false000164974900016497492020-10-262020-10-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

   

FORM 8-K

 

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 26, 2020

FB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Tennessee

001-37875

62-1216058

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

211 Commerce Street, Suite 300

Nashville, Tennessee 37201

(Address of principal executive offices) (Zip Code)

(615) 564-1212

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

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

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

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Item 2.02 Results of Operations and Financial Condition.

On October 26, 2020, FB Financial Corporation (the “FB Financial”) issued a press release announcing its financial results for the third quarter ended September 30, 2020 (the “Earnings Release”). In addition, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the third quarter ended September 30, 2020 (the “Supplemental Financial Information”) and an earnings release presentation (the “Earnings Presentation”) for use in connection with the Earnings Release. Copies of the Earnings Release, the Supplemental Financial Information and the Earnings Presentation are furnished as Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, respectively, to this current report on Form 8-K (this “Report”).

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

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 of this Report is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number						Description of Exhibit
99.1						Earnings Release issued October 26, 2020
99.2						Supplemental Financial Information for the quarter ended September 30, 2020
99.3						Earnings Presentation dated October 27, 2020
104						Cover Page Interactive Data File (formatted as inline XBRL document)

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

			FB FINANCIAL CORPORATION
			By:			/s/ Michael M. Mettee
						Michael M. Mettee
						Interim Chief Financial Officer
Date: October 26, 2020

FB Financial Corporation Reports Third Quarter 2020 Results

Reported quarterly net loss of $(5.6) million, or diluted EPS of $(0.14)

Adjusted PTPP earnings* were $72.3 million for the third quarter, Adjusted Diluted EPS* of $1.46

NASHVILLE, TENNESSEE— October 26, 2020--FB Financial Corporation (the "Company") (NYSE: FBK), parent company of FirstBank, reported a net loss of $(5.6) million, or $(0.14) per diluted common share, for the third quarter of 2020, compared to net income of $24.0 million, or $0.76 per diluted common share, for the third quarter of 2019. The application of CECL accounting to the loan portfolio acquired with the Franklin Financial Network, Inc. merger ("Franklin" and the "Franklin Merger") contributed to provisions for credit losses and unfunded commitments totaling $55.4 million in the third quarter compared to $25.9 million in the second quarter of 2020 and $1.8 million in the third quarter of 2019. The Company reported adjusted pre-tax, pre-provision ("PTPP") earnings of $72.3 million this quarter, reflecting increases of 25.0% and 113.1% from $57.8 million and $33.9 million in the second quarter of 2020 and third quarter of 2019, respectively. Additionally, the Company reported ROAA of (0.24)% and ROAE of (2.13)%.

President and Chief Executive Officer, Christopher T. Holmes stated, "The third quarter was really solid for the Company as we achieved several critical milestones. During the quarter we closed and converted our Franklin merger to create what we believe is the leading community bank in our markets. The team also executed on a $100 million subordinated debt offering and converted our online and mobile banking platform, all while producing excellent core earnings during the quarter. Our adjusted pre-tax, pre-provision ROAA of 3.13% and ROATCE of 35.1% are outstanding return metrics. We also believe we have been prudent with our balance sheet with strong capital ratios and a healthy allowance for credit losses ("ACL"), positioning us well for the future. Between the team's ability to execute in a less than ideal environment and the passion that they have shown for our customers and teammates, I have never been more proud to be part of the FirstBank team. We have built on relationships and developed trust with our customers and communities that will be a growth catalyst for years to come."

Holmes commented further, "Our core results were strong in a quarter that had multiple unusual items. We had a second consecutive quarter of record mortgage contribution, we added $2.44 billion in loans and $3.11 billion in deposits from the Franklin merger, we recorded an initial provision for credit losses of $63.3 million on the Franklin loans and we had merger-related expenses of $20.7 million. All tallied, we recorded adjusted earnings of $59.5 million and grew tangible book value per share to $20.87 versus $19.07 from the previous quarter."

Performance Summary

						2020																		2019						Annualized
(dollars in thousands, expect per share data)						Third Quarter						Second Quarter						Third Quarter						3Q20 / 2Q20 % Change						3Q20 / 3Q19 % Change
Balance Sheet Highlights
Investment securities						$	1,164,910					$	751,767					$	671,781					218.6		%				73.4		%
Mortgage loans held for sale, at fair value						610,695						435,479						305,493						160.1		%				99.9		%
Commercial loans held for sale, at fair value						241,256						—						—						100.0		%				100.0		%
Loans - held for investment (HFI)						7,213,538						4,827,023						4,345,344						196.7		%				66.0		%
Allowance for credit losses						183,973						113,129						31,464						249.1		%				484.7		%
Total assets						11,010,438						7,255,536						6,088,895						205.9		%				80.8		%
Customer deposits						9,001,673						5,937,373						4,896,327						205.3		%				83.8		%
Brokered and internet time deposits						92,074						15,428						25,436						1,976.4		%				262.0		%
Total deposits						9,093,747						5,952,801						4,921,763						209.9		%				84.8		%
Borrowings						438,838						328,662						307,129						133.4		%				42.9		%
Total shareholders' equity						1,245,091						805,216						744,835						217.3		%				67.2		%
Tangible book value per share*						$	20.87					$	19.07					$	18.03
Tangible common equity to tangible assets*						9.16		%				8.67		%				9.45		%
* Certain measures are considered non-GAAP financial measures. See “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information, which accompanies this Earnings Release, as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated October 27, 2020, for a reconciliation and discussion of this non-GAAP measure.

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FB Financial Corporation

Third Quarter 2020 Results

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						2020																		2019
(dollars in thousands, except share data)						Third Quarter						Second Quarter						Third Quarter
Results of operations
Net interest income						$	68,828					$	55,337					$	58,305
NIM						3.28		%				3.50		%				4.28		%
Provisions for credit losses						$	55,401					$	25,921					$	1,831
Net (recovery) charge-off ratio						(0.01)		%				0.00		%				0.05		%
Noninterest income						$	97,026					$	81,491					$	38,145
Mortgage banking income						$	84,686					$	72,168					$	29,193
Total revenue						$	165,854					$	136,828					$	96,450
Noninterest expenses						$	118,092					$	80,579					$	62,935
Merger and mortgage restructuring expenses						$	20,730					$	1,586					$	407
Efficiency ratio						71.2		%				58.9		%				65.3		%
Core efficiency ratio*						58.2		%				57.5		%				64.5		%
Adjusted pre-tax, pre-provision earnings*						$	72,302					$	57,835					$	33,922
Total adjusted mortgage banking pre-tax contribution*						$	39,496					$	33,616					$	5,375
Net (loss) income						$	(5,599)					$	22,873					$	23,966
Diluted (loss) earnings per share(1)						$	(0.14)					$	0.70					$	0.76
Effective tax rate						26.7		%				24.6		%				24.4		%
Weighted average number of shares outstanding - fully diluted(1)						40,637,745						32,506,417						31,425,573
Actual shares outstanding - period end						47,191,677						32,101,108						30,927,664
Returns on average:
As reported
Assets ("ROAA")						(0.24)		%				1.30		%				1.59		%
Equity ("ROAE")						(2.13)		%				11.6		%				13.0		%
Tangible common equity ("ROATCE")*						(2.72)		%				15.3		%				17.5		%
Adjusted pre-tax, pre-provision
Assets*						3.13		%				3.29		%				2.25		%
Equity*						27.5		%				29.2		%				18.4		%
Tangible common equity*						35.1		%				38.6		%				24.8		%
* Certain measures are considered non-GAAP financial measures. See "Use of non-GAAP Financial Measures" and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information, which accompanies this Earnings Release, as well as "Use of non-GAAP Financial Measures" and the Appendix in the Earnings Release Presentation dated October 27, 2020, for a reconciliation and discussion of this non-GAAP measure. (1) Diluted earnings per share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

Measured Growth and Enhanced Liquidity

The Company grew loans (HFI) to $7.21 billion, an increase of 66.0% year over year. Excluding Paycheck Protection Program ("PPP") loans, adjusted loans (HFI) were $6.90 billion, an increase of $2.39 billion from the second quarter of 2020. Excluding PPP loans and acquired loans, organic loans declined by $46.2 million from the second quarter to the third quarter, or 4.07% annualized. Contractual yield on loans decreased from 4.57% in the second quarter to 4.36% in the third quarter. The overall lower loan yields reflect the impact of rate cuts by the Federal Reserve in the first half of 2020, and a lower interest rate environment.

During the third quarter of 2020, the Company grew customer deposits by $3.06 billion to $9.00 billion, reflecting annualized linked quarter growth of 205.3% and year over year growth of 87.0%. Excluding acquired deposits, the Company grew customer deposits by $64.7 million to $6.00 billion, reflecting annualized quarterly growth of 4.34%. Included in this growth is an increase of $28.6 million in mortgage servicing related deposits. The Company's total cost of deposits declined by 9 basis points to 0.56% and the cost of interest-bearing deposits decreased on a linked quarter basis to 0.76% from 0.92%. Loans (HFI) to deposits decreased to 79.3% during the third quarter of 2020 from 81.1% the previous quarter.

Additionally, during the quarter, on balance sheet liquidity increased to $1.59 billion, or 14.7% of tangible assets, from $988.5 million, or 14.0% of tangible assets in the second quarter of 2020. During the third quarter of 2020, investment securities increased by $413.1 million compared with the previous quarter to $1.16 billion, or 10.6% of total assets while cash and cash equivalents increased $344.8 million to $1.06 billion, compared with the second quarter of 2020, both a result of the Franklin acquisition.

The Company's net interest income for the quarter was $68.8 million, an increase from $55.3 million last quarter and $58.3 million for the third quarter of 2019. The Company's net interest margin (“NIM”) was 3.28% for the third quarter, compared to 3.50% and 4.28% for the second quarter of 2020 and the third quarter of 2019, respectively. Accretion related to purchased loans contributed 2 basis points to the NIM in the third quarter of 2020 compared to 6 and 15 basis points for the second quarter of 2020 and the third quarter of 2019, respectively. Overall, the NIM for the third quarter of 2020 was impacted by a 28 basis point decline in the yield on interest-earning assets partially offset by a 11 basis point decline in the rate on interest-bearing

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FB Financial Corporation

Third Quarter 2020 Results

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liabilities on a linked quarter basis. In addition to the lower interest rate environment, yield on average earning assets was impacted by the balance sheet mix, as average interest bearing deposits with other financial institutions increased to 9.05% of average earning assets in the third quarter of 2020 as compared to 7.91% for the previous quarter, while PPP loans with a contractual yield of 1.02% represented 3.69% of average earning assets in the third quarter of 2020.

Holmes commented, "Our team remained focused on serving and retaining our high quality banking relationships and maintaining our strong liquidity position. Net interest margin was impacted by the low rate environment and our strategy to maintain excess liquidity. As we move into the fourth quarter, we plan to utilize liquidity to pay down non-core deposits, deploy excess funds into loans, continue receiving payoffs of PPP loans, and allow higher cost time deposits to reprice, which should benefit the NIM."

Noninterest Income Continues to Benefit from Mortgage Production

Noninterest income was $97.0 million for the third quarter of 2020, compared to $81.5 million for the second quarter of 2020 and $38.1 million for the third quarter of 2019. Mortgage banking income was $84.7 million for the third quarter of 2020, compared to $72.2 million for the second quarter of 2020 and $29.2 million for the third quarter of 2019.

During the quarter, the Company produced strong results from the mortgage business driven by the lower interest rate environment and higher profit margins across the industry. Interest rate lock commitment volume totaled $2.42 billion in the third quarter of 2020 compared to $2.24 billion in the second quarter of 2020 and $1.64 billion in the third quarter of 2019.

During the third quarter of 2020, the Company's total adjusted mortgage banking pre-tax direct contribution was $39.5 million, compared to $33.6 million in the second quarter of 2020 and $5.4 million in the third quarter of 2019, excluding $112 thousand of mortgage restructuring expenses.

Holmes commented, "I am very proud of our mortgage team for their performance in 2020, especially their efforts in the third quarter, as they delivered a record $39.5 million in direct contribution. The team has capitalized on the current interest rate environment through strong refinance volumes as well as new purchase originations. The operation has benefited from atypical margins, capacity constraints across the industry and a robust origination environment, partially offset by depressed servicing values and elevated prepayments of our serviced mortgages."

Noninterest Expenses and Efficiency Gains

Noninterest expenses were $118.1 million for the third quarter of 2020, including $20.7 million of merger-related expenses, compared to $80.6 million for the second quarter of 2020 and $62.9 million for the third quarter of 2019. On an adjusted basis, noninterest expense was $97.4 million for the third quarter of 2020, $79.0 million for the second quarter of 2020, and $62.5 million for the third quarter of 2019. The sequential quarter increase is primarily related to the Franklin merger and increased mortgage expenses, as core bank expenses remained relatively flat on a linked quarter basis due to the Company's expense control measures.

Holmes noted, "Controlled core bank noninterest expenses reflect our commitment to keeping costs contained. Expenses were elevated for the Company quarter over quarter due to merger expenses and our mortgage division, however the mortgage division continues to be very efficient and the merger expenses are one time versus operating expenses. The headwinds of a low interest rate environment will necessitate a focused approach as we continue to balance profitability, investment decisions, and capital deployment."

Asset Quality Remains Stable

During the third quarter of 2020, the Company recognized total provision for credit losses of $55.4 million, including a provision for unfunded commitments of $9.6 million. The provision for credit losses reflects the impact of applying CECL accounting standards to the acquired Franklin loan portfolio contributing a $53.2 million provision (excluding unfunded commitments) in the quarter, versus a reduction of $7.3 million for the legacy FirstBank loan portfolio for a total provision (excluding unfunded commitments) of $45.8 million. CECL application also resulted in a provision for unfunded commitments of $10.0 million for the Franklin portfolio, versus a reduction of $0.4 million for the legacy FirstBank loan portfolio. The Company continues to maintain a strong balance sheet during uncertain economic times resulting in an ACL of $184.0 million, or 2.55% of loans HFI and 2.66% when adjusted to exclude PPP loans.

The Company's net recoveries to average loans were 0.01% for the third quarter of 2020 compared to 0.00% in the second quarter of 2020 and net charge-offs of 0.05% in the third quarter of 2019. The Company's nonperforming assets decreased to 0.64% of total assets as of September 30, 2020, compared to 0.71% at June 30, 2020. Nonperforming loans were 0.61% of loans held for investment at September 30, 2020, compared to 0.72% at June 30, 2020. Deferrals resulting from the COVID-19 pandemic decreased to $464.8 million, or 6.4% of loans HFI as of September 30, 2020, compared to the aggregate balance deferred throughout the crisis of $1.64 billion.

Holmes commented, "Our credit metrics continued to reflect strong credit quality during the third quarter. We have seen an improvement in some pockets of the economy across our bank footprint as markets re-open. However, it is still early and we don't want to underestimate any impact to our loan portfolio."

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FB Financial Corporation

Third Quarter 2020 Results

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Capital Well Positioned

"Our adjusted pre-tax, pre-provision earnings increased by 25.0% sequentially and offset provision expense related to the addition of the Franklin loan portfolio. Our already strong regulatory capital levels improved during the quarter. Our current level of tangible common equity to tangible assets of 9.16% positions us well for future growth opportunities and gives us capital options, including continuing our dividend strategy in the near term," commented Holmes.

Summary

Holmes further commented, "Our success in the third quarter has laid the foundation for us to capitalize on the efficiencies gained from our merger with Franklin and build upon our solid financial results. We will continue to navigate through the challenges and opportunities that come to us with a steady hand, keeping our customers and associates in focus while continuing to build a bright future for FB Financial."

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results at 8:00 a.m. CT on October 27, 2020, and the conference call will be broadcast live over the Internet at https://www.webcaster4.com/Webcast/Page/1631/38110. An online replay will be available approximately an hour following the conclusion of the live broadcast.

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered community bank, with 87 full-service bank branches across Tennessee, Kentucky, North Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $11.0 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 October 26, 2020.

BUSINESS SEGMENT RESULTS

The Company has included its business segment financial tables as part of this Earnings Release. A detailed discussion of our business segments is included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019, and investors are encouraged to review that discussion in conjunction with this Earnings Release.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding the projected impact of the COVID-19 global pandemic on our business operations, statements relating to the timing, benefits, costs, and synergies of the mergers with Franklin Financial Network, Inc. (“Franklin”) (the “Franklin merger”) and FNB Financial Corp. (“FNB”) (together with the Franklin merger, the “mergers”), and FB Financial’s future plans, results, strategies, and expectations. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond FB Financial’s control. The inclusion of these forward-looking statements should not be regarded as a representation by FB Financial or any other person that such expectations, estimates, and projections will be achieved. Accordingly, FB Financial cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, and a continued slowdown in economic growth in the local or regional economies in

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FB Financial Corporation

Third Quarter 2020 Results

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which we operate and/or the US economy generally, (2) the effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business and our customers' business, results of operations, asset quality and financial condition, (3) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (4) our ability to effectively manage problem credits, (5) the risk that the cost savings and any revenue synergies from the mergers or another acquisition may not be realized or may take longer than anticipated to be realized, (6) disruption from the mergers with customer, supplier, or employee relationships, (7) the risks related to the integrations of the combined businesses following the Franklin merger, (8) the diversion of management time on issues related to the mergers, (9) the ability of FB Financial to effectively manage the larger and more complex operations of the combined company following the Franklin merger, (10) the risks associated with FB Financial’s pursuit of future acquisitions, (11) reputational risk and the reaction of the parties’ respective customers to the mergers, (12) FB Financial’s ability to successfully execute its various business strategies, (13) uncertainty regarding changes to the U.S. presidential administration and/or Congress and any resulting impact on economic policy, capital markets, federal regulation, and the response to the COVD-19 pandemic; and (14) general competitive, economic, political, and market conditions. Further information regarding FB Financial and factors which could affect the forward-looking statements contained herein can be found in FB Financial's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and its other filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond FB Financial’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this release, and FB Financial undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for FB Financial to predict their occurrence or how they will affect the company.

FB Financial qualifies all forward-looking statements by these cautionary statements.

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

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

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated October 27, 2020, for a discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

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Third Quarter 2020 Results

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Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																		2019
						Third Quarter						Second Quarter						Third Quarter
Statement of Income Data
Total interest income						$	81,127					$	65,607					$	73,242
Total interest expense						12,299						10,270						14,937
Net interest income						68,828						55,337						58,305
Total noninterest income						97,026						81,491						38,145
Total noninterest expense						118,092						80,579						62,935
Earnings before income taxes and provisions for credit losses						47,762						56,249						33,515
Provisions for credit losses						55,401						25,921						1,831
Income tax (benefit) expense						(2,040)						7,455						7,718
Net (loss) income						$	(5,599)					$	22,873					$	23,966
Net interest income (tax-equivalent basis)						$	69,625					$	55,977					$	58,769
Adjusted net income*						$	59,470					$	24,086					$	24,267
Adjusted pre-tax, pre-provision earnings*						$	72,302					$	57,835					$	33,922
Per Common Share
Diluted net (loss) income(a)						$	(0.14)					$	0.70					$	0.76
Adjusted diluted net income*						1.46						0.74						0.77
Book value						26.38						25.08						24.08
Tangible book value*						20.87						19.07						18.03
Weighted average number of shares outstanding - fully diluted(a)						40,637,745						32,506,417						31,425,573
Period-end number of shares						47,191,677						32,101,108						30,927,664
Selected Balance Sheet Data
Cash and cash equivalents						$	1,062,391					$	717,592					$	242,997
Loans held for investment (HFI)						7,213,538						4,827,023						4,345,344
Allowance for credit losses(b)						(183,973)						(113,129)						(31,464)
Mortgage loans held for sale, at fair value						610,695						435,479						305,493
Commercial loans held for sale, at fair value						241,256						—						—
Investment securities, at fair value						1,164,910						751,767						671,781
Other real estate owned, net						12,748						15,091						16,076
Total assets						11,010,438						7,255,536						6,088,895
Customer deposits						9,001,673						5,937,373						4,896,327
Brokered and internet time deposits						92,074						15,428						25,436
Total deposits						9,093,747						5,952,801						4,921,763
Borrowings						438,838						328,662						307,129
Total shareholders' equity						1,245,091						805,216						744,835
Selected Ratios
Return on average:
Assets						(0.24)		%				1.30		%				1.59		%
Shareholders' equity						(2.13)		%				11.56		%				13.0		%
Tangible common equity*						(2.72)		%				15.27		%				17.5		%
Average shareholders' equity to average assets						11.4		%				11.2		%				12.2		%
Net interest margin (NIM) (tax-equivalent basis)						3.28		%				3.50		%				4.28		%
Efficiency ratio (GAAP)						71.2		%				58.9		%				65.3		%
Core efficiency ratio (tax-equivalent basis)*						58.2		%				57.5		%				64.5		%
Loans HFI to deposit ratio						79.3		%				81.1		%				88.3		%
Total loans to deposit ratio						88.7		%				88.4		%				94.5		%
Yield on interest-earning assets						3.86		%				4.14		%				5.37		%
Cost of interest-bearing liabilities						0.83		%				0.94		%				1.50		%
Cost of total deposits						0.56		%				0.65		%				1.11		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)						2.55		%				2.34		%				0.72		%
Adjusted allowance for credit losses as a percentage of loans HFI*(b)						2.66		%				2.51		%				0.72		%
Net (recoveries) charge-offs as a percentage of average loans HFI						(0.01)		%				0.00		%				0.05		%
Nonperforming loans HFI as a percentage of total loans HFI						0.61		%				0.72		%				0.47		%
Nonperforming assets as a percentage of total assets						0.64		%				0.71		%				0.62		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets						11.3		%				11.1		%				12.2		%
Tangible common equity to tangible assets*						9.16		%				8.67		%				9.45		%
Tier 1 capital (to average assets)						11.8		%				9.7		%				10.1		%
Tier 1 capital (to risk-weighted assets)						12.8		%				11.9		%				11.3		%
Total capital (to risk-weighted assets)						15.9		%				13.2		%				12.0		%
Common equity Tier 1 (to risk-weighted assets) (CET1)						12.4		%				11.4		%				10.8		%

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

(b) Excludes reserve for credit losses on unfunded commitments of $16.1 million and $6.5 million recorded in accrued expenses and other liabilities for the three months ended September 30, 2020 and June 30, 2020, respectively.

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

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FB Financial Corporation

Third Quarter 2020 Results

Page 7

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																					2019
Adjusted earnings						Third Quarter						Second Quarter																		Third Quarter
Pre-tax net (loss) income						$	(7,639)					$	30,328																	$	31,684
Plus merger and mortgage restructuring expenses						20,730						1,586																		407
Plus initial provision for credit losses on acquired loans and unfunded commitments						63,251						—																		—
Less significant losses on securities, other real estate owned and other items(1)						(3,810)						—																		—
Adjusted pre-tax earnings						$	80,152					$	31,914																	$	32,091
Income tax expense, adjusted						20,682						7,828																		7,824
Adjusted earnings						$	59,470					$	24,086																	$	24,267
Weighted average common shares outstanding - fully diluted						40,637,745						32,506,417																		31,425,573
Adjusted diluted earnings per share
Diluted (loss) earnings per common share						$	(0.14)					$	0.70																	$	0.76
Plus merger and mortgage restructuring expenses						0.51						0.05																		0.01
Plus initial provision for credit losses on acquired loans and unfunded commitments						1.56						—																		—
Less significant losses on securities, other real estate owned and other items						(0.09)						—																		—
Less tax effect						0.56						0.01																		—
Adjusted diluted earnings per share						$	1.46					$	0.74																	$	0.77
(1)Includes charges of $2,305 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned
						2020																					2019
Adjusted pre-tax pre-provision earnings						Third Quarter						Second Quarter																		Third Quarter
Pre-tax net (loss) income						$	(7,639)					$	30,328																	$	31,684
Plus provisions for credit losses						55,401						25,921																		1,831
Pre-tax pre-provision earnings						47,762						56,249																		33,515
Plus merger and mortgage restructuring expenses						20,730						1,586																		407
Less significant losses on securities, other real estate owned and other items(1)						(3,810)						—																		—
Adjusted pre-tax pre-provision earnings						$	72,302					$	57,835																	$	33,922
Weighted average common shares outstanding - fully diluted						40,637,745						32,506,417																		31,425,573
Adjusted pre-tax pre-provision diluted earnings per share
Diluted (loss) earnings per common share						$	(0.14)					$	0.70																	$	0.76
Plus income tax expense						(0.05)						0.23																		0.25
Plus provisions for credit losses						1.36						0.80																		0.06
Pre-tax pre-provision earnings per share						1.17						1.73																		1.07
Plus merger and mortgage restructuring expenses						0.51						0.05																		0.01
Less significant losses on securities, other real estate owned and other items						(0.09)						—																		—
Adjusted pre-tax pre-provision earnings per share						$	1.77					$	1.78																	$	1.08
(1)Includes charges of $2,305 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned
						2020																					2019
Core efficiency ratio (tax-equivalent basis)						Third Quarter						Second Quarter																		Third Quarter
Total noninterest expense						$	118,092					$	80,579																	$	62,935
Less merger and mortgage restructuring expenses						20,730						1,586																		407
Core noninterest expense						$	97,362					$	78,993																	$	62,528
Net interest income (tax-equivalent basis)						$	69,625					$	55,977																	$	58,769
Total noninterest income						97,026						81,491																		38,145
Less (loss) gain on sales or write-downs of other real estate owned and other assets						(1,279)						32																		(82)
Less gain (loss) from securities, net						583						(28)																		(20)
Core noninterest income						97,722						81,487																		38,247
Core revenue						$	167,347					$	137,464																	$	97,016
Efficiency ratio (GAAP)(a)						71.2		%				58.9		%																65.3		%
Core efficiency ratio (tax-equivalent basis)						58.2		%				57.5		%																64.5		%

(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

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FB Financial Corporation

Third Quarter 2020 Results

Page 8

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																					2019
Banking segment core efficiency ratio (tax equivalent)						Third Quarter						Second Quarter																		Third Quarter
Core consolidated noninterest expense						$	97,362					$	78,993																	$	62,528
Less Mortgage segment core noninterest expense						30,052						26,997																		15,686
Core Banking segment noninterest expense						$	67,310					$	51,996																	46,842
Core revenue						$	167,347					$	137,464																	97,016
Less Mortgage segment total revenue						60,040						55,215																		18,455
Core Banking segment total revenue						$	107,307					$	82,249																	$	78,561
Banking segment core efficiency ratio (tax-equivalent basis)						62.7		%				63.2		%																59.6		%
Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense						$	30,382					$	26,997																	$	15,798
Less mortgage merger expense						330						—																		—
Less mortgage restructuring expense						—						—																		112
Core Mortgage segment noninterest expense						$	30,052					$	26,997																	$	15,686
Mortgage segment total revenue						$	60,040					$	55,215																	$	18,455
Mortgage segment core efficiency ratio (tax-equivalent basis)						50.1		%				48.9		%																85.0		%
						2020																					2019
Adjusted mortgage contribution						Third Quarter						Second Quarter																		Third Quarter
Mortgage segment pre-tax net contribution						$	29,658					$	28,218																	$	2,657
Retail footprint:
Mortgage banking income						24,683						16,940																		10,693
Mortgage banking expenses						15,175						11,542																		8,087
Retail footprint pre-tax net contribution						9,508						5,398																		2,606
Total adjusted mortgage banking pre-tax net contribution						$	39,166					$	33,616																	$	5,263
Plus mortgage merger expense						330						—																		—
Plus mortgage restructuring expense						—						—																		112
Total adjusted mortgage banking pre-tax net contribution						$	39,496					$	33,616																	$	5,375
Pre-tax pre-provision earnings						$	47,762					$	56,249																	$	33,515
% total mortgage banking pre-tax pre-provision net contribution						82.0		%				59.8		%																15.7		%
Adjusted pre-tax pre-provision earnings						$	72,302					$	57,835																	$	33,922
% total adjusted mortgage banking pre-tax pre-provision net contribution						54.6		%				58.1		%																15.8		%
						2020																					2019
Tangible assets and equity						Third Quarter						Second Quarter																		Third Quarter
Tangible assets
Total assets						$	11,010,438					$	7,255,536																	$	6,088,895
Less goodwill						236,086						175,441																		168,486
Less intangibles, net						23,924						17,671																		18,748
Tangible assets						$	10,750,428					$	7,062,424																	$	5,901,661
Tangible common equity
Total common shareholders' equity						$	1,244,998					$	805,216																	$	744,835
Less goodwill						236,086						175,441																		168,486
Less intangibles, net						23,924						17,671																		18,748
Tangible common equity						$	984,988					$	612,104																	$	557,601
Common shares outstanding						47,191,677						32,101,108																		30,927,664
Book value per common share						$	26.38					$	25.08																	$	24.08
Tangible book value per common share						$	20.87					$	19.07																	$	18.03
Total common shareholders' equity to total assets						11.3		%				11.1		%																12.2		%
Tangible common equity to tangible assets						9.16		%				8.67		%																9.45		%

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FB Financial Corporation

Third Quarter 2020 Results

Page 9

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																					2019
Return on average tangible common equity						Third Quarter						Second Quarter																		Third Quarter
Total average shareholders' equity						$	1,045,006					$	795,705																	$	731,701
Less average goodwill						205,473						175,150																		168,486
Less average intangibles, net						20,973						18,209																		19,523
Average tangible common equity						$	818,561					$	602,346																	$	543,692
Net (loss) income						$	(5,599)					$	22,873																	$	23,966
Return on average tangible common equity						(2.7)		%				15.3		%																17.5		%
						2020																					2019
Adjusted return on average tangible common equity						Third Quarter						Second Quarter																		Third Quarter
Average tangible common equity						$	818,561					$	602,346																	$	543,692
Adjusted net income						59,470						24,086																		24,267
Adjusted return on average tangible common equity						28.9		%				16.1		%																17.7		%
						2020																					2019
Adjusted pre-tax pre-provision return on average tangible common equity						Third Quarter						Second Quarter																		Third Quarter
Average tangible common equity						$	818,561					$	602,346																	$	543,692
Adjusted pre-tax pre-provision earnings						72,302						57,835																		33,922
Adjusted pre-tax pre-provision return on average tangible common equity						35.1		%				38.6		%																24.8		%
						2020																					2019
Adjusted return on average assets and equity						Third Quarter						Second Quarter																		Third Quarter
Net (loss) income						$	(5,599)					$	22,873																	$	23,966
Average assets						9,179,288						7,074,612																		5,988,572
Average equity						1,045,006						795,705																		731,701
Return on average assets						(0.24)		%				1.30		%																1.59		%
Return on average equity						(2.1)		%				11.6		%																13.0		%
Adjusted net income						$	59,470					$	24,086																	$	24,267
Adjusted return on average assets						2.58		%				1.37		%																1.61		%
Adjusted return on average equity						22.6		%				12.2		%																13.2		%
						2020																					2019
Adjusted pre-tax pre-provision return on average assets and equity						Third Quarter						Second Quarter																		Third Quarter
Net (loss) income						$	(5,599)					$	22,873																	$	23,966
Average assets						9,179,288						7,074,612																		5,988,572
Average equity						1,045,006						797,705																		731,701
Return on average assets						(0.24)		%				1.30		%																1.59		%
Return on average equity						(2.1)		%				11.6		%																13.0		%
Adjusted pre-tax pre-provision earnings						$	72,302					$	57,835																	$	33,922
Adjusted pre-tax pre-provision return on average assets						3.13		%				3.29		%																2.25		%
Adjusted pre-tax pre-provision return on average equity						27.5		%				29.2		%																18.4		%
						2020																					2019
Adjusted allowance for credit losses to loans held for investment						Third Quarter						Second Quarter																		Third Quarter
Allowance for credit losses						$	183,973					$	113,129																	$	31,464
Less allowance for credit losses attributed to PPP loans						49						51																		—
Adjusted allowance for credit losses						$	183,924					$	113,078																	$	31,464
Loans held for investment						$	7,213,538					$	4,827,023																	$	4,345,344
Less PPP loans						310,719						314,678																		—
Adjusted loans held for investment						$	6,902,819					$	4,512,345																	$	4,345,344
Allowance for credit losses to loans held for investment						2.55		%				2.34		%																0.72		%
Adjusted allowance for credit losses to loans held for investment						2.66		%				2.51		%																0.72		%

-END-

 

 

Third Quarter 2020

Financial Supplement

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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
Franklin Financial Network Opening Balance Sheet (Preliminary)			11
Loans and Deposits by Market			12
Segment Data			13
Loan Portfolio and Asset Quality			14
Preliminary Capital Ratios			16
Investment Portfolio			17
Non-GAAP Reconciliation			18

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Use of non-GAAP Financial Measures

 

This Supplemental Financial Information contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures include, without limitation, adjusted net income, adjusted diluted earnings per share, adjusted pre-tax pre-provision net income, adjusted pre-tax pre-provision diluted earnings per share, 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 pre-tax pre-provision mortgage contribution, adjusted return on average assets and equity, adjusted pre-tax pre-provision return on average assets and equity, pro forma return on average assets and equity, adjusted pro forma return on average assets and equity, core total revenue, adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses as a percentage of loans held for investment, which excludes the impact of Paycheck Protection Program ("PPP") loans. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted measures. The corresponding Earnings Release and Earnings Release Presentation also present tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on tangible common equity, return on average tangible common equity, pro forma return on average tangible common equity, adjusted return on average tangible common equity, pro forma 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 demonstrating the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.  The Company includes tables under the Non-GAAP Reconciliation section of this document to provide a reconciliation of these measures to the most directly comparable GAAP financial measures.

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Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																														2019
						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Statement of Income Data
Total interest income						$	81,127					$	65,607					$	69,674					$	71,643					$	73,242
Total interest expense						12,299						10,270						13,425						13,951						14,937
Net interest income						68,828						55,337						56,249						57,692						58,305
Total noninterest income						97,026						81,491						42,700						35,234						38,145
Total noninterest expense						118,092						80,579						68,559						62,686						62,935
Earnings before income taxes and provisions for credit losses						47,762						56,249						30,390						30,240						33,515
Provisions for credit losses						55,401						25,921						29,565						2,950						1,831
Income tax (benefit) expense						(2,040)						7,455						80						5,718						7,718
Net (loss) income						$	(5,599)					$	22,873					$	745					$	21,572					$	23,966
Net interest income (tax-equivalent basis)						$	69,625					$	55,977					$	56,784					$	58,212					$	58,769
Adjusted net income*						$	59,470					$	24,086					$	5,296					$	22,079					$	24,267
Adjusted pre-tax, pre-provision earnings*						$	72,302					$	57,835					$	33,440					$	30,926					$	33,922
Per Common Share
Diluted net (loss) income(a)						$	(0.14)					$	0.70					$	0.02					$	0.68					$	0.76
Adjusted diluted net income*						1.46						0.74						0.17						0.70						0.77
Book value						26.38						25.08						24.40						24.56						24.08
Tangible book value*						20.87						19.07						18.35						18.55						18.03
Weighted average number of shares outstanding - fully diluted(a)						40,637,745						32,506,417						31,734,112						31,470,565						31,425,573
Period-end number of shares						47,191,677						32,101,108						32,067,356						31,034,315						30,927,664
Selected Balance Sheet Data
Cash and cash equivalents						$	1,062,391					$	717,592					$	425,094					$	232,681					$	242,997
Loans held for investment (HFI)						7,213,538						4,827,023						4,568,038						4,409,642						4,345,344
Allowance for credit losses(b)						(183,973)						(113,129)						(89,141)						(31,139)						(31,464)
Mortgage loans held for sale						610,695						435,479						325,304						262,518						305,493
Commercial loans held for sale						241,256						—						—						—						—
Investment securities, at fair value						1,164,910						751,767						767,575						691,676						671,781
Other real estate owned, net						12,748						15,091						17,072						18,939						16,076
Total assets						11,010,438						7,255,536						6,655,687						6,124,921						6,088,895
Customer deposits						9,001,673						5,937,373						5,356,569						4,914,587						4,896,327
Brokered and internet time deposits						92,074						15,428						20,363						20,351						25,436
Total deposits						9,093,747						5,952,801						5,376,932						4,934,938						4,921,763
Borrowings						438,838						328,662						327,822						304,675						307,129
Total shareholders' equity						1,245,091						805,216						782,330						762,329						744,835
Selected Ratios
Return on average:
Assets						(0.24)		%				1.30		%				0.05		%				1.39		%				1.59		%
Shareholders' equity						(2.13)		%				11.6		%				0.39		%				11.2		%				13.0		%
Tangible common equity*						(2.72)		%				15.3		%				0.52		%				14.9		%				17.5		%
Average shareholders' equity to average assets						11.4		%				11.2		%				12.0		%				12.4		%				12.2		%
Net interest margin (NIM) (tax-equivalent basis)						3.28		%				3.50		%				3.92		%				4.12		%				4.28		%
Efficiency ratio (GAAP)						71.2		%				58.9		%				69.3		%				67.5		%				65.3		%
Core efficiency ratio (tax-equivalent basis)*						58.2		%				57.5		%				65.7		%				66.5		%				64.5		%
Loans HFI to deposit ratio						79.3		%				81.1		%				85.0		%				89.4		%				88.3		%
Total loans to deposit ratio						88.7		%				88.4		%				91.0		%				94.7		%				94.5		%
Yield on interest-earning assets						3.86		%				4.14		%				4.84		%				5.11		%				5.37		%
Cost of interest-bearing liabilities						0.83		%				0.94		%				1.27		%				1.38		%				1.50		%
Cost of total deposits						0.56		%				0.65		%				0.94		%				1.02		%				1.11		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)						2.55		%				2.34		%				1.95		%				0.71		%				0.72		%
Adjusted allowance for credit losses as a percentage of loans HFI*(b)						2.66		%				2.51		%				1.95		%				0.71		%				0.72		%
Net (recoveries) charge-offs as a percentage of average loans HFI						(0.01)		%				0.00		%				0.19		%				0.30		%				0.05		%
Nonperforming loans HFI as a percentage of total loans HFI						0.61		%				0.72		%				0.68		%				0.60		%				0.47		%
Nonperforming assets as a percentage of total assets						0.64		%				0.71		%				0.74		%				0.77		%				0.62		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets						11.3		%				11.1		%				11.8		%				12.4		%				12.2		%
Tangible common equity to tangible assets*						9.16		%				8.67		%				9.11		%				9.69		%				9.45		%
Tier 1 capital (to average assets)						11.8		%				9.7		%				10.3		%				10.1		%				10.1		%
Tier 1 capital (to risk-weighted assets)						12.8		%				11.9		%				11.6		%				11.6		%				11.3		%
Total capital (to risk-weighted assets)						15.9		%				13.2		%				12.5		%				12.2		%				12.0		%
Common equity Tier 1 (to risk-weighted assets) (CET1)						12.4		%				11.4		%				11.0		%				11.1		%				10.8		%

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

(b) Excludes reserve for credit losses on unfunded commitments of $16.1 million, $6.5 million, and $4.6 million recorded in accrued expenses and other liabilities at September 30, 2020, June 30, 2020, and March 31, 2020, respectively.

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

FB Financial Corporation						4

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Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
																																																												Q3 2020						Q3 2020
																																																												vs.						vs.
						2020																														2019																																										Q2 2020						Q3 2019
						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter																														Percent variance						Percent variance
Interest income:
Interest and fees on loans						$	76,504					$	61,092					$	63,754					$	66,095					$	67,639																													25.2		%				13.1		%
Interest on securities
Taxable						2,286						2,619						3,056						2,969						3,137																														(12.7)		%				(27.1)		%
Tax-exempt						1,933						1,590						1,433						1,327						1,174																														21.6		%				64.7		%
Other						404						306						1,431						1,252						1,292																														32.0		%				(68.7)		%
Total interest income						81,127						65,607						69,674						71,643						73,242																														23.7		%				10.8		%
Interest expense:
Deposits						10,573						9,309						12,168						12,703						13,522																														13.6		%				(21.8)		%
Borrowings						1,726						961						1,257						1,248						1,415																														79.6		%				22.0		%
Total interest expense						12,299						10,270						13,425						13,951						14,937																														19.8		%				(17.7)		%
Net interest income						68,828						55,337						56,249						57,692						58,305																														24.4		%				18.0		%
Provision for credit losses						45,834						24,039						27,964						2,950						1,831																														90.7		%				2,403.2		%
Provision for credit losses on unfunded commitments						9,567						1,882						1,601						—						—																														408.3		%				100.0		%
Net interest income after provisions for credit losses						13,427						29,416						26,684						54,742						56,474																														(54.4)		%				(76.2)		%
Noninterest income:
Mortgage banking income						84,686						72,168						32,745						26,176						29,193																														17.3		%				190.1		%
Service charges on deposit accounts						2,162						1,858						2,563						2,657						2,416																														16.4		%				(10.5)		%
ATM and interchange fees						3,913						3,606						3,134						3,315						3,188																														8.51		%				22.7		%
Investment services and trust income						1,828						1,368						1,697						1,326						1,336																														33.6		%				36.8		%
Gain (loss) from securities, net						583						(28)						63						(18)						(20)																														(2,182.1)		%				(3,015.0)		%
(Loss) gain on sales or write-downs of other real estate owned						(1,505)						86						51						433						(126)																														(1,850.0)		%				1,094.4		%
Gain (loss) from other assets						226						(54)						(328)						(156)						44																														(518.5)		%				413.6		%
Other income						5,133						2,487						2,775						1,501						2,114																														106.39		%				142.8		%
Total noninterest income						97,026						81,491						42,700						35,234						38,145																														19.1		%				154.4		%
Total revenue						165,854						136,828						98,949						92,926						96,450																														21.2		%				72.0		%
Noninterest expenses:
Salaries, commissions and employee benefits						67,676						55,258						43,622						39,589						40,880																														22.5		%				65.5		%
Occupancy and equipment expense						4,892						4,096						4,178						3,534						4,058																														19.4		%				20.6		%
Legal and professional fees						1,917						1,952						1,558						2,074						1,993																														(1.79)		%				(3.81)		%
Data processing						2,994						2,782						2,453						2,746						2,816																														7.62		%				6.32		%
Merger costs						20,730						1,586						3,050						686						295																														1,207.1		%				6,927.1		%
Amortization of core deposits and other intangibles						1,419						1,205						1,203						1,159						1,197																														17.8		%				18.5		%
Advertising						2,256						2,591						2,389						2,072						1,895																														(12.9)		%				19.1		%
Mortgage restructuring expense						—						—						—						—						112																														0.00		%				(100.0)		%
Other expense						16,208						11,109						10,106						10,826						9,689																														45.9		%				67.3		%
Total noninterest expense						118,092						80,579						68,559						62,686						62,935																														46.6		%				87.6		%
(Loss) income before income taxes						(7,639)						30,328						825						27,290						31,684																														(125.2)		%				(124.1)		%
Income tax (benefit) expense						(2,040)						7,455						80						5,718						7,718																														(127.4)		%				(126.4)		%
Net (loss) income						(5,599)						22,873						745						21,572						23,966																														(124.5)		%				(123.4)		%
Net income applicable to noncontrolling interests						—						—						—						—						—																														0.00		%				0.00		%
Net (loss) income applicable to FB Financial Corporation						$	(5,599)					$	22,873					$	745					$	21,572					$	23,966																													(124.5)		%				(123.4)		%
(Loss) earnings available to common shareholders						$	(5,599)					$	22,873					$	745					$	21,458					$	23,838																													(124.5)		%				(123.5)		%
Weighted average common shares outstanding:
Basic						40,154,841						32,094,274						31,257,739						30,934,092						30,899,583																														25.1		%				30.0		%
Fully diluted						40,637,745						32,506,417						31,734,112						31,470,565						31,425,573																														25.0		%				29.3		%
(Loss) earnings per common share:
Basic						$	(0.14)					$	0.71					$	0.02					$	0.69					$	0.77																													(119.7)		%				(118.2)		%
Fully diluted						(0.14)						0.70						0.02						0.68						0.76																														(120.0)		%				(118.4)		%
Fully diluted - adjusted*						1.46						0.74						0.17						0.70						0.77																														97.4		%				89.7		%

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

FB Financial Corporation						5

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Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
																		YTD 2020
						For the nine months ended																		vs.
						September 30,																		YTD 2019
						2020						2019						Percent variance
Interest income:
Interest and fees on loans						$	201,350					$	194,363					3.59		%
Interest on securities
Taxable						7,961						10,254						(22.4)		%
Tax-exempt						4,956						3,478						42.5		%
Other						2,141						2,799						(23.5)		%
Total interest income						216,408						210,894						2.61		%
Interest expense:
Deposits						32,050						38,865						(17.5)		%
Borrowings						3,944						3,685						7.03		%
Total interest expense						35,994						42,550						(15.4)		%
Net interest income						180,414						168,344						7.17		%
Provision for credit losses						97,837						4,103						2,284.5		%
Provision for credit losses on unfunded commitments						13,050						—						100.0		%
Net interest income after provisions for credit losses						69,527						164,241						(57.7)		%
Noninterest income:
Mortgage banking income						189,599						74,740						153.7		%
Service charges on deposit accounts						6,583						6,822						(3.50)		%
ATM and interchange fees						10,653						8,846						20.4		%
Investment services and trust income						4,893						3,918						24.9		%
Gain from securities, net						618						75						724.0		%
(Loss) gain on sales or write-downs of other real estate owned						(1,368)						112						(1,321.4)		%
(Loss) gain on other assets						(156)						52						(400.0)		%
Other income						10,395						5,598						85.7		%
Total noninterest income						221,217						100,163						120.9		%
Total revenue						401,631						268,507						49.6		%
Noninterest expenses:
Salaries, commissions and employee benefits						166,556						112,495						48.1		%
Occupancy and equipment expense						13,166						12,107						8.75		%
Legal and professional fees						5,427						5,412						0.28		%
Data processing						8,229						7,843						4.92		%
Merger costs						25,366						4,699						439.8		%
Amortization of core deposit and other intangibles						3,827						3,180						20.3		%
Advertising						7,236						7,066						2.41		%
Mortgage restructuring expense						—						1,995						(100.0)		%
Other expense						37,423						27,358						36.8		%
Total noninterest expense						267,230						182,155						46.7		%
Income before income taxes						23,514						82,249						(71.4)		%
Income tax expense						5,495						20,007						(72.5)		%
Net income						18,019						62,242						(71.1)		%
Net income applicable to noncontrolling interests						—						—						0.00		%
Net income applicable to FB Financial Corporation						$	18,019					$	62,242					(71.1)		%
Earnings available to common shareholders						$	18,019					$	61,909					(70.9)		%
Weighted average common shares outstanding:
Basic						34,404,064						30,849,035						11.5		%
Fully diluted						34,840,292						31,378,786						11.0		%
Earnings per common share:
Basic						$	0.52					$	2.01					(74.1)		%
Fully diluted						0.52						1.97						(73.6)		%

FB Financial Corporation						6

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Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except %)
																																																												Annualized
																																																												Q3 2020						Q3 2020
																																																												vs.						vs.
						2020																														2019																																										Q2 2020						Q3 2019
						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter																														Percent variance						Percent variance
ASSETS
Cash and due from banks						$	69,798					$	33,710					$	26,841					$	48,806					$	31,594																													425.9		%				120.9		%
Federal funds sold						118,588						34,638						59,199						131,119						50,532																														964.2		%				134.7		%
Interest-bearing deposits in financial institutions						874,005						649,244						339,054						52,756						160,871																														137.7		%				443.3		%
Cash and cash equivalents						1,062,391						717,592						425,094						232,681						242,997																														191.2		%				337.2		%
Investments:
Available-for-sale debt securities, at fair value						1,160,521						747,438						764,217						688,381						668,531																														219.9		%				73.6		%
Equity securities, at fair value						4,389						4,329						3,358						3,295						3,250																														5.51		%				35.0		%
Federal Home Loan Bank stock, at cost						31,232						17,621						16,445						15,976						15,976																														307.3		%				95.5		%
Mortgage loans held for sale, at fair value						610,695						435,479						325,304						262,518						305,493																														160.1		%				99.9		%
Commercial loans held for sale, at fair value						241,256						—						—						—						—																														100.0		%				100.0		%
Loans held for investment						7,213,538						4,827,023						4,568,038						4,409,642						4,345,344																														196.7		%				66.0		%
Less: allowance for credit losses						183,973						113,129						89,141						31,139						31,464																														249.1		%				484.7		%
Net loans						7,029,565						4,713,894						4,478,897						4,378,503						4,313,880																														195.4		%				63.0		%
Premises and equipment, net						136,774						100,638						100,406						90,131						91,815																														142.8		%				49.0		%
Other real estate owned, net						12,748						15,091						17,072						18,939						16,076																														(61.8)		%				(20.7)		%
Operating lease right-of-use assets						52,410						30,447						31,628						32,539						34,812																														287.0		%				50.6		%
Interest receivable						47,120						26,587						19,644						17,083						17,729																														307.2		%				165.8		%
Mortgage servicing rights, at fair value						71,535						60,508						62,581						75,521						66,156																														72.5		%				8.13		%
Goodwill						236,086						175,441						174,859						169,051						168,486																														137.5		%				40.1		%
Core deposit and other intangibles, net						23,924						17,671						18,876						17,589						18,748																														140.8		%				27.6		%
Other assets						289,792						192,800						217,306						122,714						124,946																														200.1		%				131.9		%
Total assets						$	11,010,438					$	7,255,536					$	6,655,687					$	6,124,921					$	6,088,895																													205.9		%				80.8		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing						$	2,287,911					$	1,775,323					$	1,335,799					$	1,208,175					$	1,214,373																													114.9		%				88.4		%
Interest-bearing checking						2,005,536						1,236,094						1,139,462						1,014,875						1,029,430																														247.6		%				94.8		%
Money market and savings						3,236,670						1,749,889						1,667,374						1,520,035						1,481,697																														338.0		%				118.4		%
Customer time deposits						1,471,556						1,176,067						1,213,934						1,171,502						1,170,827																														100.0		%				25.7		%
Brokered and internet time deposits						92,074						15,428						20,363						20,351						25,436																														1,976.4		%				262.0		%
Total deposits						9,093,747						5,952,801						5,376,932						4,934,938						4,921,763																														209.9		%				84.8		%
Borrowings						438,838						328,662						327,822						304,675						307,129																														133.4		%				42.9		%
Operating lease liabilities						56,705						33,803						34,572						35,525						37,760																														269.5		%				50.2		%
Accrued expenses and other liabilities						176,057						135,054						134,031						87,454						77,408																														120.8		%				127.4		%
Total liabilities						9,765,347						6,450,320						5,873,357						5,362,592						5,344,060																														204.5		%				82.7		%
Shareholders' equity:
Common stock, $1 par value						47,192						32,101						32,067						31,034						30,928																														187.0		%				52.6		%
Additional paid-in capital						896,158						462,930						460,938						425,633						426,816																														372.3		%				110.0		%
Retained earnings						276,361						286,296						266,385						293,524						274,491																														(13.81)		%				0.68		%
Accumulated other comprehensive income, net						25,287						23,889						22,940						12,138						12,600																														23.3		%				100.7		%
Total common shareholders' equity						1,244,998						805,216						782,330						762,329						744,835																														217.3		%				67.2		%
Noncontrolling interests						93						—						—						—						—																														100.0		%				100.0		%
Total shareholders' equity						1,245,091						805,216						782,330						762,329						744,835																														217.3		%				67.2		%
Total liabilities and shareholders' equity						$	11,010,438					$	7,255,536					$	6,655,687					$	6,124,921					$	6,088,895																													205.9		%				80.8		%

FB Financial Corporation						7

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Average Balance, Average Yield Earned and Average Rate Paid
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						Three Months Ended																														Three Months Ended
						September 30, 2020																														June 30, 2020
						Average balances						Interest income/ expense						Average yield/ rate						Average balances						Interest income/ expense						Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)						$	6,062,785					$	71,660					4.70		%				$	4,775,229					$	58,201					4.90		%
Mortgage loans held for sale(b)						486,899						3,624						2.96		%				358,108						2,947						3.31		%
Commercial loans held for sale						99,745						1,336						5.33		%				—						—						—		%
Securities:(b)
Taxable						604,557						2,286						1.50		%				494,987						2,619						2.13		%
Tax-exempt(a)						309,352						2,614						3.36		%				236,161						2,174						3.70		%
Total securities(a)						913,909						4,900						2.13		%				731,148						4,793						2.64		%
Federal funds sold						88,626						19						0.09		%				50,402						10						0.08		%
Interest-bearing deposits with other financial institutions						763,251						309						0.16		%				509,283						194						0.15		%
FHLB stock						22,517						76						1.34		%				16,871						102						2.43		%
Total interest-earning assets(a)						8,437,732						81,924						3.86		%				6,441,041						66,247						4.14		%
Noninterest-earning assets:
Cash and due from banks						69,788																		58,304
Allowance for credit losses						(144,991)																		(91,196)
Other assets						816,759																		666,463
Total noninterest-earning assets						741,556																		633,571
Total assets						$	9,179,288																	$	7,074,612
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking						$	1,626,067					$	2,194					0.54		%				$	1,161,593					$	1,717					0.59		%
Money market						2,179,128						3,589						0.66		%				1,422,344						2,179						0.62		%
Savings deposits						309,689						58						0.07		%				254,357						41						0.06		%
Customer time deposits						1,334,829						4,817						1.44		%				1,197,960						5,292						1.78		%
Brokered and internet time deposits						60,327						(85)						(0.56)		%				16,844						80						1.91		%
Time deposits						1,395,156						4,732						1.35		%				1,214,804						5,372						1.78		%
Total interest-bearing deposits						5,510,040						10,573						0.76		%				4,053,098						9,309						0.92		%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased						37,309						51						0.54		%				32,451						50						0.62		%
Federal Home Loan Bank advances						249,457						406						0.65		%				250,000						405						0.65		%
Subordinated debt						95,048						1,222						5.11		%				30,930						399						5.19		%
Other borrowings						15,015						47						1.25		%				15,000						107						2.87		%
Total other interest-bearing liabilities						396,829						1,726						1.73		%				328,381						961						1.18		%
Total interest-bearing liabilities						5,906,869						12,299						0.83		%				4,381,479						10,270						0.94		%
Noninterest-bearing liabilities:
Demand deposits						2,050,084																		1,728,343
Other liabilities						177,329																		169,085
Total noninterest-bearing liabilities						2,227,413																		1,897,428
Total liabilities						8,134,282																		6,278,907
Shareholders' equity						1,045,006																		795,705
Total liabilities and shareholders' equity						$	9,179,288																	$	7,074,612
Net interest income(a)												$	69,625																	$	55,977
Interest rate spread(a)																		3.03		%																3.20		%
Net interest margin(a)																		3.28		%																3.50		%
Cost of total deposits																		0.56		%																0.65		%
Average interest-earning assets to average interest-bearing liabilities																		142.8		%																147.0		%
Tax-equivalent adjustment												$	797																	$	640
Loans HFI yield components:
Contractual interest rate(a)(c)												$	66,441					4.36		%										$	54,233					4.57		%
Origination and other loan fee income(c)												4,029						0.26		%										2,823						0.24		%
Accretion on purchased loans												526						0.04		%										976						0.08		%
Nonaccrual interest												664						0.04		%										169						0.01		%
Total loans HFI yield												$	71,660					4.70		%										$	58,201					4.90		%

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

(b) Excludes the average balance for unrealized gains (losses) prospectively from 2020 for loans held for sale and investments carried at fair value.

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

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

FB Financial Corporation						8

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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
						March 31, 2020																														December 31, 2019																														September 30, 2019
						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)						$	4,495,069					$	61,817					5.53		%				$	4,384,180					$	64,053					5.80		%				$	4,306,725					$	65,241					6.01		%
Loans held for sale(b)						214,150						1,990						3.74		%				257,833						2,095						3.22		%				262,896						2,448						3.69		%
Securities:(b)
Taxable						512,774						3,056						2.40		%				505,299						2,969						2.33		%				508,924						3,137						2.45		%
Tax-exempt(a)						197,961						1,915						3.89		%				181,922						1,794						3.91		%				153,633						1,588						4.10		%
Total securities(a)						710,735						4,971						2.81		%				687,211						4,763						2.75		%				662,557						4,725						2.83		%
Federal funds sold						107,489						245						0.92		%				69,749						301						1.71		%				24,388						166						2.70		%
Interest-bearing deposits with other financial institutions						287,499						1,082						1.51		%				185,319						790						1.69		%				176,708						950						2.13		%
FHLB stock						16,226						104						2.58		%				15,976						161						4.00		%				15,976						176						4.37		%
Total interest-earning assets(a)						5,831,168						70,209						4.84		%				5,600,278						72,163						5.11		%				5,449,250						73,706						5.37		%
Noninterest-earning assets:
Cash and due from banks						64,438																		49,318																		51,433
Allowance for credit losses						(63,034)																		(31,631)																		(30,484)
Other assets						576,845																		539,966																		518,373
Total noninterest-earning assets						578,249																		557,653																		539,322
Total assets						$	6,409,417																	$	6,157,931																	$	5,988,572
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking						$	1,085,849					$	2,179					0.81		%				$	981,572					$	2,068					0.84		%				$	971,686					$	2,338					0.95		%
Money market						1,383,229						3,971						1.15		%				1,320,268						4,309						1.29		%				1,260,555						4,607						1.45		%
Savings deposits						233,807						79						0.14		%				210,550						79						0.15		%				207,221						78						0.15		%
Customer time deposits						1,205,385						5,843						1.95		%				1,175,467						6,133						2.07		%				1,184,737						6,362						2.13		%
Brokered and internet time deposits						20,355						96						1.90		%				23,219						114						1.95		%				28,273						137						1.92		%
Time deposits						1,225,740						5,939						1.95		%				1,198,686						6,247						2.07		%				1,213,010						6,499						2.13		%
Total interest-bearing deposits						3,928,625						12,168						1.25		%				3,711,076						12,703						1.36		%				3,652,472						13,522						1.47		%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased						26,961						57						0.85		%				27,610						59						0.85		%				30,585						80						1.04		%
Federal Home Loan Bank advances						250,000						714						1.15		%				250,000						788						1.25		%				248,315						918						1.47		%
Subordinated debt						30,930						421						5.47		%				30,930						401						5.14		%				30,930						417						5.35		%
Other borrowings						7,747						65						3.37		%				—						—						—		%				—						—						—		%
Total other interest-bearing liabilities						315,638						1,257						1.60		%				308,540						1,248						1.60		%				309,830						1,415						1.81		%
Total interest-bearing liabilities						4,244,263						13,425						1.27		%				4,019,616						13,951						1.38		%				3,962,302						14,937						1.50		%
Noninterest-bearing liabilities:
Demand deposits						1,284,331																		1,253,311																		1,180,685
Other liabilities						111,894																		123,055																		113,884
Total noninterest-bearing liabilities						1,396,225																		1,376,366																		1,294,569
Total liabilities						5,640,488																		5,395,982																		5,256,871
Shareholders' equity						768,929																		761,949																		731,701
Total liabilities and shareholders' equity						$	6,409,417																	$	6,157,931																	$	5,988,572
Net interest income(a)												$	56,784																	$	58,212																	$	58,769
Interest rate spread(a)																		3.57		%																3.74		%																3.87		%
Net interest margin(a)																		3.92		%																4.12		%																4.28		%
Cost of total deposits																		0.94		%																1.02		%																1.11		%
Average interest-earning assets to average interest-bearing liabilities																		137.4		%																139.3		%																137.5		%
Tax-equivalent adjustment												$	535																	$	520																	$	464
Loans HFI yield components:
Contractual interest rate(a)												$	57,382					5.14		%										$	58,219					5.27		%										$	59,645					5.50		%
Origination and other loan fee income												2,589						0.23		%										2,863						0.26		%										3,293						0.30		%
Accretion on purchased loans												1,578						0.14		%										2,526						0.23		%										2,102						0.19		%
Nonaccrual interest												268						0.02		%										439						0.04		%										201						0.02		%
Syndication fee income												—						—		%										6						—		%										—						—		%
Total loans HFI yield												$	61,817					5.53		%										$	64,053					5.80		%										$	65,241					6.01		%

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

(b) Excludes the average balance for unrealized gains (losses) prospectively from Q1 2020 for loans held for sale and investments carried at fair value.

FB Financial Corporation						9

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Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Nine Months Ended
(Unaudited)
(In Thousands, Except %)
						September 30, 2020																														September 30, 2019
						Average balances						Interest income/ expense						Average yield/ rate						Average balances						Interest income/ expense						Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)						$	5,112,130					$	191,678					5.01		%				$	4,070,535					$	186,640					6.13		%
Mortgage loans held for sale(b)						353,540						8,561						3.23		%				253,629						7,871						4.15		%
Commercial loans held for sale						33,491						1,336						5.33		%				—						—						—		%
Securities:(b)
Taxable						537,427						7,961						1.98		%				519,941						10,254						2.64		%
Tax-exempt(a)						247,674						6,703						3.62		%				146,336						4,704						4.30		%
Total securities(a)						785,101						14,664						2.49		%				666,277						14,958						3.00		%
Federal funds sold						82,089						274						0.45		%				18,355						377						2.75		%
Interest-bearing deposits with other financial institutions						520,858						1,585						0.41		%				111,551						1,861						2.23		%
FHLB stock						18,547						282						2.03		%				14,867						561						5.05		%
Total interest-earning assets(a)						6,905,756						218,380						4.22		%				5,135,214						212,268						5.53		%
Noninterest-earning assets:
Cash and due from banks						64,150																		52,108
Allowance for loan losses						(101,005)																		(30,041)
Other assets						738,866																		490,424
Total noninterest-earning assets						702,011																		512,491
Total assets						$	7,607,767																	$	5,647,705
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking						$	1,287,684					$	6,090					0.63		%				$	939,654					$	6,687					0.95		%
Money market						1,661,867						9,739						0.78		%				1,185,745						13,071						1.47		%
Savings deposits						261,058						178						0.09		%				195,822						222						0.15		%
Customer time deposits						1,245,324						15,952						1.71		%				1,148,180						17,970						2.09		%
Brokered and internet time deposits						32,610						91						0.37		%				52,759						915						2.32		%
Time deposits						1,277,934						16,043						1.68		%				1,200,939						18,885						2.10		%
Total interest-bearing deposits						4,488,543						32,050						0.95		%				3,522,160						38,865						1.48		%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased						32,215						158						0.66		%				25,992						232						1.19		%
Federal Home Loan Bank advances						249,818						1,525						0.82		%				166,450						2,216						1.78		%
Subordinated debt						52,459						2,042						5.20		%				30,930						1,237						5.35		%
Other borrowings						12,671						219						2.31		%				—						—						—		%
Total other interest-bearing liabilities						347,163						3,944						1.52		%				223,372						3,685						2.21		%
Total interest-bearing liabilities						4,835,706						35,994						0.99		%				3,745,532						42,550						1.52		%
Noninterest-bearing liabilities:
Demand deposits						1,698,618																		1,088,876
Other liabilities						149,987																		104,861
Total noninterest-bearing liabilities						1,848,605																		1,193,737
Total liabilities						6,684,311																		4,939,269
Shareholders' equity						923,456																		708,436
Total liabilities and shareholders' equity						$	7,607,767																	$	5,647,705
Net interest income(a)												$	182,386																	$	169,718
Interest rate spread(a)																		3.23		%																4.01		%
Net interest margin(a)																		3.53		%																4.42		%
Cost of total deposits																		0.69		%																1.13		%
Average interest-earning assets to average interest-bearing liabilities																		142.8		%																137.1		%
Tax equivalent adjustment												$	1,972																	$	1,374
Loans HFI yield components:
Contractual interest rate(a)(c)												$	178,056					4.65		%										$	169,850					5.58		%
Origination and other loan fee income(c)												9,441						0.25		%										10,114						0.33		%
Accretion on purchased loans												3,080						0.08		%										6,030						0.20		%
Nonaccrual interest												1,101						0.03		%										446						0.01		%
Syndication fee income												—						—		%										200						0.01		%
Total loans HFI yield												$	191,678					5.01		%										$	186,640					6.13		%

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

(b) Excludes the average balances of unrealized gains (losses) prospectively from 2020 for loans held for sale and investments carried at fair value.

(c) Includes 1,393 of loan contractual interest and 1,474 of loan fees related to PPP loans for the nine months ended September 30, 2020.

(d) Includes $182,248 of average PPP loan balances during the nine months ended September 30, 2020.

FB Financial Corporation						10

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Franklin Financial Network, Inc. Opening Balance Sheet (Preliminary)
As of August 15, 2020
(Unaudited)
(In Thousands)
						As Recorded by FB Financial Corporation (Preliminary)(a)
Assets
Cash and cash equivalents						$	283,996
Investments						373,459
Mortgage loans held for sale, at fair value						39,525
Commercial loans held for sale, at fair value						318,365
Loans, net of fair value adjustments						2,436,679
Allowance for credit losses on PCD loans						(24,832)
Premises and equipment						39,691
Operating lease right-of-use assets						24,330
Mortgage servicing rights						4,850
Core deposit intangible						7,692
Goodwill						60,644
Other assets						121,075
Total assets						$	3,685,474
Liabilities
Deposits						$	3,107,004
Borrowings						62,435
Operating lease liabilities						24,330
Accrued expenses and other liabilities						13,782
Total liabilities						$	3,207,551
Acquired minority interest						$	93
Equity and Cash Consideration
Value of 15,102,492 shares issued as merger consideration						$	445,826
Fair value of replacement awards attributable to pre-combination service						674
Total cash consideration paid						31,330
Total consideration						$	477,830
(a) The above estimated fair values of assets acquired and liabilities assumed are preliminary and are subject to change during the measurement period as allowed under ASC 805 - Business Combinations.

FB Financial Corporation						11

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Loans and Deposits by Market
For the Quarters Ended
(Unaudited)
(In Thousands)
						2020																														2019
						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Loans by market
Metropolitan						$	5,699,082					$	3,387,279					$	3,217,598					$	3,061,183					$	3,011,118
Community						892,229						875,347						820,180						817,380						802,923
Specialty lending and other						622,227						564,397						530,260						531,079						531,303
Total						$	7,213,538					$	4,827,023					$	4,568,038					$	4,409,642					$	4,345,344
Deposits by market
Metropolitan						$	5,574,001					$	3,651,146					$	3,272,740					$	2,963,524					$	2,869,049
Community						1,928,006						1,915,996						1,731,050						1,642,949						1,620,153
Mortgage and other(a)						1,591,740						385,659						373,142						328,465						432,561
Total						$	9,093,747					$	5,952,801					$	5,376,932					$	4,934,938					$	4,921,763

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

FB Financial Corporation						12

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Segment Data
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2020																														2019
						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Banking segment
Net interest income						$	68,791					$	55,350					$	56,233					$	57,776					$	58,350
Provisions for credit losses						55,401						25,921						29,565						2,950						1,831
Mortgage banking income retail footprint						24,683						16,940						10,651						9,899						10,693
Other noninterest income						12,340						9,323						9,955						9,058						8,952
Other noninterest mortgage banking expenses						15,175						11,542						7,175						8,126						8,087
Merger expense						20,400						1,586						3,050						686						295
Other noninterest expense						52,135						40,454						40,767						38,918						38,755
Pre-tax (loss) income after allocations						$	(37,297)					$	2,110					$	(3,718)					$	26,053					$	29,027
Total assets						$	10,378,122					$	6,751,881					$	6,211,640					$	5,795,888					$	5,730,492
Intracompany funding income included in net interest income						3,940						3,335						2,375						2,460						2,875
Core efficiency ratio*						62.7		%				63.2		%				61.8		%				61.1		%				59.6		%
Mortgage segment
Net interest income						$	37					$	(13)					$	16					$	(84)					$	(45)
Noninterest income						60,003						55,228						22,094						16,277						18,500
Mortgage restructuring expense						—						—						—						—						112
Merger expense						330						—						—						—						—
Other noninterest expense						30,052						26,997						17,567						14,956						15,686
Direct contribution						$	29,658					$	28,218					$	4,543					$	1,237					$	2,657
Total assets						$	632,316					$	503,655					$	444,047					$	329,033					$	358,403
Intracompany funding expense included in net interest income						3,940						3,335						2,375						2,460						2,875
Core efficiency ratio*						50.1		%				48.9		%				79.5		%				92.4		%				85.0		%
Interest rate lock commitments volume during the period
Consumer direct						$	1,453,238					$	1,480,878					$	1,314,625					$	679,096					$	973,142
Retail						965,434						758,228						779,155						402,490						503,861
Wholesale						—						—						—						—						159,263
Total						$	2,418,672					$	2,239,106					$	2,093,780					$	1,081,586					$	1,636,266
Interest rate lock commitments pipeline (period end)
Consumer direct						$	912,349					$	848,732					$	653,593					$	348,389					$	519,698
Retail						451,872						357,200						430,940						104,809						159,826
Wholesale						—						—						—						—						—
Total						$	1,364,221					$	1,205,932					$	1,084,533					$	453,198					$	679,524
Mortgage sales
Consumer direct						$	1,034,278					$	962,417					$	684,209					$	718,624					$	588,535
Retail						229,022						220,436						158,224						120,487						94,735
Retail footprint						506,743						412,560						199,043						266,328						256,060
Wholesale						—						—						—						652						284,655
Total						$	1,770,043					$	1,595,413					$	1,041,476					$	1,106,091					$	1,223,985
Gains and fees from origination and sale of mortgage loans held for sale						$	76,506					$	45,515					$	30,390					$	31,807					$	28,020
Net change in fair value of loans held for sale, derivatives, and other						10,084						34,778						3,205						(4,328)						2,304
Mortgage servicing income						5,536						5,113						5,018						4,914						3,960
Change in fair value of mortgage servicing rights, net of hedging						(7,440)						(13,238)						(5,868)						(6,217)						(5,091)
Total mortgage banking income						$	84,686					$	72,168					$	32,745					$	26,176					$	29,193
Mortgage sale margin(a)						4.32		%				2.85		%				2.92		%				2.88		%				2.29		%

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

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

FB Financial Corporation						13

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Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2020																																																																		2019
						Third Quarter						% of Total						Second Quarter						% of Total						First Quarter						% of Total						Fourth Quarter						% of Total						Third Quarter						% of Total
Loan portfolio
Commercial and Industrial (a)						$	1,417,671					20		%				$	1,289,646					27		%				$	1,020,484					23		%				$	1,034,036					23		%				$	997,921					23		%
Construction						1,190,878						16		%				553,619						12		%				599,479						13		%				551,101						13		%				537,784						12		%
Residential real estate:
1-to-4 family mortgage						1,140,611						16		%				741,936						15		%				743,336						16		%				710,454						16		%				710,077						17		%
Residential line of credit						420,318						6		%				236,974						5		%				246,527						5		%				221,530						5		%				215,493						5		%
Multi-family mortgage						165,937						2		%				115,149						2		%				94,638						2		%				69,429						2		%				80,352						2		%
Commercial real estate:
Owner occupied						924,987						13		%				683,245						14		%				686,543						15		%				630,270						14		%				620,635						14		%
Non-owner occupied						1,644,400						23		%				923,192						19		%				910,822						20		%				920,744						21		%				914,502						21		%
Consumer and other						308,736						4		%				283,262						6		%				266,209						6		%				272,078						6		%				268,580						6		%
Total loans HFI						$	7,213,538					100		%				$	4,827,023					100		%				$	4,568,038					100		%				$	4,409,642					100		%				$	4,345,344					100		%
Allowance for credit losses rollforward summary
Allowance for credit losses at the beginning of the period						$	113,129											$	89,141											$	31,139											$	31,464											$	30,138
Impact of adopting ASC 326 (CECL) on non-purchased credit deteriorated loans						—												—												30,888												—												—
Impact of adopting ASC 326 (CECL) on purchased credit deteriorated loans						—												—												558												—												—
Charge-offs						(993)												(1,165)												(2,411)												(3,594)												(717)
Recoveries						1,172												1,114												334												319												212
Provision for credit losses						45,834												24,039												27,964												2,950												1,831
Initial allowance on acquired loans with credit deterioration						24,831												—												669												—												—
Allowance for credit losses at the end of the period						$	183,973											$	113,129											$	89,141											$	31,139											$	31,464
Allowance for credit losses as a percentage of total loans HFI						2.55		%										2.34		%										1.95		%										0.71		%										0.72		%
Adjusted allowance for credit losses as a percentage of loans HFI*						2.66		%										2.51		%										1.95		%										0.71		%										0.72		%
Allowance for credit losses on unfunded commitments						$	16,067											$	6,500											$	4,618											$	—											$	—
Charge-offs
Commercial and Industrial						$	(249)											$	(147)											$	(1,234)											$	(2,669)											$	(3)
Construction						—												(18)												—												—												—
Residential real estate:
1-to-4 family mortgage						(8)												(123)												(242)												(138)												—
Residential line of credit						—												(21)												—												(4)												(170)
Multi-family mortgage						—												—												—												—												—
Commercial real estate:
Owner occupied						(95)												—												(209)												—												—
Non-owner occupied						(166)												(545)												—												—												(12)
Consumer and other						(475)												(311)												(726)												(783)												(532)
Total charge-offs						(993)												(1,165)												(2,411)												(3,594)												(717)
Recoveries
Commercial and Industrial						757												807												88												70												16
Construction						51												151												—												3												1
Residential real estate:
1-to-4 family mortgage						116												26												24												17												25
Residential line of credit						22												24												15												17												75
Multi-family mortgage						—												—												—												—												—
Commercial real estate:
Owner occupied						51												3												14												13												3
Non-owner occupied						—												—												—												—												—
Consumer and other						175												103												193												199												92
Total recoveries						1,172												1,114												334												319												212
Net recoveries (charge-offs)						$	179											$	(51)											$	(2,077)											$	(3,275)											$	(505)
Net (recoveries) charge-offs as a percentage of average total loans						(0.01)		%										0.00		%										0.19		%										0.30		%										0.05		%
Loans classified as substandard						$	126,986											$	88,416											$	74,237											$	80,346											$	78,881

FB Financial Corporation						14

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Loan Portfolio and Asset Quality (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2020																																																												2019
						Third Quarter												Second Quarter												First Quarter												Fourth Quarter												Third Quarter
Nonperforming assets(b)(c)
Past due 90 days or more and accruing interest						$	9,064											$	6,412											$	6,459											$	5,543											$	2,452
Nonaccrual						34,585												28,413												24,547												21,062												17,911
Total nonperforming loans held for investment						43,649												34,825												31,006												26,605												20,363
Commercial loans held for sale						12,812												—												—												—												—
Other real estate owned:
Foreclosed						6,570												7,340												9,332												9,983												8,771
Excess land and facilities						6,178												7,751												7,740												8,956												7,305
Other assets						1,184												1,306												1,188												1,580												1,519
Total nonperforming assets						$	70,393											$	51,222											$	49,266											$	47,124											$	37,958
Total nonperforming loans as a percentage of loans held for investment						0.61		%										0.72		%										0.68		%										0.60		%										0.47		%
Total nonperforming assets as a percentage of total assets						0.64		%										0.71		%										0.74		%										0.77		%										0.62		%
Total accruing loans over 90 days delinquent as a percentage of total assets						0.08		%										0.09		%										0.10		%										0.09		%										0.04		%
Loans restructured as troubled debt restructurings						$	16,681											$	13,277											$	11,566											$	12,206											$	11,460
Troubled debt restructurings as a percentage of loans held for investment						0.23		%										0.28		%										0.25		%										0.28		%										0.26		%

(a) Includes PPP loan balances of $310,719 and $314,678 as of September 30, 2020 and June 30, 2020, respectively.

(b) Upon adoption of CECL on January 1, 2020, purchase credit deteriorated loans are included in nonperforming assets on a prospective basis.

(c) Nonperforming assets include guaranteed repurchased loans previously sold of $4.4 million, $4.2 million, $3.1 million, $2.7 million, and $2.6 million for the quarters ended September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively.

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

FB Financial Corporation						15

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Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)
Computation of Tangible Common Equity to Tangible Assets:						September 30, 2020						December 31, 2019
Total Common Shareholders' Equity						$	1,244,998					$	762,329
Less:
Goodwill						236,086						169,051
Other intangibles						23,924						17,589
Tangible Common Equity						$	984,988					$	575,689
Total Assets						$	11,010,438					$	6,124,921
Less:
Goodwill						236,086						169,051
Other intangibles						23,924						17,589
Tangible Assets						$	10,750,428					$	5,938,281
Preliminary Total Risk-Weighted Assets						$	8,281,303					$	5,172,450
Total Common Equity to Total Assets						11.3		%				12.4		%
Tangible Common Equity to Tangible Assets*						9.2		%				9.7		%
						September 30, 2020						December 31, 2019
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital						$	1,025,897					$	572,410
Tier 1 Capital						1,055,897						602,410
Total Capital						1,317,127						633,549
Preliminary Regulatory Capital Ratios:
Common Equity Tier 1						12.4		%				11.1		%
Tier 1 Risk-Based						12.8		%				11.6		%
Total Risk-Based						15.9		%				12.2		%
Tier 1 Leverage						11.8		%				10.1		%

(a) Reflects CECL transition relief of $55.5 million add-back and $61.4 million disallowed from add-back to Tier 2 capital.

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

FB Financial Corporation						16

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Investment Portfolio
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2020																																																																		2019
Securities (at fair value)						Third Quarter																		Second Quarter																		First Quarter																		Fourth Quarter																		Third Quarter
Available-for-sale debt securities
U.S. government agency securities						$	1,994					—		%				$	3,024		—		%							$	3,037					—		%				$	—					—		%				$	999					—		%
Mortgage-backed securities - residential						759,960						65		%				454,606			61		%							499,658						65		%				490,676						71		%				485,300						72		%
Municipals, tax exempt						374,880						32		%				266,052			35		%							235,677						31		%				189,235						27		%				173,785						26		%
Treasury securities						21,700						2		%				22,771			3		%							24,860						3		%				7,448						1		%				7,432						1		%
Corporate securities						1,987						—		%				985			—		%							985						—		%				1,022						—		%				1,015						—		%
Total available-for-sale debt securities						1,160,521						99		%				747,438			99		%							764,217						99		%				688,381						99		%				668,531						99		%
Equity securities						4,389						1		%				4,329			1		%							3,358						1		%				3,295						1		%				3,250						1		%
Total securities						$	1,164,910					100		%				$	751,767		100		%							$	767,575					100		%				$	691,676					100		%				$	671,781					100		%
Securities to total assets						10.6		%										10.4		%										11.5		%										11.3		%										11.0		%
Unrealized gain on available-for-sale debt securities						$	31,468											$	29,683											$	28,045											$	11,676											$	12,436

FB Financial Corporation						17

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Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																														2019
Adjusted earnings						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Pre-tax net (loss) income						$	(7,639)					$	30,328					$	825					$	27,290					$	31,684
Plus merger and mortgage restructuring expenses						20,730						1,586						3,050						686						407
Plus initial provision for credit losses on acquired loans and unfunded commitments						63,251						—						2,885						—						—
Less significant losses on securities, other real estate owned and other items(1)						(3,810)						—						—						—						—
Adjusted pre-tax earnings						80,152						31,914						6,760						27,976						32,091
Income tax expense, adjusted						20,682						7,828						1,464						5,897						7,824
Adjusted earnings						$	59,470					$	24,086					$	5,296					$	22,079					$	24,267
Weighted average common shares outstanding - fully diluted						40,637,745						32,506,417						31,734,112						31,470,565						31,425,573
Adjusted diluted earnings per share
Diluted (loss) earnings per common share						$	(0.14)					$	0.70					$	0.02					$	0.68					$	0.76
Plus merger and mortgage restructuring expenses						0.51						0.05						0.10						0.02						0.01
Plus initial provision for credit losses on acquired loans and unfunded commitments						1.56						—						0.09						—						—
Less significant losses on securities, other real estate owned and other items						(0.09)						—						—						—						—
Less tax effect						0.56						0.01						0.04						—						—
Adjusted diluted earnings per share						$	1.46					$	0.74					$	0.17					$	0.70					$	0.77
(1)Includes charges of $2,305 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned
						2020																														2019
Adjusted pre-tax pre-provision earnings						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Pre-tax net (loss) income						$	(7,639)					$	30,328					$	825					$	27,290					$	31,684
Plus provisions for credit losses						55,401						25,921						29,565						2,950						1,831
Pre-tax pre-provision earnings						47,762						56,249						30,390						30,240						33,515
Plus merger and mortgage restructuring expenses						20,730						1,586						3,050						686						407
Less significant losses on securities, other real estate owned and other items(1)						(3,810)						—						—						—						—
Adjusted pre-tax pre-provision earnings						$	72,302					$	57,835					$	33,440					$	30,926					$	33,922
Weighted average common shares outstanding - fully diluted						40,637,745						32,506,417						31,734,112						31,470,565						31,425,573
Adjusted pre-tax pre-provision diluted earnings per share
Diluted (loss) earnings per common share						$	(0.14)					$	0.70					$	0.02					$	0.68					$	0.76
Plus income tax expense						(0.05)						0.23						—						0.18						0.25
Plus provisions for credit losses						1.36						0.80						0.93						0.10						0.06
Pre-tax pre-provision earnings per share						1.17						1.73						0.95						0.96						1.07
Plus merger and mortgage restructuring expenses						0.51						0.05						0.10						0.02						0.01
Less significant losses on securities, other real estate owned and other items						(0.09)						—						—						—						—
Adjusted pre-tax pre-provision earnings per share						$	1.77					$	1.78					$	1.05					$	0.98					$	1.08
(1)Includes charges of $2,305 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned

FB Financial Corporation						18

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Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
Adjusted pro forma earnings*						YTD 2020						2019						2018						2017						2016
Pre-tax net income						$	23,514					$	109,539					$	105,854					$	73,485					$	62,324
Plus merger, conversion, offering, and mortgage restructuring expenses						25,366						7,380						2,265						19,034						3,268
Plus initial provision for credit losses on acquired loans and unfunded commitments						66,136						—						—						—						—
Less significant losses on securities, other real estate owned and other items(1)						(3,810)						—						—						—						(3,539)
Adjusted pre-tax earnings						118,826						116,919						108,119						92,519						69,131
Adjusted pro forma income tax expense						29,974						27,648						26,034						34,749						25,404
Adjusted pro forma earnings						$	88,852					$	89,271					$	82,085					$	57,770					$	43,727
Weighted average common shares outstanding - fully diluted						34,840,292						31,402,897						31,314,981						28,207,602						19,312,174
Adjusted pro forma diluted earnings per share*
Diluted earnings per common share						$	0.52					$	2.65					$	2.55					$	1.86					$	2.10
Plus merger, conversion, offering, and mortgage restructuring expenses						0.73						0.24						0.07						0.67						0.17
Plus initial provision for credit losses on acquired loans and unfunded commitments						1.90						—						—						—						—
Less significant losses on securities, other real estate owned and other items						(0.11)						—						—						—						(0.18)
Less tax effect and benefit of enacted tax laws						0.70						0.06						0.01						0.48						0.19
Adjusted pro forma diluted earnings per share						$	2.56					$	2.83					$	2.61					$	2.05					$	2.26
*Prior to the IPO in the third quarter of 2016, the Company was an S corporation and did not incur federal income taxes. In conjunction with the IPO, the Company converted to a C corporation. These results are on a pro forma basis to reflect the results of the Company on a C corporation basis and combined effective tax rates of 35.08% for the year ended December 31, 2016.
(1)Includes charges of $2,305 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned
Adjusted pre-tax pre-provision earnings						YTD 2020						2019						2018						2017						2016
Pre-tax net income						$	23,514					$	109,539					$	105,854					$	73,485					$	62,324
Plus provisions for credit losses						110,887						7,053						5,398						(950)						(1,479)
Pre-tax pre-provision earnings						134,401						116,592						111,252						72,535						60,845
Plus merger, conversion, offering, and mortgage restructuring expenses						25,366						7,380						2,265						19,034						3,268
Less significant losses on securities, other real estate owned and other items(1)						(3,810)						—						—						—						(3,539)
Adjusted pre-tax pre-provision earnings						$	163,577					$	123,972					$	113,517					$	91,569					$	67,652
Weighted average common shares outstanding - fully diluted						34,840,292						31,402,897						31,314,981						28,207,602						19,312,174
Adjusted pre-tax pre-provision diluted earnings per share
Diluted earnings per common share						$	0.52					$	2.65					$	2.55					$	1.86					$	2.10
Plus income tax expense						0.16						0.82						0.83						0.75						1.13
Plus provisions for credit losses						3.18						0.23						0.17						(0.03)						(0.08)
Pre-tax pre-provision earnings per share						3.86						3.70						3.55						2.58						3.15
Plus merger, conversion, offering, and mortgage restructuring expenses						0.73						0.24						0.07						0.67						0.17
Less significant losses on securities, other real estate owned and other items						(0.11)						—						—						—						(0.18)
Adjusted pre-tax pre-provision diluted earnings per share						$	4.70					$	3.94					$	3.62					$	3.25					$	3.50
(1)Includes charges of $2,305 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned

FB Financial Corporation						19

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Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																														2019
Core efficiency ratio (tax-equivalent basis)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Total noninterest expense						$	118,092					$	80,579					$	68,559					$	62,686					$	62,935
Less merger and mortgage restructuring expenses						20,730						1,586						3,050						686						407
Core noninterest expense						$	97,362					$	78,993					$	65,509					$	62,000					$	62,528
Net interest income (tax-equivalent basis)						$	69,625					$	55,977					$	56,784					$	58,212					$	58,769
Total noninterest income						97,026						81,491						42,700						35,234						38,145
Less (loss) gain on sales or write-downs of other real estate owned and other assets						(1,279)						32						(277)						277						(82)
Less gain (loss) from securities, net						583						(28)						63						(18)						(20)
Core noninterest income						97,722						81,487						42,914						34,975						38,247
Core revenue						$	167,347					$	137,464					$	99,698					$	93,187					$	97,016
Efficiency ratio (GAAP)(a)						71.2		%				58.9		%				69.3		%				67.5		%				65.3		%
Core efficiency ratio (tax-equivalent basis)						58.2		%				57.5		%				65.7		%				66.5		%				64.5		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.
						2020																														2019
Banking segment core efficiency ratio (tax equivalent)						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Core consolidated noninterest expense						$	97,362					$	78,993					$	65,509					$	62,000					$	62,528
Less Mortgage segment core noninterest expense						30,052						26,997						17,567						14,956						15,686
Core Banking segment noninterest expense						$	67,310					$	51,996					$	47,942					$	47,044					$	46,842
Core revenue						$	167,347					$	137,464					$	99,698					$	93,187					$	97,016
Less Mortgage segment total revenue						60,040						55,215						22,110						16,193						18,455
Core Banking segment total revenue						$	107,307					$	82,249					$	77,588					$	76,994					$	78,561
Banking segment core efficiency ratio (tax-equivalent basis)						62.7		%				63.2		%				61.8		%				61.1		%				59.6		%
Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense						$	30,382					$	26,997					$	17,567					$	14,956					$	15,798
Less mortgage merger expense						330						—						—						—						—
Less mortgage restructuring expense						—						—						—						—						112
Core Mortgage segment noninterest expense						$	30,052					$	26,997					$	17,567					$	14,956					$	15,686
Mortgage segment total revenue						$	60,040					$	55,215					$	22,110					$	16,193					$	18,455
Mortgage segment core efficiency ratio (tax-equivalent basis)						50.1		%				48.9		%				79.5		%				92.4		%				85.0		%

FB Financial Corporation						20

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Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																														2019
Adjusted mortgage contribution						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Mortgage segment pre-tax net contribution						$	29,658					$	28,218					$	4,543					$	1,237					$	2,657
Retail footprint:
Mortgage banking income						24,683						16,940						10,651						9,899						10,693
Mortgage banking expenses						15,175						11,542						7,175						8,126						8,087
Retail footprint pre-tax net contribution						9,508						5,398						3,476						1,773						2,606
Total mortgage banking pre-tax net contribution						$	39,166					$	33,616					$	8,019					$	3,010					$	5,263
Plus mortgage merger expense						330						—						—						—						—
Plus mortgage restructuring expense						—						—						—						—						112
Total adjusted mortgage banking pre-tax net contribution						$	39,496					$	33,616					$	8,019					$	3,010					$	5,375
Pre-tax pre-provision earnings						$	47,762					$	56,249					$	30,390					$	30,240					$	33,515
% total mortgage banking pre-tax pre-provision net contribution						82.0		%				59.8		%				26.4		%				10.0		%				15.7		%
Adjusted pre-tax pre-provision earnings						$	72,302					$	57,835					$	33,440					$	30,926					$	33,922
% total adjusted mortgage banking pre-tax pre-provision net contribution						54.6		%				58.1		%				24.0		%				9.73		%				15.8		%
						2020																														2019
Tangible assets and equity						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Tangible assets
Total assets						$	11,010,438					$	7,255,536					$	6,655,687					$	6,124,921					$	6,088,895
Less goodwill						236,086						175,441						174,859						169,051						168,486
Less intangibles, net						23,924						17,671						18,876						17,589						18,748
Tangible assets						$	10,750,428					$	7,062,424					$	6,461,952					$	5,938,281					$	5,901,661
Tangible common equity
Total common shareholders' equity						$	1,244,998					$	805,216					$	782,330					$	762,329					$	744,835
Less goodwill						236,086						175,441						174,859						169,051						168,486
Less intangibles, net						23,924						17,671						18,876						17,589						18,748
Tangible common equity						$	984,988					$	612,104					$	588,595					$	575,689					$	557,601
Common shares outstanding						47,191,677						32,101,108						32,067,356						31,034,315						30,927,664
Book value per common share						$	26.38					$	25.08					$	24.40					$	24.56					$	24.08
Tangible book value per common share						$	20.87					$	19.07					$	18.35					$	18.55					$	18.03
Total common shareholders' equity to total assets						11.3		%				11.1		%				11.8		%				12.4		%				12.2		%
Tangible common equity to tangible assets						9.16		%				8.67		%				9.11		%				9.69		%				9.45		%
						2020																														2019
Return on average tangible common equity						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Total average shareholders' equity						$	1,045,006					$	795,705					$	768,929					$	761,949					$	731,701
Less average goodwill						205,473						175,150						171,532						168,492						168,486
Less average intangibles, net						20,973						18,209						18,152						18,242						19,523
Average tangible common equity						$	818,561					$	602,346					$	579,245					$	575,215					$	543,692
Net (loss) income						$	(5,599)					$	22,873					$	745					$	21,572					$	23,966
Return on average tangible common equity						(2.72		%)				15.3		%				0.52		%				14.9		%				17.5		%

FB Financial Corporation						21

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Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																														2019
Adjusted return on average tangible common equity						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Average tangible common equity						$	818,561					$	602,346					$	579,245					$	575,215					$	543,692
Adjusted net income						59,470						24,086						5,296						22,079						24,267
Adjusted return on average tangible common equity						28.9		%				16.1		%				3.68		%				15.2		%				17.7		%
						2020																														2019
Adjusted pre-tax pre-provision return on average tangible common equity						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Average tangible common equity						$	818,561					$	602,346					$	579,245					$	575,215					$	543,692
Adjusted pre-tax pre-provision earnings						72,302						57,835						33,440						30,926						33,922
Adjusted pre-tax pre-provision return on average tangible common equity						35.1		%				38.6		%				23.2		%				21.3		%				24.8		%
Pro forma return on average tangible common equity						YTD 2020						2019						2018						2017						2016
Total average shareholders' equity						$	923,456					$	723,494					$	629,922					$	466,219					$	276,587
Less average goodwill						184,548						160,587						137,190						84,997						46,867
Less average intangibles, net						19,146						17,236						12,815						8,047						5,353
Average tangible common equity						$	719,762					$	545,671					$	479,917					$	373,175					$	224,367
Pro forma net income						$	18,019					$	83,814					$	80,236					$	52,398					$	39,422
Pro forma return on average tangible common equity						3.34		%				15.4		%				16.7		%				14.0		%				17.6		%
Adjusted pro forma return on average tangible common equity						YTD 2020						2019						2018						2017						2016
Average tangible common equity						$	719,762					$	545,671					$	479,917					$	373,175					$	224,367
Adjusted pro forma net income						88,852						89,271						82,085						57,770						43,727
Adjusted pro forma return on average tangible common equity						16.5		%				16.4		%				17.1		%				15.5		%				19.5		%
Adjusted pre-tax pre-provision return on average tangible common equity						YTD 2020						2019						2018						2017						2016
Average tangible common equity						$	719,762					$	545,671					$	479,917					$	373,175					$	224,367
Adjusted pre-tax pre-provision earnings						163,577						123,972						113,517						91,569						67,652
Adjusted pre-tax pre-provision return on average tangible common equity						30.4		%				22.7		%				23.7		%				24.5		%				30.2		%

						2020																														2019
Adjusted return on average assets and equity						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Net (loss) income						$	(5,599)					$	22,873					$	745					$	21,572					$	23,966
Average assets						9,179,288						7,074,612						6,409,417						6,157,931						5,988,572
Average equity						1,045,006						795,705						768,929						761,949						731,701
Return on average assets						(0.24		%)				1.30		%				0.05		%				1.39		%				1.59		%
Return on average equity						(2.13		%)				11.6		%				0.39		%				11.2		%				13.0		%
Adjusted net income						$	59,470					$	24,086					$	5,296					$	22,079					$	24,267
Adjusted return on average assets						2.58		%				1.37		%				0.33		%				1.42		%				1.61		%
Adjusted return on average equity						22.6		%				12.2		%				2.77		%				11.5		%				13.2		%

FB Financial Corporation						22

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Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2020																														2019
Adjusted pre-tax pre-provision return on average assets and equity						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Net (loss) income						$	(5,599)					$	22,873					$	745					$	21,572					$	23,966
Average assets						9,179,288						7,074,612						6,409,417						6,157,931						5,988,572
Average equity						1,045,006						797,705						768,929						761,949						731,701
Return on average assets						(0.24		%)				1.30		%				0.05		%				1.39		%				1.59		%
Return on average equity						(2.13		%)				11.6		%				0.39		%				11.2		%				13.0		%
Adjusted pre-tax pre-provision earnings						$	72,302					$	57,835					$	33,440					$	30,926					$	33,922
Adjusted pre-tax pre-provision return on average assets						3.13		%				3.29		%				2.10		%				1.99		%				2.25		%
Adjusted pre-tax pre-provision return on average equity						27.5		%				29.2		%				17.5		%				16.1		%				18.4		%
Adjusted pro forma return on average assets and equity						YTD 2020						2019						2018						2017						2016
Pro forma net income						$	18,019					$	83,814					$	80,236					$	52,398					$	39,422
Average assets						7,607,767						5,777,672						4,844,865						3,811,158						3,001,275
Average equity						923,456						723,494						629,922						466,219						276,587
Pro forma return on average assets						0.32		%				1.45		%				1.66		%				1.37		%				1.31		%
Pro forma return on average equity						2.61		%				11.6		%				12.7		%				11.2		%				14.3		%
Adjusted pro forma net income						$	88,852					$	89,271					$	82,085					$	57,770					$	43,727
Adjusted pro forma return on average assets						1.56		%				1.55		%				1.69		%				1.52		%				1.46		%
Adjusted pro forma return on average equity						12.85		%				12.3		%				13.0		%				12.4		%				15.8		%
Adjusted pre-tax pre-provision return on average assets and equity						YTD 2020						2019						2018						2017						2016
Pro forma net income						$	18,019					$	83,814					$	80,236					$	52,398					$	39,422
Average assets						7,607,767						5,777,672						4,844,865						3,811,158						3,001,275
Average equity						923,456						723,494						629,922						466,219						276,587
Pro forma return on average assets						0.32		%				1.45		%				1.66		%				1.37		%				1.31		%
Pro forma return on average equity						2.61		%				11.6		%				12.7		%				11.2		%				14.3		%
Adjusted pre-tax pre-provision earnings						$	163,577					$	123,972					$	113,517					$	91,569					$	67,652
Adjusted pre-tax pre-provision return on average assets						2.87		%				2.15		%				2.34		%				2.40		%				2.25		%
Adjusted pre-tax pre-provision return on average equity						23.7		%				17.1		%				18.0		%				19.6		%				24.5		%
						2020																														2019
Adjusted allowance for credit losses to loans held for investment						Third Quarter						Second Quarter						First Quarter						Fourth Quarter						Third Quarter
Allowance for credit losses						$	183,973					$	113,129					$	89,141					$	31,139					$	31,464
Less allowance for credit losses attributed to PPP loans						49						51						—						—						—
Adjusted allowance for credit losses						$	183,924					$	113,078					$	89,141					$	31,139					$	31,464
Loans held for investment						7,213,538						4,827,023						4,568,038						4,409,642						4,345,344
Less PPP loans						310,719						314,678						—						—						—
Adjusted loans held for investment						$	6,902,819					$	4,512,345					$	4,568,038					$	4,409,642					$	4,345,344
Allowance for credit losses to loans held for investment						2.55		%				2.34		%				1.95		%				0.71		%				0.72		%
Adjusted allowance for credit losses to loans held for investment						2.66		%				2.51		%				1.95		%				0.71		%				0.72		%

FB Financial Corporation						23

Third Quarter 2020 Earnings Presentation October 27, 2020

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Forward–Looking Statements Certain statements contained in this presentation may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding the projected impact of the COVID-19 global pandemic on our business operations, statements relating to the timing, benefits, costs, and synergies of the mergers with Franklin Financial Network, Inc. (“Franklin”) (the “Franklin merger”) and FNB Financial Corp. (“FNB”) (together with the Franklin merger, the “mergers”), and FB Financial’s future plans, results, strategies, and expectations. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond FB Financial’s control. The inclusion of these forward-looking statements should not be regarded as a representation by FB Financial or any other person that such expectations, estimates, and projections will be achieved. Accordingly, FB Financial cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, and a continued slowdown in economic growth in the local or regional economies in which we operate and/or the US economy generally, (2) the effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business and our customers' business, results of operations, asset quality and financial condition, (3) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (4) our ability to effectively manage problem credits, (5) the risk that the cost savings and any revenue synergies from the mergers or another acquisition may not be realized or may take longer than anticipated to be realized, (6) disruption from the mergers with customer, supplier, or employee relationships, (7) the risks related to the integrations of the combined businesses following the Franklin merger, (8) the diversion of management time on issues related to the mergers, (9) the ability of FB Financial to effectively manage the larger and more complex operations of the combined company following the Franklin merger, (10) the risks associated with FB Financial’s pursuit of future acquisitions, (11) reputational risk and the reaction of the parties’ respective customers to the mergers, (12) FB Financial’s ability to successful execute its various business strategies, (13) uncertainty regarding changes to the U.S. presidential administration and/or Congress and any resulting impact on economic policy, capital markets, federal regulation, and the response to the COVD-19 pandemic; and (14) general competitive, economic, political, and market conditions. Further information regarding FB Financial and factors which could affect the forward-looking statements contained herein can be found in FB Financial's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and its other filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond FB Financial’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward- looking statement speaks only as of the date of this presentation, and FB Financial undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for FB Financial to predict their occurrence or how they will affect the company. FB Financial qualifies all forward-looking statements by these cautionary statements. 1

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

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3Q 2020 highlights Key highlights Financial results  Closed Franklin Financial Network (“FSB”) merger in August; 3Q 2020 completed systems conversion on October 12th Diluted earnings per share $(0.14)  Converted mobile and online banking platform in July Adjusted diluted earnings per share1 $1.46  Raised $100 million in bank-level subordinated notes with 4.50% Net income ($mm) $(5.6) 1 coupon in August Adjusted net income ($mm) $59.5 Return on average assets (0.24)%  Increased on-balance sheet liquidity to 14.7% of tangible assets from Adjusted return on average assets1 2.58% 14.0% in 2Q 2020; loans HFI / deposits to 79.3% Return on average equity (2.1)%  FSB merger related provisioning increased Adjusted ACL / Gross Adjusted return on average equity1 22.6% Loans HFI (excluding PPP loans) 1 to 2.66% Adjusted pre-tax, pre-provision earnings1 ($mm) $72.3  Adjusted pre-tax, pre-provision earnings1 of $72.3 million, up 25.0% over 2Q 2020, resulting in adjusted pre-tax, pre-provision ROAA1 of Adjusted pre-tax, pre-provision return on average 3.13% 3.13% assets1  Zero rate environment and impact of liquidity and PPP loans results in Adjusted pre-tax, pre-provision return on average 35.1% a net interest margin of 3.28% for 3Q 2020 tangible common equity1 – Contractual yield on loans of 4.36%, down 21 bps from 2Q 2020; Net interest margin 3.28% PPP loans had an 18 bps impact on contractual yield Impact of accretion and nonaccrual interest (bps) 5 Efficiency ratio 71.2% – Cost of total deposits of 0.56%, down 9 bps from 2Q 2020. Core efficiency ratio1 58.2%  1 Total adjusted pre-tax mortgage contribution of $39.5 million in 3Q Tangible common equity / tangible assets1 9.2% 2020  Organic customer deposit growth of $64.7 million, or 4.3% annualized from 2Q 2020 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. 3

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Aggressively managing for impact of COVID-19 .No pandemic related reductions in force, and remote work environment has been effective Health and .Branch lobby service reinstated across the footprint with sneeze guards and social distancing methods Safety in place .Back office personnel have begun transition back to the office with social distancing guidelines in place .Loans HFI / Deposits of 79.3% .Monitoring movement of deposits as balances and organic growth remain elevated Liquidity .Approximately $571 million in non-core funding expected to leave the balance sheet by December 31, 2020, consisting of $51 million in non-core customer CDs, $420 million in institutional money market accounts and $100 million in FHLB Advances .Total Risk Based Capital ratio increased to 15.9% as of September 30, 2020 from 13.2% as of June 30, 2020 on the strength of strong core earnings and $100 million subordinated notes raised in August Capital .Increased Allowance for Credit Losses to 2.55% of Loans HFI, or 2.66% adjusted to exclude PPP loans1 .C&D / Total RBC of 90%, under regulatory guidance of 100% a year earlier than expected .Mortgage continues to capitalize on low rate environment, delivered $39.5 million in total mortgage direct contribution in the third quarter and has delivered $81.1 million year-to-date Profitability .Cost of total deposits declined 9 bps from 2Q 2020 to 0.56% .$257 million in time deposits with a weighted average cost of 1.77% mature in 4Q 2020 .Risk-off related paydowns and limited economic activity hampered organic loan growth in 3Q 2020 .Strong pipeline reported by the field; expect return to organic loan growth in 4Q 2020 and 2021 Growth .Lifted out a strong commercial team in Memphis that has been performing well in their first months as part of the FirstBank team ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures. 4

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Markets have reopened for economic activity Government Guidance on Economic Activity Close Contact Entertainment Map Market Retail Restaurant Gyms Mask Orders Providers Venues Key Open w/ Open w/ Open w/ Open w/ Open w/ Strongly Tennessee1 Distancing Distancing Distancing Distancing Distancing Encouraged Open w/ Open w/ Open w/ Open w/ Strongly Georgia2 50% Capacity Distancing Distancing Distancing Distancing Encouraged Requirement, as Kentucky3 50% Capacity 50% Capacity 50% Capacity 50% Capacity 50% Capacity of September 15 Open w/ Open w/ Open w/ Requirement, as Alabama4 50% Capacity 50% Capacity Distancing Distancing Distancing of October 2 Davidson Requirement, as 75% Capacity 50% Capacity 50% Capacity 50% Capacity 50% Capacity County5 of October 1 Open w/ Open w/ Open w/ Open w/ Open w/ Requirement, as Shelby County6 Distancing Distancing Distancing Distancing Distancing of August 24 FBK County Footprint Reopening Map 1 Source: tn.gov/governor/covid-19. Tennessee Pledge 2 Source: georgia.org/covid19bizguide#other. Georgia’s Statewide Executive Order: Guidelines for Businesses. 3 Source: govstatus.egov.com/ky-healthy-at-work. Healthy at Work - Reopening Kentucky. 4 Source: alabamapublichealth.gov. Coronavirus Disease 2019. 5 Source: asafenashville.org. Roadmap for Reopening Nashville: Phase 2 Guidance and Resources 6 Source: https://insight.livestories.com/s/v2/covid-19-frequently-asked-questions-directives-shelby-county-tn. Health Directive from The Shelby County Public Health Department. 5

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And many customers are executing on the reopening Color from the field . “Economic activity across our markets continues to pick back up. Residential construction continues to perform very well, and we are seeing continued demand for commercial real estate transactions. We have taken a closer look at some of our sponsor relationships to ensure that we are comfortable with all of our exposures, which has led to some de-risking of the portfolio to the tune of $40 to $50 million over the past two quarters. Consistent with the rest of our footprint, our hotels and restaurants continue to struggle due to the pandemic, but we feel good about the operators and guarantors that we have partnered with.” – Jim Mosby, Nashville North Regional President . “Williamson and Rutherford counties are pretty well re-opened and are seeing a fair amount of economic activity. Residential demand remains very strong for those two counties, and our homebuilder clients continue to have strong years as a result. The systems conversion has gone about as well as could be expected for our clients, and the limited issues that we’ve seen so far have been manageable. Our team is excited to be fully part of the FirstBank family.” – David McDaniel, Nashville South Regional President . “We have our new Knoxville headquarters location opening this quarter. It is a high visibility property in a great part of town and has spurred some chatter in the market. The East Region has gotten some exciting opportunities this year that frankly wouldn’t have been available to us a few years ago as the result of our increased presence in those markets. We’ve also been using this year to take a critical view of the loan portfolio, so in general we feel very good about our current portfolio. However, we do continue to see some softness in the small business market. The consensus out of the East Region is that the first and second quarters of 2021 should be very strong.” – Nathan Hunter, East Tennessee Regional President . “We lifted out a very strong commercial team in Memphis early in the third quarter which at this point is almost fully fleshed out. That group has been doing very well in bringing their customer base over to FirstBank, and we expect pretty strong loan growth out of the team as that process continues over the next few quarters. Across the rest of West Tennessee, activity has been fairly steady. No real credit concerns have been popping up yet. We are also seeing some strong demand for real estate deals as clients choose to park their money there rather than in low yields from financial institutions or what many view as an overvalued stock market.” – David Burden, West Tennessee Regional President . “The community markets are seeing consistent demand for new loan opportunities. Our loan portfolio continues to perform with minimal concerns. The area has experienced an increase in new and existing home prices year over year. Our homebuilder portfolio continues to perform. I have sensed some level of concern from home builders and individuals that were planning on starting new projects relating to the spike in cost of building materials. The area is seeing solid growth in new deposit relationships.” – Troy Martin, South Central Tennessee Area President . “Our customers are doing great, and we don’t have lingering concerns about clients that received deferrals. The economy in North Alabama is very strong right now; lumber, trucking and residential construction are industries that have bounced back particularly well. We are doing well to convert prospects to customers, particularly on the C&I front where we are winning the full loan, deposit and treasury relationship. We should have a strong fourth quarter and see that carrying over into 2021.” – Mike McCrary, North Alabama Area President 6

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While we continue to work with impacted customers Deferral programs Remaining deferrals by type ($465 million1) . First deferral held no requirements; granting of second $270.6 deferrals are being decided on a case-by-case basis . Standard consumer loan received 2-payment relief; standard commercial loan received 90 day principal and interest forbearance; relationship managers had authority to offer plans that varied from the standard $86.3 $43.3 $35.9 . Working with customers in industries disproportionately $19.0 $9.2 4.2% 16.5% 3.0% 3.8% $0.6 affected by social distancing restrictions, including 11.5% 2.2% hospitality and restaurants C&I 3 CRE C&D Multifamily 1-4 Family 1-4 Family Consumer & HELOC Other Returned to normal / other by type ($1.2 billion2) . Of the $1.6 billion in loans given a deferral, $465 million, or $441.5 $432.5 6.4% of total loans HFI, remain in some sort of deferral as of September 30, 2020 – $116 million are still in the first deferral period – $349 million have been granted additional deferrals $116.8 $112.5 . Approximately 6.1% of loans held in our mortgage servicing $50.9 portfolio were in forbearance as of September 30, 2020 $11.5 $15.5 21.7% 26.3% 9.8% 30.7% 9.9% 2.7% C&I 3 CRE C&D Multifamily 1-4 Family 1-4 Family Consumer & HELOC Other ¹ Balances based on deferral participants’ loan balances outstanding as of September 30, 2020. %’s are deferrals as a percentage of total outstanding balances in each reporting category as of September 30, 2020. 2 Balances based on deferral participants’ as of September 30, 2020 and loan balances outstanding as of September 30, 2020. %’s are deferrals as a percentage of each reporting category as of September 30, 2020.3 Includes owner-occupied CRE, excludes PPP loans. 7

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And closed an impactful merger Transaction Highlights Recent Nashville News . Closed acquisition on August 15, 2020 . Facebook plans $800 million Gallatin data center – Nashville Post, August 12, 2020 . Successful systems conversion on October 12, 2020 . Amazon announces 2,500 new jobs in Nashville th . Deposit market share increased to 6 in the Nashville MSA – Nashville Business Journal, September 14, 2020 – 1st in Williamson County . Starwood REIT pays record rate for industrial park by – 2nd in Rutherford County Nashville International Airport – Nashville Business Journal, September 17, 2020 – 10th in Davidson County . GM reveals $2B transformation for Spring Hill plant, billed . Added 9 net branches in the Nashville MSA as the biggest expansion in state history – Nashville Business Journal, October 20, 2020 . Added over 30 relationship managers in the Nashville MSA Transaction Assumptions Announcement Close Notes Loan Marks $110 million $101 million Rate and liquidity mark moved significantly between announcement and close Total ACL and Unfunded Commitment $41 million $88 million Impacted by CECL model's ACL requirements on CRE & C&D Non-Strategic Loan Mark $34 million $24 million $22 million remaining at September 30, 2020 on $263 million in principal balances Other Fair Value Loans Marks $35 million $(11) million Heavily impacted by rate cuts between announcement and close Non-Strategic Loans Principal Balances $430 million $342 million $263 million in remaining principal balances as of September 30, 2020. Decline related to organic run-off; exploring bulk sale Core Deposit Intangible $26 million $8 million Heavily impacted by rate cuts between announcement and close Tangible Book Dilution Neutral ~0.5% Accretive Based on actuals to date and estimated remaining merger charges 8

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Strong liquidity position  Customer deposit base has seen consistent growth in On Balance Sheet Liquidity balances over the past 12 months and remains a stable base of funding and liquidity On-Balance Sheet Liqudity On balance sheet liquidity / tangible assets $1,585.0  Finalizing plan for the remaining non-core funding acquired $1,600.0 $1,400.0 in FSB merger $1,200.0 $988.5 $1,000.0 $773.5 $800.0  $581.4 $550.7 Monitoring movement of recent influx of deposits $600.0 14.0% 14.7% $400.0 12.0% 9.9% $200.0 9.3% $- 3Q19 4Q19 1Q20 2Q20 3Q20 Loans HFI / Customer Deposits Sources of Liquidity 3Q 2020 89.7% 88.7% Current On-Balance Sheet: 85.3% Cash and Equivalents $1,062.4 81.3% 80.1% Unpledged Securities 518.2 Equity Securities 4.4 Total On-Balance Sheet $1,585.0 Available Sources of Liquidity: Brokered CDs and Unsecured Lines $2,961.1 FHLB 1,569.7 Discount Window 1,605.2 Total Available Sources $6,136.0 3Q19 4Q19 1Q20 2Q20 3Q20 9

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Core deposit franchise provides stable liquidity Total deposits ($mm) Cost of deposits Customer deposits Brokered and internet time deposits Noninterest bearing (%) Cost of total deposits (%) 35.0% 29.8% 30.0% 25.2% $9,094 24.7% 24.5% 24.8% 25.0% $92 20.0% 1.11% $5,953 15.0% 1.02% $5,377 $9,002 0.94% $4,922 $4,935 $15 10.0% $20 $25 $20 0.65% $5,938 5.0% 0.56% $4,897 $4,915 $5,357 0.0% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 Noninterest bearing deposits1 ($mm) Deposit composition Time 17% Noninterest- bearing Savings checking 4% 25% $2,288 $1,775 Money market Interest-bearing checking $1,336 32% $1,214 $1,208 22% 3Q19 4Q19 1Q20 2Q20 3Q20 47% Checking accounts ¹ Includes mortgage servicing-related deposits of $121.4mm, $92.6mm, $110.1mm, $149.1mm and $177.6mm for the quarters ended September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020 respectively. 10

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Well-capitalized for future opportunities Capital position Tangible book value per share3 3Q19 2Q202 3Q201,2 Shareholder’s equity/Assets 12.2% 11.1% 11.3% $20.87 $19.07 TCE/TA² 9.4% 8.7% 9.2% $11.56 $11.58 Common equity 10.8% 11.4% 12.4% tier 1/Risk-weighted assets 3Q16 4Q16 2Q20 3Q20 Tier 1 capital/Risk-weighted 11.3% 11.9% 12.8% Simple capital structure assets Tier 2 ACL Total capital/Risk-weighted 12.0% 13.2% 15.9% 8% assets Subordinated Notes 12% Tier 1 capital /Average 10.1% 9.7% 11.8% assets Trust Preferred 2% Common Equity Tier 1 C&D loans subject to 100% 89% 75% 90% Capital risk-based capital threshold4 78% CRE loans subject to 100% 255% 215% 226% risk-based capital threshold4 Total regulatory capital: $1,3171 mm ¹ Total regulatory capital, FB Financial Corporation. 2Q 2020 calculation is preliminary and subject to change. 2 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 June 30, 2020 and September 30, 2020, respectively, $37.8 million and $55.5 million are being added back to CET 1 and Tier 1 Capital, and $43.7 million and $61.4 million are being taken out of Tier 2 capital. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 4 Risk-based capital at FirstBank as defined in Call Report. 11

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Balanced portfolio Portfolio mix C&I1 exposure by industry Other Balance Ex. PPP PPP 4% 1-4 family C&I CRE-OO Total % of Total Loans 16% Real Estate Rental and Leasing $ 326.7 $ 157.6 $ 484.3 23.9% $ 11.5 1 C&I Retail Trade 59.3 134.2 193.5 9.6% 23.5 33% 1-4 family HELOC Wholesale Trade 109.9 52.5 162.3 8.0% 24.6 6% Health Care and Social Assistance 70.5 87.7 158.2 7.8% 41.6 Finance and Insurance 140.7 11.5 152.2 7.5% 7.0 Multifamily Manufacturing 88.7 61.8 150.5 7.4% 40.0 2% Other Services (except Public Administration) 21.4 102.5 123.9 6.1% 16.9 Accomodation and Food Services 25.1 86.1 111.2 5.5% 15.3 Construction 46.1 42.6 88.7 4.4% 39.2 C&D Arts, Entertainment and Recreation 21.6 40.6 62.2 3.1% 7.4 16% Transportation and Warehousing 40.0 17.5 57.5 2.8% 11.8 Professional, Scientific and Technical Services 28.2 24.9 53.2 2.6% 29.9 Information 17.7 18.7 36.4 1.8% 3.9 CRE 2 Other 103.8 86.8 190.6 9.4% 38.2 Total $ 1,099.6 $ 925.0 $ 2,024.6 100.0% $ 310.7 23% CRE2 exposure by type C&D exposure by type Other Other Under 3% 21% Retail 15% 19% Self Storage 4% 1-4 Family to be Land-Mobile Healthcare sold Home Park 4% 1-4 Consumer 41% 4% Construction Healthcare Facility Office 5% 6% 19% Multi Family Self Storage 7% 6% Warehouse / Hotel Industrial Commercial Land 17% 8% 24% 1 C&I includes owner-occupied CRE. PPP Loans comprise 13.3% of C&I loans, or 4.3% of gross loans (HFI). 2 Excludes owner-occupied CRE. 12

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Industries of concern  Industries initially considered to be the most susceptible to Industry exposures / gross loans (HFI) issues associated with the pandemic 8.7%  Credit quality remains satisfactory overall  Optimistic regarding the group’s resiliency and ability to manage through this economy 4.7% 4.7%  Significant level of initial deferrals but steady improvement and return to pre-COVID payment plans 1.9% 1.8% 1.8%  Hotel business continues to face biggest challenges Retail Hotel Healthcare Restaurant Other Leisure Transportation Industries of concern credit quality Industries of concern deferral participants 92.1% $448 $242 $58 4.4% 1.4% 2.0% $9 Pass Watch Special Mention Substandard Remaining First Second Deferrals Returned to Normal Other Deferrals Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 13

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Retail portfolio – 8.7% of gross loans HFI  64% CRE Non-OO and Other and 36% C&I / CRE-OO Portfolio overview  CRE Non-owner occupied and Other Car, RV, Boat and – Diverse portfolio across the footprint, primarily local ATV Dealers 17% properties, largely smaller strip centers Gas Stations and Convenience Stores – Concentration increased with FSB merger, but generally 5% Pharmacies and drug stores similar portfolio characteristics 2% – Merger did add a ~$35 million mall property, performing Other Retailers < as agreed, no deferral, low loan to value 3% Non-Owner Occ / 13%  Other CRE C&I / CRE-OO portfolio 64% – Largest segment related to Car, RV and Boat Dealers, which has experienced satisfactory post-COVID results – Limited deferrals Credit quality Deferral participants $241 95.4% $17 $8 $- 1.3% 1.7% 1.6% Remaining First Second Deferrals Returned to Normal Other Deferrals Pass Watch Special Mention Substandard Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 14

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Hotel portfolio – 4.7% of gross loans HFI  Portfolio representative of seasoned operators, good flags and Outstanding by location good locations  Underlying economics trending up as compared to April and May, Other Community Out of Market 5% but remain depressed 4% Other MSA  Portfolio is largely limited and full service properties, which are 8% better models to sustain operations at lower occupancy rates as opposed to luxury properties Bowling Green MSA 6%  Continues to represent the largest segment of deferrals, but Atlanta MSA seeing a trend towards moving back to payments, albeit interest 6% only Nashville MSA 62%  31 notes with $189 million in balances remain in some form of Memphis MSA deferral, while $21 million have returned to normal payments 9%  Summary: Overall credit quality remains satisfactory, but will continue to heavily monitor Credit quality Outstanding by flag Other 81.4% 11% Hilton / IHG / Marriott / Wyndham 72% Best Western / Choice / Red Lion / Red Roof 17% 14.2% 0.9% 3.5% Pass Watch Special Mention Substandard Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 15

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Healthcare portfolio – 4.7% of loans HFI  Continue to report satisfactory results Portfolio overview Other Healthcare  Operators continue to mange through COVID related and Social Assisted Living / Assistance Nursing Care / protocols 23% Continuing Care 36%  Physician’s offices appear to be generally back to normal after reopening Mental Health and Substance Abuse 11%  Assisted living and skilled nursing operators report operating challenges, but appear to be managing through Offices of  Physicians Concerns related to potential resurgence of the virus 30% Credit quality Deferral participants 94.4% $52 $20 $18 $3 2.7% 0.7% 2.2% Pass Watch Special Mention Substandard Remaining First Second Deferrals Returned to Normal Other Deferrals Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 16

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Restaurant – 1.9% of gross loans HFI  Majority are owner operators Portfolio overview  Portfolio split roughly evenly between limited service and full service outlets Other C&D 2%  Limited service has seen an ability to change their model, 2% leading to improvement Non-Owner Occ CRE  Full service continues to be challenged with limits imposed 24% on capacity  Overall good trend regarding moving out of deferral status  Continue to monitor  Not included in this exposure disclosure is a diversified food company which also has certain retail outlets, exposure C&I ~$25M; recently moved to substandard, but positive 72% developments Credit quality Deferral participants 89.0% $72 $18 4.0% 5.2% 1.8% $- $2 Pass Watch Special Mention Substandard Remaining First Second Deferrals Returned to Normal Other Deferrals Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 17

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Other Leisure – 1.8% of gross loans HFI  Mix of industries represented with no concentration Portfolio overview Other <5%  Outcomes related to the virus have varied 12% Marinas Golf Courses and 16% Country Clubs – Marinas and campgrounds have improved 7% RV Parks and Theaters Campgrounds – Theaters and entertainment venues continue to struggle 7% 16%  Modest improvement within certain categories but expect Zoos and Botanical Gardens continued challenging environments until full reopening 8% Sports Teams and Clubs Fitness and Rec Sports Centers 9% Historical Sites 14% 11% Credit quality Deferral participants 97.0% $21 $12 $11 1.6% 0.0% 1.4% $- Pass Watch Special Mention Substandard Remaining First Second Deferrals Returned to Normal Other Deferrals Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 18

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Transportation and warehousing – 1.8% of gross loans HFI  Portfolio continues to fare well Portfolio overview Other  Trucking overall shows strength Transportation and Warehousing 18%  Warehousing has benefitted from storage and distribution Trucking 37% related to online shopping Consumer Charter Transportation 10%  Air travel and support segment related to engine leasing and not direct commercial passenger related Mini Warehouses and Self Storage 12% Air Travel and Support 23% Credit quality Deferral participants 97.0% $9 $7 1.3% 0.6% 0.8% $- $- Pass Watch Special Mention Substandard Remaining First Second Deferrals Returned to Normal Other Deferrals Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 19

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Allowance for credit losses overview  Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes a blend of Moody’s economic scenarios from the third quarter, with resulting key economic data summarized below: FQE, FYE 12/31, 4Q 2020 1Q 2021 2020 2021 2022 2023 2024 GDP (bcw$) $ 18,342.9 $ 18,552.9 $ 18,135.6 $ 18,889.5 $ 19,932.7 $ 20,714.1 $ 21,257.5 Annualized % Change 5.7% 4.7% (4.9%) 4.2% 5.5% 4.0% 2.7% Total Employment (millions) 142.7 143.7 142.5 145.0 149.2 153.4 155.4 Unemployment Rate 8.8% 8.6% 8.7% 8.0% 6.1% 4.5% 4.3% CRE Price Index 249 248.8 249 273.775 312.35 344.275 359.25 NCREIF Property Index: Rate of Return 7.8% 2.2% (4.1%) 3.3% 4.2% 3.2% 2.2%  Components of provision expense this quarter include – $7.0 million in standard quarterly CECL related ACL release – $0.9 million in legacy FBK related release in reserve for unfunded commitments – $52.8 million in initial provision expense related to FSB non-PCD loans (excluded from adjusted earnings) – $10.4 million in initial FSB related reserve on unfunded commitments (excluded from adjusted earnings) ACL / Loans HFI by Category 4Q 2019 2Q 2020 3Q 2020 6.43% 5.37% 4.37% 3.91% 3.50% 3.30% 3.23% 2.87%2.73% 2.51%2.66% 2.48% 1.85% 1.68%1.61% 1.10% 0.71% 0.83%0.66% 0.78% 0.54% 0.50% 0.44% 0.34% Gross Loans HFI (Ex. Commercial & Non-Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other PPP) 2 Industrial 3 1Source: Moody’s “July 2020 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 $310.7 million in PPP loans, which has a 10 bps impact on September 30, 2020 ACL / Loans HFI. 20

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Allowance for credit losses overview Adjusted Pre-Tax Earnings Components1 Merger Other Adjusted Related Non-Core GAAP Net Interest Income $ 68,828 $ - $ - $ 68,828 Provision for credit losses (6,988) 52,822 - 45,834 Provision for credit losses on unfunded commitments (862) 10,429 - 9,567 Total Provision Expense (7,850) 63,251 - 55,401 Noninterest Income 100,836 - (3,810) 97,026 Noninterest Expense 97,362 20,730 - 118,092 Pre-Tax Income $ 80,152 $ (83,981) $ (3,810) $ (7,639) 2Q 2020 to 3Q 2020 ACL Bridge $24.8 $0.2 $184.0 $52.8 ( $7.0 ) $113.1 6/30/20 Non-merger related ACL release FSB Related non-PCD ACL FSB Related PCD ACL Net Recoveries 9/30/2020 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 21

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Asset quality remains solid Nonperforming ratios Classified loans / loans HFI 1 1,2 NPLs (HFI)/loans (HFI) NPAs/assets 0.77% 0.74% 0.72%0.71% 1.82% 1.82% 1.83% 1.76% 0.68% 0.64% 1.63% 0.62% 0.60% 0.61% 0.47% 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 LLR/loans HFI (excluding PPP loans)3 Net charge-offs (recoveries) /average loans 2.66% 0.30% 2.51% 1.95% 0.19% 0.05% 0.72% 0.71% 0.00% (0.01%) 3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20 ¹ Adoption of CECL resulted in approximately $5.5 million of former PCI loans being reportable as nonperforming loans in 1Q 2020. 2 Includes acquired excess land and facilities held for sale–see page 14 of the Quarterly Financial Supplement. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 22

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Core earnings power remains intact Adjusted pre-tax, pre-provision return on average assets¹ 2.87% 2.40% 2.34% 2.25% 2.15% 1.81% 2015 2016 2017 2018 2019 YTD 2020 Drivers of profitability Loans/deposits Net interest margin Noninterest income ($mm) Core efficiency ratio1 Loans excluding HFS Loans HFS 101% $221 95% 95% 4.66% 88% 89% 4.46% 15% 7% 4.34% 73.1% 81% 6% 4.10% 10% 3.97% 70.6% 11% 19% $145 $142 68.1% 3.53% $131 $135 65.8% 65.4% $92 88% 89% 59.8% 86% 79% 70% 69% 2015 2016 2017 2018 2019 3Q20 2015 2016 2017 2018 2019 YTD 2015 2016 2017 2018 2019 YTD 2015 2016 2017 2018 2019 YTD 2020 2020 2020 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 23

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Managing net interest margin through falling rates Historical yield and costs Average interest earning assets Yield on loans Cost of deposits NIM 7.0% $10,000 6.0% $8,000 5.0% 4.0% $6,000 3.0% $4,000 2.0% $2,000 1.0% ($mm) assets -- $0 Avg. earning interest Yields and Costs (%) and Costs Yields 3Q19 4Q19 1Q20 2Q20 3Q20 NIM 4.28% 4.12% 3.92% 3.50% 3.28% Impact of accretion and nonaccrual 16 21 13 7 5 interest (bps) Deposit Cost: Cost of MMDA 1.45% 1.29% 1.15% 0.62% 0.66% Cost of customer time 2.13% 2.07% 1.95% 1.78% 1.44% Cost of interest-bearing 1.47% 1.36% 1.25% 0.92% 0.76% Total deposit cost 1.11% 1.02% 0.94% 0.65% 0.56% Loans HFI Yield: Contractual interest 5.50% 5.27% 5.14% 4.57% 4.36% Origination and other 0.30% 0.26% 0.23% 0.24% 0.26% loan fee income Nonaccrual interest 0.02% 0.04% 0.02% 0.01% 0.04% Accretion on 0.19% 0.23% 0.14% 0.08% 0.04% purchased loans Total loan (HFI) yield 6.01% 5.80% 5.53% 4.90% 4.70% ¹ Includes tax-equivalent adjustment 24

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Mortgage operations overview Highlights Quarterly mortgage production  Record adjusted total mortgage pre-tax contribution1 of $39.5 Consumer Direct million for 3Q 2020 Retail 3Q19 2Q20 3Q20 Wholesale  Mortgage sale margins continue to be elevated due to industry capacity constraints and low interest rates  Mortgage pipeline at the end of 3Q 2020 remains robust at $1.4 billion, as compared to $0.7 billion at the end of 3Q 2019  Mortgage banking income $84.7 million, up 17.3% from 2Q IRLC volume: $1,636mm $2,239mm $2,419mm 2020 and 190.1% from 3Q 2019 IRLC pipeline2: $679mm $1,206mm $1,364mm  Mortgage structure allows team to capitalize on attractive rate Refinance %: 69% 80% 76% environments while weathering downturns Purchase %: 31% 20% 24% Mortgage banking income ($mm) Mark to Market Value and Gain on Sale Margin 3Q19 2Q20 3Q20 Mark to Market Value 3 Gain on Sale Margin Gain on Sale $28.0 $45.5 $76.5 4.32% Fair value $2.3 $34.8 $10.1 3.99% changes 3.84% Servicing 2.88% 2.92% 2.85% $4.0 $5.1 $5.5 Revenue 2.20%2.29% 2.27% Fair value 1.41% $(5.1) ($13.2) ($7.4) MSR changes Total $29.2 $72.2 $84.7 Income 3Q19 4Q19 1Q20 2Q20 3Q20 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures ² As of the respective period-end 3Defined as pipeline net of hedge plus best efforts divided by hedge weighted volume. 25

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Managing operating leverage Highlights Core efficiency ratio (tax-equivalent basis)¹  Consolidated 3Q 2020 core efficiency ratio¹ Banking segment of 58.2% driven by record mortgage Consolidated contribution 92.4% Mortgage segment 85.0% 79.5%  Converted Franklin Financial Network in October 2020 66.5% 65.7% 64.5% 63.2% 62.7% 61.1% 61.8% 59.6% 58.2% 57.5%  Record quarterly mortgage contribution in low 48.9% 50.1% rate environment  Expense control remains a focus for 2020 with margin headwinds 3Q19 4Q19 1Q20 2Q20 3Q20 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 26

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Appendix 27

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GAAP reconciliation and use of non-GAAP financial measures Adjusted net income and diluted earnings per share 28

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GAAP reconciliation and use of non-GAAP financial measures Pre-tax, pre-provision earnings and diluted earnings per share 29

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GAAP reconciliation and use of non-GAAP financial measures Adjusted pro forma net income and diluted earnings per share* 30

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GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings and diluted earnings per share 31

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GAAP reconciliation and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis) 32

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GAAP reconciliation and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis) 33

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GAAP reconciliation and use of non-GAAP financial measures Segment core efficiency ratios (tax-equivalent basis) 34

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GAAP reconciliation and use of non-GAAP financial measures Adjusted mortgage contribution 35

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GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity 36

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GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity 37

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GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average tangible common equity Adjusted return on average assets and equity 38

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GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision return on average tangible common equity Adjusted pre-tax, pre-provision return on average assets and equity 39

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GAAP reconciliation and use of non-GAAP financial measures Adjusted pro forma return on average assets and equity Adjusted pre-tax, pre-provision return on average assets and equity 40

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GAAP reconciliation and use of non-GAAP financial measures Adjusted Allowance for Credit Losses to Loans Held for Investment 41

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