 46,765,154 0.17 %0.50 %
Earnings per common share:  
Basic$0.60 $0.63 $0.41 $0.75 $0.78 (4.76)%(23.1)%
Fully diluted0.59 0.63 0.41 0.75 0.78 (6.35)%(24.4)%
Fully diluted - adjusted*0.85 0.77 0.71 0.77 0.76 10.4 %11.8 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
NM- Not meaningful

FB Financial Corporation
5

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
  Annualized 
  Mar 2024Mar 2024
  vs.vs.
As ofDec 2023Mar 2023
Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023Percent variance Percent variance
ASSETS
Cash and due from banks$124,772 $146,542 $188,317 $147,646 $133,874 (59.7)%(6.80)%
Federal funds sold and reverse repurchase agreements
100,785 83,324 129,885 48,346 63,994 84.3 %57.5 %
Interest-bearing deposits in financial institutions645,173 581,066 530,116 964,362 1,122,083 44.4 %(42.5)%
Cash and cash equivalents870,730 810,932 848,318 1,160,354 1,319,951 29.7 %(34.0)%
Investments:
Available-for-sale debt securities, at fair value1,464,682 1,471,973 1,348,219 1,419,360 1,471,005 (1.99)%(0.43)%
Equity securities, at fair value— — 2,934 3,031 3,059 (100.0)%(100.0)%
Federal Home Loan Bank stock, at cost33,948 34,190 34,809 40,266 43,369 (2.85)%(21.7)%
Mortgage loans held for sale82,704 67,847 94,598 89,864 73,005 88.1 %13.29 %
Commercial loans held for sale, at fair value— — 9,260 9,267 9,510 (100.0)%(100.0)%
Loans held for investment9,288,909 9,408,783 9,287,225 9,326,024 9,365,996 (5.12)%(0.82)%
Less: allowance for credit losses on loans HFI151,667 150,326 146,134 140,664 138,809 3.59 %9.26 %
Net loans held for investment9,137,242 9,258,457 9,141,091 9,185,360 9,227,187 (5.27)%(0.97)%
Premises and equipment, net155,271 155,731 156,081 154,526 153,397 (1.19)%1.22 %
Other real estate owned, net3,613 3,192 1,504 1,974 4,085 53.0 %(11.6)%
Operating lease right-of-use assets51,421 54,295 56,240 56,560 57,054 (21.3)%(9.87)%
Interest receivable53,506 52,715 49,205 44,973 44,737 6.04 %19.6 %
Mortgage servicing rights, at fair value165,674 164,249 172,710 166,433 164,879 3.49 %0.48 %
Goodwill242,561 242,561 242,561 242,561 242,561 — %— %
Core deposit and other intangibles, net7,920 8,709 9,549 10,438 11,378 (36.4)%(30.4)%
Bank-owned life insurance76,574 76,143 75,739 75,341 74,963 2.28 %2.15 %
Other assets202,474 203,409 246,813 227,087 201,007 (1.85)%0.73 %
Total assets$12,548,320 $12,604,403 $12,489,631 $12,887,395 $13,101,147 (1.79)%(4.22)%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing$2,182,121 $2,218,382 $2,358,435 $2,400,288 $2,489,149 (6.57)%(12.3)%
Interest-bearing checking2,421,487 2,504,421 2,554,641 2,879,336 3,292,883 (13.3)%(26.5)%
Money market and savings4,298,938 4,204,851 4,119,357 3,971,975 3,904,013 9.00 %10.1 %
Customer time deposits1,471,190 1,469,811 1,431,119 1,381,176 1,496,024 0.38 %(1.66)%
Brokered and internet time deposits131,192 150,822 175,516 239,480 846 (52.3)%NM
Total deposits10,504,928 10,548,287 10,639,068 10,872,255 11,182,915 (1.65)%(6.06)%
Borrowings360,821 390,964 226,689 390,354 312,131 (31.0)%15.6 %
Operating lease liabilities64,562 67,643 67,542 67,304 67,345 (18.3)%(4.13)%
Accrued expenses and other liabilities138,390 142,622 183,338 170,438 168,967 (11.93)%(18.1)%
Total liabilities11,068,701 11,149,516 11,116,637 11,500,351 11,731,358 (2.92)%(5.65)%
Shareholders' equity:
Common stock, $1 par value46,897 46,849 46,839 46,799 46,763 0.41 %0.29 %
Additional paid-in capital866,803 864,258 862,340 859,516 856,628 1.18 %1.19 %
Retained earnings698,310 678,412 656,120 644,043 615,871 11.8 %13.4 %
Accumulated other comprehensive loss, net(132,484)(134,725)(192,398)(163,407)(149,566)(6.69)%(11.4)%
Total common shareholders' equity1,479,526 1,454,794 1,372,901 1,386,951 1,369,696 6.84 %8.02 %
Noncontrolling interest93 93 93 93 93 — %— %
Total equity1,479,619 1,454,887 1,372,994 1,387,044 1,369,789 6.84 %8.02 %
Total liabilities and shareholders' equity$12,548,320 $12,604,403 $12,489,631 $12,887,395 $13,101,147 (1.79)%(4.22)%
NM- Not meaningful

FB Financial Corporation
6

Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 March 31, 2024December 31, 2023
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:      
Loans HFI(a)(b)
$9,386,794 $154,956 6.64 %$9,330,176 $155,081 6.59 %
Mortgage loans held for sale48,566 851 7.05 %47,293 877 7.36 %
Commercial loans held for sale— — — %7,281 — — %
Securities:
Taxable1,399,237 9,105 2.62 %1,361,987 7,808 2.27 %
Tax-exempt(b)
241,379 1,950 3.25 %283,395 2,361 3.31 %
Total securities(b)
1,640,616 11,055 2.71 %1,645,382 10,169 2.45 %
Federal funds sold and reverse repurchase agreements155,380 2,126 5.50 %107,276 1,518 5.61 %
Interest-bearing deposits with other financial institutions530,390 7,066 5.36 %525,763 7,195 5.43 %
FHLB stock34,051 783 9.25 %34,556 831 9.54 %
Total interest-earning assets(b)
11,795,797 176,837 6.03 %11,697,727 175,671 5.96 %
Noninterest-earning assets: 
Cash and due from banks167,732 127,715 
Allowance for credit losses on loans HFI(150,605)(147,035)
Other assets(c)(d)
777,155 756,168 
Total noninterest-earning assets794,282 736,848 
Total assets$12,590,079 $12,434,575 
Interest-bearing liabilities: 
Interest-bearing deposits: 
Interest-bearing checking$2,539,084 $19,016 3.01 %$2,500,139 $18,444 2.93 %
Money market3,849,080 37,570 3.93 %3,761,500 36,740 3.88 %
Savings deposits377,963 62 0.07 %388,296 67 0.07 %
Customer time deposits1,457,377 14,124 3.90 %1,447,094 13,463 3.69 %
Brokered and internet time deposits140,292 1,853 5.31 %162,317 2,159 5.28 %
       Time deposits1,597,669 15,977 4.02 %1,609,411 15,622 3.85 %
Total interest-bearing deposits8,363,796 72,625 3.49 %8,259,346 70,873 3.40 %
Other interest-bearing liabilities: 
Securities sold under agreements to repurchase and federal funds purchased24,219 149 2.47 %31,673 177 2.22 %
Federal Home Loan Bank advances— — — %— — — %
Subordinated debt129,718 2,286 7.09 %128,621 2,604 8.03 %
Other borrowings131,318 1,578 4.83 %8,407 93 4.39 %
Total other interest-bearing liabilities285,255 4,013 5.66 %168,701 2,874 6.76 %
Total interest-bearing liabilities8,649,051 76,638 3.56 %8,428,047 73,747 3.47 %
Noninterest-bearing liabilities: 
Demand deposits2,227,175 2,341,627 
Other liabilities(d)
253,024 279,435 
Total noninterest-bearing liabilities2,480,199 2,621,062 
Total liabilities11,129,250 11,049,109 
Total common shareholders' equity1,460,736 1,385,373 
Noncontrolling interest93 93 
Total equity1,460,829 1,385,466 
Total liabilities and shareholders' equity$12,590,079 $12,434,575 
Net interest income(b)
 $100,199 $101,924 
Interest rate spread(b)
  2.47 %2.49 %
Net interest margin(b)(e)
  3.42 %3.46 %
Cost of total deposits  2.76 %2.65 %
Average interest-earning assets to average interest-bearing liabilities  136.4 %138.8 %
Tax-equivalent adjustment $709 $836 
Loans HFI yield components:  
    Contractual interest rate(b)
 $152,875 6.55 %$151,193 6.43 %
    Origination and other loan fee income 1,436 0.06 %3,322 0.14 %
    Accretion on purchased loans 387 0.02 %77 — %
    Nonaccrual interest 258 0.01 %489 0.02 %
          Total loans HFI yield $154,956 6.64 %$155,081 6.59 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $194,091 and $258,265 for the three months ended March 31, 2024 and December 31, 2023, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $20,750 and $21,072 for the three months ended March 31, 2024 and December 31, 2023, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation
7

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 September 30, 2023June 30, 2023March 31, 2023
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:   
Loans HFI(a)(b)
$9,280,530 $153,038 6.54 %$9,387,284 $148,415 6.34 %$9,346,708 $139,467 6.05 %
Mortgage loans held for sale60,291 1,047 6.89 %63,407 1,005 6.36 %56,204 927 6.69 %
Commercial loans held for sale9,259— — %9,3773 0.13 %16,608159 3.88 %
Securities:
Taxable1,344,052 6,399 1.89 %1,374,308 6,480 1.89 %1,402,535 6,570 1.90 %
Tax-exempt(b)
291,863 2,428 3.30 %293,739 2,445 3.34 %294,652 2,440 3.36 %
Total securities(b)
1,635,915 8,827 2.14 %1,668,047 8,925 2.15 %1,697,187 9,010 2.15 %
Federal funds sold and reverse repurchase   agreements95,326 1,375 5.72 %61,799 1,050 6.81 %188,013 1,855 4.00 %
Interest-bearing deposits with other financial institutions696,600 9,620 5.48 %857,862 10,829 5.06 %728,576 8,008 4.46 %
FHLB stock36,624 841 9.11 %42,133 796 7.58 %47,094 887 7.64 %
Total interest-earning assets(b)
11,814,545 174,748 5.87 %12,089,909 171,023 5.67 %12,080,390 160,313 5.38 %
Noninterest-earning assets:
Cash and due from banks128,780 118,872 154,270 
Allowance for credit losses on loans HFI(140,033)(138,983)(134,803)
Other assets(c)(d)
753,866 756,651 761,757 
Total noninterest-earning assets742,613 736,540 781,224 
Total assets$12,557,158 $12,826,449 $12,861,614 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,668,970 $20,506 3.05 %$3,127,219 $23,751 3.05 %$3,165,058 $19,060 2.44 %
    Money market3,661,262 34,902 3.78 %3,516,901 30,053 3.43 %3,369,953 24,510 2.95 %
    Savings deposits410,403 65 0.06 %433,530 63 0.06 %458,023 64 0.06 %
    Customer time deposits1,400,290 11,909 3.37 %1,426,320 10,658 3.00 %1,472,221 9,221 2.54 %
    Brokered and internet time deposits182,652 2,444 5.31 %56,455 732 5.20 %1,607 8 2.02 %
       Time deposits1,582,94214,3533.60 %1,482,775 11,390 3.08 %1,473,828 9,229 2.54 %
Total interest-bearing deposits8,323,57769,8263.33 %8,560,425 65,257 3.06 %8,466,862 52,863 2.53 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased30,520 349 4.54 %30,050 97 1.29 %27,139 46 0.69 %
  Federal Home Loan Bank advances13,859 204 5.84 %61,264 784 5.13 %41,389 499 4.89 %
  Subordinated debt127,605 2,600 8.08 %127,129 2,496 7.88 %126,161 2,402 7.72 %
  Other borrowings1,365 7 2.03 %1,385 6 1.74 %1,688 10 2.40 %
Total other interest-bearing liabilities173,349 3,160 7.23 %219,828 3,383 6.17 %196,377 2,957 6.11 %
Total interest-bearing liabilities8,496,926 72,986 3.41 %8,780,253 68,640 3.14 %8,663,239 55,820 2.61 %
Noninterest-bearing liabilities:
Demand deposits2,410,280 2,430,476 2,588,756 
Other liabilities(d)
256,606 238,809 266,299 
Total noninterest-bearing liabilities2,666,886 2,669,285 2,855,055 
Total liabilities11,163,812 11,449,538 11,518,294 
Total common shareholders' equity1,393,253 1,376,818 1,343,227 
Noncontrolling interest93 93 93 
Total equity1,393,346 1,376,911 1,343,320 
Total liabilities and shareholders' equity$12,557,158 $12,826,449 $12,861,614 
Net interest income(b)
$101,762 $102,383 $104,493 
Interest rate spread(b)
2.46 %2.53 %2.77 %
Net interest margin(b)(e)
3.42 %3.40 %3.51 %
Cost of total deposits2.58 %2.38 %1.94 %
Average interest-earning assets to average interest-bearing liabilities139.0 %137.7 %139.4 %
Tax-equivalent adjustment$836 $840 $833 
Loans HFI yield components:
    Contractual interest rate(b)
$147,806 6.32 %$144,322 6.16 %$135,872 5.90 %
    Origination and other loan fee income4,345 0.19 %3,907 0.17 %3,101 0.13 %
    Accretion (amortization) on purchased loans312 0.01 %(14)— %319 0.01 %
    Nonaccrual interest575 0.02 %200 0.01 %175 0.01 %
          Total loans HFI yield$153,038 6.54 %$148,415 6.34 %$139,467 6.05 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $232,613, $212,016 and $222,843 for the three months ended September 30, 2023, June 30, 2023 and
March 31, 2023, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $19,080, $19,956 and      $23,180 for the three months ended September 30, 2023, June 30, 2023 and March 31, 2023, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation
8

Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)
 As of
Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Investment securities, at fair value
Available-for-sale debt securities:  
  U.S. government agency securities$415,927 28 %$203,956 14 %$105,801 8 %$40,529 3 %$40,928 3 %
  Mortgage-backed securities - residential826,214 57 %896,971 62 %871,074 65 %979,400 69 %1,025,388 71 %
  Mortgage-backed securities - commercial16,615 1 %16,961 1 %16,677 1 %17,254 1 %17,723 1 %
  Municipal securities171,672 12 %242,263 16 %244,611 18 %267,097 19 %270,994 18 %
  Treasury securities30,857 2 %108,496 7 %106,798 8 %108,221 8 %108,823 7 %
  Corporate securities3,397 — %3,326 — %3,258 — %6,859 — %7,149 — %
Total available-for-sale debt securities1,464,682 100 %1,471,973 100 %1,348,219 100 %1,419,360 100 %1,471,005 100 %
Equity securities, at fair value — — %— — %2,934 — %3,031 — %3,059 — %
Total investment securities, at fair value $1,464,682 100 %$1,471,973 100 %$1,351,153 100 %$1,422,391 100 %$1,474,064 100 %
Investment securities to total assets11.7 % 11.7 %10.8 %11.0 %11.3 %
Unrealized loss on available-for-sale debt securities$(183,598)$(186,806)$(265,048)$(226,013)$(207,265)
Sources of liquidity
Current on-balance sheet:
  Cash and cash equivalents$870,730 63 %$810,932 60 %$848,318 63 %$1,160,354 80 %$1,319,951 82 %
  Unpledged available-for-sale debt securities514,724 37 %542,427 40 %494,582 37 %281,098 20 %286,169 18 %
  Equity securities, at fair value— — %— — %2,934 — %3,031 — %3,059 — %
Total on-balance sheet liquidity$1,385,454100 %$1,353,359 100 %$1,345,834 100 %$1,444,483 100 %$1,609,179 100 %
Available sources of liquidity:
  Unsecured borrowing capacity(a)
$3,392,255 48 %$3,350,026 48 %$3,371,911 50 %$3,332,710 52 %$3,755,059 55 %
   FHLB remaining borrowing capacity1,237,843 18 %1,297,702 18 %1,005,295 15 %548,052 9 %473,160 7 %
   Federal Reserve discount window2,382,574 34 %2,431,084 34 %2,398,285 35 %2,476,347 39 %2,548,886 38 %
Total available sources of liquidity$7,012,672 100 %$7,078,812 100 %$6,775,491 100 %$6,357,109 100 %$6,777,105 100 %
On-balance sheet liquidity as a
    percentage of total assets		11.0 %10.7 %10.8 %11.2 %12.3 %
On-balance sheet liquidity as a
    percentage of total tangible assets*		11.3 %11.0 %11.0 %11.4 %12.5 %
On-balance sheet liquidity and available
    sources of liquidity as a percentage of
    estimated uninsured and
    uncollateralized deposits(b)
268.1 %269.0 %264.7 %258.9 %257.5 %
(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation
9

Loan Portfolio
(Unaudited)
(Dollars in Thousands)
 As of
 Mar 2024% of Total Dec 2023% of TotalSep 2023% of TotalJun 2023% of TotalMar 2023% of Total
Loan portfolio  
Commercial and industrial $1,621,611 17 %$1,720,733 18 %$1,667,857 18 %$1,693,572 18 %$1,671,398 18 %
Construction1,268,883 14 %1,397,313 15 %1,532,306 16 %1,636,970 18 %1,697,513 18 %
Residential real estate: 
1-to-4 family mortgage1,577,824 17 %1,568,552 17 %1,553,096 17 %1,548,614 17 %1,562,503 17 %
Residential line of credit549,306 6 %530,912 6 %517,082 6 %507,652 5 %497,391 5 %
Multi-family mortgage615,081 7 %603,804 6 %501,323 5 %518,025 6 %489,379 5 %
Commercial real estate: 
Owner-occupied1,236,007 13 %1,232,071 13 %1,206,351 13 %1,158,782 12 %1,136,978 12 %
Non-owner occupied1,991,526 21 %1,943,525 21 %1,911,913 21 %1,881,978 20 %1,939,517 21 %
Consumer and other428,671 5 %411,873 4 %397,297 4 %380,431 4 %371,317 4 %
Total loans HFI$9,288,909 100 %$9,408,783 100 %$9,287,225 100 %$9,326,024 100 %$9,365,996 100 %
Percentage of loans HFI portfolio with
    variable interest rates		49.0 %48.5 %47.6 %47.0 %46.5 %
Percentage of loans HFI portfolio with
  variable interest rates that mature after
  one year		42.5 %41.3 %40.6 %40.6 %40.1 %
Loans by market
Metropolitan$7,668,330 83 %$7,830,739 83 %$7,691,944 83 %$7,718,424 83 %$7,777,346 83 %
Community599,557 6 %629,152 7 %649,269 7 %653,335 7 %668,192 7 %
Specialty lending and other1,021,022 11 %948,892 10 %946,012 10 %954,265 10 %920,458 10 %
Total$9,288,909 100 %$9,408,783 100 %$9,287,225 100 %$9,326,024 100 %$9,365,996 100 %
Unfunded loan commitments
Commercial and industrial $1,255,409 46 %$1,262,234 44 %$1,309,390 41 %$1,168,506 37 %$1,125,810 34 %
Construction590,575 21 %725,864 25 %922,219 30 %1,142,982 36 %1,340,193 40 %
Residential real estate:
1-to-4 family mortgage1,485 — %973 — %946 — %794 — %670 — %
Residential line of credit702,939 25 %700,126 24 %685,597 22 %675,647 21 %663,291 20 %
Multi-family mortgage25,047 1 %23,583 1 %21,951 1 %4,972 — %6,310 — %
Commercial real estate:
Owner-occupied77,400 3 %73,432 2 %52,975 2 %50,927 2 %48,063 1 %
Non-owner occupied82,370 3 %82,966 3 %93,910 3 %104,201 3 %119,239 4 %
Consumer and other25,058 1 %25,509 1 %24,886 1 %23,306 1 %25,787 1 %
Total unfunded loans HFI$2,760,283 100 %$2,894,687 100 %$3,111,874 100 %$3,171,335 100 %$3,329,363 100 %

FB Financial Corporation
10

Asset Quality
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
 Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period$150,326 $146,134 $140,664 $138,809 $134,192 
Charge-offs(927)(1,048)(796)(892)(767)
Recoveries416 2,105 235 172 387 
Provision for credit losses on loans HFI1,852 3,135 6,031 2,575 4,997 
Allowance for credit losses on loans HFI at the end of the period$151,667 $150,326 $146,134 $140,664 $138,809 
Allowance for credit losses on loans HFI as a percentage of loans HFI1.63 %1.60 %1.57 %1.51 %1.48 %
Allowance for credit losses on unfunded commitments$7,700 $8,770 $11,600 $14,810 $18,463 
Charge-offs
Commercial and industrial$(43)$(251)$(154)$(11)$(46)
Construction(92)— — — — 
Residential real estate:
1-to-4 family mortgage— (10)(4)(16)(16)
Residential line of credit(20)— — — — 
Commercial real estate:
Owner occupied— — — (144)— 
Consumer and other(772)(787)(638)(721)(705)
Total charge-offs(927)(1,048)(796)(892)(767)
Recoveries
Commercial and industrial14 81 112 13 67 
Construction— — — 10 — 
Residential real estate:
1-to-4 family mortgage56 44 16 25 15 
Residential line of credit— — 1 — — 
Commercial real estate:
Owner occupied40 14 13 16 66 
Non-owner occupied— 1,833 — — — 
Consumer and other306 133 93 108 239 
Total recoveries416 2,105 235 172 387 
Net (charge-offs) recoveries$(511)$1,057 $(561)$(720)$(380)
Annualized net charge-offs (recoveries) as a percentage of average loans HFI0.02 %(0.04)%0.02 %0.03 %0.02 %
Nonperforming assets
Loans past due 90 days or more and accruing interest$12,858 $12,693 $11,649 $12,247 $12,580 
Nonaccrual loans54,892 48,230 42,878 31,885 32,900 
Total nonperforming loans HFI
67,750 60,923 54,527 44,132 45,480 
Commercial loans held for sale— — 9,260 9,267 9,278 
Mortgage loans held for sale(a)
20,876 21,229 22,074 20,225 20,528 
Other real estate owned3,613 3,192 1,504 1,974 4,085 
Other repossessed assets1,834 1,139 1,300 883 498 
Total nonperforming assets$94,073 $86,483 $88,665 $76,481 $79,869 
Total nonperforming loans HFI as a percentage of loans HFI0.73 %0.65 %0.59 %0.47 %0.49 %
Total nonperforming assets as a percentage of total assets
0.75 %0.69 %0.71 %0.59 %0.61 %
Total nonaccrual loans as a percentage of loans HFI0.59 %0.51 %0.46 %0.34 %0.35 %
(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.

FB Financial Corporation
11

 Selected Deposit Data
(Unaudited)
(Dollars in Thousands)
 As of
Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Deposits by market
Metropolitan$7,506,63072 %$7,536,30172 %$7,481,00670 %$7,753,72471 %$8,075,72172 %
Community2,500,18224 %2,522,53624 %2,571,66724 %2,499,01323 %2,756,70025 %
Brokered/wholesale130,8451 %150,4751 %174,9202 %238,8852 %251— %
Escrow and other(a)
367,2713 %338,9753 %411,4754 %380,6334 %350,2433 %
Total$10,504,928100 %$10,548,287100 %$10,639,068100 %$10,872,255100 %$11,182,915100 %
Deposits by customer
    segment
Consumer$4,866,09946 %$4,880,89046 %$4,893,79246 %$4,918,64145 %$5,028,36445 %
Commercial 4,085,28239 %4,069,72439 %4,126,42439 %4,029,37637 %3,767,74334 %
Public1,553,54715 %1,597,67315 %1,618,85215 %1,924,23818 %2,386,80821 %
Total$10,504,928100 %$10,548,287100 %$10,639,068100 %$10,872,255100 %$11,182,915100 %
Estimated insured or
   collateralized deposits		$7,372,728$7,414,224$7,570,639$7,858,761$7,926,537
Estimated uninsured
   and uncollateralized
   deposits(b)
$3,132,200$3,134,063$3,068,429$3,013,494$3,256,378
Estimated uninsured and
   uncollateralized deposits
    as a % of total
    deposits(b)
29.8 %29.7 %28.8 %27.7 %29.1 %
(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.



FB Financial Corporation
12

Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)
Computation of Tangible Common Equity to Tangible Assets:March 31, 2024December 31, 2023
Total Common Shareholders' Equity$1,479,526 $1,454,794 
Less:
    Goodwill242,561 242,561 
    Other intangibles7,920 8,709 
Tangible Common Equity$1,229,045 $1,203,524 
Total Assets$12,548,320 $12,604,403 
Less:
    Goodwill242,561 242,561 
    Other intangibles7,920 8,709 
Tangible Assets$12,297,839 $12,353,133 
Preliminary Total Risk-Weighted Assets$11,065,289 $11,257,406 
Total Common Equity to Total Assets11.8 %11.5 %
Tangible Common Equity to Tangible Assets*9.99 %9.74 %
 March 31, 2024December 31, 2023
Preliminary Regulatory Capital: 
    Common Equity Tier 1 Capital$1,389,546 $1,375,890 
    Tier 1 Capital1,419,546 1,405,890 
    Total Capital1,657,513 1,635,848 
Preliminary Regulatory Capital Ratios: 
    Common Equity Tier 1 12.6 %12.2 %
    Tier 1 Risk-Based12.8 %12.5 %
    Total Risk-Based 15.0 %14.5 %
    Tier 1 Leverage11.3 %11.3 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
FB Financial Corporation
13

 
Segment Data
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Banking segment
Net interest income$97,094 $98,426 $98,194 $98,634 $101,287 
Provisions for credit losses838 283 3,253 (1,149)212 
Noninterest (loss) income(4,794)6,889 (4,031)11,480 11,493 
Other noninterest expense60,344 68,463 68,712 66,208 66,752 
Pre-tax net contribution after allocations$31,118 $36,569 $22,198 $45,055 $45,816 
Total assets$11,979,904 $12,050,245 $11,904,608 $12,307,231 $12,534,348 
Efficiency ratio65.4 %65.0 %73.0 %60.1 %59.2 %
Core efficiency ratio*55.0 %57.2 %58.6 %59.0 %59.4 %
Mortgage segment
Net interest income$2,396 $2,662 $2,732 $2,909 $2,373 
Provision for loan losses(56)22 (432)71 279 
Mortgage banking income12,585 8,376 11,998 12,232 12,086 
Other noninterest income171 74 75 101 (230)
Other noninterest expense12,076 11,737 14,285 15,084 13,688 
Pre-tax net contribution (loss) after allocations$3,132 $(647)$952 $87 $262 
Total assets $568,416 $554,158 $585,023 $580,164 $566,799 
Efficiency ratio79.7 %105.6 %96.5 %99.0 %96.2 %
Core efficiency ratio*80.0 %105.3 %96.5 %96.0 %93.9 %
Interest rate lock commitments volume$377,166 $245,776 $373,068 $402,951 $375,042 
Interest rate lock commitments pipeline (period end)$130,315 $69,217 $112,810 $135,374 $157,213 
Mortgage loan sales$243,461 $257,170 $325,322 $330,326 $332,307 
Gains and fees from origination and sale of mortgage loans held for sale$6,458 $7,389 $8,941 $7,994 $8,146 
Net change in fair value of loans held for sale, derivatives, and other1,821 (1,686)(582)874 (421)
Mortgage servicing income7,347 7,546 7,363 7,586 7,768 
Change in fair value of mortgage servicing rights, net of hedging(3,041)(4,873)(3,724)(4,222)(3,407)
Total mortgage banking income$12,585 $8,376 $11,998 $12,232 $12,086 
Mortgage sale margin(a)
2.65 %2.87 %2.75 %2.42 %2.45 %
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.
(a) Calculated by dividing gains and fees from origination and sale of mortgage loans held for sale by total mortgage sales.
FB Financial Corporation
14

Non-GAAP Reconciliations
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months Ended
Adjusted net incomeMar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Income before income taxes$34,250 $35,922 $23,150 $45,142 $46,078 
Less (loss) gain from securities, net(16,213)183 (14,197)(28)69 
Less gain (loss) on sales or write-downs of other
   real estate owned and other assets		565 (492)115 533 (183)
Less (loss) gain from changes in fair value of
   commercial loans held for sale 		— (3,009)(7)(8)910 
Plus early retirement, severance and other costs— 2,214 4,809 1,426 — 
Plus loss (gain) on lease terminations— 1,843 — (1)(72)
Plus FDIC special assessment500 1,788 — — — 
Adjusted pre-tax net income50,398 45,085 42,048 46,070 45,210 
Income tax expense, adjusted for items above10,508 8,933 8,900 10,077 9,471 
Adjusted net income$39,890 $36,152 $33,148 $35,993 $35,739 
Weighted average common share outstanding - fully
   diluted		46,998,873 46,916,939 46,856,422 46,814,854 46,765,154 
Adjusted diluted earnings per common share
Diluted earnings per common share$0.59 $0.63 $0.41 $0.75 $0.78 
Adjusted diluted earnings per common share $0.85 $0.77 $0.71 $0.77 $0.76 



FB Financial Corporation
15

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months Ended
Adjusted pre-tax pre-provision net revenueMar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Income before income taxes$34,250 $35,922 $23,150 $45,142 $46,078 
Plus provisions for credit losses782 305 2,821 (1,078)491 
Pre-tax pre-provision net revenue35,032 36,227 25,971 44,064 46,569 
Less (loss) gain from securities, net(16,213)183 (14,197)(28)69 
Less gain (loss) on sales or write-downs of other
   real estate owned and other assets		565 (492)115 533 (183)
Less (loss) gain from changes in fair value of
   commercial loans held for sale		— (3,009)(7)(8)910 
Plus early retirement, severance and other costs— 2,214 4,809 1,426 — 
Plus loss (gain) on lease terminations— 1,843 — (1)(72)
Plus FDIC special assessment500 1,788 — — — 
Adjusted pre-tax pre-provision net revenue$51,180 $45,390 $44,869 $44,992 $45,701 
 
Three Months Ended
Adjusted tangible net incomeMar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Income before income taxes$34,250 $35,922 $23,150 $45,142 $46,078 
Plus amortization of core deposit
     and other intangibles		789 840 889 940 990 
Less (loss) gain from securities, net(16,213)183 (14,197)(28)69 
Less gain (loss) on sales or write-downs of other
   real estate owned and other assets		565 (492)115 533 (183)
Less (loss) gain from changes in fair value of
   commercial loans held for sale		— (3,009)(7)(8)910 
Plus early retirement, severance and other costs— 2,214 4,809 1,426 — 
Plus loss (gain) on lease terminations— 1,843 — (1)(72)
Plus FDIC special assessment500 1,788 — — — 
Less income tax expense, adjusted
     for items above		10,714 9,152 9,131 10,322 9,729 
Adjusted tangible net income$40,473 $36,773 $33,806 $36,688 $36,471 
FB Financial Corporation
16

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Core efficiency ratio (tax-equivalent basis)Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Total noninterest expense$72,420 $80,200 $82,997 $81,292 $80,440 
Less early retirement, severance and other costs— 2,214 4,809 1,426 — 
Less loss (gain) on lease terminations— 1,843 — (1)(72)
Less FDIC special assessment500 1,788 — — — 
Core noninterest expense$71,920 $74,355 $78,188 $79,867 $80,512 
Net interest income$99,490 $101,088 $100,926 $101,543 $103,660 
Net interest income (tax-equivalent basis)$100,199 $101,924 $101,762 $102,383 $104,493 
Total noninterest income7,962 15,339 8,042 23,813 23,349 
Less (loss) gain from securities, net(16,213)183 (14,197)(28)69 
Less gain (loss) on sales or write-downs of other real estate owned and other assets565 (492)115 533 (183)
Less (loss) gain from changes in fair value of
   commercial loans held for sale		— (3,009)(7)(8)910 
Core noninterest income23,610 18,657 22,131 23,316 22,553 
Total revenue$107,452 $116,427 $108,968 $125,356 $127,009 
Core revenue (tax-equivalent basis)$123,809 $120,581 $123,893 $125,699 $127,046 
Efficiency ratio67.4 %68.9 %76.2 %64.8 %63.3 %
Core efficiency ratio (tax-equivalent
     basis)		58.1 %61.7 %63.1 %63.5 %63.4 %
FB Financial Corporation
17

Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Banking segment core efficiency ratio (tax-
   equivalent)		Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Banking segment noninterest expense$60,344 $68,463 $68,712 $66,208 $66,752 
Less early retirement, severance and other costs— 2,214 4,809 1,001 — 
Less loss on lease terminations— 1,843 — — — 
Less FDIC special assessment$500 $1,788 $— $— $— 
Banking segment core noninterest expense$59,844 $62,618 $63,903 $65,207 $66,752 
Banking segment net interest income 97,094 98,426 98,194 98,634 101,287 
Banking segment net interest income
    (tax-equivalent basis)		97,803 99,262 99,030 99,474 102,120 
Banking segment noninterest (loss) income(4,794)6,889 (4,031)11,480 11,493 
Less (loss) gain from changes in fair value of
   commercial loans held for sale		— (3,009)(7)(8)910 
Less (loss) gain on sales or write-downs of other real estate owned and other assets509 (460)119 558 249 
Less gain (loss) from securities, net(16,213)183 (14,197)(28)69 
Banking segment core noninterest income10,910 10,175 10,054 10,958 10,265 
Banking segment total revenue$92,300 $105,315 $94,163 $110,114 $112,780 
Banking segment total core revenue
    (tax-equivalent basis)		$108,713 $109,437 $109,084 $110,432 $112,385 
Banking segment efficiency ratio 65.4 %65.0 %73.0 %60.1 %59.2 %
Banking segment core efficiency
    ratio (tax-equivalent basis)		55.0 %57.2 %58.6 %59.0 %59.4 %
Three Months Ended
Mortgage segment core efficiency ratio (tax-
   equivalent)		Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Mortgage segment noninterest expense$12,076 $11,737 $14,285 $15,084 $13,688 
Less severance costs— — — 425 — 
Less gain on lease terminations— — — (1)(72)
Mortgage segment core noninterest expense$12,076 $11,737 $14,285 $14,660 $13,760 
Mortgage segment net interest income2,396 2,662 2,732 2,909 2,373 
Mortgage segment noninterest income12,756 8,450 12,073 12,333 11,856 
Less gain (loss) on sales or write-downs of other
   real estate owned		56 (32)(4)(25)(432)
Mortgage segment core noninterest income12,700 8,482 12,077 12,358 12,288 
Mortgage segment total revenue$15,152 $11,112 $14,805 $15,242 $14,229 
Mortgage segment core total revenue$15,096 $11,144 $14,809 $15,267 $14,661 
Mortgage segment efficiency ratio 79.7 %105.6 %96.5 %99.0 %96.2 %
Mortgage segment core efficiency
      ratio (tax-equivalent basis)		80.0 %105.3 %96.5 %96.0 %93.9 %
FB Financial Corporation
18

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
As of
Tangible assets, common equity and related
     measures		Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Tangible assets
Total assets$12,548,320 $12,604,403 $12,489,631 $12,887,395 $13,101,147 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net7,920 8,709 9,549 10,438 11,378 
Tangible assets$12,297,839 $12,353,133 $12,237,521 $12,634,396 $12,847,208 
Tangible common equity
Total common shareholders' equity$1,479,526 $1,454,794 $1,372,901 $1,386,951 $1,369,696 
Less goodwill242,561 242,561 242,561 242,561 242,561 
Less intangibles, net7,920 8,709 9,549 10,438 11,378 
Tangible common equity$1,229,045 $1,203,524 $1,120,791 $1,133,952 $1,115,757 
Common shares outstanding46,897,378 46,848,934 46,839,159 46,798,751 46,762,626 
Book value per common share$31.55 $31.05 $29.31 $29.64 $29.29 
Tangible book value per common share$26.21 $25.69 $23.93 $24.23 $23.86 
Total common shareholders' equity to total assets11.8 %11.5 %11.0 %10.8 %10.5 %
Tangible common equity to tangible assets9.99 %9.74 %9.16 %8.98 %8.68 %
On-balance sheet liquidity:
Cash and cash equivalents$870,730 $810,932 $848,318 $1,160,354 $1,319,951 
Unpledged securities514,724 542,427 494,582 281,098 286,169 
Equity securities, at fair value— — 2,934 3,031 3,059 
Total on-balance sheet liquidity$1,385,454 $1,353,359 $1,345,834 $1,444,483 $1,609,179 
On-balance sheet liquidity as a percentage of total
     assets		11.0 %10.7 %10.8 %11.2 %12.3 %
On-balance sheet liquidity as a percentage of total
      tangible assets		11.3 %11.0 %11.0 %11.4 %12.5 %
FB Financial Corporation
19

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Adjusted return on average tangible
     common equity and related
     measures		Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Average common shareholders' equity$1,460,736$1,385,373$1,393,253$1,376,818$1,343,227
Less average goodwill242,561242,561242,561242,561242,561
Less average intangibles, net8,2999,13810,01110,91311,862
Average tangible common equity$1,209,876$1,133,674$1,140,681$1,123,344$1,088,804
Net income$27,950$29,369$19,175$35,299$36,381
Return on average common equity7.70 %8.41 %5.46 %10.3 %11.0 %
Return on average tangible common equity9.29 %10.3 %6.67 %12.6 %13.6 %
Adjusted tangible net income$40,473$36,773$33,806$36,688$36,471
Adjusted return on average tangible common equity13.5 %12.9 %11.8 %13.1 %13.6 %

Three Months Ended
Adjusted return on average assets,
    common equity and related
    measures
Mar 2024Dec 2023Sep 2023Jun 2023Mar 2023
Net income$27,950$29,369$19,175$35,299$36,381
Average assets12,590,07912,434,57512,557,15812,826,44912,861,614
Average common equity1,460,7361,385,3731,393,2531,376,8181,343,227
Return on average assets0.89 %0.94 %0.61 %1.10 %1.15 %
Return on average common equity7.70 %8.41 %5.46 %10.3 %11.0 %
Adjusted net income$39,890$36,152$33,148$35,993$35,739
Adjusted return on average assets1.27 %1.15 %1.05 %1.13 %1.13 %
Adjusted return on average common equity11.0 %10.4 %9.44 %10.5 %10.8 %
Adjusted pre-tax pre-provision net income$51,180$45,390$44,869$44,992$45,701
Adjusted pre-tax pre-provision return on average
   assets		1.63 %1.45 %1.42 %1.41 %1.44 %
FB Financial Corporation
20
April 16, 2024 2024 First Quarter Earnings Presentation

 
1 Forward–looking statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (11) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (12) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (13) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Presentation, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

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

 
3 1Q 2024 Highlights Key highlights  1Q 2024 pre-tax pre-provision net revenue of $35.0 million and $51.2 million on an adjusted1 basis, resulting ROAA and adjusted ROAA1 of 0.89% and 1.27%, respectively  Balance sheet restructure during the quarter by selling $207.9 million of securities at a loss of $16.2 million yielding a modeled additional 9 cents per share in 2024 and a 2.1 year TBV earn back period  Follow through on expense reductions during a period of revenue headwinds for the Company and the industry. Banking expenses were $60.3 million in 1Q 2024 compared to $68.5 million in 4Q 2023 and $66.8 million in 1Q 2023; Core banking expenses1 were $59.8 million in 1Q 2024 compared to $62.6 million in 4Q 2023 and $66.8 million in 1Q 2023  On-going fortifying of already strong key balance sheet measures with ample liquidity, preliminary CET1 of 12.6%, TCE Ratio of 10.0%, ACL of 1.63% of loans HFI, and modest real estate loan concentrations  Annualized net charge-offs of 0.02% in the quarter in-line with 10-year cumulative net charge-offs of $23.5 million, or average of 0.05% annually over the previous 10 fiscal years  Mortgage pre-tax contribution of $3.1 million in 1Q 2024 compared to a loss of $0.6 million 4Q 2023 and a contribution of $0.3 million in 1Q 2023  Preliminary capital ratios reflect strength and optionality for 2024: – Tangible Common Equity to Tangible Assets1 9.99% – Common Equity Tier 1 Ratio of 12.6% – Total Risk-Based Capital of 15.0% Financial results 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Concentration ratios for FirstBank. 1Q 2024 Diluted earnings per common share Adjusted diluted earnings per common share1 $0.59 $0.85 Net income ($mm) Adjusted net income1 ($mm) $28.0 $39.9 Return on average assets Adjusted return on average assets1 0.89% 1.27% Return on average common equity Adjusted return on average common equity1 7.70% 11.0% Return on average tangible common equity1 Adjusted return on average tangible common equity1 9.29% 13.5% Pre-tax pre-provision net revenue ($mm) Adjusted pre-tax pre-provision net revenue1 ($mm) $35.0 $51.2 Net interest margin (tax-equivalent basis) 3.42% Total common equity / total assets Tangible common equity / tangible assets1 11.8% 9.99%

 
4 Driving shareholder value ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 1Q24 calculation is preliminary and subject to change. Earnings per Share $1.67 $3.97 $2.64 $2.57 $0.59 $3.70 $3.76 $2.92 $3.01 $0.85 2020 2021 2022 2023 YTD 2024 Earnings per Share Adjusted Earnings per Share1 Dashboard Adjusted PPNR1 Total RBC Ratio2 NPLs / Loans HFI Tangible Book Value per Share1 Adjusted ROATCE1 13.6% 13.1% 11.8% 12.9% 13.5% 1Q23 2Q23 3Q23 4Q23 1Q24 13.6% 13.9% 14.1% 14.5% 15.0% 1Q23 2Q23 3Q23 4Q23 1Q24 0.49% 0.47% 0.59% 0.65% 0.73% 1Q23 2Q23 3Q23 4Q23 1Q24 $45.7 $45.0 $44.9 $45.4 $51.2 1Q23 2Q23 3Q23 4Q23 1Q24 $27.35 $30.13 $28.36 $31.05 $31.55 $21.73 $24.67 $22.90 $25.69 $26.21 2020 2021 2022 2023 1Q24 BVPS TBVPS

 
5 Well-capitalized for future opportunities Tangible Book Value per Share1 Simple Capital Structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,658 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 $25.69 $26.21 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 1Q23 4Q23 1Q24 Shareholder’s Equity/Assets 10.5% 11.5% 11.8% TCE/TA1 8.7% 9.7% 10.0% Common Equity Tier 12 11.3% 12.2% 12.6% Tier 1 Risk-Based2 11.6% 12.5% 12.8% Total Risk-Based2 13.6% 14.5% 15.0% Tier 1 Leverage2 10.4% 11.3% 11.3% C&D to 100% Tier 1 Capital plus ACL2,3 120% 93% 83% CRE to 300% Tier 1 Capital plus ACL2,3 294% 265% 255% AOCI Adjusted Ratios1,2 Adj. Common Equity Tier 1 11.6% Adjusted Total Risk-Based 14.1% Capital Position 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 1Q24 calculation is preliminary and subject to change. 3 Concentration ratios for FirstBank.

 
6 Building operating leverage Highlights Consolidated 1Q 2024 efficiency ratio of 67.4%; core efficiency ratio¹ of 58.1% Prudent expense management driving meaningful improvements in efficiency ratio Mortgage revenue and expense improvements reflected in core efficiency ratio Creating operating leverage through scalable platform ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Core efficiency ratio (tax-equivalent basis)¹ 59.4% 59.0% 58.6% 57.2% 55.0% 63.4% 63.5% 63.1% 61.7% 58.1% 93.9% 96.0% 96.5% 105.3% 80.0% 1Q23 2Q23 3Q23 4Q23 1Q24 Banking segment Consolidated Mortgage segment

 
7 Stabilizing net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 1Q23 2Q23 3Q23 4Q23 1Q24 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM NIM1 3.51% 3.40% 3.42% 3.46% 3.42% Impact of accretion and nonaccrual interest (bps) 2 1 3 2 3 Deposit Cost: Cost of MMDA 2.95% 3.43% 3.78% 3.88% 3.93% Cost of customer time 2.54% 3.00% 3.37% 3.69% 3.90% Cost of interest-bearing 2.53% 3.06% 3.33% 3.40% 3.49% Total deposit cost 1.94% 2.38% 2.58% 2.65% 2.76% Loans HFI Yield: Contractual interest1 5.90% 6.16% 6.32% 6.43% 6.55% Origination and other loan fee income 0.13% 0.17% 0.19% 0.14% 0.06% Nonaccrual interest 0.01% 0.01% 0.02% 0.02% 0.02% Accretion on purchased loans 0.01% 0.00% 0.01% 0.00% 0.01% Total loan (HFI) yield 6.05% 6.34% 6.54% 6.59% 6.64% Securities yield¹ 2.15% 2.15% 2.14% 2.45% 2.71%

 
8 Residential Development 48% Commercial 26% Consumer 13% Multifamily 13%Office 18% Retail 25% Hotel 16% Warehouse/Industrial 15% Land-Mobile Home Park 5% Self Storage 7% Healthcare Facility 4% Assisted Living Facility 4% Other 6% 1-4 family 17% 1-4 family HELOC 6% Multifamily 7% C&D 14% CRE 21% C&I 30% Other 5% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of March 31, 2024 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry ($ millions) 1 2 C&D exposure by type

 
9 Nashville 58% Memphis 11% Knoxville 4% Huntsville 5% Birmingham 6% Chattanooga 3% Other 4% Communities 9% Class A 23% Class B 40% Class C 11% Under $2 Million 26% Office exposure (non-owner occupied CRE & C&D)  Office loans represent only 4.0% of our total HFI loan portfolio as of the end of 1Q24  Projects generally characterized by 25-30% cash equity requirement, loan to value maximums of 70%-75% at origination, and requests for guarantors  Reviewed all office loans with commitments greater than $2 million ($274.0 million outstanding, or 74% of total office portfolio) with limited concerns uncovered  5.0% of the total office portfolio matures through 2024  54% of the total office portfolio is fixed rate vs. 46% floating rate  As of 1Q24, 97% of the portfolio is pass rated and current Geographic exposure Note: Data as of March 31, 2024. Data excludes medical office buildings. Exposure by class Credit detail by class

 
10 0.49% 0.47% 0.59% 0.65% 0.73% 1Q23 2Q23 3Q23 4Q23 1Q24 0.02% 0.03% 0.02% (0.04%) 0.02% 1Q23 2Q23 3Q23 4Q23 1Q24 0.38% 0.36% 0.46% 0.52% 0.58% 0.16% 0.16% 0.18% 0.17% 0.17% 0.07% 0.07% 0.07%0.61% 0.59% 0.71% 0.69% 0.75% 1Q23 2Q23 3Q23 4Q23 1Q24 Commercial loans HFS Optional GNMA repurchase Other NPAs 1.48% 1.51% 1.57% 1.60% 1.63% 1Q23 2Q23 3Q23 4Q23 1Q24 Asset quality remains solid Nonperforming assets / assets Nonperforming loans HFI / loans HFI ACL on loans HFI / loans HFI Annualized net charge-offs (recoveries) / average loans HFI 1 Includes other real estate owned and repossessed assets–see page 11 of the First Quarter 2024 Financial Supplement. 1

 
11 1.48% 0.67% 1.13% 0.70% 2.42% 1.35% 1.74% 1.82% 3.77% 1.60% 1.14% 1.18% 0.86% 2.53% 1.46% 1.69% 1.78% 4.11% 1.63% 1.07% 1.20% 0.87% 2.94% 1.46% 1.66% 1.81% 4.05% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 1Q23 4Q23 1Q24 Allowance for credit losses overview ACL on loans HFI / Loans HFI by category  Allowance for Credit Losses (ACL) model utilizes Moody’s model1 with key economic data summarized below: 1Source: Moody’s “ March 2024 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”.

 
12 Noninterest- bearing checking 21% Interest-bearing checking 23%Money market 37% Savings 4% Time 15% 44% Checking accounts Valuable deposit base Cost of deposits 1Q24 Deposit composition 22.3% 22.1% 22.2% 21.0% 20.8% 1.94% 2.38% 2.58% 2.65% 2.76% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest-bearing as % of total deposits Cost of total deposits (%) $5,028 $4,919 $4,894 $4,881 $4,866 $3,768 $4,029 $4,126 $4,070 $4,085 $2,387 $1,924 $1,619 $1,597 $1,554 $11,183 $10,872 $10,639 $10,548 $10,505 1Q23 2Q23 3Q23 4Q23 1Q24 Consumer Commercial Public Deposits by customer segment ($mm) 1Q24 Insured, collateralized or uninsured by segment ($mm) $3,851 $1,967 $60 $1,494 $1,015 $2,118 $4,866 $4,085 $1,554 Consumer Commercial Public Insured Collateralized Uninsured, uncollateralized

 
13 $1,609.2 $1,444.5 $1,345.8 $1,353.3 $1,385.5 12.5% 11.4% 11.0% 11.0% 11.0% $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 1Q23 2Q23 3Q23 4Q23 1Q24 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Strong liquidity position On-balance sheet liquidity ($mm) Liquidity / Uninsured and Uncollateralized (UU) Deposits 1Q24 Sources of liquidity ($mm) Current on-balance sheet: Cash and equivalents $870.8 Unpledged available-for-sale debt securities 514.7 Total on-balance sheet $1,385.5 Available sources of liquidity: Unsecured borrowing capacity2 $3,392.3 FHLB remaining borrowing capacity3 1,237.8 Federal Reserve discount window 2,382.6 Total available sources $7,012.7  Well positioned for economic challenges created by the uncertain economic environment  Securities portfolio makes up 11.7% of total assets and does not include any HTM securities  On-balance sheet liquidity of $1.4 billion or 44% of estimated uninsured and uncollateralized deposits  Additional $2.2 billion of real estate loans held at REIT subsidiary available to the Company as additional borrowing capacity ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Includes capacity from internal policy. 3 FHLB borrowing capacity does not include loans held at REIT that could be pledged for additional capacity. 49% 48% 44% 43% 44% 209% 211% 221% 226% 224% 258% 259% 265% 269% 268% 1Q23 2Q23 3Q23 4Q23 1Q24 On-balance sheet / UU deposits Available sources / UU deposits

 
14 Mortgage performance in 1Q 2024 Highlights  Mortgage segment pre-tax net contribution of $3.1 million in 1Q 2024  Interest rate lock commitment volume increased 53.5% in 1Q 2024 compared to 4Q 2023  Decay and interest rate volatility led to MSR fair value losses, net of hedging of $3.0 million in 1Q  Mortgage volume and margins continue to be under pressure due to the interest rate environment, excess industry capacity and home affordability challenges Mortgage banking income ($mm) 1Q23 4Q23 1Q24 Gains and fees from originations and sale of loans HFS $8.1 $7.4 $6.5 Fair value changes of loans HFS and derivatives ($0.4) ($1.7) $1.8 Servicing revenue $7.8 $7.5 $7.3 Fair value MSR changes ($3.4) ($4.9) ($3.0) Total Income $12.1 $8.4 $12.6 2.45% 2.42% 2.75% 2.87% 2.65% 1Q23 2Q23 3Q23 4Q23 1Q24 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin . $323 $358 $330 $201 $320 $52 $45 $43 $45 $57 $375 $403 $373 $246 $377 1Q23 2Q23 3Q23 4Q23 1Q24 Purchase Refinance

 
15 Appendix

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

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

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

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

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

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

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

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

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

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

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

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