8-K
FB Financial Corp (FBK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 14, 2025
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
| Tennessee | 001-37875 | 62-1216058 |
|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification Number) |
1221 Broadway, Suite 1300
Nashville, Tennessee 37203
(Address of principal executive offices) (Zip Code)
(615) 564-1212
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $1.00 par value | FBK | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 14, 2025, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the first quarter ended March 31, 2025 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this current report on Form 8-K (this “Report”).
Item 7.01. Regulation FD Disclosure.
On April 15, 2025, FB Financial will host a conference call to discuss financial results for the quarter ended March 31, 2025.
On April 14, 2025, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the first quarter ended March 31, 2025 (the “Financial Supplement”) and an earnings release presentation (the “Earnings Presentation”) containing additional information about FB Financial’s financial results for the quarter ended March 31, 2025.
Copies of the Financial Supplement and the Earnings Presentation are furnished as Exhibit 99.2 and Exhibit 99.3, respectively, to this Report.
The information contained in this Report, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
| Exhibit Number | Description of Exhibit |
|---|---|
| 99.1 | Earnings Release issued April 14, 2025 |
| 99.2 | Financial Supplement for the quarter ended March 31, 2025 |
| 99.3 | Earnings Presentation dated April 15, 2025 |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FB FINANCIAL CORPORATION | ||
|---|---|---|
| By: | /s/ Michael M. Mettee | |
| Michael M. Mettee | ||
| Chief Financial Officer | ||
| (Principal Financial Officer) | ||
| Date: April 14, 2025 |
Document
FB Financial Corporation Reports First Quarter 2025 Financial Results
Reports Q1 Diluted EPS of $0.84, Adjusted Diluted EPS* of $0.85
NASHVILLE, TENNESSEE—April 14, 2025-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $39.4 million, or $0.84 per diluted common share, for the first quarter of 2025, compared to $0.81 in the previous quarter and $0.59 in the first quarter of last year. Adjusted net income* was $40.1 million, or $0.85 per diluted common share, compared to $0.85 in both the previous quarter and the first quarter of last year.
The Company ended the first quarter with loans held for investment (“HFI”) of $9.77 billion compared to $9.60 billion at the end of the previous quarter, a 7.14% annualized increase, and $9.29 billion at the end of the first quarter of last year, a 5.20% increase. Deposits remained relatively flat at $11.20 billion as of March 31, 2025, compared to $11.21 billion as of December 31, 2024, and increased 6.64% from $10.50 billion as of March 31, 2024. Net interest margin (“NIM”) was 3.55% for the first quarter of 2025, compared to 3.50% in the prior quarter and 3.42% in the first quarter of 2024. The Company ended the quarter with book value per common share of $34.44 and tangible book value per common share* of $29.12.
President and Chief Executive Officer, Christopher T. Holmes stated, “The Company had good results to start the year, with measured growth in loans and customer deposits during a quarter that was slower economically than we expected. As we move into the coming months, our high levels of capital and liquidity provide good buffers against a range of economic conditions. Additionally, our operating momentum has us prepared to capitalize on opportunities as we move forward.”
| Annualized | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (dollars in thousands, except share data) | Mar 2025 | Dec 2024 | Mar 2024 | Mar 25 / Dec 24<br>% Change | Mar 25 / Mar 24<br>% Change | ||||||||
| Balance Sheet Highlights | |||||||||||||
| Investment securities, at fair value | $ | 1,580,720 | $ | 1,538,008 | $ | 1,464,682 | 11.3 | % | 7.92 | % | |||
| Loans held for sale | 172,770 | 126,760 | 82,704 | 147.2 | % | 108.9 | % | ||||||
| Loans HFI | 9,771,536 | 9,602,384 | 9,288,909 | 7.14 | % | 5.20 | % | ||||||
| Allowance for credit losses on loans HFI | (150,531) | (151,942) | (151,667) | (3.77) | % | (0.75) | % | ||||||
| Total assets | 13,136,449 | 13,157,482 | 12,548,320 | (0.65) | % | 4.69 | % | ||||||
| Interest-bearing deposits (non-brokered) | 8,623,636 | 8,625,113 | 8,191,962 | (0.07) | % | 5.27 | % | ||||||
| Brokered deposits | 414,428 | 469,089 | 130,845 | (47.3) | % | 216.7 | % | ||||||
| Noninterest-bearing deposits | 2,163,934 | 2,116,232 | 2,182,121 | 9.14 | % | (0.83) | % | ||||||
| Total deposits | 11,201,998 | 11,210,434 | 10,504,928 | (0.31) | % | 6.64 | % | ||||||
| Borrowings | 168,944 | 176,789 | 360,821 | (18.0) | % | (53.2) | % | ||||||
| Allowance for credit losses on unfunded<br> commitments | 6,493 | 6,107 | 7,700 | 25.6 | % | (15.7) | % | ||||||
| Total common shareholders’ equity | 1,601,962 | 1,567,538 | 1,479,526 | 8.91 | % | 8.28 | % | ||||||
| Book value per common share | $ | 34.44 | $ | 33.59 | $ | 31.55 | 10.3 | % | 9.16 | % | |||
| Tangible book value per common share* | $ | 29.12 | $ | 28.27 | $ | 26.21 | 12.2 | % | 11.1 | % | |||
| Total common shareholders’ equity to total assets | 12.2 | % | 11.9 | % | 11.8 | % | |||||||
| Tangible common equity to tangible assets* | 10.5 | % | 10.2 | % | 9.99 | % | |||||||
| *Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2025 Financial Supplement. |
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FB Financial Corporation
First Quarter 2025 Results
Page 2
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (dollars in thousands, except share data) | Mar 2025 | Dec 2024 | Mar 2024 | ||||||
| Statement of Income Highlights | |||||||||
| Net interest income | $ | 107,641 | $ | 108,381 | $ | 99,490 | |||
| NIM | 3.55 | % | 3.50 | % | 3.42 | % | |||
| Noninterest income | $ | 23,032 | $ | 21,997 | $ | 7,962 | |||
| Gain (loss) from securities, net | $ | 16 | $ | — | $ | (16,213) | |||
| (Loss) gain on sales or write-downs of premises and equipment, other real estate <br> owned and other assets, net | $ | (625) | $ | (2,162) | $ | 565 | |||
| Total revenue | $ | 130,673 | $ | 130,378 | $ | 107,452 | |||
| Noninterest expense | $ | 79,549 | $ | 73,174 | $ | 72,420 | |||
| Early retirement and severance costs | $ | — | $ | 463 | $ | — | |||
| FDIC special assessment | $ | — | $ | — | $ | 500 | |||
| Merger and integration costs | $ | 401 | $ | — | $ | — | |||
| Efficiency ratio | 60.9 | % | 56.1 | % | 67.4 | % | |||
| Core efficiency ratio* | 59.9 | % | 54.6 | % | 58.1 | % | |||
| Pre-tax, pre-provision net revenue | $ | 51,124 | $ | 57,204 | $ | 35,032 | |||
| Adjusted pre-tax, pre-provision net revenue* | $ | 52,134 | $ | 59,829 | $ | 51,180 | |||
| Provisions for credit losses | $ | 2,292 | $ | 7,084 | $ | 782 | |||
| Net charge-offs ratio | 0.14 | % | 0.47 | % | 0.02 | % | |||
| Net income applicable to FB Financial Corporation | $ | 39,361 | $ | 37,886 | $ | 27,950 | |||
| Diluted earnings per common share | $ | 0.84 | $ | 0.81 | $ | 0.59 | |||
| Effective tax rate | 19.4 | % | 24.4 | % | 18.4 | % | |||
| Adjusted net income* | $ | 40,108 | $ | 39,835 | $ | 39,890 | |||
| Adjusted diluted earnings per common share* | $ | 0.85 | $ | 0.85 | $ | 0.85 | |||
| Weighted average number of shares outstanding - fully diluted | 47,024,211 | 46,862,935 | 46,998,873 | ||||||
| Returns on average: | |||||||||
| Return on average total assets (“ROAA”) | 1.21 | % | 1.14 | % | 0.89 | % | |||
| Adjusted* | 1.23 | % | 1.20 | % | 1.27 | % | |||
| Return on average shareholders’ equity | 10.1 | % | 9.63 | % | 7.70 | % | |||
| Return on average tangible common equity (“ROATCE”)* | 11.9 | % | 11.5 | % | 9.29 | % | |||
| Adjusted* | 12.3 | % | 12.2 | % | 13.5 | % | |||
| *Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2025 Financial Supplement. |
Balance Sheet and Net Interest Margin
The Company reported loans HFI of $9.77 billion at the end of the first quarter of 2025, compared to $9.60 billion at the end of the prior quarter. Net growth in loans HFI, was driven by net increases of $91.8 million in commercial and industrial loans, $67.9 million in consumer and other loans, $54.7 million in non-owner occupied commercial real estate loans and $21.8 million in residential real estate loans, offset by a decline in constructions loans of $65.4 million.
The Company reported total deposits of $11.20 billion at the end of the first quarter compared to $11.21 billion at the end of the fourth quarter. Total cost of deposits decreased to 2.54% during the first quarter compared to 2.70% in the fourth quarter of 2024. The decrease in cost was driven by a reduction in brokered deposits and actively moving higher cost deposits off the balance sheet. Noninterest-bearing deposits were $2.16 billion at the end of the quarter compared to $2.12 billion at the end of the fourth quarter of 2024.
The Company reported net interest income on a tax-equivalent basis in the first quarter of 2025 of $108.4 million compared to $109.0 million in the prior quarter, with the decrease primarily due to less days in the period. NIM was 3.55% for the first quarter of 2025 compared to 3.50% for the previous quarter. NIM improvement was driven by a decrease in rates paid on interest-bearing deposit balances of 24 basis points compared to a decrease in yields on earning assets of 10 basis points. The cost of interest-bearing deposits decreased to 3.13% from 3.37% in the previous quarter and the contractual yield on loans HFI decreased to 6.31% from 6.40% in the fourth quarter of 2024.
Holmes continued, “The Company continued to optimize the balance sheet, appropriately managing growth, liquidity and credit while maintaining core deposits and delivering loan growth for the quarter. Net interest income was impacted by fewer business days, but we managed margin and liquidity by reducing higher cost deposits. Our markets, including our two new additions of Asheville, North Carolina and Tuscaloosa, Alabama, are gaining momentum and should help us achieve our relationship growth goals in 2025.”
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FB Financial Corporation
First Quarter 2025 Results
Page 3
Noninterest Income
Core noninterest income* was $23.6 million for the first quarter of 2025, compared to $24.2 million and $23.6 million for the prior quarter and first quarter of 2024, respectively.
Mortgage banking income was $12.4 million in the first quarter of 2025, compared to $10.6 million in the prior quarter and $12.6 million in the first quarter of 2024.
Noninterest Expense
Core noninterest expense* during the first quarter of 2025 was $79.1 million compared to $72.7 million for the prior quarter and $71.9 million for the first quarter of 2024. During the first quarter of 2025, the Company’s core efficiency ratio*1 was 59.9%, compared to 54.6% in the previous quarter and 58.1% in the first quarter of 2024. Core banking noninterest expense* was $66.5 million for the quarter, compared to $60.7 million in the prior quarter and $59.8 million in the first quarter of 2024.
Chief Financial Officer Michael Mettee commented, “Noninterest expenses increased in the first quarter, primarily driven by higher performance-based compensation and the impact of seasonal compensation adjustments.”
Credit Quality
In the first quarter, the Company recorded provision expenses of $1.9 million related to loans HFI and $386 thousand related to unfunded loan commitments. The Company had an allowance for credit losses on loans HFI as of the end of the first quarter of 2025 of $150.5 million, representing 1.54% of loans HFI compared to $151.9 million, or 1.58% of loans HFI as of December 31, 2024.
The Company had net charge-offs of $3.3 million in the first quarter of 2025, representing annualized net charge-offs of 0.14% of average loans HFI, compared to 0.47% in the prior quarter and 0.02% in the first quarter of 2024.
The Company’s nonperforming loans HFI as a percentage of total loans HFI decreased to 0.79% as of the end of the first quarter of 2025, compared to 0.87% at the previous quarter-end and 0.73% at the end of the first quarter of 2024. Nonperforming assets as a percentage of total assets decreased to 0.84% as of the end of the first quarter of 2025, compared to 0.93% at the end of the prior quarter and 0.75% as of the end of the first quarter of 2024.
Holmes commented, “Our allowance for credit losses remained relatively stable, ensuring preparedness for a wide range of economic conditions. As economic uncertainty lingers, our balance sheet is well-positioned to navigate this period.”
Capital
The Company maintained its strong capital position in the first quarter, resulting in a preliminary total risk-based capital ratio of 15.2%, preliminary common equity tier 1 ratio of 12.8% and tangible common equity to tangible assets ratio* of 10.5%. The Company repurchased 208,680 shares during the quarter.
Holmes continued, “The Company continues to maintain ample capital for both organic growth and strategic opportunities. In the first quarter, we demonstrated this by executing share buybacks and announcing our pending merger with Southern States Bancshares, Inc. We are well-positioned for opportunities, as well as uncertainties, and are alert for opportunities to deploy capital.”
Summary
Holmes finalized, “As we wrap up the first quarter of 2025, we are pleased with our results and excited about our path forward. The team is energized and ready to continue leveraging the momentum they have worked hard to create, driving forward to deliver value to our customers and shareholders.”
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company’s financial results on April 15, 2025, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 4248151) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through April 22, 2025, by dialing 1-877-344-7529 and entering confirmation code 8228154.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=sX4iWiXw. 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.
*Non-GAAP financial measure;1A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2025 Financial Supplement.
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FB Financial Corporation
First Quarter 2025 Results
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ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank with 77 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FB Financial Corporation has approximately $13.14 billion in total assets.
| MEDIA CONTACT: | FINANCIAL CONTACT: |
|---|---|
| Keith Hancock | Michael Mettee |
| 404-310-2368 | 615-564-1212 |
| keith.hancock@firstbankonline.com | mmettee@firstbankonline.com |
| www.firstbankonline.com | investorrelations@firstbankonline.com |
SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION
Investors are encouraged to review this Earnings Release in conjunction with the First Quarter 2025 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the First Quarter 2025 Financial Supplement and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on April 14, 2025.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Earnings Release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets and statements regarding the proposed merger of Southern States Bancshares, Inc. (“Southern States”) with the Company (the “Proposed Merger”) and expectations with regard to the benefits of the Proposed Merger. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management’s current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) risks associated with the Proposed Merger, including (a) the risk that the cost savings and any revenue synergies from the Proposed Merger is less than or different from expectations, (b) disruption from the Proposed Merger with customer, supplier, or employee relationships, (c) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and Plan of Merger by and between the Company and Southern States, (d) the failure to obtain necessary regulatory approvals for the Proposed Merger, (e) the failure to obtain the approval of the Company’s and Southern States’ shareholders in connection with the Proposed Merger, (f) the possibility that the costs, fees, expenses and charges related to the Proposed Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (g) the failure of the conditions to the Proposed Merger to be satisfied, (h) the risks related to the integration of the combined businesses, including the risk that the integration will be materially delayed or will be more costly or difficult than expected, (i) the diversion of management time on merger-related issues, (j) the ability of the Company to effectively manage the larger and more complex operations of the combined company following the Proposed Merger, (k) the risks associated with the Company’s pursuit of future acquisitions, (l) the risk of expansion into new geographic or product markets, (m) reputational risk and the reaction of the parties’ customers to the Proposed Merger, (n) the Company’s ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, (o) the risk of potential litigation or regulatory action related to the Proposed Merger, and (p) general competitive, economic,
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FB Financial Corporation
First Quarter 2025 Results
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political, and market conditions, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, other potential future acquisitions, (8) the Company’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (9) the Company’s ability to successfully execute its various business strategies, (10) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (11) the effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (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, (13) the impact, extent and timing of technological changes, (14) concentrations of credit or deposit exposure, (15) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (16) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (17) 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, 2024, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.
The Company qualifies all forward-looking statements by these cautionary statements.
GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES
This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated core revenue, consolidated core and segment noninterest expense and consolidated core noninterest income, consolidated core efficiency ratio (tax-equivalent basis), and adjusted return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.
The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.
A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company’s First Quarter 2025 Financial Supplement, which is available at https://investors.firstbankonline.com.
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FB Financial Corporation
First Quarter 2025 Results
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| Financial Summary and Key Metrics | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (Unaudited) | |||||||||
| (dollars in thousands, except share data) | |||||||||
| As of or for the Three Months Ended | |||||||||
| Mar 2025 | Dec 2024 | Mar 2024 | |||||||
| Selected Balance Sheet Data | |||||||||
| Cash and cash equivalents | $ | 794,706 | $ | 1,042,488 | $ | 870,730 | |||
| Investment securities, at fair value | 1,580,720 | 1,538,008 | 1,464,682 | ||||||
| Loans held for sale | 172,770 | 126,760 | 82,704 | ||||||
| Loans HFI | 9,771,536 | 9,602,384 | 9,288,909 | ||||||
| Allowance for credit losses on loans HFI | (150,531) | (151,942) | (151,667) | ||||||
| Total assets | 13,136,449 | 13,157,482 | 12,548,320 | ||||||
| Interest-bearing deposits (non-brokered) | 8,623,636 | 8,625,113 | 8,191,962 | ||||||
| Brokered deposits | 414,428 | 469,089 | 130,845 | ||||||
| Noninterest-bearing deposits | 2,163,934 | 2,116,232 | 2,182,121 | ||||||
| Total deposits | 11,201,998 | 11,210,434 | 10,504,928 | ||||||
| Borrowings | 168,944 | 176,789 | 360,821 | ||||||
| Allowance for credit losses on unfunded commitments | 6,493 | 6,107 | 7,700 | ||||||
| Total common shareholders’ equity | 1,601,962 | 1,567,538 | 1,479,526 | ||||||
| Selected Statement of Income Data | |||||||||
| Total interest income | $ | 179,706 | $ | 186,369 | $ | 176,128 | |||
| Total interest expense | 72,065 | 77,988 | 76,638 | ||||||
| Net interest income | 107,641 | 108,381 | 99,490 | ||||||
| Total noninterest income | 23,032 | 21,997 | 7,962 | ||||||
| Total noninterest expense | 79,549 | 73,174 | 72,420 | ||||||
| Earnings before income taxes and provisions for credit losses | 51,124 | 57,204 | 35,032 | ||||||
| Provisions for credit losses | 2,292 | 7,084 | 782 | ||||||
| Income tax expense | 9,471 | 12,226 | 6,300 | ||||||
| Net income applicable to noncontrolling interest | — | 8 | — | ||||||
| Net income applicable to FB Financial Corporation | $ | 39,361 | $ | 37,886 | $ | 27,950 | |||
| Net interest income (tax-equivalent basis) | $ | 108,427 | $ | 109,004 | $ | 100,199 | |||
| Adjusted net income* | $ | 40,108 | $ | 39,835 | $ | 39,890 | |||
| Adjusted pre-tax, pre-provision net revenue* | $ | 52,134 | $ | 59,829 | $ | 51,180 | |||
| Per Common Share | |||||||||
| Diluted net income | $ | 0.84 | $ | 0.81 | $ | 0.59 | |||
| Adjusted diluted net income* | 0.85 | 0.85 | 0.85 | ||||||
| Book value | 34.44 | 33.59 | 31.55 | ||||||
| Tangible book value* | 29.12 | 28.27 | 26.21 | ||||||
| Weighted average number of shares outstanding - fully diluted | 47,024,211 | 46,862,935 | 46,998,873 | ||||||
| Period-end number of shares | 46,514,547 | 46,663,120 | 46,897,378 | ||||||
| Selected Ratios | |||||||||
| Return on average: | |||||||||
| Assets | 1.21 | % | 1.14 | % | 0.89 | % | |||
| Shareholders’ equity | 10.1 | % | 9.63 | % | 7.70 | % | |||
| Tangible common equity* | 11.9 | % | 11.5 | % | 9.29 | % | |||
| Efficiency ratio | 60.9 | % | 56.1 | % | 67.4 | % | |||
| Core efficiency ratio (tax-equivalent basis)* | 59.9 | % | 54.6 | % | 58.1 | % | |||
| Loans HFI to deposit ratio | 87.2 | % | 85.7 | % | 88.4 | % | |||
| Noninterest-bearing deposits to total deposits | 19.3 | % | 18.9 | % | 20.8 | % | |||
| Net interest margin (tax-equivalent basis) | 3.55 | % | 3.50 | % | 3.42 | % | |||
| Yield on interest-earning assets | 5.91 | % | 6.01 | % | 6.03 | % | |||
| Cost of interest-bearing liabilities | 3.16 | % | 3.40 | % | 3.56 | % | |||
| Cost of total deposits | 2.54 | % | 2.70 | % | 2.76 | % | |||
| Credit Quality Ratios | |||||||||
| Allowance for credit losses on loans HFI as a percentage of loans HFI | 1.54 | % | 1.58 | % | 1.63 | % | |||
| Annualized net charge-offs as a percentage of average loans HFI | 0.14 | % | 0.47 | % | 0.02 | % | |||
| Nonperforming loans HFI as a percentage of loans HFI | 0.79 | % | 0.87 | % | 0.73 | % | |||
| Nonperforming assets as a percentage of total assets | 0.84 | % | 0.93 | % | 0.75 | % | |||
| Preliminary Capital Ratios (consolidated) | |||||||||
| Total common shareholders’ equity to assets | 12.2 | % | 11.9 | % | 11.8 | % | |||
| Tangible common equity to tangible assets* | 10.5 | % | 10.2 | % | 9.99 | % | |||
| Tier 1 leverage | 11.4 | % | 11.3 | % | 11.3 | % | |||
| Tier 1 risk-based capital | 13.1 | % | 13.1 | % | 12.8 | % | |||
| Total risk-based capital | 15.2 | % | 15.2 | % | 15.0 | % | |||
| Common equity Tier 1 | 12.8 | % | 12.8 | % | 12.6 | % |
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2025 Financial Supplement.
-END-
Document
First Quarter 2025
Financial Supplement
TABLE OF CONTENTS
| Page | |
|---|---|
| Financial Summary and Key Metrics | 4 |
| Consolidated Statements of Income | 5 |
| Consolidated Balance Sheets | 6 |
| Average Balance and Interest Yield/Rate Analysis | 7 |
| Investments and Other Sources of Liquidity | 9 |
| Loan Portfolio | 10 |
| Asset Quality | 11 |
| Selected Deposit Data | 12 |
| Preliminary Capital Ratios | 13 |
| Segment Data | 14 |
| Non-GAAP Reconciliations | 15 |
Use of non-GAAP Financial Measures
This Financial Supplement contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.
The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Financial Supplement for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.
| Financial Summary and Key Metrics | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Unaudited) | |||||||||||||||
| (Dollars in Thousands, Except Share Data) | |||||||||||||||
| As of or for the Three Months Ended | |||||||||||||||
| Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||
| Selected Balance Sheet Data | |||||||||||||||
| Cash and cash equivalents | $ | 794,706 | $ | 1,042,488 | $ | 951,750 | $ | 800,902 | $ | 870,730 | |||||
| Investment securities, at fair value | 1,580,720 | 1,538,008 | 1,567,922 | 1,482,379 | 1,464,682 | ||||||||||
| Loans held for sale | 172,770 | 126,760 | 103,145 | 106,875 | 82,704 | ||||||||||
| Loans HFI | 9,771,536 | 9,602,384 | 9,478,129 | 9,309,553 | 9,288,909 | ||||||||||
| Allowance for credit losses on loans HFI | (150,531) | (151,942) | (156,260) | (155,055) | (151,667) | ||||||||||
| Total assets | 13,136,449 | 13,157,482 | 12,920,222 | 12,535,169 | 12,548,320 | ||||||||||
| Interest-bearing deposits (non-brokered) | 8,623,636 | 8,625,113 | 8,230,867 | 8,130,704 | 8,191,962 | ||||||||||
| Brokered deposits | 414,428 | 469,089 | 519,200 | 150,113 | 130,845 | ||||||||||
| Noninterest-bearing deposits | 2,163,934 | 2,116,232 | 2,226,144 | 2,187,185 | 2,182,121 | ||||||||||
| Total deposits | 11,201,998 | 11,210,434 | 10,976,211 | 10,468,002 | 10,504,928 | ||||||||||
| Borrowings | 168,944 | 176,789 | 182,107 | 360,944 | 360,821 | ||||||||||
| Allowance for credit losses on unfunded commitments | 6,493 | 6,107 | 6,042 | 5,984 | 7,700 | ||||||||||
| Total common shareholders' equity | 1,601,962 | 1,567,538 | 1,562,329 | 1,500,502 | 1,479,526 | ||||||||||
| Selected Statement of Income Data | |||||||||||||||
| Total interest income | $ | 179,706 | $ | 186,369 | $ | 185,628 | $ | 177,413 | $ | 176,128 | |||||
| Total interest expense | 72,065 | 77,988 | 79,611 | 74,798 | 76,638 | ||||||||||
| Net interest income | 107,641 | 108,381 | 106,017 | 102,615 | 99,490 | ||||||||||
| Total noninterest income (loss) | 23,032 | 21,997 | (16,497) | 25,608 | 7,962 | ||||||||||
| Total noninterest expense | 79,549 | 73,174 | 76,212 | 75,093 | 72,420 | ||||||||||
| Earnings before income taxes and provisions for credit losses | 51,124 | 57,204 | 13,308 | 53,130 | 35,032 | ||||||||||
| Provisions for credit losses | 2,292 | 7,084 | 1,914 | 2,224 | 782 | ||||||||||
| Income tax expense | 9,471 | 12,226 | 1,174 | 10,919 | 6,300 | ||||||||||
| Net income applicable to noncontrolling interest | — | 8 | — | 8 | — | ||||||||||
| Net income applicable to FB Financial Corporation | $ | 39,361 | $ | 37,886 | $ | 10,220 | $ | 39,979 | $ | 27,950 | |||||
| Net interest income (tax-equivalent basis) | $ | 108,427 | $ | 109,004 | $ | 106,634 | $ | 103,254 | $ | 100,199 | |||||
| Adjusted net income* | $ | 40,108 | $ | 39,835 | $ | 40,132 | $ | 39,424 | $ | 39,890 | |||||
| Adjusted pre-tax, pre-provision net revenue* | $ | 52,134 | $ | 59,829 | $ | 53,762 | $ | 52,369 | $ | 51,180 | |||||
| Per Common Share | |||||||||||||||
| Diluted net income | $ | 0.84 | $ | 0.81 | $ | 0.22 | $ | 0.85 | $ | 0.59 | |||||
| Adjusted diluted net income* | 0.85 | 0.85 | 0.86 | 0.84 | 0.85 | ||||||||||
| Book value | 34.44 | 33.59 | 33.48 | 32.17 | 31.55 | ||||||||||
| Tangible book value* | 29.12 | 28.27 | 28.15 | 26.82 | 26.21 | ||||||||||
| Weighted average number of shares outstanding - fully diluted | 47,024,211 | 46,862,935 | 46,803,330 | 46,845,143 | 46,998,873 | ||||||||||
| Period-end number of shares | 46,514,547 | 46,663,120 | 46,658,019 | 46,642,958 | 46,897,378 | ||||||||||
| Selected Ratios | |||||||||||||||
| Return on average: | |||||||||||||||
| Assets | 1.21 | % | 1.14 | % | 0.32 | % | 1.30 | % | 0.89 | % | |||||
| Shareholders’ equity | 10.1 | % | 9.63 | % | 2.67 | % | 10.9 | % | 7.70 | % | |||||
| Tangible common equity* | 11.9 | % | 11.5 | % | 3.19 | % | 13.1 | % | 9.29 | % | |||||
| Efficiency ratio | 60.9 | % | 56.1 | % | 85.1 | % | 58.6 | % | 67.4 | % | |||||
| Core efficiency ratio (tax-equivalent basis)* | 59.9 | % | 54.6 | % | 58.4 | % | 58.3 | % | 58.1 | % | |||||
| Loans HFI to deposit ratio | 87.2 | % | 85.7 | % | 86.4 | % | 88.9 | % | 88.4 | % | |||||
| Noninterest-bearing deposits to total deposits | 19.3 | % | 18.9 | % | 20.3 | % | 20.9 | % | 20.8 | % | |||||
| Net interest margin (NIM) (tax-equivalent basis) | 3.55 | % | 3.50 | % | 3.55 | % | 3.57 | % | 3.42 | % | |||||
| Yield on interest-earning assets | 5.91 | % | 6.01 | % | 6.20 | % | 6.16 | % | 6.03 | % | |||||
| Cost of interest-bearing liabilities | 3.16 | % | 3.40 | % | 3.63 | % | 3.56 | % | 3.56 | % | |||||
| Cost of total deposits | 2.54 | % | 2.70 | % | 2.83 | % | 2.77 | % | 2.76 | % | |||||
| Credit Quality Ratios | |||||||||||||||
| Allowance for credit losses on loans HFI as a percentage of loans HFI | 1.54 | % | 1.58 | % | 1.65 | % | 1.67 | % | 1.63 | % | |||||
| Annualized net charge-offs as a percentage of average loans HFI | 0.14 | % | 0.47 | % | 0.03 | % | 0.02 | % | 0.02 | % | |||||
| Nonperforming loans HFI as a percentage of loans HFI | 0.79 | % | 0.87 | % | 0.96 | % | 0.79 | % | 0.73 | % | |||||
| Nonperforming assets as a percentage of total assets | 0.84 | % | 0.93 | % | 0.99 | % | 0.81 | % | 0.75 | % | |||||
| Preliminary Capital Ratios (consolidated) | |||||||||||||||
| Total common shareholders’ equity to assets | 12.2 | % | 11.9 | % | 12.1 | % | 12.0 | % | 11.8 | % | |||||
| Tangible common equity to tangible assets* | 10.5 | % | 10.2 | % | 10.4 | % | 10.2 | % | 9.99 | % | |||||
| Tier 1 leverage | 11.4 | % | 11.3 | % | 11.5 | % | 11.7 | % | 11.3 | % | |||||
| Tier 1 risk-based capital | 13.1 | % | 13.1 | % | 13.0 | % | 13.0 | % | 12.8 | % | |||||
| Total risk-based capital | 15.2 | % | 15.2 | % | 15.1 | % | 15.1 | % | 15.0 | % | |||||
| Common equity Tier 1 | 12.8 | % | 12.8 | % | 12.7 | % | 12.7 | % | 12.6 | % |
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.
| FB Financial Corporation | 4 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Income | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||
| (Unaudited) | ||||||||||||||||
| (Dollars in Thousands, Except Share Data) | ||||||||||||||||
| Mar 2025 | Mar 2025 | |||||||||||||||
| vs. | vs. | |||||||||||||||
| Three Months Ended | Dec 2024 | Mar 2024 | ||||||||||||||
| Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Percent variance | Percent variance | ||||||||||
| Interest income: | ||||||||||||||||
| Interest and fees on loans | $ | 153,185 | $ | 156,792 | $ | 158,625 | $ | 155,379 | $ | 155,606 | (2.30) | % | (1.56) | % | ||
| Interest on investment securities | ||||||||||||||||
| Taxable | 14,471 | 15,043 | 13,943 | 11,966 | 9,105 | (3.80) | % | 58.9 | % | |||||||
| Tax-exempt | 1,033 | 1,035 | 1,104 | 1,168 | 1,442 | (0.19) | % | (28.4) | % | |||||||
| Other | 11,017 | 13,499 | 11,956 | 8,900 | 9,975 | (18.4) | % | 10.4 | % | |||||||
| Total interest income | 179,706 | 186,369 | 185,628 | 177,413 | 176,128 | (3.58) | % | 2.03 | % | |||||||
| Interest expense: | ||||||||||||||||
| Deposits | 70,249 | 76,131 | 76,088 | 71,501 | 72,625 | (7.73) | % | (3.27) | % | |||||||
| Borrowings | 1,816 | 1,857 | 3,523 | 3,297 | 4,013 | (2.21) | % | (54.7) | % | |||||||
| Total interest expense | 72,065 | 77,988 | 79,611 | 74,798 | 76,638 | (7.59) | % | (5.97) | % | |||||||
| Net interest income | 107,641 | 108,381 | 106,017 | 102,615 | 99,490 | (0.68) | % | 8.19 | % | |||||||
| Provision for credit losses on loans HFI | 1,906 | 7,019 | 1,856 | 3,940 | 1,852 | (72.8) | % | 2.92 | % | |||||||
| Provision for (reversal of) credit losses on unfunded <br> commitments | 386 | 65 | 58 | (1,716) | (1,070) | 493.8 | % | (136.1) | % | |||||||
| Net interest income after provisions for credit <br> losses | 105,349 | 101,297 | 104,103 | 100,391 | 98,708 | 4.00 | % | 6.73 | % | |||||||
| Noninterest income: | ||||||||||||||||
| Mortgage banking income | 12,426 | 10,586 | 11,553 | 11,910 | 12,585 | 17.4 | % | (1.26) | % | |||||||
| Investment services and trust income | 3,711 | 3,853 | 3,721 | 3,387 | 3,230 | (3.69) | % | 14.9 | % | |||||||
| Service charges on deposit accounts | 3,479 | 3,548 | 3,378 | 3,167 | 3,141 | (1.94) | % | 10.8 | % | |||||||
| ATM and interchange fees | 2,677 | 2,867 | 2,840 | 2,814 | 2,944 | (6.63) | % | (9.07) | % | |||||||
| Gain (loss) from securities, net | 16 | — | (40,165) | — | (16,213) | 100.0 | % | (100.1) | % | |||||||
| (Loss) gain on sales or write-downs of premises and<br>equipment, other real estate owned and other assets, net | (625) | (2,162) | (289) | (281) | 565 | (71.1) | % | (210.6) | % | |||||||
| Other income | 1,348 | 3,305 | 2,465 | 4,611 | 1,710 | (59.2) | % | (21.2) | % | |||||||
| Total noninterest income (loss) | 23,032 | 21,997 | (16,497) | 25,608 | 7,962 | 4.71 | % | 189.3 | % | |||||||
| Total revenue | 130,673 | 130,378 | 89,520 | 128,223 | 107,452 | 0.23 | % | 21.6 | % | |||||||
| Noninterest expenses: | ||||||||||||||||
| Salaries, commissions and employee benefits | 48,351 | 45,432 | 47,538 | 46,225 | 44,618 | 6.42 | % | 8.37 | % | |||||||
| Occupancy and equipment expense | 6,597 | 6,668 | 6,640 | 6,328 | 6,614 | (1.06) | % | (0.26) | % | |||||||
| Advertising | 2,487 | 2,030 | 1,947 | 1,859 | 1,171 | 22.5 | % | 112.4 | % | |||||||
| Data processing | 2,313 | 2,462 | 2,486 | 2,286 | 2,408 | (6.05) | % | (3.95) | % | |||||||
| Legal and professional fees | 1,992 | 1,881 | 1,900 | 1,979 | 1,919 | 5.90 | % | 3.80 | % | |||||||
| Amortization of core deposits and other intangibles | 656 | 687 | 719 | 752 | 789 | (4.51) | % | (16.9) | % | |||||||
| Merger and integration costs | 401 | — | — | — | — | 100.0 | % | — | % | |||||||
| Other expense | 16,752 | 14,014 | 14,982 | 15,664 | 14,901 | 19.5 | % | 12.4 | % | |||||||
| Total noninterest expense | 79,549 | 73,174 | 76,212 | 75,093 | 72,420 | 8.71 | % | 9.84 | % | |||||||
| Income before income taxes | 48,832 | 50,120 | 11,394 | 50,906 | 34,250 | (2.57) | % | 42.6 | % | |||||||
| Income tax expense | 9,471 | 12,226 | 1,174 | 10,919 | 6,300 | (22.5) | % | 50.3 | % | |||||||
| Net income applicable to FB Financial<br><br>Corporation and noncontrolling interest | 39,361 | 37,894 | 10,220 | 39,987 | 27,950 | 3.9 | % | 40.8 | % | |||||||
| Net income applicable to noncontrolling interest | — | 8 | — | 8 | — | (100.0) | % | — | % | |||||||
| Net income applicable to FB Financial<br><br>Corporation | $ | 39,361 | $ | 37,886 | $ | 10,220 | $ | 39,979 | $ | 27,950 | 3.9 | % | 40.8 | % | ||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 46,674,698 | 46,662,772 | 46,650,563 | 46,762,488 | 46,874,882 | 0.03 | % | (0.43) | % | |||||||
| Fully diluted | 47,024,211 | 46,862,935 | 46,803,330 | 46,845,143 | 46,998,873 | 0.34 | % | 0.05 | % | |||||||
| Earnings per common share: | ||||||||||||||||
| Basic | $ | 0.84 | $ | 0.81 | $ | 0.22 | $ | 0.85 | $ | 0.60 | 3.70 | % | 40.0 | % | ||
| Fully diluted | 0.84 | 0.81 | 0.22 | 0.85 | 0.59 | 3.70 | % | 42.4 | % | |||||||
| Fully diluted - adjusted* | 0.85 | 0.85 | 0.86 | 0.84 | 0.85 | — | % | — | % |
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.
| FB Financial Corporation | 5 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Balance Sheets | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||
| (Unaudited) | ||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Annualized | ||||||||||||||||
| Mar 2025 | Mar 2025 | |||||||||||||||
| vs. | vs. | |||||||||||||||
| As of | Dec 2024 | Mar 2024 | ||||||||||||||
| Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Percent variance | Percent variance | ||||||||||
| ASSETS | ||||||||||||||||
| Cash and due from banks | $ | 149,607 | $ | 120,153 | $ | 126,470 | $ | 192,571 | $ | 124,772 | 99.4 | % | 19.9 | % | ||
| Federal funds sold and reverse repurchase agreements | 109,982 | 125,825 | 97,299 | 91,909 | 100,785 | (51.1) | % | 9.13 | % | |||||||
| Interest-bearing deposits in financial institutions | 535,117 | 796,510 | 727,981 | 516,422 | 645,173 | (133.1) | % | (17.1) | % | |||||||
| Cash and cash equivalents | 794,706 | 1,042,488 | 951,750 | 800,902 | 870,730 | (96.4) | % | (8.73) | % | |||||||
| Investments: | ||||||||||||||||
| Available-for-sale debt securities, at fair value | 1,580,720 | 1,538,008 | 1,567,922 | 1,482,379 | 1,464,682 | 11.3 | % | 7.92 | % | |||||||
| Federal Home Loan Bank stock, at cost | 32,234 | 32,749 | 32,859 | 33,030 | 33,948 | (6.38) | % | (5.05) | % | |||||||
| Loans held for sale | 172,770 | 126,760 | 103,145 | 106,875 | 82,704 | 147.2 | % | 108.9 | % | |||||||
| Loans held for investment | 9,771,536 | 9,602,384 | 9,478,129 | 9,309,553 | 9,288,909 | 7.14 | % | 5.20 | % | |||||||
| Less: allowance for credit losses on loans HFI | 150,531 | 151,942 | 156,260 | 155,055 | 151,667 | (3.77) | % | (0.75) | % | |||||||
| Net loans held for investment | 9,621,005 | 9,450,442 | 9,321,869 | 9,154,498 | 9,137,242 | 7.32 | % | 5.29 | % | |||||||
| Premises and equipment, net | 146,272 | 148,899 | 152,572 | 154,731 | 155,271 | (7.16) | % | (5.80) | % | |||||||
| Other real estate owned, net | 3,326 | 4,409 | 3,779 | 4,173 | 3,613 | (99.6) | % | (7.94) | % | |||||||
| Operating lease right-of-use assets | 47,381 | 47,963 | 47,346 | 49,123 | 51,421 | (4.92) | % | (7.86) | % | |||||||
| Interest receivable | 51,268 | 49,611 | 52,228 | 52,781 | 53,506 | 13.5 | % | (4.18) | % | |||||||
| Mortgage servicing rights, at fair value | 156,379 | 162,038 | 157,097 | 164,505 | 165,674 | (14.2) | % | (5.61) | % | |||||||
| Goodwill | 242,561 | 242,561 | 242,561 | 242,561 | 242,561 | — | % | — | % | |||||||
| Core deposit and other intangibles, net | 5,106 | 5,762 | 6,449 | 7,168 | 7,920 | (46.2) | % | (35.5) | % | |||||||
| Bank-owned life insurance | 72,400 | 72,504 | 72,167 | 71,930 | 76,574 | (0.58) | % | (5.45) | % | |||||||
| Other assets | 210,321 | 233,288 | 208,478 | 210,513 | 202,474 | (39.9) | % | 3.88 | % | |||||||
| Total assets | $ | 13,136,449 | $ | 13,157,482 | $ | 12,920,222 | $ | 12,535,169 | $ | 12,548,320 | (0.65) | % | 4.69 | % | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Deposits | ||||||||||||||||
| Noninterest-bearing | $ | 2,163,934 | $ | 2,116,232 | $ | 2,226,144 | $ | 2,187,185 | $ | 2,182,121 | 9.14 | % | (0.83) | % | ||
| Interest-bearing checking | 2,776,958 | 2,906,425 | 2,754,253 | 2,628,554 | 2,421,487 | (18.1) | % | 14.7 | % | |||||||
| Money market and savings | 4,482,908 | 4,338,483 | 4,098,496 | 4,157,968 | 4,298,938 | 13.5 | % | 4.28 | % | |||||||
| Customer time deposits | 1,363,770 | 1,380,205 | 1,378,118 | 1,343,934 | 1,471,190 | (4.83) | % | (7.30) | % | |||||||
| Brokered and internet time deposits | 414,428 | 469,089 | 519,200 | 150,361 | 131,192 | (47.3) | % | 215.9 | % | |||||||
| Total deposits | 11,201,998 | 11,210,434 | 10,976,211 | 10,468,002 | 10,504,928 | (0.31) | % | 6.64 | % | |||||||
| Borrowings | 168,944 | 176,789 | 182,107 | 360,944 | 360,821 | (18.0) | % | (53.2) | % | |||||||
| Operating lease liabilities | 59,174 | 60,024 | 59,584 | 61,932 | 64,562 | (5.74) | % | (8.35) | % | |||||||
| Accrued expenses and other liabilities | 104,278 | 142,604 | 139,898 | 143,696 | 138,390 | (109.0) | % | (24.6) | % | |||||||
| Total liabilities | 11,534,394 | 11,589,851 | 11,357,800 | 11,034,574 | 11,068,701 | (1.94) | % | 4.21 | % | |||||||
| Shareholders’ equity: | ||||||||||||||||
| Common stock, $1 par value | 46,515 | 46,663 | 46,658 | 46,643 | 46,897 | (1.29) | % | (0.81) | % | |||||||
| Additional paid-in capital | 854,715 | 860,266 | 858,106 | 855,391 | 866,803 | (2.62) | % | (1.39) | % | |||||||
| Retained earnings | 792,685 | 762,293 | 732,435 | 730,242 | 698,310 | 16.2 | % | 13.5 | % | |||||||
| Accumulated other comprehensive loss, net | (91,953) | (101,684) | (74,870) | (131,774) | (132,484) | (38.8) | % | (30.6) | % | |||||||
| Total common shareholders’ equity | 1,601,962 | 1,567,538 | 1,562,329 | 1,500,502 | 1,479,526 | 8.91 | % | 8.28 | % | |||||||
| Noncontrolling interest | 93 | 93 | 93 | 93 | 93 | — | % | — | % | |||||||
| Total equity | 1,602,055 | 1,567,631 | 1,562,422 | 1,500,595 | 1,479,619 | 8.91 | % | 8.27 | % | |||||||
| Total liabilities and shareholders’ equity | $ | 13,136,449 | $ | 13,157,482 | $ | 12,920,222 | $ | 12,535,169 | $ | 12,548,320 | (0.65) | % | 4.69 | % | ||
| FB Financial Corporation | 6 | |||||||||||||||
| --- | --- | |||||||||||||||
| Average Balance and Interest Yield/Rate Analysis | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||
| (Unaudited) | ||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| March 31, 2025 | December 31, 2024 | |||||||||||||||
| Average<br>balances | Interest<br>income/<br>expense | Average<br>yield/<br>rate | Average<br>balances | Interest<br>income/<br>expense | Average<br>yield/<br>rate | |||||||||||
| Interest-earning assets: | ||||||||||||||||
| Loans HFI(a)(b) | $ | 9,621,057 | $ | 152,174 | 6.41 | % | $ | 9,522,996 | $ | 155,897 | 6.51 | % | ||||
| Mortgage loans held for sale | 93,944 | 1,433 | 6.19 | % | 71,569 | 1,153 | 6.41 | % | ||||||||
| Investment securities: | ||||||||||||||||
| Taxable | 1,541,868 | 14,471 | 3.81 | % | 1,523,297 | 15,043 | 3.93 | % | ||||||||
| Tax-exempt(b) | 167,958 | 1,397 | 3.37 | % | 168,284 | 1,400 | 3.31 | % | ||||||||
| Total investment securities(b) | 1,709,826 | 15,868 | 3.76 | % | 1,691,581 | 16,443 | 3.87 | % | ||||||||
| Federal funds sold and reverse repurchase agreements | 123,390 | 1,374 | 4.52 | % | 112,388 | 1,393 | 4.93 | % | ||||||||
| Interest-bearing deposits with other financial institutions | 811,216 | 8,902 | 4.45 | % | 943,638 | 11,361 | 4.79 | % | ||||||||
| FHLB stock | 32,493 | 741 | 9.25 | % | 32,773 | 745 | 9.04 | % | ||||||||
| Total interest-earning assets(b) | 12,391,926 | 180,492 | 5.91 | % | 12,374,945 | 186,992 | 6.01 | % | ||||||||
| Noninterest-earning assets: | ||||||||||||||||
| Cash and due from banks | 123,158 | 117,819 | ||||||||||||||
| Allowance for credit losses on loans HFI | (152,234) | (155,022) | ||||||||||||||
| Other assets(c)(d) | 844,119 | 856,453 | ||||||||||||||
| Total noninterest-earning assets | 815,043 | 819,250 | ||||||||||||||
| Total assets | $ | 13,206,969 | $ | 13,194,195 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||
| Interest-bearing checking | $ | 2,840,211 | $ | 18,267 | 2.61 | % | $ | 2,837,092 | $ | 20,957 | 2.94 | % | ||||
| Money market | 4,083,754 | 34,360 | 3.41 | % | 3,880,258 | 35,044 | 3.59 | % | ||||||||
| Savings deposits | 353,865 | 66 | 0.08 | % | 349,912 | 62 | 0.07 | % | ||||||||
| Customer time deposits | 1,373,045 | 12,702 | 3.75 | % | 1,402,300 | 14,114 | 4.00 | % | ||||||||
| Brokered and internet time deposits | 443,923 | 4,854 | 4.43 | % | 518,337 | 5,954 | 4.57 | % | ||||||||
| Time deposits | 1,816,968 | 17,556 | 3.92 | % | 1,920,637 | 20,068 | 4.16 | % | ||||||||
| Total interest-bearing deposits | 9,094,798 | 70,249 | 3.13 | % | 8,987,899 | 76,131 | 3.37 | % | ||||||||
| Other interest-bearing liabilities: | ||||||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 11,046 | 6 | 0.22 | % | 14,791 | 16 | 0.43 | % | ||||||||
| Subordinated debt | 130,755 | 1,804 | 5.60 | % | 130,658 | 1,837 | 5.59 | % | ||||||||
| Other borrowings | 1,220 | 6 | 1.99 | % | 1,245 | 4 | 1.28 | % | ||||||||
| Total other interest-bearing liabilities | 143,021 | 1,816 | 5.15 | % | 146,694 | 1,857 | 5.04 | % | ||||||||
| Total interest-bearing liabilities | 9,237,819 | 72,065 | 3.16 | % | 9,134,593 | 77,988 | 3.40 | % | ||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||
| Demand deposits | 2,134,924 | 2,241,492 | ||||||||||||||
| Other liabilities(d) | 250,175 | 253,514 | ||||||||||||||
| Total noninterest-bearing liabilities | 2,385,099 | 2,495,006 | ||||||||||||||
| Total liabilities | 11,622,918 | 11,629,599 | ||||||||||||||
| Total common shareholders’ equity | 1,583,958 | 1,564,503 | ||||||||||||||
| Noncontrolling interest | 93 | 93 | ||||||||||||||
| Total equity | 1,584,051 | 1,564,596 | ||||||||||||||
| Total liabilities and shareholders’ equity | $ | 13,206,969 | $ | 13,194,195 | ||||||||||||
| Net interest income(b) | $ | 108,427 | $ | 109,004 | ||||||||||||
| Interest rate spread(b) | 2.75 | % | 2.61 | % | ||||||||||||
| Net interest margin(b)(e) | 3.55 | % | 3.50 | % | ||||||||||||
| Cost of total deposits | 2.54 | % | 2.70 | % | ||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 134.1 | % | 135.5 | % | ||||||||||||
| Tax-equivalent adjustment | $ | 786 | $ | 623 | ||||||||||||
| Loans HFI yield components: | ||||||||||||||||
| Contractual interest rate(b) | $ | 149,819 | 6.31 | % | $ | 153,255 | 6.40 | % | ||||||||
| Origination and other loan fee income | 1,797 | 0.08 | % | 1,859 | 0.08 | % | ||||||||||
| Accretion on purchased loans | 2 | — | % | 119 | — | % | ||||||||||
| Nonaccrual interest | 556 | 0.02 | % | 664 | 0.03 | % | ||||||||||
| Total loans HFI yield | $ | 152,174 | 6.41 | % | $ | 155,897 | 6.51 | % |
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $132,262 and $119,243 for the three months ended March 31, 2025 and December 31, 2024, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $30,731 and 31,519 for the three months ended March 31, 2025 and December 31, 2024, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.
| FB Financial Corporation | 7 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Average Balance and Interest Yield/Rate Analysis (continued) | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited) | ||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | ||||||||||||||||
| Average<br>balances | Interest<br>income/<br>expense | Average<br>yield/<br>rate | Average<br>balances | Interest<br>income/<br>expense | Average<br>yield/<br>rate | Average<br>balances | Interest<br>income/<br>expense | Average<br>yield/<br>rate | ||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Loans HFI(a)(b) | $ | 9,362,937 | $ | 157,751 | 6.70 | % | $ | 9,263,822 | $ | 154,226 | 6.70 | % | $ | 9,386,794 | $ | 154,956 | 6.64 | % |
| Mortgage loans held for sale | 66,828 | 1,102 | 6.56 | % | 80,919 | 1,380 | 6.86 | % | 48,566 | 851 | 7.05 | % | ||||||
| Investment securities: | ||||||||||||||||||
| Taxable | 1,487,200 | 13,943 | 3.73 | % | 1,464,045 | 11,966 | 3.29 | % | 1,399,237 | 9,105 | 2.62 | % | ||||||
| Tax-exempt(b) | 181,465 | 1,493 | 3.27 | % | 193,347 | 1,580 | 3.29 | % | 241,379 | 1,950 | 3.25 | % | ||||||
| Total investment securities(b) | 1,668,665 | 15,436 | 3.68 | % | 1,657,392 | 13,546 | 3.29 | % | 1,640,616 | 11,055 | 2.71 | % | ||||||
| Federal funds sold and reverse repurchase agreements | 118,715 | 1,687 | 5.65 | % | 108,097 | 1,497 | 5.57 | % | 155,380 | 2,126 | 5.50 | % | ||||||
| Interest-bearing deposits with other financial institutions | 701,666 | 9,519 | 5.40 | % | 488,123 | 6,641 | 5.47 | % | 530,390 | 7,066 | 5.36 | % | ||||||
| FHLB stock | 32,919 | 750 | 9.06 | % | 33,495 | 762 | 9.15 | % | 34,051 | 783 | 9.25 | % | ||||||
| Total interest-earning assets(b) | 11,951,730 | 186,245 | 6.20 | % | 11,631,848 | 178,052 | 6.16 | % | 11,795,797 | 176,837 | 6.03 | % | ||||||
| Noninterest-earning assets: | ||||||||||||||||||
| Cash and due from banks | 131,308 | 124,729 | 167,732 | |||||||||||||||
| Allowance for credit losses on loans HFI | (155,665) | (151,724) | (150,605) | |||||||||||||||
| Other assets(c)(d) | 814,577 | 766,591 | 777,155 | |||||||||||||||
| Total noninterest-earning assets | 790,220 | 739,596 | 794,282 | |||||||||||||||
| Total assets | $ | 12,741,950 | $ | 12,371,444 | $ | 12,590,079 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||
| Interest-bearing checking | $ | 2,624,046 | $ | 20,998 | 3.18 | % | $ | 2,500,325 | $ | 19,074 | 3.07 | % | $ | 2,539,084 | $ | 19,016 | 3.01 | % |
| Money market | 3,802,818 | 37,574 | 3.93 | % | 3,779,139 | 36,887 | 3.93 | % | 3,849,080 | 37,570 | 3.93 | % | ||||||
| Savings deposits | 357,165 | 65 | 0.07 | % | 369,779 | 64 | 0.07 | % | 377,963 | 62 | 0.07 | % | ||||||
| Customer time deposits | 1,349,986 | 13,479 | 3.97 | % | 1,387,956 | 13,812 | 4.00 | % | 1,457,377 | 14,124 | 3.90 | % | ||||||
| Brokered and internet time deposits | 322,667 | 3,972 | 4.90 | % | 123,003 | 1,664 | 5.44 | % | 140,292 | 1,853 | 5.31 | % | ||||||
| Time deposits | 1,672,653 | 17,451 | 4.15 | % | 1,510,959 | 15,476 | 4.12 | % | 1,597,669 | 15,977 | 4.02 | % | ||||||
| Total interest-bearing deposits | 8,456,682 | 76,088 | 3.58 | % | 8,160,202 | 71,501 | 3.52 | % | 8,363,796 | 72,625 | 3.49 | % | ||||||
| Other interest-bearing liabilities: | ||||||||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 21,734 | 79 | 1.45 | % | 24,680 | 122 | 1.99 | % | 24,219 | 149 | 2.47 | % | ||||||
| Subordinated debt | 130,561 | 1,900 | 5.79 | % | 130,464 | 1,615 | 4.98 | % | 129,718 | 2,286 | 7.09 | % | ||||||
| Other borrowings | 125,616 | 1,544 | 4.89 | % | 131,293 | 1,560 | 4.78 | % | 131,318 | 1,578 | 4.83 | % | ||||||
| Total other interest-bearing liabilities | 277,911 | 3,523 | 5.04 | % | 286,437 | 3,297 | 4.63 | % | 285,255 | 4,013 | 5.66 | % | ||||||
| Total interest-bearing liabilities | 8,734,593 | 79,611 | 3.63 | % | 8,446,639 | 74,798 | 3.56 | % | 8,649,051 | 76,638 | 3.56 | % | ||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||
| Demand deposits | 2,241,512 | 2,222,005 | 2,227,175 | |||||||||||||||
| Other liabilities(d) | 242,155 | 229,426 | 253,024 | |||||||||||||||
| Total noninterest-bearing liabilities | 2,483,667 | 2,451,431 | 2,480,199 | |||||||||||||||
| Total liabilities | 11,218,260 | 10,898,070 | 11,129,250 | |||||||||||||||
| Total common shareholders’ equity | 1,523,597 | 1,473,281 | 1,460,736 | |||||||||||||||
| Noncontrolling interest | 93 | 93 | 93 | |||||||||||||||
| Total equity | 1,523,690 | 1,473,374 | 1,460,829 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 12,741,950 | $ | 12,371,444 | $ | 12,590,079 | ||||||||||||
| Net interest income(b) | $ | 106,634 | $ | 103,254 | $ | 100,199 | ||||||||||||
| Interest rate spread(b) | 2.57 | % | 2.60 | % | 2.47 | % | ||||||||||||
| Net interest margin(b)(e) | 3.55 | % | 3.57 | % | 3.42 | % | ||||||||||||
| Cost of total deposits | 2.83 | % | 2.77 | % | 2.76 | % | ||||||||||||
| Average interest-earning assets to average interest-bearing liabilities | 136.8 | % | 137.7 | % | 136.4 | % | ||||||||||||
| Tax-equivalent adjustment | $ | 617 | $ | 639 | $ | 709 | ||||||||||||
| Loans HFI yield components: | ||||||||||||||||||
| Contractual interest rate(b) | $ | 155,884 | 6.62 | % | $ | 152,037 | 6.60 | % | $ | 152,875 | 6.55 | % | ||||||
| Origination and other loan fee income | 1,779 | 0.08 | % | 1,291 | 0.06 | % | 1,436 | 0.06 | % | |||||||||
| (Amortization) accretion on purchased loans | (10) | — | % | 161 | 0.01 | % | 387 | 0.02 | % | |||||||||
| Nonaccrual interest | 98 | — | % | 737 | 0.03 | % | 258 | 0.01 | % | |||||||||
| Total loans HFI yield | $ | 157,751 | 6.70 | % | $ | 154,226 | 6.70 | % | $ | 154,956 | 6.64 | % |
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $153,838, $198,073 and $194,091 for the three months ended September 30, 2024, June 30, 2024 and
March 31, 2024, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25,451, $20,750
and $20,750 for the three months ended September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.
| FB Financial Corporation | 8 | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments and Other Sources of Liquidity | |||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited) | |||||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||
| As of | |||||||||||||||||||||||||
| Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||||||||||
| Investment securities, at fair value | |||||||||||||||||||||||||
| Available-for-sale debt securities: | |||||||||||||||||||||||||
| U.S. government agency securities | $ | 602,942 | 38 | % | $ | 563,007 | 36 | % | $ | 516,833 | 33 | % | $ | 428,608 | 29 | % | $ | 415,927 | 28 | % | |||||
| Mortgage-backed securities - residential | 816,556 | 52 | % | 810,999 | 53 | % | 879,589 | 56 | % | 864,272 | 59 | % | 826,214 | 57 | % | ||||||||||
| Mortgage-backed securities - commercial | 14,828 | 1 | % | 14,857 | 1 | % | 16,289 | 1 | % | 16,103 | 1 | % | 16,615 | 1 | % | ||||||||||
| Municipal securities | 145,396 | 9 | % | 147,857 | 10 | % | 154,229 | 10 | % | 169,977 | 11 | % | 171,672 | 12 | % | ||||||||||
| Treasury securities | — | — | % | 299 | — | % | — | — | % | — | — | % | 30,857 | 2 | % | ||||||||||
| Corporate securities | 998 | — | % | 989 | — | % | 982 | — | % | 3,419 | — | % | 3,397 | — | % | ||||||||||
| Total available-for-sale debt securities | 1,580,720 | 100 | % | 1,538,008 | 100 | % | 1,567,922 | 100 | % | 1,482,379 | 100 | % | 1,464,682 | 100 | % | ||||||||||
| Investment securities to total assets | 12.0 | % | 11.7 | % | 12.1 | % | 11.8 | % | 11.7 | % | |||||||||||||||
| Unrealized loss on available-for-sale debt securities | (128,173) | (141,389) | (105,157) | (182,208) | (183,598) | ||||||||||||||||||||
| Sources of liquidity | |||||||||||||||||||||||||
| Current on-balance sheet: | |||||||||||||||||||||||||
| Cash and cash equivalents | $ | 794,706 | 53 | % | $ | 1,042,488 | 63 | % | $ | 951,750 | 65 | % | $ | 800,902 | 57 | % | $ | 870,730 | 63 | % | |||||
| Unpledged available-for-sale debt securities | 703,117 | 47 | % | 600,965 | 37 | % | 510,538 | 35 | % | 612,756 | 43 | % | 514,724 | 37 | % | ||||||||||
| Total on-balance sheet liquidity | $ | 1,497,823 | 100 | % | $ | 1,643,453 | 100 | % | $ | 1,462,288 | 100 | % | $ | 1,413,658 | 100 | % | $ | 1,385,454 | 100 | % | |||||
| Available sources of liquidity: | |||||||||||||||||||||||||
| Unsecured borrowing capacity(a) | $ | 3,369,107 | 48 | % | $ | 3,318,091 | 49 | % | $ | 3,199,575 | 48 | % | $ | 3,361,580 | 49 | % | $ | 3,392,255 | 48 | % | |||||
| FHLB remaining borrowing capacity | 1,476,688 | 21 | % | 1,397,905 | 21 | % | 1,355,884 | 20 | % | 1,294,743 | 19 | % | 1,237,843 | 18 | % | ||||||||||
| Federal Reserve discount window | 2,134,448 | 31 | % | 2,053,541 | 30 | % | 2,133,951 | 32 | % | 2,230,338 | 32 | % | 2,382,574 | 34 | % | ||||||||||
| Total available sources of liquidity | $ | 6,980,243 | 100 | % | $ | 6,769,537 | 100 | % | $ | 6,689,410 | 100 | % | $ | 6,886,661 | 100 | % | $ | 7,012,672 | 100 | % | |||||
| On-balance sheet liquidity as a <br> percentage of total assets | 11.4 | % | 12.5 | % | 11.3 | % | 11.3 | % | 11.0 | % | |||||||||||||||
| On-balance sheet liquidity as a <br> percentage of total tangible assets* | 11.6 | % | 12.7 | % | 11.5 | % | 11.5 | % | 11.3 | % | |||||||||||||||
| On-balance sheet liquidity and available<br><br>sources of liquidity as a percentage of<br><br>estimated uninsured and<br><br>uncollateralized deposits(b) | 283.4 | % | 293.8 | % | 245.4 | % | 259.2 | % | 268.1 | % |
(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
| FB Financial Corporation | 9 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loan Portfolio | ||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited) | ||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| Mar 2025 | % of Total | Dec 2024 | % of Total | Sep 2024 | % of Total | Jun 2024 | % of Total | Mar 2024 | % of Total | |||||||||||
| Loan portfolio | ||||||||||||||||||||
| Commercial and industrial | $ | 1,782,981 | 18 | % | $ | 1,691,213 | 18 | % | $ | 1,688,815 | 18 | % | $ | 1,614,307 | 17 | % | $ | 1,621,611 | 17 | % |
| Construction | 1,022,299 | 10 | % | 1,087,732 | 11 | % | 1,079,726 | 11 | % | 1,200,123 | 13 | % | 1,268,883 | 14 | % | |||||
| Residential real estate: | ||||||||||||||||||||
| 1-to-4 family mortgage | 1,632,574 | 17 | % | 1,616,754 | 17 | % | 1,612,031 | 17 | % | 1,584,029 | 17 | % | 1,577,824 | 17 | % | |||||
| Residential line of credit | 613,868 | 6 | % | 602,475 | 6 | % | 591,049 | 6 | % | 559,359 | 6 | % | 549,306 | 6 | % | |||||
| Multi-family mortgage | 648,326 | 7 | % | 653,769 | 7 | % | 654,188 | 7 | % | 597,039 | 6 | % | 615,081 | 7 | % | |||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | 1,356,007 | 14 | % | 1,357,568 | 14 | % | 1,324,208 | 14 | % | 1,274,705 | 14 | % | 1,236,007 | 13 | % | |||||
| Non-owner occupied | 2,153,825 | 22 | % | 2,099,129 | 22 | % | 2,048,036 | 22 | % | 2,035,102 | 22 | % | 1,991,526 | 21 | % | |||||
| Consumer and other | 561,656 | 6 | % | 493,744 | 5 | % | 480,076 | 5 | % | 444,889 | 5 | % | 428,671 | 5 | % | |||||
| Total loans HFI | $ | 9,771,536 | 100 | % | $ | 9,602,384 | 100 | % | $ | 9,478,129 | 100 | % | $ | 9,309,553 | 100 | % | $ | 9,288,909 | 100 | % |
| Percentage of loans HFI portfolio with<br> floating interest rates | 49.7 | % | 49.4 | % | 49.2 | % | 49.8 | % | 49.0 | % | ||||||||||
| Percentage of loans HFI portfolio with<br> floating interest rates that mature after<br> one year | 44.4 | % | 43.5 | % | 43.6 | % | 43.4 | % | 42.4 | % | ||||||||||
| Loans by market | ||||||||||||||||||||
| Metropolitan | $ | 8,045,289 | 82 | % | $ | 7,934,549 | 82 | % | $ | 7,795,075 | 82 | % | $ | 7,668,893 | 82 | % | $ | 7,668,330 | 83 | % |
| Community | 538,819 | 6 | % | 546,987 | 6 | % | 565,194 | 6 | % | 567,465 | 6 | % | 599,557 | 6 | % | |||||
| Specialty lending and other | 1,187,428 | 12 | % | 1,120,848 | 12 | % | 1,117,860 | 12 | % | 1,073,195 | 12 | % | 1,021,022 | 11 | % | |||||
| Total | $ | 9,771,536 | 100 | % | $ | 9,602,384 | 100 | % | $ | 9,478,129 | 100 | % | $ | 9,309,553 | 100 | % | $ | 9,288,909 | 100 | % |
| Unfunded loan commitments | ||||||||||||||||||||
| Commercial and industrial | $ | 1,349,491 | 48 | % | $ | 1,371,413 | 50 | % | $ | 1,314,683 | 48 | % | $ | 1,286,013 | 47 | % | $ | 1,255,409 | 46 | % |
| Construction | 540,992 | 19 | % | 498,133 | 18 | % | 510,157 | 19 | % | 516,813 | 19 | % | 590,575 | 21 | % | |||||
| Residential real estate: | ||||||||||||||||||||
| 1-to-4 family mortgage | 5,094 | — | % | 7,299 | — | % | 3,665 | — | % | 5,597 | — | % | 1,485 | — | % | |||||
| Residential line of credit | 743,413 | 27 | % | 734,031 | 26 | % | 735,928 | 27 | % | 721,949 | 27 | % | 702,939 | 25 | % | |||||
| Multi-family mortgage | 9,586 | — | % | 12,044 | — | % | 11,771 | — | % | 12,526 | — | % | 25,047 | 1 | % | |||||
| Commercial real estate: | ||||||||||||||||||||
| Owner-occupied | 68,566 | 3 | % | 78,856 | 3 | % | 67,875 | 3 | % | 77,498 | 3 | % | 77,400 | 3 | % | |||||
| Non-owner occupied | 63,948 | 2 | % | 54,898 | 2 | % | 51,960 | 2 | % | 73,178 | 3 | % | 82,370 | 3 | % | |||||
| Consumer and other | 14,547 | 1 | % | 13,431 | 1 | % | 17,321 | 1 | % | 29,103 | 1 | % | 25,058 | 1 | % | |||||
| Total unfunded loans HFI | $ | 2,795,637 | 100 | % | $ | 2,770,105 | 100 | % | $ | 2,713,360 | 100 | % | $ | 2,722,677 | 100 | % | $ | 2,760,283 | 100 | % |
| FB Financial Corporation | 10 | |||||||||||||||||||
| --- | --- | |||||||||||||||||||
| Asset Quality | ||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||||
| As of or for the Three Months Ended | ||||||||||||||||||||
| Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | ||||||||||||||||
| Allowance for credit losses on loans HFI roll forward summary | ||||||||||||||||||||
| Allowance for credit losses on loans HFI at the beginning of the period | $ | 151,942 | $ | 156,260 | $ | 155,055 | $ | 151,667 | $ | 150,326 | ||||||||||
| Charge-offs | (3,893) | (12,010) | (915) | (913) | (927) | |||||||||||||||
| Recoveries | 576 | 673 | 264 | 361 | 416 | |||||||||||||||
| Provision for credit losses on loans HFI | 1,906 | 7,019 | 1,856 | 3,940 | 1,852 | |||||||||||||||
| Allowance for credit losses on loans HFI at the end of the period | $ | 150,531 | $ | 151,942 | $ | 156,260 | $ | 155,055 | $ | 151,667 | ||||||||||
| Charge-offs | ||||||||||||||||||||
| Commercial and industrial | $ | (2,901) | $ | (10,921) | $ | (90) | $ | (26) | $ | (43) | ||||||||||
| Construction | — | (30) | — | — | (92) | |||||||||||||||
| Residential real estate: | ||||||||||||||||||||
| 1-to-4 family mortgage | (3) | (144) | (2) | (293) | — | |||||||||||||||
| Residential line of credit | — | — | (53) | — | (20) | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner occupied | (17) | — | — | — | — | |||||||||||||||
| Consumer and other | (972) | (915) | (770) | (594) | (772) | |||||||||||||||
| Total charge-offs | (3,893) | (12,010) | (915) | (913) | (927) | |||||||||||||||
| Recoveries | ||||||||||||||||||||
| Commercial and industrial | 42 | 371 | 23 | 20 | 14 | |||||||||||||||
| Residential real estate: | ||||||||||||||||||||
| 1-to-4 family mortgage | 9 | 9 | 9 | 10 | 56 | |||||||||||||||
| Residential line of credit | — | — | 18 | — | — | |||||||||||||||
| Commercial real estate: | ||||||||||||||||||||
| Owner occupied | 21 | 5 | 12 | 188 | 40 | |||||||||||||||
| Non-owner occupied | 1 | — | — | — | — | |||||||||||||||
| Consumer and other | 503 | 288 | 202 | 143 | 306 | |||||||||||||||
| Total recoveries | 576 | 673 | 264 | 361 | 416 | |||||||||||||||
| Net charge-offs | $ | (3,317) | $ | (11,337) | $ | (651) | $ | (552) | $ | (511) | ||||||||||
| Annualized net charge-offs as a percentage of average loans HFI | 0.14 | % | 0.47 | % | 0.03 | % | 0.02 | % | 0.02 | % | ||||||||||
| Nonperforming assets | ||||||||||||||||||||
| Loans past due 90 days or more and accruing interest | $ | 28,422 | $ | 24,347 | $ | 26,250 | $ | 17,058 | $ | 12,858 | ||||||||||
| Nonaccrual loans | 48,738 | 59,358 | 64,585 | 56,165 | 54,892 | |||||||||||||||
| Total nonperforming loans HFI | 77,160 | 83,705 | 90,835 | 73,223 | 67,750 | |||||||||||||||
| Mortgage loans held for sale(a) | 27,152 | 31,357 | 30,537 | 22,354 | 20,876 | |||||||||||||||
| Other real estate owned | 3,326 | 4,409 | 3,779 | 4,173 | 3,613 | |||||||||||||||
| Other repossessed assets | 2,791 | 2,444 | 2,182 | 1,720 | 1,834 | |||||||||||||||
| Total nonperforming assets | $ | 110,429 | $ | 121,915 | $ | 127,333 | $ | 101,470 | $ | 94,073 | ||||||||||
| Total nonperforming loans HFI as a percentage of loans HFI | 0.79 | % | 0.87 | % | 0.96 | % | 0.79 | % | 0.73 | % | ||||||||||
| Total nonperforming assets as a percentage of total assets | 0.84 | % | 0.93 | % | 0.99 | % | 0.81 | % | 0.75 | % | ||||||||||
| Total nonaccrual loans as a percentage of loans HFI | 0.50 | % | 0.62 | % | 0.68 | % | 0.60 | % | 0.59 | % |
(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.
| FB Financial Corporation | 11 | ||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Deposit Data | |||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited) | |||||||||||||||||||||||||
| (Dollars in Thousands) | |||||||||||||||||||||||||
| As of | |||||||||||||||||||||||||
| Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||||||||||
| Deposits by market | |||||||||||||||||||||||||
| Metropolitan | $ | 8,091,921 | 72 | % | $ | 8,136,849 | 73 | % | $ | 7,794,790 | 71 | % | $ | 7,440,577 | 71 | % | $ | 7,506,630 | 72 | % | |||||
| Community | 2,536,165 | 23 | % | 2,471,052 | 22 | % | 2,459,641 | 22 | % | 2,499,574 | 24 | % | 2,500,182 | 24 | % | ||||||||||
| Brokered/wholesale | 414,428 | 4 | % | 469,089 | 4 | % | 519,200 | 5 | % | 150,113 | 1 | % | 130,845 | 1 | % | ||||||||||
| Escrow and other(a) | 159,484 | 1 | % | 133,444 | 1 | % | 202,580 | 2 | % | 377,738 | 4 | % | 367,271 | 3 | % | ||||||||||
| Total | $ | 11,201,998 | 100 | % | $ | 11,210,434 | 100 | % | $ | 10,976,211 | 100 | % | $ | 10,468,002 | 100 | % | $ | 10,504,928 | 100 | % | |||||
| Deposits by customer<br> segment | |||||||||||||||||||||||||
| Consumer | $ | 4,868,544 | 43 | % | $ | 4,853,609 | 43 | % | $ | 4,676,492 | 43 | % | $ | 4,675,189 | 45 | % | $ | 4,866,099 | 46 | % | |||||
| Commercial | 4,695,923 | 42 | % | 4,802,105 | 43 | % | 4,886,660 | 45 | % | 4,270,924 | 41 | % | 4,085,282 | 39 | % | ||||||||||
| Public | 1,637,531 | 15 | % | 1,554,720 | 14 | % | 1,413,059 | 12 | % | 1,521,889 | 14 | % | 1,553,547 | 15 | % | ||||||||||
| Total | $ | 11,201,998 | 100 | % | $ | 11,210,434 | 100 | % | $ | 10,976,211 | 100 | % | $ | 10,468,002 | 100 | % | $ | 10,504,928 | 100 | % | |||||
| Estimated insured or<br> collateralized deposits | $ | 8,210,241 | $ | 8,346,796 | $ | 7,654,786 | $ | 7,265,975 | $ | 7,372,728 | |||||||||||||||
| Estimated uninsured<br><br>and uncollateralized<br><br>deposits(b) | $ | 2,991,757 | $ | 2,863,638 | $ | 3,321,425 | $ | 3,202,027 | $ | 3,132,200 | |||||||||||||||
| Estimated uninsured and<br><br>uncollateralized deposits<br><br>as a % of total<br><br>deposits(b) | 26.7 | % | 25.5 | % | 30.3 | % | 30.6 | % | 29.8 | % |
(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
| FB Financial Corporation | 12 | |||||
|---|---|---|---|---|---|---|
| Preliminary Capital Ratios | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| (Unaudited) | ||||||
| (Dollars in Thousands) | ||||||
| Computation of Tangible Common Equity to Tangible Assets: | March 31, 2025 | December 31, 2024 | ||||
| Total Common Shareholders' Equity | $ | 1,601,962 | $ | 1,567,538 | ||
| Less: | ||||||
| Goodwill | 242,561 | 242,561 | ||||
| Other intangibles | 5,106 | 5,762 | ||||
| Tangible Common Equity | $ | 1,354,295 | $ | 1,319,215 | ||
| Total Assets | $ | 13,136,449 | $ | 13,157,482 | ||
| Less: | ||||||
| Goodwill | 242,561 | 242,561 | ||||
| Other intangibles | 5,106 | 5,762 | ||||
| Tangible Assets | $ | 12,888,782 | $ | 12,909,159 | ||
| Preliminary Total Risk-Weighted Assets | $ | 11,452,717 | $ | 11,306,312 | ||
| Total Common Equity to Total Assets | 12.2 | % | 11.9 | % | ||
| Tangible Common Equity to Tangible Assets* | 10.5 | % | 10.2 | % | ||
| March 31, 2025 | December 31, 2024 | |||||
| Preliminary Regulatory Capital: | ||||||
| Common Equity Tier 1 Capital | $ | 1,466,448 | $ | 1,450,722 | ||
| Tier 1 Capital | 1,496,448 | 1,480,722 | ||||
| Total Capital | 1,739,703 | 1,721,941 | ||||
| Preliminary Regulatory Capital Ratios: | ||||||
| Common Equity Tier 1 | 12.8 | % | 12.8 | % | ||
| Tier 1 Risk-Based | 13.1 | % | 13.1 | % | ||
| Total Risk-Based | 15.2 | % | 15.2 | % | ||
| Tier 1 Leverage | 11.4 | % | 11.3 | % |
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
| FB Financial Corporation | 13 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment Data | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited) | |||||||||||||||
| (Dollars in Thousands) | |||||||||||||||
| As of or for the Three Months Ended | |||||||||||||||
| Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||
| Banking segment | |||||||||||||||
| Interest income | $ | 178,915 | $ | 186,219 | $ | 185,824 | $ | 177,570 | $ | 176,420 | |||||
| Interest expense | 73,156 | 79,426 | 81,489 | 76,377 | 77,958 | ||||||||||
| Net interest income | $ | 105,759 | $ | 106,793 | $ | 104,335 | $ | 101,193 | $ | 98,462 | |||||
| Provisions for credit losses | 2,189 | 7,133 | 1,861 | 2,432 | 838 | ||||||||||
| Noninterest income (loss) | 10,660 | 11,311 | (28,370) | 13,477 | (4,794) | ||||||||||
| Salaries, commissions and employee benefits | 41,469 | 38,289 | 39,938 | 38,793 | 37,790 | ||||||||||
| Other noninterest expense | 25,440 | 22,754 | 23,180 | 23,390 | 22,405 | ||||||||||
| Pre-tax net contribution after allocations | $ | 47,321 | $ | 49,928 | $ | 10,986 | $ | 50,055 | $ | 32,635 | |||||
| Total assets | $ | 12,490,097 | $ | 12,554,435 | $ | 12,337,135 | $ | 11,947,550 | $ | 11,979,904 | |||||
| Efficiency ratio | 57.5 | % | 51.7 | % | 83.3 | % | 54.4 | % | 64.4 | % | |||||
| Core efficiency ratio* | 56.5 | % | 50.2 | % | 54.1 | % | 53.9 | % | 54.4 | % | |||||
| Mortgage segment | |||||||||||||||
| Interest income | $ | 791 | $ | 150 | $ | (196) | $ | (157) | $ | (292) | |||||
| Interest expense | (1,091) | (1,438) | (1,878) | (1,579) | (1,320) | ||||||||||
| Net interest income | $ | 1,882 | $ | 1,588 | $ | 1,682 | $ | 1,422 | $ | 1,028 | |||||
| Provisions for (reversals of) loan losses | 103 | (49) | 53 | (208) | (56) | ||||||||||
| Mortgage banking income | 12,426 | 10,586 | 11,553 | 11,910 | 12,585 | ||||||||||
| Other noninterest (loss) income | (54) | 100 | 320 | 221 | 171 | ||||||||||
| Salaries, commissions and employee benefits | 6,882 | 7,143 | 7,600 | 7,432 | 6,828 | ||||||||||
| Other noninterest expense | 5,758 | 4,988 | 5,494 | 5,478 | 5,397 | ||||||||||
| Pre-tax net contribution after allocations | $ | 1,511 | $ | 192 | $ | 408 | $ | 851 | $ | 1,615 | |||||
| Total assets | $ | 646,352 | $ | 603,047 | $ | 583,087 | $ | 587,619 | $ | 568,416 | |||||
| Efficiency ratio | 88.7 | % | 98.8 | % | 96.6 | % | 95.3 | % | 88.7 | % | |||||
| Core efficiency ratio* | 87.9 | % | 98.8 | % | 96.7 | % | 96.1 | % | 89.1 | % | |||||
| Interest rate lock commitments volume | $ | 381,777 | $ | 315,891 | $ | 381,240 | $ | 385,197 | $ | 377,166 | |||||
| Interest rate lock commitments pipeline (period end) | $ | 118,200 | $ | 65,687 | $ | 105,714 | $ | 108,694 | $ | 130,315 | |||||
| Mortgage loan sales | $ | 222,805 | $ | 287,291 | $ | 327,269 | $ | 315,044 | $ | 243,461 | |||||
| Gains and fees from origination and sale of mortgage loans held for sale | $ | 5,602 | $ | 7,788 | $ | 9,279 | $ | 8,934 | $ | 6,458 | |||||
| Net change in fair value of loans held for sale, derivatives, and other | 2,816 | (96) | (480) | (4) | 1,821 | ||||||||||
| Mortgage servicing income | 7,077 | 7,305 | 7,244 | 7,316 | 7,347 | ||||||||||
| Change in fair value of mortgage servicing rights, net of hedging | (3,069) | (4,411) | (4,490) | (4,336) | (3,041) | ||||||||||
| Total mortgage banking income | $ | 12,426 | $ | 10,586 | $ | 11,553 | $ | 11,910 | $ | 12,585 | |||||
| Mortgage sale margin(a) | 2.51 | % | 2.71 | % | 2.84 | % | 2.84 | % | 2.65 | % |
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
(a) Calculated by dividing gains and fees from origination and sale of mortgage loans held for sale by total mortgage sales.
| FB Financial Corporation | 14 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-GAAP Reconciliations | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| (Unaudited) | ||||||||||||||||||
| (Dollars in Thousands, Except Share Data) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| Adjusted net income | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Income before income taxes | $ | 48,832 | $ | 50,120 | $ | 11,394 | $ | 50,906 | $ | 34,250 | ||||||||
| Less gain (loss) from securities, net | 16 | — | (40,165) | — | (16,213) | |||||||||||||
| Less (loss) gain on sales or write-<br> downs of premises and equipment,<br> other real estate owned and other<br> assets, net | (625) | (2,162) | (289) | (281) | 565 | |||||||||||||
| Less cash life insurance benefit | — | — | — | 2,057 | — | |||||||||||||
| Plus early retirement and severance costs | — | 463 | — | 1,015 | — | |||||||||||||
| Plus FDIC special assessment | — | — | — | — | 500 | |||||||||||||
| Plus merger and integration costs | 401 | — | — | — | — | |||||||||||||
| Adjusted pre-tax net income | 49,842 | 52,745 | 51,848 | 50,145 | 50,398 | |||||||||||||
| Income tax expense, adjusted for items <br> above | 9,734 | 12,910 | 11,716 | 10,721 | 10,508 | |||||||||||||
| Adjusted net income | $ | 40,108 | $ | 39,835 | $ | 40,132 | $ | 39,424 | $ | 39,890 | ||||||||
| Weighted average common share<br> outstanding - fully diluted | 47,024,211 | 46,862,935 | 46,803,330 | 46,845,143 | 46,998,873 | |||||||||||||
| Adjusted diluted earnings per<br> common share | ||||||||||||||||||
| Diluted earnings per common share | $ | 0.84 | $ | 0.81 | $ | 0.22 | $ | 0.85 | $ | 0.59 | ||||||||
| Adjusted diluted earnings per <br> common share | $ | 0.85 | $ | 0.85 | $ | 0.86 | $ | 0.84 | $ | 0.85 | ||||||||
| FB Financial Corporation | 15 | |||||||||||||||||
| --- | --- | |||||||||||||||||
| Non-GAAP Reconciliations (continued) | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||
| (Unaudited) | ||||||||||||||||||
| (Dollars in Thousands, Except Share Data) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| Adjusted pre-tax pre-provision net <br> revenue | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Income before income taxes | $ | 48,832 | $ | 50,120 | $ | 11,394 | $ | 50,906 | $ | 34,250 | ||||||||
| Plus provisions for credit losses | 2,292 | 7,084 | 1,914 | 2,224 | 782 | |||||||||||||
| Pre-tax pre-provision net revenue | 51,124 | 57,204 | 13,308 | 53,130 | 35,032 | |||||||||||||
| Less gain (loss) from securities, net | 16 | — | (40,165) | — | (16,213) | |||||||||||||
| Less (loss) gain on sales or write-<br> downs of premises and equipment,<br> other real estate owned and other<br> assets, net | (625) | (2,162) | (289) | (281) | 565 | |||||||||||||
| Less cash life insurance benefit | — | — | — | 2,057 | — | |||||||||||||
| Plus early retirement and severance costs | — | 463 | — | 1,015 | — | |||||||||||||
| Plus FDIC special assessment | — | — | — | — | 500 | |||||||||||||
| Plus merger and integration costs | 401 | — | — | — | — | |||||||||||||
| Adjusted pre-tax pre-provision net <br> revenue | $ | 52,134 | $ | 59,829 | $ | 53,762 | $ | 52,369 | $ | 51,180 | ||||||||
| Three Months Ended | ||||||||||||||||||
| Adjusted tangible net income | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Income before income taxes | $ | 48,832 | $ | 50,120 | $ | 11,394 | $ | 50,906 | $ | 34,250 | ||||||||
| Plus amortization of core deposit<br> and other intangibles | 656 | 687 | 719 | 752 | 789 | |||||||||||||
| Less gain (loss) from securities, net | 16 | — | (40,165) | — | (16,213) | |||||||||||||
| Less (loss) gain on sales or write-<br> downs of premises and equipment,<br> other real estate owned and other<br> assets, net | (625) | (2,162) | (289) | (281) | 565 | |||||||||||||
| Less cash life insurance benefit | — | — | — | 2,057 | — | |||||||||||||
| Plus early retirement and severance costs | — | 463 | — | 1,015 | — | |||||||||||||
| Plus FDIC special assessment | — | — | — | — | 500 | |||||||||||||
| Plus merger and integration costs | 401 | — | — | — | — | |||||||||||||
| Less income tax expense, adjusted<br> for items above | 9,905 | 13,089 | 11,904 | 10,917 | 10,714 | |||||||||||||
| Adjusted tangible net income | $ | 40,593 | $ | 40,343 | $ | 40,663 | $ | 39,980 | $ | 40,473 | FB Financial Corporation | 16 | ||||||
| --- | --- | |||||||||||||||||
| Non-GAAP Reconciliations (continued) | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| (Unaudited) | ||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| Core efficiency ratio (tax-equivalent <br> basis) | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Total noninterest expense | $ | 79,549 | $ | 73,174 | $ | 76,212 | $ | 75,093 | $ | 72,420 | ||||||||
| Less early retirement and severance costs | — | 463 | — | 1,015 | — | |||||||||||||
| Less FDIC special assessment | — | — | — | — | 500 | |||||||||||||
| Less merger and integration costs | 401 | — | — | — | — | |||||||||||||
| Core noninterest expense | $ | 79,148 | $ | 72,711 | $ | 76,212 | $ | 74,078 | $ | 71,920 | ||||||||
| Net interest income | $ | 107,641 | $ | 108,381 | $ | 106,017 | $ | 102,615 | $ | 99,490 | ||||||||
| Net interest income (tax-equivalent basis) | 108,427 | 109,004 | 106,634 | 103,254 | 100,199 | |||||||||||||
| Total noninterest income (loss) | 23,032 | 21,997 | (16,497) | 25,608 | 7,962 | |||||||||||||
| Less gain (loss) from securities, net | 16 | — | (40,165) | — | (16,213) | |||||||||||||
| Less (loss) gain on sales or write-<br> downs of premises and equipment,<br> other real estate owned and other<br> assets, net | (625) | (2,162) | (289) | (281) | 565 | |||||||||||||
| Less cash life insurance benefit | — | — | — | 2,057 | — | |||||||||||||
| Core noninterest income | 23,641 | 24,159 | 23,957 | 23,832 | 23,610 | |||||||||||||
| Total revenue | $ | 130,673 | $ | 130,378 | $ | 89,520 | $ | 128,223 | $ | 107,452 | ||||||||
| Core revenue (tax-equivalent basis) | $ | 132,068 | $ | 133,163 | $ | 130,591 | $ | 127,086 | $ | 123,809 | ||||||||
| Efficiency ratio | 60.9 | % | 56.1 | % | 85.1 | % | 58.6 | % | 67.4 | % | ||||||||
| Core efficiency ratio (tax-equivalent<br> basis) | 59.9 | % | 54.6 | % | 58.4 | % | 58.3 | % | 58.1 | % | FB Financial Corporation | 17 | ||||||
| --- | --- | |||||||||||||||||
| Non-GAAP Reconciliations (continued) | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| (Unaudited) | ||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| Banking segment core efficiency ratio<br> (tax-equivalent) | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Banking segment noninterest expense | $ | 66,909 | $ | 61,113 | $ | 63,285 | $ | 62,329 | $ | 60,344 | ||||||||
| Less early retirement and severance costs | — | 463 | — | 1,015 | — | |||||||||||||
| Less FDIC special assessment | — | — | — | — | 500 | |||||||||||||
| Less merger and integration costs | 401 | — | — | — | — | |||||||||||||
| Banking segment core noninterest <br> expense | $ | 66,508 | $ | 60,650 | $ | 63,285 | $ | 61,314 | $ | 59,844 | ||||||||
| Banking segment net interest income | $ | 105,759 | $ | 106,793 | $ | 104,335 | $ | 101,193 | $ | 98,462 | ||||||||
| Banking segment net interest income<br> (tax-equivalent basis) | 106,545 | 107,416 | 104,952 | 101,832 | 99,171 | |||||||||||||
| Banking segment noninterest income (loss) | 10,660 | 11,311 | (28,370) | 13,477 | (4,794) | |||||||||||||
| Less gain (loss) from securities, net | 16 | — | (40,165) | — | (16,213) | |||||||||||||
| Less cash life insurance benefit | — | — | — | 2,057 | — | |||||||||||||
| Less (loss) gain on sales or write-<br> downs of premises and equipment,<br> other real estate owned and other<br> assets, net | (497) | (2,162) | (299) | (398) | 509 | |||||||||||||
| Banking segment core noninterest <br> income | 11,141 | 13,473 | 12,094 | 11,818 | 10,910 | |||||||||||||
| Banking segment total revenue | $ | 116,419 | $ | 118,104 | $ | 75,965 | $ | 114,670 | $ | 93,668 | ||||||||
| Banking segment total core revenue<br> (tax-equivalent basis) | $ | 117,686 | $ | 120,889 | $ | 117,046 | $ | 113,650 | $ | 110,081 | ||||||||
| Banking segment efficiency ratio | 57.5 | % | 51.7 | % | 83.3 | % | 54.4 | % | 64.4 | % | ||||||||
| Banking segment core efficiency<br> ratio (tax-equivalent basis) | 56.5 | % | 50.2 | % | 54.1 | % | 53.9 | % | 54.4 | % | ||||||||
| Three Months Ended | ||||||||||||||||||
| Mortgage segment core efficiency ratio<br> (tax-equivalent) | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Mortgage segment noninterest expense | $ | 12,640 | $ | 12,131 | $ | 13,094 | $ | 12,910 | $ | 12,225 | ||||||||
| Mortgage segment core noninterest <br> expense | $ | 12,640 | $ | 12,131 | $ | 13,094 | $ | 12,910 | $ | 12,225 | ||||||||
| Mortgage segment net interest income | $ | 1,882 | $ | 1,588 | $ | 1,682 | $ | 1,422 | $ | 1,028 | ||||||||
| Mortgage segment noninterest income | 12,372 | 10,686 | 11,873 | 12,131 | 12,756 | |||||||||||||
| Less (loss) gain on sales or write-<br> downs of premises and equipment,<br> other real estate owned and other<br> assets, net | (128) | — | 10 | 117 | 56 | |||||||||||||
| Mortgage segment core noninterest <br> income | 12,500 | 10,686 | 11,863 | 12,014 | 12,700 | |||||||||||||
| Mortgage segment total revenue | $ | 14,254 | $ | 12,274 | $ | 13,555 | $ | 13,553 | $ | 13,784 | ||||||||
| Mortgage segment core total revenue | $ | 14,382 | $ | 12,274 | $ | 13,545 | $ | 13,436 | $ | 13,728 | ||||||||
| Mortgage segment efficiency ratio | 88.7 | % | 98.8 | % | 96.6 | % | 95.3 | % | 88.7 | % | ||||||||
| Mortgage segment core efficiency<br> ratio (tax-equivalent basis) | 87.9 | % | 98.8 | % | 96.7 | % | 96.1 | % | 89.1 | % | FB Financial Corporation | 18 | ||||||
| --- | --- | |||||||||||||||||
| Non-GAAP Reconciliations (continued) | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| (Unaudited) | ||||||||||||||||||
| (Dollars in Thousands, Except Share Data) | ||||||||||||||||||
| As of | ||||||||||||||||||
| Tangible assets, common equity and related<br> measures | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Tangible assets | ||||||||||||||||||
| Total assets | $ | 13,136,449 | $ | 13,157,482 | $ | 12,920,222 | $ | 12,535,169 | $ | 12,548,320 | ||||||||
| Less goodwill | 242,561 | 242,561 | 242,561 | 242,561 | 242,561 | |||||||||||||
| Less intangibles, net | 5,106 | 5,762 | 6,449 | 7,168 | 7,920 | |||||||||||||
| Tangible assets | $ | 12,888,782 | $ | 12,909,159 | $ | 12,671,212 | $ | 12,285,440 | $ | 12,297,839 | ||||||||
| Tangible common equity | ||||||||||||||||||
| Total common shareholders’ equity | $ | 1,601,962 | $ | 1,567,538 | $ | 1,562,329 | $ | 1,500,502 | $ | 1,479,526 | ||||||||
| Less goodwill | 242,561 | 242,561 | 242,561 | 242,561 | 242,561 | |||||||||||||
| Less intangibles, net | 5,106 | 5,762 | 6,449 | 7,168 | 7,920 | |||||||||||||
| Tangible common equity | $ | 1,354,295 | $ | 1,319,215 | $ | 1,313,319 | $ | 1,250,773 | $ | 1,229,045 | ||||||||
| Common shares outstanding | 46,514,547 | 46,663,120 | 46,658,019 | 46,642,958 | 46,897,378 | |||||||||||||
| Book value per common share | $ | 34.44 | $ | 33.59 | $ | 33.48 | $ | 32.17 | $ | 31.55 | ||||||||
| Tangible book value per common share | $ | 29.12 | $ | 28.27 | $ | 28.15 | $ | 26.82 | $ | 26.21 | ||||||||
| Total common shareholders’ equity to total assets | 12.2 | % | 11.9 | % | 12.1 | % | 12.0 | % | 11.8 | % | ||||||||
| Tangible common equity to tangible assets | 10.5 | % | 10.2 | % | 10.4 | % | 10.2 | % | 9.99 | % | ||||||||
| On-balance sheet liquidity: | ||||||||||||||||||
| Cash and cash equivalents | $ | 794,706 | $ | 1,042,488 | $ | 951,750 | $ | 800,902 | $ | 870,730 | ||||||||
| Unpledged securities | 703,117 | 600,965 | 510,538 | 612,756 | 514,724 | |||||||||||||
| Total on-balance sheet liquidity | $ | 1,497,823 | $ | 1,643,453 | $ | 1,462,288 | $ | 1,413,658 | $ | 1,385,454 | ||||||||
| On-balance sheet liquidity as a percentage of total<br> assets | 11.4 | % | 12.5 | % | 11.3 | % | 11.3 | % | 11.0 | % | ||||||||
| On-balance sheet liquidity as a percentage of total<br> tangible assets | 11.6 | % | 12.7 | % | 11.5 | % | 11.5 | % | 11.3 | % | FB Financial Corporation | 19 | ||||||
| --- | --- | |||||||||||||||||
| Non-GAAP Reconciliations (continued) | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| (Unaudited) | ||||||||||||||||||
| (Dollars in Thousands) | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| Adjusted return on average tangible<br> common equity and related <br> measures | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Average common shareholders’ equity | $ | 1,583,958 | $ | 1,564,503 | $ | 1,523,597 | $ | 1,473,281 | $ | 1,460,736 | ||||||||
| Less average goodwill | 242,561 | 242,561 | 242,561 | 242,561 | 242,561 | |||||||||||||
| Less average intangibles, net | 5,426 | 6,107 | 6,795 | 7,525 | 8,299 | |||||||||||||
| Average tangible common equity | $ | 1,335,971 | $ | 1,315,835 | $ | 1,274,241 | $ | 1,223,195 | $ | 1,209,876 | ||||||||
| Net income | $ | 39,361 | $ | 37,886 | $ | 10,220 | $ | 39,979 | $ | 27,950 | ||||||||
| Return on average common equity | 10.1 | % | 9.63 | % | 2.67 | % | 10.9 | % | 7.70 | % | ||||||||
| Return on average tangible common equity | 11.9 | % | 11.5 | % | 3.19 | % | 13.1 | % | 9.29 | % | ||||||||
| Adjusted tangible net income | $ | 40,593 | $ | 40,343 | $ | 40,663 | $ | 39,980 | $ | 40,473 | ||||||||
| Adjusted return on average tangible common equity | 12.3 | % | 12.2 | % | 12.7 | % | 13.1 | % | 13.5 | % | ||||||||
| Three Months Ended | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Adjusted return on average assets,<br>common equity and related<br><br>measures | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | |||||||||||||
| Net income | $ | 39,361 | $ | 37,886 | $ | 10,220 | $ | 39,979 | $ | 27,950 | ||||||||
| Average assets | 13,206,969 | 13,194,195 | 12,741,950 | 12,371,444 | 12,590,079 | |||||||||||||
| Average common equity | 1,583,958 | 1,564,503 | 1,523,597 | 1,473,281 | 1,460,736 | |||||||||||||
| Return on average assets | 1.21 | % | 1.14 | % | 0.32 | % | 1.30 | % | 0.89 | % | ||||||||
| Return on average common equity | 10.1 | % | 9.63 | % | 2.67 | % | 10.9 | % | 7.70 | % | ||||||||
| Adjusted net income | $ | 40,108 | $ | 39,835 | $ | 40,132 | $ | 39,424 | $ | 39,890 | ||||||||
| Adjusted return on average assets | 1.23 | % | 1.20 | % | 1.25 | % | 1.28 | % | 1.27 | % | ||||||||
| Adjusted return on average common equity | 10.3 | % | 10.1 | % | 10.5 | % | 10.8 | % | 11.0 | % | ||||||||
| Adjusted pre-tax pre-provision net <br> income | $ | 52,134 | $ | 59,829 | $ | 53,762 | $ | 52,369 | $ | 51,180 | ||||||||
| Adjusted pre-tax pre-provision return<br> on average assets | 1.60 | % | 1.80 | % | 1.68 | % | 1.70 | % | 1.63 | % | FB Financial Corporation | 20 | ||||||
| --- | --- |
a1q25fbkearningspresenta
April 15, 2025 2025 First Quarter Earnings Presentation
1 Forward–looking statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets and statements regarding the proposed merger of Southern States Bancshares, Inc. (“Southern States”) with the Company (the “Proposed Merger”) and expectations with regard to the benefits of the Proposed Merger. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management’s current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply- demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) risks associated with the Proposed Merger, including (a) the risk that the cost savings and any revenue synergies from the Proposed Merger is less than or different from expectations, (b) disruption from the Proposed Merger with customer, supplier, or employee relationships, (c) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and Plan of Merger by and between the Company and Southern States, (d) the failure to obtain necessary regulatory approvals for the Proposed Merger, (e) the failure to obtain the approval of the Company’s and Southern States’ shareholders in connection with the Proposed Merger, (f) the possibility that the costs, fees, expenses and charges related to the Proposed Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (g) the failure of the conditions to the Proposed Merger to be satisfied, (h) the risks related to the integration of the combined businesses, including the risk that the integration will be materially delayed or will be more costly or difficult than expected, (i) the diversion of management time on merger-related issues, (j) the ability of the Company to effectively manage the larger and more complex operations of the combined company following the Proposed Merger, (k) the risks associated with the Company’s pursuit of future acquisitions, (l) the risk of expansion into new geographic or product markets, (m) reputational risk and the reaction of the parties’ customers to the Proposed Merger, (n) the Company’s ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, (o) the risk of potential litigation or regulatory action related to the Proposed Merger, and (p) general competitive, economic, political, and market conditions, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, other potential future acquisitions, (8) the Company’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (9) the Company’s ability to successfully execute its various business strategies, (10) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (11) the effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data- corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (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, (13) the impact, extent and timing of technological changes, (14) concentrations of credit or deposit exposure, (15) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (16) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (17) 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, 2024, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Presentation, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.
2 Use of non-GAAP financial measures This Presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles. Additionally, the Company presents adjusted risk-weighted assets, adjusted common equity tier 1 capital and adjusted total risk-based capital to show the impact if all available-for-sale securities were sold. Adjusted risk-weighted assets excludes the book value and net unrealized loss of the available-for-sale securities portfolio. Adjusted common equity tier 1 and adjusted total risk-based capital includes the portion of accumulated other comprehensive income related to available-for-sale securities that the Company has elected to remove from the capital calculations in accordance with the capital rules. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non- GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non- GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. Also, since investors may assess the Company’s capital adequacy with the impact of the net unrealized losses on available-for-sale securities, the Company believes that it is useful to provide investors the ability to assess the Company’s capital adequacy as if all available-for-sale securities were sold. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Presentation for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.
3 1Q 2025 Results 1 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Reported Adjusted1 Diluted earnings per common share $0.84 $0.85 Pre-Tax Pre-Provision Net Revenue ($mm) $51.1 $52.1 Net interest margin (tax-equivalent basis) 3.55% 3.55% Efficiency Ratio 60.9% 59.9% Return on average assets 1.21% 1.23% Return on average tangible common equity1 11.9% 12.3% Key highlights Earnings • 1Q25 net income of $39.4 million and $40.1 million on an adjusted basis1 • ROAA of 1.21% and adjusted ROAA1 of 1.23% • Net interest margin (“NIM”) expansion of 5 basis points to 3.55% Balance Sheet • 7.14% annualized growth in Loans HFI or $169 million • Growth in core deposits amidst managed runoff of higher cost deposits • Margin improvement driven by improved cost of funds, compared to lower yields on earning assets Credit • ACL coverage ratio of 1.54% • Annualized net charge-offs of 0.14% in the quarter • NPA/Assets ratio down 9 basis points to 0.84% Capital • Capital position remains strong – • Tangible Common Equity to Tangible Assets1 10.5% • CET 1 Ratio 12.8% & Total Risk-Based Capital 15.2% (preliminary) • C&D and CRE concentration ratios within target ranges M&A • On March 31, 2025 the Company announced its merger with Southern States Bancshares Inc. (“Southern States”) (NYSE: SSBK)
4 1Q 2025 Earnings Quarter ended $ Change from $ in thousands, except per share data 1Q25 4Q24 1Q24 4Q24 1Q24 Total Revenue 130,673 130,378 107,452 295 23,221 Provision for credit losses 2,292 7,084 782 (4,792) 1,510 Noninterest Expense 79,549 73,174 72,420 6,375 7,129 Pre-tax income 48,832 50,120 34,250 (1,288) 14,582 Income tax expense 9,471 12,226 6,300 (2,755) 3,171 Noncontrolling Interest 0 8 0 (8) 0 Net income 39,361 37,886 27,950 1,475 11,411 Selected items impact1 747 1,949 11,940 (1,202) (11,193) Adjusted net income2 40,108 39,835 39,890 273 218 Diluted earnings per share $ 0.84 $ 0.81 $ 0.59 $ 0.03 $ 0.25 Adjusted Diluted earnings per share2 $ 0.85 $ 0.85 $ 0.85 $ 0.00 $ 0.00 • Strong revenue in 1Q25 considering the short quarter and improved revenue versus the prior quarter • 1Q25 credit costs impacted by one notable charge-off during the quarter • Expenses higher in 1Q25 driven by higher performance-based incentives, seasonal HR related expenses, and a non-recurring 4Q24 franchise tax benefit Selected Items Impact1 1Q25 Income before income taxes 48,832 Less gain from securities, net 16 Less (loss) from sales or write-downs of premises and equipment, other real estate owned and other assets, net (625) Plus merger and integration costs 401 Income tax expense, adjusted for items above 9,734 Adjusted Net Income2 40,108 Net Income 39,361 Selected items impact1 747 1 Non-GAAP financial measure; Represents the aggregate total of items that comprise the difference between Net Income and Adjusted Net Income. See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
5 Driving shareholder value ¹ Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 1Q25 calculation is preliminary and subject to change. $2.64 $2.57 $2.48 $0.84 $2.92 $3.01 $3.40 $0.85 2022 2023 2024 YTD 2025 Earnings per share Adjusted earnings per share Earnings per Share $12 $12 $15 $17 $19 $22 $25 $23 $26 $28 $29 $14 $14 $20 $22 $25 $27 $30 $28 $31 $34 $34 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 TBVPS BVPS 15.0% 15.1% 15.1% 15.2% 15.2% 1Q24 2Q24 3Q24 4Q24 1Q25 0.73% 0.79% 0.96% 0.87% 0.79% 1Q24 2Q24 3Q24 4Q24 1Q25 $51.2 $52.4 $53.8 $59.8 $52.1 1Q24 2Q24 3Q24 4Q24 1Q25 Book Value per Share Total RBC Ratio2 NPLs / Total Loans HFIAdjusted ROATCE1Adjusted PPNR1 (in millions) 1 1 $1,229 $1,251 $1,313 $1,319 $1,354 13.5% 13.1% 12.7% 12.2% 12.3% 1Q24 2Q24 3Q24 4Q24 1Q25 Tangible Common Equity Adj ROATCE11
6 Net Interest Margin $100.2 $103.3 $106.6 $109.0 $108.4 3.42% 3.57% 3.55% 3.50% 3.55% 1Q24 2Q24 3Q24 4Q24 1Q25 FTE NII / NIM Trend ($ in millions) Net Interest Income (NII) Net Interest Margin (NIM) Highlights Net Interest Income Rollforward ($ in thousands) 4Q24 Net Interest Income $ 109,004 Impact of loan rate changes (2,507) Impact of loan volume changes 1,888 Impact of deposit rate changes 4,976 Impact of deposit volume changes (545) Day count (2,066) Impact of change in cash & other (2,423) 1Q25 Net Interest Income $ 108,427 • Net Interest Income (NII) impacted by – two fewer days in the quarter, lower yields on earning assets, and lower cash balances • Partially offset by deposit cost management and higher loan balances • Timing of 1Q25 loan growth was towards the back half of the quarter
7 Noninterest Income & Expense • Noninterest income relatively flat QoQ on a reported and adjusted basis1 – • Mortgage banking was up $1.8MM or ~17% QoQ, driven by higher lock volumes in 1Q25 • Lower swap fees and other fee-based revenue in the shorter quarter • 4Q24 Noninterest income includes ~$2.3MM in non-recurring fixed asset write downs • Noninterest expense up ~$6MM QoQ – • ~$3.4MM due to higher performance- based incentives and seasonal HR related compensation expenses • ~$2.6MM one-time franchise tax benefit in 4Q24 $72.4 $73.2 $79.6 67.4% 56.1% 60.9% 1Q24 4Q24 1Q25 Noninterest Expense ($ millions) Non-interest Expense Efficiency Ratio $71.9 $72.7 $79.1 58.1% 54.6% 59.9% 1Q24 4Q24 1Q25 Core Noninterest Expense ($ millions) Core Non-interest Expense Core Efficiency Ratio $8.0 $22.0 $23.0 $23.6 $24.2 $23.6 1Q24 4Q24 1Q25 Noninterest Income ($ millions) Non-Interest Income Core Non-Interest Income Highlights 1 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 1 1 1
8 Loans HFI $9.29 $9.31 $9.48 $9.60 $9.77 6.64% 6.70% 6.70% 6.51% 6.41% 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 Loans HFI / Total Yield ($ billions) Loans HFI Total Loan HFI Yield 1-4 family 17% 1-4 family HELOC 6% Multifamily 7% C&D 10% CRE 22% C&I 32% Other 6% Portfolio Mix $9.8 Billion • Continued focus on organic growth through quality relationships in markets across our footprint • Loans HFI ending balances grew $169MM or 7.14% on an annualized basis – • Net increases of $92MM C&I, $68MM Consumer and other, $55MM CRE Non-OO, and $22MM Residential real estate • $65MM decrease in Construction loans through continued management of concentration ratios 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. 1 2
9 Residential Development 42% Commercial 29% Consumer 17% Multifamily 12% Construction 32% Land 7% Lots 3% Office 17% Retail 22% Hotel 15% Warehouse/Industrial 16% Land-Manufactured Housing 5% Self Storage 6% Healthcare Facility 4% Assisted Living Facility 7% Other 8% Diversified loan portfolio CRE2 exposure by type Note: Data as of March 31, 20251 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&D exposure by type C&I1 Exposure by Industry ($ millions) Industry C&I CRE-OO Total % of Total Real estate rental and leasing $ 278 $240 $518 17% Finance and insurance 284 17 301 10% Manufacturing 174 117 291 9% Other services (except public administration) 75 199 274 9% Retail trade 87 174 261 8% Wholesale trade 119 78 197 6% Health care and social assistance 59 121 180 6% Construction 108 68 176 5% Professional, scientific and technical services 127 37 164 5% Accommodation and food services 56 107 163 5% Transportation and warehousing 85 63 148 5% Information 115 13 128 4% Administrative, support, waste management & remediation services 69 14 83 3% Educational services 40 19 59 2% Other 107 89 196 6% Total $1,783 $1,356 $3,139 100% Land 22% Retail 2% Other 5% Construction 13% Land 4%
10 Nashville 54% Memphis 10% Knoxville 3% Huntsville 5% Birmingham 11% Chattanooga 2% Other 6% Communities 9% Class A 28% Class B 38% Class C 11% Under $2 Million 23% Office exposure • Office loans as of 1Q25 – • Represent ~4% of total Loans HFI population • ~98% of portfolio is pass rated and current • ~26% of portfolio matures by year-end 2026 • 50% fixed rate & 50% floating rate • Continuous monitoring of office loans greater than $2 million shows minimal concerns • Projects generally characterized by 25-30% cash equity requirement, loan to value maximums of 70%-75% at origination, and requests for guarantors Geographic exposure Note: Data as of March 31, 2025. Data is only non-owner occupied CRE & C&D loans. Data excludes medical office buildings. Credit detail by class Class Outstanding Avg. Balance Wtd. Avg. LTV Wtd. Avg Occupancy Class A > $2 million $107.7 $9.0 54.4% 92.7% Class B > $2 million 144.1 6.3 63.2% 81.0% Class C > $2 million 42.7 4.7 64.1% 78.2% Total > $2 million $294.5 $6.7 60.1% 84.9% Total < $2 million 87.6 0.1 N/A N/A Total Office $382.1 $1.9 N/A N/A Exposure by class
11 Valuable deposit base Cost of deposits 20.8% 20.9% 20.3% 18.9% 19.3% 2.76% 2.77% 2.83% 2.70% 2.54% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 1Q24 2Q24 3Q24 4Q24 1Q25 Noninterest-bearing as % of total deposits Cost of total deposits (%) $4,866 $4,675 $4,676 $4,853 $4,869 $4,085 $4,271 $4,887 $4,802 $4,696 $1,554 $1,522 $1,413 $1,555 $1,638 $10,505 $10,468 $10,976 $11,210 $11,203 1Q24 2Q24 3Q24 4Q24 1Q25 Consumer Commercial Public Deposits by customer segment ($mm) • Granular deposit base and strong markets create a valuable and solid funding base • Increase in noninterest-bearing deposits driven by a seasonal increase in mortgage escrow deposits • Improved cost of deposits due to active management of brokered and higher cost non- relationship deposit portfolios Highlights Noninterest -bearing checking 19% Interest- bearing checking 25% Money market 37% Savings 3% Time 16% 44% Checking accounts 1Q25 Deposit composition
12 Asset Quality Metrics 0.58% 0.63% 0.76% 0.69% 0.63% 0.17% 0.18% 0.23% 0.24% 0.21% 0.75% 0.81% 0.99% 0.93% 0.84% 1Q24 2Q24 3Q24 4Q24 1Q25 Nonperforming Assets / Assets Other NPAs Optional GNMA repurchase • 1Q25 ACL coverage ratio of 1.54% • Recent charge-off activity due to credit specific situations, not thematic across the portfolio • Loan growth in the quarter drove offsetting reserve build • Nonperforming asset levels continue declining and ratios improving $152 $155 $156 $152 $151 1.63% 1.67% 1.65% 1.58% 1.54% 1Q24 2Q24 3Q24 4Q24 1Q25 Allowance for Credit Losses & Coverage Ratio ($ millions) ACL ACL Coverage Ratio $782 $2,224 $1,914 $7,084 $2,292 0.02% 0.02% 0.03% 0.47% 0.14% 1Q24 2Q24 3Q24 4Q24 1Q25 Provision for Credit Losses & Net Charge Offs ($ thousands) Provision for Credit Losses NCO Ratio (ann.) 1 1 Includes other real estate owned and repossessed assets–see page 11 of the First Quarter 2025 Financial Supplement. Highlights
13 1.63% 1.07% 1.20% 0.87% 2.94% 1.46% 1.66% 1.81% 4.05% 1.58% 0.99% 1.22% 0.88% 2.91% 1.61% 1.57% 1.82% 3.90% 1.54% 0.87% 1.31% 0.89% 2.51% 1.76% 1.60% 1.82% 3.59% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 1Q24 4Q24 1Q25 Allowance Modeling & Reserve Allocation ACL on loans HFI / Loans HFI by category Allowance for Credit Losses (ACL) model utilizes Moody’s model1 with key economic data summarized below: 1 Source: Moody’s “March 2025 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”. For the quarter ended For the year ended 2Q25 3Q25 2025 2026 2027 2028 GDP(bcw$) $23,781.80 $23,879.20 $23,972.90 $24,381.70 $24,699.10 $25,241.80 Annualized % Change 1.8% 1.6% 1.6% 1.9% 2.0% 2.2% Total Employment (millions) 159.4 159.7 159.8 160.4 160.7 161.2 Unemployment Rate 4.1% 4.1% 4.1% 4.2% 4.2% 4.1% CRE Price Index 307.2 307.3 307.2 317.6 337.0 354.2 NCREIF Property Index: Rate of Return 1.1% 1.1% 1.1% 1.3% 1.6% 1.9%
14 Capital & Liquidity Simple Capital Structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,740mm 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 1Q25 calculation is preliminary and subject to change. 3 Includes capacity from internal policy and does not include loans held at the REIT that could be pledged for additional capacity. Capital & Liquidity: • Balance sheet structure provides multiple options to increase returns • Executed ~$10MM in share buy backs during the quarter • Securities portfolio makes up 12% of total assets and does not include any HTM securities • 1Q25 available sources of liquidity – • $1.5 billion On-balance sheet • $7.0 billion Total other sources3 On-balance sheet liquidity ($mm) $1,385 $1,414 $1,462 $1,644 $1,498 11.3% 11.5% 11.5% 12.7% 11.6% 1Q24 2Q24 3Q24 4Q24 1Q25 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Capital Position 1Q24 4Q24 1Q25 Shareholder’s Equity/Assets 11.8% 11.9% 12.2% TCE/TA1 9.99% 10.2% 10.5% Common Equity Tier 12 12.6% 12.8% 12.8% Tier 1 Risk-Based2 12.8% 13.1% 13.1% Total Risk-Based2 15.0% 15.2% 15.2% AOCI Adjusted Ratios:1,2 Adj. Common Equity Tier 1 12.1% Adjusted Total Risk-Based 14.5% 1
15 Mortgage performance in 1Q 2025 • Mortgage segment pre-tax net contribution of $1.5 million in 1Q25 • Mortgage segment profitability has stabilized delivering positive pre-tax net contribution over the last 5 quarters • Increased 1Q25 revenue driven by higher mortgage production amidst lower rates during the first quarter 2.65% 2.84% 2.84% 2.71% 2.51% 1Q24 2Q24 3Q24 4Q24 1Q25 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin $320 $336 $314 $258 $329 $57 $49 $67 $58 $53 $377 $385 $381 $316 $382 1Q24 2Q24 3Q24 4Q24 1Q25 Purchase Refinance Highlights Mortgage Banking Segment ($ thousands) 1Q24 4Q24 1Q25 Total Revenue $ 13,784 $ 12,274 $ 14,254 (Reversals of) provisions for loan losses (56) (49) 103 Noninterest expense 12,225 12,131 12,640 Pre-tax net contribution after allocations 1,615 192 1,511 Total Assets 568,416 603,047 646,352 Efficiency Ratio 88.7% 98.8% 88.7% Core Efficiency Ratio1 89.1% 98.8% 87.9% 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
16 FBK & SSBK Combination Status Deal announced on March 31, 2025 Integration office has been established Teams from both institutions beginning to collaborate Workstreams established & timelines being formed Strategically Compelling • Furthers FB Financial’s expansion strategy into high value contiguous markets • Creates one of the highest performing banking franchises in the Southeast’s best markets • Combines two well-operated banks with strong cultural and business model alignment Financially Attractive • Compelling earnings accretion – low double-digit accretion with fully realized cost savings • Top quartile profitability amongst peers • Manageable tangible book value dilution, earned back in under two years • Strong pro forma capital ratios with loan concentrations well below industry guidelines Positioned for Future Success • Southern States’ conservative underwriting and strong historical asset quality mitigate risk • Thorough due diligence process • Powerful combination for shareholders, employees, customers, and communities Pro Forma Footprint
17 Appendix
18 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share
19 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share
20 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue
21 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue
22 GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income
23 GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income
24 GAAP reconciliations and use of non-GAAP financial measures Adjusted total risk-based capital
25 GAAP reconciliations and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis)
26 GAAP reconciliations and use of non-GAAP financial measures Banking segment core efficiency ratio (tax-equivalent basis)
27 GAAP reconciliations and use of non-GAAP financial measures Mortgage segment core efficiency ratio (tax-equivalent basis)
28 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures
29 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures
30 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures
31 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures
32 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets, common equity and related measures
33 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets, common equity and related measures