fbk-20230117

FB Financial Corporation Reports Fourth Quarter 2022 and Annual Results

Reports Q4 Diluted EPS of $0.81, Adjusted Diluted EPS of $0.85,

Annualized Q4 Deposit Growth of 33.7%

NASHVILLE, TENNESSEE—January 17, 2023-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $38.1 million, or $0.81 per diluted common share, for the fourth quarter of 2022, compared to $0.68 in the previous quarter and $1.02 in the fourth quarter of last year. Adjusted net income was $40.0 million, or $0.85 per diluted common share, compared to $0.68 in the previous quarter and $0.89 in the fourth quarter of last year.

For the year ended December 31, 2022, the Company reported net income of $124.6 million, or $2.64 per diluted common share, compared to $190.3 million, or $3.97 per diluted common share, for the year ended December 31, 2021. Adjusted diluted earnings per common share were $2.91 and $3.78 for the years ended December 31, 2022 and 2021, respectively. The Company's book value per common share as of December 31, 2022, was $28.36 and the tangible book value ("TBV") per common share was $22.90.

The Company grew deposits to $10.9 billion (33.7% annualized), loans held for investment to $9.30 billion (8.42% annualized), total assets to $12.8 billion (19.1% annualized) and adjusted tangible book value per common share to $26.53 (10.6% annualized) during the fourth quarter of 2022 from the previous quarter. Net interest margin ("NIM") was 3.78% for the fourth quarter and Mortgage contributed a pre-tax loss of $4.2 million for the quarter compared to a pre-tax loss of $3.7 million in the previous quarter.

President and Chief Executive Officer, Christopher T. Holmes stated, “The Company performed well in our priority areas of liquidity, credit and capital, with strong performance metrics in each of those areas. Beyond those priorities, we were able to grow the Company with robust increases in deposits, loans and total assets. Our deposit growth of 33.7% annualized was the highlight of the quarter. As we head into 2023, we have positioned the Company for a tightening money supply, slower economic growth and intensifying competition."


	2022						2021			Annualized
(dollars in thousands, except per share data)	Fourth Quarter			Third Quarter			Fourth Quarter			4Q22 / 3Q22 % Change		4Q22 / 4Q21 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,474,176		$	1,485,133		$	1,681,892		(2.93)	%	(12.4)	%
Mortgage loans held for sale, at fair value	108,961			97,011			672,924			48.9	%	(83.8)	%
Commercial loans held for sale, at fair value	30,490			33,722			79,299			(38.0)	%	(61.6)	%
Loans held for investment (HFI)	9,298,212			9,105,016			7,604,662			8.42	%	22.3	%

Allowance for credit losses(a)	134,192			134,476			125,559			(0.84)	%	6.88	%
Total assets	12,847,756			12,258,082			12,597,686			19.1	%	1.99	%

Interest-bearing deposits	8,179,203			7,039,568			8,096,683			64.2	%	1.02	%
Noninterest-bearing deposits	2,676,631			2,966,514			2,740,214			(38.8)	%	(2.32)	%
Mortgage escrow deposits	75,612			140,768			127,617			(183.6)	%	(40.8)	%


Total deposits	10,855,834			10,006,082			10,836,897			33.7	%	0.17	%
Borrowings	415,677			722,940			171,778			(168.6)	%	142.0	%
Total common shareholders' equity	1,325,425			1,281,161			1,432,602			13.7	%	(7.48)	%
Book value per share	$	28.36		$	27.30		$	30.13		15.4	%	(5.87)	%
Total common shareholders' equity to total assets	10.3		%	10.5		%	11.4		%
Tangible book value per common share*	$	22.90		$	21.85		$	24.67		19.1	%	(7.17)	%
Adjusted tangible book value per common share*	$	26.53		$	25.84		$	24.55		10.6	%	8.07	%
Tangible common equity to tangible assets*	8.50		%	8.54		%	9.51		%
* Certain measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in this Earnings Release dated January 17, 2023.
(a) Excludes reserve for credit losses on unfunded commitments of $22,969, $23,577, and $14,380 recorded in accrued expenses and other liabilities as of December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

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FB Financial Corporation

Fourth Quarter 2022 Results

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	2022						2021
(dollars in thousands, except share and per share data)	Fourth Quarter			Third Quarter			Fourth Quarter
Results of operations
Net interest income	$	110,498		$	111,384		$	89,755
NIM	3.78		%	3.93		%	3.19		%
Provisions for credit losses	$	(456)		$	11,367		$	(10,769)

Net charge-off ratio	0.02		%	0.00		%	0.12		%
Noninterest income	$	17,469		$	22,592		$	53,219
Mortgage banking income	$	9,106		$	12,384		$	31,350
Total revenue	$	127,967		$	133,976		$	142,974
Noninterest expense	$	80,230		$	81,847		$	90,902

Core noninterest expense*	$	80,230		$	81,847		$	89,480
Efficiency ratio	62.7		%	61.1		%	63.6		%
Core efficiency ratio*	61.0		%	60.7		%	67.0		%

Adjusted pre-tax, pre-provision earnings*	$	50,299		$	52,516		$	43,573
Adjusted Banking segment pre-tax, pre-provision earnings*	$	54,479		$	56,178		$	42,863
Adjusted Mortgage segment pre-tax, pre-provision (loss) earnings*	$	(4,180)		$	(3,662)		$	710

Net income applicable to FB Financial Corporation(1)	$	38,143		$	31,831		$	48,827
Diluted earnings per common share	$	0.81		$	0.68		$	1.02
Effective tax rate	20.8		%	21.9		%	22.3		%
Adjusted net income*	$	40,045		$	32,117		$	42,551
Adjusted diluted earnings per common share*	$	0.85		$	0.68		$	0.89


Weighted average number of shares outstanding - fully diluted	47,036,742			47,024,611			47,896,715
Actual shares outstanding - period end	46,737,912			46,926,377			47,549,241
Returns on average:

Assets ("ROAA")	1.22		%	1.05		%	1.60		%

Equity ("ROAE")	11.7		%	9.45		%	13.7		%
Tangible common equity ("ROATCE")*	14.6		%	11.7		%	16.8		%





* Certain measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in this Earnings Release dated January 17, 2023.
(1) Includes dividends declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the fourth quarters of 2022 and 2021.

Balance Sheet and Net Interest Margin

The Company reported loan balances (HFI) of $9.30 billion at the end of the fourth quarter, an increase of $193.2 million, or 8.42% annualized, from the end of the previous quarter. This loan growth during the quarter of $193.2 million was after the Company sold $125.7 million in participations to other banks as part of its balance sheet management strategy. The contractual yield on loans increased to 5.45% in the fourth quarter of 2022 from 4.79% in the previous quarter.

Total deposits increased by $849.8 million in the fourth quarter to $10.9 billion. The increase in total deposits was driven by a focused initiative to increase deposits from new and existing customers. The Company's total cost of deposits increased during the quarter from the prior quarter by 68 basis points to 1.20%, and the cost of interest-bearing deposits increased to 1.67%. Noninterest-bearing deposits decreased to $2.68 billion during the quarter. The Company paid down higher cost Federal Home Loan Bank advances by $365.0 million at an average interest rate of 3.89% during the quarter.

The Company’s net interest income decreased on a tax equivalent basis to $111.3 million in the fourth quarter from $112.1 million in the prior quarter. The decrease was related to higher interest expense on deposits and a $2.42 million decrease in loan fees from the prior quarter. The Company's NIM was 3.78% for the fourth quarter, compared to 3.93% for the third quarter. The NIM decreased due to lower loan fees, higher cost of funds, and a lower ratio of loans to deposits as the Company shifted to an enhanced balance sheet liquidity profile.

Holmes continued, "Maintaining optionality in the Company's liquidity profile positions us well for additional balance sheet growth and maximizing profitability in future quarters."

Noninterest Income

Noninterest income was $17.5 million for the fourth quarter of 2022, compared to $22.6 million for the prior quarter and $53.2 million for the fourth quarter of 2021. Banking noninterest income was $8.3 million for the fourth quarter of 2022, compared to $10.3 million for the prior quarter and $21.9 million for the fourth quarter of 2021. Net changes in fair value in commercial loans

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FB Financial Corporation

Fourth Quarter 2022 Results

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held for sale during the fourth quarter of 2022 resulted in a loss, related to a single national syndicated credit, included in noninterest income of $2.6 million compared to a loss of $0.4 million in the prior quarter and a gain of $9.9 million in the fourth quarter of 2021.

Mortgage banking income decreased to $9.1 million in the fourth quarter, compared to $12.4 million in the third quarter of 2022 and $31.4 million in the fourth quarter of 2021. The Mortgage segment had a pre-tax net loss of $4.2 million for the fourth quarter of 2022 compared to a pre-tax net loss of $3.7 million during the previous quarter and a pre-tax contribution of $0.7 million for the fourth quarter of last year. Interest rate lock commitment volume totaled $281.7 million in the fourth quarter compared to $408.9 million in the third quarter of 2022 and $1.48 billion in the fourth quarter of 2021.

Chief Financial Officer, Michael Mettee noted, “Mortgage originations were expected to slow during the quarter due to normal seasonality, and results continue to be negatively impacted by volatile interest rates and the challenging housing market. The Mortgage segment continues to make adjustments to achieve sustainable operational profitability."

Expense Management

Noninterest expenses were $80.2 million for the fourth quarter of 2022, compared to $81.8 million for the prior quarter and $90.9 million for the fourth quarter of 2021. Banking segment noninterest expense was $66.9 million for the fourth quarter of 2022, compared to $65.9 million for the third quarter of 2022 and $60.1 million for the fourth quarter of 2021.

Mortgage segment noninterest expense was $13.3 million for the fourth quarter of 2022, compared to $16.0 million for the previous quarter and $30.8 million for the fourth quarter of 2021.

During the fourth quarter of 2022, the Company's core efficiency ratio was 61.0%, compared to 60.7% in the previous quarter and 67.0% for the fourth quarter of the prior year. The Banking segment core efficiency ratio for the fourth quarter was 54.7% versus the previous quarter of 53.8% and 57.5% in the fourth quarter of the previous year.

Mettee noted, “The Company's overall efficiency ratio was relatively stable for the quarter and the Banking segment moved slightly higher due to a modestly higher expense load and lower loan fees impacting top line revenue.”

Credit Quality

The Company recorded a net reversal in provisions for credit losses of $0.5 million in the fourth quarter of 2022. The negative provision expense was the net of a provision expense of $0.2 million related to loans held for investment and a negative provision expense of $0.6 million related to unfunded loan commitments. Unfunded construction loan commitments reduced by $57.7 million during the fourth quarter leading to the smaller allowance for credit losses ("ACL") and negative provision expense related to these unfunded commitments. The Company maintains an ACL of $134.2 million as of December 31, 2022, representing 1.44% of loans HFI.

The Company experienced net charge offs of $0.4 million in the fourth quarter of 2022, or 0.02% of average loans HFI, compared to net charge-offs to average loans HFI of 0.00% in the prior quarter. For the year-ended December 31, 2022, the Company experienced net charge-offs of $1.8 million, or 0.02% of average loans HFI, compared to 0.08% for the year-ended December 31, 2021.

The Company's nonperforming loans as a percent of loans HFI were 0.49% at the end of the fourth quarter of 2022 compared to 0.47% at the end of the previous quarter and 0.62% at the end of the fourth quarter of the previous year. Nonperforming assets as a percentage of total assets at the end of the fourth quarter were 0.68% compared to 0.62% as of the prior quarter-end. A single relationship from the commercial loans HFS portfolio from a previous acquisition contributed 7 bps of the increase in nonperforming assets in the fourth quarter.

Holmes commented, “Our loan portfolio continues to exhibit strong credit quality metrics. We had minimal charge-offs in the quarter, which is consistent with our results for the year, and our balance sheet is positioned for potential economic headwinds in 2023.”

Capital Strength

“We remain in a position of capital strength with a Common Equity Tier 1 ratio of 11.0% and tangible common equity to tangible assets of 8.50%. The Company is well positioned to deploy capital as opportunities arise,” commented Holmes.

Summary

Holmes summarized, "The fourth quarter results demonstrated our ability to raise customer deposits in a challenging environment. The growth resulted in net interest margin contraction, but positions the Company well as we move into 2023. We remain positioned for a range of economic outcomes by concentrating on liquidity, credit and capital in the near term. A focused discipline on these priorities will serve our customers, associates, communities, and shareholders well during the coming year."

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FB Financial Corporation

Fourth Quarter 2022 Results

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WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results on January 17, 2023, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 9684791) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through January 24, 2023, by dialing 1-877-344-7529 and entering confirmation code 3581055.

A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=hqRQfmWF. An online replay will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 12 months.

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank with 82 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank has approximately $12.8 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

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

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Supplemental Financial Information and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Supplemental Financial Information and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on January 17, 2023.

BUSINESS SEGMENT RESULTS

The Company has included its business segment financial tables as part of the Supplemental Financial Information, which is available in connection with this Earnings Release. A detailed discussion of historical business segment results is included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2021.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Earnings Release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) the Company’s ability to effectively manage problem credits, (4) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (5) difficulties and delays in integrating acquired businesses or fully realizing costs savings, revenue synergies and other benefits from future and prior acquisitions, (6) the Company’s ability to successfully execute its various business strategies, (7) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (8) the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (9) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (10) the Company's dependence on information technology systems of third party service providers and the risk of

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FB Financial Corporation

Fourth Quarter 2022 Results

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systems failures, interruptions, or breaches of security, and (11) the adverse effects of the ongoing global COVID-19 pandemic, including the effect of actions taken to mitigate its impact on individuals or the economy broadly; (12) natural disasters or acts of war or terrorism, (13) international or political instability, including the impacts related to or resulting from Russia’s military action in Ukraine and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.

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

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), adjusted Banking segment pre-tax, pre-provision earnings, Banking segment core noninterest income, Mortgage segment core noninterest income, Banking segment core noninterest expense, Mortgage segment core noninterest expense, Banking segment core revenue, Mortgage segment core revenue, Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, adjusted tangible common equity, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, 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. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive (loss) income.

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

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FB Financial Corporation

Fourth Quarter 2022 Results

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Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2022						2021
	Fourth Quarter			Third Quarter			Fourth Quarter
Statement of Income Data
Total interest income	$	147,598		$	128,483		$	97,219
Total interest expense	37,100			17,099			7,464
Net interest income	110,498			111,384			89,755
Total noninterest income	17,469			22,592			53,219
Total noninterest expense	80,230			81,847			90,902
Earnings before income taxes and provisions for credit losses	47,737			52,129			52,072
Provisions for credit losses	(456)			11,367			(10,769)
Income tax expense	10,042			8,931			14,006
Net income applicable to noncontrolling interest	8			—			8
Net income applicable to FB Financial Corporation(a)	$	38,143		$	31,831		$	48,827
Net interest income (tax-equivalent basis)	$	111,279		$	112,145		$	90,537
Adjusted net income*	$	40,045		$	32,117		$	42,551
Adjusted pre-tax, pre-provision earnings*	$	50,299		$	52,516		$	43,573
Per Common Share
Diluted net income	$	0.81		$	0.68		$	1.02
Adjusted diluted net income*	0.85			0.68			0.89

Book value	28.36			27.30			30.13
Tangible book value*	22.90			21.85			24.67
Adjusted tangible book value*	26.53			25.84			24.55
Weighted average number of shares outstanding - fully diluted	47,036,742			47,024,611			47,896,715
Period-end number of shares	46,737,912			46,926,377			47,549,241
Selected Balance Sheet Data
Cash and cash equivalents	$	1,027,052		$	618,290		$	1,797,740
Loans held for investment (HFI)	9,298,212			9,105,016			7,604,662
Allowance for credit losses(b)	(134,192)			(134,476)			(125,559)
Mortgage loans held for sale, at fair value(c)	108,961			97,011			672,924
Commercial loans held for sale, at fair value	30,490			33,722			79,299
Investment securities, at fair value	1,474,176			1,485,133			1,681,892
Other real estate owned, net	5,794			5,919			9,777
Total assets	12,847,756			12,258,082			12,597,686

Interest-bearing deposits	8,179,203			7,039,568			8,096,683
Noninterest-bearing deposits	2,676,631			2,966,514			2,740,214



Total deposits	10,855,834			10,006,082			10,836,897
Borrowings	415,677			722,940			171,778
Total common shareholders' equity	1,325,425			1,281,161			1,432,602
Selected Ratios
Return on average:
Assets	1.22		%	1.05		%	1.60		%
Shareholders' equity	11.7		%	9.45		%	13.7		%
Tangible common equity*	14.6		%	11.7		%	16.8		%
Average shareholders' equity to average assets	10.4		%	11.1		%	11.7		%
Net interest margin (tax-equivalent basis)	3.78		%	3.93		%	3.19		%
Efficiency ratio (GAAP)	62.7		%	61.1		%	63.6		%
Core efficiency ratio (tax-equivalent basis)*	61.0		%	60.7		%	67.0		%
Loans HFI to deposit ratio	85.7		%	91.0		%	70.2		%
Total loans to deposit ratio	86.9		%	92.3		%	77.1		%
Noninterest-bearing deposits to total deposits	24.7		%	29.6		%	25.3		%
Yield on interest-earning assets	5.04		%	4.53		%	3.45		%
Cost of interest-bearing liabilities	1.84		%	0.90		%	0.38		%
Cost of total deposits	1.20		%	0.52		%	0.22		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	1.44		%	1.48		%	1.65		%

Net charge-offs as a percentage of average loans HFI	0.02		%	0.00		%	0.12		%
Nonperforming loans HFI as a percentage of total loans HFI	0.49		%	0.47		%	0.62		%
Nonperforming assets as a percentage of total assets(c)	0.68		%	0.62		%	0.50		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	10.3		%	10.5		%	11.4		%
Tangible common equity to tangible assets*	8.50		%	8.54		%	9.51		%
Tier 1 capital (to average assets)	10.5		%	10.7		%	10.5		%
Tier 1 capital (to risk-weighted assets)(d)	11.3		%	11.2		%	12.6		%
Total capital (to risk-weighted assets)(d)	13.1		%	13.0		%	14.5		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(d)	11.0		%	10.9		%	12.3		%

(a) Includes dividends declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the fourth quarter of 2022 and the fourth quarter of 2021.

(b) Excludes reserve for credit losses on unfunded commitments of $22,969, $23,577, and $14,380 recorded in accrued expenses and other liabilities at December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

(c) Includes optional right to repurchase seriously delinquent GNMA loans previously sold of $26,211 and $26,485 as of December 31, 2022 and September 30, 2022, respectively.

(d) Risk-weighted assets are calculated using the standardized method of the Basel III Framework.

*These measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see "GAAP Reconciliation and Use of non-GAAP Financial Measures" and the corresponding non-GAAP reconciliation tables in this Earnings Release dated January 17, 2023.

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FB Financial Corporation

Fourth Quarter 2022 Results

Page 7


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

	2022				2021
Adjusted net income	Fourth Quarter		Third Quarter		Fourth Quarter
Income before income taxes	$	48,193	$	40,762	$	62,841


Less other non-operating items(1)	(2,562)		(387)		8,499
Adjusted pre-tax net income	50,755		41,149		54,342
Adjusted income tax expense	10,710		9,032		11,791
Adjusted net income	$	40,045	$	32,117	$	42,551
Weighted average common shares outstanding - fully diluted	47,036,742		47,024,611		47,896,715
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.81	$	0.68	$	1.02


Less other non-operating items	(0.05)		—		0.18
Less tax effect	0.01		—		(0.05)
Adjusted diluted earnings per common share	$	0.85	$	0.68	$	0.89

(1) 4Q22 includes a $2,562 loss from change in fair value of commercial loans held for sale acquired from Franklin; 3Q22 includes a $387 loss from change in fair value of commercial loans held for sale acquired from Franklin; 4Q21 includes a $9,921 gain from change in fair value of commercial loans held for sale acquired from Franklin and $1,422 related to certain nonrecurring charitable contributions.






Adjusted net income	2022		2021		2020
Income before income taxes	$	159,574	$	243,051	$	82,461
Plus mortgage restructuring and offering expenses	12,458		605		34,879
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		66,136
Less other non-operating items(1)	(5,133)		11,032		(4,400)
Adjusted pre-tax net income	177,165		232,624		187,876
Adjusted income tax expense(2)	39,587		51,553		45,944
Adjusted net income	$	137,578	$	181,071	$	141,932
Weighted average common shares outstanding - fully diluted	47,239,791		47,955,880		38,099,744
Adjusted diluted earnings per share
Diluted earnings per common share	$	2.64	$	3.97	$	1.67
Plus mortgage restructuring and offering expenses	0.26		0.01		0.92
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		1.74
Less other non-operating items	(0.11)		0.22		(0.11)
Less tax effect	0.10		(0.02)		0.71
Adjusted diluted earnings per common share	$	2.91	$	3.78	$	3.73
(1) 2022 includes a $5,133 loss from change in fair value of commercial loans held for sale acquired from Franklin; 2021 includes a $11,172 gain from change in fair value on commercial loans held for sale acquired from Franklin, a loss on swap cancellation of $1,510, a $2,005 gain on other real estate owned, a $787 gain from lease terminations and $1,422 related to certain nonrecurring charitable contributions.
(2) 2021 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.












	2022				2021
Adjusted pre-tax pre-provision earnings	Fourth Quarter		Third Quarter		Fourth Quarter
Income before income taxes	$	48,193	$	40,762	$	62,841
Plus provisions for credit losses	(456)		11,367		(10,769)
Pre-tax pre-provision earnings	47,737		52,129		52,072

Less other non-operating items	(2,562)		(387)		8,499
Adjusted pre-tax pre-provision earnings	$	50,299	$	52,516	$	43,573

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FB Financial Corporation

Fourth Quarter 2022 Results

Page 8


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

	2022						2021
Core efficiency ratio (tax-equivalent basis)	Fourth Quarter			Third Quarter			Fourth Quarter
Total noninterest expense	$	80,230		$	81,847		$	90,902




Less certain charitable contributions	—			—			1,422
Core noninterest expense	$	80,230		$	81,847		$	89,480
Net interest income (tax-equivalent basis)	$	111,279		$	112,145		$	90,537
Total noninterest income	17,469			22,592			53,219
Less (loss) gain on change in fair value on commercial loans held for sale	(2,562)			(387)			9,921


Less (loss) gain on sales or write-downs of other real estate owned and other assets	(252)			429			187
Less gain (loss) from securities, net	25			(140)			46
Core noninterest income	20,258			22,690			43,065
Core revenue	$	131,537		$	134,835		$	133,602
Efficiency ratio (GAAP)(a)	62.7		%	61.1		%	63.6		%
Core efficiency ratio (tax-equivalent basis)	61.0		%	60.7		%	67.0		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue








	2022						2021
Banking segment core efficiency ratio (tax equivalent)	Fourth Quarter			Third Quarter			Fourth Quarter
Core noninterest expense	$	80,230		$	81,847		$	89,480
Less Mortgage segment noninterest expense	13,304			15,961			30,798
Banking segment core noninterest expense	$	66,926		$	65,886		$	58,682
Banking segment net interest income (tax equivalent basis)	$	111,279		$	112,145		$	90,398
Core noninterest income	20,258			22,690			43,065
Less Mortgage segment core noninterest income	9,148			12,384			31,350
Banking segment core noninterest income	11,110			10,306			11,715
Core revenue	131,537			134,835			133,602
Less Mortgage segment core total revenue	9,148			12,384			31,489
Banking segment core total revenue	$	122,389		$	122,451		$	102,113
Banking segment core efficiency ratio (tax-equivalent basis)	54.7		%	53.8		%	57.5		%

Mortgage segment core efficiency ratio (tax equivalent)




Mortgage segment noninterest expense	$	13,304		$	15,961		$	30,798




Mortgage segment net interest income	—			—			139
Mortgage segment noninterest income	9,124			12,299			31,369
Less (loss) gain on sales or write-downs of other real estate owned	(24)			(85)			19
Mortgage segment core noninterest income	9,148			12,384			31,350
Mortgage segment core total revenue	$	9,148		$	12,384		$	31,489
Mortgage segment core efficiency ratio (tax-equivalent basis)	145.4		%	128.9		%	97.8		%

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FB Financial Corporation

Fourth Quarter 2022 Results

Page 9


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

	2022						2021
Adjusted Banking segment pre-tax pre-provision earnings	Fourth Quarter			Third Quarter			Fourth Quarter
Banking segment pre-tax net contribution	$	52,373		$	44,424		$	62,131
Plus provisions for credit losses	(456)			11,367			(10,769)
Banking segment pre-tax pre-provision earnings	51,917			55,791			51,362

Less other non-operating items	(2,562)			(387)			8,499
Adjusted Banking segment pre-tax pre-provision earnings	$	54,479		$	56,178		$	42,863























	2022						2021
Tangible assets and equity	Fourth Quarter			Third Quarter			Fourth Quarter
Tangible assets
Total assets	$	12,847,756		$	12,258,082		$	12,597,686
Less goodwill	242,561			242,561			242,561
Less intangibles, net	12,368			13,407			16,953
Tangible assets	$	12,592,827		$	12,002,114		$	12,338,172
Tangible common equity
Total common shareholders' equity	$	1,325,425		$	1,281,161		$	1,432,602
Less goodwill	242,561			242,561			242,561
Less intangibles, net	12,368			13,407			16,953
Tangible common equity	$	1,070,496		$	1,025,193		$	1,173,088
Less accumulated other comprehensive (loss) income, net	(169,433)			(187,440)			5,858
Adjusted tangible common equity	1,239,929			1,212,633			1,167,230
Common shares outstanding	46,737,912			46,926,377			47,549,241
Book value per common share	$	28.36		$	27.30		$	30.13
Tangible book value per common share	$	22.90		$	21.85		$	24.67
Adjusted tangible book value per common share	$	26.53		$	25.84		$	24.55
Total common shareholders' equity to total assets	10.3		%	10.5		%	11.4		%
Tangible common equity to tangible assets	8.50		%	8.54		%	9.51		%

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

	2022						2021
Return on average tangible common equity	Fourth Quarter			Third Quarter			Fourth Quarter
Average common shareholders' equity	$	1,294,758		$	1,336,143		$	1,411,987
Less average goodwill	242,561			242,561			242,561
Less average intangibles, net	12,865			13,953			17,580
Average tangible common equity	$	1,039,332		$	1,079,629		$	1,151,846
Net income	$	38,143		$	31,831		$	48,827
Return on average common equity	11.7		%	9.45		%	13.7		%
Return on average tangible common equity	14.6		%	11.7		%	16.8		%
Adjusted net income	$	40,045		$	32,117		$	42,551
Adjusted return on average tangible common equity	15.3		%	11.8		%	14.7		%
Adjusted pre-tax pre-provision earnings	$	50,299		$	52,516		$	43,573
Adjusted pre-tax pre-provision return on average tangible common equity	19.2		%	19.3		%	15.0		%














	2022						2021

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FB Financial Corporation

Fourth Quarter 2022 Results

Page 10


Adjusted return on average assets and equity	Fourth Quarter			Third Quarter			Fourth Quarter
Net income	$	38,143		$	31,831		$	48,827
Average assets	12,446,027			12,038,115			12,085,817
Average common equity	1,294,758			1,336,143			1,411,987
Return on average assets	1.22		%	1.05		%	1.60		%
Return on average common equity	11.7		%	9.45		%	13.7		%
Adjusted net income	$	40,045		$	32,117		$	42,551
Adjusted return on average assets	1.28		%	1.06		%	1.40		%
Adjusted return on average common equity	12.3		%	9.54		%	12.0		%








Adjusted pre-tax pre-provision earnings	$	50,299		$	52,516		$	43,573
Adjusted pre-tax pre-provision return on average assets	1.60		%	1.73		%	1.43		%
Adjusted pre-tax pre-provision return on average common equity	15.4		%	15.6		%	12.2		%

-END-

Fourth Quarter 2022

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance, Average Yield Earned and Average Rate Paid			8



Loans and Deposits by Market			11

Segment Data			12

Loan Portfolio			13

Asset Quality			14

Preliminary Capital Ratios			15

Investment Portfolio			16

Non-GAAP Reconciliation			17

Use of non-GAAP Financial Measures

This Supplemental Financial Information contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), adjusted Banking segment pre-tax, pre-provision earnings, Banking segment core noninterest income, Mortgage segment core noninterest income, Banking segment core noninterest expense, Mortgage segment core noninterest expense, Banking segment core revenue, Mortgage segment core revenue, Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, adjusted tangible common equity, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, 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. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive (loss) income.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables in this Supplemental Financial Information dated January 17, 2023, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2022												2021
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Statement of Income Data
Total interest income	$	147,598		$	128,483		$	110,214		$	95,127		$	97,219
Total interest expense	37,100			17,099			8,043			6,945			7,464
Net interest income	110,498			111,384			102,171			88,182			89,755
Total noninterest income	17,469			22,592			33,214			41,392			53,219
Total noninterest expense	80,230			81,847			96,997			89,272			90,902
Earnings before income taxes and provisions for credit losses	47,737			52,129			38,388			40,302			52,072
Provisions for credit losses	(456)			11,367			12,318			(4,247)			(10,769)
Income tax expense	10,042			8,931			6,717			9,313			14,006
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation(a)	$	38,143		$	31,831		$	19,345		$	35,236		$	48,827
Net interest income (tax-equivalent basis)	$	111,279		$	112,145		$	102,926		$	88,932		$	90,537
Adjusted net income*	$	40,045		$	32,117		$	30,051		$	35,365		$	42,551
Adjusted pre-tax, pre-provision earnings*	$	50,299		$	52,516		$	52,856		$	40,476		$	43,573
Per Common Share
Diluted net income	$	0.81		$	0.68		$	0.41		$	0.74		$	1.02
Adjusted diluted net income*	0.85			0.68			0.64			0.74			0.89

Book value	28.36			27.30			28.15			29.06			30.13
Tangible book value*	22.90			21.85			22.67			23.62			24.67
Adjusted tangible book value*	26.53			25.84			25.24			25.12			24.55
Weighted average number of shares outstanding - fully diluted	47,036,742			47,024,611			47,211,650			47,723,902			47,896,715
Period-end number of shares	46,737,912			46,926,377			46,881,896			47,487,874			47,549,241
Selected Balance Sheet Data
Cash and cash equivalents	$	1,027,052		$	618,290		$	872,861		$	1,743,311		$	1,797,740
Loans held for investment (HFI)	9,298,212			9,105,016			8,624,337			8,004,976			7,604,662
Allowance for credit losses(b)	(134,192)			(134,476)			(126,272)			(120,049)			(125,559)
Mortgage loans held for sale(c)	108,961			97,011			222,400			318,549			672,924
Commercial loans held for sale	30,490			33,722			37,815			78,179			79,299
Investment securities, at fair value	1,474,176			1,485,133			1,621,344			1,686,738			1,681,892
Other real estate owned, net	5,794			5,919			9,398			9,721			9,777
Total assets	12,847,756			12,258,082			12,193,862			12,674,191			12,597,686

Interest-bearing deposits	8,179,203			7,039,568			7,647,782			8,208,580			8,096,683
Noninterest-bearing deposits	2,676,631			2,966,514			2,895,520			2,787,698			2,740,214



Total deposits	10,855,834			10,006,082			10,543,302			10,996,278			10,836,897
Borrowings	415,677			722,940			160,400			155,733			171,778
Total common shareholders' equity	1,325,425			1,281,161			1,319,852			1,379,776			1,432,602
Selected Ratios
Return on average:
Assets	1.22		%	1.05		%	0.62		%	1.13		%	1.60		%
Shareholders' equity	11.7		%	9.45		%	5.74		%	10.1		%	13.7		%
Tangible common equity*	14.6		%	11.7		%	7.09		%	12.4		%	16.8		%
Average shareholders' equity to average assets	10.4		%	11.1		%	10.9		%	11.2		%	11.7		%
Net interest margin (NIM) (tax-equivalent basis)	3.78		%	3.93		%	3.52		%	3.04		%	3.19		%
Efficiency ratio (GAAP)	62.7		%	61.1		%	71.6		%	68.9		%	63.6		%
Core efficiency ratio (tax-equivalent basis)*	61.0		%	60.7		%	61.1		%	68.1		%	67.0		%
Loans HFI to deposit ratio	85.7		%	91.0		%	81.8		%	72.8		%	70.2		%
Total loans to deposit ratio	86.9		%	92.3		%	84.3		%	76.4		%	77.1		%
Noninterest-bearing deposits to total deposits	24.7		%	29.6		%	27.5		%	25.4		%	25.3		%
Yield on interest-earning assets	5.04		%	4.53		%	3.80		%	3.28		%	3.45		%
Cost of interest-bearing liabilities	1.84		%	0.90		%	0.40		%	0.34		%	0.38		%
Cost of total deposits	1.20		%	0.52		%	0.25		%	0.20		%	0.22		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	1.44		%	1.48		%	1.46		%	1.50		%	1.65		%

Net charge-offs (recoveries) as a percentage of average loans HFI	0.02		%	0.00		%	0.09		%	(0.03)		%	0.12		%
Nonperforming loans HFI as a percentage of total loans HFI	0.49		%	0.47		%	0.51		%	0.51		%	0.62		%
Nonperforming assets as a percentage of total assets(c)	0.68		%	0.62		%	0.46		%	0.44		%	0.50		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	10.3		%	10.5		%	10.8		%	10.9		%	11.4		%
Tangible common equity to tangible assets*	8.50		%	8.54		%	8.90		%	9.03		%	9.51		%
Tier 1 capital (to average assets)	10.5		%	10.7		%	10.2		%	10.2		%	10.5		%
Tier 1 capital (to risk-weighted assets)(d)	11.3		%	11.2		%	11.8		%	12.3		%	12.6		%
Total capital (to risk-weighted assets)(d)	13.1		%	13.0		%	13.6		%	14.2		%	14.5		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(d)	11.0		%	10.9		%	11.5		%	12.0		%	12.3		%

(a) Includes dividends declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the fourth and second quarters of 2022 and the fourth quarter of 2021.

(b) Excludes reserve for credit losses on unfunded commitments of $22,969, $23,577, $20,399, $16,262, and $14,380 recorded in accrued expenses and other liabilities as of December 31, 2022, September 30, 2022, June 30, 2022 March 31, 2022, and December 31, 2021, respectively.

(c) Includes optional right to repurchase seriously delinquent GNMA loans previously sold as of December 31, 2022 and September 30, 2022. See nonperforming assets summary on page 14 of earnings release supplement.

(d) Risk-weighted assets are calculated using the standardized method of the Basel III Framework.

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


FB Financial Corporation						4


Consolidated Statements of Income
For the Quarter Ended
(Unaudited)
(In Thousands, Except Share Data and %)
													Q4 2022		Q4 2022
													vs.		vs.
	2022								2021		Q3 2022	Q4 2021
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	133,180	$	116,664	$	99,655	$	86,864	$	89,996			14.2	%	48.0	%
Interest on securities
Taxable	6,707		6,843		6,499		5,420		4,534				(1.99)	%	47.9	%
Tax-exempt	1,806		1,818		1,842		1,866		1,885				(0.66)	%	(4.19)	%
Other	5,905		3,158		2,218		977		804				87.0	%	634.5	%
Total interest income	147,598		128,483		110,214		95,127		97,219				14.9	%	51.8	%
Interest expense:
Deposits	31,456		13,133		6,591		5,462		5,848				139.5	%	437.9	%
Borrowings	5,644		3,966		1,452		1,483		1,616				42.3	%	249.3	%
Total interest expense	37,100		17,099		8,043		6,945		7,464				117.0	%	397.1	%
Net interest income	110,498		111,384		102,171		88,182		89,755				(0.80)	%	23.1	%
Provision for credit losses	152		8,189		8,181		(6,129)		(11,646)				(98.1)	%	(101.3)	%
Provision for credit losses on unfunded commitments	(608)		3,178		4,137		1,882		877				(119.1)	%	(169.3)	%
Net interest income after provisions for credit losses	110,954		100,017		89,853		92,429		100,524				10.9	%	10.4	%
Noninterest income:
Mortgage banking income	9,106		12,384		22,559		29,531		31,350				(26.5)	%	(71.0)	%
Service charges on deposit accounts	3,019		3,208		2,908		2,914		2,817				(5.89)	%	7.17	%
ATM and interchange fees	2,546		2,614		5,353		5,087		5,310				(2.60)	%	(52.1)	%
Investment services and trust income	2,232		2,227		2,275		2,132		1,040				0.22	%	114.6	%
Gain (loss) from securities, net	25		(140)		(109)		(152)		46				(117.9)	%	(45.7)	%
(Loss) gain on sales or write-downs of other real estate owned	(25)		435		(26)		(498)		26				(105.7)	%	(196.2)	%
(Loss) gain from other assets	(227)		(6)		18		64		161				3,683.3	%	(241.0)	%
Other income	793		1,870		236		2,314		12,469				(57.6)	%	(93.6)	%
Total noninterest income	17,469		22,592		33,214		41,392		53,219				(22.7)	%	(67.2)	%
Total revenue	127,967		133,976		135,385		129,574		142,974				(4.49)	%	(10.5)	%
Noninterest expenses:
Salaries, commissions and employee benefits	45,839		51,028		55,181		59,443		58,562				(10.2)	%	(21.7)	%
Occupancy and equipment expense	6,295		6,011		5,853		5,403		5,549				4.72	%	13.4	%
Legal and professional fees	4,857		4,448		3,116		2,607		2,460				9.20	%	97.4	%
Data processing	2,096		2,334		2,404		2,481		2,531				(10.2)	%	(17.2)	%

Amortization of core deposits and other intangibles	1,039		1,108		1,194		1,244		1,295				(6.23)	%	(19.8)	%


Advertising	3,094		2,050		2,031		4,033		3,909				50.9	%	(20.8)	%
Mortgage restructuring expense	—		—		12,458		—		—				—	%	—	%
Other expense	17,010		14,868		14,760		14,061		16,596				14.4	%	2.49	%
Total noninterest expense	80,230		81,847		96,997		89,272		90,902				(1.98)	%	(11.7)	%
Income before income taxes	48,193		40,762		26,070		44,549		62,841				18.2	%	(23.3)	%
Income tax expense	10,042		8,931		6,717		9,313		14,006				12.4	%	(28.3)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	38,151		31,831		19,353		35,236		48,835				19.9	%	(21.9)	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	38,143	$	31,831	$	19,345	$	35,236	$	48,827			19.8	%	(21.9)	%
Weighted average common shares outstanding:
Basic	46,909,389		46,908,520		47,111,055		47,530,520		47,683,682				—	%	(1.62)	%
Fully diluted	47,036,742		47,024,611		47,211,650		47,723,902		47,896,715				0.03	%	(1.80)	%
Earnings per common share:
Basic	$	0.81	$	0.68	$	0.41	$	0.74	$	1.02			19.1	%	(20.6)	%
Fully diluted	0.81		0.68		0.41		0.74		1.02				19.1	%	(20.6)	%
Fully diluted - adjusted*	0.85		0.68		0.64		0.74		0.89				25.0	%	(4.49)	%


FB Financial Corporation						5


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

					2022
	For the Year Ended				vs.
	December 31,				2021
	2022		2021		Percent variance
Interest income:
Interest and fees on loans	$	436,363	$	359,262	21.5	%
Interest on securities
Taxable	25,469		15,186		67.7	%
Tax-exempt	7,332		7,657		(4.24)	%
Other	12,258		2,893		323.7	%
Total interest income	481,422		384,998		25.0	%
Interest expense:
Deposits	56,642		30,189		87.6	%
Borrowings	12,545		7,439		68.6	%
Total interest expense	69,187		37,628		83.9	%
Net interest income	412,235		347,370		18.7	%
Provision for credit losses	10,393		(38,995)		(126.7)	%
Provision for credit losses on unfunded commitments	8,589		(1,998)		(529.9)	%
Net interest income after provisions for credit losses	393,253		388,363		1.26	%
Noninterest income:
Mortgage banking income	73,580		167,565		(56.1)	%
Service charges on deposit accounts	12,049		10,034		20.1	%
ATM and interchange fees	15,600		19,900		(21.6)	%
Investment services and trust income	8,866		8,558		3.60	%

(Loss) gain from securities, net	(376)		324		(216.0)	%
(Loss) gain on sales or write-downs of other real estate owned	(114)		2,504		(104.6)	%
(Loss) gain from other assets	(151)		323		(146.7)	%
Other income	5,213		19,047		(72.6)	%
Total noninterest income	114,667		228,255		(49.8)	%
Total revenue	526,902		575,625		(8.46)	%
Noninterest expenses:
Salaries, commissions and employee benefits	211,491		248,318		(14.8)	%
Occupancy and equipment expense	23,562		22,733		3.65	%
Legal and professional fees	15,028		9,161		64.0	%
Data processing	9,315		9,987		(6.73)	%

Amortization of core deposit and other intangibles	4,585		5,473		(16.2)	%
Advertising	11,208		13,921		(19.5)	%
Mortgage restructuring expense	12,458		—		100.0	%
Other expense	60,699		63,974		(5.12)	%
Total noninterest expense	348,346		373,567		(6.75)	%
Income before income taxes	159,574		243,051		(34.3)	%
Income tax expense	35,003		52,750		(33.6)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	124,571		190,301		(34.5)	%
Net income applicable to noncontrolling interests	16		16		—	%

Net income applicable to FB Financial Corporation	$	124,555	$	190,285	(34.5)	%
Weighted average common shares outstanding:
Basic	47,113,470		47,431,102		(0.67)	%
Fully diluted	47,239,791		47,955,880		(1.49)	%
Earnings per common share:
Basic	$	2.64	$	4.01	(34.2)	%
Fully diluted	2.64		3.97		(33.5)	%
Fully diluted - adjusted*	2.91		3.78		(23.0)	%

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


FB Financial Corporation						6


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

													Annualized
													Q4 2022		Q4 2022
													vs.		vs.
	2022								2021		Q3 2022	Q4 2021
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	259,872	$	193,301	$	79,402	$	61,637	$	91,333			136.6	%	184.5	%
Federal funds sold and reverse repurchase agreements	210,536		115,140		233,588		134,763		128,087				328.7	%	64.4	%
Interest-bearing deposits in financial institutions	556,644		309,849		559,871		1,546,911		1,578,320				316.0	%	(64.7)	%
Cash and cash equivalents	1,027,052		618,290		872,861		1,743,311		1,797,740				262.3	%	(42.9)	%
Investments:
Available-for-sale debt securities, at fair value	1,471,186		1,482,171		1,618,241		1,683,525		1,678,525				(2.94)	%	(12.4)	%
Equity securities, at fair value	2,990		2,962		3,103		3,213		3,367				3.75	%	(11.2)	%
Federal Home Loan Bank stock, at cost	58,641		58,587		34,581		34,433		32,217				0.37	%	82.0	%
Mortgage loans held for sale, at fair value	108,961		97,011		222,400		318,549		672,924				48.9	%	(83.8)	%
Commercial loans held for sale, at fair value	30,490		33,722		37,815		78,179		79,299				(38.0)	%	(61.6)	%
Loans held for investment	9,298,212		9,105,016		8,624,337		8,004,976		7,604,662				8.42	%	22.3	%
Less: allowance for credit losses	134,192		134,476		126,272		120,049		125,559				(0.84)	%	6.88	%
Net loans	9,164,020		8,970,540		8,498,065		7,884,927		7,479,103				8.56	%	22.5	%
Premises and equipment, net	146,316		143,277		142,474		142,550		143,739				8.42	%	1.79	%
Other real estate owned, net	5,794		5,919		9,398		9,721		9,777				(8.38)	%	(40.7)	%
Operating lease right-of-use assets	60,043		61,444		41,070		41,037		41,686				(9.05)	%	44.0	%
Interest receivable	45,684		39,034		40,393		39,069		38,528				67.6	%	18.6	%
Mortgage servicing rights, at fair value	168,365		171,427		158,678		144,675		115,512				(7.09)	%	45.8	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	12,368		13,407		14,515		15,709		16,953				(30.7)	%	(27.0)	%
Bank-owned life insurance	75,329		74,976		74,605		74,232		73,519				1.87	%	2.46	%
Other assets	227,956		242,754		183,102		218,500		172,236				(24.2)	%	32.4	%
Total assets	$	12,847,756	$	12,258,082	$	12,193,862	$	12,674,191	$	12,597,686			19.1	%	1.99	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,676,631	$	2,966,514	$	2,895,520	$	2,787,698	$	2,740,214			(38.8)	%	(2.32)	%
Interest-bearing checking	3,059,984		2,648,161		3,338,561		3,639,779		3,418,666				61.7	%	(10.5)	%
Money market and savings	3,697,245		3,228,337		3,131,463		3,513,485		3,546,936				57.6	%	4.24	%
Customer time deposits	1,420,131		1,160,726		1,171,941		1,046,899		1,103,594				88.7	%	28.7	%
Brokered and internet time deposits	1,843		2,344		5,817		8,417		27,487				(84.8)	%	(93.3)	%
Total deposits	10,855,834		10,006,082		10,543,302		10,996,278		10,836,897				33.7	%	0.17	%
Borrowings	415,677		722,940		160,400		155,733		171,778				(168.6)	%	142.0	%
Operating lease liabilities	69,754		70,610		45,917		45,528		46,367				(4.81)	%	50.4	%
Accrued expenses and other liabilities	180,973		177,196		124,298		96,783		109,949				8.46	%	64.6	%
Total liabilities	11,522,238		10,976,828		10,873,917		11,294,322		11,164,991				19.7	%	3.20	%
Shareholders' equity:
Common stock, $1 par value	46,738		46,926		46,882		47,488		47,549				(1.59)	%	(1.71)	%
Additional paid-in capital	861,588		867,139		864,614		888,168		892,529				(2.54)	%	(3.47)	%
Retained earnings	586,532		554,536		528,851		515,664		486,666				22.9	%	20.5	%
Accumulated other comprehensive (loss) income, net	(169,433)		(187,440)		(120,495)		(71,544)		5,858				(38.1)	%	(2,992.3)	%
Total common shareholders' equity	1,325,425		1,281,161		1,319,852		1,379,776		1,432,602				13.7	%	(7.48)	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,325,518		1,281,254		1,319,945		1,379,869		1,432,695				13.7	%	(7.48)	%
Total liabilities and shareholders' equity	$	12,847,756	$	12,258,082	$	12,193,862	$	12,674,191	$	12,597,686			19.1	%	1.99	%


FB Financial Corporation						7


Average Balance, Average Yield Earned and Average Rate Paid

(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended
	December 31, 2022						September 30, 2022
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)	$	9,250,859	$	132,171	5.67	%	$	8,810,094	$	114,488	5.16	%
Mortgage loans held for sale(b)	56,180		843		5.95	%	124,358		1,626		5.19	%
Commercial loans held for sale	33,640		311		3.67	%	36,291		670		7.32	%
Securities:(b)
Taxable	1,431,776		6,707		1.86	%	1,469,934		6,843		1.85	%
Tax-exempt(a)	295,698		2,442		3.28	%	298,905		2,459		3.26	%
Total securities(a)	1,727,474		9,149		2.10	%	1,768,839		9,302		2.09	%
Federal funds sold and reverse repurchase agreements	200,062		1,924		3.82	%	160,597		877		2.17	%
Interest-bearing deposits with other financial institutions	364,543		3,236		3.52	%	361,684		1,850		2.03	%
FHLB stock	58,623		745		5.04	%	49,478		431		3.46	%
Total interest-earning assets(a)	11,691,381		148,379		5.04	%	11,311,341		129,244		4.53	%
Noninterest-earning assets:
Cash and due from banks	136,334						109,681
Allowance for credit losses	(135,998)						(127,710)
Other assets	754,310						744,803
Total noninterest-earning assets	754,646						726,774
Total assets	$	12,446,027					$	12,038,115
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,702,960	$	10,284	1.51	%	$	2,821,415	$	5,831	0.82	%
Money market(c)	2,976,759		15,196		2.03	%	2,551,521		4,684		0.73	%
Savings deposits	488,243		66		0.05	%	515,882		70		0.05	%
Customer time deposits(c)	1,310,505		5,902		1.79	%	1,151,843		2,535		0.87	%
Brokered and internet time deposits(c)	1,980		8		1.60	%	3,501		13		1.47	%
Time deposits	1,312,485		5,910		1.79	%	1,155,344		2,548		0.87	%
Total interest-bearing deposits	7,480,447		31,456		1.67	%	7,044,162		13,133		0.74	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	27,140		28		0.41	%	29,580		12		0.16	%
Federal Home Loan Bank advances	349,859		3,428		3.89	%	329,130		2,155		2.60	%
Subordinated debt	126,054		2,182		6.87	%	127,263		1,792		5.59	%
Other borrowings	1,434		6		1.66	%	1,457		7		1.91	%
Total other interest-bearing liabilities	504,487		5,644		4.44	%	487,430		3,966		3.23	%
Total interest-bearing liabilities	7,984,934		37,100		1.84	%	7,531,592		17,099		0.90	%
Noninterest-bearing liabilities:
Demand deposits	2,886,297						2,973,650
Other liabilities	279,945						196,637
Total noninterest-bearing liabilities	3,166,242						3,170,287
Total liabilities	11,151,176						10,701,879
Total common shareholders' equity	1,294,758						1,336,143
Noncontrolling interest	93						93
Total equity	1,294,851						1,336,236
Total liabilities and shareholders' equity	$	12,446,027					$	12,038,115
Net interest income(a)			$	111,279					$	112,145
Interest rate spread(a)					3.20	%					3.63	%
Net interest margin(a)					3.78	%					3.93	%
Cost of total deposits					1.20	%					0.52	%
Average interest-earning assets to average interest-bearing liabilities					146.4	%					150.2	%
Tax-equivalent adjustment			$	781					$	761
Loans HFI yield components:
Contractual interest rate(a)			$	126,955	5.45	%			$	106,405	4.79	%
Origination and other loan fee income			4,244		0.18	%			6,665		0.30	%
Accretion on purchased loans			319		0.01	%			949		0.05	%
Nonaccrual interest			653		0.03	%			469		0.02	%

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

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

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

(c) Includes $932 and $931 of interest rate premium accretion on money market deposits, $156 and $180 of interest rate premium accretion on customer time deposits and $4 and $5 of interest rate premium accretion on brokered and internet time deposits for the three months ended December 31, 2022 and September 30, 2022, respectively.


FB Financial Corporation						8


Average Balance, Average Yield Earned and Average Rate Paid (continued)

(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2022						March 31, 2022						December 31, 2021
	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)	$	8,323,778	$	96,692	4.66	%	$	7,762,566	$	82,463	4.31	%	$	7,452,342	$	84,315	4.49	%
Mortgage loans held for sale(b)	215,779		2,350		4.37	%	470,005		3,566		3.08	%	700,044		4,765		2.70	%
Commercial loans held for sale	56,460		718		5.10	%	78,567		928		4.79	%	87,568		1,033		4.68	%
Securities:(b)
Taxable	1,474,999		6,499		1.77	%	1,380,897		5,420		1.59	%	1,270,749		4,534		1.42	%
Tax-exempt(a)	307,719		2,492		3.25	%	318,849		2,523		3.21	%	318,579		2,550		3.18	%
Total securities(a)	1,782,718		8,991		2.02	%	1,699,746		7,943		1.90	%	1,589,328		7,084		1.77	%
Federal funds sold	221,929		421		0.76	%	206,829		192		0.38	%	129,379		183		0.56	%
Interest-bearing deposits with other financial institutions	1,081,474		1,551		0.58	%	1,599,991		638		0.16	%	1,280,183		479		0.15	%
FHLB stock	34,536		246		2.86	%	32,894		147		1.81	%	28,525		142		1.98	%
Total interest-earning assets(a)	11,716,674		110,969		3.80	%	11,850,598		95,877		3.28	%	11,267,369		98,001		3.45	%
Noninterest-earning assets:
Cash and due from banks	91,230						93,419						102,398
Allowance for credit losses	(120,297)						(125,980)						(139,684)
Other assets	739,872						823,452						855,734
Total noninterest-earning assets	710,805						790,891						818,448
Total assets	$	12,427,479					$	12,641,489					$	12,085,817
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,415,135	$	3,285	0.39	%	$	3,559,755	$	2,457	0.28	%	$	2,983,741	$	2,169	0.29	%
Money market(c)	2,842,026		1,416		0.20	%	3,017,746		1,572		0.21	%	3,017,574		2,053		0.27	%
Savings deposits	508,511		68		0.05	%	487,945		64		0.05	%	463,002		63		0.05	%
Customer time deposits(c)	1,129,668		1,798		0.64	%	1,077,386		1,320		0.50	%	1,123,955		1,492		0.53	%
Brokered and internet time deposits(c)	6,387		24		1.51	%	16,065		49		1.24	%	27,812		71		1.01	%
Time deposits	1,136,055		1,822		0.64	%	1,093,451		1,369		0.51	%	1,151,767		1,563		0.54	%
Total interest-bearing deposits	7,901,727		6,591		0.33	%	8,158,897		5,462		0.27	%	7,616,084		5,848		0.30	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	27,233		12		0.18	%	30,056		14		0.19	%	41,338		21		0.20	%

Subordinated debt	129,691		1,434		4.43	%	129,578		1,460		4.57	%	129,493		1,591		4.87	%
Other borrowings	1,480		6		1.63	%	1,502		9		2.43	%	1,525		4		1.04	%
Total other interest-bearing liabilities	158,404		1,452		3.68	%	161,136		1,483		3.73	%	172,356		1,616		3.72	%
Total interest-bearing liabilities	8,060,131		8,043		0.40	%	8,320,033		6,945		0.34	%	7,788,440		7,464		0.38	%
Noninterest-bearing liabilities:
Demand deposits	2,879,662						2,767,087						2,747,394
Other liabilities	134,892						138,291						137,903
Total noninterest-bearing liabilities	3,014,554						2,905,378						2,885,297
Total liabilities	11,074,685						11,225,411						10,673,737
Total common shareholders' equity	1,352,701						1,415,985						1,411,987
Noncontrolling interest	93						93						93
Total equity	1,352,794						1,416,078						1,412,080
Total liabilities and shareholders' equity	$	12,427,479					$	12,641,489					$	12,085,817
Net interest income(a)			$	102,926					$	88,932					$	90,537
Interest rate spread(a)					3.40	%					2.94	%					3.07	%
Net interest margin(a)					3.52	%					3.04	%					3.19	%
Cost of total deposits					0.25	%					0.20	%					0.22	%
Average interest-earning assets to average interest-bearing liabilities					145.4	%					142.4	%					144.7	%
Tax-equivalent adjustment			$	755					$	750					$	782
Loans HFI yield components:
Contractual interest rate(a)			$	88,005	4.24	%			$	79,789	4.12	%			$	78,324	4.17	%
Origination and other loan fee income			6,927		0.33	%			4,982		0.26	%			6,084		0.33	%
Accretion (amortization) on purchased loans			64		—	%			(2,352)		(0.12)	%			(726)		(0.04)	%
Nonaccrual interest			546		0.03	%			1,044		0.05	%			633		0.03	%
Syndication fee income			1,150		0.06	%			—		—	%			—		—	%
Total loans HFI yield			$	96,692	4.66	%			$	82,463	4.31	%			$	84,315	4.49	%

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

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

(c) Includes $932, $932, and $932 of interest rate premium accretion on money market deposits, $207, $248, and $316 of interest rate premium accretion on customer time deposits, and $11, $42, and $83 of interest rate premium accretion on brokered and internet deposits for the three months ended June 30, 2022, March 31, 2022, and, December 31, 2021, respectively.


FB Financial Corporation						9


Average Balance, Average Yield Earned and Average Rate Paid (continued)

(Unaudited)
(In Thousands, Except %)
	Year Ended						Year Ended
	December 31, 2022						December 31, 2021
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	8,541,650	$	425,814	4.99	%	$	7,197,213	$	334,861	4.65	%
Mortgage loans held for sale(b)	215,952		8,385		3.88	%	696,313		18,690		2.68	%
Commercial loans held for sale	51,075		2,627		5.14	%	136,359		6,098		4.47	%
Securities:(b)
Taxable	1,439,745		25,469		1.77	%	1,050,207		15,186		1.45	%
Tax-exempt(a)	305,212		9,916		3.25	%	321,911		10,356		3.22	%
Total securities(a)	1,744,957		35,385		2.03	%	1,372,118		25,542		1.86	%
Federal funds sold and reverse repurchase agreements	197,235		3,414		1.73	%	128,724		379		0.29	%
Interest-bearing deposits with other financial institutions	843,779		7,275		0.86	%	1,427,332		1,902		0.13	%
FHLB stock	43,969		1,569		3.57	%	30,022		612		2.04	%
Total interest-earning assets(a)	11,638,617		484,469		4.16	%	10,988,081		388,084		3.53	%
Noninterest-earning assets:
Cash and due from banks	107,814						128,977
Allowance for loan losses	(127,499)						(153,301)
Other assets	758,918						884,703
Total noninterest-earning assets	739,233						860,379
Total assets	$	12,377,850					$	11,848,460
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,121,638	$	21,857	0.70	%	$	2,924,388	$	10,174	0.35	%
Money market(e)	2,846,101		22,868		0.80	%	2,973,662		10,806		0.36	%
Savings deposits	500,189		268		0.05	%	421,252		233		0.06	%
Customer time deposits(e)	1,167,947		11,555		0.99	%	1,246,912		8,384		0.67	%
Brokered and internet time deposits(e)	6,935		94		1.36	%	34,943		592		1.69	%
Time deposits	1,174,882		11,649		0.99	%	1,281,855		8,976		0.70	%
Total interest-bearing deposits	7,642,810		56,642		0.74	%	7,601,157		30,189		0.40	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	28,497		66		0.23	%	36,453		98		0.27	%
Federal Home Loan Bank advances(g)	171,142		5,583		3.26	%	—		—		—	%
Subordinated debt(f)	127,799		6,868		5.37	%	149,097		7,316		4.91	%
Other borrowings	1,468		28		1.91	%	2,626		25		0.95	%
Total other interest-bearing liabilities	328,906		12,545		3.81	%	188,176		7,439		3.95	%
Total interest-bearing liabilities	7,971,716		69,187		0.87	%	7,789,333		37,628		0.48	%
Noninterest-bearing liabilities:
Demand deposits	2,877,266						2,545,494
Other liabilities	179,192						151,903
Total noninterest-bearing liabilities	3,056,458						2,697,397
Total liabilities	11,028,174						10,486,730
Total common shareholders' equity	1,349,583						1,361,637
Noncontrolling interest	93						93
Total equity	1,349,676						1,361,730
Total liabilities and shareholders' equity	$	12,377,850					$	11,848,460
Net interest income(a)			$	415,282					$	350,456
Interest rate spread(a)					3.29	%					3.05	%
Net interest margin(a)					3.57	%					3.19	%
Cost of total deposits					0.54	%					0.30	%
Average interest-earning assets to average interest-bearing liabilities					146.0	%					141.1	%
Tax equivalent adjustment			$	3,047					$	3,086
Loans HFI yield components:
Contractual interest rate(a)(c)			$	400,154	4.69	%			$	307,429	4.27	%
Origination and other loan fee income(c)			22,818		0.27	%			26,029		0.36	%
Amortization on purchased loans			(1,020)		(0.01)	%			(853)		(0.01)	%
Nonaccrual interest			2,712		0.03	%			2,256		0.03	%
Syndication fee income			1,150		0.01	%			—		—	%
Total loans HFI yield			$	425,814	4.99	%			$	334,861	4.65	%

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

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

(c) Includes $814 of loan contractual interest and $3,274 of loan fees related to PPP loans for the year ended December 31, 2021. There was no meaningful interest income recognized from PPP loans during the year ended December 31, 2022.

(d) Includes $1,570 and $81,753 of average PPP loan balances during the years ended December 31, 2022 and 2021.

(e) Includes $3,727 and $3,727 of interest rate premium accretion on money market deposits, $791 and 2,177 of interest rate mark accretion on customer time deposits and $62 and $462 of interest rate mark accretion on brokered and internet deposits for the years ended December 31, 2022 and 2021, respectively.

(f) Includes $369 interest rate premium accretion on subordinated debt for the year ended December 31, 2021.


FB Financial Corporation						10


Loans and Deposits by Market

(Unaudited)
(In Thousands)

	2022								2021
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Loans by market
Metropolitan	$	7,710,999	$	7,496,090	$	7,005,014	$	6,470,116	$	6,127,930
Community	670,043		669,810		682,134		704,254		738,249
Specialty lending and other	917,170		939,116		937,189		830,606		738,483
Total	$	9,298,212	$	9,105,016	$	8,624,337	$	8,004,976	$	7,604,662
Deposits by market
Metropolitan	$	6,944,678	$	6,140,632	$	6,670,308	$	7,007,149	$	6,981,639
Community	2,671,326		2,584,629		2,624,380		2,580,610		2,436,548
Mortgage and other(a)	1,239,830		1,280,821		1,248,614		1,408,519		1,418,710
Total	$	10,855,834	$	10,006,082	$	10,543,302	$	10,996,278	$	10,836,897

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


FB Financial Corporation						11


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

	2022												2021
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Banking segment
Net interest income	$	110,498		$	111,384		$	102,171		$	88,184		$	89,616
Provisions for credit losses	(456)			11,367			12,318			(4,247)			(10,769)

Noninterest income	8,345			10,293			10,699			11,983			21,850


Other noninterest expense	66,926			65,886			59,320			59,584			60,104
Pre-tax income after allocations	$	52,373		$	44,424		$	41,232		$	44,830		$	62,131
Total assets	$	12,228,451		$	11,648,610		$	11,469,762		$	11,890,847		$	11,540,560
Intracompany funding income included in net interest income	4,247			4,143			4,850			5,666			6,325
Core efficiency ratio*	54.7		%	53.8		%	51.3		%	58.7		%	57.5		%
Mortgage segment
Net interest income	$	—		$	—		$	—		$	(2)		$	139

Mortgage banking income	9,106			12,384			22,559			29,531			31,350
Other noninterest income	18			(85)			(44)			(122)			19

Mortgage restructuring expense	—			—			12,458			—			—
Other noninterest expense	13,304			15,961			25,219			29,688			30,798
Direct (loss) contribution	$	(4,180)		$	(3,662)		$	(15,162)		$	(281)		$	710
Total assets	$	619,305		$	609,472		$	724,100		$	783,344		$	1,057,126
Intracompany funding expense included in net interest income	4,247			4,143			4,850			5,666			6,325
Core efficiency ratio*	145.4		%	128.9		%	111.8		%	100.5		%	97.8		%
Interest rate lock commitments volume
Direct-to-consumer
Purchase	$	—		$	—		$	74,704		$	248,723		$	182,037
Refinance	—			—			21,052			319,369			614,863
Total direct-to-consumer	$	—		$	—		$	95,756		$	568,092		$	796,900
Retail:
Purchase	$	238,896		$	350,909		$	513,309		$	497,937		$	450,878
Refinance	42,754			57,970			91,805			243,078			236,804
Total retail	$	281,650		$	408,879		$	605,114		$	741,015		$	687,682

Total interest rate lock commitments volume	$	281,650		$	408,879		$	700,870		$	1,309,107		$	1,484,582
Interest rate lock commitments pipeline (period end)
Direct-to-consumer	$	—		$	—		$	11,249		$	210,167		$	272,401
Retail	118,313			188,430			281,467			331,393			214,995

Total	$	118,313		$	188,430		$	292,716		$	541,560		$	487,396
Mortgage loan sales
Direct-to-consumer	$	6,972		$	48,490		$	325,608		$	650,740		$	765,535
Retail	259,862			521,165			544,080			633,742			647,066

Total	$	266,834		$	569,655		$	869,688		$	1,284,482		$	1,412,601
Gains and fees from origination and sale of mortgage loans held for sale	$	8,967		$	11,085		$	21,099		$	29,397		$	37,538
Net change in fair value of loans held for sale, derivatives, and other	(2,270)			(2,460)			(5,354)			(7,548)			(12,478)
Mortgage servicing income	7,264			8,104			7,966			7,429			7,632
Change in fair value of mortgage servicing rights, net of hedging	(4,855)			(4,345)			(1,152)			253			(1,342)
Total mortgage banking income	$	9,106		$	12,384		$	22,559		$	29,531		$	31,350
Mortgage sale margin(a)	3.36		%	1.95		%	2.43		%	2.29		%	2.66		%

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


FB Financial Corporation						12


Loan Portfolio
As of the Quarter Ended
(Unaudited)
(In Thousands, Except %)
	2022													2021
	Fourth Quarter		% of Total		Third Quarter		% of Total	Second Quarter		% of Total	First Quarter		% of Total	Fourth Quarter		% of Total
Loan portfolio
Commercial and Industrial (a)	$	1,645,783	18	%	$	1,534,159	17%	$	1,479,424	17%	$	1,380,600	17%	$	1,290,565	17	%
Construction	1,657,488		18	%	1,679,497		18%	1,575,331		18%	1,468,811		19%	1,327,659		17	%
Residential real estate:
1-to-4 family mortgage	1,573,121		17	%	1,545,252		17%	1,457,452		17%	1,346,349		17%	1,270,467		17	%
Residential line of credit	496,660		5	%	460,774		5%	425,485		5%	392,740		5%	383,039		5	%
Multi-family mortgage	479,572		5	%	394,366		4%	391,970		5%	400,501		5%	326,551		4	%
Commercial real estate:
Owner occupied	1,114,580		12	%	1,158,343		13%	1,053,872		12%	978,436		12%	951,582		13	%
Non-owner occupied	1,964,010		21	%	1,954,219		22%	1,885,122		22%	1,706,546		21%	1,730,165		23	%
Consumer and other	366,998		4	%	378,406		4%	355,681		4%	330,993		4%	324,634		4	%
Total loans HFI	$	9,298,212	100	%	$	9,105,016	100%	$	8,624,337	100%	$	8,004,976	100%	$	7,604,662	100	%
Variable interest rate portfolio percentage			47%				47%			48%			49%			49%
Variable interest rate portfolio percentage with maturity dates due after one year			40%				42%			42%			44%			44%

Unfunded loan commitments
Commercial and Industrial	$	1,026,078	29	%	$	1,062,657	29%	$	1,003,189	30%	$	819,924	26%	$	769,463	25	%
Construction	1,639,015		46	%	1,696,733		45%	1,522,155		47%	1,599,738		50%	1,558,429		50	%
Residential real estate:
1-to-4 family mortgage	829		—	%	868		—%	949		—%	1,118		—%	2,010		—	%
Residential line of credit	655,090		18	%	640,834		18%	596,236		18%	579,098		18%	552,532		18	%
Multi-family mortgage	17,092		1	%	28,407		1%	11,742		—%	13,742		—%	13,331		—	%
Commercial real estate:
Owner occupied	41,954		1	%	63,457		2%	49,924		1%	48,769		2%	53,952		2	%
Non-owner occupied	145,208		4	%	136,163		4%	96,462		3%	101,335		3%	109,825		4	%
Consumer and other	26,634		1	%	30,358		1%	48,349		1%	32,261		1%	26,519		1	%
Total unfunded loans HFI	$	3,551,900	100	%	$	3,659,477	100%	$	3,329,006	100%	$	3,195,985	100%	$	3,086,061	100	%

(a) Includes PPP loan balances of $767, $851, $1,289, $2,062, and $3,990 as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021, respectively.


FB Financial Corporation						13


Asset Quality
As of or for the Quarter Ended
(Unaudited)
(In Thousands, Except %)

	2022												2021
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Allowance for credit losses roll forward summary
Allowance for credit losses at the beginning of the period	$	134,476		$	126,272		$	120,049		$	125,559		$	139,446


Charge-offs	(1,273)			(461)			(2,388)			(579)			(3,225)
Recoveries	837			476			430			1,198			984
Provision for credit losses	152			8,189			8,181			(6,129)			(11,646)


Allowance for credit losses at the end of the period	$	134,192		$	134,476		$	126,272		$	120,049		$	125,559
Allowance for credit losses as a percentage of total loans HFI	1.44		%	1.48		%	1.46		%	1.50		%	1.65		%

Allowance for credit losses on unfunded commitments	$	22,969		$	23,577		$	20,399		$	16,262		$	14,380
Charge-offs
Commercial and Industrial	$	(332)		$	—		$	(1,751)		$	(4)		$	(1,224)

Residential real estate:
1-to-4 family mortgage	(34)			(20)			(23)			—			(5)

Multi-family mortgage	—			—			—			—			(1)
Commercial real estate:
Owner occupied	(15)			—			—			—			—
Non-owner occupied	(268)			—			—			—			(1,566)
Consumer and other	(624)			(441)			(614)			(575)			(429)
Total charge-offs	(1,273)			(461)			(2,388)			(579)			(3,225)
Recoveries
Commercial and Industrial	679			342			26			958			626
Construction	—			—			11			—			—
Residential real estate:
1-to-4 family mortgage	15			13			14			12			27
Residential line of credit	—			—			16			1			99

Commercial real estate:
Owner occupied	12			51			15			10			13

Consumer and other	131			70			348			217			219
Total recoveries	837			476			430			1,198			984
Net (charge-offs) recoveries	$	(436)		$	15		$	(1,958)		$	619		$	(2,241)
Net charge-offs (recoveries) as a percentage of average total loans	0.02		%	0.00		%	0.09		%	(0.03)		%	0.12		%
Nonperforming assets(a)
Past due 90 days or more and accruing interest	$	18,415		$	16,002		$	14,585		$	12,873		$	11,735
Nonaccrual	27,431			26,625			29,535			27,826			35,568
Total nonperforming loans held for investment	45,846			42,627			44,120			40,699			47,303
Commercial loans held for sale	9,289			—			1,459			5,087			5,217
Mortgage loans held for sale(b)	26,211			26,485			—			—			—
Other real estate owned:
Foreclosed	3,678			3,452			6,418			6,692			6,429
Excess land and facilities	2,116			2,467			2,980			3,029			3,348
Other assets	351			639			527			453			686
Total nonperforming assets	$	87,491		$	75,670		$	55,504		$	55,960		$	62,983
Total nonperforming loans as a percentage of loans held for investment	0.49		%	0.47		%	0.51		%	0.51		%	0.62		%
Total nonperforming assets as a percentage of total assets(b)	0.68		%	0.62		%	0.46		%	0.44		%	0.50		%
Total nonaccrual loans as a percentage of total loans HFI	0.30		%	0.29		%	0.34		%	0.35		%	0.47		%

Loans restructured as troubled debt restructurings	$	13,854		$	14,959		$	17,054		$	20,601		$	32,435
Troubled debt restructurings as a percentage of loans held for investment	0.15		%	0.16		%	0.20		%	0.26		%	0.43		%

(a) Nonperforming assets include guaranteed repurchased loans previously sold of $5,189, $4,122, $4,003, $5,741, and $4,000 as of December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022, and December 31, 2021, respectively.

(b) Includes optional right to repurchase seriously delinquent government guaranteed GNMA mortgage loans previously sold as of September 30, 2022 and December 31, 2022 as a result of a prospective change in accounting estimate during the third quarter of 2022.


FB Financial Corporation						14


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

Computation of Tangible Common Equity to Tangible Assets:	December 31, 2022			December 31, 2021

Total Common Shareholders' Equity	$	1,325,425		$	1,432,602
Less:
Goodwill	242,561			242,561
Other intangibles	12,368			16,953
Tangible Common Equity	$	1,070,496		$	1,173,088

Total Assets	$	12,847,756		$	12,597,686
Less:
Goodwill	242,561			242,561
Other intangibles	12,368			16,953
Tangible Assets	$	12,592,827		$	12,338,172

Preliminary Total Risk-Weighted Assets	$	11,648,904		$	9,904,606

Total Common Equity to Total Assets	10.3		%	11.4		%
Tangible Common Equity to Tangible Assets*	8.50		%	9.51		%


	December 31, 2022			December 31, 2021
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	1,285,386		$	1,221,874
Tier 1 Capital	1,315,386			1,251,874
Total Capital	1,528,344			1,434,581

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	11.0		%	12.3		%
Tier 1 Risk-Based	11.3		%	12.6		%
Total Risk-Based	13.1		%	14.5		%
Tier 1 Leverage	10.5		%	10.5		%

(a) Reflects CECL transition relief of $30,676 and $40,901 add-back for the period ending December 31, 2022 and 2021 , respectively, and $35,078 and $46,771 disallowed from add-back to Tier 2 capital for the period ended December 31, 2022 and 2021, respectively.


FB Financial Corporation						15


Investment Portfolio
(Unaudited)
(In Thousands, Except %)

	2022																			2021
Securities (at fair value)	Fourth Quarter					Third Quarter					Second Quarter					First Quarter				Fourth Quarter
Available-for-sale debt securities
U.S. government agency securities	$	40,062		3	%	$	39,831		3	%	$	42,059		3	%	$	38,882		2%	$	33,870		2	%
Mortgage-backed securities - residential	1,034,193			71	%	1,057,763			72	%	1,164,932			72	%	1,232,256			73%	1,269,372			76	%
Mortgage-backed securities - commercial	17,644			1	%	17,847			1	%	20,668			1	%	14,307			1%	15,250			1	%
Municipals, tax exempt	264,420			18	%	252,143			17	%	273,164			17	%	310,138			18%	338,610			20	%
Treasury securities	107,680			7	%	107,297			7	%	109,793			7	%	80,173			5%	14,908			1	%
Corporate securities	7,187			—	%	7,290			—	%	7,625			—	%	7,769			1%	6,515			—	%
Total available-for-sale debt securities	1,471,186			100	%	1,482,171			100	%	1,618,241			100	%	1,683,525			100%	1,678,525			100	%
Equity securities	2,990			—	%	2,962			—%		3,103			—%		3,213			—%	3,367			—	%
Total securities	$1,474,176			100%		$1,485,133			100%		$1,621,344			100%		$1,686,738			100%	$1,681,892			100%
Securities to total assets	11.5		%			12.1		%			13.3		%			13.3		%		13.4		%
Unrealized (loss) gain on available-for-sale debt securities	$	(234,388)				$	(258,614)				$	(167,510)				$	(100,933)			$	4,727


FB Financial Corporation						16


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

	2022								2021
Adjusted net income	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Income before income taxes	$	48,193	$	40,762	$	26,070	$	44,549	$	62,841
Plus mortgage restructuring expenses	—		—		12,458		—		—

Less other non-operating items(1)	(2,562)		(387)		(2,010)		(174)		8,499
Adjusted pre-tax net income	50,755		41,149		40,538		44,723		54,342
Adjusted income tax expense	10,710		9,032		10,487		9,358		11,791
Adjusted net income	$	40,045	$	32,117	$	30,051	$	35,365	$	42,551
Weighted average common shares outstanding - fully diluted	47,036,742		47,024,611		47,211,650		47,723,902		47,896,715
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.81	$	0.68	$	0.41	$	0.74	$	1.02
Plus mortgage restructuring expenses	—		—		0.27		—		—


Less other non-operating items	(0.05)		—		(0.04)		—		0.18
Less tax effect	0.01		—		0.08		—		(0.05)
Adjusted diluted earnings per common share	$	0.85	$	0.68	$	0.64	$	0.74	$	0.89
(1) 4Q22 includes a $2,562 loss from change in fair value of commercial loans held for sale acquired from Franklin; 3Q22 includes a $387 loss from change in fair value of commercial loans held for sale acquired from Franklin; 2Q22 includes a $2,010 loss from change in fair value of commercial loans held for sale acquired from Franklin; 1Q22 includes a $174 loss from change in fair value of commercial loans held for sale acquired from Franklin; 4Q21 includes $9,921 gain from change in fair value of commercial loans held for sale acquired from Franklin and $1,422 related to certain nonrecurring charitable contributions;



	2022								2021
Adjusted pre-tax pre-provision earnings	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Income before income taxes	$	48,193	$	40,762	$	26,070	$	44,549	$	62,841
Plus provisions for credit losses	(456)		11,367		12,318		(4,247)		(10,769)
Pre-tax pre-provision earnings	47,737		52,129		38,388		40,302		52,072
Plus mortgage restructuring expenses	—		—		12,458		—		—
Less other non-operating items	(2,562)		(387)		(2,010)		(174)		8,499
Adjusted pre-tax pre-provision earnings	$	50,299	$	52,516	$	52,856	$	40,476	$	43,573


FB Financial Corporation						17


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

Adjusted net income	2022		2021		2020		2019		2018
Income before income taxes	$	159,574	$	243,051	$	82,461	$	109,539	$	105,854
Plus mortgage restructuring, offering, and merger and conversion expenses	12,458		605		34,879		7,380		2,265
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		66,136		—		—
Less other non-operating items(1)	(5,133)		11,032		(4,400)		—		—
Adjusted pre-tax net income	177,165		232,624		187,876		116,919		108,119
Adjusted income tax expense(2)	39,587		51,553		45,944		27,648		26,034
Adjusted net income	$	137,578	$	181,071	$	141,932	$	89,271	$	82,085
Weighted average common shares outstanding - fully diluted	47,239,791		47,955,880		38,099,744		31,402,897		31,314,981
Adjusted diluted earnings per common share
Diluted earnings per common share	$	2.64	$	3.97	$	1.67	$	2.65	$	2.55
Plus mortgage restructuring, offering, and merger and conversion expenses	0.26		0.01		0.92		0.24		0.07
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		1.74		—		—
Less other non-operating items	(0.11)		0.22		(0.11)		—		—
Less tax effect	0.10		(0.02)		0.71		0.06		0.01
Adjusted diluted earnings per common share	$	2.91	$	3.78	$	3.73	$	2.83	$	2.61

(1) 2022 includes a $5,133 loss from change in fair value of commercial loans held for sale acquired from Franklin; 2021 includes a $11,172 gain from change in fair value on commercial loans held for sale acquired from Franklin, a loss on swap cancellation of $1,510, a $2,005 gain on other real estate owned, a $787 gain from lease terminations and $1,422 related to certain nonrecurring charitable contributions; 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.

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

Adjusted pre-tax pre-provision earnings	2022		2021		2020		2019		2018
Income before income taxes	$	159,574	$	243,051	$	82,461	$	109,539	$	105,854
Plus provisions for credit losses	18,982		(40,993)		107,967		7,053		5,398
Pre-tax pre-provision earnings	178,556		202,058		190,428		116,592		111,252
Plus mortgage restructuring, offering, and merger and conversion expenses	12,458		605		34,879		7,380		2,265
Less other non-operating items	(5,133)		11,032		(4,400)		—		—
Adjusted pre-tax pre-provision earnings	$	196,147	$	191,631	$	229,707	$	123,972	$	113,517


FB Financial Corporation						18


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

	2022												2021
Core efficiency ratio (tax-equivalent basis)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Total noninterest expense	$	80,230		$	81,847		$	96,997		$	89,272		$	90,902
Less mortgage restructuring expenses	—			—			12,458			—			—



Less certain charitable contributions	—			—			—			—			1,422
Core noninterest expense	$	80,230		$	81,847		$	84,539		$	89,272		$	89,480
Net interest income (tax-equivalent basis)	$	111,279		$	112,145		$	102,926		$	88,932		$	90,537
Total noninterest income	17,469			22,592			33,214			41,392			53,219
Less (loss) gain on change in fair value on commercial loans held for sale	(2,562)			(387)			(2,010)			(174)			9,921


Less (loss) gain on sales or write-downs of other real estate owned and other assets	(252)			429			(8)			(434)			187
Less gain (loss) from securities, net	25			(140)			(109)			(152)			46
Core noninterest income	20,258			22,690			35,341			42,152			43,065
Core revenue	$	131,537		$	134,835		$	138,267		$	131,084		$	133,602
Efficiency ratio (GAAP)(a)	62.7		%	61.1		%	71.6		%	68.9		%	63.6		%
Core efficiency ratio (tax-equivalent basis)	61.0		%	60.7		%	61.1		%	68.1		%	67.0		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

	2022												2021
Banking segment core efficiency ratio (tax equivalent)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Core noninterest expense	$	80,230		$	81,847		$	84,539		$	89,272		$	89,480
Less Mortgage segment core noninterest expense	13,304			15,961			25,219			29,688			30,798
Banking segment core noninterest expense	$	66,926		$	65,886		$	59,320		$	59,584		$	58,682
Banking segment net interest income (tax-equivalent basis)	$	111,279		$	112,145		$	102,926		$	88,934		$	90,398
Core noninterest income	20,258			22,690			35,341			42,152			43,065
Less Mortgage segment core noninterest income	9,148			12,384			22,559			29,531			31,350
Banking segment core noninterest income	11,110			10,306			12,782			12,621			11,715
Core revenue	131,537			134,835			138,267			131,084			133,602
Less Mortgage segment core total revenue	9,148			12,384			22,559			29,529			31,489
Banking segment core total revenue	$	122,389		$	122,451		$	115,708		$	101,555		$	102,113
Banking segment core efficiency ratio (tax-equivalent basis)	54.7		%	53.8		%	51.3		%	58.7		%	57.5		%

Mortgage segment core efficiency ratio (tax-equivalent)
Mortgage segment noninterest expense	$	13,304		$	15,961		$	37,677		$	29,688		$	30,798

Less mortgage restructuring expense	—			—			12,458			—			—

Mortgage segment core noninterest expense	$	13,304		$	15,961		$	25,219		$	29,688		$	30,798
Mortgage segment net interest income	—			—			—			(2)			139
Mortgage segment noninterest income	9,124			12,299			22,515			29,409			31,369
Less (loss) gain on sales or write-downs of other real estate owned	(24)			(85)			(44)			(122)			19
Mortgage segment core noninterest income	9,148			12,384			22,559			29,531			31,350
Mortgage segment core total revenue	$	9,148		$	12,384		$	22,559		$	29,529		$	31,489
Mortgage segment core efficiency ratio (tax-equivalent basis)	145.4		%	128.9		%	111.8		%	100.5		%	97.8		%


FB Financial Corporation						19


Non-GAAP Reconciliation (continued)
As of or for the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2022												2021
Adjusted Banking segment pre-tax pre-provision earnings	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Banking segment pre-tax net contribution	$	52,373		$	44,424		$	41,232		$	44,830		$	62,131
Plus provisions for credit losses	(456)			11,367			12,318			(4,247)			(10,769)
Banking segment pre-tax pre-provision earnings	51,917			55,791			53,550			40,583			51,362

Less other non-operating items	(2,562)			(387)			(2,010)			(174)			8,499
Adjusted Banking segment pre-tax pre-provision earnings	$	54,479		$	56,178		$	55,560		$	40,757		$	42,863

	2022												2021
Adjusted Mortgage segment (loss) contribution	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter





Mortgage segment pre-tax net (loss) contribution	$	(4,180)		$	(3,662)		$	(15,162)		$	(281)		$	710

Plus mortgage restructuring expense	—			—			12,458			—			—
Adjusted Mortgage segment pre-tax net (loss) contribution	$	(4,180)		$	(3,662)		$	(2,704)		$	(281)		$	710





	2022												2021
Tangible assets and equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Tangible assets
Total assets	$	12,847,756		$	12,258,082		$	12,193,862		$	12,674,191		$	12,597,686
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	12,368			13,407			14,515			15,709			16,953
Tangible assets	$	12,592,827		$	12,002,114		$	11,936,786		$	12,415,921		$	12,338,172
Tangible common equity
Total common shareholders' equity	$	1,325,425		$	1,281,161		$	1,319,852		$	1,379,776		$	1,432,602
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	12,368			13,407			14,515			15,709			16,953
Tangible common equity	$	1,070,496		$	1,025,193		$	1,062,776		$	1,121,506		$	1,173,088
Less accumulated other comprehensive (loss) income, net	(169,433)			(187,440)			(120,495)			(71,544)			5,858
Adjusted tangible common equity	$	1,239,929		$	1,212,633		$	1,183,271		$	1,193,050		$	1,167,230
Common shares outstanding	46,737,912			46,926,377			46,881,896			47,487,874			47,549,241
Book value per common share	$	28.36		$	27.30		$	28.15		$	29.06		$	30.13
Tangible book value per common share	$	22.90		$	21.85		$	22.67		$	23.62		$	24.67
Adjusted tangible book value per common share	$	26.53		$	25.84		$	25.24		$	25.12		$	24.55
Total common shareholders' equity to total assets	10.3		%	10.5		%	10.8		%	10.9		%	11.4		%
Tangible common equity to tangible assets	8.50		%	8.54		%	8.90		%	9.03		%	9.51		%


FB Financial Corporation						20


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

	2022												2021
Return on average tangible common equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Average common shareholders' equity	$	1,294,758		$	1,336,143		$	1,352,701		$	1,415,985		$	1,411,987
Less average goodwill	242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	12,865			13,953			15,144			16,376			17,580
Average tangible common equity	$	1,039,332		$	1,079,629		$	1,094,996		$	1,157,048		$	1,151,846
Net income	$	38,143		$	31,831		$	19,345		$	35,236		$	48,827
Return on average common equity	11.7		%	9.45		%	5.74		%	10.1		%	13.7		%
Return on average tangible common equity	14.6		%	11.7		%	7.09		%	12.4		%	16.8		%
Adjusted net income	$	40,045		$	32,117		$	30,051		$	35,365		$	42,551
Adjusted return on average tangible common equity	15.3		%	11.8		%	11.0		%	12.4		%	14.7		%
Adjusted pre-tax pre-provision earnings	$	50,299		$	52,516		$	52,856		$	40,476		$	43,573
Adjusted pre-tax pre-provision return on average tangible common equity	19.2		%	19.3		%	19.4		%	14.2		%	15.0		%

Return on average tangible common equity	2022			2021			2020			2019			2018
Average common shareholders' equity	$	1,349,583		$	1,361,637		$	966,336		$	723,494		$	629,922
Less average goodwill	242,561			242,561			199,104			160,587			137,190
Less average intangibles, net	14,573			19,606			22,659			17,236			12,815
Average tangible common equity	$	1,092,449		$	1,099,470		$	744,573		$	545,671		$	479,917
Net income	$	124,555		$	190,285		$	63,621		$	83,814		$	80,236
Return on average common equity	9.23		%	14.0		%	6.58		%	11.6		%	12.7		%
Return on average tangible common equity	11.4		%	17.3		%	8.54		%	15.4		%	16.7		%



Adjusted net income	$	137,578		$	181,071		$	141,932		$	89,271		$	82,085
Adjusted return on average tangible common equity	12.6		%	16.5		%	19.1		%	16.4		%	17.1		%
Adjusted pre-tax pre-provision earnings	$	196,147		$	191,631		$	229,707		$	123,972		$	113,517
Adjusted pre-tax pre-provision return on average tangible common equity	18.0		%	17.4		%	30.9		%	22.7		%	23.7		%

	2022												2021
Adjusted return on average assets and equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Net income	$	38,143		$	31,831		$	19,345		$	35,236		$	48,827
Average assets	12,446,027			12,038,115			12,427,479			12,641,489			12,085,817
Average common equity	1,294,758			1,336,143			1,352,701			1,415,985			1,411,987
Return on average assets	1.22		%	1.05		%	0.62		%	1.13		%	1.60		%
Return on average common equity	11.7		%	9.45		%	5.74		%	10.1		%	13.7		%
Adjusted net income	$	40,045		$	32,117		$	30,051		$	35,365		$	42,551
Adjusted return on average assets	1.28		%	1.06		%	0.97		%	1.13		%	1.40		%
Adjusted return on average common equity	12.3		%	9.54		%	8.91		%	10.1		%	12.0		%













Adjusted pre-tax pre-provision earnings	$	50,299		$	52,516		$	52,856		$	40,476		$	43,573
Adjusted pre-tax pre-provision return on average assets	1.60		%	1.73		%	1.71		%	1.30		%	1.43		%
Adjusted pre-tax pre-provision return on average common equity	15.4		%	15.6		%	15.7		%	11.6		%	12.2		%


FB Financial Corporation						21







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

Adjusted return on average assets and equity	2022			2021			2020			2019			2018
Net income	$	124,555		$	190,285		$	63,621		$	83,814		$	80,236
Average assets	12,377,850			11,848,460			8,438,100			5,777,672			4,844,865
Average common equity	1,349,583			1,361,637			966,336			723,494			629,922
Return on average assets	1.01		%	1.61		%	0.75		%	1.45		%	1.66		%
Return on average common equity	9.23		%	14.0		%	6.58		%	11.6		%	12.7		%
Adjusted net income	$	137,578		$	181,071		$	141,932		$	89,271		$	82,085
Adjusted return on average assets	1.11		%	1.53		%	1.68		%	1.55		%	1.69		%
Adjusted return on average common equity	10.2		%	13.3		%	14.7		%	12.3		%	13.0		%




Adjusted pre-tax pre-provision earnings	$	196,147		$	191,631		$	229,707		$	123,972		$	113,517
Adjusted pre-tax pre-provision return on average assets	1.58		%	1.62		%	2.72		%	2.15		%	2.34		%
Adjusted pre-tax pre-provision return on average common equity	14.5		%	14.1		%	23.8		%	17.1		%	18.0		%


FB Financial Corporation						22

January 17, 2023 2022 Fourth Quarter Earnings Presentation

1 Forward–Looking Statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) the Company’s ability to effectively manage problem credits, (4) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (5) difficulties and delays in integrating acquired businesses or fully realizing costs savings, revenue synergies and other benefits from future and prior acquisitions, (6) the Company’s ability to successfully execute its various business strategies, (7) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (8) the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (9) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (10) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (11) the adverse effects of the ongoing global COVID-19 pandemic, including the effect of actions taken to mitigate its impact on individuals or the economy broadly; (12) natural disasters or acts of war or terrorism, (13) international or political instability, including the impacts related to or resulting from Russia’s military action in Ukraine and additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward- looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

2 Use of non-GAAP financial measures This Presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), adjusted Banking segment pre-tax, pre-provision earnings, Banking segment core noninterest income, Mortgage segment core noninterest income, Banking segment core noninterest expense, Mortgage segment core noninterest expense, Banking segment core revenue, Mortgage segment core revenue, Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, adjusted tangible common equity, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, 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. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive (loss) income. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non- GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non- GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non- GAAP reconciliation tables in this Presentation dated October 18, 2022, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

3 4Q 2022 and Annual highlights Key highlights  Total deposits grew 33.7% annualized in 4Q 2022 (36.8% annualized or $914.9 million excluding mortgage escrow related deposits); FY 2022 growth of $70.9 million (excluding mortgage escrow deposits)  Loans HFI grew 8.42% annualized in 4Q 2022, or $193.2 million. Company originated $125.7 million in participations sold during the quarter, which if not sold would have equated to 13.9% annualized loan growth. FY 2022 loan growth of 22.3%.  Paid down wholesale borrowings by $365.0 million in 4Q 2022. Strong liquidity profile with limited wholesale borrowings.  Maintained a strong ACL/loans HFI to 1.44% and recorded a net reversal in provisions for credit losses of $0.5 million including provision expense related to loans held for investment of $0.2 million and a reduction of $0.6 million in the unfunded loan commitment reserve.  Adjusted Banking segment 4Q 2022 PTPP earnings1 of $54.5 million compared to $42.9 million in 4Q 2021. FY 2022 increase of 27.1%.  Contractual yield on loans HFI increased by 66 basis points from 3Q 2022 to 5.45%.  Mortgage segment pre-tax net loss of $4.2 million negatively impacted 4Q 2022 results. Continuing to reduce scale of mortgage operations for industry headwinds.  Net charge-offs of .02% in 4Q 2022 and .02% FY 2022  Commercial Loans HFS portfolio assumed with 2020 Franklin acquisition has been reduced to $30.5 million consisting of 3 relationships.  Maintaining strong capital ratios: CET1 of 11.0%, Tier 1 of 11.3%, Total Capital of 13.1% and Leverage ratio of 10.5% Financial results 1 Results are non-GAAP financial measures that adjust GAAP reported net income, total assets, equity and other metrics for certain intangibles, income and expense items as outlined in the non-GAAP reconciliation calculations, using a combined marginal income tax rate of 26.06% excluding one-time items. See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. 4Q 2022 FY 2022 Diluted earnings per share Adjusted diluted earnings per share1 $0.81 $0.85 $2.64 $2.91 Net income ($mm) Adjusted net income1 ($mm) $38.1 $40.0 $124.6 $137.6 Return on average assets Adjusted return on average assets1 1.22% 1.28% 1.01% 1.11% Return on average common equity Adjusted return on average common equity1 11.7% 12.3% 9.23% 10.2% Return on average tangible common equity1 Adjusted return on average tangible common equity1 14.6% 15.3% 11.4% 12.6% Adjusted pre-tax, pre-provision earnings1 ($mm) $50.3 $196.1 Net interest margin Positive impact of accretion and nonaccrual interest (bps) 3.78% 3 3.57% 1 Total common equity / total assets Tangible common equity / tangible assets1 10.3% 8.50% 10.3% 8.50%

4 17% 21% 31% 22% 8% 4Q21 1Q22 2Q22 3Q22 4Q22 Driving shareholder value ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. 2 Core Banking segment noninterest expense was impacted by tax credits that reduced noninterest expense by $1.4 million and $0.7 million in the second and third quarters of 2022, respectively. Adjusted Earnings per Share1 $2.61 $2.83 $3.73 $3.78 $2.91 2018 2019 2020 2021 2022 Short Term Performance Dashboard Adjusted Banking Segment PTPP1,2 Total Deposits ($bn) Annualized Loans (HFI) Growth Tangible Book Value per Share1 $17.02 $18.55 $21.73 $24.67 $22.90 $17.16 $18.16 $21.15 $24.55 $26.53 2018 2019 2020 2021 2022 TBVPS Adj. TBVPS (Ex. AOCI) Adjusted ROATCE1 22.3% FY 2022 Loans (HFI) growth 15% 12% 11% 12% 15% 4Q21 1Q22 2Q22 3Q22 4Q22 $42.9 $40.8 $55.6 $56.2 $54.5 4Q21 1Q22 2Q22 3Q22 4Q22 $10.8 $11.0 $10.5 $10.0 $10.9 4Q21 1Q22 2Q22 3Q22 4Q22

5 Strong net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. 2 Excess liquidity defined as interest-bearing deposits with other financial institutions in excess of 5% of average tangible assets. Assumes funded from all interest bearing liabilities. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 4Q21 1Q22 2Q22 3Q22 4Q22 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM NIM1 3.19% 3.04% 3.52% 3.93% 3.78% Impact of accretion and nonaccrual interest (bps) 0 (7) 2 5 3 Impact of excess liquidity2 (bps) (22) (29) (14) 0 0 Deposit Cost: Cost of MMDA 0.27% 0.21% 0.20% 0.73% 2.03% Cost of customer time 0.53% 0.50% 0.64% 0.87% 1.79% Cost of interest-bearing 0.30% 0.27% 0.33% 0.74% 1.67% Total deposit cost 0.22% 0.20% 0.25% 0.52% 1.20% Loans HFI Yield: Contractual interest 4.17% 4.12% 4.24% 4.79% 5.45% Origination and other loan fee income 0.33% 0.26% 0.33% 0.30% 0.18% Nonaccrual interest 0.03% 0.05% 0.03% 0.02% 0.03% (Amortization) accretion on purchased loans (0.04%) (0.12%) 0.00% 0.05% 0.01% Syndication fee income 0.00% 0.00% 0.06% 0.00% 0.00% Total loan (HFI) yield 4.49% 4.31% 4.66% 5.16% 5.67%

6 Mortgage performance in 4Q 2022 Highlights  Mortgage segment pre-tax net loss of $4.2 million in 4Q 2022  Interest rate lock commitment volume declined 31% in 4Q resulting in negative fair value change  Interest rate volatility led to MSR fair value changes, net of hedging losses of $4.9 million in 4Q  A positive contribution to earnings is not expected in 1Q 2023 due to seasonal impact on volume; annual operating profitability is expected in 2023 Mortgage banking income ($mm) 4Q21 3Q22 4Q22 Gain on Sale $37.5 $11.1 $9.0 Fair value changes ($12.5) ($2.5) ($2.3) Servicing Revenue $7.7 $8.1 $7.3 Fair value MSR changes ($1.3) ($4.3) ($4.9) Total Income $31.4 $12.4 $9.1 2.66% 2.29% 2.43% 1.95% 3.36% 4Q21 1Q22 2Q22 3Q22 4Q22 Retail channel interest rate lock commitments ($mm) Mortgage segment gain on sale margin $451 $498 $513 $351 $239 $237 $243 $92 $58 $43 $688 $741 $605 $409 $282 4Q21 1Q22 2Q22 3Q22 4Q22 Purchase Refinance .

7 Managing expenses Highlights Consolidated 4Q 2022 core efficiency ratio¹ of 61.0% Banking segment is realizing the benefit of an asset sensitive balance sheet; however, Q4 also saw an acceleration of increasing deposit cost resulting in NIM compression Mortgage efficiency ratio remains negative due to operating losses; segment has adjusted and continues adjusting for realities of the current origination environment ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. Core efficiency ratio (tax-equivalent basis)¹ 57.5% 58.7% 51.3% 53.8% 54.7% 67.0% 68.1% 61.1% 60.7% 61.0% 97.8% 100.5% 111.8% 128.9% 145.4% 4Q21 1Q22 2Q22 3Q22 4Q22 Banking segment Consolidated Mortgage segment

8 Well-capitalized for future opportunities Tangible book value per share3 Simple capital structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,5282 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 3Q16 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q211 3Q221 4Q221,2 Shareholder’s equity/Assets 11.4% 10.5% 10.3% TCE/TA3 9.5% 8.5% 8.5% Common equity tier 1/Risk-weighted assets 12.3% 10.9% 11.0% Tier 1 capital/Risk-weighted assets 12.6% 11.2% 11.3% Total capital/Risk-weighted assets 14.5% 13.0% 13.1% Tier 1 capital /Average assets 10.5% 10.7% 10.5% C&D loans subject to 100% tier 1 capital plus ACL4 103% 124% 119% CRE loans subject to 300% tier 1 capital plus ACL4 264% 299 % 297% Capital position 1 For regulatory capital purposes, the CECL impact over 2021 and 2022 is gradually phased-in from Common Equity Tier 1 Capital to Tier 2 capital. As of 4Q21, 3Q22 and 4Q22, respectively, $40.9 million, $30.7 million and $30.7 million are being added back to CET 1 and Tier 1 Capital, and $46.8 million, $35.1 million and $35.1 million are being taken out of Tier 2 capital. 2 Total regulatory capital, FB Financial Corporation. 4Q22 calculation is preliminary and subject to change. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 4 Tier 1 capital at FirstBank as defined in Call Report. As of 4Q21, 3Q22 and 4Q22, respectively, $46.8 million, $35.1 million and $35.1 million are being disallowed from Tier 1 Capital for purposes of the calculation.

9 Noninterest- bearing checking 25% Interest-bearing checking 28% Money market 30% Savings 4% Time 13% 53% Checking accounts Valuable core deposit base ¹ Noninterest bearing deposits includes mortgage servicing-related deposits of $127.6 million, $131.1 million, $133.2 million, $140.8 million, and $75.6 million for the quarters ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022, and December 31, 2022, respectively. 2 Brokered and internet deposits made up less than 0.50% of total interest-bearing deposits for all periods shown. Total deposits1 ($mm) Cost of deposits Deposit composition $2,740 $2,788 $2,896 $2,997 $2,677 $8,097 $8,208 $7,647 $7,009 $8,179 $10,837 $10,996 $10,543 $10,006 $10,856 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest-bearing Deposits Interest-bearing Deposits 25.3% 25.4% 27.5% 29.6% 24.7% 0.22% 0.20% 0.25% 0.52% 1.20% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest-bearing (%) Cost of total deposits (%) 2

10 Office 23% Retail 22% Hotel 16% Warehouse / Industrial 14% Land-Manufactured Home Communities 6% Self Storage 5% Healthcare Facility 2% Other 12% 1-4 Family to be sold 47% Commercial Land 24% 1-4 Consumer Construction 8% Multifamily 7% Retail 3% Warehouse 2% Office 2% Other 7% 1-4 family 17% 1-4 family HELOC 5% Multifamily 5% C&D 18% CRE 21% C&I 30% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of December 31, 2022 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry 1 2 C&D exposure by type

11 0.46% 0.40% 0.45% 0.40% 0.41% 0.22% 0.20%0.04% 0.04% 0.01% 0.07% 0.50% 0.44% 0.46% 0.62% 0.68% 4Q21 1Q22 2Q22 3Q22 4Q22 Total NPA/Assets Commercial Loans HFS Optional GNMA repurchase Other NPAs 1.65% 1.50% 1.46% 1.48% 1.44% 4Q21 1Q22 2Q22 3Q22 4Q22 0.12% (0.03%) 0.09% 0.00% 0.02% 4Q21 1Q22 2Q22 3Q22 4Q22 Asset quality remains solid Nonperforming Assets1 / Assets Nonperforming Loans (HFI) / Loans (HFI) LLR/loans HFI Net charge-offs (recoveries) / average loans 1 Includes outstanding commercial loans held for sale acquired from Franklin. 2 Includes acquired excess land and facilities held for sale–see page 14 of the Quarterly Financial Supplement. 0.62% 0.51% 0.51% 0.47% 0.49% 4Q21 1Q22 2Q22 3Q22 4Q22 2 1

12 1.65% 1.22% 1.49% 1.32% 2.15% 2.14% 1.50% 1.54% 3.35% 1.48% 0.69% 1.17% 0.70% 2.47% 1.49% 1.64% 1.51% 3.56% 1.44% 0.67% 1.12% 0.70% 2.40% 1.35% 1.66% 1.51% 3.67% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 4Q21 3Q22 4Q22 Allowance for credit losses overview ACL / Loans HFI by Category  Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model with key economic data summarized below: 1Source: Moody’s “November 2022 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”.

13 Appendix

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

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

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

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

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

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

20 GAAP reconciliation and use of non-GAAP financial measures Adjusted Banking segment pre-tax pre-provision earnings Adjusted Mortgage segment pre-tax net (loss) contribution

21 GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity, tangible book value per common share and tangible common equity to tangible assets

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

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

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

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

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


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


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued January 1 7 , 2 023
99.2						Supplemental Financial Information for the quarter ended December 31 , 2022
99.3						Earnings Presentation dated January 17, 20 23
104						Cover Page Interactive Data File (formatted as inline XBRL document)


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer
		(Principal Financial Officer)
Date: January 17, 2023


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


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


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