Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 17, 2023

FB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Tennessee

001-37875

62-1216058

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification Number)

1221 Broadway, Suite 1300

Nashville, Tennessee 37203

(Address of principal executive offices) (Zip Code)

(615) 564-1212

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

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


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


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


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


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

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


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

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

On July 17, 2023, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the second quarter ended June 30, 2023 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this current report on Form 8-K (this “Report”).

Item 7.01. Regulation FD Disclosure.

On July 18, 2023, FB Financial will host a conference call to discuss financial results for the quarter ended June 30, 2023.

On July 17, 2023, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the second quarter ended June 30, 2023 (the “Supplemental Financial Information”) and an earnings release presentation (the “Earnings Presentation”) containing additional information about FB Financial’s financial results for the quarter ended June 30, 2023.

Copies of the Supplemental Financial Information and the Earnings Presentation are furnished as Exhibit 99.2 and Exhibit 99.3, respectively, to this Report.

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

Item 9.01. Financial Statements and Exhibits.


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued July 17, 2023
99.2						Supplemental Financial Information for the quarter ended June 30 , 2023
99.3						Earnings Presentation dated July 18, 2023
104						Cover Page Interactive Data File (formatted as inline XBRL document)

SIGNATURES

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


	FB FINANCIAL CORPORATION


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

FB Financial Corporation Reports Second Quarter 2023 Results

Reports Q2 Diluted EPS of $0.75, Adjusted Diluted EPS* of $0.77

NASHVILLE, TENNESSEE—July 17, 2023-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $35.3 million, or $0.75 per diluted common share, for the second quarter of 2023, compared to $0.78 in the previous quarter and $0.41 in the second quarter of last year. Adjusted net income* was $36.0 million, or $0.77 per diluted common share, compared to $0.76 in the previous quarter and $0.64 in the second quarter of last year.

The Company’s deposits were $10.87 billion at June 30, 2023 compared to $11.18 billion at March 31, 2023 and $10.54 billion at June 30, 2022. The quarter-over-quarter decrease related to a reduction in public funds of $462.6 million. Loans held for investment ("HFI") were $9.33 billion at the end of the quarter compared to $9.37 billion at the end of the previous quarter and $8.62 billion at the end of the same quarter last year. The decline relative to the previous quarter was primarily driven by construction and non-owner occupied commercial real estate loan balances declining by $118.1 million. The Company grew book value to $29.64 and grew adjusted tangible book value* to $27.72, or 9.84% annualized from the first quarter. Net interest margin ("NIM") was 3.40% for the second quarter of 2023 compared to 3.51% and 3.52% in the prior quarter and the second quarter of 2022, respectively.

President and Chief Executive Officer, Christopher T. Holmes stated, "We boosted our balance sheet strength during the quarter so the Company is prepared regardless of whether the future brings challenges or opportunities. We continued reducing our exposure to public funds, enhancing our already diversified and granular deposit portfolio. We also reduced our exposure to commercial real estate, further strengthening our well-balanced loan portfolio. Additionally, our strong capital base and ample reserve for credit losses give us optionality in allocating capital and increasing returns as we move into the second half of 2023 and look forward to 2024."


	2023						2022			Annualized
(dollars in thousands, except share data)	Second Quarter			First Quarter			Second Quarter			2Q23 / 1Q23 % Change		2Q23 / 2Q22 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,422,391		$	1,474,064		$	1,621,344		(14.1)	%	(12.3)	%
Mortgage loans held for sale(a)	89,864			73,005			222,400			92.6	%	(59.6)	%
Commercial loans held for sale, at fair value	9,267			9,510			37,815			(10.2)	%	(75.5)	%
Loans held for investment	9,326,024			9,365,996			8,624,337			(1.71)	%	8.14	%

Allowance for credit losses	140,664			138,809			126,272			5.36	%	11.4	%
Allowance for credit losses on unfunded commitments	14,810			18,463			20,399			(79.4)	%	(27.4)	%
Total assets	12,887,395			13,101,147			12,193,862			(6.54)	%	5.69	%

Interest-bearing deposits (non-brokered)	8,233,082			8,693,515			7,646,125			(21.2)	%	7.68	%
Brokered deposits	238,885			251			1,657			381,338.0	%	14,316.7	%
Noninterest-bearing deposits	2,400,288			2,489,149			2,895,520			(14.3)	%	(17.1)	%



Total deposits	10,872,255			11,182,915			10,543,302			(11.1)	%	3.12	%
Estimated insured or collateralized deposits	7,858,761			7,926,537			7,320,537			(3.43)	%	7.35	%
Borrowings	390,354			312,131			160,400			100.5	%	143.4	%
Total common shareholders' equity	1,386,951			1,369,696			1,319,852			5.05	%	5.08	%
Book value per common share	$	29.64		$	29.29		$	28.15		4.79	%	5.29	%

Adjusted tangible book value per common share*	$	27.72		$	27.06		$	25.24		9.84	%	9.83	%
Total common shareholders' equity to total assets	10.8		%	10.5		%	10.8		%
Tangible common equity to tangible assets*	8.98		%	8.68		%	8.90		%
Estimated uninsured and uncollateralized deposits as a percentage of total deposits	27.7		%	29.1		%	30.6		%
*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and non-GAAP reconciliations herein.
(a) Includes optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days amounting to $20,225 and $20,528 as of June 30, 2023 and March 31, 2023, respectively.

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FB Financial Corporation

Second Quarter 2023 Results

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	2023						2022
(dollars in thousands, except share data)	Second Quarter			First Quarter			Second Quarter
Statement of Income Highlights
Net interest income	$	101,543		$	103,660		$	102,171
NIM	3.40		%	3.51		%	3.52		%
Provisions for credit losses	$	(1,078)		$	491		$	12,318

Net charge-off ratio	0.03		%	0.02		%	0.09		%
Noninterest income	$	23,813		$	23,349		$	33,214
Mortgage banking income	$	12,232		$	12,086		$	22,559
Total revenue	$	125,356		$	127,009		$	135,385
Noninterest expense	$	81,292		$	80,440		$	96,997


Efficiency ratio	64.8		%	63.3		%	71.6		%
Core efficiency ratio*	63.5		%	63.3		%	61.1		%





Pre-tax, pre-provision earnings	$	44,064		$	46,569		$	38,388
Adjusted pre-tax, pre-provision earnings*	$	44,965		$	45,659		$	52,856
Net income applicable to FB Financial Corporation	$	35,299		$	36,381		$	19,345
Diluted earnings per common share	$	0.75		$	0.78		$	0.41
Effective tax rate	21.8		%	21.0		%	25.8		%
Adjusted net income*	$	35,973		$	35,708		$	30,051
Adjusted diluted earnings per common share*	$	0.77		$	0.76		$	0.64


Weighted average number of shares outstanding - fully diluted	46,814,854			46,765,154			47,211,650

Returns on average:

Return on average total assets	1.10		%	1.15		%	0.62		%

Return on average shareholders' equity	10.3		%	11.0		%	5.74		%
Return on average tangible common equity*	12.6		%	13.6		%	7.09		%





*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and non-GAAP reconciliations herein.

Balance Sheet and Net Interest Margin

The Company reported loans HFI of $9.33 billion at the end of the second quarter of 2023, a decrease of $40.0 million from the end of the prior quarter. The contraction was led by declines in construction and non-owner occupied commercial real estate loans of $118.1 million, or 13.0% annualized, which was partially offset by growth in commercial and multifamily loans. The contractual yield on loans increased to 6.16% for the second quarter of 2023 from 5.90% for the previous quarter.

Total deposits decreased by $310.7 million in the second quarter to $10.87 billion. The decrease in total deposits was due to a decrease in public funds of $462.6 million, much of which was seasonal. The Company's total cost of deposits increased to 2.38% during the quarter, and the cost of interest-bearing deposits increased to 3.06%. Noninterest-bearing deposits ("NIBs") decreased to $2.40 billion at the end of the quarter compared to $2.49 billion at the end of first quarter of 2023.

The Company’s net interest income on a tax equivalent basis decreased to $102.4 million in the second quarter of 2023 from $104.5 million in the prior quarter. The decrease was primarily related to higher cost of deposits which resulted in an increase in interest expense on deposits of $12.4 million over the prior quarter. Lower loan balances also impacted net interest income and ultimately the NIM, which decreased to 3.40% for the second quarter of 2023 from 3.51% from the previous quarter.

Holmes continued, "We continue to manage down credit exposure in our construction and commercial real estate portfolios while also continuing to meet the needs of our relationship customers in these segments. NIBs were flat in the second half of the quarter, as we saw less rebalancing of deposits seeking higher interest rates. As expected, we saw a decline in public funds of $462.6 million compared to the prior quarter-end, which was primarily seasonal. We also consciously reduced our public funds exposure during the quarter as we position the liability side of the balance sheet for future growth and optimal earnings."

Noninterest Income

Noninterest income was $23.8 million for the second quarter of 2023, compared to $23.3 million and $33.2 million for the first quarter of 2023 and second quarter of 2022, respectively.

Mortgage banking income remained relatively stable with the previous quarter, as the Company recognized income of $12.2 million in the second quarter and $12.1 million in the first quarter of 2023. Interest rate lock commitment volume during the second quarter of 2023 totaled $403.0 million compared to $375.0 million in the previous quarter.

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FB Financial Corporation

Second Quarter 2023 Results

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Chief Financial Officer, Michael Mettee noted, “Noninterest income was flat during the quarter with higher interest rates continuing to suppress mortgage origination volume. The Mortgage division continues to adjust the business as necessary and recorded a small operational profit in the months of May and June of the second quarter."

Expense Management

Noninterest expense was $81.3 million for the second quarter of 2023, compared to $80.4 million for the prior quarter and $97.0 million for the second quarter of 2022. Core noninterest expense* was $79.9 million, which excludes $1.4 million of severance expense for the second quarter of 2023, compared to $80.4 million for the prior quarter and $84.5 million for the second quarter of 2022, which excludes $12.5 million of mortgage restructuring expense. Core banking segment noninterest expense* was $66.7 million for the quarter, compared to $68.4 million in the prior quarter, or a 2.48% decline. During the second quarter of 2023, the Company's core efficiency ratio*1 was 63.5%, compared to 63.3% in the previous quarter and 61.1% in the second quarter of 2022.

Mettee noted, “Expense management is a focus of the Company as we face continued revenue headwinds from the net interest margin and mortgage environments. Our core expense run rate was less in the second quarter than the first, and we anticipate additional reductions in the second half of 2023.”

Credit Quality

The Company had a provision expense of $2.6 million related to loans HFI; however, it also recorded a provision reversal of $3.7 million on unfunded loan commitments, resulting in a net provision release of $1.1 million for the quarter. Notably, the Company reduced unfunded loan commitments in the construction and land development category by $197.2 million from the previous quarter's unfunded commitments of $1.34 billion. At the end of the second quarter, the Company had an allowance for credit losses on loans HFI of $140.7 million, representing 1.51% of loans HFI compared to $138.8 million, or 1.48% as of March 31, 2023.

The Company experienced net charge-offs of $0.7 million in the second quarter of 2023, representing annualized net charge-offs of 0.03% of average loans HFI compared to 0.02% in the first quarter of 2023 and 0.09% in the second quarter of 2022.

The Company's nonperforming loans HFI as a percentage of total loans HFI improved to 0.47% as of the end of the second quarter of 2023 compared to 0.49% as of the previous quarter-end and 0.51% as of the end of the second quarter of 2022. Nonperforming assets as a percentage of total assets improved to 0.59% as of the end of the second quarter of 2023 compared to 0.61% at the end of the prior quarter and 0.46% as of the end of the second quarter of 2022.

Holmes commented, “The credit metrics continue to be favorable, with our annualized net charge-offs remaining relatively flat quarter over quarter and down year over year. Despite the benign current credit environment, the economic outlook remains uncertain, which led to an increase in our allowance for credit losses to loans held for investment during the quarter. The release in provision related to unfunded commitments as a result of reducing our off-balance sheet construction exposure over the last year as we actively improve our credit risk profile."

Capital Strength

Holmes continued, “We continued to build our capital base with solid earnings and a lower balance sheet risk profile. The capital build came even with the headwind of an increase in the unrealized loss from our investment portfolio, which increased from the previous quarter due to the rising interest rate environment. Our ability to maintain a capital buffer and grow tangible common equity provides multiple deployment options in the future.”

Summary

Holmes finalized, "The second quarter showed the results of many of the liquidity, capital and credit actions the Company has focused on during the past year. We have been working to de-risk the balance sheet while building capital and increasing our optionality for improving returns to shareholders. Through these efforts the Company will be well positioned to take advantage of the inevitable future opportunities."

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results on July 18, 2023, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 4892051) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through July 25, 2023, by dialing 1-877-344-7529 and entering confirmation code 8986628.

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

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein. 1

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FB Financial Corporation

Second Quarter 2023 Results

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ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank with 82 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank has approximately $12.89 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

Jeanie M. Rittenberry						Michael Mettee
615-313-8328						615-564-1212
jrittenberry@firstbankonline.com						mmettee@firstbankonline.com
www.firstbankonline.com						investorrelations@firstbankonline.com

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the 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 July 17, 2023.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Earnings Release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes in government interest rate policies and its impact on the Company’s business, net interest margin, and mortgage operations, (3) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (11) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (12) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (13) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (14) 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 (15) 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, 2022, 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

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FB Financial Corporation

Second Quarter 2023 Results

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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 return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, adjusted tangible common equity, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive loss.

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

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FB Financial Corporation

Second Quarter 2023 Results

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Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)
	2023						2022
	Second Quarter			First Quarter			Second Quarter
Selected Statement of Income Data
Total interest income	$	170,183		$	159,480		$	110,214
Total interest expense	68,640			55,820			8,043
Net interest income	101,543			103,660			102,171
Total noninterest income	23,813			23,349			33,214
Total noninterest expense	81,292			80,440			96,997
Earnings before income taxes and provisions for credit losses	$	44,064		$	46,569		$	38,388
Provisions for credit losses	$	(1,078)		$	491		$	12,318
Income tax expense	9,835			9,697			6,717

Net income applicable to FB Financial Corporation	35,299			36,381			19,345
Net interest income (tax-equivalent basis)	102,383			104,493			102,926
Adjusted net income*	35,973			35,708			30,051
Adjusted pre-tax, pre-provision earnings*	44,965			45,659			52,856
Per Common Share
Diluted net income	$	0.75		$	0.78		$	0.41
Adjusted diluted net income*	0.77			0.76			0.64

Book value	29.64			29.29			28.15

Adjusted tangible book value*	27.72			27.06			25.24
Weighted average number of shares outstanding - fully diluted	46,814,854			46,765,154			47,211,650

Selected Balance Sheet Data
Cash and cash equivalents	$	1,160,354		$	1,319,951		$	872,861
Loans held for investment (HFI)	9,326,024			9,365,996			8,624,337
Allowance for credit losses	(140,664)			(138,809)			(126,272)
Allowance for credit losses on unfunded commitments	(14,810)			(18,463)			(20,399)
Mortgage loans held for sale(a)	89,864			73,005			222,400
Commercial loans held for sale, at fair value	9,267			9,510			37,815
Investment securities, at fair value	1,422,391			1,474,064			1,621,344

Total assets	12,887,395			13,101,147			12,193,862

Interest-bearing deposits (non-brokered)	8,233,082			8,693,515			7,646,125
Brokered deposits	238,885			251			1,657
Noninterest-bearing deposits	2,400,288			2,489,149			2,895,520



Total deposits	10,872,255			11,182,915			10,543,302
Estimated insured or collateralized deposits	7,858,761			7,926,537			7,320,537
Borrowings	390,354			312,131			160,400
Total common shareholders' equity	1,386,951			1,369,696			1,319,852
Selected Ratios
Return on average:
Assets	1.10		%	1.15		%	0.62		%
Shareholders' equity	10.3		%	11.0		%	5.74		%
Tangible common equity*	12.6		%	13.6		%	7.09		%
Average shareholders' equity to average assets	10.7		%	10.4		%	10.9		%
Net interest margin (tax-equivalent basis)	3.40		%	3.51		%	3.52		%
Efficiency ratio (GAAP)	64.8		%	63.3		%	71.6		%
Core efficiency ratio (tax-equivalent basis)*	63.5		%	63.3		%	61.1		%
Loans HFI to deposit ratio	85.8		%	83.8		%	81.8		%

Noninterest-bearing deposits to total deposits	22.1		%	22.3		%	27.5		%
Yield on interest-earning assets	5.67		%	5.38		%	3.80		%
Cost of interest-bearing liabilities	3.14		%	2.61		%	0.40		%
Cost of total deposits	2.38		%	1.94		%	0.25		%
Estimated uninsured and uncollateralized deposits as a percentage of total deposits	27.7		%	29.1		%	30.6		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI	1.51		%	1.48		%	1.46		%

Net charge-offs as a percentage of average loans HFI	0.03		%	0.02		%	0.09		%
Nonperforming loans HFI as a percentage of total loans HFI	0.47		%	0.49		%	0.51		%
Nonperforming assets as a percentage of total assets(a)	0.59		%	0.61		%	0.46		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	10.8		%	10.5		%	10.8		%
Tangible common equity to tangible assets*	8.98		%	8.68		%	8.90		%
Tier 1 leverage	10.7		%	10.4		%	10.2		%
Tier 1 risk-based capital	11.9		%	11.6		%	11.8		%
Total risk-based capital	13.9		%	13.6		%	13.6		%
Common equity Tier 1 (CET1)	11.7		%	11.3		%	11.5		%

(a)Includes optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days amounting to $20,225 and $20,528 as of June 30, 2023 and March 31, 2023, respectively.

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

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FB Financial Corporation

Second Quarter 2023 Results

Page 7


Non-GAAP Reconciliations
For the Periods Ended
(Unaudited)
(dollars in thousands, except share data)

	2023					2022
Adjusted net income	Second Quarter		First Quarter			Second Quarter
Income before income taxes	$	45,142	$	46,078		$	26,070
Plus mortgage restructuring expense	—		—			12,458

Less other non-operating items (1)	(901)		910			(2,010)
Adjusted pre-tax net income	46,043		45,168			40,538
Adjusted income tax expense	10,070		9,460			10,487
Adjusted net income	$	35,973	$	35,708		$	30,051
Weighted average common shares outstanding - fully diluted	46,814,854		46,765,154			47,211,650
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.75	$	0.78		$	0.41
Plus mortgage restructuring expense	—		—			0.27

Less other non-operating items	(0.02)		0.02			(0.04)
Less tax effect	—		—			0.08
Adjusted diluted earnings per common share	$	0.77	$	0.76		$	0.64


(1) The following table presents amounts included in "other non-operating items" for each of the periods presented.
	2023					2022
Other non-operating items	Second Quarter		First Quarter			Second Quarter
Gain on sales or write-downs of other real estate owned and other assets	$	533	$	—		$	—
(Loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(8)		910			(2,010)
Severance expense	(1,426)		—			—
Total other non-operating items	$	(901)	$	910		$	(2,010)



Adjusted net income	1H 2023		1H 2022			2022
Income before income taxes	$	91,220	$	70,619		$	159,574
Plus mortgage restructuring expense	—		12,458			12,458

Less other non-operating items(1)	9		(2,184)			(5,133)
Adjusted pre-tax net income	91,211		85,261		—	177,165
Adjusted income tax expense(2)	19,530		19,846			39,587
Adjusted net income	$	71,681	$	65,415		$	137,578
Weighted average common shares outstanding - fully diluted	46,777,603		47,466,291			47,239,791
Adjusted diluted earnings per share
Diluted earnings per common share	$	1.53	$	1.15		$	2.64
Plus mortgage restructuring and offering expenses	—		0.26			0.26

Less other non-operating items	—		(0.05)			(0.11)
Less tax effect	—		0.08			0.10
Adjusted diluted earnings per common share	$	1.53	$	1.38		$	2.91
(1) The following table presents amounts included in "other non-operating items" for each of the periods presented:

Other non-operating items:	1H 2023		1H 2022			2022
Gain on sales or write-downs of other real estate owned and other assets	$	533	$	—		$	—
Gain (loss) from changes in fair value of commercial loans held for sale acquired in previous business combination	902		(2,184)			(5,133)
Severance expense	(1,426)		—			—



Total other non-operating items	$	9	$	(2,184)		$	(5,133)
(2) 2021 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to previous business combination.

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FB Financial Corporation

Second Quarter 2023 Results

Page 8


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(dollars in thousands)

	2023						2022
Adjusted pre-tax pre-provision earnings	Second Quarter			First Quarter			Second Quarter
Income before income taxes	$	45,142		$	46,078		$	26,070
Plus provisions for credit losses	(1,078)			491			12,318
Pre-tax pre-provision earnings	44,064			46,569			38,388
Plus mortgage restructuring expense	—			—			12,458
Less other non-operating items	(901)			910			(2,010)
Adjusted pre-tax pre-provision earnings	$	44,965		$	45,659		$	52,856





	2023						2022
Adjusted tangible net income	Second Quarter			First Quarter			Second Quarter
Income before income taxes	$	45,142		$	46,078		$	26,070
Plus mortgage restructuring expense	—			—			12,458

Less other non-operating items	(901)			910			(2,010)
Plus amortization of core deposit and other intangibles	940			990			1,194
Less income tax expense, adjusted for items above	10,315			9,718			10,799
Adjusted tangible net income	$	36,668		$	36,440		$	30,933








	2023						2022

Core efficiency ratio (tax-equivalent basis)	Second Quarter			First Quarter			Second Quarter
Total noninterest expense	$	81,292		$	80,440		$	96,997
Less mortgage restructuring expense	—			—			12,458



Less severance expense	1,426			—			—
Core noninterest expense	$	79,866		$	80,440		$	84,539
Net interest income (tax-equivalent basis)	$	102,383		$	104,493		$	102,926
Total noninterest income	23,813			23,349			33,214
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(8)			910			(2,010)


Less gain (loss) from sales or write-downs of other real estate owned and other assets	533			(183)			(8)
Less (loss) gain from securities, net	(28)			69			(109)
Core noninterest income	23,316			22,553			35,341
Core revenue	$	125,699		$	127,046		$	138,267
Efficiency ratio (GAAP)(a)	64.8		%	63.3		%	71.6		%
Core efficiency ratio (tax-equivalent basis)	63.5		%	63.3		%	61.1		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

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FB Financial Corporation

Second Quarter 2023 Results

Page 9


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(dollars in thousands except per share data)



	2023						2022
Tangible assets and equity	Second Quarter			First Quarter			Second Quarter
Tangible assets
Total assets	$	12,887,395		$	13,101,147		$	12,193,862
Less goodwill	242,561			242,561			242,561
Less intangibles, net	10,438			11,378			14,515
Tangible assets	$	12,634,396		$	12,847,208		$	11,936,786
Tangible common equity
Total common shareholders' equity	$	1,386,951		$	1,369,696		$	1,319,852
Less goodwill	242,561			242,561			242,561
Less intangibles, net	10,438			11,378			14,515
Tangible common equity	$	1,133,952		$	1,115,757		$	1,062,776
Less accumulated other comprehensive loss, net	(163,407)			(149,566)			(120,495)
Adjusted tangible common equity	1,297,359			1,265,323			1,183,271
Common shares outstanding	46,798,751			46,762,626			46,881,896
Book value per common share	$	29.64		$	29.29		$	28.15
Tangible book value per common share	$	24.23		$	23.86		$	22.67
Adjusted tangible book value per common share	$	27.72		$	27.06		$	25.24
Total common shareholders' equity to total assets	10.8		%	10.5		%	10.8		%
Tangible common equity to tangible assets	8.98		%	8.68		%	8.90		%
On-balance sheet liquidity:
Cash and cash equivalents	$	1,160,354		$	1,319,951		$	872,861
Unpledged securities	281,098			286,169			305,781
Equity securities, at fair value	3,031			3,059			3,103
Total on-balance sheet liquidity	$	1,444,483		$	1,609,179		$	1,181,745
On-balance sheet liquidity as a percentage of total assets	11.2		%	12.3		%	9.69		%
On-balance sheet liquidity as a percentage of total tangible assets	11.4		%	12.5		%	9.90		%

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FB Financial Corporation

Second Quarter 2023 Results

Page 10


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(dollars in thousands)


















































































































	2023						2022
Return on average tangible common equity	Second Quarter			First Quarter			Second Quarter
Average common shareholders' equity	$	1,376,818		$	1,343,227		$	1,352,701
Less average goodwill	242,561			242,561			242,561
Less average intangibles, net	10,913			11,862			15,144
Average tangible common equity	$	1,123,344		$	1,088,804		$	1,094,996
Net income	$	35,299		$	36,381		$	19,345
Return on average common equity	10.3		%	11.0		%	5.74		%
Return on average tangible common equity	12.6		%	13.6		%	7.09		%
Adjusted tangible net income(1)	$	36,668		$	36,440		$	30,933
Adjusted return on average tangible common equity	13.1		%	13.6		%	11.3		%


(1) The Company's calculation of adjusted return on average tangible common equity was modified in the second quarter of 2023 to exclude amortization of core deposits and other intangibles from adjusted net income. Prior periods shown have been revised to conform with this methodology.













	2023						2022
Adjusted return on average assets and equity	Second Quarter			First Quarter			Second Quarter
Net income	$	35,299		$	36,381		$	19,345
Average assets	12,826,449			12,861,614			12,427,479
Average common equity	1,376,818			1,343,227			1,352,701
Return on average assets	1.10		%	1.15		%	0.62		%
Return on average common equity	10.3		%	11.0		%	5.74		%
Adjusted net income	$	35,973		$	35,708		$	30,051
Adjusted return on average assets	1.12		%	1.13		%	0.97		%
Adjusted return on average common equity	10.5		%	10.8		%	8.91		%








Adjusted pre-tax pre-provision earnings	$	44,965		$	45,659		$	52,856
Adjusted pre-tax pre-provision return on average assets	1.41		%	1.44		%	1.71		%

-END-

Second Quarter 2023

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8



Selected Deposit Data			11

Segment Data			12

Loan Portfolio			13

Asset Quality			14

Preliminary Capital Ratios			15

Investments and Other Sources of Liquidity			16

Non-GAAP Reconciliations			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 return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, adjusted tangible common equity, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive loss.

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


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)
	2023						2022
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Selected Statement of Income Data
Total interest income	$	170,183		$	159,480		$	147,598		$	128,483		$	110,214
Total interest expense	68,640			55,820			37,100			17,099			8,043
Net interest income	101,543			103,660			110,498			111,384			102,171
Total noninterest income	23,813			23,349			17,469			22,592			33,214
Total noninterest expense	81,292			80,440			80,230			81,847			96,997
Earnings before income taxes and provisions for credit losses	$	44,064		$	46,569		$	47,737		$	52,129		$	38,388
Provisions for credit losses	$	(1,078)		$	491		$	(456)		$	11,367		$	12,318
Income tax expense	9,835			9,697			10,042			8,931			6,717

Net income applicable to FB Financial Corporation	35,299			36,381			38,143			31,831			19,345
Net interest income (tax-equivalent basis)	102,383			104,493			111,279			112,145			102,926
Adjusted net income*	35,973			35,708			40,045			32,117			30,051
Adjusted pre-tax, pre-provision earnings*	44,965			45,659			50,299			52,516			52,856
Per Common Share
Diluted net income	$	0.75		$	0.78		$	0.81		$	0.68		$	0.41
Adjusted diluted net income*	0.77			0.76			0.85			0.68			0.64

Book value	29.64			29.29			28.36			27.30			28.15

Adjusted tangible book value*	27.72			27.06			26.53			25.84			25.24
Weighted average number of shares outstanding - fully diluted	46,814,854			46,765,154			47,036,742			47,024,611			47,211,650

Selected Balance Sheet Data
Cash and cash equivalents	$	1,160,354		$	1,319,951		$	1,027,052		$	618,290		$	872,861
Loans held for investment (HFI)	9,326,024			9,365,996			9,298,212			9,105,016			8,624,337
Allowance for credit losses	(140,664)			(138,809)			(134,192)			(134,476)			(126,272)
Allowance for credit losses on unfunded commitments	(14,810)			(18,463)			(22,969)			(23,577)			(20,399)
Mortgage loans held for sale(a)	89,864			73,005			108,961			97,011			222,400
Commercial loans held for sale, at fair value	9,267			9,510			30,490			33,722			37,815
Investment securities, at fair value	1,422,391			1,474,064			1,474,176			1,485,133			1,621,344

Total assets	12,887,395			13,101,147			12,847,756			12,258,082			12,193,862

Interest-bearing deposits (non-brokered)	8,233,082			8,693,515			8,178,453			7,038,566			7,646,125
Brokered deposits	238,885			251			750			1,002			1,657
Noninterest-bearing deposits	2,400,288			2,489,149			2,676,631			2,966,514			2,895,520



Total deposits	10,872,255			11,182,915			10,855,834			10,006,082			10,543,302
Estimated insured or collateralized deposits	7,858,761			7,926,537			7,288,641			6,653,463			7,320,537
Borrowings	390,354			312,131			415,677			722,940			160,400
Total common shareholders' equity	1,386,951			1,369,696			1,325,425			1,281,161			1,319,852
Selected Ratios
Return on average:
Assets	1.10		%	1.15		%	1.22		%	1.05		%	0.62		%
Shareholders' equity	10.3		%	11.0		%	11.7		%	9.45		%	5.74		%
Tangible common equity*	12.6		%	13.6		%	14.6		%	11.7		%	7.09		%

Net interest margin (NIM) (tax-equivalent basis)	3.40		%	3.51		%	3.78		%	3.93		%	3.52		%
Efficiency ratio (GAAP)	64.8		%	63.3		%	62.7		%	61.1		%	71.6		%
Core efficiency ratio (tax-equivalent basis)*	63.5		%	63.3		%	61.0		%	60.7		%	61.1		%
Loans HFI to deposit ratio	85.8		%	83.8		%	85.7		%	91.0		%	81.8		%

Noninterest-bearing deposits to total deposits	22.1		%	22.3		%	24.7		%	29.6		%	27.5		%
Yield on interest-earning assets	5.67		%	5.38		%	5.04		%	4.53		%	3.80		%
Cost of interest-bearing liabilities	3.14		%	2.61		%	1.84		%	0.90		%	0.40		%
Cost of total deposits	2.38		%	1.94		%	1.20		%	0.52		%	0.25		%
Estimated uninsured and uncollateralized deposits as a percentage of total deposits	27.7		%	29.1		%	32.9		%	33.5		%	30.6		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI	1.51		%	1.48		%	1.44		%	1.48		%	1.46		%

Net charge-offs as a percentage of average loans HFI	0.03		%	0.02		%	0.02		%	0.00		%	0.09		%
Nonperforming loans HFI as a percentage of total loans HFI	0.47		%	0.49		%	0.49		%	0.47		%	0.51		%
Nonperforming assets as a percentage of total assets(a)	0.59		%	0.61		%	0.68		%	0.62		%	0.46		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	10.8		%	10.5		%	10.3		%	10.5		%	10.8		%
Tangible common equity to tangible assets*	8.98		%	8.68		%	8.50		%	8.54		%	8.90		%
Tier 1 leverage	10.7		%	10.4		%	10.5		%	10.7		%	10.2		%
Tier 1 risk-based capital	11.9		%	11.6		%	11.3		%	11.2		%	11.8		%
Total risk-based capital	13.9		%	13.6		%	13.1		%	13.0		%	13.6		%

Common equity Tier 1 (CET1)	11.7		%	11.3		%	11.0		%	10.9		%	11.5		%

(a) Includes optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days as of June 30, 2023, March 31, 2023, December 31, 2022 and, September 30, 2022. See nonperforming assets summary on page 14 of earnings release supplement.

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						4


Consolidated Statements of Income
For the Quarter Ended
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Q2 2023		Q2 2023
													vs.		vs.
	2023				2022						Q1 2023	Q2 2022
	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	149,220	$	140,356	$	133,180	$	116,664	$	99,655			6.32	%	49.7	%
Interest on securities
Taxable	6,480		6,570		6,707		6,843		6,499				(1.37)	%	(0.29)	%
Tax-exempt	1,808		1,804		1,806		1,818		1,842				0.22	%	(1.85)	%
Other	12,675		10,750		5,905		3,158		2,218				17.9	%	471.5	%
Total interest income	170,183		159,480		147,598		128,483		110,214				6.71	%	54.4	%
Interest expense:
Deposits	65,257		52,863		31,456		13,133		6,591				23.4	%	890.1	%
Borrowings	3,383		2,957		5,644		3,966		1,452				14.4	%	133.0	%
Total interest expense	68,640		55,820		37,100		17,099		8,043				23.0	%	753.4	%
Net interest income	101,543		103,660		110,498		111,384		102,171				(2.04)	%	(0.61)	%
Provision for credit losses	2,575		4,997		152		8,189		8,181				(48.5)	%	(68.5)	%
Provision for credit losses on unfunded commitments	(3,653)		(4,506)		(608)		3,178		4,137				(18.9)	%	(188.3)	%
Net interest income after provisions for credit losses	102,621		103,169		110,954		100,017		89,853				(0.53)	%	14.2	%
Noninterest income:
Mortgage banking income	12,232		12,086		9,106		12,384		22,559				1.21	%	(45.8)	%
Service charges on deposit accounts	3,185		3,053		3,019		3,208		2,908				4.32	%	9.53	%
ATM and interchange fees	2,629		2,396		2,546		2,614		5,353				9.72	%	(50.9)	%
Investment services and trust income	2,777		2,378		2,232		2,227		2,275				16.8	%	22.1	%
(Loss) gain from securities, net	(28)		69		25		(140)		(109)				(140.6)	%	(74.3)	%
Gain (loss) on sales or write-downs of other real estate owned and other assets	533		(183)		(252)		429		(8)				(391.3)	%	(6,762.5)	%

Other income	2,485		3,550		793		1,870		236				(30.0)	%	953.0	%
Total noninterest income	23,813		23,349		17,469		22,592		33,214				1.99	%	(28.3)	%
Total revenue	125,356		127,009		127,967		133,976		135,385				(1.30)	%	(7.41)	%
Noninterest expenses:
Salaries, commissions and employee benefits	52,020		48,788		45,839		51,028		55,181				6.62	%	(5.73)	%
Occupancy and equipment expense	6,281		5,909		6,295		6,011		5,853				6.30	%	7.31	%
Legal and professional fees	2,199		3,108		4,857		4,448		3,116				(29.2)	%	(29.4)	%
Data processing	2,345		2,113		2,096		2,334		2,404				11.0	%	(2.45)	%

Amortization of core deposits and other intangibles	940		990		1,039		1,108		1,194				(5.05)	%	(21.3)	%


Advertising	2,001		2,133		3,094		2,050		2,031				(6.19)	%	(1.48)	%
Mortgage restructuring expense	—		—		—		—		12,458				—	%	(100.0)	%
Other expense	15,506		17,399		17,010		14,868		14,760				(10.9)	%	5.05	%
Total noninterest expense	81,292		80,440		80,230		81,847		96,997				1.06	%	(16.2)	%
Income before income taxes	45,142		46,078		48,193		40,762		26,070				(2.03)	%	73.2	%
Income tax expense	9,835		9,697		10,042		8,931		6,717				1.42	%	46.4	%
Net income applicable to FB Financial Corporation and noncontrolling interest	35,307		36,381		38,151		31,831		19,353				(2.95)	%	82.4	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	35,299	$	36,381	$	38,143	$	31,831	$	19,345			(2.97)	%	82.5	%
Weighted average common shares outstanding:
Basic	46,779,388		46,679,618		46,909,389		46,908,520		47,111,055				0.21	%	(0.70)	%
Fully diluted	46,814,854		46,765,154		47,036,742		47,024,611		47,211,650				0.11	%	(0.84)	%
Earnings per common share:
Basic	$	0.75	$	0.78	$	0.81	$	0.68	$	0.41			(3.85)	%	82.9	%
Fully diluted	0.75		0.78		0.81		0.68		0.41				(3.85)	%	82.9	%
Fully diluted - adjusted*	0.77		0.76		0.85		0.68		0.64				1.32	%	20.3	%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						5


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)

					2023
	For the Six Months Ended				vs.
	June 30,				2022
	2023		2022		Percent variance
Interest income:
Interest and fees on loans	$	289,576	$	186,519	55.3	%
Interest on securities
Taxable	13,050		11,919		9.49	%
Tax-exempt	3,612		3,708		(2.59)	%
Other	23,425		3,195		633.2	%
Total interest income	329,663		205,341		60.5	%
Interest expense:
Deposits	118,120		12,053		880.0	%
Borrowings	6,340		2,935		116.0	%
Total interest expense	124,460		14,988		730.4	%
Net interest income	205,203		190,353		7.80	%
Provision for credit losses	7,572		2,052		269.0	%
Provision for credit losses on unfunded commitments	(8,159)		6,019		(235.6)	%
Net interest income after provisions for credit losses	205,790		182,282		12.9	%
Noninterest income:
Mortgage banking income	24,318		52,090		(53.3)	%
Service charges on deposit accounts	6,238		5,822		7.15	%
ATM and interchange fees	5,025		10,440		(51.9)	%
Investment services and trust income	5,155		4,407		16.97	%

Gain (loss) from securities, net	41		(261)		115.7	%
Gain (loss) sales or write-downs of other real estate owned and other assets	350		(442)		179.2	%

Other income	6,035		2,550		136.7	%
Total noninterest income	47,162		74,606		(36.8)	%
Total revenue	252,365		264,959		(4.75)	%
Noninterest expenses:
Salaries, commissions and employee benefits	100,808		114,624		(12.1)	%
Occupancy and equipment expense	12,190		11,256		8.30	%
Legal and professional fees	5,307		5,723		(7.27)	%
Data processing	4,458		4,885		(8.74)	%

Amortization of core deposit and other intangibles	1,930		2,438		(20.8)	%
Advertising	4,134		6,064		(31.8)	%
Mortgage restructuring expense	—		12,458		(100.0)	%
Other expense	32,905		28,821		14.2	%
Total noninterest expense	161,732		186,269		(13.2)	%
Income before income taxes	91,220		70,619		29.2	%
Income tax expense	19,532		16,030		21.8	%
Net income applicable to noncontrolling interest and FB Financial Corporation	71,688		54,589		31.3	%
Net income applicable to noncontrolling interests	8		8		—	%

Net income applicable to FB Financial Corporation	$	71,680	$	54,581	31.3	%
Weighted average common shares outstanding:
Basic	46,729,778		47,320,784		(1.25)	%
Fully diluted	46,777,603		47,466,291		(1.45)	%
Earnings per common share:
Basic	$	1.53	$	1.15	33.0	%
Fully diluted	1.53		1.15		33.1	%


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Q2 2023		Q2 2023
													vs.		vs.
	2023				2022						Q1 2023	Q2 2022
	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	147,646	$	133,874	$	259,872	$	193,301	$	79,402			41.3	%	85.9	%
Federal funds sold and reverse repurchase agreements	48,346		63,994		210,536		115,140		233,588				(98.1)	%	(79.3)	%
Interest-bearing deposits in financial institutions	964,362		1,122,083		556,644		309,849		559,871				(56.4)	%	72.2	%
Cash and cash equivalents	1,160,354		1,319,951		1,027,052		618,290		872,861				(48.5)	%	32.9	%
Investments:
Available-for-sale debt securities, at fair value	1,419,360		1,471,005		1,471,186		1,482,171		1,618,241				(14.1)	%	(12.3)	%
Equity securities, at fair value	3,031		3,059		2,990		2,962		3,103				(3.67)	%	(2.32)	%
Federal Home Loan Bank stock, at cost	40,266		43,369		58,641		58,587		34,581				(28.7)	%	16.4	%
Mortgage loans held for sale	89,864		73,005		108,961		97,011		222,400				92.6	%	(59.6)	%
Commercial loans held for sale, at fair value	9,267		9,510		30,490		33,722		37,815				(10.2)	%	(75.5)	%
Loans held for investment	9,326,024		9,365,996		9,298,212		9,105,016		8,624,337				(1.71)	%	8.14	%
Less: allowance for credit losses	140,664		138,809		134,192		134,476		126,272				5.36	%	11.4	%
Net loans held for investment	9,185,360		9,227,187		9,164,020		8,970,540		8,498,065				(1.82)	%	8.09	%
Premises and equipment, net	154,526		153,397		146,316		143,277		142,474				2.95	%	8.46	%
Other real estate owned, net	1,974		4,085		5,794		5,919		9,398				(207.3)	%	(79.0)	%
Operating lease right-of-use assets	56,560		57,054		60,043		61,444		41,070				(3.47)	%	37.7	%
Interest receivable	44,973		44,737		45,684		39,034		40,393				2.12	%	11.3	%
Mortgage servicing rights, at fair value	166,433		164,879		168,365		171,427		158,678				3.78	%	4.89	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	10,438		11,378		12,368		13,407		14,515				(33.1)	%	(28.1)	%
Bank-owned life insurance	75,341		74,963		75,329		74,976		74,605				2.02	%	0.99	%
Other assets	227,087		201,007		227,956		242,754		183,102				52.0	%	24.0	%
Total assets	$	12,887,395	$	13,101,147	$	12,847,756	$	12,258,082	$	12,193,862			(6.54)	%	5.69	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,400,288	$	2,489,149	$	2,676,631	$	2,966,514	$	2,895,520			(14.3)	%	(17.1)	%
Interest-bearing checking	2,879,336		3,292,883		3,059,984		2,648,161		3,338,561				(50.4)	%	(13.8)	%
Money market and savings	3,971,975		3,904,013		3,697,245		3,228,337		3,131,463				6.98	%	26.8	%
Customer time deposits	1,381,176		1,496,024		1,420,131		1,160,726		1,171,941				(30.8)	%	17.9	%
Brokered and internet time deposits	239,480		846		1,843		2,344		5,817				113,139.3	%	4,016.9	%
Total deposits	10,872,255		11,182,915		10,855,834		10,006,082		10,543,302				(11.1)	%	3.12	%
Borrowings	390,354		312,131		415,677		722,940		160,400				100.5	%	143.4	%
Operating lease liabilities	67,304		67,345		69,754		70,610		45,917				(0.24)	%	46.6	%
Accrued expenses and other liabilities	170,438		168,967		180,973		177,196		124,298				3.49	%	37.1	%
Total liabilities	11,500,351		11,731,358		11,522,238		10,976,828		10,873,917				(7.90)	%	5.76	%
Shareholders' equity:
Common stock, $1 par value	46,799		46,763		46,738		46,926		46,882				0.31	%	(0.18)	%
Additional paid-in capital	859,516		856,628		861,588		867,139		864,614				1.35	%	(0.59)	%
Retained earnings	644,043		615,871		586,532		554,536		528,851				18.3	%	21.8	%
Accumulated other comprehensive loss, net	(163,407)		(149,566)		(169,433)		(187,440)		(120,495)				37.1	%	35.6	%
Total common shareholders' equity	1,386,951		1,369,696		1,325,425		1,281,161		1,319,852				5.05	%	5.08	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,387,044		1,369,789		1,325,518		1,281,254		1,319,945				5.05	%	5.08	%
Total liabilities and shareholders' equity	$	12,887,395	$	13,101,147	$	12,847,756	$	12,258,082	$	12,193,862			(6.54)	%	5.69	%


FB Financial Corporation						7


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)
	Three Months Ended						Three Months Ended
	June 30, 2023						March 31, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)	$	9,387,284	$	148,415	6.34	%	$	9,346,708	$	139,467	6.05	%
Mortgage loans held for sale	63,407		1,005		6.36	%	56,204		927		6.69	%
Commercial loans held for sale	9,377		3		0.13	%	16,608		159		3.88	%
Securities:
Taxable	1,374,308		6,480		1.89	%	1,402,535		6,570		1.90	%
Tax-exempt(a)	293,739		2,445		3.34	%	294,652		2,440		3.36	%
Total securities(a)	1,668,047		8,925		2.15	%	1,697,187		9,010		2.15	%
Federal funds sold and reverse repurchase agreements	61,799		1,050		6.81	%	188,013		1,855		4.00	%
Interest-bearing deposits with other financial institutions	857,862		10,829		5.06	%	728,576		8,008		4.46	%
FHLB stock	42,133		796		7.58	%	47,094		887		7.64	%
Total interest-earning assets(a)	12,089,909		171,023		5.67	%	12,080,390		160,313		5.38	%
Noninterest-earning assets:
Cash and due from banks	118,872						154,270
Allowance for credit losses	(138,983)						(134,803)
Other assets(b)	756,651						761,757
Total noninterest-earning assets	736,540						781,224
Total assets	$	12,826,449					$	12,861,614
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,127,219	$	23,751	3.05	%	$	3,165,058	$	19,060	2.44	%
Money market	3,516,901		30,053		3.43	%	3,369,953		24,510		2.95	%
Savings deposits	433,530		63		0.06	%	458,023		64		0.06	%
Customer time deposits	1,437,567		10,816		3.02	%	1,472,221		9,221		2.54	%
Brokered and internet time deposits	45,208		574		5.09	%	1,607		8		2.02	%
Time deposits	1,482,775		11,390		3.08	%	1,473,828		9,229		2.54	%
Total interest-bearing deposits	8,560,425		65,257		3.06	%	8,466,862		52,863		2.53	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,050		97		1.29	%	27,139		46		0.69	%
Federal Home Loan Bank advances	61,264		784		5.13	%	41,389		499		4.89	%
Subordinated debt	127,129		2,496		7.88	%	126,161		2,402		7.72	%
Other borrowings	1,385		6		1.74	%	1,688		10		2.40	%
Total other interest-bearing liabilities	219,828		3,383		6.17	%	196,377		2,957		6.11	%
Total interest-bearing liabilities	8,780,253		68,640		3.14	%	8,663,239		55,820		2.61	%
Noninterest-bearing liabilities:
Demand deposits	2,430,476						2,588,756
Other liabilities	238,809						266,299
Total noninterest-bearing liabilities	2,669,285						2,855,055
Total liabilities	11,449,538						11,518,294
Total common shareholders' equity	1,376,818						1,343,227
Noncontrolling interest	93						93
Total equity	1,376,911						1,343,320
Total liabilities and shareholders' equity	$	12,826,449					$	12,861,614
Net interest income(a)			$	102,383					$	104,493
Interest rate spread(a)					2.53	%					2.77	%
Net interest margin(a)					3.40	%					3.51	%
Cost of total deposits					2.38	%					1.94	%
Average interest-earning assets to average interest-bearing liabilities					137.7	%					139.4	%
Tax-equivalent adjustment			$	840					$	833
Loans HFI yield components:
Contractual interest rate(a)			$	144,322	6.16	%			$	135,872	5.90	%
Origination and other loan fee income			3,907		0.17	%			3,101		0.13	%
(Amortization) accretion on purchased loans			(14)		—	%			319		0.01	%
Nonaccrual interest			200		0.01	%			175		0.01	%

Total loans HFI yield			$	148,415	6.34	%			$	139,467	6.05	%

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

(b) Includes average net unrealized losses on investment securities available for sale of $212,016 and $222,843 for the three months ended June 30, 2023 and March 31, 2023, respectively.


FB Financial Corporation						8


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)
	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2022						September 30, 2022						June 30, 2022
	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)	$	9,250,859	$	132,171	5.67	%	$	8,810,094	$	114,488	5.16	%	$	8,323,778	$	96,692	4.66	%
Mortgage loans held for sale	56,180		843		5.95	%	124,358		1,626		5.19	%	215,779		2,350		4.37	%
Commercial loans held for sale	33,640		311		3.67	%	36,291		670		7.32	%	56,460		718		5.10	%
Securities:
Taxable	1,431,776		6,707		1.86	%	1,469,934		6,843		1.85	%	1,474,999		6,499		1.77	%
Tax-exempt(a)	295,698		2,442		3.28	%	298,905		2,459		3.26	%	307,719		2,492		3.25	%
Total securities(a)	1,727,474		9,149		2.10	%	1,768,839		9,302		2.09	%	1,782,718		8,991		2.02	%
Federal funds sold	200,062		1,924		3.82	%	160,597		877		2.17	%	221,929		421		0.76	%
Interest-bearing deposits with other financial institutions	364,543		3,236		3.52	%	361,684		1,850		2.03	%	1,081,474		1,551		0.58	%
FHLB stock	58,623		745		5.04	%	49,478		431		3.46	%	34,536		246		2.86	%
Total interest-earning assets(a)	11,691,381		148,379		5.04	%	11,311,341		129,244		4.53	%	11,716,674		110,969		3.80	%
Noninterest-earning assets:
Cash and due from banks	136,334						109,681						91,230
Allowance for credit losses	(135,998)						(127,710)						(120,297)
Other assets(b)	754,310						744,803						739,872
Total noninterest-earning assets	754,646						726,774						710,805
Total assets	$	12,446,027					$	12,038,115					$	12,427,479
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,702,960	$	10,284	1.51	%	$	2,821,415	$	5,831	0.82	%	$	3,415,135	$	3,285	0.39	%
Money market	2,976,759		15,196		2.03	%	2,551,521		4,684		0.73	%	2,842,026		1,416		0.20	%
Savings deposits	488,243		66		0.05	%	515,882		70		0.05	%	508,511		68		0.05	%
Customer time deposits	1,310,505		5,902		1.79	%	1,151,843		2,535		0.87	%	1,129,668		1,798		0.64	%
Brokered and internet time deposits	1,980		8		1.60	%	3,501		13		1.47	%	6,387		24		1.51	%
Time deposits	1,312,485		5,910		1.79	%	1,155,344		2,548		0.87	%	1,136,055		1,822		0.64	%
Total interest-bearing deposits	7,480,447		31,456		1.67	%	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	27,140		28		0.41	%	29,580		12		0.16	%	27,233		12		0.18	%
Federal Home Loan Bank advances	349,859		3,428		3.89	%	329,130		2,155		2.60	%	—		—		—	%
Subordinated debt	126,054		2,182		6.87	%	127,263		1,792		5.59	%	129,691		1,434		4.43	%
Other borrowings	1,434		6		1.66	%	1,457		7		1.91	%	1,480		6		1.63	%
Total other interest-bearing liabilities	504,487		5,644		4.44	%	487,430		3,966		3.23	%	158,404		1,452		3.68	%
Total interest-bearing liabilities	7,984,934		37,100		1.84	%	7,531,592		17,099		0.90	%	8,060,131		8,043		0.40	%
Noninterest-bearing liabilities:
Demand deposits	2,886,297						2,973,650						2,879,662
Other liabilities	279,945						196,637						134,892
Total noninterest-bearing liabilities	3,166,242						3,170,287						3,014,554
Total liabilities	11,151,176						10,701,879						11,074,685
Total common shareholders' equity	1,294,758						1,336,143						1,352,701
Noncontrolling interest	93						93						93
Total equity	1,294,851						1,336,236						1,352,794
Total liabilities and shareholders' equity	$	12,446,027					$	12,038,115					$	12,427,479
Net interest income(a)			$	111,279					$	112,145					$	102,926
Interest rate spread(a)					3.20	%					3.63	%					3.40	%
Net interest margin(a)					3.78	%					3.93	%					3.52	%
Cost of total deposits					1.20	%					0.52	%					0.25	%
Average interest-earning assets to average interest-bearing liabilities					146.4	%					150.2	%					145.4	%
Tax-equivalent adjustment			$	781					$	761					$	755
Loans HFI yield components:
Contractual interest rate(a)			$	126,955	5.45	%			$	106,405	4.79	%			$	88,005	4.24	%
Origination and other loan fee income			4,244		0.18	%			6,665		0.30	%			6,927		0.33	%
Accretion on purchased loans			319		0.01	%			949		0.05	%			64		—	%
Nonaccrual interest			653		0.03	%			469		0.02	%			546		0.03	%
Syndication fee income			—		—	%			—		—	%			1,150		0.06	%
Total loans HFI yield			$	132,171	5.67	%			$	114,488	5.16	%			$	96,692	4.66	%

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

(b) Includes average net unrealized losses on investment securities available for sale of $254,646, $160,212, and $135,723 for the three months ended December 31, 2022,

September 30, 2022,and June 30, 2022, respectively.


FB Financial Corporation						9


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)
	Six Months Ended						Six Months Ended
	June 30, 2023						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)	$	9,367,108	$	287,882	6.20	%	$	8,044,722	$	179,155	4.49	%
Mortgage loans held for sale	59,826		1,932		6.51	%	342,190		5,916		3.49	%
Commercial loans held for sale	12,973		162		2.52	%	67,452		1,646		4.92	%
Securities:
Taxable	1,388,380		13,050		1.90	%	1,428,342		11,919		1.68	%
Tax-exempt(a)	294,193		4,885		3.35	%	313,254		5,015		3.23	%
Total securities(a)	1,682,573		17,935		2.15	%	1,741,596		16,934		1.96	%
Federal funds sold and reverse repurchase agreements	124,557		2,905		4.70	%	214,421		613		0.58	%
Interest-bearing deposits with other financial institutions	793,576		18,837		4.79	%	1,342,639		2,189		0.33	%
FHLB stock	44,600		1,683		7.61	%	33,719		393		2.35	%
Total interest-earning assets(a)	12,085,213		331,336		5.53	%	11,786,739		206,846		3.54	%
Noninterest-earning assets:
Cash and due from banks	136,474						92,318
Allowance for loan losses	(136,904)						(123,072)
Other assets(b)	759,352						777,475
Total noninterest-earning assets	758,922						746,721
Total assets	$	12,844,135					$	12,533,460
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,146,034	$	42,811	2.74	%	$	3,487,046	$	5,742	0.33	%
Money market	3,443,833		54,563		3.19	%	2,929,401		2,988		0.21	%
Savings deposits	445,709		127		0.06	%	498,285		132		0.05	%
Customer time deposits	1,454,798		20,037		2.78	%	1,103,672		3,118		0.57	%
Brokered and internet time deposits	23,528		582		4.99	%	11,200		73		1.31	%
Time deposits	1,478,326		20,619		2.81	%	1,114,872		3,191		0.58	%
Total interest-bearing deposits	8,513,902		118,120		2.80	%	8,029,604		12,053		0.30	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	28,603		143		1.01	%	28,637		26		0.18	%
Federal Home Loan Bank advances	51,381		1,283		5.04	%	—		—		—	%
Subordinated debt	126,648		4,898		7.80	%	129,642		2,894		4.50	%
Other borrowings	1,536		16		2.10	%	1,491		15		2.03	%
Total other interest-bearing liabilities	208,168		6,340		6.14	%	159,770		2,935		3.70	%
Total interest-bearing liabilities	8,722,070		124,460		2.88	%	8,189,374		14,988		0.37	%
Noninterest-bearing liabilities:
Demand deposits	2,509,179						2,823,685
Other liabilities	252,685						136,039
Total noninterest-bearing liabilities	2,761,864						2,959,724
Total liabilities	11,483,934						11,149,098
Total common shareholders' equity	1,360,108						1,384,269
Noncontrolling interest	93						93
Total equity	1,360,201						1,384,362
Total liabilities and shareholders' equity	$	12,844,135					$	12,533,460
Net interest income(a)			$	206,876					$	191,858
Interest rate spread(a)					2.65	%					3.17	%
Net interest margin(a)					3.45	%					3.28	%
Cost of total deposits					2.16	%					0.22	%
Average interest-earning assets to average interest-bearing liabilities					138.6	%					143.9	%
Tax equivalent adjustment			$	1,673					$	1,505
Loans HFI yield components:
Contractual interest rate(a)			$	280,194	6.03	%			$	166,794	4.18	%
Origination and other loan fee income			7,008		0.15	%			11,909		0.30	%
Accretion (amortization) on purchased loans			305		0.01	%			(2,288)		(0.06)	%
Nonaccrual interest			375		0.01	%			1,590		0.04	%
Syndication fee income			—		—	%			1,150		0.03	%
Total loans HFI yield			$	287,882	6.20	%			$	179,155	4.49	%

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

(b) Includes average net unrealized losses on investment securities available for sale of $217,400 and $222,843 for the six months ended June 30, 2023 and 2022, respectively.


FB Financial Corporation						10


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	2023										2022
	Second Quarter					First Quarter					Fourth Quarter					Third Quarter					Second Quarter





Deposits by market
Metropolitan	$	7,753,724		71	%	$	8,075,721		72	%	$	7,813,089		72	%	$	6,939,490		69	%	$	7,487,816		71	%
Community	2,499,013			23	%	2,756,700			25	%	2,671,326			25	%	2,584,629			26	%	2,624,380			25	%
Brokered/wholesale	238,885			2	%	251			—	%	750			—	%	1,002			—	%	1,657			—	%
Escrow and other(a)	380,633			4	%	350,243			3	%	370,669			3	%	480,961			5	%	429,449			4	%
Total	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%	$	10,006,082		100	%	$	10,543,302		100	%

Deposits by customer segment
Consumer	$	4,918,641		45	%	$	5,028,364		45	%	$	4,985,544		46	%	$	4,621,364		46	%	$	4,628,005		44	%
Commercial	4,029,376			37	%	3,767,743			34	%	3,796,698			35	%	3,759,057			38	%	3,567,766			34	%
Public	1,924,238			18	%	2,386,808			21	%	2,073,592			19	%	1,625,661			16	%	2,347,531			22	%
Total	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%	$	10,006,082		100	%	$	10,543,302		100	%

Estimated insured or collateralized deposits	$	7,858,761				$	7,926,537				$	7,288,641				$	6,653,463				$	7,320,537





Estimated uninsured and uncollateralized deposits	$	3,013,494				$	3,256,378				$	3,567,193				$	3,352,619				$	3,222,765

Estimated uninsured and uncollateralized deposits as a % of total deposits	27.7		%			29.1		%			32.9		%			33.5		%			30.6		%

(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.


FB Financial Corporation						11


Segment Data
For the Quarters Ended
(Unaudited)
(Dollars in Thousands)

	2023						2022
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Banking segment
Net interest income	$	101,543		$	103,660		$	110,498		$	111,384		$	102,171
Provisions for credit losses	(1,078)			491			(456)			11,367			12,318

Noninterest income	11,480			11,493			8,345			10,293			10,699


Other noninterest expense	67,653			68,350			66,926			65,886			59,320
Pre-tax income after allocations	$	46,448		$	46,312		$	52,373		$	44,424		$	41,232
Total assets	$	12,302,812		$	12,530,039		$	12,228,451		$	11,648,610		$	11,469,762
Intracompany funding income included in net interest income	4,319			3,931			4,247			4,143			4,850
Core efficiency ratio*	58.8		%	59.6		%	54.7		%	53.8		%	51.3		%
Mortgage segment
Net interest income	$	—		$	—		$	—		$	—		$	—

Mortgage banking income	12,232			12,086			9,106			12,384			22,559
Other noninterest income	101			(230)			18			(85)			(44)

Mortgage restructuring expense	—			—			—			—			12,458
Other noninterest expense	13,639			12,090			13,304			15,961			25,219
Direct (loss) contribution	$	(1,306)		$	(234)		$	(4,180)		$	(3,662)		$	(15,162)
Total assets	$	584,583		$	571,108		$	619,305		$	609,472		$	724,100
Intracompany funding expense included in net interest income	4,319			3,931			4,247			4,143			4,850
Core efficiency ratio*	106.9		%	98.4		%	145.4		%	128.9		%	111.8		%










Interest rate lock commitments volume	$	402,951		$	375,042		$	281,650		$	408,879		$	700,870




Interest rate lock commitments pipeline (period end)	$	135,374		$	157,213		$	118,313		$	188,430		$	292,716




Mortgage loan sales	$	330,326		$	332,307		$	266,834		$	569,655		$	869,688
Gains and fees from origination and sale of mortgage loans held for sale	$	7,994		$	8,146		$	8,967		$	11,085		$	21,099
Net change in fair value of loans held for sale, derivatives, and other	874			(421)			(2,270)			(2,460)			(5,354)
Mortgage servicing income	7,586			7,768			7,264			8,104			7,966
Change in fair value of mortgage servicing rights, net of hedging	(4,222)			(3,407)			(4,855)			(4,345)			(1,152)
Total mortgage banking income	$	12,232		$	12,086		$	9,106		$	12,384		$	22,559
Mortgage sale margin(a)	2.42		%	2.45		%	3.36		%	1.95		%	2.43		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

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


FB Financial Corporation						12


Loan Portfolio
As of the Quarter Ended
(Unaudited)
(Dollars in Thousands)
	2023								2022
	Second Quarter		% of Total		First Quarter		% of Total		Fourth Quarter		% of Total		Third Quarter		% of Total		Second Quarter		% of Total
Loan portfolio
Commercial and Industrial	$	1,693,572	18	%	$	1,671,398	18%		$	1,645,783	18%		$	1,534,159	17%		$	1,479,424	17	%
Construction	1,636,970		18	%	1,697,513		18%		1,657,488		18%		1,679,497		18%		1,575,331		18	%
Residential real estate:
1-to-4 family mortgage	1,548,614		17	%	1,562,503		17%		1,573,121		17%		1,545,252		17%		1,457,452		17	%
Residential line of credit	507,652		5	%	497,391		5%		496,660		5%		460,774		5%		425,485		5	%
Multi-family mortgage	518,025		6	%	489,379		5%		479,572		5%		394,366		4%		391,970		5	%
Commercial real estate:
Owner occupied	1,158,782		12	%	1,136,978		12%		1,114,580		12%		1,158,343		13%		1,053,872		12	%
Non-owner occupied	1,881,978		20	%	1,939,517		21%		1,964,010		21%		1,954,219		22%		1,885,122		22	%
Consumer and other	380,431		4	%	371,317		4%		366,998		4%		378,406		4%		355,681		4	%
Total loans HFI	$	9,326,024	100	%	$	9,365,996	100%		$	9,298,212	100%		$	9,105,016	100%		$	8,624,337	100	%
Percentage of loans HFI portfolio with variable interest rates			47.0%				46.5%				46.7%				47.2%				47.8%
Percentage of loans HFI portfolio with variable interest rates that mature after one year			40.6%				40.1%				40.5%				41.7%				41.5%

Loans by market
Metropolitan	$	7,718,424	83	%	$	7,777,346	83	%	$	7,710,999	83	%	$	7,496,090	83	%	$	7,005,014	81	%
Community	653,335		7	%	668,192		7	%	670,043		7	%	669,810		7	%	682,134		8	%
Specialty lending and other	954,265		10	%	920,458		10	%	917,170		10	%	939,116		10	%	937,189		11	%
Total	$	9,326,024	100	%	$	9,365,996	100%		$	9,298,212	100%		$	9,105,016	100%		$	8,624,337	100	%

Unfunded loan commitments
Commercial and Industrial	$	1,168,506	37	%	$	1,125,810	34%		$	1,026,078	29%		$	1,062,657	29%		$	1,003,189	30	%
Construction	1,142,982		36	%	1,340,193		40%		1,639,015		46%		1,696,733		45%		1,522,155		47	%
Residential real estate:
1-to-4 family mortgage	794		—	%	670		—%		829		—%		868		—%		949		—	%
Residential line of credit	675,647		21	%	663,291		20%		655,090		18%		640,834		18%		596,236		18	%
Multi-family mortgage	4,972		—	%	6,310		—%		17,092		1%		28,407		1%		11,742		—	%
Commercial real estate:
Owner occupied	50,927		2	%	48,063		1%		41,954		1%		63,457		2%		49,924		1	%
Non-owner occupied	104,201		3	%	119,239		4%		145,208		4%		136,163		4%		96,462		3	%
Consumer and other	23,306		1	%	25,787		1%		26,634		1%		30,358		1%		48,349		1	%
Total unfunded loans HFI	$	3,171,335	100	%	$	3,329,363	100%		$	3,551,900	100%		$	3,659,477	100%		$	3,329,006	100	%


FB Financial Corporation						13


Asset Quality
As of or for the Quarter Ended
(Unaudited)
(Dollars in Thousands)

	2023						2022
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Allowance for credit losses roll forward summary
Allowance for credit losses at the beginning of the period	$	138,809		$	134,192		$	134,476		$	126,272		$	120,049


Charge-offs	(892)			(767)			(1,273)			(461)			(2,388)
Recoveries	172			387			837			476			430
Provision for credit losses	2,575			4,997			152			8,189			8,181


Allowance for credit losses at the end of the period	$	140,664		$	138,809		$	134,192		$	134,476		$	126,272
Allowance for credit losses as a percentage of total loans HFI	1.51		%	1.48		%	1.44		%	1.48		%	1.46		%

Allowance for credit losses on unfunded commitments	$	14,810		$	18,463		$	22,969		$	23,577		$	20,399
Charge-offs
Commercial and Industrial	$	(11)		$	(46)		$	(332)		$	—		$	(1,751)

Residential real estate:
1-to-4 family mortgage	(16)			(16)			(34)			(20)			(23)


Commercial real estate:
Owner occupied	(144)			—			(15)			—			—
Non-owner occupied	—			—			(268)			—			—
Consumer and other	(721)			(705)			(624)			(441)			(614)
Total charge-offs	(892)			(767)			(1,273)			(461)			(2,388)
Recoveries
Commercial and Industrial	13			67			679			342			26
Construction	10			—			—			—			11
Residential real estate:
1-to-4 family mortgage	25			15			15			13			14
Residential line of credit	—			—			—			—			16

Commercial real estate:
Owner occupied	16			66			12			51			15

Consumer and other	108			239			131			70			348
Total recoveries	172			387			837			476			430
Net (charge-offs) recoveries	$	(720)		$	(380)		$	(436)		$	15		$	(1,958)
Net charge-offs (recoveries) as a percentage of average total loans	0.03		%	0.02		%	0.02		%	0.00		%	0.09		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	12,247		$	12,580		$	18,415		$	16,002		$	14,585
Nonaccrual loans	31,885			32,900			27,431			26,625			29,535
Total nonperforming loans held for investment	44,132			45,480			45,846			42,627			44,120
Commercial loans held for sale	9,267			9,278			9,289			—			1,459
Mortgage loans held for sale(a)	20,225			20,528			26,211			26,485			—

Other real estate owned	1,974			4,085			5,794			5,919			9,398

Other assets	883			498			351			639			527
Total nonperforming assets	$	76,481		$	79,869		$	87,491		$	75,670		$	55,504
Total nonperforming loans as a percentage of loans held for investment	0.47		%	0.49		%	0.49		%	0.47		%	0.51		%
Total nonperforming assets as a percentage of total assets(a)	0.59		%	0.61		%	0.68		%	0.62		%	0.46		%
Total nonaccrual loans as a percentage of total loans HFI	0.34		%	0.35		%	0.30		%	0.29		%	0.34		%

(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days as a result of a prospective change in accounting estimate during the third quarter of 2022.


FB Financial Corporation						14


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)

Computation of Tangible Common Equity to Tangible Assets:	June 30, 2023			December 31, 2022

Total Common Shareholders' Equity	$	1,386,951		$	1,325,425
Less:
Goodwill	242,561			242,561
Other intangibles	10,438			12,368
Tangible Common Equity	$	1,133,952		$	1,070,496

Total Assets	$	12,887,395		$	12,847,756
Less:
Goodwill	242,561			242,561
Other intangibles	10,438			12,368
Tangible Assets	$	12,634,396		$	12,592,827

Preliminary Total Risk-Weighted Assets	$	11,413,874		$	11,668,205

Total Common Equity to Total Assets	10.8		%	10.3		%
Tangible Common Equity to Tangible Assets*	8.98		%	8.50		%


	June 30, 2023			December 31, 2022
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,333,796		$	1,285,386
Tier 1 Capital	1,363,796			1,315,386
Total Capital	1,588,399			1,528,344

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	11.7		%	11.0		%
Tier 1 Risk-Based	11.9		%	11.3		%
Total Risk-Based	13.9		%	13.1		%
Tier 1 Leverage	10.7		%	10.5		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						15


Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)

	2023										2022
Securities (at fair value)	Second Quarter					First Quarter					Fourth Quarter					Third Quarter				Second Quarter
Available-for-sale debt securities
U.S. government agency securities	$	40,529		3	%	$	40,928		3	%	$	40,062		3	%	$	39,831		3%	$	42,059		3	%
Mortgage-backed securities - residential	979,400			69	%	1,025,388			71	%	1,034,193			71	%	1,057,763			72%	1,164,932			72	%
Mortgage-backed securities - commercial	17,254			1	%	17,723			1	%	17,644			1	%	17,847			1%	20,668			1	%
Municipal securities	267,097			19	%	270,994			18	%	264,420			18	%	252,143			17%	273,164			17	%
Treasury securities	108,221			8	%	108,823			7	%	107,680			7	%	107,297			7%	109,793			7	%
Corporate securities	6,859			—	%	7,149			—	%	7,187			—	%	7,290			—%	7,625			—	%
Total available-for-sale debt securities	1,419,360			100	%	1,471,005			100	%	1,471,186			100	%	1,482,171			100%	1,618,241			100	%
Equity securities, at fair value	3,031			—	%	3,059			—%		2,990			—%		2,962			—%	3,103			—	%
Total securities	$	1,422,391		100%		$	1,474,064		100%		$	1,474,176		100%		$	1,485,133		100%	$	1,621,344		100%
Securities to total assets	11.0		%			11.3		%			11.5		%			12.1		%		13.3		%
Unrealized loss on available-for-sale debt securities	$	(226,013)				$	(207,265)				$	(234,388)				$	(258,614)			$	(167,510)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	1,160,354		80	%	$	1,319,951		82	%	$	1,027,052		78	%	$	618,290		69%	$	872,861		74	%
Unpledged securities	281,098			20	%	286,169			18	%	280,165			21	%	268,424			30%	305,781			26	%
Equity securities, at fair value	3,031			—	%	3,059			—	%	2,990			1	%	2,962			1%	3,103			—	%
Total on-balance sheet liquidity	$	1,444,483		100	%	$	1,609,179		100	%	$	1,310,207		100	%	$	889,676		100%	$	1,181,745		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,396,674		53	%	$	3,755,059		55	%	$	3,595,812		52	%	$	3,376,027		55%	$	3,533,368		54	%
FHLB remaining borrowing capacity	548,052			9	%	473,160			7	%	829,959			12	%	408,874			7%	713,384			11	%
Federal Reserve discount window	2,476,347			38	%	2,548,886			38	%	2,470,000			36	%	2,378,820			38%	2,302,292			35	%
Total available sources of liquidity	$	6,421,073		100	%	$	6,777,105		100	%	$	6,895,771		100	%	$	6,163,721		100%	$	6,549,044		100	%

On-balance sheet liquidity as a percentage of total assets	11.2		%			12.3		%			10.2		%			7.26		%		9.69		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.4		%			12.5		%			10.4		%			7.41		%		9.90		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits	261.0		%			257.5		%			230.0		%			210.4		%		239.9		%

(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.


FB Financial Corporation						16


Non-GAAP Reconciliations
For the Periods Ended
(Unaudited)
(Dollars in Thousands, Except Share Data)

	2023				2022
Adjusted net income	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Income before income taxes	$	45,142	$	46,078	$	48,193	$	40,762	$	26,070
Plus mortgage restructuring expense	—		—		—		—		12,458

Less other non-operating items(1)	(901)		910		(2,562)		(387)		(2,010)
Adjusted pre-tax net income	46,043		45,168		50,755		41,149		40,538
Adjusted income tax expense	10,070		9,460		10,710		9,032		10,487
Adjusted net income	$	35,973	$	35,708	$	40,045	$	32,117	$	30,051
Weighted average common shares outstanding - fully diluted	46,814,854		46,765,154		47,036,742		47,024,611		47,211,650
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.75	$	0.78	$	0.81	$	0.68	$	0.41
Plus mortgage restructuring expense	—		—		—		—		0.27


Less other non-operating items	(0.02)		0.02		(0.05)		—		(0.04)
Less tax effect	—		—		0.01		—		0.08
Adjusted diluted earnings per common share	$	0.77	$	0.76	$	0.85	$	0.68	$	0.64
(1) The following table presents amounts included in "other non-operating items" for each of the periods presented:
	2023				2022
Other non-operating items:	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Gain on sales or write-downs of other real estate owned and other assets	$	533	$	—	$	—	$	—	$	—
(Loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(8)		910		(2,562)		(387)		(2,010)
Severance expense	(1,426)		—		—		—		—
Total other non-operating items	$	(901)	$	910	$	(2,562)	$	(387)	$	(2,010)


	2023				2022
Adjusted pre-tax pre-provision earnings	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Income before income taxes	$	45,142	$	46,078	$	48,193	$	40,762	$	26,070
Plus provisions for credit losses	(1,078)		491		(456)		11,367		12,318
Pre-tax pre-provision earnings	44,064		46,569		47,737		52,129		38,388
Plus mortgage restructuring expense	—		—		—		—		12,458
Less other non-operating items	(901)		910		(2,562)		(387)		(2,010)
Adjusted pre-tax pre-provision earnings	$	44,965	$	45,659	$	50,299	$	52,516	$	52,856










	2023				2022
Adjusted tangible net income	Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter
Income before income taxes	$	45,142	$	46,078	$	48,193	$	40,762	$	26,070
Plus mortgage restructuring expense	—		—		—		—		12,458

Less other non-operating items	(901)		910		(2,562)		(387)		(2,010)
Plus amortization of core deposit and other intangibles	940		990		1,039		1,108		1,194
Less income tax expense, adjusted for items above	10,315		9,718		10,980		9,321		10,799
Adjusted tangible net income	$	36,668	$	36,440	$	40,814	$	32,936	$	30,933


FB Financial Corporation						17


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands, Except Share Data)

Adjusted net income	YTD 2023		2022		2021		2020		2019
Income before income taxes	$	91,220	$	159,574	$	243,051	$	82,461	$	109,539
Plus mortgage restructuring, offering, and merger and conversion expenses	—		12,458		605		34,879		7,380
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		—		66,136		—
Less other non-operating items(1)	9		(5,133)		11,032		(4,400)		—
Adjusted pre-tax net income	91,211		177,165		232,624		187,876		116,919
Adjusted income tax expense(2)	19,530		39,587		51,553		45,944		27,648
Adjusted net income	$	71,681	$	137,578	$	181,071	$	141,932	$	89,271
Weighted average common shares outstanding - fully diluted	46,777,603		47,239,791		47,955,880		38,099,744		31,402,897
Adjusted diluted earnings per common share
Diluted earnings per common share	$	1.53	$	2.64	$	3.97	$	1.67	$	2.65
Plus mortgage restructuring, offering, and merger and conversion expenses	—		0.26		0.01		0.92		0.24
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		—		1.74		—
Less other non-operating items	—		(0.11)		0.22		(0.11)		—
Less tax effect	—		0.10		(0.02)		0.71		0.06
Adjusted diluted earnings per common share	$	1.53	$	2.91	$	3.78	$	3.73	$	2.83

(1) The following table presents amounts included in "other non-operating items" for each of the periods presented:
Other non-operating items:	YTD 2023		2022		2021		2020		2019
Gain (loss) on sales or write-downs of other real estate owned and other assets	$	533	$	—	$	2,005	$	(1,505)	$	—
Gain (loss) from changes in fair value of commercial loans held for sale acquired in previous business combination	902		(5,133)		11,172		3,228		—
Severance expense	(1,426)		—		—		—		—
Cash life insurance benefit	—		—		—		715		—
Loss on swap cancellation	—		—		(1,510)		—		—
Gain from lease terminations	—		—		787		—		—
Certain nonrecurring charitable contributions	—		—		(1,422)		—		—
FHLB prepayment penalties	—		—		—		(6,838)		—
Total other non-operating items	$	9	$	(5,133)	$	11,032	$	(4,400)	$	—

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


Adjusted pre-tax pre-provision earnings	YTD 2023		2022		2021		2020		2019
Income before income taxes	$	91,220	$	159,574	$	243,051	$	82,461	$	109,539
Plus provisions for credit losses	(587)		18,982		(40,993)		107,967		7,053
Pre-tax pre-provision earnings	90,633		178,556		202,058		190,428		116,592
Plus mortgage restructuring, offering, and merger and conversion expenses	—		12,458		605		34,879		7,380
Less other non-operating items	9		(5,133)		11,032		(4,400)		—
Adjusted pre-tax pre-provision earnings	$	90,624	$	196,147	$	191,631	$	229,707	$	123,972


FB Financial Corporation						18


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)

Adjusted tangible net income	YTD 2023			2022			2021			2020			2019
Income before income taxes	$	91,220		$	159,574		$	243,051		$	82,461		$	109,539
Plus mortgage restructuring, offering, merger and conversion costs	—			12,458			605			34,879			7,380
Plus initial provision for credit losses on acquired loans and unfunded commitments	—			—			—			66,136			—
Less other non-operating items	9			(5,133)			11,032			(4,400)			—
Plus amortization of core deposit and other intangibles	1,930			4,585			5,473			5,323			4,339
Less income tax expense, adjusted for items above	20,033			40,782			52,979			47,331			28,779
Adjusted tangible net income	$	73,108		$	140,968		$	185,118		$	145,868		$	92,479

	2023						2022
Core efficiency ratio (tax-equivalent basis)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Total noninterest expense	$	81,292		$	80,440		$	80,230		$	81,847		$	96,997



Less mortgage restructuring expense	—			—			—			—			12,458
Less severance expense	1,426			—			—			—			—
Core noninterest expense	$	79,866		$	80,440		$	80,230		$	81,847		$	84,539
Net interest income (tax-equivalent basis)	$	102,383		$	104,493		$	111,279		$	112,145		$	102,926
Total noninterest income	23,813			23,349			17,469			22,592			33,214
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(8)			910			(2,562)			(387)			(2,010)


Less gain (loss) on sales or write-downs of other real estate owned and other assets	533			(183)			(252)			429			(8)
Less (loss) gain from securities, net	(28)			69			25			(140)			(109)
Core noninterest income	23,316			22,553			20,258			22,690			35,341
Core revenue	$	125,699		$	127,046		$	131,537		$	134,835		$	138,267
Efficiency ratio (GAAP)(a)	64.8		%	63.3		%	62.7		%	61.1		%	71.6		%
Core efficiency ratio (tax-equivalent basis)	63.5		%	63.3		%	61.0		%	60.7		%	61.1		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

	2023						2022
Banking segment core efficiency ratio (tax equivalent)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Banking segment noninterest expense	$	67,653		$	68,350		$	66,926		$	65,886		$	59,320
Less severance expense	1,001			—			—			—			—
Banking segment core noninterest expense	$	66,652		$	68,350		$	66,926		$	65,886		$	59,320
Banking segment net interest income	101,543			103,660			110,498			111,384			102,171
Banking segment net interest income (tax-equivalent basis)	102,383			104,493			111,279			112,145			102,926
Banking segment noninterest income	11,480			11,493			8,345			10,293			10,699
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(8)			910			(2,562)			(387)			(2,010)

Less gain (loss) on sales or write-downs of other real estate owned and other assets	558			249			(228)			514			36
Less (loss) gain from securities, net	(28)			69			25			(140)			(109)
Banking segment core noninterest income	10,958			10,265			11,110			10,306			12,782
Banking segment total revenue	$	113,023		$	115,153		$	118,843		$	121,677		$	112,870
Banking segment total core revenue	$	113,341		$	114,758		$	122,389		$	122,451		$	115,708
Banking segment efficiency ratio (GAAP)	59.9		%	59.4		%	56.3		%	54.1		%	52.6		%
Banking segment core efficiency ratio (tax-equivalent basis)	58.8		%	59.6		%	54.7		%	53.8		%	51.3		%


FB Financial Corporation						19


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)

	2023						2022
Mortgage segment core efficiency ratio (tax-equivalent)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Mortgage segment noninterest expense	$	13,639		$	12,090		$	13,304		$	15,961		$	37,677
Less severance expense	425			—			—			—			—
Less mortgage restructuring expense	—			—			—			—			12,458

Mortgage segment core noninterest expense	$	13,214		$	12,090		$	13,304		$	15,961		$	25,219
Mortgage segment net interest income	—			—			—			—			—
Mortgage segment noninterest income	12,333			11,856			9,124			12,299			22,515
Less (loss) gain on sales or write-downs of other real estate owned	(25)			(432)			(24)			(85)			(44)
Mortgage segment core noninterest income	12,358			12,288			9,148			12,384			22,559
Mortgage segment total revenue	$	12,333		$	11,856		$	9,124		$	12,299		$	22,515
Mortgage segment core total revenue	$	12,358		$	12,288		$	9,148		$	12,384		$	22,559
Mortgage segment efficiency ratio (GAAP)	110.6		%	102.0		%	145.8		%	129.8		%	167.3		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	106.9		%	98.4		%	145.4		%	128.9		%	111.8		%







	2023						2022
Adjusted Banking segment pre-tax pre-provision earnings	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Banking segment pre-tax net contribution	$	46,448		$	46,312		$	52,373		$	44,424		$	41,232
Plus provisions for credit losses	(1,078)			491			(456)			11,367			12,318
Banking segment pre-tax pre-provision earnings	45,370			46,803			51,917			55,791			53,550

Less other non-operating items	(476)			910			(2,562)			(387)			(2,010)
Adjusted Banking segment pre-tax pre-provision earnings	$	45,846		$	45,893		$	54,479		$	56,178		$	55,560


	2023						2022
Adjusted Mortgage segment loss	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter





Mortgage segment pre-tax net loss	$	(1,306)		$	(234)		$	(4,180)		$	(3,662)		$	(15,162)

Plus mortgage restructuring expense	—			—			—			—			12,458
Less other non-operating items	(425)			—			—			—			—
Adjusted Mortgage segment pre-tax net loss	$	(881)		$	(234)		$	(4,180)		$	(3,662)		$	(2,704)


FB Financial Corporation						20


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands, Except Share Data)


	2023						2022
Tangible assets and equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Tangible assets
Total assets	$	12,887,395		$	13,101,147		$	12,847,756		$	12,258,082		$	12,193,862
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	10,438			11,378			12,368			13,407			14,515
Tangible assets	$	12,634,396		$	12,847,208		$	12,592,827		$	12,002,114		$	11,936,786
Tangible common equity
Total common shareholders' equity	$	1,386,951		$	1,369,696		$	1,325,425		$	1,281,161		$	1,319,852
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	10,438			11,378			12,368			13,407			14,515
Tangible common equity	$	1,133,952		$	1,115,757		$	1,070,496		$	1,025,193		$	1,062,776
Less accumulated other comprehensive loss, net	(163,407)			(149,566)			(169,433)			(187,440)			(120,495)
Adjusted tangible common equity	$	1,297,359		$	1,265,323		$	1,239,929		$	1,212,633		$	1,183,271
Common shares outstanding	46,798,751			46,762,626			46,737,912			46,926,377			46,881,896
Book value per common share	$	29.64		$	29.29		$	28.36		$	27.30		$	28.15
Tangible book value per common share	$	24.23		$	23.86		$	22.90		$	21.85		$	22.67
Adjusted tangible book value per common share	$	27.72		$	27.06		$	26.53		$	25.84		$	25.24
Total common shareholders' equity to total assets	10.8		%	10.5		%	10.3		%	10.5		%	10.8		%
Tangible common equity to tangible assets	8.98		%	8.68		%	8.50		%	8.54		%	8.90		%
On-balance sheet liquidity:
Cash and cash equivalents	$	1,160,354		$	1,319,951		$	1,027,052		$	618,290		$	872,861
Unpledged securities	281,098			286,169			280,165			268,424			305,781
Equity securities, at fair value	3,031			3,059			2,990			2,962			3,103
Total on-balance sheet liquidity	$	1,444,483		$	1,609,179		$	1,310,207		$	889,676		$	1,181,745
On-balance sheet liquidity as a percentage of total assets	11.2		%	12.3		%	10.2		%	7.26		%	9.69		%
On-balance sheet liquidity as a percentage of total tangible assets	11.4		%	12.5		%	10.4		%	7.41		%	9.90		%


FB Financial Corporation						21


Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)


	2023						2022
Return on average tangible common equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Average common shareholders' equity	$	1,376,818		$	1,343,227		$	1,294,758		$	1,336,143		$	1,352,701
Less average goodwill	242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	10,913			11,862			12,865			13,953			15,144
Average tangible common equity	$	1,123,344		$	1,088,804		$	1,039,332		$	1,079,629		$	1,094,996
Net income	$	35,299		$	36,381		$	38,143		$	31,831		$	19,345
Return on average common equity	10.3		%	11.0		%	11.7		%	9.45		%	5.74		%
Return on average tangible common equity	12.6		%	13.6		%	14.6		%	11.7		%	7.09		%
Adjusted tangible net income(1)	$	36,668		$	36,440		$	40,814		$	32,936		$	30,933
Adjusted return on average tangible common equity	13.1		%	13.6		%	15.6		%	12.1		%	11.3		%



Return on average tangible common equity	YTD 2023			2022			2021			2020			2019
Average common shareholders' equity	$	1,360,108		$	1,349,583		$	1,361,637		$	966,336		$	723,494
Less average goodwill	242,561			242,561			242,561			199,104			160,587
Less average intangibles, net	11,385			14,573			19,606			22,659			17,236
Average tangible common equity	$	1,106,162		$	1,092,449		$	1,099,470		$	744,573		$	545,671
Net income	$	71,680		$	124,555		$	190,285		$	63,621		$	83,814
Return on average common equity	10.6		%	9.23		%	14.0		%	6.58		%	11.6		%
Return on average tangible common equity	13.1		%	11.4		%	17.3		%	8.54		%	15.4		%



Adjusted tangible net income(1)	$	73,108		$	140,968		$	185,118		$	145,868		$	92,479
Adjusted return on average tangible common equity	13.3		%	12.9		%	16.8		%	19.6		%	16.9		%
(1) The Company's calculation of adjusted return on average tangible common equity was modified in the second quarter of 2023 to exclude amortization of core deposits and other intangibles from adjusted net income. Prior periods shown have been revised to conform with this methodology.


FB Financial Corporation						22







Non-GAAP Reconciliations (continued)
For the Periods Ended
(Unaudited)
(Dollars in Thousands)

	2023						2022
Adjusted return on average assets and equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Net income	$	35,299		$	36,381		$	38,143		$	31,831		$	19,345
Average assets	12,826,449			12,861,614			12,446,027			12,038,115			12,427,479
Average common equity	1,376,818			1,343,227			1,294,758			1,336,143			1,352,701
Return on average assets	1.10		%	1.15		%	1.22		%	1.05		%	0.62		%
Return on average common equity	10.3		%	11.0		%	11.7		%	9.45		%	5.74		%
Adjusted net income	$	35,973		$	35,708		$	40,045		$	32,117		$	30,051
Adjusted return on average assets	1.12		%	1.13		%	1.28		%	1.06		%	0.97		%
Adjusted return on average common equity	10.5		%	10.8		%	12.27		%	9.54		%	8.91		%













Adjusted pre-tax pre-provision earnings	$	44,965		$	45,659		$	50,299		$	52,516		$	52,856
Adjusted pre-tax pre-provision return on average assets	1.41		%	1.44		%	1.60		%	1.73		%	1.71		%


Adjusted return on average assets and equity	YTD 2023			2022			2021			2020			2019
Net income	$	71,680		$	124,555		$	190,285		$	63,621		$	83,814
Average assets	12,844,135			12,377,850			11,848,460			8,438,100			5,777,672
Average common equity	1,360,108			1,349,583			1,361,637			966,336			723,494
Return on average assets	1.13		%	1.01		%	1.61		%	0.75		%	1.45		%
Return on average common equity	10.6		%	9.23		%	14.0		%	6.58		%	11.6		%
Adjusted net income	$	71,681		$	137,578		$	181,071		$	141,932		$	89,271
Adjusted return on average assets	1.13		%	1.11		%	1.53		%	1.68		%	1.55		%
Adjusted return on average common equity	10.6		%	10.2		%	13.3		%	14.7		%	12.3		%




Adjusted pre-tax pre-provision earnings	$	90,624		$	196,147		$	191,631		$	229,707		$	123,972
Adjusted pre-tax pre-provision return on average assets	1.42		%	1.58		%	1.62		%	2.72		%	2.15		%


FB Financial Corporation						23

July 18, 2023 2023 Second 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) any continuation of the recent turmoil in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response, (4) increased competition for deposits, (5) the Company’s ability to effectively manage problem credits, (6) any deterioration in commercial real estate market fundamentals, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) the potential impact of the phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (11) the effectiveness of the Company’s cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (12) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (13) the impact of natural disasters, pandemics, and/or acts of war or terrorism, (14) 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 (15) 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, 2022, 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 return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, adjusted tangible common equity, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive loss. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non- GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non- GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Presentation for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

3 2Q 2023 Highlights Key highlights  Continued boosting balance sheet strength in preparation for challenges associated with economic recession or opportunities ushered in from economic stability  Strong preliminary capital ratios with no securities categorized HTM: – Tangible Common Equity to Tangible Assets 9.0% – Common Equity Tier 1 Ratio of 11.7% – Tier 1 Risk-Based Capital of 11.9% – Total Risk-Based Capital of 13.9% – Tier 1 Leverage Ratio 10.7%  Reduced C&D and non-owner occupied CRE loans by $118.1 million resulting in total loans held for investment declining by $40.0 million – Contractual yield on loans increased to 6.16% in 2Q 2023 from 5.90% in 1Q 2023  Increased ACL/loans HFI by 3 basis points to 1.51%, recorded provision expense of $2.6 million related to loans HFI and a provision reversal of $3.7 million on unfunded loan commitments resulting in a net provision release of $1.1 million for the quarter  Nonperforming assets as a percentage of total assets at the end of the 2Q 2023 declined 2 basis points to 0.59% from 0.61% in 1Q 2023  Further diversified deposit portfolio by reducing public funds deposits. The planned deposit diversification and seasonal declines decreased public funds by $462.6 million and total deposits by $310.7 million. – Total cost of deposits for 2Q 2023 increased 44 basis points to 2.38% from 1.94% in 1Q 2023  Book value increased by 4.8% annualized to $29.64 and adjusted tangible book value increased by 9.8% annualized to $27.72 Financial results 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2Q 2023 $0.75 $0.77 Diluted earnings per share Adjusted diluted earnings per share1 $35.3 $36.0 Net income ($mm) Adjusted net income1 ($mm) 1.10% 1.12% Return on average assets Adjusted return on average assets1 10.3% 10.5% Return on average common equity Adjusted return on average common equity1 12.6% 13.1% Return on average tangible common equity1 Adjusted return on average tangible common equity1 $45.0Adjusted pre-tax, pre-provision earnings1 ($mm) 3.40%Net interest margin 10.8% 9.0% Total common equity / total assets Tangible common equity / tangible assets1

4 Driving shareholder value ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Earnings per Share $2.65 $1.67 $3.97 $2.64 $1.53 $2.83 $3.73 $3.78 $2.91 $1.53 2019 2020 2021 2022 YTD 2023 Earnings per Share Adjusted Earnings per Share1 Dashboard Preliminary Total RBC Ratio On-balance sheet Liquidity / Tangible Assets1 Adjusted ROATCE1 Tangible Book Value per Share1 NPLs / Loans HFI 11.3% 12.1% 15.6% 13.6% 13.1% 2Q22 3Q22 4Q22 1Q23 2Q23 13.6% 13.0% 13.1% 13.6% 13.9% 2Q22 3Q22 4Q22 1Q23 2Q23 0.51% 0.47% 0.49% 0.49% 0.47% 2Q22 3Q22 4Q22 1Q23 2Q23 9.9% 7.4% 10.4% 12.5% 11.4% 2Q22 3Q22 4Q22 1Q23 2Q23 $24.56 $27.35 $30.13 $28.36 $29.64 $18.55 $21.73 $24.67 $22.90 $24.23 $18.16 $21.15 $24.55 $26.53 $27.72 2019 2020 2021 2022 2Q23 BVPS TBVPS Adj. TBVPS (Ex. AOCI)

5 Well-capitalized for future opportunities or challenges Tangible Book Value per Share1 Simple Capital Structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,588 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $22.90 $24.23 3Q16 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 2Q23 2Q231Q232Q22 10.8%10.5%10.8%Shareholder’s Equity/Assets 9.0%8.7%8.9%TCE/TA1 11.7%11.3%11.5%Common Equity Tier 1 11.9%11.6%11.8%Tier 1 Risk-Based 13.9%13.6%13.6%Total Risk-Based 10.7%10.4%10.2%Tier 1 Leverage 113%120%119%C&D to 100% Tier 1 Capital plus ACL2 281%294%294%CRE to 300% Tier 1 Capital plus ACL2 AOCI Adjusted Ratios1 10.6%Adj. Common Equity Tier 1 12.9%Adjusted Total Risk-Based Preliminary Capital Position 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Concentration ratios for FirstBank.

6 Residential Development 45% Commercial 31% Consumer 14% Multifamily 10%Office 19% Retail 25% Hotel 16% Warehouse / Industrial 17% Land-Manufactured Home Communities 6% Self Storage 5% Healthcare Facility 3% Other 9% 1-4 family 17% 1-4 family HELOC 5% Multifamily 6% C&D 18% CRE 20% C&I 30% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix Note: Data as of June 30, 2023 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&I1 exposure by industry ($ millions) 1 2 C&D exposure by type Resi. Development Construction 36% Land 7% Lots 2% Total 45% Commercial Land 16% Retail 4% Office 1% Warehouse 1% Other 9% Total 31% Consumer Construction 11% Land 3% Total 14%

7 0.45% 0.40% 0.41% 0.38% 0.36% 0.22% 0.20% 0.16% 0.16%0.01% 0.07% 0.07% 0.07%0.46% 0.62% 0.68% 0.61% 0.59% 2Q22 3Q22 4Q22 1Q23 2Q23 Commercial loans HFS Optional GNMA repurchase Other NPAs 1.46% 1.48% 1.44% 1.48% 1.51% 2Q22 3Q22 4Q22 1Q23 2Q23 0.09% 0.00% 0.02% 0.02% 0.03% 2Q22 3Q22 4Q22 1Q23 2Q23 Asset quality remains solid Nonperforming Assets / Assets Nonperforming Loans (HFI) / Loans (HFI) ACL / loans HFI Net charge-offs / average loans 1 Includes other real estate owned and repossessed assets–see page 14 of the Second Quarter 2023 Financial Supplement. 0.51% 0.47% 0.49% 0.49% 0.47% 2Q22 3Q22 4Q22 1Q23 2Q23 1

8 Nashville 57% Memphis 10% Knoxville 6% Huntsville 6% Birmingham 4% Chattanooga 3% Other 4% Communities 10% Class A 22% Class B 40% Class C 11% Under $2 Million 27% Office exposure (non-owner occupied CRE & C&D)  Office loans represent only 4.0% of our total HFI loan portfolio as of the end of 2Q23  Projects generally characterized by 25-30% cash equity requirement, loan to value maximums of 70%-75% at origination, and requests for guarantors  Reviewed all office loans with commitments greater than $2 million ($269.4 million outstanding, or 73.1% of total office portfolio) with limited concerns uncovered  5.4% of the total office portfolio matures through 2024  59% of the total office portfolio is fixed rate vs. 41% floating rate  As of 2Q23, 99% of the portfolio is pass rated, and no loans within the portfolio are more than 30 days past due Geographic exposure Note: Data as of June 30, 2023. Data excludes medical office buildings. Exposure by class Credit detail by class

9 1.46% 0.69% 1.20% 0.70% 2.44% 1.66% 1.47% 1.62% 3.67% 1.48% 0.67% 1.13% 0.70% 2.42% 1.35% 1.74% 1.82% 3.77% 1.51% 0.67% 1.22% 0.73% 2.44% 1.32% 1.77% 1.81% 3.86% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 2Q22 1Q23 2Q23 Allowance for credit losses overview ACL / Loans HFI by Category  Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model1 with key economic data summarized below: 1Source: Moody’s “June 2023 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”.

10 $1,181.7 $889.7 $1,310.2 $1,609.2 $1,444.5 9.9% 7.4% 10.4% 12.5% 11.4% $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 2Q22 3Q22 4Q22 1Q23 2Q23 On-Balance Sheet Liqudity On balance sheet liquidity / tangible assets Strong liquidity position On-Balance Sheet Liquidity ($mm) Liquidity / Uninsured and Uncollateralized (UU) Deposits Sources of Liquidity ($mm) 2Q 2023 Current On-Balance Sheet: $1,160.4Cash and Equivalents 281.1Unpledged Securities 3.0Equity Securities $1,444.5Total On-Balance Sheet Available Sources of Liquidity: $3,396.7Unsecured Borrowing Capacity2 548.1FHLB3 2,476.3Discount Window $6,421.1Total Available Sources  Well positioned to weather the current environment  Securities portfolio makes up 11.0% of total assets and does not include any HTM securities  On-balance sheet liquidity of $1.4 billion or 48% of estimated uninsured and uncollateralized deposits  Additional $2.2 billion of real estate loans held at REIT that could be resold to the bank and pledged at FHLB for additional borrowing capacity ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Includes capacity from internal policy. 3 FHLB borrowing capacity does not include loans held at REIT that could be pledged for additional capacity. 37% 27% 37% 49% 48% 203% 183% 193% 209% 213% 240% 210% 230% 258% 261% 2Q22 3Q22 4Q22 1Q23 2Q23 On-balance sheet / UU deposits Available sources / UU deposits

11 Noninterest- bearing checking 22% Interest-bearing checking 26% Money market 33% Savings 4% Time 15% 48% Checking accounts Valuable core deposit base Total deposits ($mm) Cost of deposits Deposit composition $2,896 $2,967 $2,677 $2,489 $2,400 $7,647 $7,039 $8,179 $8,694 $8,472 $10,543 $10,006 $10,856 $11,183 $10,872 2Q22 3Q22 4Q22 1Q23 2Q23 Noninterest-bearing Deposits Interest-bearing Deposits 27.5% 29.6% 24.7% 22.3% 22.1% 0.25% 0.52% 1.20% 1.94% 2.38% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2Q22 3Q22 4Q22 1Q23 2Q23 Noninterest-bearing (%) Cost of total deposits (%)

12 $4,628 $4,621 $4,986 $5,028 $4,919 $3,568 $3,759 $3,797 $3,768 $4,029 $2,347 $1,626 $2,073 $2,387 $1,924 $10,543 $10,006 $10,856 $11,183 $10,872 2Q22 3Q22 4Q22 1Q23 2Q23 Consumer Commercial Public $7,320 $6,653 $7,289 $7,927 $7,859 $3,223 $3,353 $3,567 $3,256 $3,013 $10,543 $10,006 $10,856 $11,183 $10,872 2Q22 3Q22 4Q22 1Q23 2Q23 Uninsured and uncollateralized deposits Insured and collateralized deposits Well-balanced deposit portfolio Deposits by customer segment ($mm) Customer deposit funded balance sheet 2Q23 Insured or collateralized by segment ($mm)Estimated insured or collateralized deposits ($mm) $3,858 $2,077 $72 $1,852 $1,061 $1,952 $4,919 $4,029 $1,924 Consumer Commercial Public Insured Collateralized Uninsured, uncollateralized ~256 thousand total deposit accounts with average balance of ~$41 thousand 96.9% 91.1% 94.2% 95.3% 92.5% 1.5% 6.6% 3.6% 2.7% 5.5% 2Q22 3Q22 4Q22 1Q23 2Q23 Customer deposits / Liabilities Borrowings + Brokered CDs / Liabilities

13 Stabilizing 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. $5,000 $7,000 $9,000 $11,000 $13,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2Q22 3Q22 4Q22 1Q23 2Q23 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM 3.40%3.51%3.78%3.93%3.52%NIM1 12352 Impact of accretion and nonaccrual interest (bps) (3)(1)00(14)Impact of excess liquidity2 (bps) Deposit Cost: 3.43%2.95%2.03%0.73%0.20%Cost of MMDA 3.02%2.54%1.79%0.87%0.64%Cost of customer time 3.06%2.53%1.67%0.74%0.33%Cost of interest-bearing 2.38%1.94%1.20%0.52%0.25%Total deposit cost Loans HFI Yield: 6.16%5.90%5.45%4.79%4.24%Contractual interest 0.17%0.13%0.18%0.30%0.33%Origination and other loan fee income 0.01%0.01%0.03%0.02%0.03%Nonaccrual interest 0.00%0.01%0.01%0.05%0.00%(Amortization) accretion on purchased loans 0.00%0.00%0.00%0.00%0.06%Syndication fee income 6.34%6.05%5.67%5.16%4.66%Total loan (HFI) yield

14 Mortgage performance in 2Q 2023 Highlights  Mortgage segment recorded a pre-tax net loss of $1.3 million in 2Q 2023  Interest rate lock commitment volume increased 7.4% in 2Q 2023 compared to 1Q 2023  Decay and interest rate volatility led to MSR fair value losses, net of hedging of $4.2 million in 2Q  Mortgage markets continue to be under pressure; however, May and June recorded small profit Mortgage banking income ($mm) 2Q231Q232Q22 $8.0$8.1$21.1Gain on Sale $0.9($0.4)($5.4)Fair value changes $7.5$7.8$8.0Servicing Revenue ($4.2)($3.4)$(1.1)Fair value MSR changes $12.2$12.1$22.6Total Income 2.43% 1.95% 3.36% 2.45% 2.42% 2Q22 3Q22 4Q22 1Q23 2Q23 Interest rate lock commitment volume ($mm) Mortgage segment gain on sale margin . $588 $351 $239 $323 $358 $113 $58 $43 $52 $45 $701 $409 $282 $375 $403 2Q22 3Q22 4Q22 1Q23 2Q23 Purchase Refinance

15 Managing expenses Highlights Consolidated 2Q 2023 core efficiency ratio¹ of 63.5% Banking segment core noninterest expense decreased by $1.7 million, or 2.5%, from the prior quarter as we focus on expense control and efficiencies Mortgage segment core efficiency ratio¹ for Q2 2023 reflects April losses, however May and June benefited from seasonal increase in interest rate lock commitment volume and expense cuts ¹ Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Core efficiency ratio (tax-equivalent basis)¹ 51.3% 53.8% 54.7% 59.6% 58.8% 61.1% 60.7% 61.0% 63.3% 63.5% 111.8% 128.9% 145.4% 98.4% 106.9% 2Q22 3Q22 4Q22 1Q23 2Q23 Banking segment Consolidated Mortgage segment

16 Appendix

17 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

18 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings Adjusted tangible net income

19 GAAP reconciliations and use of non-GAAP financial measures Adjusted earnings and diluted earnings per share

20 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings Adjusted tangible net income

21 GAAP Reconciliations and use of non-GAAP Financial Measures Adjusted Common Equity Tier 1 and Total Capital Ratios

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

23 GAAP reconciliations and use of non-GAAP financial measures Banking segment core efficiency ratios (tax-equivalent basis)

24 GAAP reconciliations and use of non-GAAP financial measures Mortgage segment core efficiency ratios (tax-equivalent basis)

25 GAAP reconciliations and use of non-GAAP financial measures Adjusted Banking segment pre-tax pre-provision earnings Adjusted Mortgage segment pre-tax net loss

26 GAAP reconciliations and use of non-GAAP financial measures Tangible assets and equity, tangible book value per common share, tangible common equity to tangible assets, and on- balance sheet liquidity to tangible assets

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

28 GAAP reconciliations and use of non-GAAP financial measures Return on average tangible common equity

29 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets and common equity

30 GAAP reconciliations and use of non-GAAP financial measures Return on average tangible common equity

31 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets and common equity

Cover	Jul. 17, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jul. 17, 2023
Entity Registrant Name	FB FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	TN
Entity File Number	001-37875
Entity Tax Identification Number	62-1216058
Entity Address, Address Line One	1221 Broadway
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	615
Local Phone Number	564-1212
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	FBK
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001649749