fbk-20221017

FB Financial Corporation Reports Third Quarter 2022 Results

Reports Q3 Diluted EPS of $0.68, Adjusted Diluted EPS of $0.68

NASHVILLE, TENNESSEE—October 17, 2022-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $31.8 million, or $0.68 per diluted common share, for the third quarter of of 2022, compared to $0.41 in the previous quarter and $0.94 in the same quarter last year. Adjusted net income was $32.1 million, or $0.68 per diluted common share, compared to $0.64 in the previous quarter and $0.89 per diluted common share in the same quarter last year.

Pre-tax, pre-provision earnings for the third quarter of 2022 were $52.1 million and adjusted pre-tax, pre-provision earnings were $52.5 million. Reported results during the third quarter included a provision for credit losses of $11.4 million compared to $12.3 million for the prior quarter and a Mortgage segment loss of $3.7 million compared to a loss of $15.2 million for the prior quarter, or $2.7 million loss adjusted. The Company recorded growth in loans held for investment ("HFI") of $480.7 million, or 22.1% annualized, and growth in noninterest-bearing deposits of $71.0 million, or 9.73% annualized, in the third quarter.

President and Chief Executive Officer, Christopher T. Holmes stated, “The Company continues to deliver strong balance sheet trends, and we are pleased with the 9% increase in net interest income over the prior quarter and the 41 basis point expansion in our net interest margin. All of our markets continue to have strong credit demand and good economic activity. While we hope for a soft landing for the economy in the coming months, we are taking a prudent approach with our balance sheet by limiting growth in certain assets, maintaining appropriate capital and reserve levels, managing liquidity, and preparing for a range of economic scenarios.”


	2022						2021			Annualized
(dollars in thousands, except per share data)	Third Quarter			Second Quarter			Third Quarter			3Q22 / 2Q22 % Change		3Q22 / 3Q21 % Change
Balance Sheet Highlights
Investment securities	$	1,485,133		$	1,621,344		$	1,577,337		(33.3)	%	(5.85)	%
Mortgage loans held for sale, at fair value	97,011			222,400			755,210			(223.7)	%	(87.2)	%
Commercial loans held for sale, at fair value	33,722			37,815			100,496			(42.9)	%	(66.4)	%
Loans held for investment (HFI)	9,105,016			8,624,337			7,294,674			22.1	%	24.8	%

Allowance for credit losses(a)	134,476			126,272			139,446			25.8	%	(3.56)	%
Total assets	12,258,082			12,193,862			11,810,290			2.09	%	3.79	%

Interest-bearing deposits	7,039,568			7,647,782			7,462,349			(31.6)	%	(5.67)	%
Noninterest-bearing deposits	2,966,514			2,895,520			2,609,569			9.73	%	13.7	%
Mortgage escrow deposits	140,768			133,180			190,631			22.6	%	(26.2)	%


Total deposits	10,006,082			10,543,302			10,071,918			(20.2)	%	(0.65)	%
Borrowings	722,940			160,400			172,710			1,391.4	%	318.6	%
Total common shareholders' equity	1,281,161			1,319,852			1,400,913			(11.6)	%	(8.55)	%
Book value per share	$	27.30		$	28.15		$	29.36		(12.0)	%	(7.02)	%
Total common shareholders' equity to total assets	10.5		%	10.8		%	11.9		%
Tangible book value per common share*	$	21.85		$	22.67		$	23.90		(14.4)	%	(8.58)	%
Adjusted tangible book value per common share*	$	25.84		$	25.24		$	23.63		9.46	%	9.34	%
Tangible common equity to tangible assets*	8.54		%	8.90		%	9.87		%
* 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 October 17, 2022.
(a) Excludes reserve for credit losses on unfunded commitments of $23,577, $20,399, and $13,503 recorded in accrued expenses and other liabilities as of September 30, 2022, June 30, 2022, and September 30, 2021, respectively.

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FB Financial Corporation

Third Quarter 2022 Results

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	2022						2021
(dollars in thousands, except share and per share data)	Third Quarter			Second Quarter			Third Quarter
Results of operations
Net interest income	$	111,384		$	102,171		$	88,476
NIM	3.93		%	3.52		%	3.20		%
Provisions for credit losses	$	11,367		$	12,318		$	(2,531)

Net charge-off ratio	—		%	0.09		%	0.13		%
Noninterest income	$	22,592		$	33,214		$	59,006
Mortgage banking income	$	12,384		$	22,559		$	45,384
Total revenue	$	133,976		$	135,385		$	147,482
Noninterest expense	$	81,847		$	96,997		$	95,007
Mortgage restructuring expenses	$	—		$	12,458		$	—
Core noninterest expense*	$	81,847		$	84,539		$	95,007
Efficiency ratio	61.1		%	71.6		%	64.4		%
Core efficiency ratio*	60.7		%	61.1		%	64.7		%

Adjusted pre-tax, pre-provision earnings*	$	52,516		$	52,856		$	51,240
Adjusted Banking segment pre-tax, pre-provision earnings*	$	56,178		$	55,560		$	42,387
Adjusted Mortgage segment pre-tax, pre-provision (loss) earnings*	$	(3,662)		$	(2,704)		$	8,853

Net income applicable to FB Financial Corporation(1)	$	31,831		$	19,345		$	45,290
Diluted earnings per common share	$	0.68		$	0.41		$	0.94
Effective tax rate	21.9		%	25.8		%	17.7		%
Adjusted net income*	$	32,117		$	30,051		$	42,699
Adjusted diluted earnings per common share*	$	0.68		$	0.64		$	0.89


Weighted average number of shares outstanding - fully diluted	47,024,611			47,211,650			48,007,147
Actual shares outstanding - period end	46,926,377			46,881,896			47,707,634
Returns on average:

Assets ("ROAA")	1.05		%	0.62		%	1.51		%

Equity ("ROAE")	9.45		%	5.74		%	12.9		%
Tangible common equity ("ROATCE")*	11.7		%	7.09		%	15.9		%





* 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 October 17, 2022.
(1) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the second quarter of 2022.

Balance Sheet and Net Interest Margin

The Company reported loan balances (HFI) of $9.11 billion, an increase of $480.7 million, or 22.1% annualized, from the end of the previous quarter. The contractual yield on loans increased to 4.79% in the third quarter of 2022 from 4.24% in the previous quarter.

Total deposits decreased by $537.2 million in the third quarter to $10.0 billion, and noninterest-bearing deposits ("NIBs") increased by $71.0 million, or 9.7% annualized. NIBs have grown 13.7% over the prior twelve months. The decrease in total deposits was related to a $721.5 million decrease in public funds to $1.61 billion in the third quarter from $2.34 billion in the second quarter. During the quarter, the Company exited certain high-cost public funds and increased deposit rates on customer time and money market deposits to increase collateral availability and improve its liquidity profile and future funding cost. Total customer deposits excluding public funds increased by $187.7 million during the quarter. The Company's total cost of deposits increased during the third quarter of 2022 from the prior quarter by 27 basis points to 0.52%, and the cost of interest-bearing deposits increased to 0.74% from 0.33% in the previous quarter. The Company utilized short-term FHLB borrowings during the third quarter at an average rate of 2.60%.

The Company's net interest income on a tax-equivalent basis for the third quarter of 2022 increased to $112.1 million from $102.9 million in the previous quarter. The Company's NIM was 3.93% for the third quarter, compared to 3.52% for the second quarter. The NIM expanded as interest rates increased and loans held for investment as a percentage of deposits increased to 91.0%. During the third quarter, syndication fees, nonaccrual interest and amortization on purchased loans contributed 5 basis points to the NIM, compared to 6 basis points in the second quarter of 2022.

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FB Financial Corporation

Third Quarter 2022 Results

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Noninterest Income

Noninterest income was $22.6 million for the third quarter of 2022, compared to $33.2 million for the prior quarter and $59.0 million for the third quarter of 2021. Banking segment noninterest income was $10.3 million for the third quarter of 2022, compared to $10.7 million for the prior quarter and $13.8 million for the third quarter of 2021. Banking segment noninterest income during the third quarter of 2022 was impacted by the Durbin amendment becoming applicable to the Company during the period and is reflected in the decrease in interchange fee income from $4.6 million in the second quarter of 2022 to $2.0 million in the third quarter of 2022. Net changes in fair value in commercial loans held for sale during the third quarter of 2022 resulted in a loss included in noninterest income of $0.4 million compared to a loss of $2.0 million in the prior quarter and a gain of $0.7 million in the third quarter of 2021.

Mortgage banking income decreased to $12.4 million in the third quarter, compared to $22.6 million in the second quarter of 2022 and $45.4 million in the third quarter of 2021. The Mortgage segment had a pre-tax net loss of $3.7 million for the third quarter of 2022 compared to a pre-tax net loss of $15.2 million (or loss of $2.7 million adjusted for mortgage restructuring expenses) during the previous quarter and a pre-tax contribution of $8.9 million for the third quarter of last year. Interest rate lock commitment volume totaled $0.41 billion in the third quarter compared to $0.70 billion in the second quarter of 2022 and $2.01 billion in the third quarter of 2021.

Chief Financial Officer, Michael Mettee noted, “Mortgage has materially completed changes to operations and, after taking a sizeable mark to market charge early in the quarter, returned to an operational profit in the last two months of the third quarter. We believe our Mortgage segment is positioned to operate profitably on an annual basis moving forward in this challenging environment, but will be subject to seasonal trends that always impact the business.”

Expense Management

Noninterest expenses were $81.8 million for the third quarter of 2022, compared to $97.0 million for the prior quarter and $95.0 million for the third quarter of 2021. Banking segment noninterest expense was $65.9 million for the third quarter of 2022, compared to $59.3 million for the second quarter of 2022 and $58.8 million for the third quarter of 2021. Banking segment noninterest expenses were elevated due to increases in marketing and occupancy, a nonrecurring tax credit reduction and temporary increases in legal and professional expenses.

Mortgage segment noninterest expense was $16.0 million for the third quarter of 2022, compared to $37.7 million (or $25.2 million excluding $12.5 million of restructuring expenses) for the previous quarter and $36.2 million for the third quarter of 2021.

During the third quarter of 2022, the Company's core efficiency ratio was 60.7%, compared to 61.1% in the previous quarter and 64.7% for the third quarter of the prior year. The Banking segment core efficiency ratio for the third quarter was 53.8% versus the previous quarter of 51.3% and 57.9% in the third quarter of the previous year.

Mettee noted, “The Banking segment core efficiency ratio increased due to atypical expenses incurred during the quarter and, a decrease in revenue related to interchange fees reflecting the impact of the Durbin amendment. The Mortgage segment reduced operating expenses through its restructuring effort and operated with an efficiency ratio in the 80's for the last two months of the third quarter.”

Credit Quality

The Company recorded provisions for credit losses of $11.4 million in the third quarter of 2022, including a provision for credit losses on unfunded commitments of $3.2 million. The Company continues to maintain a well-positioned balance sheet with an allowance for credit losses ("ACL") of $134.5 million as of September 30, 2022, representing 1.48% of loans HFI compared with 1.46% as of June 30, 2022.

The Company experienced net recoveries of $15 thousand in the third quarter of 2022, or 0.00% of average loans HFI compared to net charge-offs to average loans HFI of 0.09% in the prior quarter. For the nine months ended September 30, 2022, the Company experienced net charge-offs of $1.3 million, or 0.02% of average loans HFI, compared to 0.07% for the nine months ended September 30, 2021.

The Company's nonperforming loans as a percent of loans HFI decreased to 0.47% as of the end of the third quarter of 2022 compared to 0.51% as of the previous quarter end and 0.59% as of the end of the third quarter of the previous year. Nonperforming assets (NPAs) as a percentage of total assets at the end of the third quarter was 0.62% compared to 0.46% as of the prior quarter-end. The increase was entirely due to a change in accounting policy during the quarter, which resulted in the Company recording $26.5 million in optional repurchase rights associated with seriously delinquent Ginnie Mae ("GNMA") mortgage loans previously sold. This change in accounting policy increased the NPA ratio by 22 bps in the third quarter of 2022 over the prior quarter.

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FB Financial Corporation

Third Quarter 2022 Results

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Holmes commented, “The Company's asset quality improved quarter over quarter and credit metrics continue to show positive trends. While we had small net recoveries in the quarter and our credit quality metrics are stellar, we continue to position the balance sheet for expected economic headwinds in 2023, and increased our allowance for credit losses during the quarter. We recorded provisions for credit losses of $23.7 million over the previous two quarters and increased the ACL as a percentage of loans held for investment to 1.48%.”

Summary

Holmes summarized, "The third quarter results reflect a measured approach to growing our balance sheet through relationship-based loans and deposits and improving our earnings by expanding our net interest margin. For the balance of the year and moving into 2023, our efforts will be concentrated on deposit growth and moderating loan growth as we maintain our focus on serving customers and creating value for shareholders."

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results on October 18, 2022, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 3293769) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through October 25, 2022, by dialing 1-877-344-7529 and entering confirmation code 8838274.

A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=Ij5IKOqR. 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, the third largest Tennessee-headquartered community bank, with 82 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank has approximately $12.3 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 October 17, 2022.

BUSINESS SEGMENT RESULTS

The Company has included its business segment financial tables as part of the Supplemental Financial Information, which is available in connection with this Earnings Release. A detailed discussion of 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

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FB Financial Corporation

Third Quarter 2022 Results

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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, 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 other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting

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FB Financial Corporation

Third Quarter 2022 Results

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measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Earnings Release for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

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FB Financial Corporation

Third Quarter 2022 Results

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Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2022						2021
	Third Quarter			Second Quarter			Third Quarter
Statement of Income Data
Total interest income	$	128,483		$	110,214		$	96,665
Total interest expense	17,099			8,043			8,189
Net interest income	111,384			102,171			88,476
Total noninterest income	22,592			33,214			59,006
Total noninterest expense	81,847			96,997			95,007
Earnings before income taxes and provisions for credit losses	52,129			38,388			52,475
Provisions for credit losses	11,367			12,318			(2,531)
Income tax expense	8,931			6,717			9,716
Net income applicable to noncontrolling interest	—			8			—
Net income applicable to FB Financial Corporation(a)	$	31,831		$	19,345		$	45,290
Net interest income (tax-equivalent basis)	$	112,145		$	102,926		$	89,230
Adjusted net income*	$	32,117		$	30,051		$	42,699
Adjusted pre-tax, pre-provision earnings*	$	52,516		$	52,856		$	51,240
Per Common Share
Diluted net income	$	0.68		$	0.41		$	0.94
Adjusted diluted net income*	0.68			0.64			0.89

Book value	27.30			28.15			29.36
Tangible book value*	21.85			22.67			23.90
Adjusted tangible book value*	25.84			25.24			23.63
Weighted average number of shares outstanding - fully diluted	47,024,611			47,211,650			48,007,147
Period-end number of shares	46,926,377			46,881,896			47,707,634
Selected Balance Sheet Data
Cash and cash equivalents	$	618,290		$	872,861		$	1,324,564
Loans held for investment (HFI)	9,105,016			8,624,337			7,294,674
Allowance for credit losses(b)	(134,476)			(126,272)			(139,446)
Mortgage loans held for sale, at fair value(c)	97,011			222,400			755,210
Commercial loans held for sale, at fair value	33,722			37,815			100,496
Investment securities, at fair value	1,485,133			1,621,344			1,577,337
Other real estate owned, net	5,919			9,398			10,015
Total assets	12,258,082			12,193,862			11,810,290

Interest-bearing deposits	7,039,568			7,647,782			7,462,349
Noninterest-bearing deposits	2,966,514			2,895,520			2,609,569



Total deposits	10,006,082			10,543,302			10,071,918
Borrowings	722,940			160,400			172,710
Total common shareholders' equity	1,281,161			1,319,852			1,400,913
Selected Ratios
Return on average:
Assets	1.05		%	0.62		%	1.51		%
Shareholders' equity	9.45		%	5.74		%	12.9		%
Tangible common equity*	11.7		%	7.09		%	15.9		%
Average shareholders' equity to average assets	11.1		%	10.9		%	11.7		%
Net interest margin (NIM) (tax-equivalent basis)	3.93		%	3.52		%	3.20		%
Efficiency ratio (GAAP)	61.1		%	71.6		%	64.4		%
Core efficiency ratio (tax-equivalent basis)*	60.7		%	61.1		%	64.7		%
Loans HFI to deposit ratio	91.0		%	81.8		%	72.4		%
Total loans to deposit ratio	92.3		%	84.3		%	80.9		%
Noninterest-bearing deposits to total deposits	29.6		%	27.5		%	25.9		%
Yield on interest-earning assets	4.53		%	3.80		%	3.49		%
Cost of interest-bearing liabilities	0.90		%	0.40		%	0.42		%
Cost of total deposits	0.52		%	0.25		%	0.26		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	1.48		%	1.46		%	1.91		%

Net (recoveries) charge-offs as a percentage of average loans HFI	0.00		%	0.09		%	0.13		%
Nonperforming loans HFI as a percentage of total loans HFI	0.47		%	0.51		%	0.59		%
Nonperforming assets as a percentage of total assets(c)	0.62		%	0.46		%	0.50		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	10.5		%	10.8		%	11.9		%
Tangible common equity to tangible assets*	8.54		%	8.90		%	9.87		%
Tier 1 capital (to average assets)	10.7		%	10.2		%	10.4		%
Tier 1 capital (to risk-weighted assets)(d)	11.2		%	11.8		%	12.7		%
Total capital (to risk-weighted assets)(d)	13.2		%	13.6		%	14.6		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(d)	10.9		%	11.5		%	12.4		%

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

(b) Excludes reserve for credit losses on unfunded commitments of $23,577, $20,399, and $13,503 recorded in accrued expenses and other liabilities at September 30, 2022, June 30, 2022, and September 30, 2021, respectively.

(d) We calculate our risk-weighted assets 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 October 17, 2022.

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FB Financial Corporation

Third Quarter 2022 Results

Page 8


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

	2022				2021
Adjusted net income	Third Quarter		Second Quarter		Third Quarter
Income before income taxes	$	40,762	$	26,070	$	55,006
Plus mortgage restructuring expenses	—		12,458		—

Less other non-operating items(1)	(387)		(2,010)		1,235
Adjusted pre-tax net income	41,149		40,538		53,771
Adjusted income tax expense(2)	9,032		10,487		11,072
Adjusted net income	$	32,117	$	30,051	$	42,699
Weighted average common shares outstanding - fully diluted	47,024,611		47,211,650		48,007,147
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.68	$	0.41	$	0.94
Plus mortgage restructuring expenses	—		0.27		—

Less other non-operating items	—		(0.04)		0.02
Less tax effect	—		0.08		0.03
Adjusted diluted earnings per common share	$	0.68	$	0.64	$	0.89

(1) 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; 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap, and a gain of $2,005 from sales other real estate owned.

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



	Nine Months Ended September 30,				Full Year
Adjusted net income	2022		2021		2021
Income before income taxes	$	111,381	$	180,210	$	243,051
Plus mortgage restructuring and offering expenses	12,458		605		605

Less other non-operating items(1)	(2,571)		2,533		11,032
Adjusted pre-tax net income	126,410		178,282		232,624
Adjusted income tax expense(2)	28,878		39,762		51,553
Adjusted net income	$	97,532	$	138,520	$	181,071
Weighted average common shares outstanding - fully diluted	47,315,100		47,983,494		47,955,880
Adjusted diluted earnings per share
Diluted earnings per common share	$	1.83	$	2.95	$	3.97
Plus mortgage restructuring and offering expenses	0.26		0.01		0.01

Less other non-operating items	(0.05)		0.05		0.22
Less tax effect	0.08		0.02		(0.02)
Adjusted diluted earnings per common share	$	2.06	$	2.89	$	3.78
(1) 3QYTD22 includes a $2,571 loss from change in fair value of commercial loans held for sale acquired from Franklin; 3QYTD21 includes a $1,251 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 and a $787 gain from lease terminations; 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) 3QYTD21 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	Third Quarter		Second Quarter		Third Quarter
Income before income taxes	$	40,762	$	26,070	$	55,006
Plus provisions for credit losses	11,367		12,318		(2,531)
Pre-tax pre-provision earnings	52,129		38,388		52,475
Plus mortgage restructuring expenses	—		12,458		—
Less other non-operating items	(387)		(2,010)		1,235
Adjusted pre-tax pre-provision earnings	$	52,516	$	52,856	$	51,240

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FB Financial Corporation

Third Quarter 2022 Results

Page 9


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

	2022						2021
Core efficiency ratio (tax-equivalent basis)	Third Quarter			Second Quarter			Third Quarter
Total noninterest expense	$	81,847		$	96,997		$	95,007
Less mortgage restructuring expenses	—			12,458			—




Core noninterest expense	$	81,847		$	84,539		$	95,007
Net interest income (tax-equivalent basis)	$	112,145		$	102,926		$	89,230
Total noninterest income	22,592			33,214			59,006
Less (loss) gain on change in fair value on commercial loans held for sale	(387)			(2,010)			740


Less gain (loss) on sales or write-downs of other real estate owned and other assets	429			(8)			2,182
Less (loss) gain from securities, net	(140)			(109)			51
Core noninterest income	22,690			35,341			57,543
Core revenue	$	134,835		$	138,267		$	146,773
Efficiency ratio (GAAP)(a)	61.1		%	71.6		%	64.4		%
Core efficiency ratio (tax-equivalent basis)	60.7		%	61.1		%	64.7		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue








	2022						2021
Banking segment core efficiency ratio (tax equivalent)	Third Quarter			Second Quarter			Third Quarter
Core noninterest expense	$	81,847		$	84,539		$	95,007
Less Core Mortgage segment noninterest expense	15,961			25,219			36,230
Banking segment core noninterest expense	$	65,886		$	59,320		$	58,777
Banking segment net interest income (tax equivalent basis)	$	112,145		$	102,926		$	89,330
Core noninterest income	22,690			35,341			57,543
Less Mortgage segment core noninterest income	12,384			22,559			45,384
Banking segment core noninterest income	10,306			12,782			12,159
Core revenue	134,835			138,267			146,773
Less Mortgage segment core total revenue	12,384			22,559			45,284
Banking segment core total revenue	$	122,451		$	115,708		$	101,489
Banking segment core efficiency ratio (tax-equivalent basis)	53.8		%	51.3		%	57.9		%

Mortgage segment core efficiency ratio (tax equivalent)




Mortgage segment noninterest expense	$	15,961		$	37,677		$	36,230
Less Mortgage restructuring expense	—			12,458			—
Mortgage segment core noninterest expense	$	15,961		$	25,219		$	36,230


Mortgage segment net interest income	—			—			(100)
Mortgage segment noninterest income	12,299			22,515			45,183
Less loss on sales or write-downs of other real estate owned	(85)			(44)			(201)
Mortgage segment core noninterest income	12,384			22,559			45,384
Mortgage segment core total revenue	$	12,384		$	22,559		$	45,284
Mortgage segment core efficiency ratio (tax-equivalent basis)	128.9		%	111.8		%	80.0		%

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FB Financial Corporation

Third Quarter 2022 Results

Page 10


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

	2022						2021
Adjusted Banking segment pre-tax pre-provision earnings	Second Quarter			First Quarter			Second Quarter
Banking segment pre-tax net contribution	$	44,424		$	41,232		$	46,153
Plus provisions for credit losses	11,367			12,318			(2,531)
Banking segment pre-tax pre-provision earnings	55,791			53,550			43,622

Less other non-operating items	(387)			(2,010)			1,235
Adjusted Banking segment pre-tax pre-provision earnings	$	56,178		$	55,560		$	42,387

	2022						2021
Adjusted Mortgage segment (loss) contribution	Third Quarter			Second Quarter			Third Quarter
Mortgage segment pre-tax net (loss) contribution	$	(3,662)		$	(15,162)		$	8,853






Plus mortgage restructuring expense	—			12,458			—
Adjusted Mortgage segment pre-tax net (loss) contribution	$	(3,662)		$	(2,704)		$	8,853
Pre-tax pre-provision earnings	$	52,129		$	38,388		$	52,475
Mortgage segment pre-tax pre-provision net contribution to total pre-tax pre-provision earnings	N/A			N/A			16.9		%
Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	51,240
Adjusted Mortgage segment pre-tax pre-provision net contribution to total adjusted pre-tax pre-provision earnings	N/A			N/A			17.3		%







	2022						2021
Tangible assets and equity	Third Quarter			Second Quarter			Third Quarter
Tangible assets
Total assets	$	12,258,082		$	12,193,862		$	11,810,290
Less goodwill	242,561			242,561			242,561
Less intangibles, net	13,407			14,515			18,248
Tangible assets	$	12,002,114		$	11,936,786		$	11,549,481
Tangible common equity
Total common shareholders' equity	$	1,281,161		$	1,319,852		$	1,400,913
Less goodwill	242,561			242,561			242,561
Less intangibles, net	13,407			14,515			18,248
Tangible common equity	$	1,025,193		$	1,062,776		$	1,140,104
Less accumulated other comprehensive (loss) income, net	(187,440)			(120,495)			12,637
Adjusted tangible common equity	1,212,633			1,183,271			1,127,467
Common shares outstanding	46,926,377			46,881,896			47,707,634
Book value per common share	$	27.30		$	28.15		$	29.36
Tangible book value per common share	$	21.85		$	22.67		$	23.90
Adjusted tangible book value per common share	$	25.84		$	25.24		$	23.63
Total common shareholders' equity to total assets	10.5		%	10.8		%	11.9		%
Tangible common equity to tangible assets	8.54		%	8.90		%	9.87		%

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FB Financial Corporation

Third Quarter 2022 Results

Page 11


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

	2022						2021
Return on average tangible common equity	Third Quarter			Second Quarter			Third Quarter
Average common shareholders' equity	$	1,336,143		$	1,352,701		$	1,389,201
Less average goodwill	242,561			242,561			242,561
Less average intangibles, net	13,953			15,144			18,950
Average tangible common equity	$	1,079,629		$	1,094,996		$	1,127,690
Net income	$	31,831		$	19,345		$	45,290
Return on average common equity	9.45		%	5.74		%	12.9		%
Return on average tangible common equity	11.7		%	7.09		%	15.9		%
Adjusted net income	$	32,117		$	30,051		$	42,699
Adjusted return on average tangible common equity	11.8		%	11.0		%	15.0		%
Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	51,240
Adjusted pre-tax pre-provision return on average tangible common equity	19.3		%	19.4		%	18.0		%














	2022						2021
Adjusted return on average assets and equity	Third Quarter			Second Quarter			Third Quarter
Net income	$	31,831		$	19,345		$	45,290
Average assets	12,038,115			12,427,479			11,915,062
Average common equity	1,336,143			1,352,701			1,389,201
Return on average assets	1.05		%	0.62		%	1.51		%
Return on average common equity	9.45		%	5.74		%	12.9		%
Adjusted net income	$	32,117		$	30,051		$	42,699
Adjusted return on average assets	1.06		%	0.97		%	1.42		%
Adjusted return on average common equity	9.54		%	8.91		%	12.2		%








Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	51,240
Adjusted pre-tax pre-provision return on average assets	1.73		%	1.71		%	1.71		%
Adjusted pre-tax pre-provision return on average common equity	15.6		%	15.7		%	14.6		%

-END-

Third 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.


Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2022									2021
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Statement of Income Data
Total interest income	$	128,483		$	110,214		$	95,127		$	97,219		$	96,665
Total interest expense	17,099			8,043			6,945			7,464			8,189
Net interest income	111,384			102,171			88,182			89,755			88,476
Total noninterest income	22,592			33,214			41,392			53,219			59,006
Total noninterest expense	81,847			96,997			89,272			90,902			95,007
Earnings before income taxes and provisions for credit losses	52,129			38,388			40,302			52,072			52,475
Provisions for credit losses	11,367			12,318			(4,247)			(10,769)			(2,531)
Income tax expense	8,931			6,717			9,313			14,006			9,716
Net income applicable to noncontrolling interest	—			8			—			8			—
Net income applicable to FB Financial Corporation(a)	$	31,831		$	19,345		$	35,236		$	48,827		$	45,290
Net interest income (tax-equivalent basis)	$	112,145		$	102,926		$	88,932		$	90,537		$	89,230
Adjusted net income*	$	32,117		$	30,051		$	35,365		$	42,551		$	42,699
Adjusted pre-tax, pre-provision earnings*	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Per Common Share
Diluted net income	$	0.68		$	0.41		$	0.74		$	1.02		$	0.94
Adjusted diluted net income*	0.68			0.64			0.74			0.89			0.89

Book value	27.30			28.15			29.06			30.13			29.36
Tangible book value*	21.85			22.67			23.62			24.67			23.90
Adjusted tangible book value*	25.84			25.24			25.12			24.55			23.63
Weighted average number of shares outstanding - fully diluted	47,024,611			47,211,650			47,723,902			47,896,715			48,007,147
Period-end number of shares	46,926,377			46,881,896			47,487,874			47,549,241			47,707,634
Selected Balance Sheet Data
Cash and cash equivalents	$	618,290		$	872,861		$	1,743,311		$	1,797,740		$	1,324,564
Loans held for investment (HFI)	9,105,016			8,624,337			8,004,976			7,604,662			7,294,674
Allowance for credit losses(b)	(134,476)			(126,272)			(120,049)			(125,559)			(139,446)
Mortgage loans held for sale(c)	97,011			222,400			318,549			672,924			755,210
Commercial loans held for sale	33,722			37,815			78,179			79,299			100,496
Investment securities, at fair value	1,485,133			1,621,344			1,686,738			1,681,892			1,577,337
Other real estate owned, net	5,919			9,398			9,721			9,777			10,015
Total assets	12,258,082			12,193,862			12,674,191			12,597,686			11,810,290

Interest-bearing deposits	7,039,568			7,647,782			8,208,580			8,096,683			7,462,349
Noninterest-bearing deposits	2,966,514			2,895,520			2,787,698			2,740,214			2,609,569



Total deposits	10,006,082			10,543,302			10,996,278			10,836,897			10,071,918
Borrowings	722,940			160,400			155,733			171,778			172,710
Total common shareholders' equity	1,281,161			1,319,852			1,379,776			1,432,602			1,400,913
Selected Ratios
Return on average:
Assets	1.05		%	0.62		%	1.13		%	1.60		%	1.51		%
Shareholders' equity	9.45		%	5.74		%	10.1		%	13.7		%	12.9		%
Tangible common equity*	11.7		%	7.09		%	12.4		%	16.8		%	15.9		%
Average shareholders' equity to average assets	11.1		%	10.9		%	11.2		%	11.7		%	11.7		%
Net interest margin (NIM) (tax-equivalent basis)	3.93		%	3.52		%	3.04		%	3.19		%	3.20		%
Efficiency ratio (GAAP)	61.1		%	71.6		%	68.9		%	63.6		%	64.4		%
Core efficiency ratio (tax-equivalent basis)*	60.7		%	61.1		%	68.1		%	67.0		%	64.7		%
Loans HFI to deposit ratio	91.0		%	81.8		%	72.8		%	70.2		%	72.4		%
Total loans to deposit ratio	92.3		%	84.3		%	76.4		%	77.1		%	80.9		%
Noninterest-bearing deposits to total deposits	29.6		%	27.5		%	25.4		%	25.3		%	25.9		%
Yield on interest-earning assets	4.53		%	3.80		%	3.28		%	3.45		%	3.49		%
Cost of interest-bearing liabilities	0.90		%	0.40		%	0.34		%	0.38		%	0.42		%
Cost of total deposits	0.52		%	0.25		%	0.20		%	0.22		%	0.26		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	1.48		%	1.46		%	1.50		%	1.65		%	1.91		%

Net (recoveries) charge-offs as a percentage of average loans HFI	0.00		%	0.09		%	(0.03)		%	0.12		%	0.13		%
Nonperforming loans HFI as a percentage of total loans HFI	0.47		%	0.51		%	0.51		%	0.62		%	0.59		%
Nonperforming assets as a percentage of total assets(c)	0.62		%	0.46		%	0.44		%	0.50		%	0.50		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	10.5		%	10.8		%	10.9		%	11.4		%	11.9		%
Tangible common equity to tangible assets*	8.54		%	8.90		%	9.03		%	9.51		%	9.87		%
Tier 1 capital (to average assets)	10.7		%	10.2		%	10.2		%	10.5		%	10.4		%
Tier 1 capital (to risk-weighted assets)(d)	11.2		%	11.8		%	12.3		%	12.6		%	12.7		%
Total capital (to risk-weighted assets)(d)	13.2		%	13.6		%	14.2		%	14.5		%	14.6		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(d)	10.9		%	11.5		%	12.0		%	12.3		%	12.4		%

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

(b) Excludes reserve for credit losses on unfunded commitments of $23,577, $20,399, $16,262, $14,380, and $13,503 recorded in accrued expenses and other liabilities as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

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

(d) We calculate our risk-weighted assets 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 %)
													Q3 2022		Q3 2022
													vs.		vs.
	2022						2021				Q2 2022	Q3 2021
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	116,664	$	99,655	$	86,864	$	89,996	$	89,993			17.1	%	29.6	%
Interest on securities
Taxable	6,843		6,499		5,420		4,534		3,989				5.29	%	71.5	%
Tax-exempt	1,818		1,842		1,866		1,885		1,883				(1.30)	%	(3.45)	%
Other	3,158		2,218		977		804		800				42.4	%	294.8	%
Total interest income	128,483		110,214		95,127		97,219		96,665				16.6	%	32.9	%
Interest expense:
Deposits	13,133		6,591		5,462		5,848		6,596				99.3	%	99.1	%
Borrowings	3,966		1,452		1,483		1,616		1,593				173.1	%	149.0	%
Total interest expense	17,099		8,043		6,945		7,464		8,189				112.6	%	108.8	%
Net interest income	111,384		102,171		88,182		89,755		88,476				9.02	%	25.9	%
Provision for credit losses	8,189		8,181		(6,129)		(11,646)		(2,832)				0.10	%	(389.2)	%
Provision for credit losses on unfunded commitments	3,178		4,137		1,882		877		301				(23.2)	%	955.8	%
Net interest income after provisions for credit losses	100,017		89,853		92,429		100,524		91,007				11.3	%	9.90	%
Noninterest income:
Mortgage banking income	12,384		22,559		29,531		31,350		45,384				(45.1)	%	(72.7)	%
Service charges on deposit accounts	3,208		2,908		2,914		2,817		2,612				10.3	%	22.8	%
ATM and interchange fees	2,614		5,353		5,087		5,310		4,868				(51.2)	%	(46.3)	%
Investment services and trust income	2,227		2,275		2,132		1,040		2,511				(2.11)	%	(11.3)	%
(Loss) gain from securities, net	(140)		(109)		(152)		46		51				28.4	%	(374.5)	%
Gain (loss) on sales or write-downs of other real estate owned	435		(26)		(498)		26		2,005				(1,773.1)	%	(78.3)	%
(Loss) gain from other assets	(6)		18		64		161		177				(133.3)	%	(103.4)	%
Other income	1,870		236		2,314		12,469		1,398				692.4	%	33.8	%
Total noninterest income	22,592		33,214		41,392		53,219		59,006				(32.0)	%	(61.7)	%
Total revenue	133,976		135,385		129,574		142,974		147,482				(1.04)	%	(9.16)	%
Noninterest expenses:
Salaries, commissions and employee benefits	51,028		55,181		59,443		58,562		62,818				(7.53)	%	(18.8)	%
Occupancy and equipment expense	6,011		5,853		5,403		5,549		5,979				2.70	%	0.54	%
Legal and professional fees	4,448		3,116		2,607		2,460		2,177				42.7	%	104.3	%
Data processing	2,334		2,404		2,481		2,531		2,595				(2.91)	%	(10.1)	%

Amortization of core deposits and other intangibles	1,108		1,194		1,244		1,295		1,344				(7.20)	%	(17.6)	%


Advertising	2,050		2,031		4,033		3,909		4,200				0.94	%	(51.2)	%
Mortgage restructuring expense	—		12,458		—		—		—				(100.0)	%	100.0	%
Other expense	14,868		14,760		14,061		16,596		15,894				0.73	%	(6.46)	%
Total noninterest expense	81,847		96,997		89,272		90,902		95,007				(15.6)	%	(13.9)	%
Income before income taxes	40,762		26,070		44,549		62,841		55,006				56.4	%	(25.9)	%
Income tax expense	8,931		6,717		9,313		14,006		9,716				33.0	%	(8.08)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	31,831		19,353		35,236		48,835		45,290				64.5	%	(29.7)	%
Net income applicable to noncontrolling interest	—		8		—		8		—				(100.0)	%	—	%

Net income applicable to FB Financial Corporation	$	31,831	$	19,345	$	35,236	$	48,827	$	45,290			64.5	%	(29.7)	%
Weighted average common shares outstanding:
Basic	46,908,520		47,111,055		47,530,520		47,683,682		47,412,214				(0.43)	%	(1.06)	%
Fully diluted	47,024,611		47,211,650		47,723,902		47,896,715		48,007,147				(0.40)	%	(2.05)	%
Earnings per common share:
Basic	$	0.68	$	0.41	$	0.74	$	1.02	$	0.96			65.9	%	(29.2)	%
Fully diluted	0.68		0.41		0.74		1.02		0.94				65.9	%	(27.7)	%
Fully diluted - adjusted*	0.68		0.64		0.74		0.89		0.89				6.25	%	(23.6)	%


FB Financial Corporation						5


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

					2022
	For the Nine Months Ended				vs.
	September 30,				2021
	2022		2021		Percent variance
Interest income:
Interest and fees on loans	$	303,183	$	269,266	12.6	%
Interest on securities
Taxable	18,762		10,652		76.1	%
Tax-exempt	5,526		5,772		(4.26)	%
Other	6,353		2,089		204.1	%
Total interest income	333,824		287,779		16.0	%
Interest expense:
Deposits	25,186		24,341		3.47	%
Borrowings	6,901		5,823		18.5	%
Total interest expense	32,087		30,164		6.38	%
Net interest income	301,737		257,615		17.1	%
Provision for credit losses	10,241		(27,349)		(137.4)	%
Provision for credit losses on unfunded commitments	9,197		(2,875)		(419.9)	%
Net interest income after provisions for credit losses	282,299		287,839		(1.92)	%
Noninterest income:
Mortgage banking income	64,474		136,215		(52.7)	%
Service charges on deposit accounts	9,030		7,217		25.1	%
ATM and interchange fees	13,054		14,590		(10.5)	%
Investment services and trust income	6,634		7,518		(11.8)	%

(Loss) gain from securities, net	(401)		278		(244.2)	%
(Loss) gain on sales or write-downs of other real estate owned	(89)		2,478		(103.6)	%
Gain from other assets	76		162		(53.1)	%
Other income	4,420		6,578		(32.8)	%
Total noninterest income	97,198		175,036		(44.5)	%
Total revenue	398,935		432,651		(7.79)	%
Noninterest expenses:
Salaries, commissions and employee benefits	165,652		189,756		(12.7)	%
Occupancy and equipment expense	17,267		17,184		0.48	%
Legal and professional fees	10,171		6,701		51.8	%
Data processing	7,219		7,456		(3.18)	%

Amortization of core deposit and other intangibles	3,546		4,178		(15.1)	%
Advertising	8,114		10,012		(19.0)	%
Mortgage restructuring expense	12,458		—		100.0	%
Other expense	43,689		47,378		(7.79)	%
Total noninterest expense	268,116		282,665		(5.15)	%
Income before income taxes	111,381		180,210		(38.2)	%
Income tax expense	24,961		38,744		(35.6)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	86,420		141,466		(38.9)	%
Net income applicable to noncontrolling interests	8		8		—	%

Net income applicable to FB Financial Corporation	$	86,412	$	141,458	(38.9)	%
Weighted average common shares outstanding:
Basic	47,181,853		47,345,984		(0.35)	%
Fully diluted	47,315,100		47,983,494		(1.39)	%
Earnings per common share:
Basic	$	1.83	$	2.99	(38.8)	%
Fully diluted	1.83		2.95		(37.9)	%

*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
													Q3 2022		Q3 2022
													vs.		vs.
	2022						2021				Q2 2022	Q3 2021
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	193,301	$	79,402	$	61,637	$	91,333	$	100,568			569.1	%	92.2	%
Federal funds sold and reverse repurchase agreements	115,140		233,588		134,763		128,087		145,333				(201.2)	%	(20.8)	%
Interest-bearing deposits in financial institutions	309,849		559,871		1,546,911		1,578,320		1,078,663				(177.2)	%	(71.3)	%
Cash and cash equivalents	618,290		872,861		1,743,311		1,797,740		1,324,564				(115.7)	%	(53.3)	%
Investments:
Available-for-sale debt securities, at fair value	1,482,171		1,618,241		1,683,525		1,678,525		1,572,558				(33.4)	%	(5.75)	%
Equity securities, at fair value	2,962		3,103		3,213		3,367		4,779				(18.0)	%	(38.0)	%
Federal Home Loan Bank stock, at cost	58,587		34,581		34,433		32,217		27,601				275.4	%	112.3	%
Mortgage loans held for sale, at fair value	97,011		222,400		318,549		672,924		755,210				(223.7)	%	(87.2)	%
Commercial loans held for sale, at fair value	33,722		37,815		78,179		79,299		100,496				(42.9)	%	(66.4)	%
Loans held for investment	9,105,016		8,624,337		8,004,976		7,604,662		7,294,674				22.1	%	24.8	%
Less: allowance for credit losses	134,476		126,272		120,049		125,559		139,446				25.8	%	(3.56)	%
Net loans	8,970,540		8,498,065		7,884,927		7,479,103		7,155,228				22.1	%	25.4	%
Premises and equipment, net	143,277		142,474		142,550		143,739		144,737				2.24	%	(1.01)	%
Other real estate owned, net	5,919		9,398		9,721		9,777		10,015				(146.9)	%	(40.9)	%
Operating lease right-of-use assets	61,444		41,070		41,037		41,686		44,006				196.8	%	39.6	%
Interest receivable	39,034		40,393		39,069		38,528		41,393				(13.3)	%	(5.70)	%
Mortgage servicing rights, at fair value	171,427		158,678		144,675		115,512		110,591				31.9	%	55.0	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	13,407		14,515		15,709		16,953		18,248				(30.3)	%	(26.5)	%
Bank-owned life insurance	74,976		74,605		74,232		73,519		73,122				1.97	%	2.54	%
Other assets	242,754		183,102		218,500		172,236		185,181				129.3	%	31.1	%
Total assets	$	12,258,082	$	12,193,862	$	12,674,191	$	12,597,686	$	11,810,290			2.09	%	3.79	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,966,514	$	2,895,520	$	2,787,698	$	2,740,214	$	2,609,569			9.73	%	13.7	%
Interest-bearing checking	2,648,161		3,338,561		3,639,779		3,418,666		2,850,795				(82.0)	%	(7.11)	%
Money market and savings	3,228,337		3,131,463		3,513,485		3,546,936		3,424,065				12.3	%	(5.72)	%
Customer time deposits	1,160,726		1,171,941		1,046,899		1,103,594		1,159,472				(3.80)	%	0.11	%
Brokered and internet time deposits	2,344		5,817		8,417		27,487		28,017				(236.9)	%	(91.6)	%
Total deposits	10,006,082		10,543,302		10,996,278		10,836,897		10,071,918				(20.2)	%	(0.65)	%
Borrowings	722,940		160,400		155,733		171,778		172,710				1,391.4	%	318.6	%
Operating lease liabilities	70,610		45,917		45,528		46,367		48,875				213.4	%	44.5	%
Accrued expenses and other liabilities	177,196		124,298		96,783		109,949		115,781				168.8	%	53.0	%
Total liabilities	10,976,828		10,873,917		11,294,322		11,164,991		10,409,284				3.75	%	5.45	%
Shareholders' equity:
Common stock, $1 par value	46,926		46,882		47,488		47,549		47,708				0.37	%	(1.64)	%
Additional paid-in capital	867,139		864,614		888,168		892,529		897,428				1.16	%	(3.38)	%
Retained earnings	554,536		528,851		515,664		486,666		443,140				19.3	%	25.1	%
Accumulated other comprehensive (loss) income, net	(187,440)		(120,495)		(71,544)		5,858		12,637				220.4	%	(1,583.3)	%
Total common shareholders' equity	1,281,161		1,319,852		1,379,776		1,432,602		1,400,913				(11.6)	%	(8.55)	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,281,254		1,319,945		1,379,869		1,432,695		1,401,006				(11.6)	%	(8.55)	%
Total liabilities and shareholders' equity	$	12,258,082	$	12,193,862	$	12,674,191	$	12,597,686	$	11,810,290			2.09	%	3.79	%


FB Financial Corporation						7


Average Balance, Average Yield Earned and Average Rate Paid

(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended
	September 30, 2022						June 30, 2022
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)	$	8,810,094	$	114,488	5.16	%	$	8,323,778	$	96,692	4.66	%
Mortgage loans held for sale(b)	124,358		1,626		5.19	%	215,779		2,350		4.37	%
Commercial loans held for sale	36,291		670		7.32	%	56,460		718		5.10	%
Securities:(b)
Taxable	1,469,934		6,843		1.85	%	1,474,999		6,499		1.77	%
Tax-exempt(a)	298,905		2,459		3.26	%	307,719		2,492		3.25	%
Total securities(a)	1,768,839		9,302		2.09	%	1,782,718		8,991		2.02	%
Federal funds sold and reverse repurchase agreements	160,597		877		2.17	%	221,929		421		0.76	%
Interest-bearing deposits with other financial institutions	361,684		1,850		2.03	%	1,081,474		1,551		0.58	%
FHLB stock	49,478		431		3.46	%	34,536		246		2.86	%
Total interest-earning assets(a)	11,311,341		129,244		4.53	%	11,716,674		110,969		3.80	%
Noninterest-earning assets:
Cash and due from banks	109,681						91,230
Allowance for credit losses	(127,710)						(120,297)
Other assets	744,803						739,872
Total noninterest-earning assets	726,774						710,805
Total assets	$	12,038,115					$	12,427,479
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,821,415	$	5,831	0.82	%	$	3,415,135	$	3,285	0.39	%
Money market(c)	2,551,521		4,684		0.73	%	2,842,026		1,416		0.20	%
Savings deposits	515,882		70		0.05	%	508,511		68		0.05	%
Customer time deposits(c)	1,151,843		2,535		0.87	%	1,129,668		1,798		0.64	%
Brokered and internet time deposits(c)	3,501		13		1.47	%	6,387		24		1.51	%
Time deposits	1,155,344		2,548		0.87	%	1,136,055		1,822		0.64	%
Total interest-bearing deposits	7,044,162		13,133		0.74	%	7,901,727		6,591		0.33	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	29,580		12		0.16	%	27,233		12		0.18	%
Federal Home Loan Bank advances	329,130		2,155		2.60	%	—		—		—	%
Subordinated debt	127,263		1,792		5.59	%	129,691		1,434		4.43	%
Other borrowings	1,457		7		1.91	%	1,480		6		1.63	%
Total other interest-bearing liabilities	487,430		3,966		3.23	%	158,404		1,452		3.68	%
Total interest-bearing liabilities	7,531,592		17,099		0.90	%	8,060,131		8,043		0.40	%
Noninterest-bearing liabilities:
Demand deposits	2,973,650						2,879,662
Other liabilities	196,637						134,892
Total noninterest-bearing liabilities	3,170,287						3,014,554
Total liabilities	10,701,879						11,074,685
Total common shareholders' equity	1,336,143						1,352,701
Noncontrolling interest	93						93
Total equity	1,336,236						1,352,794
Total liabilities and shareholders' equity	$	12,038,115					$	12,427,479
Net interest income(a)			$	112,145					$	102,926
Interest rate spread(a)					3.63	%					3.40	%
Net interest margin(a)					3.93	%					3.52	%
Cost of total deposits					0.52	%					0.25	%
Average interest-earning assets to average interest-bearing liabilities					150.2	%					145.4	%
Tax-equivalent adjustment			$	761					$	755
Loans HFI yield components:
Contractual interest rate(a)			$	106,405	4.79	%			$	88,005	4.24	%
Origination and other loan fee income			6,665		0.30	%			6,927		0.33	%
Accretion on purchased loans			949		0.05	%			64		—	%
Nonaccrual interest			469		0.02	%			546		0.03	%
Syndication fee income			—		—	%			1,150		0.06	%
Total loans HFI yield			$	114,488	5.16	%			$	96,692	4.66	%

(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 $931 and $932 of interest rate premium accretion on money market deposits, $180 and $207 of interest rate premium accretion on customer time deposits and $5 and $11 of interest rate premium accretion on brokered and internet deposits for the three months ended September 30, 2022 and June 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
	March 31, 2022						December 31, 2021						September 30, 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)(d)	$	7,762,566	$	82,463	4.31	%	$	7,452,342	$	84,315	4.49	%	$	7,245,313	$	84,115	4.61	%
Mortgage loans held for sale(b)	470,005		3,566		3.08	%	700,044		4,765		2.70	%	709,654		4,687		2.62	%
Commercial loans held for sale	78,567		928		4.79	%	87,568		1,033		4.68	%	108,863		1,282		4.67	%
Securities:(b)
Taxable	1,380,897		5,420		1.59	%	1,270,749		4,534		1.42	%	1,117,647		3,989		1.42	%
Tax-exempt(a)	318,849		2,523		3.21	%	318,579		2,550		3.18	%	311,151		2,546		3.25	%
Total securities(a)	1,699,746		7,943		1.90	%	1,589,328		7,084		1.77	%	1,428,798		6,535		1.81	%
Federal funds sold	206,829		192		0.38	%	129,379		183		0.56	%	145,315		135		0.37	%
Interest-bearing deposits with other financial institutions	1,599,991		638		0.16	%	1,280,183		479		0.15	%	1,404,772		508		0.14	%
FHLB stock	32,894		147		1.81	%	28,525		142		1.98	%	28,422		157		2.19	%
Total interest-earning assets(a)	11,850,598		95,877		3.28	%	11,267,369		98,001		3.45	%	11,071,137		97,419		3.49	%
Noninterest-earning assets:
Cash and due from banks	93,419						102,398						107,263
Allowance for credit losses	(125,980)						(139,684)						(144,652)
Other assets	823,452						855,734						881,314
Total noninterest-earning assets	790,891						818,448						843,925
Total assets	$	12,641,489					$	12,085,817					$	11,915,062
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,559,755	$	2,457	0.28	%	$	2,983,741	$	2,169	0.29	%	$	2,937,273	$	2,298	0.31	%
Money market(e)	3,017,746		1,572		0.21	%	3,017,574		2,053		0.27	%	2,997,595		2,322		0.31	%
Savings deposits	487,945		64		0.05	%	463,002		63		0.05	%	439,470		60		0.05	%
Customer time deposits(e)	1,077,386		1,320		0.50	%	1,123,955		1,492		0.53	%	1,200,760		1,840		0.61	%
Brokered and internet time deposits(e)	16,065		49		1.24	%	27,812		71		1.01	%	32,009		76		0.94	%
Time deposits	1,093,451		1,369		0.51	%	1,151,767		1,563		0.54	%	1,232,769		1,916		0.62	%
Total interest-bearing deposits	8,158,897		5,462		0.27	%	7,616,084		5,848		0.30	%	7,607,107		6,596		0.34	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,056		14		0.19	%	41,338		21		0.20	%	40,437		20		0.20	%

Subordinated debt	129,578		1,460		4.57	%	129,493		1,591		4.87	%	129,395		1,565		4.80	%
Other borrowings	1,502		9		2.43	%	1,525		4		1.04	%	1,547		8		2.05	%
Total other interest-bearing liabilities	161,136		1,483		3.73	%	172,356		1,616		3.72	%	171,379		1,593		3.69	%
Total interest-bearing liabilities	8,320,033		6,945		0.34	%	7,788,440		7,464		0.38	%	7,778,486		8,189		0.42	%
Noninterest-bearing liabilities:
Demand deposits	2,767,087						2,747,394						2,596,650
Other liabilities	138,291						137,903						150,632
Total noninterest-bearing liabilities	2,905,378						2,885,297						2,747,282
Total liabilities	11,225,411						10,673,737						10,525,768
Total common shareholders' equity	1,415,985						1,411,987						1,389,201
Noncontrolling interest	93						93						93
Total equity	1,416,078						1,412,080						1,389,294
Total liabilities and shareholders' equity	$	12,641,489					$	12,085,817					$	11,915,062
Net interest income(a)			$	88,932					$	90,537					$	89,230
Interest rate spread(a)					2.94	%					3.07	%					3.07	%
Net interest margin(a)					3.04	%					3.19	%					3.20	%
Cost of total deposits					0.20	%					0.22	%					0.26	%
Average interest-earning assets to average interest-bearing liabilities					142.4	%					144.7	%					142.3	%
Tax-equivalent adjustment			$	750					$	782					$	754
Loans HFI yield components:
Contractual interest rate(a)(c)			$	79,789	4.12	%			$	78,324	4.17	%			$	77,150	4.23	%
Origination and other loan fee income(c)			4,982		0.26	%			6,084		0.33	%			6,377		0.35	%
(Amortization) accretion on purchased loans			(2,352)		(0.12)	%			(726)		(0.04)	%			157		0.01	%
Nonaccrual interest			1,044		0.05	%			633		0.03	%			431		0.02	%

Total loans HFI yield			$	82,463	4.31	%			$	84,315	4.49	%			$	84,115	4.61	%

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

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

(c) Includes $7, $16, and $82 of loan contractual interest and $0, $137, and $441, of loan fees related to PPP loans for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

(d) Includes $2,992, $6,829, and $33,002 of average PPP loan balances for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

(e) Includes $932, $932, and $931 of interest rate premium accretion on money market deposits, $248, $316, and $426 of interest rate premium accretion on customer time deposits, and $42, $83, and $99 of interest rate premium accretion on brokered and internet deposits for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021, respectively.


FB Financial Corporation						9


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

(Unaudited)
(In Thousands, Except %)
	Nine Months Ended						Nine Months Ended
	September 30, 2022						September 30, 2021
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	8,302,649	$	293,643	4.73	%	$	7,111,240	$	250,546	4.71	%
Mortgage loans held for sale(b)	269,794		7,542		3.74	%	695,056		13,925		2.68	%
Commercial loans held for sale	56,951		2,316		5.44	%	152,802		5,065		4.43	%
Securities:(b)
Taxable	1,442,397		18,762		1.74	%	975,886		10,652		1.46	%
Tax-exempt(a)	308,418		7,474		3.24	%	323,034		7,806		3.23	%
Total securities(a)	1,750,815		26,236		2.00	%	1,298,920		18,458		1.90	%
Federal funds sold and reverse repurchase agreements	196,282		1,490		1.01	%	128,504		196		0.20	%
Interest-bearing deposits with other financial institutions	1,012,061		4,039		0.53	%	1,481,939		1,423		0.13	%
FHLB stock	39,030		824		2.82	%	30,527		470		2.06	%
Total interest-earning assets(a)	11,627,582		336,090		3.86	%	10,898,988		290,083		3.56	%
Noninterest-earning assets:
Cash and due from banks	98,202						137,934
Allowance for loan losses	(124,635)						(157,910)
Other assets	759,791						896,042
Total noninterest-earning assets	733,358						876,066
Total assets	$	12,360,940					$	11,775,054
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,262,730	$	11,573	0.47	%	$	2,904,387	$	8,005	0.37	%
Money market(e)	2,802,070		7,672		0.37	%	2,958,864		8,753		0.40	%
Savings deposits	504,215		202		0.05	%	407,183		170		0.06	%
Customer time deposits(e)	1,119,905		5,653		0.67	%	1,288,348		6,892		0.72	%
Brokered and internet time deposits(e)	8,605		86		1.34	%	37,347		521		1.87	%
Time deposits	1,128,510		5,739		0.68	%	1,325,695		7,413		0.75	%
Total interest-bearing deposits	7,697,525		25,186		0.44	%	7,596,129		24,341		0.43	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	28,954		38		0.18	%	34,807		77		0.30	%
Federal Home Loan Bank advances(g)	110,916		2,155		2.60	%	—		—		—	%
Subordinated debt(f)	128,387		4,686		4.88	%	155,704		5,725		4.92	%
Other borrowings	1,480		22		1.99	%	2,997		21		0.94	%
Total other interest-bearing liabilities	269,737		6,901		3.42	%	193,508		5,823		4.02	%
Total interest-bearing liabilities	7,967,262		32,087		0.54	%	7,789,637		30,164		0.52	%
Noninterest-bearing liabilities:
Demand deposits	2,874,223						2,477,454
Other liabilities	151,337						163,257
Total noninterest-bearing liabilities	3,025,560						2,640,711
Total liabilities	10,992,822						10,430,348
Total common shareholders' equity	1,368,025						1,344,613
Noncontrolling interest	93						93
Total equity	1,368,118						1,344,706
Total liabilities and shareholders' equity	$	12,360,940					$	11,775,054
Net interest income(a)			$	304,003					$	259,919
Interest rate spread(a)					3.32	%					3.04	%
Net interest margin(a)					3.50	%					3.19	%
Cost of total deposits					0.32	%					0.32	%
Average interest-earning assets to average interest-bearing liabilities					145.9	%					139.9	%
Tax equivalent adjustment			$	2,266					$	2,304
Loans HFI yield components:
Contractual interest rate(a)(c)			$	273,199	4.40	%			$	229,105	4.31	%
Origination and other loan fee income(c)			18,574		0.30	%			19,945		0.37	%
Amortization on purchased loans			(1,339)		(0.02)	%			(127)		—	%
Nonaccrual interest			2,059		0.03	%			1,623		0.03	%
Syndication fee income			1,150		0.02	%			—		—	%
Total loans HFI yield			$	293,643	4.73	%			$	250,546	4.71	%

(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 $14 and $798 of loan contractual interest and $0 and $3,137 of loan fees related to PPP loans for the nine months ended September 30, 2022 and 2021 .

(d) Includes $1,827 and $107,002 of average PPP loan balances during the nine months ended September 30, 2022 and 2021.

(e) Includes $2,795 and $2,795 of interest rate premium accretion on money market deposits, $635 and $1,861 of interest rate mark accretion on customer time deposits and $58 and $379 of interest rate mark accretion on brokered and internet deposits for the nine months ended September 30, 2022 and 2021, respectively.

(f) Includes $0 and $369 interest rate premium accretion on subordinated debt for the nine months ended September 30, 2022 and 2021, respectively.


FB Financial Corporation						10


Loans and Deposits by Market

(Unaudited)
(In Thousands)

	2022						2021
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Loans by market
Metropolitan	$	7,496,090	$	7,005,014	$	6,470,116	$	6,127,930	$	5,863,563
Community	669,810		682,134		704,254		738,249		745,796
Specialty lending and other	939,116		937,189		830,606		738,483		685,315
Total	$	9,105,016	$	8,624,337	$	8,004,976	$	7,604,662	$	7,294,674
Deposits by market
Metropolitan	$	6,140,632	$	6,670,308	$	7,007,149	$	6,981,639	$	5,918,924
Community	2,584,629		2,624,380		2,580,610		2,436,548		2,269,511
Mortgage and other(a)	1,280,821		1,248,614		1,408,519		1,418,710		1,883,483
Total	$	10,006,082	$	10,543,302	$	10,996,278	$	10,836,897	$	10,071,918

(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
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Banking segment
Net interest income	$	111,384		$	102,171		$	88,184		$	89,616		$	88,576
Provisions for credit losses	11,367			12,318			(4,247)			(10,769)			(2,531)

Noninterest income	10,293			10,699			11,983			21,850			13,823


Other noninterest expense	65,886			59,320			59,584			60,104			58,777
Pre-tax income after allocations	$	44,424		$	41,232		$	44,830		$	62,131		$	46,153
Total assets	$	11,648,610		$	11,469,762		$	11,890,847		$	11,540,560		$	10,712,281
Intracompany funding income included in net interest income	4,143			4,850			5,666			6,325			6,075
Core efficiency ratio*	53.8		%	51.3		%	58.7		%	57.5		%	57.9		%
Mortgage segment
Net interest income	$	—		$	—		$	(2)		$	139		$	(100)

Mortgage banking income	12,384			22,559			29,531			31,350			45,384
Other noninterest income	(85)			(44)			(122)			19			(201)

Mortgage restructuring expense	—			12,458			—			—			—
Other noninterest expense	15,961			25,219			29,688			30,798			36,230
Direct (loss) contribution	$	(3,662)		$	(15,162)		$	(281)		$	710		$	8,853
Total assets	$	609,472		$	724,100		$	783,344		$	1,057,126		$	1,098,009
Intracompany funding expense included in net interest income	4,143			4,850			5,666			6,325			6,075
Core efficiency ratio*	128.9		%	111.8		%	100.5		%	97.8		%	80.0		%
Interest rate lock commitments volume during the period
Direct-to-consumer
Purchase	$	—		$	74,704		$	248,723		$	182,037		$	153,664
Refinance	—			$	21,052		$	319,369		$	614,863		$	931,516
Total direct-to-consumer	$	—		$	95,756		$	568,092		$	796,900		$	1,085,180
Retail:
Purchase	$	350,909		$	513,309		$	497,937		$	450,878		$	528,700
Refinance	57,970			91,805			243,078			236,804			398,023
Total retail	$	408,879		$	605,114		$	741,015		$	687,682		$	926,723

Total interest rate lock commitments volume	$	408,879		$	700,870		$	1,309,107		$	1,484,582		$	2,011,903
Interest rate lock commitments pipeline (period end)
Direct-to-consumer	$	—		$	11,249		$	210,167		$	272,401		$	396,965
Retail	188,430			281,467			331,393			214,995			341,237

Total	$	188,430		$	292,716		$	541,560		$	487,396		$	738,202
Mortgage sales
Direct-to-consumer	$	48,490		$	325,608		$	650,740		$	765,535		$	809,888
Retail	521,165			544,080			633,742			647,066			726,009

Total	$	569,655		$	869,688		$	1,284,482		$	1,412,601		$	1,535,897
Gains and fees from origination and sale of mortgage loans held for sale	$	11,085		$	21,099		$	29,397		$	37,538		$	39,210
Net change in fair value of loans held for sale, derivatives, and other	(2,460)			(5,354)			(7,548)			(12,478)			1,002
Mortgage servicing income	8,104			7,966			7,429			7,632			7,539
Change in fair value of mortgage servicing rights, net of hedging	(4,345)			(1,152)			253			(1,342)			(2,367)
Total mortgage banking income	$	12,384		$	22,559		$	29,531		$	31,350		$	45,384
Mortgage sale margin(a)	1.95		%	2.43		%	2.29		%	2.66		%	2.55		%

(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
	Third Quarter		% of Total		Second Quarter		% of Total	First Quarter		% of Total	Fourth Quarter		% of Total	Third Quarter		% of Total
Loan portfolio
Commercial and Industrial (a)	$	1,534,159	17	%	$	1,479,424	17%	$	1,380,600	17%	$	1,290,565	17%	$	1,252,425	17	%
Construction	1,679,497		18	%	1,575,331		18%	1,468,811		19%	1,327,659		17%	1,190,623		16	%
Residential real estate:
1-to-4 family mortgage	1,545,252		17	%	1,457,452		17%	1,346,349		17%	1,270,467		17%	1,175,155		16	%
Residential line of credit	460,774		5	%	425,485		5%	392,740		5%	383,039		5%	392,440		5	%
Multi-family mortgage	394,366		4	%	391,970		5%	400,501		5%	326,551		4%	324,662		5	%
Commercial real estate:
Owner occupied	1,158,343		13	%	1,053,872		12%	978,436		12%	951,582		13%	938,241		13	%
Non-owner occupied	1,954,219		22	%	1,885,122		22%	1,706,546		21%	1,730,165		23%	1,695,573		23	%
Consumer and other	378,406		4	%	355,681		4%	330,993		4%	324,634		4%	325,555		5	%
Total loans HFI	$	9,105,016	100	%	$	8,624,337	100%	$	8,004,976	100%	$	7,604,662	100%	$	7,294,674	100	%
Variable interest rate portfolio percentage			48%				48%			49%			49%			50%
Variable interest rate portfolio percentage with maturity dates due after one year			42%				42%			44%			44%			46%

Unfunded loan commitments
Commercial and Industrial	$	1,062,657	29	%	$	1,003,189	30%	$	819,924	26%	$	769,463	25%	$	750,828	27	%
Construction	1,696,733		45	%	1,522,155		47%	1,599,738		50%	1,558,429		50%	1,333,549		48	%
Residential real estate:
1-to-4 family mortgage	868		—	%	949		—%	1,118		—%	2,010		—%	1,090		—	%
Residential line of credit	640,834		18	%	596,236		18%	579,098		18%	552,532		18%	522,087		18	%
Multi-family mortgage	28,407		1	%	11,742		—%	13,742		—%	13,331		—%	9,696		—	%
Commercial real estate:
Owner occupied	63,457		2	%	49,924		1%	48,769		2%	53,952		2%	66,585		2	%
Non-owner occupied	136,163		4	%	96,462		3%	101,335		3%	109,825		4%	122,027		4	%
Consumer and other	30,358		1	%	48,349		1%	32,261		1%	26,519		1%	20,324		1	%
Total unfunded loans HFI	$	3,659,477	100	%	$	3,329,006	100%	$	3,195,985	100%	$	3,086,061	100%	$	2,826,186	100	%

(a) Includes PPP loan balances of $851, $1,289, $2,062, $3,990, and $9,415 as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021,respectively.


FB Financial Corporation						13


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

	2022									2021
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Allowance for credit losses roll forward summary
Allowance for credit losses at the beginning of the period	$	126,272		$	120,049		$	125,559		$	139,446		$	144,663


Charge-offs	(461)			(2,388)			(579)			(3,225)			(2,614)
Recoveries	476			430			1,198			984			229
Provision for credit losses	8,189			8,181			(6,129)			(11,646)			(2,832)


Allowance for credit losses at the end of the period	$	134,476		$	126,272		$	120,049		$	125,559		$	139,446
Allowance for credit losses as a percentage of total loans HFI	1.48		%	1.46		%	1.50		%	1.65		%	1.91		%

Allowance for credit losses on unfunded commitments	$	23,577		$	20,399		$	16,262		$	14,380		$	13,503
Charge-offs
Commercial and Industrial	$	—		$	(1,751)		$	(4)		$	(1,224)		$	(2,175)
Construction	—			—			—			—			(1)
Residential real estate:
1-to-4 family mortgage	(20)			(23)			—			(5)			—

Multi-family mortgage	—			—			—			(1)			—
Commercial real estate:

Non-owner occupied	—			—			—			(1,566)			—
Consumer and other	(441)			(614)			(575)			(429)			(438)
Total charge-offs	(461)			(2,388)			(579)			(3,225)			(2,614)
Recoveries
Commercial and Industrial	342			26			958			626			19
Construction	—			11			—			—			3
Residential real estate:
1-to-4 family mortgage	13			14			12			27			33
Residential line of credit	—			16			1			99			1

Commercial real estate:
Owner occupied	51			15			10			13			4

Consumer and other	70			348			217			219			169
Total recoveries	476			430			1,198			984			229
Net recoveries (charge-offs)	$	15		$	(1,958)		$	619		$	(2,241)		$	(2,385)
Net (recoveries) charge-offs as a percentage of average total loans	0.00		%	0.09		%	(0.03)		%	0.12		%	0.13		%
Nonperforming assets(a)
Past due 90 days or more and accruing interest	$	16,002		$	14,585		$	12,873		$	11,735		$	8,901
Nonaccrual	26,625			29,535			27,826			35,568			34,126
Total nonperforming loans held for investment	42,627			44,120			40,699			47,303			43,027
Commercial loans held for sale	—			1,459			5,087			5,217			5,625
Mortgage loans held for sale(b)	26,485			—			—			—			—
Other real estate owned:
Foreclosed	3,452			6,418			6,692			6,429			6,514
Excess land and facilities	2,467			2,980			3,029			3,348			3,501
Other assets	639			527			453			686			347
Total nonperforming assets	$	75,670		$	55,504		$	55,960		$	62,983		$	59,014
Total nonperforming loans as a percentage of loans held for investment	0.47		%	0.51		%	0.51		%	0.62		%	0.59		%
Total nonperforming assets as a percentage of total assets(b)	0.62		%	0.46		%	0.44		%	0.50		%	0.50		%
Total nonaccrual loans as a percentage of total loans HFI	0.29		%	0.34		%	0.35		%	0.47		%	0.47		%

Loans restructured as troubled debt restructurings	$	14,959		$	17,054		$	20,601		$	32,435		$	29,645
Troubled debt restructurings as a percentage of loans held for investment	0.16		%	0.20		%	0.26		%	0.43		%	0.41		%

(a) Nonperforming assets include guaranteed repurchased loans previously sold of $4,122, $4,003, $5,741, $4,000, and $3,000 as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

(b) Includes optional right to repurchase seriously delinquent government guaranteed GNMA mortgage loans previously sold recorded as of September 30, 2022 as a result of a prospective change in accounting policy 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:	September 30, 2022			December 31, 2021

Total Common Shareholders' Equity	$	1,281,161		$	1,432,602
Less:
Goodwill	242,561			242,561
Other intangibles	13,407			16,953
Tangible Common Equity	$	1,025,193		$	1,173,088

Total Assets	$	12,258,082		$	12,597,686
Less:
Goodwill	242,561			242,561
Other intangibles	13,407			16,953
Tangible Assets	$	12,002,114		$	12,338,172

Preliminary Total Risk-Weighted Assets	$	11,506,518		$	9,904,606

Total Common Equity to Total Assets	10.5		%	11.4		%
Tangible Common Equity to Tangible Assets*	8.54		%	9.51		%


	September 30, 2022			December 31, 2021
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	1,257,489		$	1,221,874
Tier 1 Capital	1,287,489			1,251,874
Total Capital	1,515,825			1,434,581

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	10.9		%	12.3		%
Tier 1 Risk-Based	11.2		%	12.6		%
Total Risk-Based	13.2		%	14.5		%
Tier 1 Leverage	10.7		%	10.5		%

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


FB Financial Corporation						15


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

	2022															2021
Securities (at fair value)	Third Quarter					Second Quarter					First Quarter					Fourth Quarter				Third Quarter
Available-for-sale debt securities
U.S. government agency securities	$	39,831		3	%	$	42,059		3	%	$	38,882		2	%	$	33,870		2%	$	10,571		1	%
Mortgage-backed securities - residential	1,057,763			72	%	1,164,932			72	%	1,232,256			73	%	1,269,372			76%	1,210,503			77	%
Mortgage-backed securities - commercial	17,847			1	%	20,668			1	%	14,307			1	%	15,250			1%	15,712			1	%
Municipals, tax exempt	252,143			17	%	273,164			17	%	310,138			18	%	338,610			20%	327,239			21	%
Treasury securities	107,297			7	%	109,793			7	%	80,173			5	%	14,908			1%	6,006			—	%
Corporate securities	7,290			—	%	7,625			—	%	7,769			1	%	6,515			—%	2,527			—	%
Total available-for-sale debt securities	1,482,171			100	%	1,618,241			100	%	1,683,525			100	%	1,678,525			100%	1,572,558			100	%
Equity securities	2,962			—	%	3,103			—%		3,213			—%		3,367			—%	4,779			—	%
Total securities	$1,485,133			100%		$1,621,344			100%		$1,686,738			100%		$1,681,892			100%	$1,577,337			100%
Securities to total assets	12.1		%			13.3		%			13.3		%			13.4		%		13.4		%
Unrealized (loss) gain on available-for-sale debt securities	$	(258,614)				$	(167,510)				$	(100,933)				$	4,727			$	14,374


FB Financial Corporation						16


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

	2022						2021
Adjusted net income	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Income before income taxes	$	40,762	$	26,070	$	44,549	$	62,841	$	55,006
Plus mortgage restructuring expenses	—		12,458		—		—		—

Less other non-operating items(1)	(387)		(2,010)		(174)		8,499		1,235
Adjusted pre-tax net income	41,149		40,538		44,723		54,342		53,771
Adjusted income tax expense(2)	9,032		10,487		9,358		11,791		11,072
Adjusted net income	$	32,117	$	30,051	$	35,365	$	42,551	$	42,699
Weighted average common shares outstanding - fully diluted	47,024,611		47,211,650		47,723,902		47,896,715		48,007,147
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.68	$	0.41	$	0.74	$	1.02	$	0.94
Plus mortgage restructuring expenses	—		0.27		—		—		—


Less other non-operating items	—		(0.04)		—		0.18		0.02
Less tax effect	—		0.08		—		(0.05)		0.03
Adjusted diluted earnings per common share	$	0.68	$	0.64	$	0.74	$	0.89	$	0.89
(1) 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; 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap, and a gain of $2,005 from sales other real estate owned.
(2) 3Q21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.


	2022						2021
Adjusted pre-tax pre-provision earnings	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Income before income taxes	$	40,762	$	26,070	$	44,549	$	62,841	$	55,006
Plus provisions for credit losses	11,367		12,318		(4,247)		(10,769)		(2,531)
Pre-tax pre-provision earnings	52,129		38,388		40,302		52,072		52,475
Plus mortgage restructuring expenses	—		12,458		—		—		—
Less other non-operating items	(387)		(2,010)		(174)		8,499		1,235
Adjusted pre-tax pre-provision earnings	$	52,516	$	52,856	$	40,476	$	43,573	$	51,240


FB Financial Corporation						17


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

Adjusted net income	YTD 2022		2021		2020		2019		2018
Income before income taxes	$	111,381	$	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)	(2,571)		11,032		(4,400)		—		—
Adjusted pre-tax net income	126,410		232,624		187,876		116,919		108,119
Adjusted income tax expense(2)	28,878		51,553		45,944		27,648		26,034
Adjusted net income	$	97,532	$	181,071	$	141,932	$	89,271	$	82,085
Weighted average common shares outstanding - fully diluted	47,315,100		47,955,880		38,099,744		31,402,897		31,314,981
Adjusted diluted earnings per common share
Diluted earnings per common share	$	1.83	$	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	(0.05)		0.22		(0.11)		—		—
Less tax effect	0.08		(0.02)		0.71		0.06		0.01
Adjusted diluted earnings per common share	$	2.06	$	3.78	$	3.73	$	2.83	$	2.61

(1) YTD2022 includes a $2,571 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	YTD 2022		2021		2020		2019		2018
Income before income taxes	$	111,381	$	243,051	$	82,461	$	109,539	$	105,854
Plus provisions for credit losses	19,438		(40,993)		107,967		7,053		5,398
Pre-tax pre-provision earnings	130,819		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	(2,571)		11,032		(4,400)		—		—
Adjusted pre-tax pre-provision earnings	$	145,848	$	191,631	$	229,707	$	123,972	$	113,517


FB Financial Corporation						18


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

	2022									2021
Core efficiency ratio (tax-equivalent basis)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Total noninterest expense	$	81,847		$	96,997		$	89,272		$	90,902		$	95,007
Less mortgage restructuring expenses	—			12,458			—			—			—



Less certain charitable contributions	—			—			—			1,422			—
Core noninterest expense	$	81,847		$	84,539		$	89,272		$	89,480		$	95,007
Net interest income (tax-equivalent basis)	$	112,145		$	102,926		$	88,932		$	90,537		$	89,230
Total noninterest income	22,592			33,214			41,392			53,219			59,006
Less (loss) gain on change in fair value on commercial loans held for sale	(387)			(2,010)			(174)			9,921			740
Less loss on swap cancellation	—			—			—			—			(1,510)

Less gain (loss) on sales or write-downs of other real estate owned and other assets	429			(8)			(434)			187			2,182
Less (loss) gain from securities, net	(140)			(109)			(152)			46			51
Core noninterest income	22,690			35,341			42,152			43,065			57,543
Core revenue	$	134,835		$	138,267		$	131,084		$	133,602		$	146,773
Efficiency ratio (GAAP)(a)	61.1		%	71.6		%	68.9		%	63.6		%	64.4		%
Core efficiency ratio (tax-equivalent basis)	60.7		%	61.1		%	68.1		%	67.0		%	64.7		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

	2022									2021
Banking segment core efficiency ratio (tax equivalent)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Core noninterest expense	$	81,847		$	84,539		$	89,272		$	89,480		$	95,007
Less Mortgage segment core noninterest expense	15,961			25,219			29,688			30,798			36,230
Banking segment core noninterest expense	$	65,886		$	59,320		$	59,584		$	58,682		$	58,777
Banking segment net interest income (tax-equivalent basis)	$	112,145		$	102,926		$	88,934		$	90,398		$	89,330
Core noninterest income	22,690			35,341			42,152			43,065			57,543
Less Mortgage segment core noninterest income	12,384			22,559			29,531			31,350			45,384
Banking segment core noninterest income	10,306			12,782			12,621			11,715			12,159
Core revenue	134,835			138,267			131,084			133,602			146,773
Less Mortgage segment core total revenue	12,384			22,559			29,529			31,489			45,284
Banking segment core total revenue	$	122,451		$	115,708		$	101,555		$	102,113		$	101,489
Banking segment core efficiency ratio (tax-equivalent basis)	53.8		%	51.3		%	58.7		%	57.5		%	57.9		%

Mortgage segment core efficiency ratio (tax-equivalent)
Mortgage segment noninterest expense	$	15,961		$	37,677		$	29,688		$	30,798		$	36,230

Less mortgage restructuring expense	—			12,458			—			—			—

Mortgage segment core noninterest expense	$	15,961		$	25,219		$	29,688		$	30,798		$	36,230
Mortgage segment net interest income	—			—			(2)			139			(100)
Mortgage segment noninterest income	12,299			22,515			29,409			31,369			45,183
Less (loss) gain on sales or write-downs of other real estate owned	(85)			(44)			(122)			19			(201)
Mortgage segment core noninterest income	12,384			22,559			29,531			31,350			45,384
Mortgage segment core total revenue	$	12,384		$	22,559		$	29,529		$	31,489		$	45,284
Mortgage segment core efficiency ratio (tax-equivalent basis)	128.9		%	111.8		%	100.5		%	97.8		%	80.0		%


FB Financial Corporation						19


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

	2022									2021
Adjusted Banking segment pre-tax pre-provision earnings	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Banking segment pre-tax net contribution	$	44,424		$	41,232		$	44,830		$	62,131		$	46,153
Plus provisions for credit losses	11,367			12,318			(4,247)			(10,769)			(2,531)
Banking segment pre-tax pre-provision earnings	55,791			53,550			40,583			51,362			43,622

Less other non-operating items	(387)			(2,010)			(174)			8,499			1,235
Adjusted Banking segment pre-tax pre-provision earnings	$	56,178		$	55,560		$	40,757		$	42,863		$	42,387

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





Mortgage segment pre-tax net (loss) contribution	$	(3,662)		$	(15,162)		$	(281)		$	710		$	8,853

Plus mortgage restructuring expense	—			12,458			—			—			—
Adjusted Mortgage segment pre-tax net (loss) contribution	$	(3,662)		$	(2,704)		$	(281)		$	710		$	8,853
Pre-tax pre-provision earnings	$	52,129		$	38,388		$	40,302		$	52,072		$	52,475
Mortgage segment pre-tax pre-provision net contribution to total pre-tax pre-provision earnings	N/A			N/A			N/A			1.36		%	16.9		%
Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Adjusted Mortgage segment pre-tax pre-provision net contribution to total adjusted pre-tax pre-provision earnings	N/A			N/A			N/A			1.63		%	17.3		%

	2022									2021
Tangible assets and equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Tangible assets
Total assets	$	12,258,082		$	12,193,862		$	12,674,191		$	12,597,686		$	11,810,290
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	13,407			14,515			15,709			16,953			18,248
Tangible assets	$	12,002,114		$	11,936,786		$	12,415,921		$	12,338,172		$	11,549,481
Tangible common equity
Total common shareholders' equity	$	1,281,161		$	1,319,852		$	1,379,776		$	1,432,602		$	1,400,913
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	13,407			14,515			15,709			16,953			18,248
Tangible common equity	$	1,025,193		$	1,062,776		$	1,121,506		$	1,173,088		$	1,140,104
Less accumulated other comprehensive (loss) income, net	(187,440)			(120,495)			(71,544)			5,858			12,637
Adjusted tangible common equity	$	1,212,633		$	1,183,271		$	1,193,050		$	1,167,230		$	1,127,467
Common shares outstanding	46,926,377			46,881,896			47,487,874			47,549,241			47,707,634
Book value per common share	$	27.30		$	28.15		$	29.06		$	30.13		$	29.36
Tangible book value per common share	$	21.85		$	22.67		$	23.62		$	24.67		$	23.90
Adjusted tangible book value per common share	$	25.84		$	25.24		$	25.12		$	24.55		$	23.63
Total common shareholders' equity to total assets	10.5		%	10.8		%	10.9		%	11.4		%	11.9		%
Tangible common equity to tangible assets	8.54		%	8.90		%	9.03		%	9.51		%	9.87		%


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	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Average common shareholders' equity	$	1,336,143		$	1,352,701		$	1,415,985		$	1,411,987		$	1,389,201
Less average goodwill	242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	13,953			15,144			16,376			17,580			18,950
Average tangible common equity	$	1,079,629		$	1,094,996		$	1,157,048		$	1,151,846		$	1,127,690
Net income	$	31,831		$	19,345		$	35,236		$	48,827		$	45,290
Return on average common equity	9.45		%	5.74		%	10.1		%	13.7		%	12.9		%
Return on average tangible common equity	11.7		%	7.09		%	12.4		%	16.8		%	15.9		%
Adjusted net income	$	32,117		$	30,051		$	35,365		$	42,551		$	42,699
Adjusted return on average tangible common equity	11.8		%	11.0		%	12.4		%	14.7		%	15.0		%
Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Adjusted pre-tax pre-provision return on average tangible common equity	19.3		%	19.4		%	14.2		%	15.0		%	18.0		%

Return on average tangible common equity	YTD 2022			2021			2020			2019			2018
Average common shareholders' equity	$	1,368,025		$	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	15,149			19,606			22,659			17,236			12,815
Average tangible common equity	$	1,110,315		$	1,099,470		$	744,573		$	545,671		$	479,917
Net income	$	86,412		$	190,285		$	63,621		$	83,814		$	80,236
Return on average common equity	8.45		%	14.0		%	6.58		%	11.6		%	12.7		%
Return on average tangible common equity	10.4		%	17.3		%	8.54		%	15.4		%	16.7		%



Adjusted net income	$	97,532		$	181,071		$	141,932		$	89,271		$	82,085
Adjusted return on average tangible common equity	11.7		%	16.5		%	19.1		%	16.4		%	17.1		%
Adjusted pre-tax pre-provision earnings	$	145,848		$	191,631		$	229,707		$	123,972		$	113,517
Adjusted pre-tax pre-provision return on average tangible common equity	17.6		%	17.4		%	30.9		%	22.7		%	23.7		%

	2022									2021
Adjusted return on average assets and equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Net income	$	31,831		$	19,345		$	35,236		$	48,827		$	45,290
Average assets	12,038,115			12,427,479			12,641,489			12,085,817			11,915,062
Average common equity	1,336,143			1,352,701			1,415,985			1,411,987			1,389,201
Return on average assets	1.05		%	0.62		%	1.13		%	1.60		%	1.51		%
Return on average common equity	9.45		%	5.74		%	10.1		%	13.7		%	12.9		%
Adjusted net income	$	32,117		$	30,051		$	35,365		$	42,551		$	42,699
Adjusted return on average assets	1.06		%	0.97		%	1.13		%	1.40		%	1.42		%
Adjusted return on average common equity	9.54		%	8.91		%	10.1		%	12.0		%	12.2		%













Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Adjusted pre-tax pre-provision return on average assets	1.73		%	1.71		%	1.30		%	1.43		%	1.71		%
Adjusted pre-tax pre-provision return on average common equity	15.6		%	15.7		%	11.6		%	12.2		%	14.6		%


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	YTD 2022			2021			2020			2019			2018
Net income	$	86,412		$	190,285		$	63,621		$	83,814		$	80,236
Average assets	12,360,940			11,848,460			8,438,100			5,777,672			4,844,865
Average common equity	1,368,025			1,361,637			966,336			723,494			629,922
Return on average assets	0.93		%	1.61		%	0.75		%	1.45		%	1.66		%
Return on average common equity	8.45		%	14.0		%	6.58		%	11.6		%	12.7		%
Adjusted net income	$	97,532		$	181,071		$	141,932		$	89,271		$	82,085
Adjusted return on average assets	1.05		%	1.53		%	1.68		%	1.55		%	1.69		%
Adjusted return on average common equity	9.53		%	13.3		%	14.7		%	12.3		%	13.0		%




Adjusted pre-tax pre-provision earnings	$	145,848		$	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	14.3		%	14.1		%	23.8		%	17.1		%	18.0		%


FB Financial Corporation						22

October 18, 2022 2022 Third Quarter Earnings Presentation

1 Forward–Looking Statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) 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 other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non- GAAP reconciliation tables in this Presentation dated October 18, 2022, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

3 3Q 2022 highlights Key highlights  Noninterest-bearing deposits grew 9.73% annualized in 3Q 2022, or $71.0 million; year-over-year noninterest-bearing deposit growth of 16.8% (balances exclude mortgage escrow related deposits)  Loans HFI grew 22.1% annualized in 3Q 2022, or $480.7 million. Year-over-year loan growth of 24.8%.  Adjusted Banking segment PTPP earnings1 of $56.2 million, compared to $55.6 million in 2Q 2022 and $42.4 million in 3Q 2021. Year-over-year increase of 32.5%.  Tax-adjusted net interest income of $112.1 million, compared to $102.9 million in 2Q 2022 and $89.2 million in 3Q 2021. Contractual yield on loans HFI increased by 55 basis points from 2Q 2022 to 4.79%, while cost of total deposits increased by 27 basis points from 2Q 2022 to 0.52%.  Maintained a strong ACL/loans HFI of 1.48% and a provision expense of $11.4 million. Nonperforming loans HFI as a percentage of total loans HFI decreased by 4 basis points from 2Q 2022 to 0.47%  Only 3 relationships and $33.7 million of exposure remaining in Commercial Loans HFS portfolio  Mortgage segment pre-tax net loss of $3.7 million in 3Q 2022  Prepared for a range of economic scenarios with strong capital ratios: CET1/RWA of 10.9%, Tier 1/RWA of 11.2%, Total Capital/RWA of 13.2% and a Leverage ratio of 10.7% 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. 3Q 2022 Diluted earnings per share Adjusted diluted earnings per share1 $0.68 $0.68 Net income ($mm) Adjusted net income1 ($mm) $31.8 $32.1 Return on average assets Adjusted return on average assets1 1.05% 1.06% Return on average common equity Adjusted return on average common equity1 9.45% 9.54% Return on average tangible common equity1 Adjusted return on average tangible common equity1 11.7% 11.8% Adjusted pre-tax, pre-provision earnings1 ($mm) $52.5 Adjusted pre-tax, pre-provision return on average assets1 1.73% Net interest margin Impact of accretion and nonaccrual interest (bps) 3.93% 5 Tangible common equity / tangible assets1 8.54%

4 5% 17% 21% 31% 22% 3Q21 4Q21 1Q22 2Q22 3Q22 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 in the second quarter of 2022 compared to the third quarter of 2022 which reduced noninterest expense by $0.7 million and resulted in an increase in noninterest expense by $0.7 million in the third quarter of 2022. Adjusted Earnings per Share1 $2.61 $2.83 $3.73 $3.78 $2.06 2018 2019 2020 2021 YTD 2022 Short Term Performance Dashboard Adjusted Banking Segment PTPP1,2 Annualized NIB Deposit GrowthAdjusted PTPP1,2 Annualized Loans (HFI) Growth Tangible Book Value per Share1 $17.02 $18.55 $21.73 $24.67 $21.85 $17.16 $18.16 $21.15 $24.55 $25.84 2018 2019 2020 2021 3Q22 TBVPS Adj. TBVPS (Ex. AOCI) Adjusted ROATCE1 $51.2 $43.6 $40.5 $52.9 $52.5 3Q21 4Q21 1Q22 2Q22 3Q22 24.8% year-over-year Loans (HFI) growth 20% 20% 7% 16% 10% 3Q21 4Q21 1Q22 2Q22 3Q22 13.7% year-over-year NIB Deposit growth 15% 15% 12% 11% 12% 3Q21 4Q21 1Q22 2Q22 3Q22 $42.4 $42.9 $40.8 $55.6 $56.2 3Q21 4Q21 1Q22 2Q22 3Q22

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 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 3Q21 4Q21 1Q22 2Q22 3Q22 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM NIM1 3.20% 3.19% 3.04% 3.52% 3.93% Impact of accretion and nonaccrual interest (bps) 2 0 (7) 2 5 Impact of excess liquidity2 (bps) (28) (22) (29) (14) 0 Deposit Cost: Cost of MMDA 0.31% 0.27% 0.21% 0.20% 0.73% Cost of customer time 0.61% 0.53% 0.50% 0.64% 0.87% Cost of interest-bearing 0.34% 0.30% 0.27% 0.33% 0.74% Total deposit cost 0.26% 0.22% 0.20% 0.25% 0.52% Loans HFI Yield: Contractual interest 4.23% 4.17% 4.12% 4.24% 4.79% Origination and other loan fee income 0.35% 0.33% 0.26% 0.33% 0.30% Nonaccrual interest 0.02% 0.03% 0.05% 0.03% 0.02% Accretion on purchased loans 0.01% (0.04%) (0.12%) 0.00% 0.05% Syndication fee income 0.00% 0.00% 0.00% 0.06% 0.00% Total loan (HFI) yield 4.61% 4.49% 4.31% 4.66% 5.16%

6 Mortgage performance in 3Q 2022 Highlights  Mortgage segment pre-tax net loss of $3.7 million in 3Q 2022  Restructuring of Mortgage segment materially complete, segment was profitable latter half of quarter  Interest rate lock commitments declined substantially in 3Q resulting in negative fair value change  Do not expect contribution to earnings in 4Q 2022 due to seasonal impact on volume Mortgage banking income ($mm) 3Q21 2Q22 3Q22 Gain on Sale $39.2 $21.1 $11.1 Fair value changes $1.0 ($5.4) ($2.5) Servicing Revenue $7.6 $8.0 $8.1 Fair value MSR changes ($2.4) ($1.1) ($4.3) Total Income $45.4 $22.6 $12.4 2.55% 2.66% 2.29% 2.43% 1.95% 3Q21 4Q21 1Q22 2Q22 3Q22 Retail channel interest rate lock commitments ($mm) Mortgage segment gain on sale margin $529 $451 $498 $513 $351 $398 $237 $243 $92 $58 $927 $688 $741 $605 $409 3Q21 4Q21 1Q22 2Q22 3Q22 Purchase Refinance .

7 Managing expenses and investing to support growth Highlights Consolidated 3Q 2022 core efficiency ratio¹ of 60.7% Banking segment realizing the benefits of an asset sensitive balance sheet Mortgage efficiency remains elevated; segment has adjusted for realities of the current origination environment Anticipate further investments in people with the opportunity resulting from recent merger disruption and additional investments in technology as Innovations Group is presented with further opportunities 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 57.9% 57.5% 58.7% 51.3% 53.8% 64.7% 67.0% 68.1% 61.1% 60.7% 80.0% 97.8% 100.5% 111.8% 128.9% 3Q21 4Q21 1Q22 2Q22 3Q22 Banking segment Consolidated Mortgage segment

8 Well-capitalized for future opportunities Tangible book value per share3 Simple capital structure Common Equity Tier 1 Capital 83% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 9% Total regulatory capital: $1,5162 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $21.85 3Q16 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 3Q22 3Q211 2Q221 3Q221,2 Shareholder’s equity/Assets 11.9% 10.8% 10.5% TCE/TA3 9.9% 8.9% 8.5% Common equity tier 1/Risk-weighted assets 12.4% 11.5% 10.9% Tier 1 capital/Risk-weighted assets 12.7% 11.8% 11.2% Total capital/Risk-weighted assets 14.6% 13.6% 13.2% Tier 1 capital /Average assets 10.4% 10.2% 10.7% C&D loans subject to 100% tier 1 capital plus ACL4 91% 119% 121% CRE loans subject to 300% tier 1 capital plus ACL4 247% 294% 292% 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 3Q21, 2Q22 and 3Q22, respectively, $44.4 million, $30.7 million and $30.7 million are being added back to CET 1 and Tier 1 Capital, and $50.2 million, $35.1 million and $35.1 million are being taken out of Tier 2 capital. 2 Total regulatory capital, FB Financial Corporation. 3Q22 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 3Q21, 2Q22 and 3Q22, respectively, $50.2 million, $35.1 million and $35.1 million are being disallowed from Tier 1 Capital for purposes of the calculation.

9 Noninterest- bearing checking 30% Interest-bearing checking 26% Money market 27% Savings 5% Time 12% 56% Checking accounts Valuable core deposit base ¹ Includes mortgage servicing-related deposits of $190.6 million, $127.6 million,$131.1 million, $133.2 million, and $140.8 million for the quarters ended September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, and September 30, 2022 respectively. Total deposits ($mm) Cost of deposits Deposit composition $2,610 $2,740 $2,788 $2,896 $2,997 $7,462 $8,097 $8,208 $7,644 $7,009 $10,072 $10,837 $10,996 $10,540 $10,006 3Q21 4Q21 1Q22 2Q22 3Q22 Noninterest-bearing Deposits Interest-bearing Deposits 25.9% 25.3% 25.4% 27.5% 29.6% 0.26% 0.22% 0.20% 0.25% 0.52% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 3Q21 4Q21 1Q22 2Q22 3Q22 Noninterest-bearing (%) Cost of total deposits (%)

10 Office 21% Retail 21% Hotel 16% Warehouse / Industrial 14% Land-Manufactured Home Communities 5% Self Storage 5% Healthcare Facility 2% Other 16% 1-4 Family to be sold 44% Commercial Land 26% 1-4 Consumer Construction 8% Multifamily 8% Retail 3% Warehouse 2% Office 1% Other 8% 1-4 family 17% 1-4 family HELOC 5% Multifamily 4% C&D 18% CRE 22% C&I 30% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry 1 2 C&D exposure by type

11 1.91% 1.65% 1.50% 1.46% 1.48% 3Q21 4Q21 1Q22 2Q22 3Q22 0.13% 0.12% (0.03%) 0.09% 0.00% 3Q21 4Q21 1Q22 2Q22 3Q22 Asset quality remains solid Nonperforming Assets1 / Assets Nonperforming Loans (HFI) / Loans (HFI) LLR/loans HFI Net charge-offs (recoveries) / average loans 1 Includes acquired excess land and facilities held for sale–see page 14 of the Quarterly Financial Supplement. 3Q22 includes optional right to repurchase seriously delinquent GNMA loans previously sold recorded as of September 30, 2022. This change in accounting policy had a 22 bp impact on the Company's nonperforming asset ratio in the third quarter of 2022. 0.59% 0.62% 0.51% 0.51% 0.47% 3Q21 4Q21 1Q22 2Q22 3Q22 1 0.40% 0.22% 0.50% 0.50% 0.44% 0.46% 0.62% 3Q21 4Q21 1Q22 2Q22 3Q22

12 1.91% 1.25% 2.15% 1.32% 2.50% 3.70% 1.45% 1.47% 3.46% 1.46% 0.69% 1.24% 0.70% 2.44% 1.66% 1.47% 1.62% 3.67% 1.48% 0.69% 1.17% 0.70% 2.47% 1.49% 1.64% 1.51% 3.56% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 3Q21 2Q22 3Q22 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 “August 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

21 GAAP reconciliation and use of non-GAAP financial measures Adjusted Mortgage segment pre-tax net (loss) contribution

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 Tangible assets and equity, tangible book value per common share and tangible common equity to tangible assets

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

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

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

27 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 October 17 , 2022
99.2						Supplemental Financial Information for the quarter ended September 30, 2022
99.3						Earnings Presentation dated October 18, 2022
104						Cover Page Interactive Data File (formatted as inline XBRL document)


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer
		(Principal Financial Officer)
Date: October 17, 2022


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


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


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