fbk-20220118

FB Financial Corporation Reports Annual and Fourth Quarter 2021 Results

Reports Q4 diluted EPS of $1.02, ROAA of 1.60%, and annualized Loan Growth (HFI) of 16.9%

NASHVILLE, TENNESSEE—January 18, 2022-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $48.8 million, or $1.02 per diluted common share, compared to $0.95 per diluted common share in the same quarter last year and $0.94 in the previous quarter. Adjusted net income was $42.6 million, or $0.89 per diluted common share, compared to $1.14 per diluted common share in the same quarter last year and $0.89 in the previous quarter. The Company's return on average assets for the fourth quarter was 1.60% (1.40% adjusted), return on average common equity was 13.7% (12.0% adjusted) and return on tangible common equity was 16.8% (14.7% adjusted). The Company recorded growth in loans held for investment ("HFI") of $310.0 million in the fourth quarter, or 16.9% annualized. Excluding Paycheck Protection Program ("PPP") loans, the Company recorded HFI loan growth of $315.4 million, or 17.2% annualized.

For the year ended December 31, 2021, the Company reported net income of $190.3 million, or $3.97 per diluted common share, compared to $63.6 million, or $1.67 per diluted common share, for the year ended December 31, 2020. Adjusting for non-operating items, diluted EPS was $3.78 and $3.73 for the years ended December 31, 2021 and 2020, respectively. The Company’s book value per common share at quarter-end was $30.13 and the tangible book value ("TBV") per common share was $24.67.

President and Chief Executive Officer, Christopher T. Holmes stated, “We are pleased with our fourth quarter and full year results. Adjusted loan growth (HFI) of 17% for the quarter and over 10% for the year are both outstanding achievements. I am also proud of our team for their results in 2021 in deposit gathering, credit management and mortgage production, as we grew noninterest bearing deposits over 20%, we experienced net charge-offs of only 8 basis points and we delivered a mortgage contribution of $26.5 million. Our tangible book value, another core metric for us, ended the year at $24.67, which represents an annualized compounded growth rate of 15.5% since becoming a publicly traded company in September of 2016.”


	2021						2020			Annualized
(dollars in thousands, except per share data)	Fourth Quarter			Third Quarter			Fourth Quarter				4Q21 / 3Q21 % Change		4Q21 / 4Q20 % Change
Balance Sheet Highlights
Investment securities	$	1,681,892		$	1,577,337		$	1,176,991			26.3	%	42.9	%
Mortgage loans held for sale, at fair value	672,924			755,210			683,770				(43.2)	%	(1.59)	%
Commercial loans held for sale, at fair value	79,299			100,496			215,403				(83.7)	%	(63.2)	%
Loans held for investment (HFI)	7,604,662			7,294,674			7,082,959				16.9	%	7.37	%
Adjusted loans held for investment*	7,600,672			7,285,259			6,870,314				17.2	%	10.6	%
Allowance for credit losses	125,559			139,446			170,389				(39.5)	%	(26.3)	%
Total assets	12,597,686			11,810,290			11,207,330				26.5	%	12.4	%
Customer deposits	10,809,410			10,043,901			9,396,478				30.2	%	15.0	%
Brokered and internet time deposits	27,487			28,017			61,559				(7.51)	%	(55.3)	%
Total deposits	10,836,897			10,071,918			9,458,037				30.1	%	14.6	%
Borrowings	171,778			172,710			238,324				(2.14)	%	(27.9)	%
Total common shareholders' equity	1,432,602			1,400,913			1,291,289				8.97	%	10.9	%
Book value per share	$	30.13		$	29.36		$	27.35			10.4	%	10.2	%
Total common shareholders' equity to total assets	11.4		%	11.9		%	11.5		%
Tangible book value per common share*	$	24.67		$	23.90		$	21.73			12.8	%	13.5	%
Tangible common equity to tangible assets*	9.51		%	9.87		%	9.38		%
* Certain measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in this Earnings Release dated January 18, 2022.

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FB Financial Corporation

Fourth Quarter 2021 Results

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	2021						2020
(dollars in thousands, except share data)	Fourth Quarter			Third Quarter			Fourth Quarter
Results of operations
Net interest income	$	89,755		$	88,476		$	85,244
NIM	3.19		%	3.20		%	3.32		%
Provisions for credit losses	$	(10,769)		$	(2,531)		$	(2,920)

Net charge-off ratio	0.12		%	0.13		%	0.58		%
Noninterest income	$	53,219		$	59,006		$	80,638
Mortgage banking income	$	31,350		$	45,384		$	65,729
Total revenue	$	142,974		$	147,482		$	165,882
Noninterest expense	$	90,902		$	95,007		$	109,855
Merger expenses	$	—		$	—		$	9,513
Efficiency ratio	63.6		%	64.4		%	66.2		%
Core efficiency ratio*	67.0		%	64.7		%	58.5		%

Adjusted pre-tax, pre-provision earnings*	$	43,573		$	51,240		$	67,988
Total adjusted mortgage banking pre-tax net contribution*	$	710		$	8,853		$	22,882
Net income applicable to FB Financial Corporation(1)	$	48,827		$	45,290		$	45,602
Diluted earnings per common share	$	1.02		$	0.94		$	0.95
Effective tax rate	22.3		%	17.7		%	22.6		%
Adjusted net income*	$	42,551		$	42,699		$	54,454
Adjusted diluted earnings per common share*	$	0.89		$	0.89		$	1.14


Weighted average number of shares outstanding - fully diluted	47,896,715			48,007,147			47,791,659
Actual shares outstanding - period end	47,549,241			47,707,634			47,220,743
Returns on average:

Assets ("ROAA")	1.60		%	1.51		%	1.63		%

Equity ("ROAE")	13.7		%	12.9		%	14.4		%
Tangible common equity ("ROATCE")*	16.8		%	15.9		%	18.2		%





* Certain measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in this Earnings Release dated January 18, 2022.
(1) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the fourth quarters of 2021 and 2020.

Balance Sheet and Net Interest Margin

The Company reported loan balances (HFI) of $7.60 billion, an increase of $310.0 million, or 16.9% annualized, from September 30, 2021. Excluding PPP loans, adjusted loans (HFI) increased $315.4 million, or 17.2% annualized, on a linked quarter basis. The contractual yield on loans decreased to 4.17% in the fourth quarter of 2021 from 4.23% in the third quarter of 2021.

The Company's net interest income on a tax-equivalent basis for the fourth quarter of 2021 was $90.5 million, an increase from $89.2 million in the previous quarter. The Company's net interest margin (“NIM”) was 3.19% for the fourth quarter, compared to 3.20% for the third quarter of 2021. The NIM for the fourth quarter of 2021 was impacted by a 4 basis point decline in the yield on interest-earning assets, offset by a 4 basis point decline in the cost of interest-bearing liabilities on a linked quarter basis. During the quarter, on balance sheet liquidity increased to $2.22 billion, or 18.0% of tangible assets, from $1.75 billion, or 15.1% of tangible assets as of September 30, 2021. As of December 31, 2021, our PPP loan balance decreased to $4.0 million from $9.4 million at September 30, 2021.

During the fourth quarter of 2021, total deposits increased by $765.0 million to $10.84 billion on a linked quarter basis, primarily related to seasonal inflows of public funds. Noninterest bearing deposits increased by $130.6 million, or 19.9% annualized, during the fourth quarter. Excluding mortgage-escrow related deposits, noninterest bearing deposits increased by $193.7 million during the fourth quarter, or 31.8% annualized. The Company's total cost of deposits declined by 4 basis points to 0.22% and the cost of interest-bearing deposits decreased to 0.30% from 0.34% in the previous quarter.

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FB Financial Corporation

Fourth Quarter 2021 Results

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Noninterest Income

Noninterest income was $53.2 million for the fourth quarter of 2021, compared to $59.0 million for the third quarter of 2021 and $80.6 million for the fourth quarter of 2020. Mortgage banking income decreased to $31.4 million in the fourth quarter of 2021, compared to $45.4 million for the third quarter of 2021 and $65.7 million for the fourth quarter of 2020.

Noninterest income increased from a $9.4 million realized gain from two relationships in our commercial loans held for sale portfolio that were resolved during the fourth quarter. The remaining portfolio also had $0.5 million of positive fair value changes compared to the previous quarter. The $9.9 million gain on the commercial loans held for sale portfolio compares to a gain of $0.7 million in the third quarter of 2021.

The Company's total mortgage banking pre-tax net contribution for the fourth quarter of 2021 was $0.7 million, compared to $8.9 million for the third quarter of 2021 and $22.2 million for the fourth quarter of 2020. Interest rate lock commitment volume totaled $1.48 billion in the fourth quarter of 2021 compared to $2.01 billion in the third quarter of 2021 and $2.19 billion in the fourth quarter of 2020.

Chief Financial Officer, Michael Mettee noted, “Our mortgage business had a good year with a pre-tax net contribution of $26.5 million. As anticipated the fourth quarter contribution was down due to seasonality in our purchase business, less refinance volume and lower margins." Mettee continued, “We continue to liquidate the commercial loans held for sale portfolio primarily through pay downs and payoffs, with favorable results. We have been confident in our understanding and management of the portfolio since our merger and continue to have confidence in the valuation of the remaining $79.3 million."

Expense Management

Noninterest expenses were $90.9 million for the fourth quarter of 2021, compared to $95.0 million for the third quarter of 2021 and $109.9 million for the fourth quarter of 2020. Core noninterest expense was $89.5 million for the fourth quarter of 2021, $95.0 million for the third quarter of 2021, and $95.8 million for the fourth quarter of 2020.

During the fourth quarter of 2021, the Company's core efficiency ratio was 67.0%, compared to 64.7% in the third quarter of 2021 and 58.5% for the fourth quarter of 2020. The Banking segment core efficiency ratio was 57.5% versus the previous quarter of 57.9% while the Mortgage segment core efficiency ratio increased to 97.8% for the fourth quarter of 2021 from 80.0% in the previous quarter.

Mettee noted, “The increase in our efficiency ratio was driven by expected seasonality in mortgage revenue. Core expenses in the Banking segment met expectations and total noninterest expenses were slightly elevated due to two charitable contributions totaling $1.4 million that are not run rate expenses but are important investments in the communities we serve.”

Credit Quality

The Company recorded a total net reversal in provisions for credit losses of $10.8 million in the fourth quarter of 2021, including an increase in provision for credit losses on unfunded commitments of $0.9 million. The Company continues to maintain a fortified balance sheet with an allowance for credit losses ("ACL") of $125.6 million as of December 31, 2021, representing 1.65% of loans HFI.

The Company's net charge-offs to average loans was 0.12% for the fourth quarter of 2021 compared to net charge-offs to average loans of 0.13% in the third quarter of 2021. The Company's nonperforming assets as a percentage of total assets remained constant at 0.50% as of December 31, 2021 and September 30, 2021. Nonperforming loans were 0.62% of loans HFI at December 31, 2021, compared to 0.59% at September 30, 2021. There were no deferrals resulting from the COVID-19 pandemic outstanding as of December 31, 2021, compared to $18.0 million outstanding at the end of the third quarter 2021.

Summary

Holmes summarized, "The Company has continued to deliver strong results and capitalize on the economic strength of our markets. As we close the books on a successful 2021, we look ahead into 2022, excited about the opportunities in front of us."

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results today, January 18, 2022, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-888-317-6003 (confirmation code 7100213) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call on January 18, 2022, through January 25, 2022, by dialing 1-877-344-7529, confirmation code 5998304.

A live online broadcast of the Company’s quarterly conference call will be available online at https://services.choruscall.com/mediaframe/webcast.html?webcastid=0upLTSIz. The online replay will be available approximately an hour following the conclusion of the live broadcast.

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FB Financial Corporation

Fourth Quarter 2021 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, the third largest Tennessee-headquartered community bank, with 82 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $12.6 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

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

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Supplemental Financial Information and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Supplemental Financial Information and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on January 18, 2022.

BUSINESS SEGMENT RESULTS

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

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) the ongoing effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and the emergence of new variants, and its impact on general economic and financial market conditions and on the Company’s business and the Company’s customers' business, results of operations, asset quality and financial condition, (3) ongoing public response to the vaccines that were developed against the virus as well as the decisions of governmental agencies with respect to vaccines, including recommendations related to booster shots and requirements that seek to mandate that individuals receive or employers require that their employees receive the vaccine, (4) those vaccines' efficacy against the virus, including new variants, (5) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (6) the Company’s ability to effectively manage problem credits, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) difficulties and delays in integrating acquired businesses or fully realizing costs savings, revenue synergies and other benefits from future and prior acquisitions, (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 potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (12) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted

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FB Financial Corporation

Fourth Quarter 2021 Results

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intrusions, (13) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the company.

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

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, adjusted mortgage pre-tax net contribution, adjusted mortgage pre-tax pre-provision net contribution, adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted (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, adjusted return on average tangible common equity, and adjusted pre-tax pre-provision return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

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

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FB Financial Corporation

Fourth Quarter 2021 Results

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Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2021						2020
	Fourth Quarter			Third Quarter			Fourth Quarter
Statement of Income Data
Total interest income	$	97,219		$	96,665		$	98,236
Total interest expense	7,464			8,189			12,992
Net interest income	89,755			88,476			85,244
Total noninterest income	53,219			59,006			80,638
Total noninterest expense	90,902			95,007			109,855
Earnings before income taxes and provisions for credit losses	52,072			52,475			56,027
Provisions for credit losses	(10,769)			(2,531)			(2,920)
Income tax expense	14,006			9,716			13,337
Net income applicable to noncontrolling interest	8			—			8
Net income applicable to FB Financial Corporation(c)	$	48,827		$	45,290		$	45,602
Net interest income (tax-equivalent basis)	$	90,537		$	89,230		$	86,111
Adjusted net income*	$	42,551		$	42,699		$	54,454
Adjusted pre-tax, pre-provision earnings*	$	43,573		$	51,240		$	67,988
Per Common Share
Diluted net income	$	1.02		$	0.94		$	0.95
Adjusted diluted net income*	0.89			0.89			1.14

Book value	30.13			29.36			27.35
Tangible book value*	24.67			23.90			21.73
Weighted average number of shares outstanding - fully diluted	47,896,715			48,007,147			47,791,659
Period-end number of shares	47,549,241			47,707,634			47,220,743
Selected Balance Sheet Data
Cash and cash equivalents	$	1,797,740		$	1,324,564		$	1,317,898
Loans held for investment (HFI)	7,604,662			7,294,674			7,082,959
Allowance for credit losses(a)	(125,559)			(139,446)			(170,389)
Mortgage loans held for sale, at fair value	672,924			755,210			683,770
Commercial loans held for sale, at fair value	79,299			100,496			215,403
Investment securities, at fair value	1,681,892			1,577,337			1,176,991
Other real estate owned, net	9,777			10,015			12,111
Total assets	12,597,686			11,810,290			11,207,330
Customer deposits	10,809,410			10,043,901			9,396,478
Brokered and internet time deposits	27,487			28,017			61,559
Total deposits	10,836,897			10,071,918			9,458,037
Borrowings	171,778			172,710			238,324
Total common shareholders' equity	1,432,602			1,400,913			1,291,289
Selected Ratios
Return on average:
Assets	1.60		%	1.51		%	1.63		%
Shareholders' equity	13.7		%	12.9		%	14.4		%
Tangible common equity*	16.8		%	15.9		%	18.2		%
Average shareholders' equity to average assets	11.7		%	11.7		%	11.3		%
Net interest margin (NIM) (tax-equivalent basis)	3.19		%	3.20		%	3.32		%
Efficiency ratio (GAAP)	63.6		%	64.4		%	66.2		%
Core efficiency ratio (tax-equivalent basis)*	67.0		%	64.7		%	58.5		%
Loans HFI to deposit ratio	70.2		%	72.4		%	74.9		%
Total loans to deposit ratio	77.1		%	80.9		%	84.4		%
Yield on interest-earning assets	3.45		%	3.49		%	3.82		%
Cost of interest-bearing liabilities	0.38		%	0.42		%	0.73		%
Cost of total deposits	0.22		%	0.26		%	0.46		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(a)	1.65		%	1.91		%	2.41		%
Adjusted allowance for credit losses as a percentage of loans HFI*(a)	1.65		%	1.91		%	2.48		%
Net charge-offs as a percentage of average loans HFI	0.12		%	0.13		%	0.58		%
Nonperforming loans HFI as a percentage of total loans HFI	0.62		%	0.59		%	0.91		%
Nonperforming assets as a percentage of total assets	0.50		%	0.50		%	0.75		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.4		%	11.9		%	11.5		%
Tangible common equity to tangible assets*	9.51		%	9.87		%	9.38		%
Tier 1 capital (to average assets)	10.5		%	10.4		%	10.0		%
Tier 1 capital (to risk-weighted assets)(b)	12.6		%	12.7		%	12.0		%
Total capital (to risk-weighted assets)(b)	14.4		%	14.6		%	15.0		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(b)	12.3		%	12.4		%	11.7		%

(a) Excludes reserve for credit losses on unfunded commitments of $14,380, $13,503, and $16,378 recorded in accrued expenses and other liabilities at December 31, 2021, September 30, 2021, and December 31, 2020, respectively.

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

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

*These measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see "GAAP Reconciliation and Use of non-GAAP Financial Measures" and the corresponding non-GAAP reconciliation tables in this Earnings Release dated January 18, 2022.

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FB Financial Corporation

Fourth Quarter 2021 Results

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

	2021				2020
Adjusted net income	Fourth Quarter		Third Quarter		Fourth Quarter
Income before income taxes	$	62,841	$	55,006	$	58,947
Plus merger and conversion expenses	—		—		9,513

Less other non-operating items(1)	8,499		1,235		(2,448)
Adjusted pre-tax net income	54,342		53,771		70,908
Income tax expense, adjusted(2)	11,791		11,072		16,454
Adjusted net income	$	42,551	$	42,699	$	54,454
Weighted average common shares outstanding - fully diluted	47,896,715		48,007,147		47,791,659
Adjusted diluted earnings per common share
Diluted earnings per common share	$	1.02	$	0.94	$	0.95
Plus merger and conversion expenses	—		—		0.20

Less other non-operating items	0.18		0.02		(0.05)
Less tax effect	(0.05)		0.03		0.06
Adjusted diluted earnings per common share	$	0.89	$	0.89	$	1.14

(1) 4Q21 includes $9,921 gain from change in fair value of commercial loans held for sale acquired from Franklin and $1,422 related to certain nonrecurring charitable contributions; 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap cancellation, and a gain of $2,005 from sales other real estate owned; 4Q20 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin.

(2) 3Q21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.



Adjusted net income	2021		2020		2019
Income before income taxes	$	243,051	$	82,461	$	109,539
Plus merger, conversion and offering expenses	605		34,879		7,380
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		66,136		—
Less other non-operating items(1)	11,032		(4,400)		—
Adjusted pre-tax net income	232,624		187,876		116,919
Income tax expense, adjusted(2)	51,553		45,944		27,648
Adjusted net income	$	181,071	$	141,932	$	89,271
Weighted average common shares outstanding - fully diluted	47,955,880		38,099,744		31,402,897
Adjusted diluted earnings per share
Diluted earnings per common share	$	3.97	$	1.67	$	2.65
Plus merger, conversion and offering expenses	0.01		0.92		0.24
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		1.74		—
Less other non-operating items	0.22		(0.11)		—
Less tax effect	(0.02)		0.71		0.06
Adjusted diluted earnings per common share	$	3.78	$	3.73	$	2.83
(1) 2021 includes a $11,172 gain from change in fair value on commercial loans held for sale acquired from Franklin, a loss on swap cancellation of $1,510, a $2,005 gain on other real estate owned, a $787 gain from lease terminations and $1,422 related to certain charitable contributions; 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.
(2) 2021 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.

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FB Financial Corporation

Fourth Quarter 2021 Results

Page 8


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

	2021						2020
Adjusted pre-tax pre-provision earnings	Fourth Quarter			Third Quarter			Fourth Quarter
Income before income taxes	$	62,841		$	55,006		$	58,947
Plus provisions for credit losses	(10,769)			(2,531)			(2,920)
Pre-tax pre-provision earnings	52,072			52,475			56,027
Plus merger and conversion expenses	—			—			9,513
Less other non-operating items	8,499			1,235			(2,448)
Adjusted pre-tax pre-provision earnings	$	43,573		$	51,240		$	67,988

	2021						2020
Core efficiency ratio (tax-equivalent basis)	Fourth Quarter			Third Quarter			Fourth Quarter
Total noninterest expense	$	90,902		$	95,007		$	109,855
Less merger and conversion expenses	—			—			9,513

Less FHLB prepayment penalties	—			—			4,533
Less certain charitable contributions	1,422			—			—
Core noninterest expense	$	89,480		$	95,007		$	95,809
Net interest income (tax-equivalent basis)	$	90,537		$	89,230		$	86,111
Total noninterest income	53,219			59,006			80,638
Less gain on change in fair value on commercial loans held for sale	9,921			740			1,370
Less cash life insurance benefit	—			—			715
Less loss on swap cancellation	—			(1,510)			—
Less gain (loss) on sales or write-downs of other real estate owned and other assets	187			2,182			(57)
Less gain from securities, net	46			51			1,013
Core noninterest income	43,065			57,543			77,597
Core revenue	$	133,602		$	146,773		$	163,708
Efficiency ratio (GAAP)(a)	63.6		%	64.4		%	66.2		%
Core efficiency ratio (tax-equivalent basis)	67.0		%	64.7		%	58.5		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue

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FB Financial Corporation

Fourth Quarter 2021 Results

Page 9


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

During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Prior to 2021, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, 4Q20 historical segment efficiency ratios and mortgage contribution have been recast for consistency with these changes.

	2021						2020
Banking segment core efficiency ratio (tax equivalent)	Fourth Quarter			Third Quarter			Fourth Quarter
Core noninterest expense	$	89,480		$	95,007		$	95,809
Less Mortgage segment noninterest expense	30,798			36,230			42,884
Core Banking segment noninterest expense	$	58,682		$	58,777		$	52,925
Core revenue	$	133,602		$	146,773		$	163,708
Less Core Mortgage segment total revenue	31,489			45,284			65,766
Core Banking segment total revenue	$	102,113		$	101,489		$	97,942
Banking segment core efficiency ratio (tax-equivalent basis)	57.5		%	57.9		%	54.0		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	30,798		$	36,230		$	43,609
Less mortgage segment merger expense	—			—			725


Core Mortgage segment noninterest expense	$	30,798		$	36,230		$	42,884


Mortgage segment total revenue	31,508			45,083			65,766
Less gain (loss) on sales or write-downs of other real estate owned	19			(201)			—
Core Mortgage segment total revenue	$	31,489		$	45,284		$	65,766
Mortgage segment core efficiency ratio (tax-equivalent basis)	97.8		%	80.0		%	65.2		%















	2021						2020
Adjusted Mortgage contribution	Fourth Quarter			Third Quarter			Fourth Quarter





Mortgage pre-tax net contribution	$	710		$	8,853		$	22,157
Plus Mortgage merger expense	—			—			725

Adjusted Mortgage pre-tax net contribution	$	710		$	8,853		$	22,882
Pre-tax pre-provision earnings	52,072			52,475			56,027
% total Mortgage pre-tax pre-provision net contribution	1.36		%	16.9		%	39.5		%
Adjusted pre-tax pre-provision earnings	$	43,573		$	51,240		$	67,988
% total adjusted Mortgage pre-tax pre-provision net contribution	1.63		%	17.3		%	33.7		%

	2021						2020
Tangible assets and equity	Fourth Quarter			Third Quarter			Fourth Quarter
Tangible assets
Total assets	$	12,597,686		$	11,810,290		$	11,207,330
Less goodwill	242,561			242,561			242,561
Less intangibles, net	16,953			18,248			22,426
Tangible assets	$	12,338,172		$	11,549,481		$	10,942,343
Tangible common equity
Total common shareholders' equity	$	1,432,602		$	1,400,913		$	1,291,289
Less goodwill	242,561			242,561			242,561
Less intangibles, net	16,953			18,248			22,426
Tangible common equity	$	1,173,088		$	1,140,104		$	1,026,302
Common shares outstanding	47,549,241			47,707,634			47,220,743
Book value per common share	$	30.13		$	29.36		$	27.35
Tangible book value per common share	$	24.67		$	23.90		$	21.73
Total common shareholders' equity to total assets	11.4		%	11.9		%	11.5		%
Tangible common equity to tangible assets	9.51		%	9.87		%	9.38		%

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FB Financial Corporation

Fourth Quarter 2021 Results

Page 10


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

	2021						2020
Return on average tangible common equity	Fourth Quarter			Third Quarter			Fourth Quarter
Average common shareholders' equity	$	1,411,987		$	1,389,201		$	1,261,101
Less average goodwill	242,561			242,561			242,983
Less average intangibles, net	17,580			18,950			23,178
Average tangible common equity	$	1,151,846		$	1,127,690		$	994,940
Net income	$	48,827		$	45,290		$	45,602
Return on average common equity	13.7		%	12.9		%	14.4		%
Return on average tangible common equity	16.8		%	15.9		%	18.2		%
Adjusted net income	$	42,551		$	42,699		$	54,454
Adjusted return on average tangible common equity	14.7		%	15.0		%	21.8		%
Adjusted pre-tax pre-provision earnings	$	43,573		$	51,240		$	67,988
Adjusted pre-tax pre-provision return on average tangible common equity	15.0		%	18.0		%	27.2		%














	2021						2020
Adjusted return on average assets and equity	Fourth Quarter			Third Quarter			Fourth Quarter
Net income	$	48,827		$	45,290		$	45,602
Average assets	12,085,817			11,915,062			11,111,163
Average equity	1,411,987			1,389,201			1,261,101
Return on average assets	1.60		%	1.51		%	1.63		%
Return on average equity	13.7		%	12.9		%	14.4		%
Adjusted net income	$	42,551		$	42,699		$	54,454
Adjusted return on average assets	1.40		%	1.42		%	1.95		%
Adjusted return on average equity	12.0		%	12.2		%	17.2		%








Adjusted pre-tax pre-provision earnings	$	43,573		$	51,240		$	67,988
Adjusted pre-tax pre-provision return on average assets	1.43		%	1.71		%	2.43		%
Adjusted pre-tax pre-provision return on average equity	12.2		%	14.6		%	21.4		%







	2021						2020
Adjusted allowance for credit losses to loans held for investment	Fourth Quarter			Third Quarter			Fourth Quarter
Allowance for credit losses	$	125,559		$	139,446		$	170,389
Less allowance for credit losses attributed to PPP loans	—			2			34
Adjusted allowance for credit losses	$	125,559		$	139,444		$	170,355
Loans held for investment	$	7,604,662		$	7,294,674		$	7,082,959
Less PPP loans	3,990			9,415			212,645
Adjusted loans held for investment	$	7,600,672		$	7,285,259		$	6,870,314
Allowance for credit losses to loans held for investment	1.65		%	1.91		%	2.41		%
Adjusted allowance for credit losses to loans held for investment	1.65		%	1.91		%	2.48		%

-END-

Fourth Quarter 2021

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance, Average Yield Earned and Average Rate Paid			8



Loans and Deposits by Market			11

Segment Data			12

Loan Portfolio and Asset Quality			13

Preliminary Capital Ratios			15

Investment Portfolio			16

Non-GAAP Reconciliation			17

Use of non-GAAP Financial Measures

This Supplemental Financial Information contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, adjusted mortgage pre-tax net contribution, adjusted mortgage pre-tax pre-provision net contribution, adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted (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, adjusted return on average tangible common equity, and adjusted pre-tax pre-provision return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables in this Supplemental Financial Information dated January 18, 2022, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2021												2020
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Statement of Income Data
Total interest income	$	97,219		$	96,665		$	96,329		$	94,785		$	98,236
Total interest expense	7,464			8,189			9,766			12,209			12,992
Net interest income	89,755			88,476			86,563			82,576			85,244
Total noninterest income	53,219			59,006			49,300			66,730			80,638
Total noninterest expense	90,902			95,007			92,960			94,698			109,855
Earnings before income taxes and provisions for credit losses	52,072			52,475			42,903			54,608			56,027
Provisions for credit losses	(10,769)			(2,531)			(13,839)			(13,854)			(2,920)
Income tax expense	14,006			9,716			13,440			15,588			13,337
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation(c)	$	48,827		$	45,290		$	43,294		$	52,874		$	45,602
Net interest income (tax-equivalent basis)	$	90,537		$	89,230		$	87,321		$	83,368		$	86,111
Adjusted net income*	$	42,551		$	42,699		$	42,317		$	53,505		$	54,454
Adjusted pre-tax, pre-provision earnings*	$	43,573		$	51,240		$	41,357		$	55,461		$	67,988
Per Common Share
Diluted net income	$	1.02		$	0.94		$	0.90		$	1.10		$	0.95
Adjusted diluted net income*	0.89			0.89			0.88			1.12			1.14

Book value	30.13			29.36			28.96			28.08			27.35
Tangible book value*	24.67			23.90			23.43			22.51			21.73
Weighted average number of shares outstanding - fully diluted	47,896,715			48,007,147			47,993,773			47,969,106			47,791,659
Period-end number of shares	47,549,241			47,707,634			47,360,950			47,331,680			47,220,743
Selected Balance Sheet Data
Cash and cash equivalents	$	1,797,740		$	1,324,564		$	1,717,097		$	1,895,133		$	1,317,898
Loans held for investment (HFI)	7,604,662			7,294,674			7,198,954			7,047,342			7,082,959
Allowance for credit losses(a)	(125,559)			(139,446)			(144,663)			(157,954)			(170,389)
Mortgage loans held for sale	672,924			755,210			697,407			834,779			683,770
Commercial loans held for sale	79,299			100,496			124,122			174,983			215,403
Investment securities, at fair value	1,681,892			1,577,337			1,409,175			1,229,845			1,176,991
Other real estate owned, net	9,777			10,015			11,986			11,177			12,111
Total assets	12,597,686			11,810,290			11,918,367			11,935,826			11,207,330
Customer deposits	10,809,410			10,043,901			10,163,056			10,219,173			9,396,478
Brokered and internet time deposits	27,487			28,017			40,900			37,713			61,559
Total deposits	10,836,897			10,071,918			10,203,956			10,256,886			9,458,037
Borrowings	171,778			172,710			183,962			180,179			238,324
Total common shareholders' equity	1,432,602			1,400,913			1,371,721			1,329,103			1,291,289
Selected Ratios
Return on average:
Assets	1.60		%	1.51		%	1.46		%	1.86		%	1.63		%
Shareholders' equity	13.7		%	12.9		%	13.0		%	16.5		%	14.4		%
Tangible common equity*	16.8		%	15.9		%	16.1		%	20.6		%	18.2		%
Average shareholders' equity to average assets	11.7		%	11.7		%	11.3		%	11.3		%	11.3		%
Net interest margin (NIM) (tax-equivalent basis)	3.19		%	3.20		%	3.18		%	3.19		%	3.32		%
Efficiency ratio (GAAP)	63.6		%	64.4		%	68.4		%	63.4		%	66.2		%
Core efficiency ratio (tax-equivalent basis)*	67.0		%	64.7		%	68.9		%	63.0		%	58.5		%
Loans HFI to deposit ratio	70.2		%	72.4		%	70.6		%	68.7		%	74.9		%
Total loans to deposit ratio	77.1		%	80.9		%	78.6		%	78.6		%	84.4		%
Yield on interest-earning assets	3.45		%	3.49		%	3.53		%	3.66		%	3.82		%
Cost of interest-bearing liabilities	0.38		%	0.42		%	0.49		%	0.65		%	0.73		%
Cost of total deposits	0.22		%	0.26		%	0.31		%	0.41		%	0.46		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(a)	1.65		%	1.91		%	2.01		%	2.24		%	2.41		%
Adjusted allowance for credit losses as a percentage of loans HFI*(a)	1.65		%	1.91		%	2.03		%	2.29		%	2.48		%
Net charge-offs as a percentage of average loans HFI	0.12		%	0.13		%	0.02		%	0.05		%	0.58		%
Nonperforming loans HFI as a percentage of total loans HFI	0.62		%	0.59		%	0.83		%	0.94		%	0.91		%
Nonperforming assets as a percentage of total assets	0.50		%	0.50		%	0.66		%	0.77		%	0.75		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.4		%	11.9		%	11.5		%	11.1		%	11.5		%
Tangible common equity to tangible assets*	9.51		%	9.87		%	9.52		%	9.13		%	9.38		%
Tier 1 capital (to average assets)	10.5		%	10.4		%	10.1		%	10.1		%	10.0		%
Tier 1 capital (to risk-weighted assets)(b)	12.6		%	12.7		%	12.7		%	12.3		%	12.0		%
Total capital (to risk-weighted assets)(b)	14.4		%	14.6		%	14.9		%	14.6		%	15.0		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(b)	12.3		%	12.4		%	12.4		%	12.0		%	11.7		%

(a) Excludes reserve for credit losses on unfunded commitments of $14,380, $13,503, $13,202, $14,156, and $16,378 recorded in accrued expenses and other liabilities as of December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

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

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

*These measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see "Use of non-GAAP Financial Measures" and the corresponding financial tables in this Supplemental Financial Information. Investors are encouraged to refer to the discussion and reconciliation of non-GAAP measures included in the Earnings Release and Earnings Release Presentation dated January 18, 2022.


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
													Q4 2021		Q4 2021
													vs.		vs.
	2021								2020		Q3 2021	Q4 2020
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	89,996	$	89,993	$	89,861	$	89,412	$	93,246			—	%	(3.49)	%
Interest on securities
Taxable	4,534		3,989		3,844		2,819		2,306				13.7	%	96.6	%
Tax-exempt	1,885		1,883		1,933		1,956		2,120				0.11	%	(11.1)	%
Other	804		800		691		598		564				0.50	%	42.6	%
Total interest income	97,219		96,665		96,329		94,785		98,236				0.57	%	(1.04)	%
Interest expense:
Deposits	5,848		6,596		7,919		9,826		10,809				(11.3)	%	(45.9)	%
Borrowings	1,616		1,593		1,847		2,383		2,183				1.44	%	(26.0)	%
Total interest expense	7,464		8,189		9,766		12,209		12,992				(8.85)	%	(42.5)	%
Net interest income	89,755		88,476		86,563		82,576		85,244				1.45	%	5.29	%
Provision for credit losses	(11,646)		(2,832)		(12,885)		(11,632)		(3,231)				311.2	%	260.4	%
Provision for credit losses on unfunded commitments	877		301		(954)		(2,222)		311				191.4	%	182.0	%
Net interest income after provisions for credit losses	100,524		91,007		100,402		96,430		88,164				10.5	%	14.0	%
Noninterest income:
Mortgage banking income	31,350		45,384		35,499		55,332		65,729				(30.9)	%	(52.3)	%
Service charges on deposit accounts	2,817		2,612		2,266		2,339		2,577				7.85	%	9.31	%
ATM and interchange fees	5,310		4,868		5,381		4,341		4,262				9.08	%	24.6	%
Investment services and trust income	1,040		2,511		2,999		2,008		2,187				(58.6)	%	(52.4)	%
Gain from securities, net	46		51		144		83		1,013				(9.80)	%	(95.5)	%
Gain (loss) on sales or write-downs of other real estate owned	26		2,005		(23)		496		(123)				(98.7)	%	(121.1)	%
Gain (loss) from other assets	161		177		(4)		(11)		66				(9.04)	%	143.9	%
Other income	12,469		1,398		3,038		2,142		4,927				791.9	%	153.1	%
Total noninterest income	53,219		59,006		49,300		66,730		80,638				(9.81)	%	(34.0)	%
Total revenue	142,974		147,482		135,863		149,306		165,882				(3.06)	%	(13.8)	%
Noninterest expenses:
Salaries, commissions and employee benefits	58,562		62,818		62,367		64,571		67,212				(6.78)	%	(12.9)	%
Occupancy and equipment expense	5,549		5,979		5,356		5,849		5,813				(7.19)	%	(4.54)	%
Legal and professional fees	2,460		2,177		2,090		2,434		2,227				13.0	%	10.46	%
Data processing	2,531		2,595		2,542		2,319		3,161				(2.47)	%	(19.9)	%
Merger costs	—		—		—		—		9,513				—	%	(100.0)	%
Amortization of core deposits and other intangibles	1,299		1,344		1,394		1,440		1,498				(3.35)	%	(13.3)	%


Advertising	3,909		4,200		3,559		2,253		2,826				(6.93)	%	38.3	%

Other expense	16,592		15,894		15,652		15,832		17,605				4.39	%	(5.75)	%
Total noninterest expense	90,902		95,007		92,960		94,698		109,855				(4.32)	%	(17.3)	%
Income before income taxes	62,841		55,006		56,742		68,462		58,947				14.2	%	6.61	%
Income tax expense	14,006		9,716		13,440		15,588		13,337				44.2	%	5.02	%
Net income applicable to FB Financial Corporation and noncontrolling interest	48,835		45,290		43,302		52,874		45,610				7.83	%	7.07	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	48,827	$	45,290	$	43,294	$	52,874	$	45,602			7.81	%	7.07	%
Weighted average common shares outstanding:
Basic	47,683,682		47,412,214		47,351,969		47,278,865		47,204,738				0.57	%	1.01	%
Fully diluted	47,896,715		48,007,147		47,993,773		47,969,106		47,791,659				(0.23)	%	0.22	%
Earnings per common share:
Basic	$	1.02	$	0.96	$	0.91	$	1.12	$	0.97			6.25	%	5.15	%
Fully diluted	1.02		0.94		0.90		1.10		0.95				8.51	%	7.37	%
Fully diluted - adjusted*	0.89		0.89		0.88		1.12		1.14				—	%	(21.9)	%


FB Financial Corporation						5


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

					2021
	For the Year Ended				vs.
	December 31,				2020
	2021		2020		Percent variance
Interest income:
Interest and fees on loans	$	359,262	$	294,596	22.0	%
Interest on securities
Taxable	15,186		10,267		47.9	%
Tax-exempt	7,657		7,076		8.21	%
Other	2,893		2,705		6.95	%
Total interest income	384,998		314,644		22.4	%
Interest expense:
Deposits	30,189		42,859		(29.6)	%
Borrowings	7,439		6,127		21.4	%
Total interest expense	37,628		48,986		(23.2)	%
Net interest income	347,370		265,658		30.8	%
Provision for credit losses	(38,995)		94,606		(141.2)	%
Provision for credit losses on unfunded commitments	(1,998)		13,361		(115.0)	%
Net interest income after provisions for credit losses	388,363		157,691		146.3	%
Noninterest income:
Mortgage banking income	167,565		255,328		(34.4)	%
Service charges on deposit accounts	10,034		9,160		9.54	%
ATM and interchange fees	19,900		14,915		33.4	%
Investment services and trust income	8,558		7,080		20.9	%

Gain from securities, net	324		1,631		(80.1)	%
Gain (loss) on sales or write-downs of other real estate owned	2,504		(1,491)		267.9	%
Gain (loss) from other assets	323		(90)		458.9	%
Other income	19,047		15,322		24.3	%
Total noninterest income	228,255		301,855		(24.4)	%
Total revenue	575,625		567,513		1.43	%
Noninterest expenses:
Salaries, commissions and employee benefits	248,318		233,768		6.22	%
Occupancy and equipment expense	22,733		18,979		19.8	%
Legal and professional fees	9,161		7,654		19.7	%
Data processing	9,987		11,390		(12.3)	%
Merger costs	—		34,879		(100.0)	%
Amortization of core deposit and other intangibles	5,477		5,323		2.89	%
Advertising	13,921		10,062		38.4	%

Other expense	63,970		55,030		16.2	%
Total noninterest expense	373,567		377,085		(0.93)	%
Income before income taxes	243,051		82,461		194.7	%
Income tax expense	52,750		18,832		180.1	%
Net income applicable to noncontrolling interest and FB Financial Corporation	190,301		63,629		199.1	%
Net income applicable to noncontrolling interests	16		8		100.0	%

Net income applicable to FB Financial Corporation	$	190,285	$	63,621	199.1	%
Weighted average common shares outstanding:
Basic	47,431,102		37,621,720		26.1	%
Fully diluted	47,955,880		38,099,744		25.9	%
Earnings per common share:
Basic	$	4.01	$	1.69	137.3	%
Fully diluted	3.97		1.67		137.7	%
Fully diluted - adjusted*	3.78		3.73		1.34	%

*This measure is considered a non-GAAP financial measure. For a reconciliation and discussion of this non-GAAP measure, see "Use of non-GAAP Financial Measures" and the corresponding financial tables in this Supplemental Financial Information.


FB Financial Corporation						6


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

													Annualized
													Q4 2021		Q4 2021
													vs.		vs.
	2021								2020		Q3 2021	Q4 2020
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	91,333	$	100,568	$	60,908	$	206,250	$	110,991			(36.4)	%	(17.7)	%
Federal funds sold and reverse repurchase agreements	128,087		145,333		59,321		104,153		121,153				(47.1)	%	5.72	%
Interest-bearing deposits in financial institutions	1,578,320		1,078,663		1,596,868		1,584,730		1,085,754				183.8	%	45.4	%
Cash and cash equivalents	1,797,740		1,324,564		1,717,097		1,895,133		1,317,898				141.7	%	36.4	%
Investments:
Available-for-sale debt securities, at fair value	1,678,525		1,572,558		1,404,372		1,225,178		1,172,400				26.7	%	43.2	%
Equity securities, at fair value	3,367		4,779		4,803		4,667		4,591				(117.2)	%	(26.7)	%
Federal Home Loan Bank stock, at cost	32,217		27,601		29,411		31,757		31,232				66.4	%	3.15	%
Mortgage loans held for sale, at fair value	672,924		755,210		697,407		834,779		683,770				(43.2)	%	(1.59)	%
Commercial loans held for sale, at fair value	79,299		100,496		124,122		174,983		215,403				(83.7)	%	(63.2)	%
Loans held for investment	7,604,662		7,294,674		7,198,954		7,047,342		7,082,959				16.9	%	7.37	%
Less: allowance for credit losses	125,559		139,446		144,663		157,954		170,389				(39.5)	%	(26.3)	%
Net loans	7,479,103		7,155,228		7,054,291		6,889,388		6,912,570				18.0	%	8.20	%
Premises and equipment, net	143,739		144,737		142,596		143,467		145,115				(2.74)	%	(0.95)	%
Other real estate owned, net	9,777		10,015		11,986		11,177		12,111				(9.43)	%	(19.3)	%
Operating lease right-of-use assets	41,686		44,006		45,423		48,453		49,537				(20.9)	%	(15.8)	%
Interest receivable	38,528		41,393		42,083		44,393		43,603				(27.5)	%	(11.6)	%
Mortgage servicing rights, at fair value	115,512		110,591		101,615		104,192		79,997				17.7	%	44.4	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	16,953		18,248		19,592		20,986		22,426				(28.2)	%	(24.4)	%
Other assets	245,755		258,303		281,008		264,712		274,116				(19.3)	%	(10.3)	%
Total assets	$	12,597,686	$	11,810,290	$	11,918,367	$	11,935,826	$	11,207,330			26.5	%	12.4	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,740,214	$	2,609,569	$	2,484,982	$	2,431,077	$	2,274,103			19.9	%	20.5	%
Interest-bearing checking	3,418,666		2,850,795		3,015,253		3,097,648		2,491,765				79.0	%	37.2	%
Money market and savings	3,546,936		3,424,065		3,421,281		3,347,731		3,254,915				14.2	%	8.97	%
Customer time deposits	1,103,594		1,159,472		1,241,540		1,342,717		1,375,695				(19.1)	%	(19.8)	%
Brokered and internet time deposits	27,487		28,017		40,900		37,713		61,559				(7.51)	%	(55.3)	%
Total deposits	10,836,897		10,071,918		10,203,956		10,256,886		9,458,037				30.1	%	14.6	%
Borrowings	171,778		172,710		183,962		180,179		238,324				(2.14)	%	(27.9)	%
Operating lease liabilities	46,367		48,875		50,396		54,232		55,187				(20.4)	%	(16.0)	%
Accrued expenses and other liabilities	109,949		115,781		108,239		115,333		164,400				(20.0)	%	(33.1)	%
Total liabilities	11,164,991		10,409,284		10,546,553		10,606,630		9,915,948				28.8	%	12.6	%
Shareholders' equity:
Common stock, $1 par value	47,549		47,708		47,361		47,332		47,222				(1.32)	%	0.69	%
Additional paid-in capital	892,529		897,428		902,782		900,521		898,847				(2.17)	%	(0.70)	%
Retained earnings	486,666		443,140		403,173		365,192		317,625				39.0	%	53.2	%
Accumulated other comprehensive income, net	5,858		12,637		18,405		16,058		27,595				(212.8)	%	(78.8)	%
Total common shareholders' equity	1,432,602		1,400,913		1,371,721		1,329,103		1,291,289				8.97	%	10.9	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,432,695		1,401,006		1,371,814		1,329,196		1,291,382				8.97	%	10.9	%
Total liabilities and shareholders' equity	$	12,597,686	$	11,810,290	$	11,918,367	$	11,935,826	$	11,207,330			26.5	%	12.4	%


FB Financial Corporation						7


Average Balance, Average Yield Earned and Average Rate Paid
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended
	December 31, 2021						September 30, 2021
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,452,342	$	84,315	4.49	%	$	7,245,313	$	84,115	4.61	%
Mortgage loans held for sale(b)	700,044		4,765		2.70	%	709,654		4,687		2.62	%
Commercial loans held for sale	87,568		1,033		4.68	%	108,863		1,282		4.67	%
Securities:(b)
Taxable	1,270,749		4,534		1.42	%	1,117,647		3,989		1.42	%
Tax-exempt(a)	318,579		2,550		3.18	%	311,151		2,546		3.25	%
Total securities(a)	1,589,328		7,084		1.77	%	1,428,798		6,535		1.81	%
Federal funds sold and reverse repurchase agreements	129,379		183		0.56	%	145,315		135		0.37	%
Interest-bearing deposits with other financial institutions	1,280,183		479		0.15	%	1,404,772		508		0.14	%
FHLB stock	28,525		142		1.98	%	28,422		157		2.19	%
Total interest-earning assets(a)	11,267,369		98,001		3.45	%	11,071,137		97,419		3.49	%
Noninterest-earning assets:
Cash and due from banks	102,398						107,263
Allowance for credit losses	(139,684)						(144,652)
Other assets	855,734						881,314
Total noninterest-earning assets	818,448						843,925
Total assets	$	12,085,817					$	11,915,062
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,983,741	$	2,169	0.29	%	$	2,937,273	$	2,298	0.31	%
Money market(e)	3,017,574		2,053		0.27	%	2,997,595		2,322		0.31	%
Savings deposits	463,002		63		0.05	%	439,470		60		0.05	%
Customer time deposits(e)	1,123,955		1,492		0.53	%	1,200,760		1,840		0.61	%
Brokered and internet time deposits(e)	27,812		71		1.01	%	32,009		76		0.94	%
Time deposits	1,151,767		1,563		0.54	%	1,232,769		1,916		0.62	%
Total interest-bearing deposits	7,616,084		5,848		0.30	%	7,607,107		6,596		0.34	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	41,338		21		0.20	%	40,437		20		0.20	%

Subordinated debt	129,493		1,591		4.87	%	129,395		1,565		4.80	%
Other borrowings	1,525		4		1.04	%	1,547		8		2.05	%
Total other interest-bearing liabilities	172,356		1,616		3.72	%	171,379		1,593		3.69	%
Total interest-bearing liabilities	7,788,440		7,464		0.38	%	7,778,486		8,189		0.42	%
Noninterest-bearing liabilities:
Demand deposits	2,747,394						2,596,650
Other liabilities	137,903						150,632
Total noninterest-bearing liabilities	2,885,297						2,747,282
Total liabilities	10,673,737						10,525,768
Total common shareholders' equity	1,411,987						1,389,201
Noncontrolling interest	93						93
Total equity	1,412,080						1,389,294
Total liabilities and shareholders' equity	$	12,085,817					$	11,915,062
Net interest income(a)			$	90,537					$	89,230
Interest rate spread(a)					3.07	%					3.07	%
Net interest margin(a)					3.19	%					3.20	%
Cost of total deposits					0.22	%					0.26	%
Average interest-earning assets to average interest-bearing liabilities					144.7	%					142.3	%
Tax-equivalent adjustment			$	782					$	754
Loans HFI yield components:
Contractual interest rate(a)(c)			$	78,324	4.17	%			$	77,150	4.23	%
Origination and other loan fee income(c)			6,084		0.33	%			6,377		0.35	%
(Amortization) accretion on purchased loans			(726)		(0.04)	%			157		0.01	%
Nonaccrual interest			633		0.03	%			431		0.02	%

Total loans HFI yield			$	84,315	4.49	%			$	84,115	4.61	%

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

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

(c) Includes $16 and $82 of loan contractual interest and $137 and $441 of loan fees related to PPP loans for the three months ended December 31, 2021 and September 30, 2021, respectively.

(d) Includes $6,829 and $33,002 of average PPP loan balances for the three months ended December 31, 2021 and September 30, 2021, respectively.

(e) Includes $932 and $931 of interest rate premium accretion on money market deposits, $316 and $426 of interest rate premium accretion on customer time deposits and $83 and $99 of interest rate premium accretion on brokered and internet deposits for the three months ended December 31, 2021 and September 30, 2021, respectively.


FB Financial Corporation						8


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2021						March 31, 2021						December 31, 2020
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,085,300	$	83,364	4.72	%	$	7,000,416	$	83,067	4.81	%	$	7,139,870	$	86,398	4.81	%
Mortgage loans held for sale(b)	726,782		4,948		2.73	%	648,054		4,290		2.68	%	621,076		4,138		2.65	%
Commercial loans held for sale	152,699		1,626		4.27	%	197,820		2,157		4.42	%	236,676		2,830		4.76	%
Securities:(b)
Taxable	976,170		3,844		1.58	%	830,686		2,819		1.38	%	744,161		2,306		1.23	%
Tax-exempt(a)	323,902		2,614		3.24	%	334,303		2,646		3.21	%	359,509		2,867		3.17	%
Total securities(a)	1,300,072		6,458		1.99	%	1,164,989		5,465		1.90	%	1,103,670		5,173		1.86	%
Federal funds sold	106,257		41		0.15	%	133,813		20		0.06	%	95,266		30		0.13	%
Interest-bearing deposits with other financial institutions	1,614,106		494		0.12	%	1,427,184		421		0.12	%	1,082,004		375		0.14	%
FHLB stock	31,731		156		1.97	%	31,461		157		2.02	%	31,232		159		2.03	%
Total interest-earning assets(a)	11,016,947		97,087		3.53	%	10,603,737		95,557		3.66	%	10,309,794		99,103		3.82	%
Noninterest-earning assets:
Cash and due from banks	134,501						172,756						73,279
Allowance for credit losses	(157,990)						(171,380)						(183,932)
Other assets	906,992						903,670						912,022
Total noninterest-earning assets	883,503						905,046						801,369
Total assets	$	11,900,450					$	11,508,783					$	11,111,163
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,027,435	$	2,689	0.36	%	$	2,746,355	$	3,018	0.45	%	$	2,178,039	$	2,785	0.51	%
Money market(e)	2,960,264		2,816		0.38	%	2,917,856		3,615		0.50	%	2,769,421		3,968		0.57	%
Savings deposits	411,711		57		0.06	%	369,600		53		0.06	%	338,260		54		0.06	%
Customer time deposits(e)	1,291,125		2,016		0.63	%	1,365,570		3,036		0.90	%	1,410,108		3,704		1.04	%
Brokered and internet time deposits(e)	39,860		341		3.43	%	49,764		104		0.85	%	87,035		298		1.36	%
Time deposits	1,330,985		2,357		0.71	%	1,415,334		3,140		0.90	%	1,497,143		4,002		1.06	%
Total interest-bearing deposits	7,730,395		7,919		0.41	%	7,449,145		9,826		0.53	%	6,782,863		10,809		0.63	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	32,543		21		0.26	%	31,342		36		0.47	%	34,986		43		0.49	%
Federal Home Loan Bank advances(g)	—		—		—	%	—		—		—	%	102,174		(432)		(1.68)	%
Subordinated debt(f)	149,155		1,819		4.89	%	188,996		2,341		5.02	%	189,649		2,433		5.10	%
Other borrowings	1,569		7		1.79	%	5,924		6		0.41	%	16,612		139		3.33	%
Total other interest-bearing liabilities	183,267		1,847		4.04	%	226,262		2,383		4.27	%	343,421		2,183		2.53	%
Total interest-bearing liabilities	7,913,662		9,766		0.49	%	7,675,407		12,209		0.65	%	7,126,284		12,992		0.73	%
Noninterest-bearing liabilities:
Demand deposits	2,484,176						2,348,814						2,513,202
Other liabilities	162,581						180,976						210,483
Total noninterest-bearing liabilities	2,646,757						2,529,790						2,723,685
Total liabilities	10,560,419						10,205,197						9,849,969
Total common shareholders' equity	1,339,938						1,303,493						1,261,101
Noncontrolling interest	93						93						93
Total equity	1,340,031						1,303,586						1,261,194
Total liabilities and shareholders' equity	$	11,900,450					$	11,508,783					$	11,111,163
Net interest income(a)			$	87,321					$	83,368					$	86,111
Interest rate spread(a)					3.04	%					3.01	%					3.09	%
Net interest margin(a)					3.18	%					3.19	%					3.32	%
Cost of total deposits					0.31	%					0.41	%					0.46	%
Average interest-earning assets to average interest-bearing liabilities					139.2	%					138.2	%					144.7	%
Tax-equivalent adjustment			$	758					$	792					$	867
Loans HFI yield components:
Contractual interest rate(a)(c)			$	76,127	4.31	%			$	75,828	4.39	%			$	78,873	4.39	%
Origination and other loan fee income(c)			6,928		0.39	%			6,640		0.38	%			6,537		0.36	%
(Amortization) accretion on purchased loans			(226)		(0.01)	%			(58)		—	%			708		0.04	%
Nonaccrual interest			535		0.03	%			657		0.04	%			280		0.02	%

Total loans HFI yield			$	83,364	4.72	%			$	83,067	4.81	%			$	86,398	4.81	%

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

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

(c) Includes $290, $426, and $699 of loan contractual interest and $1,098, $1,598, and $2,448, of loan fees related to PPP loans for the three months ended June 30, 2021, March 31, 2021, and December 31, 2020 , respectively.

(d) Includes $117,397, $172,136, and $279,757 of average PPP loan balances for the three months ended June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

(e) Includes $932, $932, and $932 of interest rate premium accretion on money market deposits, $625, $810, and $1,101 of interest rate premium accretion on customer time deposits, and $127, $153, and $127 of interest rate premium accretion on brokered and internet deposits for the three months ended June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

(f) Includes $114, $255, and $262 of interest rate premium accretion on subordinated debt for the three months ended June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

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


FB Financial Corporation						9


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except %)
	Year ended						Year ended
	December 31, 2021						December 31, 2020
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,197,213	$	334,861	4.65	%	$	5,621,832	$	278,076	4.95	%
Mortgage loans held for sale(b)	696,313		18,690		2.68	%	420,791		12,699		3.02	%
Commercial loans held for sale	136,359		6,098		4.47	%	84,580		4,166		4.93	%
Securities:(b)
Taxable	1,050,207		15,186		1.45	%	589,393		10,267		1.74	%
Tax-exempt(a)	321,911		10,356		3.22	%	275,786		9,570		3.47	%
Total securities(a)	1,372,118		25,542		1.86	%	865,179		19,837		2.29	%
Federal funds sold and reverse repurchase agreements	128,724		379		0.29	%	85,402		304		0.36	%
Interest-bearing deposits with other financial institutions	1,427,332		1,902		0.13	%	662,175		1,960		0.30	%
FHLB stock	30,022		612		2.04	%	21,735		441		2.03	%
Total interest-earning assets(a)	10,988,081		388,084		3.53	%	7,761,694		317,483		4.09	%
Noninterest-earning assets:
Cash and due from banks	128,977						66,177
Allowance for loan losses	(153,301)						(121,033)
Other assets	884,703						731,262
Total noninterest-earning assets	860,379						676,406
Total assets	$	11,848,460					$	8,438,100
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,924,388	$	10,174	0.35	%	$	1,461,596	$	8,875	0.61	%
Money market(e)	2,973,662		10,806		0.36	%	1,807,481		13,707		0.76	%
Savings deposits	421,252		233		0.06	%	274,489		232		0.08	%
Customer time deposits(e)	1,246,912		8,384		0.67	%	1,289,552		19,656		1.52	%
Brokered and internet time deposits(e)	34,943		592		1.69	%	43,372		389		0.90	%
Time deposits	1,281,855		8,976		0.70	%	1,332,924		20,045		1.50	%
Total interest-bearing deposits	7,601,157		30,189		0.40	%	4,876,490		42,859		0.88	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	36,453		98		0.27	%	32,912		201		0.61	%
Federal Home Loan Bank advances(g)	—		—		—	%	212,705		1,093		0.51	%
Subordinated debt(f)	149,097		7,316		4.91	%	86,944		4,475		5.15	%
Other borrowings	2,626		25		0.95	%	12,939		358		2.77	%
Total other interest-bearing liabilities	188,176		7,439		3.95	%	345,500		6,127		1.77	%
Total interest-bearing liabilities	7,789,333		37,628		0.48	%	5,221,990		48,986		0.94	%
Noninterest-bearing liabilities:
Demand deposits	2,545,494						2,092,450
Other liabilities	151,903						157,289
Total noninterest-bearing liabilities	2,697,397						2,249,739
Total liabilities	10,486,730						7,471,729
Total common shareholders' equity	1,361,637						966,336
Noncontrolling interest	93						35
Total equity	1,361,730						966,371
Total liabilities and shareholders' equity	$	11,848,460					$	8,438,100
Net interest income(a)			$	350,456					$	268,497
Interest rate spread(a)					3.05	%					3.15	%
Net interest margin(a)					3.19	%					3.46	%
Cost of total deposits					0.30	%					0.62	%
Average interest-earning assets to average interest-bearing liabilities					141.1	%					148.6	%
Tax equivalent adjustment			$	3,086					$	2,839
Loans HFI yield components:
Contractual interest rate(a)(c)			$	307,429	4.27	%			$	256,929	4.57	%
Origination and other loan fee income(c)			26,029		0.36	%			15,978		0.28	%
(Amortization) accretion on purchased loans			(853)		(0.01)	%			3,788		0.07	%
Nonaccrual interest			2,256		0.03	%			1,381		0.03	%

Total loans HFI yield			$	334,861	4.65	%			$	278,076	4.95	%

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

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

(c) Includes $814 and $2,092 of loan contractual interest and $3,274 and $3,923 of loan fees related to PPP loans for the years ended December 31, 2021 and 2020 .

(d) Includes $81,753 and $206,758 of average PPP loan balances during the years ended December 31, 2021 and 2020.

(e) Includes $3,727 and $932 of interest rate premium accretion on money market deposits, $2,177 and $1,982 of interest rate mark accretion on customer time deposits and $462 and $447 of interest rate mark accretion on brokered and internet deposits for the years ended December 31, 2021 and 2020, respectively.

(f) Includes $369 and $436 interest rate premium accretion on subordinated debt for the years ended December 31, 2021 and 2020, respectively.

(g) Includes $0 and $955 of gain accretion from other comprehensive income with cancelled cash flow hedge for the years ended December 31, 2021 and 2020, respectively.


FB Financial Corporation						10


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

	2021								2020
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Loans by market
Metropolitan	$	6,127,930	$	5,863,563	$	5,752,482	$	5,550,927	$	5,580,822
Community	738,249		745,796		767,001		835,444		867,575
Specialty lending and other	738,483		685,315		679,471		660,971		634,562
Total	$	7,604,662	$	7,294,674	$	7,198,954	$	7,047,342	$	7,082,959
Deposits by market
Metropolitan	$	6,981,639	$	5,918,924	$	6,133,823	$	6,389,373	$	5,812,719
Community	2,436,548		2,269,511		2,246,922		2,192,116		2,001,802
Mortgage and other(a)	1,418,710		1,883,483		1,823,211		1,675,397		1,643,516
Total	$	10,836,897	$	10,071,918	$	10,203,956	$	10,256,886	$	9,458,037

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


FB Financial Corporation						11


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

	2021												2020
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Banking segment(a)
Net interest income	$	89,616		$	88,576		$	86,553		$	82,597		$	85,207
Provisions for credit losses	(10,769)			(2,531)			(13,839)			(13,854)			(2,920)

Noninterest income	21,850			13,823			14,002			11,398			14,909

Merger expense	—			—			—			—			8,788
Other noninterest expense	60,104			58,777			58,194			55,735			57,458
Pre-tax income after allocations	$	62,131		$	46,153		$	56,200		$	52,114		$	36,790
Total assets	$	11,540,560		$	10,712,281		$	10,908,107		$	10,787,955		$	10,254,324
Intracompany funding income included in net interest income	6,325			6,075			6,110			5,400			5,160
Core efficiency ratio*	57.5		%	57.9		%	58.6		%	58.6		%	54.0		%
Mortgage segment(a)
Net interest income	$	139		$	(100)		$	10		$	(21)		$	37

Mortgage banking income	31,350			45,384			35,499			55,332			65,729

Other noninterest income	19			(201)			(201)			—			—
Merger expense	—			—			—			—			725
Other noninterest expense	30,798			36,230			34,766			38,963			42,884
Direct contribution	$	710		$	8,853		$	542		$	16,348		$	22,157
Total assets	$	1,057,126		$	1,098,009		$	1,010,260		$	1,147,871		$	953,006
Intracompany funding expense included in net interest income	6,325			6,075			6,110			5,400			5,160
Core efficiency ratio*	97.8		%	80.0		%	97.9		%	70.4		%	65.2		%
Interest rate lock commitments volume during the period
Consumer direct	$	796,900		$	1,085,180		$	914,163		$	949,187		$	1,291,121
Retail	687,682			926,723			860,370			939,863			896,357

Total	$	1,484,582		$	2,011,903		$	1,774,533		$	1,889,050		$	2,187,478
Interest rate lock commitments pipeline (period end)
Consumer direct	$	272,401		$	396,965		$	446,691		$	643,624		$	833,569
Retail	214,995			341,237			340,568			415,155			358,052

Total	$	487,396		$	738,202		$	787,259		$	1,058,779		$	1,191,621
Mortgage sales
Consumer direct	$	765,535		$	809,888		$	922,910		$	829,883		$	1,070,909
Retail	647,066			726,009			758,599			742,187			757,308

Total	$	1,412,601		$	1,535,897		$	1,681,509		$	1,572,070		$	1,828,217
Gains and fees from origination and sale of mortgage loans held for sale	$	37,538		$	39,210		$	49,435		$	57,893		$	83,971
Net change in fair value of loans held for sale, derivatives, and other	(12,478)			1,002			(17,579)			(4,229)			(16,875)
Mortgage servicing income	7,632			7,539			6,788			6,931			6,461
Change in fair value of mortgage servicing rights, net of hedging	(1,342)			(2,367)			(3,145)			(5,263)			(7,828)
Total mortgage banking income	$	31,350		$	45,384		$	35,499		$	55,332		$	65,729
Mortgage sale margin(b)	2.66		%	2.55		%	2.94		%	3.68		%	4.59		%

(a) During the first quarter of 2021, the Company re-evaluated its reportable business segments to assign all retail mortgage activities to the Mortgage segment. Prior to 2021, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. As such, 4Q20 results of mortgage retail footprint has been assigned to the Mortgage segment to conform to current segment reporting methodology.

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


FB Financial Corporation						12


Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2021																	2020
	Fourth Quarter			% of Total		Third Quarter			% of Total	Second Quarter			% of Total	First Quarter			% of Total	Fourth Quarter			% of Total
Loan portfolio
Commercial and Industrial (a)	$	1,290,565		17	%	$	1,252,425		17%	$	1,238,940		17%	$	1,292,530		18%	$	1,346,122		19	%
Construction	1,327,659			17	%	1,190,623			16%	1,145,165			16%	1,120,585			16%	1,222,220			17	%
Residential real estate:
1-to-4 family mortgage	1,270,467			17	%	1,175,155			16%	1,126,623			16%	1,078,618			15%	1,089,270			15	%
Residential line of credit	383,039			5	%	392,440			5%	401,343			6%	394,510			6%	408,211			6	%
Multi-family mortgage	326,551			4	%	324,662			5%	363,600			5%	271,839			4%	175,676			2	%
Commercial real estate:
Owner occupied	951,582			13	%	938,241			13%	923,605			13%	936,473			13%	924,841			13	%
Non-owner occupied	1,730,165			23	%	1,695,573			23%	1,675,214			23%	1,652,638			24%	1,598,979			23	%
Consumer and other	324,634			4	%	325,555			5%	324,464			4%	300,149			4%	317,640			5	%
Total loans HFI	$	7,604,662		100	%	$	7,294,674		100%	$	7,198,954		100%	$	7,047,342		100%	$	7,082,959		100	%
Allowance for credit losses rollforward summary
Allowance for credit losses at the beginning of the period	$	139,446				$	144,663			$	157,954			$	170,389			$	183,973


Charge-offs	(3,225)					(2,614)				(859)				(1,170)				(10,736)
Recoveries	984					229				453				367				383
Provision for credit losses	(11,646)					(2,832)				(12,885)				(11,632)				(3,231)


Allowance for credit losses at the end of the period	$	125,559				$	139,446			$	144,663			$	157,954			$	170,389
Allowance for credit losses as a percentage of total loans HFI	1.65		%			1.91		%		2.01		%		2.24		%		2.41		%
Adjusted allowance for credit losses as a percentage of loans HFI*	1.65		%			1.91		%		2.03		%		2.29		%		2.48		%
Allowance for credit losses on unfunded commitments	$	14,380				$	13,503			$	13,202			$	14,156			$	16,378
Charge-offs
Commercial and Industrial	$	(1,224)				$	(2,175)			$	(360)			$	(277)			$	(10,105)
Construction	—					(1)				—				(29)				—
Residential real estate:
1-to-4 family mortgage	(5)					—				(16)				(133)				(30)
Residential line of credit	—					—				(3)				(15)				(1)
Multi-family mortgage	(1)					—				—				—				—
Commercial real estate:
Owner occupied	—					—				—				—				—
Non-owner occupied	(1,566)					—				—				—				—
Consumer and other	(429)					(438)				(480)				(716)				(600)
Total charge-offs	(3,225)					(2,614)				(859)				(1,170)				(10,736)
Recoveries
Commercial and Industrial	626					19				87				129				60
Construction	—					3				—				—				3
Residential real estate:
1-to-4 family mortgage	27					33				41				24				(44)
Residential line of credit	99					1				9				6				64
Multi-family mortgage	—					—				—				—				—
Commercial real estate:
Owner occupied	13					4				126				13				15
Non-owner occupied	—					—				—				—				—
Consumer and other	219					169				190				195				285
Total recoveries	984					229				453				367				383
Net (charge-offs) recoveries	$	(2,241)				$	(2,385)			$	(406)			$	(803)			$	(10,353)
Net charge-offs as a percentage of average total loans	0.12		%			0.13		%		0.02		%		0.05		%		0.58		%
Classified loans	$	126,441				$	131,620			$	150,658			$	156,588			$	132,223


FB Financial Corporation						13


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

	2021												2020
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Nonperforming assets(b)
Past due 90 days or more and accruing interest	$	11,735		$	8,901		$	9,098		$	10,698		$	13,696
Nonaccrual	35,568			34,126			50,429			55,538			50,760
Total nonperforming loans held for investment	47,303			43,027			59,527			66,236			64,456
Commercial loans held for sale	5,217			5,625			5,844			12,779			6,489
Other real estate owned:
Foreclosed	6,429			6,514			6,488			4,735			6,408
Excess land and facilities	3,348			3,501			5,498			6,442			5,703
Other assets	686			347			816			1,230			1,170
Total nonperforming assets	$	62,983		$	59,014		$	78,173		$	91,422		$	84,226
Total nonperforming loans as a percentage of loans held for investment	0.62		%	0.59		%	0.83		%	0.94		%	0.91		%
Total nonperforming assets as a percentage of total assets	0.50		%	0.50		%	0.66		%	0.77		%	0.75		%
Total accruing loans over 90 days delinquent as a percentage of total assets	0.09		%	0.08		%	0.08		%	0.09		%	0.12		%
Loans restructured as troubled debt restructurings	$	32,435		$	29,645		$	42,678		$	26,095		$	15,988
Troubled debt restructurings as a percentage of loans held for investment	0.43		%	0.41		%	0.59		%	0.37		%	0.23		%

(a) Includes PPP loan balances of $3,990, $9,415, $57,406, $145,697, and $212,645 as of December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

(b) Nonperforming assets include guaranteed repurchased loans previously sold of $4,000, $3,000, $3,500, $4,100, and $3,700, for the quarters ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.


FB Financial Corporation						14


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

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

Total Common Shareholders' Equity	$	1,432,602		$	1,291,289
Less:
Goodwill	242,561			242,561
Other intangibles	16,953			22,426
Tangible Common Equity	$	1,173,088		$	1,026,302

Total Assets	$	12,597,686		$	11,207,330
Less:
Goodwill	242,561			242,561
Other intangibles	16,953			22,426
Tangible Assets	$	12,338,172		$	10,942,343

Preliminary Total Risk-Weighted Assets	$	9,902,978		$	9,073,675

Total Common Equity to Total Assets	11.4		%	11.5		%
Tangible Common Equity to Tangible Assets*	9.51		%	9.38		%


	December 31, 2021			December 31, 2020
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	1,220,505		$	1,060,364
Tier 1 Capital	1,250,505			1,090,364
Total Capital	1,429,740			1,358,897

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.3		%	11.7		%
Tier 1 Risk-Based	12.6		%	12.0		%
Total Risk-Based	14.4		%	15.0		%
Tier 1 Leverage	10.5		%	10.0		%

(a) Reflects CECL transition relief of $40,901 and $52,109 add-back for the period ending December 31, 2021 and December 31, 2020, respectively, and $46,771 and $57,979 disallowed from add-back to Tier 2 capital for the period ended December 31, 2021 and December 31, 2020, respectively.


FB Financial Corporation						15


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

	2021																			2020
Securities (at fair value)	Fourth Quarter					Third Quarter					Second Quarter					First Quarter				Fourth Quarter
Available-for-sale debt securities
U.S. government agency securities	$	33,870		2	%	$	10,571		1	%	$	8,255		1	%	$	—		—%	$	2,003		—	%
Mortgage-backed securities - residential	1,269,372			76	%	1,210,503			77	%	1,035,003			73	%	838,708			68%	773,336			66	%
Mortgage-backed securities - commercial	15,250			1	%	15,712			1	%	15,161			1	%	20,635			2%	21,588			2	%
Municipals, tax exempt	338,610			20	%	327,239			21	%	332,883			24	%	348,776			28%	356,329			30	%
Treasury securities	14,908			1	%	6,006			—	%	10,534			1	%	14,576			1%	16,628			1	%
Corporate securities	6,515			—	%	2,527			—	%	2,536			—	%	2,483			—%	2,516			—	%
Total available-for-sale debt securities	1,678,525			100	%	1,572,558			100	%	1,404,372			100	%	1,225,178			99%	1,172,400			99	%
Equity securities	3,367			—	%	4,779			—%		4,803			—%		4,667			1%	4,591			1	%
Total securities	$1,681,892			100%		$1,577,337			100%		$1,409,175			100%		$1,229,845			100%	$1,176,991			100%
Securities to total assets	13.4		%			13.4		%			11.8		%			10.3		%		10.5		%
Unrealized gain on available-for-sale debt securities	$	4,727				$	14,374				$	22,321				$	19,245			$	34,552


FB Financial Corporation						16


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

	2021								2020
Adjusted net income	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Income before income taxes	$	62,841	$	55,006	$	56,742	$	68,462	$	58,947
Plus merger, conversion and offering expenses	—		—		605		—		9,513

Less other non-operating items(1)	8,499		1,235		2,151		(853)		(2,448)
Adjusted pre-tax net income	54,342		53,771		55,196		69,315		70,908
Adjusted income tax expense(2)	11,791		11,072		12,879		15,810		16,454
Adjusted net income	$	42,551	$	42,699	$	42,317	$	53,505	$	54,454
Weighted average common shares outstanding - fully diluted	47,896,715		48,007,147		47,993,773		47,969,106		47,791,659
Adjusted diluted earnings per common share
Diluted earnings per common share	$	1.02	$	0.94	$	0.90	$	1.10	$	0.95
Plus merger, conversion and offering expenses	—		—		0.01		—		0.20


Less other non-operating items	0.18		0.02		0.04		(0.02)		(0.05)
Less tax effect	(0.05)		0.03		(0.01)		—		0.06
Adjusted diluted earnings per common share	$	0.89	$	0.89	$	0.88	$	1.12	$	1.14
(1) 4Q21 includes $9,921 gain from change in fair value of commercial loans held for sale acquired from Franklin and $1,422 related to certain nonrecurring charitable contributions; 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap, and a gain of $2,005 from sales other real estate owned; 2Q21 includes a $1,364 gain from change in fair value of commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 1Q21 includes a $853 loss from change in fair value of commercial loans held for sale acquired from Franklin; 4Q20 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin.
(2) 3Q21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.



	2021								2020
Adjusted pre-tax pre-provision earnings	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Income before income taxes	$	62,841	$	55,006	$	56,742	$	68,462	$	58,947
Plus provisions for credit losses	(10,769)		(2,531)		(13,839)		(13,854)		(2,920)
Pre-tax pre-provision earnings	52,072		52,475		42,903		54,608		56,027
Plus merger, conversion and offering expenses	—		—		605		—		9,513
Less other non-operating items	8,499		1,235		2,151		(853)		(2,448)
Adjusted pre-tax pre-provision earnings	$	43,573	$	51,240	$	41,357	$	55,461	$	67,988


FB Financial Corporation						17


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

Adjusted net income	2021		2020		2019		2018		2017
Income before income taxes	$	243,051	$	82,461	$	109,539	$	105,854	$	73,485
Plus merger, conversion, offering, and mortgage restructuring expenses	605		34,879		7,380		2,265		19,034
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		66,136		—		—		—
Less other non-operating items(1)	11,032		(4,400)		—		—		—
Adjusted pre-tax net income	232,624		187,876		116,919		108,119		92,519
Adjusted income tax expense(2)	51,553		45,944		27,648		26,034		34,749
Adjusted net income	$	181,071	$	141,932	$	89,271	$	82,085	$	57,770
Weighted average common shares outstanding - fully diluted	47,955,880		38,099,744		31,402,897		31,314,981		28,207,602
Adjusted diluted earnings per common share
Diluted earnings per common share	$	3.97	$	1.67	$	2.65	$	2.55	$	1.86
Plus merger, conversion, offering, and mortgage restructuring expenses	0.01		0.92		0.24		0.07		0.67
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		1.74		—		—		—
Less other non-operating items	0.22		(0.11)		—		—		—
Less tax effect	(0.02)		0.71		0.06		0.01		0.48
Adjusted diluted earnings per common share	$	3.78	$	3.73	$	2.83	$	2.61	$	2.05

(1) 2021 includes a $11,172 gain from change in fair value on commercial loans held for sale acquired from Franklin, a loss on swap cancellation of $1,510, a $2,005 gain on other real estate owned, a $787 gain from lease terminations and $1,422 related to certain charitable contributions; 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.

(2) 2021 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.

Adjusted pre-tax pre-provision earnings	2021		2020		2019		2018		2017
Income before income taxes	$	243,051	$	82,461	$	109,539	$	105,854	$	73,485
Plus provisions for credit losses	(40,993)		107,967		7,053		5,398		(950)
Pre-tax pre-provision earnings	202,058		190,428		116,592		111,252		72,535
Plus merger, conversion, offering, and mortgage restructuring expenses	605		34,879		7,380		2,265		19,034
Less other non-operating items	11,032		(4,400)		—		—		—
Adjusted pre-tax pre-provision earnings	$	191,631	$	229,707	$	123,972	$	113,517	$	91,569


FB Financial Corporation						18


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

	2021												2020
Core efficiency ratio (tax-equivalent basis)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Total noninterest expense	$	90,902		$	95,007		$	92,960		$	94,698		$	109,855
Less merger, conversion and offering expenses	—			—			605			—			9,513
Less gain on lease terminations	—			—			(787)			—			—
Less FHLB prepayment penalties	—			—			—			—			4,533
Less certain charitable contributions	1,422			—			—			—			—
Core noninterest expense	$	89,480		$	95,007		$	93,142		$	94,698		$	95,809
Net interest income (tax-equivalent basis)	$	90,537		$	89,230		$	87,321		$	83,368		$	86,111
Total noninterest income	53,219			59,006			49,300			66,730			80,638
Less gain (loss) on change in fair value on commercial loans held for sale	9,921			740			1,364			(853)			1,370
Less loss on swap cancellation	—			(1,510)			—			—			—
Less cash life insurance benefit	—			—			—			—			715
Less gain (loss) on sales or write-downs of other real estate owned and other assets	187			2,182			(27)			485			(57)
Less gain from securities, net	46			51			144			83			1,013
Core noninterest income	43,065			57,543			47,819			67,015			77,597
Core revenue	$	133,602		$	146,773		$	135,140		$	150,383		$	163,708
Efficiency ratio (GAAP)(a)	63.6		%	64.4		%	68.4		%	63.4		%	66.2		%
Core efficiency ratio (tax-equivalent basis)	67.0		%	64.7		%	68.9		%	63.0		%	58.5		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Prior to 2021, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, 4Q20 historical segment efficiency ratios and mortgage contribution have been recast for consistency with these changes.

	2021												2020
Banking segment core efficiency ratio (tax equivalent)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Core noninterest expense	$	89,480		$	95,007		$	93,142		$	94,698		$	95,809
Less Mortgage segment core noninterest expense	30,798			36,230			34,766			38,963			42,884
Core Banking segment noninterest expense	$	58,682		$	58,777		$	58,376		$	55,735		$	52,925
Core revenue	$	133,602		$	146,773		$	135,140		$	150,383		$	163,708
Less Core Mortgage segment total revenue	31,489			45,284			35,509			55,311			65,766
Core Banking segment total revenue	$	102,113		$	101,489		$	99,631		$	95,072		$	97,942
Banking segment core efficiency ratio (tax-equivalent basis)	57.5		%	57.9		%	58.6		%	58.6		%	54.0		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	30,798		$	36,230		$	34,766		$	38,963		$	43,609
Less Mortgage segment merger expense	—			—			—			—			725


Core Mortgage segment noninterest expense	$	30,798		$	36,230		$	34,766		$	38,963		$	42,884
Mortgage segment total revenue	$	31,508		$	45,083		$	35,308		$	55,311		$	65,766
Less gain (loss) on sales or write-downs of other real estate owned	19			(201)			(201)			—			—
Core Mortgage segment total revenue	$	31,489		$	45,284		$	35,509		$	55,311		$	65,766
Mortgage segment core efficiency ratio (tax-equivalent basis)	97.8		%	80.0		%	97.9		%	70.4		%	65.2		%


FB Financial Corporation						19


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

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





Mortgage pre-tax net contribution	$	710		$	8,853		$	542		$	16,348		$	22,157
Plus Mortgage segment merger expense	—			—			—			—			725

Adjusted Mortgage pre-tax net contribution	$	710		$	8,853		$	542		$	16,348		$	22,882
Pre-tax pre-provision earnings	$	52,072		$	52,475		$	42,903		$	54,608		$	56,027
% Mortgage pre-tax pre-provision net contribution	1.36		%	16.9		%	1.26		%	29.9		%	39.5		%
Adjusted pre-tax pre-provision earnings	$	43,573		$	51,240		$	41,357		$	55,461		$	67,988
% total adjusted Mortgage pre-tax pre-provision net contribution	1.63		%	17.3		%	1.31		%	29.5		%	33.7		%

	2021												2020
Tangible assets and equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Tangible assets
Total assets	$	12,597,686		$	11,810,290		$	11,918,367		$	11,935,826		$	11,207,330
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	16,953			18,248			19,592			20,986			22,426
Tangible assets	$	12,338,172		$	11,549,481		$	11,656,214		$	11,672,279		$	10,942,343
Tangible common equity
Total common shareholders' equity	$	1,432,602		$	1,400,913		$	1,371,721		$	1,329,103		$	1,291,289
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	16,953			18,248			19,592			20,986			22,426
Tangible common equity	$	1,173,088		$	1,140,104		$	1,109,568		$	1,065,556		$	1,026,302
Common shares outstanding	47,549,241			47,707,634			47,360,950			47,331,680			47,220,743
Book value per common share	$	30.13		$	29.36		$	28.96		$	28.08		$	27.35
Tangible book value per common share	$	24.67		$	23.90		$	23.43		$	22.51		$	21.73
Total common shareholders' equity to total assets	11.4		%	11.9		%	11.5		%	11.1		%	11.5		%
Tangible common equity to tangible assets	9.51		%	9.87		%	9.52		%	9.13		%	9.38		%



	2021												2020
Return on average tangible common equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Average common shareholders' equity	$	1,411,987		$	1,389,201		$	1,339,938		$	1,303,493		$	1,261,101
Less average goodwill	242,561			242,561			242,561			242,561			242,983
Less average intangibles, net	17,580			18,950			20,253			21,695			23,178
Average tangible common equity	$	1,151,846		$	1,127,690		$	1,077,124		$	1,039,237		$	994,940
Net income	$	48,827		$	45,290		$	43,294		$	52,874		$	45,602
Return on average common equity	13.7		%	12.9		%	13.0		%	16.5		%	14.4		%
Return on average tangible common equity	16.8		%	15.9		%	16.1		%	20.6		%	18.2		%
Adjusted net income	$	42,551		$	42,699		$	42,317		$	53,505		$	54,454
Adjusted return on average tangible common equity	14.7		%	15.0		%	15.8		%	20.9		%	21.8		%
Adjusted pre-tax pre-provision earnings	$	43,573		$	51,240		$	41,357		$	55,461		$	67,988
Adjusted pre-tax pre-provision return on average tangible common equity	15.0		%	18.0		%	15.4		%	21.6		%	27.2		%


FB Financial Corporation						20


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

Return on average tangible common equity	2021			2020			2019			2018			2017
Average common shareholders' equity	$	1,361,637		$	966,336		$	723,494		$	629,922		$	466,219
Less average goodwill	242,561			199,104			160,587			137,190			84,997
Less average intangibles, net	19,606			22,659			17,236			12,815			8,047
Average tangible common equity	$	1,099,470		$	744,573		$	545,671		$	479,917		$	373,175
Net income	$	190,285		$	63,621		$	83,814		$	80,236		$	52,398
Return on average common equity	14.0		%	6.58		%	11.6		%	12.7		%	11.2		%
Return on average tangible common equity	17.3		%	8.54		%	15.4		%	16.7		%	14.0		%



Adjusted net income	$	181,071		$	141,932		$	89,271		$	82,085		$	57,770
Adjusted return on average tangible common equity	16.5		%	19.1		%	16.4		%	17.1		%	15.5		%
Adjusted pre-tax pre-provision earnings	$	191,631		$	229,707		$	123,972		$	113,517		$	91,569
Adjusted pre-tax pre-provision return on average tangible common equity	17.4		%	30.9		%	22.7		%	23.7		%	24.5		%

	2021												2020
Adjusted return on average assets and equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Net income	$	48,827		$	45,290		$	43,294		$	52,874		$	45,602
Average assets	12,085,817			11,915,062			11,900,450			11,508,783			11,111,163
Average common equity	1,411,987			1,389,201			1,339,938			1,303,493			1,261,101
Return on average assets	1.60		%	1.51		%	1.46		%	1.86		%	1.63		%
Return on average common equity	13.7		%	12.9		%	13.0		%	16.5		%	14.4		%
Adjusted net income	$	42,551		$	42,699		$	42,317		$	53,505		$	54,454
Adjusted return on average assets	1.40		%	1.42		%	1.43		%	1.89		%	1.95		%
Adjusted return on average common equity	12.0		%	12.2		%	12.7		%	16.6		%	17.2		%













Adjusted pre-tax pre-provision earnings	$	43,573		$	51,240		$	41,357		$	55,461		$	67,988
Adjusted pre-tax pre-provision return on average assets	1.43		%	1.71		%	1.39		%	1.95		%	2.43		%
Adjusted pre-tax pre-provision return on average common equity	12.2		%	14.6		%	12.4		%	17.3		%	21.4		%


FB Financial Corporation						21







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

Adjusted return on average assets and equity	2021			2020			2019			2018			2017
Net income	$	190,285		$	63,621		$	83,814		$	80,236		$	52,398
Average assets	11,848,460			8,438,100			5,777,672			4,844,865			3,811,158
Average common equity	1,361,637			966,336			723,494			629,922			466,219
Return on average assets	1.61		%	0.75		%	1.45		%	1.66		%	1.37		%
Return on average common equity	14.0		%	6.58		%	11.6		%	12.7		%	11.2		%
Adjusted net income	$	181,071		$	141,932		$	89,271		$	82,085		$	57,770
Adjusted return on average assets	1.53		%	1.68		%	1.55		%	1.69		%	1.52		%
Adjusted return on average common equity	13.3		%	14.7		%	12.3		%	13.0		%	12.4		%




Adjusted pre-tax pre-provision earnings	$	191,631		$	229,707		$	123,972		$	113,517		$	91,569
Adjusted pre-tax pre-provision return on average assets	1.62		%	2.72		%	2.15		%	2.34		%	2.40		%
Adjusted pre-tax pre-provision return on average common equity	14.1		%	23.8		%	17.1		%	18.0		%	19.6		%

	2021												2020
Adjusted allowance for credit losses to loans held for investment	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Allowance for credit losses	$	125,559		$	139,446		$	144,663		$	157,954		$	170,389
Less allowance for credit losses attributed to PPP loans	—			2			9			23			34
Adjusted allowance for credit losses	$	125,559		$	139,444		$	144,654		$	157,931		$	170,355
Loans held for investment	$	7,604,662		$	7,294,674		$	7,198,954		$	7,047,342		$	7,082,959
Less PPP loans	3,990			9,415			57,406			145,697			212,645
Adjusted loans held for investment	$	7,600,672		$	7,285,259		$	7,141,548		$	6,901,645		$	6,870,314
Allowance for credit losses to loans held for investment	1.65		%	1.91		%	2.01		%	2.24		%	2.41		%
Adjusted allowance for credit losses to loans held for investment	1.65		%	1.91		%	2.03		%	2.29		%	2.48		%


FB Financial Corporation						22

January 18, 2022 2021 Fourth Quarter Earnings Presentation

1 Forward–Looking Statements Certain statements contained in this presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding FB Financial Corporation’s (the “Company”) business operations and statements related to the Company’s future plans, results, strategies, and expectations. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) the ongoing effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and the emergence of new variants, and its impact on general economic and financial market conditions and on the Company’s business and the Company’s customers' business, results of operations, asset quality and financial condition, (3) ongoing public response to the vaccines that were developed against the virus as well as the decisions of governmental agencies with respect to vaccines, including recommendations related to booster shots and requirements that seek to mandate that individuals receive or employers require that their employees receive the vaccine, (4) those vaccines' efficacy against the virus, including new variants, (5) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (6) the Company’s ability to effectively manage problem credits, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) difficulties and delays in integrating acquired businesses or fully realizing costs savings, revenue synergies and other benefits from future and prior acquisitions, (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 potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (12) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (13) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward- looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in any of the Company’s subsequent filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to publicly update or review any forward- looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the company. The Company qualifies all forward-looking statements by these cautionary statements.

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

3 4Q 2021 and annual highlights Key highlights ◼ Excluding PPP loans, loans HFI grew 17.2% annualized in 4Q 2021, or $315 million. 2021 annual growth, excluding PPP loans, of 10.6%, or $730 million ◼ Noninterest bearing deposits increased by $130.6 million in 4Q 2021 (19.9% annualized) and by $466 million, or 20.5%, in FY 2021. Excluding mortgage-escrow deposits, noninterest bearing deposits increased by $193.7 million in 4Q 2021 (31.8% annualized) and by $486 million, or 22.9%, in FY 2021. ◼ Cost of total deposits decreased by 4 basis points from 3Q 2021, while contractual yield on loans HFI declined by 6 basis points ◼ ACL to loans HFI declined from 1.91% as of 3Q 2021 to 1.65% as of 4Q 2021 as outlooks for the local economy and Covid-impacted industries continue to improve ◼ Commercial Loans Held For Sale portfolio balances down to $79.3 million as of 4Q 2021 compared to $430 million at announcement of Franklin Financial Network transaction and $100.5 million as of 3Q 2021. Experienced gain on the portfolio of $9.9 million in 4Q 2021 and $11.2 million in FY 2021. ◼ Total mortgage contribution of $0.7 million in 4Q 2021 and $26.5 million for FY 2021 ◼ Grew tangible book value per share1 to $24.67, or a 15.5% CAGR since the IPO in September of 2016 Financial results 1 Results are non-GAAP financial measures that adjust GAAP reported net income, total assets, equity and other metrics for certain intangibles, income and expense items as outlined in the non-GAAP reconciliation calculations, using a combined marginal income tax rate of 26.06% excluding one-time items. See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. 4Q 2021 FY 2021 Diluted earnings per share Adjusted diluted earnings per share1 $1.02 $0.89 $3.97 $3.78 Net income ($mm) Adjusted net income1 ($mm) $48.8 $42.6 $190.3 $181.1 Return on average assets Adjusted return on average assets1 1.60% 1.40% 1.61% 1.53% Return on average equity Adjusted return on average equity1 13.7% 12.0% 14.0% 13.3% Return on average tangible common equity1 Adjusted return on average tangible common equity1 16.8% 14.7% 17.3% 16.5% Adjusted pre-tax, pre-provision earnings1 ($mm) $43.6 $191.6 Adjusted pre-tax, pre-provision return on average assets1 1.43% 1.62% Adjusted pre-tax, pre-provision return on average tangible common equity1 15.0% 17.4% Net interest margin Impact of accretion and nonaccrual interest (bps) 3.19% 0 3.19% 1 Tangible common equity / tangible assets1 9.5% 9.5%

4 68.1% 65.8% 65.4% 59.2% 65.8% 2017 2018 2019 2020 2021 4.46% 4.66% 4.34% 3.46% 3.19% 2017 2018 2019 2020 2021 Core earnings power ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. Adjusted return on average assets¹ 1.52% 1.69% 1.55% 1.68% 1.53% 2017 2018 2019 2020 2021 Drivers of profitability Net interest margin Noninterest income ($mm)Loans/deposits Core efficiency ratio1 $142 $131 $135 $302 $228 2017 2018 2019 2020 2021 101% 95% 95% 84% 77% 86% 88% 89% 75% 70% 15% 7% 6% 9% 7% 2017 2018 2019 2020 2021 Loans excluding HFS Loans HFS

5 Stable net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. 2 Excess liquidity defined as interest-bearing deposits with other financial institutions in excess of 5% of average tangible assets. Assumes funded from all interest bearing liabilities. $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 4Q20 1Q21 2Q21 3Q21 4Q21 A v g . in te re s t e a rn in g a s s e ts ( $ m m ) Y ie ld s a n d C o s ts ( % ) Average interest earning assets Yield on loans Cost of deposits NIM NIM1 3.32% 3.19% 3.18% 3.20% 3.19% Impact of accretion and nonaccrual interest (bps) 4 3 1 2 0 Impact of excess liquidity2 (bps) (22) (33) (37) (28) (22) Deposit Cost: Cost of MMDA 0.57% 0.50% 0.38% 0.31% 0.27% Cost of customer time 1.04% 0.90% 0.63% 0.61% 0.53% Cost of interest-bearing 0.63% 0.53% 0.41% 0.34% 0.30% Total deposit cost 0.46% 0.41% 0.31% 0.26% 0.22% Loans HFI Yield: Contractual interest 4.39% 4.39% 4.31% 4.23% 4.17% Origination and other loan fee income 0.36% 0.38% 0.39% 0.35% 0.33% Nonaccrual interest 0.05% 0.04% 0.03% 0.02% 0.03% Accretion on purchased loans 0.02% 0.00% (0.01%) 0.01% (0.04%) Total loan (HFI) yield 4.81% 4.81% 4.72% 4.61% 4.49%

6 3Q21 Mortgage performance in 4Q 2021 Highlights ◼ Total mortgage pre-tax contribution1 of $0.7 million for the fourth quarter ◼ Rising rates are weighing on refinance volumes, which is expected to continue throughout 2022 ◼ The decline in refinance volumes has led to over capacity in the industry, putting pressure on margins ◼ Pipeline at the end of 4Q 2021 of $487 million, as compared to $738 million at the end of 3Q 2021 ◼ Mortgage banking income of $31.4 million in 4Q 2021 compared to $45.4 million in 3Q 2021 Mortgage banking income ($mm) 4Q20 3Q21 4Q21 Gain on Sale $84.0 $39.2 $37.5 Fair value changes ($16.9) $1.0 ($12.5) Servicing Revenue $6.4 $7.6 $7.7 Fair value MSR changes ($7.8) ($2.4) ($1.3) Total Income $65.7 $45.4 $31.4 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. 2 Defined as the fair value plus related derivatives for mandatory and best efforts divided by their pull-through weighted volume. Quarterly mortgage production Mark to Market Value and Gain on Sale Margin 4Q20 4Q21 IRLC volume: IRLC pipeline2: Refinance %: Purchase %: $2,187mm $2,012mm $1,484mm $1,192mm $738mm $487mm 76% 66% 57% 24% 34% 43% Consumer Direct Retail 3.42% 2.91% 2.42% 2.44% 1.96% 4.59% 3.68% 2.94% 2.55% 2.66% 4Q20 1Q21 2Q21 3Q21 4Q21 Mark to Market Value Gain on Sale Margin2

7 Managing expenses and investing to support growth Highlights ◼Consolidated 4Q 2021 core efficiency ratio¹ of 67.0% ◼Banking segment improvement reflects relatively flat expense base paired with growth in revenue. Continue to balance managing expenses in a zero-rate environment while making prudent investments in people and technology ◼Mortgage efficiency declined as rising rates impacted both volumes and margin ◼Change in segment definitions 1Q 2021 as mortgage retail footprint no longer included in the banking segment ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, historical segment efficiency ratios have been recast for consistency with these changes. Core efficiency ratio (tax-equivalent basis)¹ 54.0% 58.6% 58.6% 57.9% 57.5% 58.5% 63.0% 68.9% 64.7% 67.0% 65.2% 70.4% 97.9% 80.0% 97.8% 4Q20 1Q21 2Q21 3Q21 4Q21 Banking segment Consolidated Mortgage segment

8 Well-capitalized for future opportunities Tangible book value per share3 Simple capital structure Common Equity Tier 1 Capital 85% Trust Preferred 2% Subordinated Notes 7% Tier 2 ACL 6% Total regulatory capital: $1,4292 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 3Q16 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q201 3Q211 4Q211,2 Shareholder’s equity/Assets 11.5% 11.9% 11.4% TCE/TA3 9.4% 9.9% 9.5% Common equity tier 1/Risk-weighted assets 11.7% 12.4% 12.3% Tier 1 capital/Risk-weighted assets 12.0% 12.7% 12.6% Total capital/Risk-weighted assets 15.0% 14.6% 14.4% Tier 1 capital /Average assets 10.0% 10.4% 10.5% C&D loans subject to 100% tier 1 capital plus ACL4 93% 91% 99% CRE loans subject to 300% tier 1 capital plus ACL4 228% 247% 254% Capital position 1 For regulatory capital purposes, the CECL impact over 2020 and 2021 is gradually phased-in from Common Equity Tier 1 Capital to Tier 2 capital. As of 4Q20, 3Q21 and 4Q21, respectively, $52.1 million, $44.4 million and $40.9 million are being added back to CET 1 and Tier 1 Capital, and $58.0 million, $50.2 million and $46.8 million are being taken out of Tier 2 capital. 2 Total regulatory capital, FB Financial Corporation. 4Q21 calculation is preliminary and subject to change. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 4 Tier 1 capital at FirstBank as defined in Call Report.

9 Noninterest- bearing checking 25% Interest-bearing checking 32% Money market 28% Savings 4% Time 11% 57% Checking accounts Valuable core deposit base ¹ Includes mortgage servicing-related deposits of $147.9 million, $170.9 million, $166.1 million, $190.6 million and $127.6 million for the quarters ended December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021, respectively. Total deposits ($mm) Cost of deposits Noninterest bearing deposits1 ($mm) Deposit composition $9,396 $10,219 $10,163 $10,044 $10,809 $62 $38 $41 $28 $27 $9,458 $10,257 $10,204 $10,072 $10,837 4Q20 1Q21 2Q21 3Q21 4Q21 Customer deposits Brokered and internet time deposits $2,274 $2,431 $2,485 $2,610 $2,740 4Q20 1Q21 2Q21 3Q21 4Q21 24.0% 23.7% 24.4% 25.9% 25.3% 0.46% 0.41% 0.31% 0.26% 0.22% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 4Q20 1Q21 2Q21 3Q21 4Q21 Noninterest bearing (%) Cost of total deposits (%)

10 Retail 19% Office 18% Hotel 17% Warehouse / Industrial 12% Land-Manufacture Home Community 5% Self Storage 4% Healthcare Facility 3% Other 22% 1-4 Family to be sold 39% Commercial Land 30% 1-4 Consumer Construction 9% Multifamily 5% Retail 4% Warehouse 3% Office 2% Other 8% 1-4 family 17% 1-4 family HELOC 5% Multifamily 4% C&D 17% CRE 23% C&I 30% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry 1 2 C&D exposure by type Balance Ex. PPP PPP C&I CRE-OO Total % of Total Loans Real Estate Rental and Leasing 256.6$ 160.5$ 417.1$ 18.6% 0.1 Finance and Insurance 246.9 11.3 258.2 11.5% 0.4 Retail Trade 117.4 127.2 244.6 10.9% 0.2 Manufacturing 148.9 59.0 207.9 9.3% 0.2 Health Care and Social Assistance 55.5 118.9 174.4 7.8% 0.2 Wholesale Trade 100.6 55.2 155.8 7.0% - Other Services (except Public Administration) 20.4 132.1 152.5 6.8% 0.0 Construction 73.4 48.1 121.5 5.4% 0.1 Accomodation and Food Services 22.5 88.0 110.5 5.0% 0.4 Transportation and Warehousing 78.8 18.5 97.3 4.3% 1.1 Professional, Scientific and Technical Services 34.2 24.4 58.6 2.6% 0.0 Arts, Entertainment and Recreation 22.7 33.5 56.2 2.5% - Information 19.8 14.7 34.5 1.6% 0.0 Other 88.9 60.2 149.1 6.7% 1.3 Total 1,286.6$ 951.6$ 2,238.2$ 100.0% 4.0$

11 0.91% 0.94% 0.83% 0.59% 0.62% 0.75% 0.77% 0.66% 0.50% 0.50% 4Q20 1Q21 2Q21 3Q21 4Q21 NPLs (HFI)/loans (HFI) NPAs/assets 2.48% 2.29% 2.03% 1.91% 1.65% 4Q20 1Q21 2Q21 3Q21 4Q21 0.58% 0.05% 0.02% 0.13% 0.12% 4Q20 1Q21 2Q21 3Q21 4Q21 Asset quality remains solid Nonperforming ratios Classified loans / loans HFI LLR/loans HFI (excluding PPP loans)2 Net charge-offs / average loans 1 Includes acquired excess land and facilities held for sale–see page 14 of the Quarterly Financial Supplement. 2 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. 1.87% 2.22% 2.09% 1.80% 1.66% 4Q20 1Q21 2Q21 3Q21 4Q21 1

12 Allowance for credit losses overview ACL / Loans HFI by Category ◼ Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model with key economic data summarized below: 1Source: Moody’s “November 2021 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”. 2 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 3 Commercial and Industrial includes Owner-Occupied CRE; excludes $4.0 million, $9.4 million and $212.6 million in PPP loans for December 31, 2021, September 30, 2021 and December 31, 2020, respectively. 32 2.48% 0.86% 2.76% 4.78% 4.08% 1.76% 2.58% 3.54% 1.91% 1.25% 2.15% 2.50% 3.70% 1.45% 1.47% 3.46% 1.65% 1.26% 1.49% 2.15% 2.14% 1.50% 1.54% 3.35% Gross Loans HFI (Ex. PPP) Commercial & Industrial Non-Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 4Q 2020 3Q 2021 4Q 2021 FQE, FYE 12/31, 1Q 2022 2Q 2022 2021 2022 2023 2024 2025 GDP (bcw$) 19,728.5$ 19,782.0$ 19,403.0$ 19,819.0$ 20,278.0$ 20,882.1$ 21,841.8$ Annualized % Change 1.4% 1.1% 5.5% 2.1% 2.3% 3.0% 2.9% Total Employment (millions) 146.4 147.1 145.7 147.8 150.6 151.9 153.4 Unemployment Rate 6.6% 6.1% 5.9% 5.6% 4.3% 4.5% 4.1% CRE Price Index 313.0 304.0 320.7 308.1 348.1 372.9 396.6 NCREIF Property Index: Rate of Return 1.3% 0.8% 1.8% 1.1% 2.2% 2.9% 2.9%

13 Appendix

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued January 18 , 20 2 2
99.2						Supplemental Financial Information for the quarter ended December 31 , 2021
99.3						Earnings Presentation dated January 18, 2022
104						Cover Page Interactive Data File (formatted as inline XBRL document)


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer

Date: January 18, 2022


☐			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))