fbk-20231016

FB Financial Corporation Reports Third Quarter 2023 Financial Results

Reports Q3 Diluted EPS of $0.41, Adjusted Diluted EPS* of $0.71

NASHVILLE, TENNESSEE—October 16, 2023-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $19.2 million, or $0.41 per diluted common share, for the third quarter of 2023, compared to $0.75 in the previous quarter and $0.68 in the third quarter of last year. Excluding the impact of a $14.2 million net loss on securities and $4.8 million in early retirement and severance costs, adjusted net income* was $33.2 million, or $0.71 per diluted common share, compared to $0.77 in the previous quarter and $0.68 in the third quarter of last year.

The Company’s deposits were $10.64 billion as of September 30, 2023 compared to $10.87 billion as of June 30, 2023 and $10.01 billion as of September 30, 2022. Loans held for investment (“HFI”) were $9.29 billion as of the end of the third quarter compared to $9.33 billion as of the end of the previous quarter and $9.11 billion as of the end of the third quarter last year. The Company ended the quarter with book value per common share of $29.31, tangible book value per common share* of $23.93 and adjusted tangible book value per common share* of $28.04. Net interest margin (“NIM”) increased to 3.42% for the third quarter of 2023 compared to 3.40% in the prior quarter and 3.93% in the third quarter of 2022.

President and Chief Executive Officer, Christopher T. Holmes stated, “The Company had a successful quarter executing on strategic initiatives to enhance earnings and position for expected opportunities. Our balance sheet management in the second half of 2022 and during 2023 to ensure ample liquidity, stable funding and excess capital allows us to focus on improving earnings at this point in the interest rate cycle. Near the end of the quarter, we sold $76.6 million of available-for-sale securities and reinvested the proceeds of that sale into higher-yielding securities, adding approximately 5% to the yield on those invested funds that will be accretive in the fourth quarter and future periods. We also had expense reductions during the quarter which will benefit earnings moving forward. There will likely be additional balance sheet enhancements and expense reductions in the fourth quarter, all of which improve our earnings profile and keep the Company favorably positioned for opportunities.”


										Annualized
(dollars in thousands, except share data)	Sep 2023			Jun 2023			Sep 2022			Sep 23 / Jun 23 % Change		Sep 23 / Sep 22 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,351,153		$	1,422,391		$	1,485,133		(19.9)	%	(9.02)	%
Loans held for sale	103,858			99,131			130,733			18.9	%	(20.6)	%

Loans HFI	9,287,225			9,326,024			9,105,016			(1.65)	%	2.00	%

Allowance for credit losses on loans HFI	146,134			140,664			134,476			15.4	%	8.67	%
Allowance for credit losses on unfunded commitments	11,600			14,810			23,577			(86.0)	%	(50.8)	%
Total assets	12,489,631			12,887,395			12,258,082			(12.2)	%	1.89	%

Interest-bearing deposits (non-brokered)	8,105,713			8,233,082			7,038,566			(6.14)	%	15.2	%
Brokered deposits	174,920			238,885			1,002			(106.2)	%	NM
Noninterest-bearing deposits	2,358,435			2,400,288			2,966,514			(6.92)	%	(20.5)	%



Total deposits	10,639,068			10,872,255			10,006,082			(8.51)	%	6.33	%
Estimated insured or collateralized deposits	7,570,639			7,858,761			6,653,463			(14.5)	%	13.8	%
Borrowings	226,689			390,354			722,940			(166.3)	%	(68.6)	%
Total common shareholders' equity	1,372,901			1,386,951			1,281,161			(4.02)	%	7.16	%
Book value per common share	$	29.31		$	29.64		$	27.30		(4.42)	%	7.36	%
Tangible book value per common share*	$	23.93		$	24.23		$	21.85		(4.91)	%	9.52	%
Adjusted tangible book value per common share*	$	28.04		$	27.72		$	25.84		4.44	%	8.48	%
Total common shareholders' equity to total assets	11.0		%	10.8		%	10.5		%
Tangible common equity to tangible assets*	9.16		%	8.98		%	8.54		%
Estimated uninsured and uncollateralized deposits as a percentage of total deposits	28.8		%	27.7		%	33.5		%
*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Third Quarter 2023 Financial Supplement.
NM- Not meaningful

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FB Financial Corporation

Third Quarter 2023 Results

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	Three Months Ended
(dollars in thousands, except share data)	Sep 2023			Jun 2023			Sep 2022
Statement of Income Highlights
Net interest income	$	100,926		$	101,543		$	111,384
NIM	3.42		%	3.40		%	3.93		%



Noninterest income	$	8,042		$	23,813		$	22,592

Loss from securities, net	$	(14,197)		$	(28)		$	(140)
Total revenue	$	108,968		$	125,356		$	133,976
Noninterest expense	$	82,997		$	81,292		$	81,847


Early retirement and severance costs	$	4,809		$	1,426		$	—
Efficiency ratio	76.2		%	64.8		%	61.1		%
Core efficiency ratio*	63.1		%	63.5		%	60.7		%





Pre-tax, pre-provision earnings	$	25,971		$	44,064		$	52,129
Adjusted pre-tax, pre-provision earnings*	$	44,984		$	44,965		$	52,516
Provisions for credit losses	$	2,821		$	(1,078)		$	11,367
Net charge-off ratio	0.02		%	0.03		%	—		%
Net income applicable to FB Financial Corporation	$	19,175		$	35,299		$	31,831
Diluted earnings per common share	$	0.41		$	0.75		$	0.68
Effective tax rate	17.2		%	21.8		%	21.9		%
Adjusted net income*	$	33,233		$	35,973		$	32,117
Adjusted diluted earnings per common share*	$	0.71		$	0.77		$	0.68


Weighted average number of shares outstanding - fully diluted	46,856,422			46,814,854			47,024,611

Returns on average:

Return on average total assets	0.61		%	1.10		%	1.05		%
Adjusted*	1.05		%	1.12		%	1.06		%
Return on average shareholders' equity	5.46		%	10.3		%	9.45		%
Return on average tangible common equity*	6.67		%	12.6		%	11.7		%
Adjusted*	11.8		%	13.1		%	12.1		%




*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Third Quarter 2023 Financial Supplement.

Balance Sheet and Net Interest Margin

Near the end of the third quarter, the Company elected to sell $76.6 million in available-for-sale securities with a weighted average yield of 1.36% and reinvested the proceeds of the sales into available-for-sale securities with a weighted average yield of 6.43%. The sales resulted in a pre-tax loss on securities of $14.2 million ($10.4 million after-tax loss), which has been adjusted from earnings in the Company's computations of adjusted performance measures for the third quarter.

The Company reported loans HFI of $9.29 billion at the end of the third quarter of 2023 compared to $9.33 billion from the end of the prior quarter. The change was primarily the result of a decline in construction loans of $104.7 million, which was partially offset by growth in owner-occupied commercial real estate of $47.6 million as construction projects transitioned to permanent financing. The contractual yield on loans HFI increased to 6.32% for the third quarter of 2023 from 6.16% for the previous quarter.

The Company reported total deposits of $10.64 billion at the end of the third quarter of 2023 compared to $10.87 billion at the end of the second quarter. The change was primarily the result of a decline in public funds of $305.4 million, which was partially offset by growth in commercial deposits of $97.0 million. The Company's total cost of deposits increased to 2.58% during the third quarter from 2.38% for the second quarter of 2023, and the cost of interest-bearing deposits increased to 3.33% from 3.06% for the same periods. Noninterest-bearing deposits were $2.36 billion at the end of the quarter compared to $2.40 billion at the end of second quarter of 2023.

The Company’s net interest income on a tax equivalent basis remained relatively stable for the third quarter of 2023 at $101.8 million compared to $102.4 million in the prior quarter. The slight decline was primarily related to higher cost of deposits which resulted in an increase in interest expense on deposits of $4.6 million over the prior quarter. Higher interest rates on loans positively impacted net interest income and ultimately the NIM, which increased to 3.42% for the third quarter of 2023 from 3.40% for the previous quarter.

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FB Financial Corporation

Third Quarter 2023 Results

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Holmes continued, “We were able to balance the increase of our cost of deposits with the increase in loan yields during the quarter while continuing to reduce our exposure to construction loans. While we didn't get a material benefit this quarter from our investment securities sales activity, we will get some future earnings benefit from our reinvestment. We also continue to minimize use of brokered deposits and other borrowings, keeping those options available for profitability enhancement and growth opportunities.”

Noninterest Income

Core noninterest income* was $22.1 million for the third quarter of 2023, compared to $23.3 million and $22.7 million for the second quarter of 2023 and third quarter of 2022, respectively. These amounts reflect adjustments to exclude losses on securities, changes in fair value on commercial loans held for sale and gains on sales or write-downs of other real estate owned and other assets.

Mortgage banking income has remained relatively flat over the last year, as the Company recognized revenue of $12.0 million in the third quarter of 2023 compared with $12.2 million in the previous quarter and $12.4 million in the third quarter of 2022.

Expense Management

Core noninterest expense* during the third quarter of 2023 was $78.2 million compared to $79.9 million for the prior quarter and $81.8 million for the third quarter of 2022. These amounts reflect adjustments of $4.8 million and $1.4 million for early retirement and severance costs recognized in the third and second quarter of 2023, respectively. During the third quarter of 2023, the Company's core efficiency ratio*1 was 63.1%, compared to 63.5% in the previous quarter and 60.7% in the third quarter of 2022. Core banking noninterest expense* was $66.2 million for the quarter, compared to $66.7 million in the prior quarter.

Chief Financial Officer, Michael Mettee noted, “This quarter, we took action to manage personnel expenses down through an early retirement offer, resulting in additional severance, equity grant acceleration and employee benefit costs of $4.8 million. We expect additional charges of approximately $1.7 million in the fourth quarter related to the early retirement offer. Expense management has been and will continue to be a focus for the Company as we work to place ourselves in a position of strength for 2024 by improving operating leverage and efficiency.”

Credit Quality

The Company recorded a provision expense of $6.0 million during the third quarter related to loans HFI; however, it also recorded a provision reversal of $3.2 million on unfunded loan commitments, resulting in a net provision expense of $2.8 million. Notably, the Company reduced unfunded loan commitments in the construction and land development category by $220.8 million to $922.2 million from the previous quarter's unfunded commitments of $1.14 billion. The Company had an allowance for credit losses on loans HFI as of the end of the third quarter of 2023 of $146.1 million, representing 1.57% of loans HFI compared to $140.7 million, or 1.51% of loans HFI as of June 30, 2023.

The Company experienced net charge-offs of $0.6 million in the third quarter of 2023, representing annualized net charge-offs of 0.02% of average loans HFI compared to 0.03% in the second quarter of 2023 and 0.00% in the third quarter of 2022.

The Company's nonperforming loans HFI as a percentage of total loans HFI increased to 0.59% as of the end of the third quarter of 2023 compared to 0.47% at the previous quarter-end and the end of the third quarter of 2022. Nonperforming assets as a percentage of total assets increased to 0.71% as of the end of the third quarter of 2023 compared to 0.59% at the end of the prior quarter and 0.62% as of the end of the third quarter of 2022. The increase was primarily due to a single commercial and industrial relationship moving to nonaccrual status.

Holmes commented, “Credit for the quarter continued to perform as expected. The allowance for credit losses moved higher in the quarter as we increased our reserves related to the downgrade of a single relationship. Our net charge-offs remain low and have been at or below three basis points of average loans HFI for the last five consecutive quarters. Other credit metrics remain consistent with prior quarters.”

Capital Strength

Holmes continued, “We were able to leverage our strong capital position to improve our earnings profile with the expense and investment portfolio initiatives noted above. At the same time, we were able to grow tangible common equity to tangible assets* to a solid 9.16% and Common Equity Tier 1 to 11.8%. These capital levels give us continued flexibility as we move into the fourth quarter and 2024.”

*Non-GAAP financial measure;1A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Third Quarter 2023 Financial Supplement.

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FB Financial Corporation

Third Quarter 2023 Results

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Summary

Holmes finalized, “It was a successful quarter for the Company as we were able to leverage the efforts of the past year and position the Company for additional growth and enhanced profitability. The Company is prepared for the opportunities we expect to come our way in the coming quarters.”

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results on October 17, 2023, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 4706957) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through October 24, 2023, by dialing 1-877-344-7529 and entering confirmation code 3192290.

A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=DDGYoKJM. 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 81 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FB Financial Corporation has approximately $12.49 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

Jeanie M. Rittenberry						Michael Mettee
615-313-8328						615-564-1212
[email protected]						[email protected]
www.firstbankonline.com						[email protected]

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Third Quarter 2023 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Third Quarter 2023 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 October 16, 2023.

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,” “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

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FB Financial Corporation

Third Quarter 2023 Results

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financial service providers, including legislative developments, (10) the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (11) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (12) 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 (13) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (14) 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 (15) 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, 2022, 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 and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, 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, adjusted tangible common equity, tangible book value per common share, adjusted 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. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive loss.

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 Third Quarter 2023 Financial Supplement, which is available at https://investors.firstbankonline.com.

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FB Financial Corporation

Third Quarter 2023 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
	Sep 2023			Jun 2023			Sep 2022
Selected Statement of Income Data
Total interest income	$	173,912		$	170,183		$	128,483
Total interest expense	72,986			68,640			17,099
Net interest income	100,926			101,543			111,384
Total noninterest income	8,042			23,813			22,592
Total noninterest expense	82,997			81,292			81,847
Earnings before income taxes and provisions for credit losses	25,971			44,064			52,129
Provisions for credit losses	2,821			(1,078)			11,367
Income tax expense	3,975			9,835			8,931
Net income applicable to noncontrolling interest	—			8			—
Net income applicable to FB Financial Corporation	$	19,175		$	35,299		$	31,831
Net interest income (tax-equivalent basis)	$	101,762		$	102,383		$	112,145
Adjusted net income*	$	33,233		$	35,973		$	32,117
Adjusted pre-tax, pre-provision earnings*	$	44,984		$	44,965		$	52,516
Per Common Share
Diluted net income	$	0.41		$	0.75		$	0.68
Adjusted diluted net income*	0.71			0.77			0.68

Book value	29.31			29.64			27.30
Tangible book value*	23.93			24.23			21.85
Adjusted tangible book value*	28.04			27.72			25.84
Weighted average number of shares outstanding - fully diluted	46,856,422			46,814,854			47,024,611
Period-end number of shares	46,839,159			46,798,751			46,926,377
Selected Balance Sheet Data
Cash and cash equivalents	$	848,318		$	1,160,354		$	618,290
Loans HFI	9,287,225			9,326,024			9,105,016
Allowance for credit losses on loans HFI	(146,134)			(140,664)			(134,476)
Allowance for credit losses on unfunded commitments	(11,600)			(14,810)			(23,577)
Mortgage loans held for sale	94,598			89,864			97,011
Commercial loans held for sale, at fair value	9,260			9,267			33,722
Investment securities, at fair value	1,351,153			1,422,391			1,485,133

Total assets	12,489,631			12,887,395			12,258,082

Interest-bearing deposits (non-brokered)	8,105,713			8,233,082			7,038,566
Brokered deposits	174,920			238,885			1,002
Noninterest-bearing deposits	2,358,435			2,400,288			2,966,514



Total deposits	10,639,068			10,872,255			10,006,082
Estimated insured or collateralized deposits	7,570,639			7,858,761			6,653,463
Borrowings	226,689			390,354			722,940
Total common shareholders' equity	1,372,901			1,386,951			1,281,161
Selected Ratios
Return on average:
Assets	0.61		%	1.10		%	1.05		%
Shareholders' equity	5.46		%	10.3		%	9.45		%
Tangible common equity*	6.67		%	12.6		%	11.7		%

Net interest margin (tax-equivalent basis)	3.42		%	3.40		%	3.93		%
Efficiency ratio	76.2		%	64.8		%	61.1		%
Core efficiency ratio (tax-equivalent basis)*	63.1		%	63.5		%	60.7		%
Loans HFI to deposit ratio	87.3		%	85.8		%	91.0		%

Noninterest-bearing deposits to total deposits	22.2		%	22.1		%	29.6		%
Yield on interest-earning assets	5.87		%	5.67		%	4.53		%
Cost of interest-bearing liabilities	3.41		%	3.14		%	0.90		%
Cost of total deposits	2.58		%	2.38		%	0.52		%
Estimated uninsured and uncollateralized deposits as a percentage of total deposits	28.8		%	27.7		%	33.5		%
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.57		%	1.51		%	1.48		%

Net charge-offs as a percentage of average loans HFI	0.02		%	0.03		%	—		%
Nonperforming loans HFI as a percentage of loans HFI	0.59		%	0.47		%	0.47		%
Nonperforming assets as a percentage of total assets	0.71		%	0.59		%	0.62		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.0		%	10.8		%	10.5		%
Tangible common equity to tangible assets*	9.16		%	8.98		%	8.54		%
Tier 1 leverage	11.0		%	10.7		%	10.7		%
Tier 1 risk-based capital	12.1		%	11.9		%	11.2		%
Total risk-based capital	14.1		%	13.9		%	13.0		%
Common equity Tier 1 (CET1)	11.8		%	11.7		%	10.9		%

*Non-GAAP financial measure; A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Third Quarter 2023 Financial Supplement.

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Third Quarter 2023

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8



Investments and Other Sources of Liquidity			11

Loan Portfolio			12

Asset Quality			13

Selected Deposit Data			14

Preliminary Capital Ratios			15

Segment Data			16

Non-GAAP Reconciliations			17

Use of non-GAAP Financial Measures

This Financial Supplement contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted and unadjusted pre-tax pre-provision earnings, 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, adjusted tangible common equity, tangible book value per common share, adjusted 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. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive loss.


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

	As of or for the Three Months Ended
	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Selected Statement of Income Data
Total interest income	$	173,912		$	170,183		$	159,480		$	147,598		$	128,483
Total interest expense	72,986			68,640			55,820			37,100			17,099
Net interest income	100,926			101,543			103,660			110,498			111,384
Total noninterest income	8,042			23,813			23,349			17,469			22,592
Total noninterest expense	82,997			81,292			80,440			80,230			81,847
Earnings before income taxes and provisions for credit losses	25,971			44,064			46,569			47,737			52,129
Provisions for credit losses	2,821			(1,078)			491			(456)			11,367
Income tax expense	3,975			9,835			9,697			10,042			8,931
Net income applicable to noncontrolling interest	—			8			—			8			—
Net income applicable to FB Financial Corporation	$	19,175		$	35,299		$	36,381		$	38,143		$	31,831
Net interest income (tax-equivalent basis)	$	101,762		$	102,383		$	104,493		$	111,279		$	112,145
Adjusted net income*	$	33,233		$	35,973		$	35,708		$	40,045		$	32,117
Adjusted pre-tax, pre-provision earnings*	$	44,984		$	44,965		$	45,659		$	50,299		$	52,516
Per Common Share
Diluted net income	$	0.41		$	0.75		$	0.78		$	0.81		$	0.68
Adjusted diluted net income*	0.71			0.77			0.76			0.85			0.68

Book value	29.31			29.64			29.29			28.36			27.30
Tangible book value*	23.93			24.23			23.86			22.90			21.85
Adjusted tangible book value*	28.04			27.72			27.06			26.53			25.84
Weighted average number of shares outstanding - fully diluted	46,856,422			46,814,854			46,765,154			47,036,742			47,024,611
Period-end number of shares	46,839,159			46,798,751			46,762,626			46,737,912			46,926,377
Selected Balance Sheet Data
Cash and cash equivalents	$	848,318		$	1,160,354		$	1,319,951		$	1,027,052		$	618,290
Loans HFI	9,287,225			9,326,024			9,365,996			9,298,212			9,105,016
Allowance for credit losses on loans HFI	(146,134)			(140,664)			(138,809)			(134,192)			(134,476)
Allowance for credit losses on unfunded commitments	(11,600)			(14,810)			(18,463)			(22,969)			(23,577)
Mortgage loans held for sale	94,598			89,864			73,005			108,961			97,011
Commercial loans held for sale, at fair value	9,260			9,267			9,510			30,490			33,722
Investment securities, at fair value	1,351,153			1,422,391			1,474,064			1,474,176			1,485,133

Total assets	12,489,631			12,887,395			13,101,147			12,847,756			12,258,082

Interest-bearing deposits (non-brokered)	8,105,713			8,233,082			8,693,515			8,178,453			7,038,566
Brokered deposits	174,920			238,885			251			750			1,002
Noninterest-bearing deposits	2,358,435			2,400,288			2,489,149			2,676,631			2,966,514



Total deposits	10,639,068			10,872,255			11,182,915			10,855,834			10,006,082
Estimated insured or collateralized deposits	7,570,639			7,858,761			7,926,537			7,288,641			6,653,463
Borrowings	226,689			390,354			312,131			415,677			722,940
Total common shareholders' equity	1,372,901			1,386,951			1,369,696			1,325,425			1,281,161
Selected Ratios
Return on average:
Assets	0.61		%	1.10		%	1.15		%	1.22		%	1.05		%
Shareholders' equity	5.46		%	10.3		%	11.0		%	11.7		%	9.45		%
Tangible common equity*	6.67		%	12.6		%	13.6		%	14.6		%	11.7		%

Net interest margin (NIM) (tax-equivalent basis)	3.42		%	3.40		%	3.51		%	3.78		%	3.93		%
Efficiency ratio	76.2		%	64.8		%	63.3		%	62.7		%	61.1		%
Core efficiency ratio (tax-equivalent basis)*	63.1		%	63.5		%	63.3		%	61.0		%	60.7		%
Loans HFI to deposit ratio	87.3		%	85.8		%	83.8		%	85.7		%	91.0		%

Noninterest-bearing deposits to total deposits	22.2		%	22.1		%	22.3		%	24.7		%	29.6		%
Yield on interest-earning assets	5.87		%	5.67		%	5.38		%	5.04		%	4.53		%
Cost of interest-bearing liabilities	3.41		%	3.14		%	2.61		%	1.84		%	0.90		%
Cost of total deposits	2.58		%	2.38		%	1.94		%	1.20		%	0.52		%
Estimated uninsured and uncollateralized deposits as a percentage of total deposits	28.8		%	27.7		%	29.1		%	32.9		%	33.5		%
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.57		%	1.51		%	1.48		%	1.44		%	1.48		%

Net charge-offs as a percentage of average loans HFI	0.02		%	0.03		%	0.02		%	0.02		%	—		%
Nonperforming loans HFI as a percentage of loans HFI	0.59		%	0.47		%	0.49		%	0.49		%	0.47		%
Nonperforming assets as a percentage of total assets	0.71		%	0.59		%	0.61		%	0.68		%	0.62		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.0		%	10.8		%	10.5		%	10.3		%	10.5		%
Tangible common equity to tangible assets*	9.16		%	8.98		%	8.68		%	8.50		%	8.54		%
Tier 1 leverage	11.0		%	10.7		%	10.4		%	10.5		%	10.7		%
Tier 1 risk-based capital	12.1		%	11.9		%	11.6		%	11.3		%	11.2		%
Total risk-based capital	14.1		%	13.9		%	13.6		%	13.1		%	13.0		%

Common equity Tier 1 (CET1)	11.8		%	11.7		%	11.3		%	11.0		%	10.9		%

*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)
													Sep 2023		Sep 2023
													vs.		vs.
	Three Months Ended										Jun 2023	Sep 2022
	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	153,882	$	149,220	$	140,356	$	133,180	$	116,664			3.12	%	31.9	%
Interest on securities
Taxable	6,399		6,480		6,570		6,707		6,843				(1.25)	%	(6.49)	%
Tax-exempt	1,795		1,808		1,804		1,806		1,818				(0.72)	%	(1.27)	%
Other	11,836		12,675		10,750		5,905		3,158				(6.62)	%	274.8	%
Total interest income	173,912		170,183		159,480		147,598		128,483				2.19	%	35.4	%
Interest expense:
Deposits	69,826		65,257		52,863		31,456		13,133				7.00	%	431.7	%
Borrowings	3,160		3,383		2,957		5,644		3,966				(6.59)	%	(20.3)	%
Total interest expense	72,986		68,640		55,820		37,100		17,099				6.33	%	326.8	%
Net interest income	100,926		101,543		103,660		110,498		111,384				(0.61)	%	(9.39)	%
Provision for credit losses on loans HFI	6,031		2,575		4,997		152		8,189				134.2	%	(26.4)	%
Provision for credit losses on unfunded commitments	(3,210)		(3,653)		(4,506)		(608)		3,178				(12.1)	%	(201.0)	%
Net interest income after provisions for credit losses	98,105		102,621		103,169		110,954		100,017				(4.40)	%	(1.91)	%
Noninterest income:
Mortgage banking income	11,998		12,232		12,086		9,106		12,384				(1.91)	%	(3.12)	%
Service charges on deposit accounts	2,959		3,185		3,053		3,019		3,208				(7.10)	%	(7.76)	%
Investment services and trust income	3,072		2,777		2,378		2,232		2,227				10.6	%	37.9	%
ATM and interchange fees	2,639		2,629		2,396		2,546		2,614				0.38	%	0.96	%
(Loss) gain from securities, net	(14,197)		(28)		69		25		(140)				NM		NM
Gain (loss) on sales or write-downs of other real estate owned and other assets	115		533		(183)		(252)		429				(78.4)	%	(73.2)	%

Other income	1,456		2,485		3,550		793		1,870				(41.4)	%	(22.1)	%
Total noninterest income	8,042		23,813		23,349		17,469		22,592				(66.2)	%	(64.4)	%
Total revenue	108,968		125,356		127,009		127,967		133,976				(13.1)	%	(18.7)	%
Noninterest expenses:
Salaries, commissions and employee benefits	54,491		52,020		48,788		45,839		51,028				4.75	%	6.79	%
Occupancy and equipment expense	6,428		6,281		5,909		6,295		6,011				2.34	%	6.94	%
Legal and professional fees	1,760		2,199		3,108		4,857		4,448				(20.0)	%	(60.4)	%
Data processing	2,338		2,345		2,113		2,096		2,334				(0.30)	%	0.17	%

Amortization of core deposits and other intangibles	889		940		990		1,039		1,108				(5.43)	%	(19.8)	%


Advertising	2,124		2,001		2,133		3,094		2,050				6.15	%	3.61	%

Other expense	14,967		15,506		17,399		17,010		14,868				(3.48)	%	0.67	%
Total noninterest expense	82,997		81,292		80,440		80,230		81,847				2.10	%	1.41	%
Income before income taxes	23,150		45,142		46,078		48,193		40,762				(48.7)	%	(43.2)	%
Income tax expense	3,975		9,835		9,697		10,042		8,931				(59.6)	%	(55.5)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	19,175		35,307		36,381		38,151		31,831				(45.7)	%	(39.8)	%
Net income applicable to noncontrolling interest	—		8		—		8		—				(100.0)	%	—	%

Net income applicable to FB Financial Corporation	$	19,175	$	35,299	$	36,381	$	38,143	$	31,831			(45.7)	%	(39.8)	%
Weighted average common shares outstanding:
Basic	46,818,612		46,779,388		46,679,618		46,909,389		46,908,520				0.08	%	(0.19)	%
Fully diluted	46,856,422		46,814,854		46,765,154		47,036,742		47,024,611				0.09	%	(0.36)	%
Earnings per common share:
Basic	$	0.41	$	0.75	$	0.78	$	0.81	$	0.68			(45.3)	%	(39.7)	%
Fully diluted	0.41		0.75		0.78		0.81		0.68				(45.3)	%	(39.7)	%
Fully diluted - adjusted*	0.71		0.77		0.76		0.85		0.68				(7.79)	%	4.41	%

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

NM- Not meaningful


FB Financial Corporation						5


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

					Sep 2023
					vs.
	Nine Months Ended				Sep 2022
	Sep 2023		Sep 2022		Percent variance
Interest income:
Interest and fees on loans	$	443,458	$	303,183	46.3	%
Interest on securities
Taxable	19,449		18,762		3.66	%
Tax-exempt	5,407		5,526		(2.15)	%
Other	35,261		6,353		455.0	%
Total interest income	503,575		333,824		50.9	%
Interest expense:
Deposits	187,946		25,186		646.2	%
Borrowings	9,500		6,901		37.7	%
Total interest expense	197,446		32,087		515.3	%
Net interest income	306,129		301,737		1.46	%
Provision for credit losses on loans HFI	13,603		10,241		32.8	%
Provision for credit losses on unfunded commitments	(11,369)		9,197		(223.6)	%
Net interest income after provisions for credit losses	303,895		282,299		7.65	%
Noninterest income:
Mortgage banking income	36,316		64,474		(43.7)	%
Service charges on deposit accounts	9,197		9,030		1.85	%
Investment services and trust income	8,227		6,634		24.0	%
ATM and interchange fees	7,664		13,054		(41.3)	%

Loss from securities, net	(14,156)		(401)		NM
Gain (loss) sales or write-downs of other real estate owned and other assets	465		(13)		NM

Other income	7,491		4,420		69.5	%
Total noninterest income	55,204		97,198		(43.2)	%
Total revenue	361,333		398,935		(9.43)	%
Noninterest expenses:
Salaries, commissions and employee benefits	155,299		165,652		(6.25)	%
Occupancy and equipment expense	18,618		17,267		7.82	%
Legal and professional fees	7,067		10,171		(30.5)	%
Data processing	6,796		7,219		(5.86)	%

Amortization of core deposit and other intangibles	2,819		3,546		(20.5)	%
Advertising	6,258		8,114		(22.9)	%
Mortgage restructuring expense	—		12,458		(100.0)	%
Other expense	47,872		43,689		9.57	%
Total noninterest expense	244,729		268,116		(8.72)	%
Income before income taxes	114,370		111,381		2.68	%
Income tax expense	23,507		24,961		(5.83)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	90,863		86,420		5.14	%
Net income applicable to noncontrolling interests	8		8		—	%

Net income applicable to FB Financial Corporation	$	90,855	$	86,412	5.14	%
Weighted average common shares outstanding:
Basic	46,759,703		47,181,853		(0.89)	%
Fully diluted	46,802,543		47,315,100		(1.08)	%
Earnings per common share:
Basic	$	1.94	$	1.83	6.01	%
Fully diluted	1.94		1.83		6.23	%
Fully diluted - adjusted*	2.24		2.06		8.74	%

NM- Not meaningful


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Sep 2023		Sep 2023
													vs.		vs.
	As of										Jun 2023	Sep 2022
	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	188,317	$	147,646	$	133,874	$	259,872	$	193,301			109.3	%	(2.58)	%
Federal funds sold and reverse repurchase agreements	129,885		48,346		63,994		210,536		115,140				669.1	%	12.8	%
Interest-bearing deposits in financial institutions	530,116		964,362		1,122,083		556,644		309,849				(178.6)	%	71.1	%
Cash and cash equivalents	848,318		1,160,354		1,319,951		1,027,052		618,290				(106.7)	%	37.2	%
Investments:
Available-for-sale debt securities, at fair value	1,348,219		1,419,360		1,471,005		1,471,186		1,482,171				(19.9)	%	(9.04)	%
Equity securities, at fair value	2,934		3,031		3,059		2,990		2,962				(12.7)	%	(0.95)	%
Federal Home Loan Bank stock, at cost	34,809		40,266		43,369		58,641		58,587				(53.8)	%	(40.6)	%
Mortgage loans held for sale	94,598		89,864		73,005		108,961		97,011				20.9	%	(2.49)	%
Commercial loans held for sale, at fair value	9,260		9,267		9,510		30,490		33,722				(0.30)	%	(72.5)	%
Loans held for investment	9,287,225		9,326,024		9,365,996		9,298,212		9,105,016				(1.65)	%	2.00	%
Less: allowance for credit losses on loans HFI	146,134		140,664		138,809		134,192		134,476				15.4	%	8.67	%
Net loans held for investment	9,141,091		9,185,360		9,227,187		9,164,020		8,970,540				(1.91)	%	1.90	%
Premises and equipment, net	156,081		154,526		153,397		146,316		143,277				3.99	%	8.94	%
Other real estate owned, net	1,504		1,974		4,085		5,794		5,919				(94.5)	%	(74.6)	%
Operating lease right-of-use assets	56,240		56,560		57,054		60,043		61,444				(2.24)	%	(8.47)	%
Interest receivable	49,205		44,973		44,737		45,684		39,034				37.3	%	26.1	%
Mortgage servicing rights, at fair value	172,710		166,433		164,879		168,365		171,427				15.0	%	0.75	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	9,549		10,438		11,378		12,368		13,407				(33.8)	%	(28.8)	%
Bank-owned life insurance	75,739		75,341		74,963		75,329		74,976				2.10	%	1.02	%
Other assets	246,813		227,087		201,007		227,956		242,754				34.5	%	1.67	%
Total assets	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756	$	12,258,082			(12.2)	%	1.89	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,358,435	$	2,400,288	$	2,489,149	$	2,676,631	$	2,966,514			(6.92)	%	(20.5)	%
Interest-bearing checking	2,554,641		2,879,336		3,292,883		3,059,984		2,648,161				(44.7)	%	(3.53)	%
Money market and savings	4,119,357		3,971,975		3,904,013		3,697,245		3,228,337				14.7	%	27.6	%
Customer time deposits	1,431,119		1,381,176		1,496,024		1,420,131		1,160,726				14.3	%	23.3	%
Brokered and internet time deposits	175,516		239,480		846		1,843		2,344				(106.0)	%	NM
Total deposits	10,639,068		10,872,255		11,182,915		10,855,834		10,006,082				(8.51)	%	6.33	%
Borrowings	226,689		390,354		312,131		415,677		722,940				(166.3)	%	(68.6)	%
Operating lease liabilities	67,542		67,304		67,345		69,754		70,610				1.40	%	(4.34)	%
Accrued expenses and other liabilities	183,338		170,438		168,967		180,973		177,196				30.0	%	3.47	%
Total liabilities	11,116,637		11,500,351		11,731,358		11,522,238		10,976,828				(13.2)	%	1.27	%
Shareholders' equity:
Common stock, $1 par value	46,839		46,799		46,763		46,738		46,926				0.34	%	(0.19)	%
Additional paid-in capital	862,340		859,516		856,628		861,588		867,139				1.30	%	(0.55)	%
Retained earnings	656,120		644,043		615,871		586,532		554,536				7.44	%	18.3	%
Accumulated other comprehensive loss, net	(192,398)		(163,407)		(149,566)		(169,433)		(187,440)				70.4	%	2.65	%
Total common shareholders' equity	1,372,901		1,386,951		1,369,696		1,325,425		1,281,161				(4.02)	%	7.16	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,372,994		1,387,044		1,369,789		1,325,518		1,281,254				(4.02)	%	7.16	%
Total liabilities and shareholders' equity	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756	$	12,258,082			(12.2)	%	1.89	%

NM- Not meaningful


FB Financial Corporation						7


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	September 30, 2023						June 30, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,280,530	$	153,038	6.54	%	$	9,387,284	$	148,415	6.34	%
Mortgage loans held for sale	60,291		1,047		6.89	%	63,407		1,005		6.36	%
Commercial loans held for sale	9,259		—		—	%	9,377		3		0.13	%
Securities:
Taxable	1,344,052		6,399		1.89	%	1,374,308		6,480		1.89	%
Tax-exempt(b)	291,863		2,428		3.30	%	293,739		2,445		3.34	%
Total securities(b)	1,635,915		8,827		2.14	%	1,668,047		8,925		2.15	%
Federal funds sold and reverse repurchase agreements	95,326		1,375		5.72	%	61,799		1,050		6.81	%
Interest-bearing deposits with other financial institutions	696,600		9,620		5.48	%	857,862		10,829		5.06	%
FHLB stock	36,624		841		9.11	%	42,133		796		7.58	%
Total interest-earning assets(b)	11,814,545		174,748		5.87	%	12,089,909		171,023		5.67	%
Noninterest-earning assets:
Cash and due from banks	128,780						118,872
Allowance for credit losses on loans HFI	(140,033)						(138,983)
Other assets(c)(d)	753,866						756,651
Total noninterest-earning assets	742,613						736,540
Total assets	$	12,557,158					$	12,826,449
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,668,970	$	20,506	3.05	%	$	3,127,219	$	23,751	3.05	%
Money market	3,661,262		34,902		3.78	%	3,516,901		30,053		3.43	%
Savings deposits	410,403		65		0.06	%	433,530		63		0.06	%
Customer time deposits	1,400,290		11,909		3.37	%	1,426,320		10,658		3.00	%
Brokered and internet time deposits	182,652		2,444		5.31	%	56,455		732		5.20	%
Time deposits	1,582,942		14,353		3.60	%	1,482,775		11,390		3.08	%
Total interest-bearing deposits	8,323,577		69,826		3.33	%	8,560,425		65,257		3.06	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,520		349		4.54	%	30,050		97		1.29	%
Federal Home Loan Bank advances	13,859		204		5.84	%	61,264		784		5.13	%
Subordinated debt	127,605		2,600		8.08	%	127,129		2,496		7.88	%
Other borrowings	1,365		7		2.03	%	1,385		6		1.74	%
Total other interest-bearing liabilities	173,349		3,160		7.23	%	219,828		3,383		6.17	%
Total interest-bearing liabilities	8,496,926		72,986		3.41	%	8,780,253		68,640		3.14	%
Noninterest-bearing liabilities:
Demand deposits	2,410,280						2,430,476
Other liabilities(d)	256,606						238,809
Total noninterest-bearing liabilities	2,666,886						2,669,285
Total liabilities	11,163,812						11,449,538
Total common shareholders' equity	1,393,253						1,376,818
Noncontrolling interest	93						93
Total equity	1,393,346						1,376,911
Total liabilities and shareholders' equity	$	12,557,158					$	12,826,449
Net interest income(b)			$	101,762					$	102,383
Interest rate spread(b)					2.46	%					2.53	%
Net interest margin(b)(e)					3.42	%					3.40	%
Cost of total deposits					2.58	%					2.38	%
Average interest-earning assets to average interest-bearing liabilities					139.0	%					137.7	%
Tax-equivalent adjustment			$	836					$	840
Loans HFI yield components:
Contractual interest rate(b)			$	147,806	6.32	%			$	144,322	6.16	%
Origination and other loan fee income			4,345		0.19	%			3,907		0.17	%
Accretion (amortization) on purchased loans			312		0.01	%			(14)		—	%
Nonaccrual interest			575		0.02	%			200		0.01	%

Total loans HFI yield			$	153,038	6.54	%			$	148,415	6.34	%

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

(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 and $212,016 for the three months ended September 30, 2023 and June 30, 2023, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $19,080 and $19,956 for the three months ended September 30, 2023 and June 30, 2023, respectively.

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


FB Financial Corporation						8


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	March 31, 2023						December 31, 2022						September 30, 2022
	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)	$	9,346,708	$	139,467	6.05	%	$	9,250,859	$	132,171	5.67	%	$	8,810,094	$	114,488	5.16	%
Mortgage loans held for sale	56,204		927		6.69	%	56,180		843		5.95	%	124,358		1,626		5.19	%
Commercial loans held for sale	16,608		159		3.88	%	33,640		311		3.67	%	36,291		670		7.32	%
Securities:
Taxable	1,402,535		6,570		1.90	%	1,431,776		6,707		1.86	%	1,469,934		6,843		1.85	%
Tax-exempt(b)	294,652		2,440		3.36	%	295,698		2,442		3.28	%	298,905		2,459		3.26	%
Total securities(b)	1,697,187		9,010		2.15	%	1,727,474		9,149		2.10	%	1,768,839		9,302		2.09	%
Federal funds sold and reverse repurchase agreements	188,013		1,855		4.00	%	200,062		1,924		3.82	%	160,597		877		2.17	%
Interest-bearing deposits with other financial institutions	728,576		8,008		4.46	%	364,543		3,236		3.52	%	361,684		1,850		2.03	%
FHLB stock	47,094		887		7.64	%	58,623		745		5.04	%	49,478		431		3.46	%
Total interest-earning assets(a)	12,080,390		160,313		5.38	%	11,691,381		148,379		5.04	%	11,311,341		129,244		4.53	%
Noninterest-earning assets:
Cash and due from banks	154,270						136,334						109,681
Allowance for credit losses on loans HFI	(134,803)						(135,998)						(127,710)
Other assets(c)(d)	761,757						754,310						744,803
Total noninterest-earning assets	781,224						754,646						726,774
Total assets	$	12,861,614					$	12,446,027					$	12,038,115
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,165,058	$	19,060	2.44	%	$	2,702,960	$	10,284	1.51	%	$	2,821,415	$	5,831	0.82	%
Money market	3,369,953		24,510		2.95	%	2,976,759		15,196		2.03	%	2,551,521		4,684		0.73	%
Savings deposits	458,023		64		0.06	%	488,243		66		0.05	%	515,882		70		0.05	%
Customer time deposits	1,472,221		9,221		2.54	%	1,310,505		5,902		1.79	%	1,151,843		2,535		0.87	%
Brokered and internet time deposits	1,607		8		2.02	%	1,980		8		1.60	%	3,501		13		1.47	%
Time deposits	1,473,828		9,229		2.54	%	1,312,485		5,910		1.79	%	1,155,344		2,548		0.87	%
Total interest-bearing deposits	8,466,862		52,863		2.53	%	7,480,447		31,456		1.67	%	7,044,162		13,133		0.74	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	27,139		46		0.69	%	27,140		28		0.41	%	29,580		12		0.16	%
Federal Home Loan Bank advances	41,389		499		4.89	%	349,859		3,428		3.89	%	329,130		2,155		2.60	%
Subordinated debt	126,161		2,402		7.72	%	126,054		2,182		6.87	%	127,263		1,792		5.59	%
Other borrowings	1,688		10		2.40	%	1,434		6		1.66	%	1,457		7		1.91	%
Total other interest-bearing liabilities	196,377		2,957		6.11	%	504,487		5,644		4.44	%	487,430		3,966		3.23	%
Total interest-bearing liabilities	8,663,239		55,820		2.61	%	7,984,934		37,100		1.84	%	7,531,592		17,099		0.90	%
Noninterest-bearing liabilities:
Demand deposits	2,588,756						2,886,297						2,973,650
Other liabilities(e)	266,299						279,945						196,637
Total noninterest-bearing liabilities	2,855,055						3,166,242						3,170,287
Total liabilities	11,518,294						11,151,176						10,701,879
Total common shareholders' equity	1,343,227						1,294,758						1,336,143
Noncontrolling interest	93						93						93
Total equity	1,343,320						1,294,851						1,336,236
Total liabilities and shareholders' equity	$	12,861,614					$	12,446,027					$	12,038,115
Net interest income(b)			$	104,493					$	111,279					$	112,145
Interest rate spread(b)					2.77	%					3.20	%					3.63	%
Net interest margin(b)(e)					3.51	%					3.78	%					3.93	%
Cost of total deposits					1.94	%					1.20	%					0.52	%
Average interest-earning assets to average interest-bearing liabilities					139.4	%					146.4	%					150.2	%
Tax-equivalent adjustment			$	833					$	781					$	761
Loans HFI yield components:
Contractual interest rate(b)			$	135,872	5.90	%			$	126,955	5.45	%			$	106,405	4.79	%
Origination and other loan fee income			3,101		0.13	%			4,244		0.18	%			6,665		0.30	%
Accretion on purchased loans			319		0.01	%			319		0.01	%			949		0.05	%
Nonaccrual interest			175		0.01	%			653		0.03	%			469		0.02	%

Total loans HFI yield			$	139,467	6.05	%			$	132,171	5.67	%			$	114,488	5.16	%

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

(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 $222,843, $254,646 and $160,212 for the three months ended March 31, 2023, December 31, 2022 and September 30, 2022, 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 $23,180, $26,706 and $25,891 for the three months ended March 31, 2023. December 31, 2022 and September 30, 2022, respectively.

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


FB Financial Corporation						9


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Nine Months Ended
	September 30, 2023						September 30, 2022
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,337,932	$	440,920	6.31	%	$	8,302,649	$	293,643	4.73	%
Mortgage loans held for sale	59,982		2,979		6.64	%	269,794		7,542		3.74	%
Commercial loans held for sale	11,721		162		1.85	%	56,951		2,316		5.44	%
Securities:
Taxable	1,373,461		19,449		1.89	%	1,442,397		18,762		1.74	%
Tax-exempt(b)	293,408		7,313		3.33	%	308,418		7,474		3.24	%
Total securities(b)	1,666,869		26,762		2.15	%	1,750,815		26,236		2.00	%
Federal funds sold and reverse repurchase agreements	114,706		4,280		4.99	%	196,282		1,490		1.01	%
Interest-bearing deposits with other financial institutions	760,895		28,457		5.00	%	1,012,061		4,039		0.53	%
FHLB stock	41,912		2,524		8.05	%	39,030		824		2.82	%
Total interest-earning assets(b)	11,994,017		506,084		5.64	%	11,627,582		336,090		3.86	%
Noninterest-earning assets:
Cash and due from banks	133,881						98,202
Allowance for credit losses on loans HFI	(137,958)						(124,635)
Other assets(c)(d)	757,606						759,791
Total noninterest-earning assets	753,529						733,358
Total assets	$	12,747,546					$	12,360,940
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,985,265	$	63,317	2.84	%	$	3,262,730	$	11,573	0.47	%
Money market	3,517,106		89,465		3.40	%	2,802,070		7,672		0.37	%
Savings deposits	433,811		192		0.06	%	504,215		202		0.05	%
Customer time deposits	1,432,680		31,788		2.97	%	1,119,905		5,653		0.67	%
Brokered and internet time deposits	80,902		3,184		5.26	%	8,605		86		1.34	%
Time deposits	1,513,582		34,972		3.09	%	1,128,510		5,739		0.68	%
Total interest-bearing deposits	8,449,764		187,946		2.97	%	7,697,525		25,186		0.44	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	29,249		492		2.25	%	28,954		38		0.18	%
Federal Home Loan Bank advances	38,736		1,487		5.13	%	110,916		2,155		2.60	%
Subordinated debt	126,970		7,498		7.90	%	128,387		4,686		4.88	%
Other borrowings	1,478		23		2.08	%	1,480		22		1.99	%
Total other interest-bearing liabilities	196,433		9,500		6.47	%	269,737		6,901		3.42	%
Total interest-bearing liabilities	8,646,197		197,446		3.05	%	7,967,262		32,087		0.54	%
Noninterest-bearing liabilities:
Demand deposits	2,475,850						2,874,223
Other liabilities(d)	254,128						151,337
Total noninterest-bearing liabilities	2,729,978						3,025,560
Total liabilities	11,376,175						10,992,822
Total common shareholders' equity	1,371,278						1,368,025
Noncontrolling interest	93						93
Total equity	1,371,371						1,368,118
Total liabilities and shareholders' equity	$	12,747,546					$	12,360,940
Net interest income(b)			$	308,638					$	304,003
Interest rate spread(b)					2.59	%					3.32	%
Net interest margin(b)(e)					3.44	%					3.50	%
Cost of total deposits					2.30	%					0.32	%
Average interest-earning assets to average interest-bearing liabilities					138.7	%					145.9	%
Tax equivalent adjustment			$	2,509					$	2,266
Loans HFI yield components:
Contractual interest rate(b)			$	428,000	6.13	%			$	273,199	4.40	%
Origination and other loan fee income			11,353		0.16	%			18,574		0.30	%
Accretion (amortization) on purchased loans			617		0.01	%			(1,339)		(0.02)	%
Nonaccrual interest			950		0.01	%			2,059		0.03	%
Syndication fee income			—		—	%			1,150		0.02	%
Total loans HFI yield			$	440,920	6.31	%			$	293,643	4.73	%

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

(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 $222,526 and $107,148 for the nine months ended September 30, 2023 and 2022, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $21,109 and $8,725 for the nine months ended September 30, 2023 and 2022, respectively.

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


FB Financial Corporation						10


Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)

	As of
	Sep 2023					Jun 2023					Mar 2023					Dec 2022					Sep 2022
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	105,801		8	%	$	40,529		3	%	$	40,928		3	%	$	40,062		3	%	$	39,831		3	%
Mortgage-backed securities - residential	871,074			65	%	979,400			69	%	1,025,388			71	%	1,034,193			71	%	1,057,763			72	%
Mortgage-backed securities - commercial	16,677			1	%	17,254			1	%	17,723			1	%	17,644			1	%	17,847			1	%
Municipal securities	244,611			18	%	267,097			19	%	270,994			18	%	264,420			18	%	252,143			17	%
Treasury securities	106,798			8	%	108,221			8	%	108,823			7	%	107,680			7	%	107,297			7	%
Corporate securities	3,258			—	%	6,859			—	%	7,149			—	%	7,187			—	%	7,290			—	%
Total available-for-sale debt securities	1,348,219			100	%	1,419,360			100	%	1,471,005			100	%	1,471,186			100	%	1,482,171			100	%
Equity securities, at fair value	2,934			—	%	3,031			—	%	3,059			—	%	2,990			—	%	2,962			—	%
Total investment securities, at fair value	$	1,351,153		100	%	$	1,422,391		100	%	$	1,474,064		100	%	$	1,474,176		100	%	$	1,485,133		100	%
Investment securities to total assets	10.8		%			11.0		%			11.3		%			11.5		%			12.1		%
Unrealized loss on available-for-sale debt securities	$(265,048)					$(226,013)					$(207,265)					$(234,388)					$(258,614)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	848,318		63	%	$	1,160,354		80	%	$	1,319,951		82	%	$	1,027,052		78	%	$	618,290		69	%
Unpledged available-for-sale debt securities	494,582			37	%	281,098			20	%	286,169			18	%	280,165			21	%	268,424			30	%
Equity securities, at fair value	2,934			—	%	3,031			—	%	3,059			—	%	2,990			1	%	2,962			1	%
Total on-balance sheet liquidity	$	1,345,834		100	%	$	1,444,483		100	%	$	1,609,179		100	%	$	1,310,207		100	%	$	889,676		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,371,911		50	%	$	3,332,710		52	%	$	3,755,059		55	%	$	3,595,812		52	%	$	3,376,027		55	%
FHLB remaining borrowing capacity	1,005,295			15	%	548,052			9	%	473,160			7	%	829,959			12	%	408,874			7	%
Federal Reserve discount window	2,398,285			35	%	2,476,347			39	%	2,548,886			38	%	2,470,000			36	%	2,378,820			38	%
Total available sources of liquidity	$	6,775,491		100	%	$	6,357,109		100	%	$	6,777,105		100	%	$	6,895,771		100	%	$	6,163,721		100	%

On-balance sheet liquidity as a percentage of total assets	10.8		%			11.2		%			12.3		%			10.2		%			7.26		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.0		%			11.4		%			12.5		%			10.4		%			7.41		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	264.7		%			258.9		%			257.5		%			230.0		%			210.4		%

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

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

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


FB Financial Corporation						11


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Sep 2023		% of Total		Jun 2023		% of Total		Mar 2023		% of Total		Dec 2022		% of Total		Sep 2022		% of Total
Loan portfolio
Commercial and industrial	$	1,667,857	18	%	$	1,693,572	18	%	$	1,671,398	18	%	$	1,645,783	18	%	$	1,534,159	17	%
Construction	1,532,306		16	%	1,636,970		18	%	1,697,513		18	%	1,657,488		18	%	1,679,497		18	%
Residential real estate:
1-to-4 family mortgage	1,553,096		17	%	1,548,614		17	%	1,562,503		17	%	1,573,121		17	%	1,545,252		17	%
Residential line of credit	517,082		6	%	507,652		5	%	497,391		5	%	496,660		5	%	460,774		5	%
Multi-family mortgage	501,323		5	%	518,025		6	%	489,379		5	%	479,572		5	%	394,366		4	%
Commercial real estate:
Owner-occupied	1,206,351		13	%	1,158,782		12	%	1,136,978		12	%	1,114,580		12	%	1,158,343		13	%
Non-owner occupied	1,911,913		21	%	1,881,978		20	%	1,939,517		21	%	1,964,010		21	%	1,954,219		22	%
Consumer and other	397,297		4	%	380,431		4	%	371,317		4	%	366,998		4	%	378,406		4	%
Total loans HFI	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%	$	9,105,016	100	%
Percentage of loans HFI portfolio with variable interest rates			47.6	%			47.0	%			46.5	%			46.7	%			47.2	%
Percentage of loans HFI portfolio with variable interest rates that mature after one year			40.6	%			40.6	%			40.1	%			40.5	%			41.7	%

Loans by market
Metropolitan	$	7,691,944	83	%	$	7,718,424	83	%	$	7,777,346	83	%	$	7,710,999	83	%	$	7,496,090	83	%
Community	649,269		7	%	653,335		7	%	668,192		7	%	670,043		7	%	669,810		7	%
Specialty lending and other	946,012		10	%	954,265		10	%	920,458		10	%	917,170		10	%	939,116		10	%
Total	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%	$	9,105,016	100	%

Unfunded loan commitments
Commercial and industrial	$	1,309,390	41	%	$	1,168,506	37	%	$	1,125,810	34	%	$	1,026,078	29	%	$	1,062,657	29	%
Construction	922,219		30	%	1,142,982		36	%	1,340,193		40	%	1,639,015		46	%	1,696,733		45	%
Residential real estate:
1-to-4 family mortgage	946		—	%	794		—	%	670		—	%	829		—	%	868		—	%
Residential line of credit	685,597		22	%	675,647		21	%	663,291		20	%	655,090		18	%	640,834		18	%
Multi-family mortgage	21,951		1	%	4,972		—	%	6,310		—	%	17,092		1	%	28,407		1	%
Commercial real estate:
Owner-occupied	52,975		2	%	50,927		2	%	48,063		1	%	41,954		1	%	63,457		2	%
Non-owner occupied	93,910		3	%	104,201		3	%	119,239		4	%	145,208		4	%	136,163		4	%
Consumer and other	24,886		1	%	23,306		1	%	25,787		1	%	26,634		1	%	30,358		1	%
Total unfunded loans HFI	$	3,111,874	100	%	$	3,171,335	100	%	$	3,329,363	100	%	$	3,551,900	100	%	$	3,659,477	100	%


FB Financial Corporation						12


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	140,664		$	138,809		$	134,192		$	134,476		$	126,272


Charge-offs	(796)			(892)			(767)			(1,273)			(461)
Recoveries	235			172			387			837			476
Provision for credit losses on loans HFI	6,031			2,575			4,997			152			8,189


Allowance for credit losses on loans HFI at the end of the period	$	146,134		$	140,664		$	138,809		$	134,192		$	134,476
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.57		%	1.51		%	1.48		%	1.44		%	1.48		%

Allowance for credit losses on unfunded commitments	$	11,600		$	14,810		$	18,463		$	22,969		$	23,577
Charge-offs
Commercial and industrial	$	(154)		$	(11)		$	(46)		$	(332)		$	—

Residential real estate:
1-to-4 family mortgage	(4)			(16)			(16)			(34)			(20)


Commercial real estate:
Owner occupied	—			(144)			—			(15)			—
Non-owner occupied	—			—			—			(268)			—
Consumer and other	(638)			(721)			(705)			(624)			(441)
Total charge-offs	(796)			(892)			(767)			(1,273)			(461)
Recoveries
Commercial and industrial	112			13			67			679			342
Construction	—			10			—			—			—
Residential real estate:
1-to-4 family mortgage	16			25			15			15			13
Residential line of credit	1			—			—			—			—

Commercial real estate:
Owner occupied	13			16			66			12			51

Consumer and other	93			108			239			131			70
Total recoveries	235			172			387			837			476
Net (charge-offs) recoveries	$	(561)		$	(720)		$	(380)		$	(436)		$	15
Net charge-offs as a percentage of average loans HFI	0.02		%	0.03		%	0.02		%	0.02		%	0.00		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	11,649		$	12,247		$	12,580		$	18,415		$	16,002
Nonaccrual loans	42,878			31,885			32,900			27,431			26,625
Total nonperforming loans HFI	54,527			44,132			45,480			45,846			42,627
Commercial loans held for sale	9,260			9,267			9,278			9,289			—
Mortgage loans held for sale(a)	22,074			20,225			20,528			26,211			26,485

Other real estate owned	1,504			1,974			4,085			5,794			5,919

Other repossessed assets	1,300			883			498			351			639
Total nonperforming assets	$	88,665		$	76,481		$	79,869		$	87,491		$	75,670
Total nonperforming loans HFI as a percentage of loans HFI	0.59		%	0.47		%	0.49		%	0.49		%	0.47		%
Total nonperforming assets as a percentage of total assets	0.71		%	0.59		%	0.61		%	0.68		%	0.62		%
Total nonaccrual loans as a percentage of loans HFI	0.46		%	0.34		%	0.35		%	0.30		%	0.29		%

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


FB Financial Corporation						13


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Sep 2023					Jun 2023					Mar 2023					Dec 2022					Sep 2022





Deposits by market
Metropolitan	$	7,481,006		70	%	$	7,753,724		71	%	$	8,075,721		72	%	$	7,813,089		72	%	$	6,939,490		69	%
Community	2,571,667			24	%	2,499,013			23	%	2,756,700			25	%	2,671,326			25	%	2,584,629			26	%
Brokered/wholesale	174,920			2	%	238,885			2	%	251			—	%	750			—	%	1,002			—	%
Escrow and other(a)	411,475			4	%	380,633			4	%	350,243			3	%	370,669			3	%	480,961			5	%
Total	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%	$	10,006,082		100	%

Deposits by customer segment
Consumer	$	4,893,792		46	%	$	4,918,641		45	%	$	5,028,364		45	%	$	4,985,544		46	%	$	4,621,364		46	%
Commercial	4,126,424			39	%	4,029,376			37	%	3,767,743			34	%	3,796,698			35	%	3,759,057			38	%
Public	1,618,852			15	%	1,924,238			18	%	2,386,808			21	%	2,073,592			19	%	1,625,661			16	%
Total	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%	$	10,006,082		100	%

Estimated insured or collateralized deposits	$	7,570,639				$	7,858,761				$	7,926,537				$	7,288,641				$	6,653,463





Estimated uninsured and uncollateralized deposits(b)	$	3,068,429				$	3,013,494				$	3,256,378				$	3,567,193				$	3,352,619

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	28.8		%			27.7		%			29.1		%			32.9		%			33.5		%

(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.

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


FB Financial Corporation						14


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


Computation of Tangible Common Equity to Tangible Assets:	September 30, 2023			December 31, 2022

Total Common Shareholders' Equity	$	1,372,901		$	1,325,425
Less:
Goodwill	242,561			242,561
Other intangibles	9,549			12,368
Tangible Common Equity	$	1,120,791		$	1,070,496

Total Assets	$	12,489,631		$	12,847,756
Less:
Goodwill	242,561			242,561
Other intangibles	9,549			12,368
Tangible Assets	$	12,237,521		$	12,592,827

Preliminary Total Risk-Weighted Assets	$	11,406,276		$	11,668,205

Total Common Equity to Total Assets	11.0		%	10.3		%
Tangible Common Equity to Tangible Assets*	9.16		%	8.50		%


	September 30, 2023			December 31, 2022
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,350,228		$	1,285,386
Tier 1 Capital	1,380,228			1,315,386
Total Capital	1,608,166			1,528,344

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	11.8		%	11.0		%
Tier 1 Risk-Based	12.1		%	11.3		%
Total Risk-Based	14.1		%	13.1		%
Tier 1 Leverage	11.0		%	10.5		%

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


FB Financial Corporation						15


Segment Data
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Banking segment
Net interest income	$	100,926		$	101,543		$	103,660		$	110,498		$	111,384
Provisions for credit losses	2,821			(1,078)			491			(456)			11,367

Noninterest (loss) income	(4,031)			11,480			11,493			8,345			10,293


Other noninterest expense	70,974			67,653			68,350			66,926			65,886
Pre-tax net contribution after allocations	$	23,100		$	46,448		$	46,312		$	52,373		$	44,424
Total assets	$	11,900,598		$	12,302,812		$	12,530,039		$	12,228,451		$	11,648,610
Intracompany funding income included in net interest income	4,033			4,319			3,931			4,247			4,143
Core efficiency ratio*	59.2		%	58.8		%	59.6		%	54.7		%	53.8		%
Mortgage segment
Net interest income	$	—		$	—		$	—		$	—		$	—

Mortgage banking income	11,998			12,232			12,086			9,106			12,384
Other noninterest income	75			101			(230)			18			(85)


Other noninterest expense	12,023			13,639			12,090			13,304			15,961
Pre-tax net contribution (loss) after allocations	$	50		$	(1,306)		$	(234)		$	(4,180)		$	(3,662)
Total assets	$	589,033		$	584,583		$	571,108		$	619,305		$	609,472
Intracompany funding expense included in net interest income	4,033			4,319			3,931			4,247			4,143
Core efficiency ratio*	99.6		%	106.9		%	98.4		%	145.4		%	128.9		%










Interest rate lock commitments volume	$	373,068		$	402,951		$	375,042		$	281,650		$	408,879




Interest rate lock commitments pipeline (period end)	$	112,810		$	135,374		$	157,213		$	118,313		$	188,430




Mortgage loan sales	$	325,322		$	330,326		$	332,307		$	266,834		$	569,655
Gains and fees from origination and sale of mortgage loans held for sale	$	8,941		$	7,994		$	8,146		$	8,967		$	11,085
Net change in fair value of loans held for sale, derivatives, and other	(582)			874			(421)			(2,270)			(2,460)
Mortgage servicing income	7,363			7,586			7,768			7,264			8,104
Change in fair value of mortgage servicing rights, net of hedging	(3,724)			(4,222)			(3,407)			(4,855)			(4,345)
Total mortgage banking income	$	11,998		$	12,232		$	12,086		$	9,106		$	12,384
Mortgage sale margin(a)	2.75		%	2.42		%	2.45		%	3.36		%	1.95		%

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

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


FB Financial Corporation						16


Non-GAAP Reconciliations

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

	Three Months Ended										Nine Months Ended
Adjusted net income	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Income before income taxes	$	23,150	$	45,142	$	46,078	$	48,193	$	40,762	$	114,370	$	111,381
Plus early retirement and severance costs	4,809		1,426		—		—		—		6,235		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458

Less loss from securities, net	(14,197)		—		—		—		—		(14,197)		—
Less other non-operating items(1)	(7)		525		910		(2,562)		(387)		1,428		(2,571)
Adjusted pre-tax net income	42,163		46,043		45,168		50,755		41,149		133,374		126,410
Income tax expense, adjusted for items above	8,930		10,070		9,460		10,710		9,032		28,460		28,878
Adjusted net income	$	33,233	$	35,973	$	35,708	$	40,045	$	32,117	$	104,914	$	97,532
Weighted average common shares outstanding - fully diluted	46,856,422		46,814,854		46,765,154		47,036,742		47,024,611		46,802,543		47,315,100
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.41	$	0.75	$	0.78	$	0.81	$	0.68	$	1.94	$	1.83
Plus early retirement and severance costs	0.10		0.03		—		—		—		0.13		—


Plus mortgage restructuring expense	—		—		—		—		—		—		0.26
Less loss from securities, net	(0.30)		—		—		—		—		(0.30)		—
Less other non-operating items	—		0.01		0.02		(0.05)		—		0.03		(0.05)
Less tax effect	0.10		—		—		0.01		—		0.10		0.08
Adjusted diluted earnings per common share	$	0.71	$	0.77	$	0.76	$	0.85	$	0.68	$	2.24	$	2.06
(1) The following table presents amounts included in "other non-operating items" for each of the periods presented:
	Three Months Ended										Nine Months Ended
Other non-operating items:	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Gain on sales or write-downs of other real estate owned and other assets	$	—	$	533	$	—	$	—	$	—	$	533	$	—
(Loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(7)		(8)		910		(2,562)		(387)		895		(2,571)
Total other non-operating items	$	(7)	$	525	$	910	$	(2,562)	$	(387)	$	1,428	$	(2,571)


	Three Months Ended										Nine Months Ended
Adjusted pre-tax pre-provision earnings	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Income before income taxes	$	23,150	$	45,142	$	46,078	$	48,193	$	40,762	$	114,370	$	111,381
Plus provisions for credit losses	2,821		(1,078)		491		(456)		11,367		2,234		19,438
Pre-tax pre-provision earnings	25,971		44,064		46,569		47,737		52,129		116,604		130,819
Plus early retirement and severance costs	4,809		1,426		—		—		—		6,235		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458
Less loss from securities, net	(14,197)		—		—		—		—		(14,197)		—
Less other non-operating items	(7)		525		910		(2,562)		(387)		1,428		(2,571)
Adjusted pre-tax pre-provision earnings	$	44,984	$	44,965	$	45,659	$	50,299	$	52,516	$	135,608	$	145,848


FB Financial Corporation						17


Non-GAAP Reconciliations (continued)

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

	Three Months Ended										Nine Months Ended
Adjusted tangible net income	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Income before income taxes	$	23,150	$	45,142	$	46,078	$	48,193	$	40,762	$	114,370	$	111,381

Plus early retirement and severance costs	4,809		1,426		—		—		—		6,235		—
Plus mortgage restructuring expense	—		—		—		—		—		—		12,458
Less loss from securities, net	(14,197)		—		—		—		—		(14,197)		—
Less other non-operating items	(7)		525		910		(2,562)		(387)		1,428		(2,571)
Plus amortization of core deposit and other intangibles	889		940		990		1,039		1,108		2,819		3,546
Less income tax expense, adjusted for items above	9,161		10,315		9,718		10,980		9,321		29,194		29,802
Adjusted tangible net income	$	33,891	$	36,668	$	36,440	$	40,814	$	32,936	$	106,999	$	100,154


FB Financial Corporation						18


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Nine Months Ended
Core efficiency ratio (tax-equivalent basis)	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Total noninterest expense	$	82,997		$	81,292		$	80,440		$	80,230		$	81,847		$	244,729		$	268,116



Less early retirement and severance costs	4,809			1,426			—			—			—			6,235			—
Less mortgage restructuring expense	—			—			—			—			—			—			12,458
Core noninterest expense	$	78,188		$	79,866		$	80,440		$	80,230		$	81,847		$	238,494		$	255,658
Net interest income (tax-equivalent basis)	$	101,762		$	102,383		$	104,493		$	111,279		$	112,145		$	308,638		$	304,003
Total noninterest income	8,042			23,813			23,349			17,469			22,592			55,204			97,198
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(7)			(8)			910			(2,562)			(387)			895			(2,571)


Less gain (loss) on sales or write-downs of other real estate owned and other assets	115			533			(183)			(252)			429			465			(13)
Less (loss) gain from securities, net	(14,197)			(28)			69			25			(140)			(14,156)			(401)
Core noninterest income	22,131			23,316			22,553			20,258			22,690			68,000			100,183
Core revenue (tax-equivalent basis)	$	123,893		$	125,699		$	127,046		$	131,537		$	134,835		$	376,638		$	404,186
Efficiency ratio(a)	76.2		%	64.8		%	63.3		%	62.7		%	61.1		%	67.7		%	67.2		%
Core efficiency ratio (tax-equivalent basis)	63.1		%	63.5		%	63.3		%	61.0		%	60.7		%	63.3		%	63.3		%
(a) Efficiency ratio is calculated by dividing reported noninterest expense by reported total revenue.


FB Financial Corporation						19


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended															Nine Months Ended
Banking segment core efficiency ratio (tax equivalent)	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Banking segment noninterest expense	$	70,974		$	67,653		$	68,350		$	66,926		$	65,886		$	206,977		$	184,790
Less early retirement and severance costs	4,809			1,001			—			—			—			5,810			—
Banking segment core noninterest expense	$	66,165		$	66,652		$	68,350		$	66,926		$	65,886		$	201,167		$	184,790
Banking segment net interest income	100,926			101,543			103,660			110,498			111,384			306,129			301,739
Banking segment net interest income (tax-equivalent basis)	101,762			102,383			104,493			111,279			112,145			308,638			304,005
Banking segment noninterest (loss) income	(4,031)			11,480			11,493			8,345			10,293			18,942			32,975
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(7)			(8)			910			(2,562)			(387)			895			(2,571)

Less gain (loss) on sales or write-downs of other real estate owned and other assets	119			558			249			(228)			514			926			238
Less (loss) gain from securities, net	(14,197)			(28)			69			25			(140)			(14,156)			(401)
Banking segment core noninterest income	10,054			10,958			10,265			11,110			10,306			31,277			35,709
Banking segment total revenue	$	96,895		$	113,023		$	115,153		$	118,843		$	121,677		$	325,071		$	334,714
Banking segment total core revenue (tax-equivalent basis)	$	111,816		$	113,341		$	114,758		$	122,389		$	122,451		$	339,915		$	339,714
Banking segment efficiency ratio	73.2		%	59.9		%	59.4		%	56.3		%	54.1		%	63.7		%	55.2		%
Banking segment core efficiency ratio (tax-equivalent basis)	59.2		%	58.8		%	59.6		%	54.7		%	53.8		%	59.2		%	54.4		%





	Three Months Ended															Nine Months Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Mortgage segment noninterest expense	$	12,023		$	13,639		$	12,090		$	13,304		$	15,961		$	37,752		$	83,326
Less severance costs	—			425			—			—			—			425			—
Less mortgage restructuring expense	—			—			—			—			—			—			12,458


Mortgage segment core noninterest expense	$	12,023		$	13,214		$	12,090		$	13,304		$	15,961		$	37,327		$	70,868
Mortgage segment net interest income	—			—			—			—			—			—			(2)
Mortgage segment noninterest income	12,073			12,333			11,856			9,124			12,299			36,262			64,223
Less loss on sales or write- downs of other real estate owned	(4)			(25)			(432)			(24)			(85)			(461)			(251)
Mortgage segment core noninterest income	12,077			12,358			12,288			9,148			12,384			36,723			64,474
Mortgage segment total revenue	$	12,073		$	12,333		$	11,856		$	9,124		$	12,299		$	36,262		$	64,221
Mortgage segment core total revenue	$	12,077		$	12,358		$	12,288		$	9,148		$	12,384		$	36,723		$	64,472
Mortgage segment efficiency ratio	99.6		%	110.6		%	102.0		%	145.8		%	129.8		%	104.1		%	129.7		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	99.6		%	106.9		%	98.4		%	145.4		%	128.9		%	101.6		%	109.9		%


FB Financial Corporation						20


Non-GAAP Reconciliations (continued)

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

	As of
Tangible assets, common equity and related measures	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Tangible assets
Total assets	$	12,489,631		$	12,887,395		$	13,101,147		$	12,847,756		$	12,258,082
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	9,549			10,438			11,378			12,368			13,407
Tangible assets	$	12,237,521		$	12,634,396		$	12,847,208		$	12,592,827		$	12,002,114
Tangible common equity
Total common shareholders' equity	$	1,372,901		$	1,386,951		$	1,369,696		$	1,325,425		$	1,281,161
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	9,549			10,438			11,378			12,368			13,407
Tangible common equity	$	1,120,791		$	1,133,952		$	1,115,757		$	1,070,496		$	1,025,193
Less accumulated other comprehensive loss, net	(192,398)			(163,407)			(149,566)			(169,433)			(187,440)
Adjusted tangible common equity	$	1,313,189		$	1,297,359		$	1,265,323		$	1,239,929		$	1,212,633
Common shares outstanding	46,839,159			46,798,751			46,762,626			46,737,912			46,926,377
Book value per common share	$	29.31		$	29.64		$	29.29		$	28.36		$	27.30
Tangible book value per common share	$	23.93		$	24.23		$	23.86		$	22.90		$	21.85
Adjusted tangible book value per common share	$	28.04		$	27.72		$	27.06		$	26.53		$	25.84
Total common shareholders' equity to total assets	11.0		%	10.8		%	10.5		%	10.3		%	10.5		%
Tangible common equity to tangible assets	9.16		%	8.98		%	8.68		%	8.50		%	8.54		%
On-balance sheet liquidity:
Cash and cash equivalents	$	848,318		$	1,160,354		$	1,319,951		$	1,027,052		$	618,290
Unpledged securities	494,582			281,098			286,169			280,165			268,424
Equity securities, at fair value	2,934			3,031			3,059			2,990			2,962
Total on-balance sheet liquidity	$	1,345,834		$	1,444,483		$	1,609,179		$	1,310,207		$	889,676
On-balance sheet liquidity as a percentage of total assets	10.8		%	11.2		%	12.3		%	10.2		%	7.26		%
On-balance sheet liquidity as a percentage of total tangible assets	11.0		%	11.4		%	12.5		%	10.4		%	7.41		%


FB Financial Corporation						21


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Nine Months Ended
Adjusted return on average tangible common equity and related measures	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Average common shareholders' equity	$	1,393,253		$	1,376,818		$	1,343,227		$	1,294,758		$	1,336,143		$	1,371,278		$	1,368,025
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	10,011			10,913			11,862			12,865			13,953			10,922			15,149
Average tangible common equity	$	1,140,681		$	1,123,344		$	1,088,804		$	1,039,332		$	1,079,629		$	1,117,795		$	1,110,315
Net income	$	19,175		$	35,299		$	36,381		$	38,143		$	31,831		$	90,855		$	86,412
Return on average common equity	5.46		%	10.3		%	11.0		%	11.7		%	9.45		%	8.86		%	8.45		%
Return on average tangible common equity	6.67		%	12.6		%	13.6		%	14.6		%	11.7		%	10.9		%	10.4		%
Adjusted tangible net income	$	33,891		$	36,668		$	36,440		$	40,814		$	32,936		$	106,999		$	100,154
Adjusted return on average tangible common equity	11.8		%	13.1		%	13.6		%	15.6		%	12.1		%	12.8		%	12.1		%












	Three Months Ended															Nine Months Ended
Adjusted return on average assets, common equity and related measures	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Net income	$	19,175		$	35,299		$	36,381		$	38,143		$	31,831		$	90,855		$	86,412
Average assets	12,557,158			12,826,449			12,861,614			12,446,027			12,038,115			12,747,546			12,360,940
Average common equity	1,393,253			1,376,818			1,343,227			1,294,758			1,336,143			1,371,278			1,368,025
Return on average assets	0.61		%	1.10		%	1.15		%	1.22		%	1.05		%	0.95		%	0.93		%
Return on average common equity	5.46		%	10.3		%	11.0		%	11.7		%	9.45		%	8.86		%	8.45		%
Adjusted net income	$	33,233		$	35,973		$	35,708		$	40,045		$	32,117		$	104,914		$	97,532
Adjusted return on average assets	1.05		%	1.12		%	1.13		%	1.28		%	1.06		%	1.10		%	1.05		%
Adjusted return on average common equity	9.46		%	10.5		%	10.8		%	12.3		%	9.54		%	10.2		%	9.53		%













Adjusted pre-tax pre-provision earnings	$	44,984		$	44,965		$	45,659		$	50,299		$	52,516		$	135,608		$	145,848
Adjusted pre-tax pre-provision return on average assets	1.42		%	1.41		%	1.44		%	1.60		%	1.73		%	1.42		%	1.58		%


FB Financial Corporation						22

October 17, 2023 2023 Third 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 potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (11) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (12) 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 (13) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (14) 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 (15) 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, 2022, 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 and unadjusted pre-tax pre-provision earnings, 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, adjusted tangible common equity, tangible book value per common share, adjusted 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. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive loss. 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 3Q 2023 Highlights Key highlights  NIM increased to 3.42% from 3.40% in the previous quarter; Total loans held for investment (HFI) yield increased to 6.54% in 3Q 2023 from 6.34% in 2Q 2023; Total deposit cost increased to 2.58% in 3Q 2023 from 2.38% in 2Q 2023  Reduced core operating expenses in 3Q 2023 and early 4Q 2023 by $20 million annualized through early retirement and other expense reduction initiatives  Banking noninterest expense in Q3 was $71.0 million which included a charge for severance, compared to $67.7 million for 2Q 2023 and $65.9 million for the 3Q 2022; Banking core noninterest expense was $66.2 million compared to $66.7 for 2Q 2023 and $65.9 for 3Q 2022  Sold $76.6 million in available-for-sale securities with a weighted average yield of 1.36% and reinvested the proceeds of the sales into securities with a weighted average yield of 6.43%, which contributed toward a pre- tax loss on securities of $14.2 million ($10.4 million after-tax)  Strong preliminary capital ratios with no securities categorized HTM: – Tangible Common Equity to Tangible Assets1 9.16% – Common Equity Tier 1 Ratio of 11.8% – Total Risk-Based Capital of 14.1%  Reduced construction loans by $104.7 million. CRE and construction concentration levels2 of 270% and 104% of Tier 1 capital plus ACL.  Nonperforming assets as a percentage of total assets increased 12 basis points to 0.71% as of 3Q 2023 from 0.59% in 2Q 2023; 8 basis points of increase from downgrade of one commercial and industrial relationship Financial results 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Concentration ratios for FirstBank 3Q 2023 $0.41 $0.71 Diluted earnings per common share Adjusted diluted earnings per common share1 $19.2 $33.2 Net income ($mm) Adjusted net income1 ($mm) 0.61% 1.05% 1.42% Return on average assets Adjusted return on average assets1 Adjusted pre-tax pre-provision return on average assets1 5.46% 9.46% Return on average common equity Adjusted return on average common equity1 6.67% 11.8% Return on average tangible common equity1 Adjusted return on average tangible common equity1 $45.0Adjusted pre-tax, pre-provision earnings1 ($mm) 3.42%Net interest margin 11.0% 9.16% Total common equity / total assets Tangible common equity / tangible assets1

4 Driving shareholder value ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 3Q23 calculation is preliminary and subject to change. Earnings per Share $2.65 $1.67 $3.97 $2.64 $1.94 $2.83 $3.73 $3.78 $2.91 $2.24 2019 2020 2021 2022 YTD 2023 Earnings per Share Adjusted Earnings per Share1 Dashboard Adjusted PTPP1 Total RBC Ratio2 NPLs / Loans HFI Tangible Book Value per Share1 Adjusted ROATCE1 12.1% 15.6% 13.6% 13.1% 11.8% 3Q22 4Q22 1Q23 2Q23 3Q23 13.0% 13.1% 13.6% 13.9% 14.1% 3Q22 4Q22 1Q23 2Q23 3Q23 0.47% 0.49% 0.49% 0.47% 0.59% 3Q22 4Q22 1Q23 2Q23 3Q23 $52.5 $50.3 $45.7 $45.0 $45.0 3Q22 4Q22 1Q23 2Q23 3Q23 $24.56 $27.35 $30.13 $28.36 $29.31 $18.55 $21.73 $24.67 $22.90 $23.93 $18.16 $21.15 $24.55 $26.53 $28.04 2019 2020 2021 2022 3Q23 BVPS TBVPS Adj. TBVPS (Ex. AOCI)

5 Significant projected reduction in run-rate expenses Highlights Consolidated 3Q 2023 efficiency ratio of 76.2%; core efficiency ratio¹ of 63.1% Banking segment recognized $4.8 million in early retirement and severance costs in 3Q 2023; additional $1.7 million expected in 4Q 2023 Reduction of $20 million in annual core expenses for 2024 Mortgage segment was breakeven for the quarter, reflecting improved margins and cost controls; Mortgage core revenue¹ has been less than 10% of core total revenue¹ each of the past 5 quarters ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Core efficiency ratio (tax-equivalent basis)¹ 53.8% 54.7% 59.6% 58.8% 59.2% 60.7% 61.0% 63.3% 63.5% 63.1% 128.9% 145.4% 98.4% 106.9% 99.6% 3Q22 4Q22 1Q23 2Q23 3Q23 Banking segment Consolidated Mortgage segment

6 Stabilizing net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 3Q22 4Q22 1Q23 2Q23 3Q23 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM 3.42%3.40%3.51%3.78%3.93%NIM1 31235 Impact of accretion and nonaccrual interest (bps) Deposit Cost: 3.78%3.43%2.95%2.03%0.73%Cost of MMDA 3.37%3.00%2.54%1.79%0.87%Cost of customer time 3.33%3.06%2.53%1.67%0.74%Cost of interest-bearing 2.58%2.38%1.94%1.20%0.52%Total deposit cost Loans HFI Yield: 6.32%6.16%5.90%5.45%4.79%Contractual interest1 0.19%0.17%0.13%0.18%0.30% Origination and other loan fee income 0.02%0.01%0.01%0.03%0.02%Nonaccrual interest 0.01%0.00%0.01%0.01%0.05% Accretion on purchased loans 6.54%6.34%6.05%5.67%5.16%Total loan (HFI) yield

7 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: $1,608 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 $23.93 3Q16 2016 2017 2018 2019 2022 2021 2022 3Q23 3Q2322Q233Q22 11.0%10.8%10.5%Shareholder’s Equity/Assets 9.2%9.0%8.5%TCE/TA1 11.8%11.7%10.9%Common Equity Tier 1 12.1%11.9%11.2%Tier 1 Risk-Based 14.1%13.9%13.0%Total Risk-Based 11.0%10.7%10.7%Tier 1 Leverage 104%113%124%C&D to 100% Tier 1 Capital plus ACL3 270%281%299%CRE to 300% Tier 1 Capital plus ACL3 AOCI Adjusted Ratios1 10.4%Adj. Common Equity Tier 1 12.8%Adjusted Total Risk-Based Capital Position 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 3Q23 calculation is preliminary and subject to change. 3 Concentration ratios for FirstBank

8 Residential Development 45% Commercial 28% Consumer 13% Multifamily 14%Office 19% Retail 25% Hotel 16% Warehouse/Industrial 17% Land-Mobile Home Park 6% Self Storage 5% Healthcare Facility 3% Other 9% 1-4 family 17% 1-4 family HELOC 6% Multifamily 5% C&D 16% CRE 21% C&I 31% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of September 30, 2023 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 C&I CRE-OO Total % of Total Real estate rental and leasing 355$ 247$ 602$ 21% Finance and insurance 316 16 332 11% Retail trade 119 149 268 9% Manufacturing 177 83 260 9% Other services (except public administration) 44 177 221 8% Construction 128 62 190 7% Health care and social assistance 57 120 177 6% Wholesale trade 90 65 155 5% Accomodation and food services 27 107 134 5% Transportation and warehousing 85 22 107 4% Professional, scientific and technical services 72 32 104 4% Arts, entertainment and recreation 30 34 64 2% Educational services 31 22 53 2% Information 36 14 50 2% Other 101 56 157 5% Total 1,668$ 1,206$ 2,874$ 100%

9 Nashville 57% Memphis 10% Knoxville 6% Huntsville 5% Birmingham 5% Chattanooga 3% Other 4% Communities 10% Class A 23% Class B 41% Class C 11% Under $2 Million 25% Office exposure (non-owner occupied CRE & C&D)  Office loans represent only 3.9% of our total HFI loan portfolio as of the end of 3Q23  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 ($272.0 million outstanding, or 74.5% of total office portfolio) with limited concerns uncovered  5.0% of the total office portfolio matures through 2024  59% of the total office portfolio is fixed rate vs. 41% floating rate  As of 3Q23, 98% of the portfolio is pass rated, and no loans within the portfolio are more than 30 days past due Geographic exposure Note: Data as of September 30, 2023. Data excludes medical office buildings. Exposure by class Credit detail by class Class Oustanding ($mm) Average Balance ($mm) Wtd. Avg. LTV Wtd. Avg. Occupancy Class A >$ 2 million 84.1$ 7.6$ 57.4% 87.5% Class B > $ 2 million 148.3 5.7 64.3% 79.6% Class C > $ 2 million 39.7 5.0 63.3% 78.6% Total > $2 million 272.1$ 6.0$ 62.0% 81.9% Total < $2 million 92.9 0.6 N/A N/A Total Office 365.0$ 1.8$ N/A N/A

10 0.40% 0.41% 0.38% 0.36% 0.46% 0.22% 0.20% 0.16% 0.16% 0.18% 0.07% 0.07% 0.07% 0.07%0.62% 0.68% 0.61% 0.59% 0.71% 3Q22 4Q22 1Q23 2Q23 3Q23 Commercial loans HFS Optional GNMA repurchase Other NPAs 1.48% 1.44% 1.48% 1.51% 1.57% 3Q22 4Q22 1Q23 2Q23 3Q23 Asset quality remains solid Nonperforming assets / assets Nonperforming loans HFI / loans HFI ACL on loans HFI / loans HFI Net charge-offs / average loans HFI 1 Includes other real estate owned and repossessed assets–see page 13 of the Third Quarter 2023 Financial Supplement. 0.47% 0.49% 0.49% 0.47% 0.59% 3Q22 4Q22 1Q23 2Q23 3Q23 1 0.00% 0.02% 0.02% 0.03% 0.02% 3Q22 4Q22 1Q23 2Q23 3Q23

11 1.48% 0.69% 1.17% 0.70% 2.47% 1.49% 1.64% 1.51% 3.56% 1.51% 0.67% 1.22% 0.73% 2.44% 1.32% 1.77% 1.81% 3.86% 1.57% 1.05% 1.19% 0.87% 2.47% 1.37% 1.65% 1.77% 3.95% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 3Q22 2Q23 3Q23 Allowance for credit losses overview ACL on loans HFI / Loans HFI by category  Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model1 with key economic data summarized below: 1Source: Moody’s “ September 2023 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”.

12 Noninterest- bearing checking 22% Interest-bearing checking 24% Money market 35% Savings 4% Time 15% 46% Checking accounts Valuable deposit base Cost of deposits 3Q23 Deposit composition 29.6% 24.7% 22.3% 22.1% 22.2% 0.52% 1.20% 1.94% 2.38% 2.58% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest-bearing (%) Cost of total deposits (%) $4,621 $4,986 $5,028 $4,919 $4,894 $3,759 $3,797 $3,768 $4,029 $4,126 $1,626 $2,073 $2,387 $1,924 $1,619 $10,006 $10,856 $11,183 $10,872 $10,639 3Q22 4Q22 1Q23 2Q23 3Q23 Consumer Commercial Public Deposits by customer segment ($mm) 3Q23 Insured, collateralized or uninsured by segment ($mm) $3,836 $2,116 $68 $1,551 $1,058 $2,010 $4,894 $4,126 $1,619 Consumer Commercial Public Insured Collateralized Uninsured, uncollateralized

13 $889.7 $1,310.2 $1,609.2 $1,444.5 $1,345.8 7.4% 10.4% 12.5% 11.4% 11.0% $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 3Q22 4Q22 1Q23 2Q23 3Q23 On-balance sheet liqudity On-balance sheet liquidity / tangible assets Strong liquidity position On-balance sheet liquidity ($mm) Liquidity / Uninsured and Uncollateralized (UU) Deposits 3Q23 Sources of liquidity ($mm) Current on-balance sheet: $848.3Cash and equivalents 494.6Unpledged available-for-sale debt securities 2.9Equity securities $1,345.8Total on-balance sheet Available sources of liquidity: $3,371.9Unsecured borrowing capacity2 1,005.3FHLB remaining borrowing capacity3 2,398.3Federal Reserve discount window $6,775.5Total available sources  Well positioned to weather the current environment  Securities portfolio makes up 10.8% of total assets and does not include any HTM securities  On-balance sheet liquidity of $1.3 billion or 44% of estimated uninsured and uncollateralized deposits  Improved contingent funding availability by $418.4 million or 6.58% from the prior quarter through a combination of pledging optimization and a reduction in outstanding borrowings  Additional $2.2 billion of real estate loans held at REIT that could be resold to the bank and pledged at FHLB for 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. 27% 37% 49% 48% 44% 183% 193% 209% 211% 221% 210% 230% 258% 259% 265% 3Q22 4Q22 1Q23 2Q23 3Q23 On-balance sheet / UU deposits Available sources / UU deposits

14 Mortgage performance in 3Q 2023 Highlights  Mortgage segment was slightly above break even in 3Q 2023  Interest rate lock commitment volume decreased 7.4% in 3Q 2023 compared to 2Q 2023  Decay and interest rate volatility led to MSR fair value losses, net of hedging of $3.72 million in 3Q  Mortgage volume and margins continue to be under pressure due to high-rate environment, excess industry capacity and home affordability challenges Mortgage banking income ($mm) 3Q232Q233Q22 $8.9$8.0$11.1 Gains and fees from originations and sale of loans HFS ($0.6)$0.9($2.5) Fair value changes of loans HFS and derivatives $7.4$7.5$8.1Servicing revenue ($3.7)($4.2)($4.3)Fair value MSR changes $12.0$12.2$12.4Total Income 1.95% 3.36% 2.45% 2.42% 2.75% 3Q22 4Q22 1Q23 2Q23 3Q23 Interest rate lock commitment volume ($mm) Mortgage segment gain on sale margin . $351 $239 $323 $358 $330 $58 $43 $52 $45 $43 $409 $282 $375 $403 $373 3Q22 4Q22 1Q23 2Q23 3Q23 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 earnings Adjusted tangible net income

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

19 GAAP Reconciliations and use of non-GAAP Financial Measures Adjusted Common Equity Tier 1 and Total Risk-Based Capital Ratios

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

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

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

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

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 Adjusted return on average tangible common equity and related measures

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


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


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued October 16, 2023
99.2						Financial Supplement for the quarter ended September 30, 2023
99.3						Earnings Presentation dated October 17, 2023
104						Cover Page Interactive Data File (formatted as inline XBRL document)


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer
		(Principal Financial Officer)
Date: October 16, 2023


☐			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))