Please wait




















logoa07.jpg

 
 
Fourth Quarter 2025
Financial Supplement



TABLE OF CONTENTS
 
 Page
  
Financial Summary and Key Metrics
  
Consolidated Statements of Income
 
Consolidated Balance Sheets
 
Average Balance and Interest Yield/Rate Analysis
 
Investments and Other Sources of Liquidity
  
Loan Portfolio
  
Asset Quality
 
Selected Deposit Data
 14
 
Preliminary Capital Ratios
  
Segment Data
 
Non-GAAP Reconciliations



Use of non-GAAP Financial Measures
 
This Financial Supplement 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 pre-tax pre-provision net revenue, consolidated and segment adjusted revenue, consolidated and segment adjusted noninterest expense and adjusted noninterest income, consolidated and segment adjusted 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 adjusted in nature. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, 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.
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-adjusted 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 Financial Supplement 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)
As of or for the Three Months Ended
Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Selected Balance Sheet Data
Cash and cash equivalents$1,155,895 $1,280,033 $1,165,729 $794,706 $1,042,488 
Investment securities, at fair value1,459,734 1,428,401 1,337,565 1,580,720 1,538,008 
Loans held for sale201,076 167,449 144,212 172,770 126,760 
Loans HFI12,383,626 12,297,600 9,874,282 9,771,536 9,602,384 
Allowance for credit losses on loans HFI(185,983)(184,993)(148,948)(150,531)(151,942)
Total assets16,300,292 16,236,459 13,354,238 13,136,449 13,157,482 
Interest-bearing deposits (non-brokered)10,649,932 10,634,555 8,692,848 8,623,636 8,625,113 
Brokered deposits625,634 487,765 518,719 414,428 469,089 
Noninterest-bearing deposits2,634,395 2,690,635 2,191,903 2,163,934 2,116,232 
Total deposits13,909,961 13,812,955 11,403,470 11,201,998 11,210,434 
Borrowings212,764 213,638 164,485 168,944 176,789 
Allowance for credit losses on unfunded commitments16,196 17,392 12,932 6,493 6,107 
Total common shareholders' equity1,948,165 1,978,043 1,611,130 1,601,962 1,567,538 
Selected Statement of Income Data
Total interest income$235,238 $236,898 $182,084 $179,706 $186,369 
Total interest expense85,434 89,658 70,669 72,065 77,988 
Net interest income149,804 147,240 111,415 107,641 108,381 
Total noninterest income (loss)28,795 26,635 (34,552)23,032 21,997 
Total noninterest expense107,548 109,856 81,261 79,549 73,174 
Earnings (losses) before income taxes and provisions for credit
   losses		71,051 64,019 (4,398)51,124 57,204 
Provisions for credit losses1,232 34,417 5,337 2,292 7,084 
Income tax expense (benefit)12,834 6,227 (12,652)9,471 12,226 
Net income applicable to noncontrolling interest8 — 8 — 8 
Net income applicable to FB Financial Corporation$56,977 $23,375 $2,909 $39,361 $37,886 
Net interest income (tax-equivalent basis)$150,642 $148,088 $112,236 $108,427 $109,004 
Adjusted net income*$61,494 $57,606 $40,821 $40,108 $39,835 
Adjusted pre-tax, pre-provision net revenue*$77,118 $80,980 $58,649 $52,134 $59,829 
Per Common Share
Diluted net income$1.07 $0.43 $0.06 $0.84 $0.81 
Adjusted diluted net income*1.16 1.07 0.88 0.85 0.85 
Book value37.64 37.00 35.17 34.44 33.59 
Tangible book value*30.27 29.83 29.78 29.12 28.27 
Weighted average number of shares outstanding - fully diluted53,074,753 53,957,062 46,179,090 47,024,211 46,862,935 
Period-end number of shares 51,752,401 53,456,522 45,807,689 46,514,547 46,663,120 
Selected Ratios
Return on average:
Assets1.40 %0.58 %0.09 %1.21 %1.14 %
Shareholders’ equity11.6 %4.69 %0.74 %10.1 %9.63 %
Tangible common equity*14.4 %5.82 %0.87 %11.9 %11.5 %
Efficiency ratio 60.2 %63.2 %105.7 %60.9 %56.1 %
Adjusted efficiency ratio (tax-equivalent basis)*56.3 %53.3 %56.9 %59.9 %54.6 %
Loans HFI to deposit ratio89.0 %89.0 %86.6 %87.2 %85.7 %
Noninterest-bearing deposits to total deposits 18.9 %19.5 %19.2 %19.3 %18.9 %
Net interest margin (NIM) (tax-equivalent basis)3.98 %3.95 %3.68 %3.55 %3.50 %
Yield on interest-earning assets6.23 %6.35 %5.99 %5.91 %6.01 %
Cost of interest-bearing liabilities3.02 %3.21 %3.13 %3.16 %3.40 %
Cost of total deposits2.40 %2.53 %2.48 %2.54 %2.70 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.50 %1.50 %1.51 %1.54 %1.58 %
Annualized net charge-offs as a percentage of average loans HFI0.05 %0.05 %0.02 %0.14 %0.47 %
Nonperforming loans HFI as a percentage of loans HFI0.97 %0.94 %0.97 %0.79 %0.87 %
Nonperforming assets as a percentage of total assets0.97 %0.89 %0.92 %0.84 %0.93 %
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets12.0 %12.2 %12.1 %12.2 %11.9 %
Tangible common equity to tangible assets*9.84 %10.1 %10.4 %10.5 %10.2 %
Tier 1 leverage10.3 %10.6 %11.3 %11.4 %11.3 %
Tier 1 risk-based capital 11.4 %11.7 %12.6 %13.1 %13.1 %
Total risk-based capital 13.2 %13.6 %14.7 %15.2 %15.2 %
Common equity Tier 1 11.4 %11.7 %12.3 %12.8 %12.8 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.
FB Financial Corporation
4

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
  Dec 2025Dec 2025
  vs.vs.
 Three Months EndedSep 2025Dec 2024
Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Percent variance Percent variance
Interest income:
Interest and fees on loans$209,734 $209,307 $159,697 $153,185 $156,792 0.20 %33.8 %
Interest on investment securities
Taxable14,380 14,395 14,661 14,471 15,043 (0.10)%(4.41)%
Tax-exempt1,058 1,058 1,036 1,033 1,035 — %2.22 %
Other10,066 12,138 6,690 11,017 13,499 (17.1)%(25.4)%
Total interest income235,238 236,898 182,084 179,706 186,369 (0.70)%26.2 %
Interest expense:
Deposits83,813 86,577 68,568 70,249 76,131 (3.19)%10.1 %
Borrowings1,621 3,081 2,101 1,816 1,857 (47.4)%(12.7)%
Total interest expense85,434 89,658 70,669 72,065 77,988 (4.71)%9.55 %
Net interest income149,804 147,240 111,415 107,641 108,381 1.74 %38.2 %
Provision for (reversal of) credit losses on loans HFI2,428 29,957 (1,102)1,906 7,019 (91.9)%(65.4)%
(Reversal of) provision for credit losses on unfunded
   commitments		(1,196)4,460 6,439 386 65 (126.8)%(1,940.0)%
Net interest income after provisions for credit
   losses		148,572 112,823 106,078 105,349 101,297 31.7 %46.7 %
Noninterest income:
Mortgage banking income13,505 13,484 13,029 12,426 10,586 0.16 %27.6 %
Investment services and trust income4,473 4,227 3,922 3,711 3,853 5.82 %16.1 %
Service charges on deposit accounts4,184 4,049 3,392 3,479 3,548 3.33 %17.9 %
ATM and interchange fees3,146 3,388 2,878 2,677 2,867 (7.14)%9.73 %
Gain (loss) from securities, net64 12 (60,549)16 — 433.3 %100.0 %
(Loss) gain on sales or write-downs of premises and
   equipment, other real estate owned and other assets, net
(131)(646)236 (625)(2,162)(79.7)%(93.9)%
Other income3,554 2,121 2,540 1,348 3,305 67.6 %7.53 %
Total noninterest income (loss)28,795 26,635 (34,552)23,032 21,997 8.11 %30.9 %
Total revenue178,599 173,875 76,863 130,673 130,378 2.72 %37.0 %
Noninterest expenses:
Salaries, commissions and employee benefits63,529 59,210 46,631 48,351 45,432 7.29 %39.8 %
Occupancy and equipment expense7,239 7,539 6,710 6,597 6,668 (3.98)%8.56 %
Merger and integration costs4,611 16,057 2,734 401 — (71.3)%100.0 %
Advertising2,464 2,453 2,178 2,487 2,030 0.45 %21.4 %
Data processing 2,809 2,457 2,161 2,313 2,462 14.3 %14.1 %
Amortization of core deposits and other intangibles1,932 2,079 631 656 687 (7.07)%181.2 %
Legal and professional fees2,503 1,227 2,426 1,992 1,881 104.0 %33.1 %
Other expense22,461 18,834 17,790 16,752 14,014 19.3 %60.3 %
Total noninterest expense107,548 109,856 81,261 79,549 73,174 (2.10)%47.0 %
Income (loss) before income taxes69,819 29,602 (9,735)48,832 50,120 135.9 %39.3 %
Income tax expense (benefit) 12,834 6,227 (12,652)9,471 12,226 106.1 %4.97 %
Net income applicable to FB Financial
Corporation and noncontrolling interest
56,985 23,375 2,917 39,361 37,894 143.8 %50.4 %
Net income applicable to noncontrolling interest8 — 8 — 8 100.0 %— %
Net income applicable to FB Financial
Corporation
$56,977 $23,375 $2,909 $39,361 $37,886 143.8 %50.4 %
Weighted average common shares outstanding:  
Basic52,621,950 53,627,997 45,946,428 46,674,698 46,662,772 (1.88)%12.8 %
Fully diluted53,074,753 53,957,062 46,179,090 47,024,211 46,862,935 (1.64)%13.3 %
Earnings per common share:  
Basic$1.08 $0.44 $0.06 $0.84 $0.81 145.5 %33.3 %
Fully diluted1.07 0.43 0.06 0.84 0.81 148.8 %32.1 %
Fully diluted - adjusted*1.16 1.07 0.88 0.85 0.85 8.41 %36.5 %
*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)
   Dec 2025
 vs.
 Year EndedDec 2024
 Dec 2025Dec 2024Percent variance
Interest income:
Interest and fees on loans$731,923 $626,402 16.8 %
Interest on investment securities
Taxable57,907 50,057 15.7 %
Tax-exempt4,185 4,749 (11.9)%
Other39,911 44,330 (9.97)%
Total interest income833,926 725,538 14.9 %
Interest expense:
Deposits309,207 296,345 4.34 %
Borrowings8,619 12,690 (32.1)%
Total interest expense317,826 309,035 2.84 %
Net interest income516,100 416,503 23.9 %
Provision for credit losses on loans HFI33,189 14,667 126.3 %
Provision for (reversal of) credit losses on unfunded commitments10,089 (2,663)(478.9)%
Net interest income after provisions for credit losses472,822 404,499 16.9 %
Noninterest income:
Mortgage banking income52,444 46,634 12.5 %
Investment services and trust income16,333 14,191 15.1 %
Service charges on deposit accounts15,104 13,234 14.1 %
ATM and interchange fees12,089 11,465 5.44 %
Loss from securities, net(60,457)(56,378)7.24 %
Loss on sales or write-downs of premises and equipment, other real estate owned and other assets, net(1,166)(2,167)(46.2)%
Other income9,563 12,091 (20.9)%
Total noninterest income43,910 39,070 12.4 %
Total revenue560,010 455,573 22.9 %
Noninterest expenses:
Salaries, commissions and employee benefits217,721 183,813 18.4 %
Occupancy and equipment expense28,085 26,250 6.99 %
Merger and integration costs23,803 — 100.0 %
Data processing 9,740 9,642 1.02 %
Advertising9,582 7,007 36.7 %
Legal and professional fees8,148 7,679 6.11 %
Amortization of core deposit and other intangibles5,298 2,947 79.8 %
Other expense75,837 59,561 27.3 %
Total noninterest expense378,214 296,899 27.4 %
Income before income taxes138,518 146,670 (5.56)%
Income tax expense 15,880 30,619 (48.1)%
Net income applicable to noncontrolling interest and FB Financial Corporation122,638 116,051 5.68 %
Net income applicable to noncontrolling interests16 16 — %
Net income applicable to FB Financial Corporation$122,622 $116,035 5.68 %
Weighted average common shares outstanding: 
Basic49,744,804 46,737,217 6.44 %
Fully diluted50,070,121 46,872,625 6.82 %
Earnings per common share:
Basic$2.47 $2.48 (0.40)%
Fully diluted2.45 2.48 (1.21)%
Fully diluted - adjusted*3.99 3.40 17.4 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.




FB Financial Corporation
6

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
  Annualized 
  Dec 2025Dec 2025
  vs.vs.
As ofSep 2025Dec 2024
Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Percent variance Percent variance
ASSETS
Cash and due from banks$196,213 $154,286 $143,317 $149,607 $120,153 107.8 %63.3 %
Federal funds sold and reverse repurchase agreements
213,391 283,451 352,124 109,982 125,825 (98.1)%69.6 %
Interest-bearing deposits in financial institutions746,291 842,296 670,288 535,117 796,510 (45.2)%(6.30)%
Cash and cash equivalents1,155,895 1,280,033 1,165,729 794,706 1,042,488 (38.5)%10.9 %
Investments:
Available-for-sale debt securities, at fair value1,459,579 1,426,951 1,337,565 1,580,720 1,538,008 9.07 %(5.10)%
Equity securities, at fair value155 1,450 — — — (354.3)%(100.0)%
Restricted equity securities, at cost79,046 36,231 33,626 32,234 32,749 468.8 %141.4 %
Loans held for sale201,076 167,449 144,212 172,770 126,760 79.7 %58.6 %
Loans held for investment12,383,626 12,297,600 9,874,282 9,771,536 9,602,384 2.78 %29.0 %
Less: allowance for credit losses on loans HFI185,983 184,993 148,948 150,531 151,942 2.12 %22.4 %
Net loans held for investment12,197,643 12,112,607 9,725,334 9,621,005 9,450,442 2.79 %29.1 %
Premises and equipment, net182,370 183,595 147,243 146,272 148,899 (2.65)%22.5 %
Other real estate owned, net6,009 4,466 2,998 3,326 4,409 137.1 %36.3 %
Operating lease right-of-use assets49,249 51,035 47,764 47,381 47,963 (13.9)%2.68 %
Interest receivable58,565 60,755 50,386 51,268 49,611 (14.3)%18.0 %
Mortgage servicing rights, at fair value148,795 149,840 153,464 156,379 162,038 (2.77)%(8.17)%
Goodwill350,353 350,353 242,561 242,561 242,561 — %44.4 %
Core deposit and other intangibles, net31,284 33,216 4,475 5,106 5,762 (23.1)%442.9 %
Bank-owned life insurance111,865 113,374 72,686 72,400 72,504 (5.28)%54.3 %
Other assets268,408 265,104 226,195 210,321 233,288 4.94 %15.1 %
Total assets$16,300,292 $16,236,459 $13,354,238 $13,136,449 $13,157,482 1.56 %23.9 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing$2,634,395 $2,690,635 $2,191,903 $2,163,934 $2,116,232 (8.29)%24.5 %
Interest-bearing checking2,651,369 2,458,625 2,325,551 2,776,958 2,906,425 31.1 %(8.78)%
Money market and savings5,969,640 5,968,094 4,645,552 4,482,908 4,338,483 0.10 %37.6 %
Customer time deposits2,028,923 2,206,790 1,721,745 1,363,770 1,380,205 (32.0)%47.0 %
Brokered and internet time deposits625,634 488,811 518,719 414,428 469,089 111.1 %33.4 %
Total deposits13,909,961 13,812,955 11,403,470 11,201,998 11,210,434 2.79 %24.1 %
Borrowings212,764 213,638 164,485 168,944 176,789 (1.62)%20.3 %
Operating lease liabilities60,556 62,664 59,289 59,174 60,024 (13.3)%0.89 %
Accrued expenses and other liabilities168,753 169,066 115,771 104,278 142,604 (0.73)%18.3 %
Total liabilities14,352,034 14,258,323 11,743,015 11,534,394 11,589,851 2.61 %23.8 %
Shareholders’ equity:
Common stock, $1 par value51,752 53,457 45,808 46,515 46,663 (12.7)%10.9 %
Additional paid-in capital1,082,344 1,163,164 822,548 854,715 860,266 (27.6)%25.8 %
Retained earnings846,620 799,900 786,785 792,685 762,293 23.2 %11.1 %
Accumulated other comprehensive loss, net(32,551)(38,478)(44,011)(91,953)(101,684)(61.1)%(68.0)%
Total common shareholders’ equity1,948,165 1,978,043 1,611,130 1,601,962 1,567,538 (5.99)%24.3 %
Noncontrolling interest93 93 93 93 93 — %— %
Total equity1,948,258 1,978,136 1,611,223 1,602,055 1,567,631 (5.99)%24.3 %
Total liabilities and shareholders’ equity$16,300,292 $16,236,459 $13,354,238 $13,136,449 $13,157,482 1.56 %23.9 %

FB Financial Corporation
7

Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 December 31, 2025September 30, 2025
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:      
Loans HFI(a)(b)
$12,368,964 $207,140 6.64 %$12,189,401 $207,423 6.75 %
Mortgage loans held for sale169,422 3,059 7.16 %162,205 2,359 5.77 %
Investment securities:
Taxable1,346,232 14,380 4.24 %1,304,894 14,395 4.38 %
Tax-exempt(b)
169,355 1,431 3.35 %169,523 1,431 3.35 %
Total investment securities(b)
1,515,587 15,811 4.14 %1,474,417 15,826 4.26 %
Federal funds sold and reverse repurchase agreements238,393 2,426 4.04 %331,029 3,966 4.75 %
Interest-bearing deposits with other financial institutions693,612 6,800 3.89 %671,634 7,340 4.34 %
Restricted equity securities, at cost49,029 840 6.80 %36,907 832 8.94 %
Total interest-earning assets(b)
15,035,007 236,076 6.23 %14,865,593 237,746 6.35 %
Noninterest-earning assets: 
Cash and due from banks137,536 139,226 
Allowance for credit losses on loans HFI(185,526)(181,973)
Other assets(c)(d)
1,164,178 1,184,942 
Total noninterest-earning assets1,116,188 1,142,195 
Total assets$16,151,195 $16,007,788 
Interest-bearing liabilities:
Interest-bearing deposits: 
Interest-bearing checking$2,379,679 $11,538 1.92 %$2,331,589 $12,383 2.11 %
Money market5,609,158 46,018 3.25 %5,561,538 49,019 3.50 %
Savings deposits417,110 419 0.40 %406,787 248 0.24 %
Customer time deposits2,088,577 19,561 3.72 %1,997,905 18,965 3.77 %
Brokered and internet time deposits608,136 6,277 4.10 %560,127 5,962 4.22 %
       Time deposits2,696,713 25,838 3.80 %2,558,032 24,927 3.87 %
Total interest-bearing deposits11,102,660 83,813 2.99 %10,857,946 86,577 3.16 %
Other interest-bearing liabilities: 
Securities sold under agreements to repurchase and federal funds purchased12,473 31 0.99 %13,144 31 0.94 %
Federal Home Loan Bank advances— — — %15,217 172 4.48 %
Subordinated debt83,458 1,491 7.09 %180,805 2,872 6.30 %
Other borrowings9,296 99 4.23 %1,168 6 2.04 %
Total other interest-bearing liabilities105,227 1,621 6.11 %210,334 3,081 5.81 %
Total interest-bearing liabilities11,207,887 85,434 3.02 %11,068,280 89,658 3.21 %
Noninterest-bearing liabilities: 
Demand deposits2,733,207 2,724,898 
Other liabilities(d)
253,375 236,732 
Total noninterest-bearing liabilities2,986,582 2,961,630 
Total liabilities14,194,469 14,029,910 
Total common shareholders’ equity1,956,633 1,977,785 
Noncontrolling interest93 93 
Total equity1,956,726 1,977,878 
Total liabilities and shareholders’ equity$16,151,195 $16,007,788 
Net interest income(b)
 $150,642 $148,088 
Interest rate spread(b)
  3.21 %3.14 %
Net interest margin(b)(e)
  3.98 %3.95 %
Cost of total deposits  2.40 %2.53 %
Average interest-earning assets to average interest-bearing liabilities  134.1 %134.3 %
Tax-equivalent adjustment $838 $848 
Loans HFI yield components:  
    Contractual interest rate(b)
 $197,683 6.34 %$198,320 6.45 %
    Origination and other loan fee income 2,633 0.08 %1,575 0.05 %
    Accretion on purchased loans 6,406 0.21 %7,025 0.23 %
    Nonaccrual interest 418 0.01 %503 0.02 %
          Total loans HFI yield $207,140 6.64 %$207,423 6.75 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $51,415 and $64,781 for the three months ended December 31, 2025 and September 30, 2025, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $23,208 and 21,645 for the three months ended December 31, 2025 and September 30, 2025, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation
8

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 June 30, 2025March 31, 2025December 31, 2024
 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)(b)
$9,840,932 $157,964 6.44 %$9,621,057 $152,174 6.41 %$9,522,996 $155,897 6.51 %
Mortgage loans held for sale126,072 2,189 6.96 %93,944 1,433 6.19 %71,569 1,153 6.41 %
Investment securities:
Taxable1,534,895 14,661 3.83 %1,541,868 14,471 3.81 %1,523,297 15,043 3.93 %
Tax-exempt(b)
167,675 1,401 3.35 %167,958 1,397 3.37 %168,284 1,400 3.31 %
Total investment securities(b)
1,702,570 16,062 3.78 %1,709,826 15,868 3.76 %1,691,581 16,443 3.87 %
Federal funds sold and reverse repurchase   agreements113,252 1,256 4.45 %123,390 1,374 4.52 %112,388 1,393 4.93 %
Interest-bearing deposits with other financial institutions426,073 4,733 4.46 %811,216 8,902 4.45 %943,638 11,361 4.79 %
Restricted equity securities, at cost35,623 701 7.89 %32,493 741 9.25 %32,773 745 9.04 %
Total interest-earning assets(b)
12,244,522 182,905 5.99 %12,391,926 180,492 5.91 %12,374,945 186,992 6.01 %
Noninterest-earning assets:
Cash and due from banks115,717 123,158 117,819 
Allowance for credit losses on loans HFI(151,586)(152,234)(155,022)
Other assets(c)(d)
823,837 844,119 856,453 
Total noninterest-earning assets787,968 815,043 819,250 
Total assets$13,032,490 $13,206,969 $13,194,195 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,521,239 $15,870 2.52 %$2,840,211 $18,267 2.61 %$2,837,092 $20,957 2.94 %
    Money market4,115,987 34,957 3.41 %4,083,754 34,360 3.41 %3,880,258 35,044 3.59 %
    Savings deposits352,307 98 0.11 %353,865 66 0.08 %349,912 62 0.07 %
    Customer time deposits1,404,368 12,454 3.56 %1,373,045 12,702 3.75 %1,402,300 14,114 4.00 %
    Brokered and internet time deposits481,686 5,189 4.32 %443,923 4,854 4.43 %518,337 5,954 4.57 %
       Time deposits1,886,05417,6433.75 %1,816,968 17,556 3.92 %1,920,637 20,068 4.16 %
Total interest-bearing deposits8,875,58768,5683.10 %9,094,798 70,249 3.13 %8,987,899 76,131 3.37 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased11,107 26 0.94 %11,046 6 0.22 %14,791 16 0.43 %
  Federal Home Loan Bank advances23,077 258 4.48 %— — — %— — — %
  Subordinated debt130,851 1,813 5.56 %130,755 1,804 5.60 %130,658 1,837 5.59 %
  Other borrowings2,294 4 0.70 %1,220 6 1.99 %1,245 4 1.28 %
Total other interest-bearing liabilities167,329 2,101 5.04 %143,021 1,816 5.15 %146,694 1,857 5.04 %
Total interest-bearing liabilities9,042,916 70,669 3.13 %9,237,819 72,065 3.16 %9,134,593 77,988 3.40 %
Noninterest-bearing liabilities:
Demand deposits2,206,305 2,134,924 2,241,492 
Other liabilities(d)
200,077 250,175 253,514 
Total noninterest-bearing liabilities2,406,382 2,385,099 2,495,006 
Total liabilities11,449,298 11,622,918 11,629,599 
Total common shareholders’ equity1,583,099 1,583,958 1,564,503 
Noncontrolling interest93 93 93 
Total equity1,583,192 1,584,051 1,564,596 
Total liabilities and shareholders’ equity$13,032,490 $13,206,969 $13,194,195 
Net interest income(b)
$112,236 $108,427 $109,004 
Interest rate spread(b)
2.86 %2.75 %2.61 %
Net interest margin(b)(e)
3.68 %3.55 %3.50 %
Cost of total deposits2.48 %2.54 %2.70 %
Average interest-earning assets to average interest-bearing liabilities135.4 %134.1 %135.5 %
Tax-equivalent adjustment$821 $786 $623 
Loans HFI yield components:
    Contractual interest rate(b)
$155,697 6.34 %$149,819 6.31 %$153,255 6.40 %
    Origination and other loan fee income1,945 0.08 %1,797 0.08 %1,859 0.08 %
    (Amortization) accretion on purchased loans(62)— %2 — %119 — %
    Nonaccrual interest384 0.02 %556 0.02 %664 0.03 %
          Total loans HFI yield$157,964 6.44 %$152,174 6.41 %$155,897 6.51 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $128,818, $132,262 and $119,243 for the three months ended June 30, 2025, March 31, 2025 and
December 31, 2024, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25,159, $30,731
and $31,519 for the three months ended June 30, 2025, March 31, 2025 and December 31, 2024, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation
9

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Year Ended
 December 31, 2025December 31, 2024
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:      
Loans HFI(a)(b)
$11,015,862 $724,701 6.58 %$9,384,458 $622,830 6.64 %
Mortgage loans held for sale138,183 9,040 6.54 %66,983 4,486 6.70 %
Investment securities:
Taxable1,431,088 57,907 4.05 %1,468,646 50,057 3.41 %
Tax-exempt(b)
168,634 5,660 3.36 %196,003 6,423 3.28 %
Total investment securities(b)
1,599,722 63,567 3.97 %1,664,649 56,480 3.39 %
Federal funds sold and reverse repurchase agreements202,186 9,022 4.46 %123,601 6,703 5.42 %
Interest-bearing deposits with other financial institutions650,369 27,775 4.27 %666,810 34,587 5.19 %
Restricted equity securities, at cost38,554 3,114 8.08 %33,307 3,040 9.13 %
Total interest-earning assets(b)
13,644,876 837,219 6.14 %11,939,808 728,126 6.10 %
Noninterest-earning assets:
Cash and due from banks128,977 135,338 
Allowance for credit losses on loans HFI(167,960)(153,265)
Other assets(c)(d)
1,005,642 803,867 
Total noninterest-earning assets966,659 785,940 
Total assets$14,611,535 $12,725,748 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,516,406 $58,058 2.31 %$2,625,713 $80,045 3.05 %
    Money market4,848,758 164,354 3.39 %3,827,898 147,075 3.84 %
    Savings deposits382,757 831 0.22 %363,649 253 0.07 %
    Customer time deposits1,718,706 63,682 3.71 %1,399,278 55,529 3.97 %
    Brokered and internet time deposits524,018 22,282 4.25 %276,864 13,443 4.86 %
       Time deposits2,242,724 85,964 3.83 %1,676,142 68,972 4.11 %
Total interest-bearing deposits9,990,645 309,207 3.09 %8,493,402 296,345 3.49 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased11,950 94 0.79 %21,339 366 1.72 %
  Federal Home Loan Bank advances9,589 418 4.36 %— — — %
  Subordinated debt131,473 7,992 6.08 %130,352 7,638 5.86 %
  Other borrowings 3,509 115 3.28 %97,182 4,686 4.82 %
Total other interest-bearing liabilities156,521 8,619 5.51 %248,873 12,690 5.10 %
Total interest-bearing liabilities10,147,166 317,826 3.13 %8,742,275 309,035 3.53 %
Noninterest-bearing liabilities:
Demand deposits2,452,226 2,233,092 
   Other liabilities(d)
235,105 244,549 
Total noninterest-bearing liabilities2,687,331 2,477,641 
Total liabilities12,834,497 11,219,916 
Total common shareholders’ equity1,776,945 1,505,739
Noncontrolling interest93 93 
Total equity1,777,038 1,505,832 
Total liabilities and shareholders’ equity$14,611,535 $12,725,748 
Net interest income(b)
$519,393 $419,091 
Interest rate spread(b)
3.01 %2.57 %
Net interest margin(b)(e)
3.81 %3.51 %
Cost of total deposits2.49 %2.76 %
Average interest-earning assets to average interest-bearing liabilities134.5 %136.6 %
Tax equivalent adjustment $3,293  $2,588 
Loans HFI yield components:   
    Contractual interest rate(b)
 $701,519 6.37 %$614,051 6.54 %
    Origination and other loan fee income 7,950 0.07 %6,365 0.07 %
    Accretion on purchased loans 13,371 0.12 %657 0.01 %
    Nonaccrual interest 1,861 0.02 %1,757 0.02 %
          Total loans HFI yield $724,701 6.58 %$622,830 6.64 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined marginal tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $94,017 and $166,149 for the years ended December 31, 2025 and 2024, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25,156 and $24,639 for the      years ended December 31, 2025 and 2024, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.
FB Financial Corporation
10

Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)
 As of
Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Investment securities, at fair value
Available-for-sale debt securities:  
  U.S. government agency securities$670,088 46 %$653,197 46 %$642,264 48 %$602,942 38 %$563,007 36 %
  Mortgage-backed securities - residential602,320 41 %587,587 41 %541,343 40 %816,556 52 %810,999 53 %
  Mortgage-backed securities - commercial10,678 1 %10,681 1 %8,752 1 %14,828 1 %14,857 1 %
  Municipal securities168,370 12 %165,411 12 %144,228 11 %145,396 9 %147,857 10 %
  Treasury securities7,125 — %7,080 — %— — %— — %299 — %
  Corporate securities998 — %2,995 — %978 — %998 — %989 — %
Total available-for-sale debt securities1,459,579 100 %1,426,951 100 %1,337,565 100 %1,580,720 100 %1,538,008 100 %
Equity securities, at fair value 155 — %1,450 — %— — %— — %— — %
Total investment securities, at fair value $1,459,734 100 %$1,428,401 100 %$1,337,565 100 %$1,580,720 100 %$1,538,008 100 %
Investment securities to total assets8.96 % 8.80 %10.0 %12.0 %11.7 %
Unrealized loss on available-for-sale debt securities(47,887)(55,890)(63,262)(128,173)(141,389)
Sources of liquidity
Current on-balance sheet:
  Cash and cash equivalents$1,155,89564 %$1,280,03368 %$1,165,72968 %$794,70653 %$1,042,48863 %
  Unpledged available-for-sale debt securities649,00036 %608,71632 %547,35432 %703,11747 %600,96537 %
  Equity securities, at fair value155— %1,450— %— — %— — %—— %
Total on-balance sheet liquidity$1,805,050100 %$1,890,199100 %$1,713,083 100 %$1,497,823 100 %$1,643,453 100 %
Available sources of liquidity:
  Unsecured borrowing capacity(a)
$3,915,314 43 %$4,018,822 52 %$3,325,751 48 %$3,369,107 48 %$3,318,091 49 %
   FHLB remaining borrowing capacity2,214,79625 %1,551,28320 %1,481,37621 %1,476,68821 %1,397,90521 %
   Federal Reserve discount window2,879,58632 %2,196,78528 %2,119,01831 %2,134,44831 %2,053,54130 %
Total available sources of liquidity$9,009,696 100 %$7,766,890 100 %$6,926,145 100 %$6,980,243 100 %$6,769,537 100 %
On-balance sheet liquidity as a
    percentage of total assets		11.1 %11.6 %12.8 %11.4 %12.5 %
On-balance sheet liquidity as a
    percentage of total tangible assets*		11.3 %11.9 %13.1 %11.6 %12.7 %
On-balance sheet liquidity and available
    sources of liquidity as a percentage of
    estimated uninsured and
    uncollateralized deposits(b)
264.8 %245.0 %289.5 %283.4 %293.8 %
(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.


FB Financial Corporation
11

Loan Portfolio
(Unaudited)
(Dollars in Thousands)
 As of
 Dec 2025% of Total Sep 2025% of TotalJun 2025% of TotalMar 2025% of TotalDec 2024% of Total
Loan portfolio  
Commercial and industrial $2,181,935 18 %$2,155,105 17 %$1,788,911 18 %$1,782,981 18 %$1,691,213 18 %
Construction1,188,494 10 %1,195,392 10 %1,022,678 10 %1,022,299 10 %1,087,732 11 %
Residential real estate: 
1-to-4 family mortgage1,838,122 15 %1,852,626 15 %1,660,696 17 %1,632,574 17 %1,616,754 17 %
Residential line of credit741,309 6 %707,303 6 %641,433 7 %613,868 6 %602,475 6 %
Multi-family mortgage745,360 6 %736,424 6 %587,254 6 %648,326 7 %653,769 7 %
Commercial real estate: 
Owner-occupied2,148,870 17 %2,124,920 17 %1,370,123 14 %1,356,007 14 %1,357,568 14 %
Non-owner occupied2,900,499 23 %2,890,233 24 %2,198,689 22 %2,153,825 22 %2,099,129 22 %
Consumer and other639,037 5 %635,597 5 %604,498 6 %561,656 6 %493,744 5 %
Total loans HFI$12,383,626 100 %$12,297,600 100 %$9,874,282 100 %$9,771,536 100 %$9,602,384 100 %
Percentage of loans HFI portfolio with
    floating interest rates		52.2 %51.5 %49.6 %49.7 %49.4 %
Percentage of loans HFI portfolio with
  floating interest rates that mature after
  one year		49.3 %48.0 %45.2 %44.4 %43.5 %
Loans by market(a)
Metropolitan$5,812,055 47 %$5,828,109 48 %$4,964,113 50 %$5,005,392 51 %$4,952,026 51 %
Community2,893,961 23 %2,876,244 23 %1,380,561 14 %1,367,412 14 %1,308,869 14 %
Specialty lending and other3,677,610 30 %3,593,247 29 %3,529,608 36 %3,398,732 35 %3,341,489 35 %
Total$12,383,626 100 %$12,297,600 100 %$9,874,282 100 %$9,771,536 100 %$9,602,384 100 %
Unfunded loan commitments
Commercial and industrial $1,464,207 45 %$1,451,366 46 %$1,396,533 49 %$1,349,491 48 %$1,371,413 50 %
Construction704,781 22 %731,742 23 %535,669 19 %540,992 19 %498,133 18 %
Residential real estate:
1-to-4 family mortgage16,942 1 %5,581 — %3,545 — %5,094 — %7,299 — %
Residential line of credit828,042 26 %808,961 25 %745,570 26 %743,413 27 %734,031 26 %
Multi-family mortgage6,698 —%6,665 —%4,260 —%9,586 —%12,044 —%
Commercial real estate:
Owner-occupied92,265 3 %96,287 3 %86,135 3 %68,566 3 %78,856 3 %
Non-owner occupied65,037 2 %68,293 2 %67,974 2 %63,948 2 %54,898 2 %
Consumer and other20,530 1 %21,480 1 %21,999 1 %14,547 1 %13,431 1 %
Total unfunded loans HFI$3,198,502 100 %$3,190,375 100 %$2,861,685 100 %$2,795,637 100 %$2,770,105 100 %
(a) Prior period amounts have been recast to reflect updated definitions of market categories.
FB Financial Corporation
12

Asset Quality
As of or for the Three Months Ended
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
 Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period$184,993 $148,948 $150,531 $151,942 $156,260 
Charge-offs(1,818)(1,709)(1,454)(3,893)(12,010)
Recoveries380 279 973 576 673 
Impact of change in accounting estimate for current expected credit losses— — (6,848)— — 
Provision for credit losses on loans HFI2,428 29,957 5,746 1,906 7,019 
Initial allowance on acquired loans with credit deterioration— 7,518 — — — 
Allowance for credit losses on loans HFI at the end of the period$185,983 $184,993 $148,948 $150,531 $151,942 
Allowance for credit losses on loans HFI as a percentage of loans HFI1.50 %1.50 %1.51 %1.54 %1.58 %
Allowance for credit losses on unfunded commitments$16,196 $17,392 $12,932 $6,493 $6,107 
Charge-offs
Commercial and industrial$(65)$(100)$(70)$(2,901)$(10,921)
Construction— (399)— — (30)
Residential real estate:
1-to-4 family mortgage(368)(322)(433)(3)(144)
Commercial real estate:
Owner occupied— — — (17)— 
Consumer and other(1,385)(888)(951)(972)(915)
Total charge-offs(1,818)(1,709)(1,454)(3,893)(12,010)
Recoveries
Commercial and industrial159 12 173 42 371 
Residential real estate:
1-to-4 family mortgage13 6 11 9 9 
Residential line of credit— 11 1 — — 
Commercial real estate:
Owner occupied8 4 9 21 5 
Non-owner occupied— — 528 1 — 
Consumer and other200 246 251 503 288 
Total recoveries380 279 973 576 673 
Net charge-offs$(1,438)$(1,430)$(481)$(3,317)$(11,337)
Annualized net charge-offs as a percentage of average loans HFI0.05 %0.05 %0.02 %0.14 %0.47 %
Nonperforming assets
Loans past due 90 days or more and accruing interest$32,751 $26,311 $21,962 $28,422 $24,347 
Nonaccrual loans87,721 89,448 73,950 48,738 59,358 
Total nonperforming loans HFI
120,472 115,759 95,912 77,160 83,705 
Mortgage loans held for sale(a)
28,102 21,660 20,977 27,152 31,357 
Other real estate owned6,009 4,466 2,998 3,326 4,409 
Other repossessed assets3,564 3,314 3,151 2,791 2,444 
Total nonperforming assets$158,147 $145,199 $123,038 $110,429 $121,915 
Total nonperforming loans HFI as a percentage of loans HFI0.97 %0.94 %0.97 %0.79%0.87%
Total nonperforming assets as a percentage of total assets
0.97 %0.89 %0.92 %0.84%0.93%
Total nonaccrual loans as a percentage of loans HFI0.71 %0.73 %0.75 %0.50%0.62%
(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.

FB Financial Corporation
13

 Selected Deposit Data
(Unaudited)
(Dollars in Thousands)
 As of
Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Deposits by market(a)
Metropolitan$6,020,09543 %$5,766,85642 %$5,359,97447 %$5,390,43448 %$5,246,59047 %
Community6,926,89750 %6,822,73649 %4,713,63742 %4,819,66543 %4,729,96242 %
Brokered/wholesale625,6345 %487,7654 %518,7194 %414,4284 %469,0894 %
Escrow and other(b)
337,3352 %735,5985 %811,1407 %577,4715 %764,7937 %
Total$13,909,961100 %$13,812,955100 %$11,403,470100 %$11,201,998100 %$11,210,434100 %
Deposits by customer
    segment
Consumer$6,063,01544 %$5,966,45843 %$4,772,58242 %$4,868,54443 %$4,853,60943 %
Commercial 6,162,22144 %6,045,41844 %4,835,96842 %4,695,92342 %4,802,10543 %
Public1,684,72512 %1,801,07913 %1,794,92016 %1,637,53115 %1,554,72014 %
Total$13,909,961100 %$13,812,955100 %$11,403,470100 %$11,201,998100 %$11,210,434100 %
Estimated insured or
   collateralized deposits		$9,825,599$9,871,337$8,418,783$8,210,241$8,346,796
Estimated uninsured
   and uncollateralized
   deposits(c)
$4,084,362$3,941,618$2,984,687$2,991,757$2,863,638
Estimated uninsured and
   uncollateralized deposits
    as a % of total
    deposits(c)
29.4 %28.5 %26.2 %26.7 %25.5 %
(a) Prior period amounts have been recast to reflect updated definitions of market categories.
(b) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.
(c) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.



FB Financial Corporation
14

Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)
Computation of Tangible Common Equity to Tangible Assets:December 31, 2025December 31, 2024
Total Common Shareholders' Equity$1,948,165 $1,567,538 
Less:
    Goodwill350,353 242,561 
    Other intangibles31,284 5,762 
Tangible Common Equity$1,566,528 $1,319,215 
Total Assets$16,300,292 $13,157,482 
Less:
    Goodwill350,353 242,561 
    Other intangibles31,284 5,762 
Tangible Assets$15,918,655 $12,909,159 
Preliminary Total Risk-Weighted Assets$14,252,337 $11,306,312 
Total Common Equity to Total Assets12.0 %11.9 %
Tangible Common Equity to Tangible Assets*9.84 %10.2 %
 December 31, 2025December 31, 2024
Preliminary Regulatory Capital: 
    Common Equity Tier 1 Capital$1,625,952 $1,450,722 
    Tier 1 Capital1,625,952 1,480,722 
    Total Capital1,888,038 1,721,941 
Preliminary Regulatory Capital Ratios: 
    Common Equity Tier 1 11.4 %12.8 %
    Tier 1 Risk-Based11.4 %13.1 %
    Total Risk-Based 13.2 %15.2 %
    Tier 1 Leverage10.3 %11.3 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
FB Financial Corporation
15

 
Segment Data
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Banking segment
Interest income$233,202 $236,073 $180,960 $178,915 $186,219 
Interest expense86,637 91,214 72,051 73,156 79,426 
Net interest income$146,565 $144,859 $108,909 $105,759 $106,793 
Provisions for credit losses796 34,070 582 2,189 7,133 
Noninterest income (loss)15,207 13,078 (47,720)10,660 11,311 
Salaries, commissions and employee benefits55,928 51,441 38,635 41,469 38,289 
Merger and integration costs4,611 16,057 2,734 401 — 
Other noninterest expense33,017 29,471 25,961 25,039 22,715 
Pre-tax net contribution (loss) after allocations$67,420 $26,898 $(6,723)$47,321 $49,967 
Total assets$15,623,962 $15,598,629 $12,736,830 $12,490,097 $12,554,435 
Efficiency ratio57.8 %61.4 %110.0 %57.5 %51.7 %
Adjusted efficiency ratio*53.5 %50.6 %52.8 %56.5 %50.1 %
Mortgage segment
Interest income$2,036 $825 $1,124 $791 $150 
Interest expense(1,203)(1,556)(1,382)(1,091)(1,438)
Net interest income$3,239 $2,381 $2,506 $1,882 $1,588 
Provisions for (reversals of) loan losses436 347 4,755 103 (49)
Mortgage banking income13,505 13,484 13,029 12,426 10,586 
Other noninterest income (loss)83 73 139 (54)100 
Salaries, commissions and employee benefits7,601 7,769 7,996 6,882 7,143 
Other noninterest expense6,391 5,118 5,935 5,758 5,027 
Pre-tax net contribution (loss) after allocations$2,399 $2,704 $(3,012)$1,511 $153 
Total assets $676,330 $637,830 $617,408 $646,352 $603,047 
Efficiency ratio83.2 %80.9 %88.9 %88.7 %99.2 %
Adjusted efficiency ratio*83.2 %80.9 %89.1 %87.9 %99.2 %
Interest rate lock commitments volume$385,516 $432,149 $456,720 $381,777 $315,891 
Interest rate lock commitments pipeline (period end)$86,586 $128,961 $127,004 $118,200 $65,687 
Mortgage loan sales$336,085 $343,450 $391,061 $222,805 $287,291 
Gains and fees from origination and sale of mortgage loans held for sale$9,976 $9,237 $11,200 $5,602 $7,788 
Net change in fair value of loans held for sale, derivatives, and other(57)801 (876)2,816 (96)
Mortgage servicing income6,668 6,836 6,936 7,077 7,305 
Change in fair value of mortgage servicing rights, net of hedging(3,082)(3,390)(4,231)(3,069)(4,411)
Total mortgage banking income$13,505 $13,484 $13,029 $12,426 $10,586 
Mortgage sale margin(a)
2.97 %2.69 %2.86 %2.51 %2.71 %
*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
16

Non-GAAP Reconciliations
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months EndedYear Ended
Adjusted net incomeDec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Income (loss) before income
   taxes		$69,819 $29,602 $(9,735)$48,832 $50,120 $138,518 $146,670 
Less gain (loss) from securities,
  net		64 12 (60,549)16 — (60,457)(56,378)
Less (loss) gain on sales or
   write-downs of premises and
   equipment, other real estate
   owned and other assets, net		(131)(646)236 (625)(2,162)(1,166)(2,167)
Less cash life insurance benefit1,148 — — — — 1,148 2,057 
Plus initial provision for credit
   losses on acquired loans and
   unfunded commitments		— 28,366 — — — 28,366 — 
Plus early retirement and
   severance costs		1,395 — — — 463 1,395 1,478 
Plus loss on lease terminations
   and other branch closure costs		12 270 — — — 282 — 
Plus certain nonrecurring
   charitable contributions		1,130 — — — — 1,130 — 
Plus FDIC special assessment— — — — — — 500 
Plus merger and integration
   costs		4,611 16,057 2,734 401 — 23,803 — 
Adjusted pre-tax net income75,886 74,929 53,312 49,842 52,745 253,969 205,136 
Less income tax expense,
   adjusted for items above(a)
14,392 17,323 3,778 9,734 12,910 45,227 45,855 
Plus income tax benefit(b)
— — (8,713)— — (8,713)— 
Adjusted net income$61,494 $57,606 $40,821 $40,108 $39,835 $200,029 $159,281 
Weighted average common share
     outstanding - fully diluted		53,074,753 53,957,062 46,179,090 47,024,211 46,862,935 50,070,121 46,872,625 
Adjusted diluted earnings per
     common share
Diluted earnings per common
   share		$1.07 $0.43 $0.06 $0.84 $0.81 $2.45 $2.48 
Adjusted diluted earnings per
   common share 		$1.16 $1.07 $0.88 $0.85 $0.85 $3.99 $3.40 
(a) Adjusted items calculated using the combined marginal tax rate of 26.06% for all periods, excluding nondeductible items for merger and integration costs.
(b) Represents a non-recurring tax benefit recorded during the three months ended June 30, 2025 due to the expiration of the statute of limitations with respect to an amended income tax return.















FB Financial Corporation
17

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months EndedYear Ended
Adjusted pre-tax pre-provision net
    revenue		Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Income (loss) before income taxes$69,819 $29,602 $(9,735)$48,832 $50,120 $138,518 $146,670 
Plus provisions for credit losses1,232 34,417 5,337 2,292 7,084 43,278 12,004 
Pre-tax pre-provision net revenue71,051 64,019 (4,398)51,124 57,204 181,796 158,674 
Less gain (loss) from securities, net64 12 (60,549)16 — (60,457)(56,378)
Less (loss) gain on sales or
   write-downs of premises and
   equipment, other real estate
   owned and other assets, net		(131)(646)236 (625)(2,162)(1,166)(2,167)
Less cash life insurance benefit1,148 — — — — 1,148 2,057 
Plus early retirement and severance
   costs		1,395 — — — 463 1,395 1,478 
Plus loss on lease terminations and
   other branch closure costs		12 270 — — — 282 — 
Plus certain nonrecurring
   charitable contributions		1,130 — — — — 1,130 — 
Plus FDIC special assessment— — — — — — 500 
Plus merger and integration costs4,611 16,057 2,734 401 — 23,803 — 
Adjusted pre-tax pre-provision net
    revenue		$77,118 $80,980 $58,649 $52,134 $59,829 $268,881 $217,140 
 
Three Months EndedYear Ended
Adjusted tangible net incomeDec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Income (loss) before income taxes$69,819 $29,602 $(9,735)$48,832 $50,120 $138,518 $146,670 
Plus amortization of core deposit
     and other intangibles		1,932 2,079 631 656 687 5,298 2,947 
Less gain (loss) from securities, net64 12 (60,549)16 — (60,457)(56,378)
Less (loss) gain on sales or
   write-downs of premises and
   equipment, other real estate
   owned and other assets, net		(131)(646)236 (625)(2,162)(1,166)(2,167)
Less cash life insurance benefit1,148 — — — — 1,148 2,057 
Plus initial provision for credit
   losses on acquired loans and
   unfunded commitments		— 28,366 — — — 28,366 — 
Plus early retirement and severance
   costs		1,395 — — — 463 1,395 1,478 
Plus loss on lease terminations and
   other branch closure costs		12 270 — — — 282 — 
Plus certain nonrecurring
   charitable contributions		1,130 — — — — 1,130 — 
Plus FDIC special assessment— — — — — — 500 
Plus merger and integration costs4,611 16,057 2,734 401 — 23,803 — 
Less income tax expense, adjusted
     for items above(a)
14,895 17,864 3,942 9,905 13,089 46,606 46,623 
Plus income tax benefit(b)
— — (8,713)— — (8,713)— 
Adjusted tangible net income$62,923 $59,144 $41,288 $40,593 $40,343 $203,948 $161,460 
(a) Adjusted items calculated using the combined marginal tax rate of 26.06% for all periods, excluding nondeductible items for merger and integration costs.
(b) Represents a non-recurring tax benefit recorded during the three months ended June 30, 2025 due to the expiration of the statute of limitations with respect to an amended income tax return.
FB Financial Corporation
18

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months EndedYear Ended
Adjusted efficiency ratio (tax-
    equivalent basis)		Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Total noninterest expense$107,548 $109,856 $81,261 $79,549 $73,174 $378,214 $296,899 
Less early retirement and
   severance costs		1,395 — — — 463 1,395 1,478 
Less loss on lease terminations
   and other branch closure costs		12 270 — — — 282 — 
Less certain nonrecurring
   charitable contributions		1,130 — — — — 1,130 — 
Less FDIC special assessment— — — — — — 500 
Less merger and integration costs4,611 16,057 2,734 401 — 23,803 — 
Adjusted noninterest expense$100,400 $93,529 $78,527 $79,148 $72,711 $351,604 $294,921 
Net interest income$149,804 $147,240 $111,415 $107,641 $108,381 $516,100 $416,503 
Net interest income (tax-equivalent
    basis)		150,642 148,088 112,236 108,427 109,004 519,393 419,091 
Total noninterest income (loss)28,795 26,635 (34,552)23,032 21,997 43,910 39,070 
Less gain (loss) from securities,
   net		64 12 (60,549)16 — (60,457)(56,378)
Less (loss) gain on sales or
   write-downs of premises and
   equipment, other real estate
   owned and other assets, net		(131)(646)236 (625)(2,162)(1,166)(2,167)
Less cash life insurance benefit1,148 — — — — 1,148 2,057 
Adjusted noninterest income27,714 27,269 25,761 23,641 24,159 104,385 95,558 
Total revenue$178,599 $173,875 $76,863 $130,673 $130,378 $560,010 $455,573 
Adjusted revenue (tax-equivalent
    basis)		$178,356 $175,357 $137,997 $132,068 $133,163 $623,778 $514,649 
Efficiency ratio60.2%63.2%105.7%60.9%56.1%67.5%65.2%
Adjusted efficiency ratio (tax-
    equivalent basis)		56.3%53.3%56.9%59.9%54.6%56.4%57.3%
FB Financial Corporation
19

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months EndedYear Ended
Banking segment adjusted
   efficiency ratio (tax-equivalent)		Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Banking segment noninterest
    expense		$93,556 $96,969 $67,330 $66,909 $61,004 $324,764 $246,490 
Less early retirement and
   severance costs		1,395 — — — 463 1,395 1,478 
Less loss on lease terminations
   and other branch closure costs		12 270 — — — 282 — 
Less certain nonrecurring
   charitable contributions		1,130 — — — — 1,130 — 
Less FDIC special assessment— — — — — — 500 
Less merger and integration costs4,611 16,057 2,734 401 — 23,803 — 
Banking segment adjusted
   noninterest expense		$86,408 $80,642 $64,596 $66,508 $60,541 $298,154 $244,512 
Banking segment net interest income $146,565 $144,859 $108,909 $105,759 $106,793 $506,092 $410,783 
Banking segment net interest income
    (tax-equivalent basis)		147,403 145,707 109,730 106,545 107,416 509,385 413,371 
Banking segment noninterest income
    (loss)		15,207 13,078 (47,720)10,660 11,311 (8,775)(8,376)
Less gain (loss) from securities,
   net		64 12 (60,549)16 — (60,457)(56,378)
Less cash life insurance benefit1,148 — — — — 1,148 2,057 
Less (loss) gain on sales or
   write-downs of premises and
   equipment, other real estate
   owned and other assets, net		(131)(646)203 (497)(2,162)(1,071)(2,350)
Banking segment adjusted
   noninterest income		14,126 13,712 12,626 11,141 13,473 51,605 48,295 
Banking segment total revenue$161,772 $157,937 $61,189 $116,419 $118,104 $497,317 $402,407 
Banking segment total adjusted
    revenue (tax-equivalent basis)		$161,529 $159,419 $122,356 $117,686 $120,889 $560,990 $461,666 
Banking segment efficiency ratio 57.8%61.4%110.0%57.5%51.7%65.3%61.3%
Banking segment adjusted
   efficiency ratio (tax-equivalent
   basis)		53.5%50.6%52.8%56.5%50.1%53.1%53.0%
FB Financial Corporation
20

Non-GAAP Reconciliations (continued)
Unaudited
(Dollars in Thousands)
Three Months EndedYear Ended
Mortgage segment adjusted
   efficiency ratio (tax-equivalent)		Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Mortgage segment noninterest
    expense		$13,992 $12,887 $13,931 $12,640 $12,170 $53,450 $50,409 
Mortgage segment adjusted
    noninterest expense		$13,992 $12,887 $13,931 $12,640 $12,170 $53,450 $50,409 
Mortgage segment net interest
    income		$3,239 $2,381 $2,506 $1,882 $1,588 $10,008 $5,720 
Mortgage segment noninterest
    income		13,588 13,557 13,168 12,372 10,686 52,685 47,446 
Less gain (loss) on sales or write-
   downs of premises and
   equipment, other real estate
   owned and other assets, net		— — 33 (128)— (95)183 
Mortgage segment adjusted
     noninterest income		13,588 13,557 13,135 12,500 10,686 52,780 47,263 
Mortgage segment total revenue$16,827 $15,938 $15,674 $14,254 $12,274 $62,693 $53,166 
Mortgage segment adjusted total
   revenue		$16,827 $15,938 $15,641 $14,382 $12,274 $62,788 $52,983 
Mortgage segment efficiency ratio 83.2%80.9%88.9%88.7%99.2%85.3%94.8%
Mortgage segment adjusted
   efficiency ratio (tax-equivalent
   basis)		83.2%80.9%89.1%87.9%99.2%85.1%95.1%
FB Financial Corporation
21

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
As of
Tangible assets, common equity and related
     measures		Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Tangible assets
Total assets$16,300,292 $16,236,459 $13,354,238 $13,136,449 $13,157,482 
Less goodwill350,353 350,353 242,561 242,561 242,561 
Less intangibles, net31,284 33,216 4,475 5,106 5,762 
Tangible assets$15,918,655 $15,852,890 $13,107,202 $12,888,782 $12,909,159 
Tangible common equity
Total common shareholders’ equity$1,948,165 $1,978,043 $1,611,130 $1,601,962 $1,567,538 
Less goodwill350,353 350,353 242,561 242,561 242,561 
Less intangibles, net31,284 33,216 4,475 5,106 5,762 
Tangible common equity$1,566,528 $1,594,474 $1,364,094 $1,354,295 $1,319,215 
Common shares outstanding51,752,401 53,456,522 45,807,689 46,514,547 46,663,120 
Book value per common share$37.64 $37.00 $35.17 $34.44 $33.59 
Tangible book value per common share$30.27 $29.83 $29.78 $29.12 $28.27 
Total common shareholders’ equity to total assets12.0%12.2%12.1%12.2%11.9%
Tangible common equity to tangible assets9.84%10.1%10.4%10.5%10.2%
On-balance sheet liquidity:
Cash and cash equivalents$1,155,895 $1,280,033 $1,165,729 $794,706 $1,042,488 
Unpledged securities649,000 608,716 547,354 703,117 600,965 
Equity securities, at fair value155 1,450 — — — 
Total on-balance sheet liquidity$1,805,050 $1,890,199 $1,713,083 $1,497,823 $1,643,453 
On-balance sheet liquidity as a percentage of total
     assets		11.1%11.6%12.8%11.4%12.5%
On-balance sheet liquidity as a percentage of total
      tangible assets		11.3%11.9%13.1%11.6%12.7%
FB Financial Corporation
22

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months EndedYear Ended
Adjusted return on average
    tangible common equity and
    related measures		Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Average common shareholders’
     equity		$1,956,633$1,977,785$1,583,099$1,583,958$1,564,503$1,776,945$1,505,739
Less average goodwill350,353350,355242,561242,561242,561296,901242,561
Less average intangibles, net32,30134,9834,7915,4266,10719,4927,177
Average tangible common equity$1,573,979$1,592,447$1,335,747$1,335,971$1,315,835$1,460,552$1,256,001
Net income$56,977$23,375$2,909$39,361$37,886$122,622$116,035
Return on average common equity11.6%4.69%0.74%10.1%9.63%6.90%7.71%
Return on average tangible
     common equity		14.4%5.82%0.87%11.9%11.5%8.40%9.24%
Adjusted tangible net income$62,923$59,144$41,288$40,593$40,343$203,948$161,460
Adjusted return on average tangible common equity15.9%14.7%12.4%12.3%12.2%14.0%12.9%

Three Months EndedYear Ended
Adjusted return on average assets, common equity and related measuresDec 2025Sep 2025Jun 2025Mar 2025Dec 2024Dec 2025Dec 2024
Net income $56,977$23,375$2,909$39,361$37,886$122,622$116,035
Average assets16,151,19516,007,78813,032,49013,206,96913,194,19514,611,53512,725,748
Average common equity1,956,6331,977,7851,583,0991,583,9581,564,5031,776,9451,505,739
Return on average assets1.40%0.58%0.09%1.21%1.14%0.84%0.91%
Return on average common equity11.6%4.69%0.74%10.1%9.63%6.90%7.71%
Adjusted net income$61,494$57,606$40,821$40,108$39,835$200,029$159,281
Adjusted return on average assets1.51%1.43%1.26%1.23%1.20%1.37%1.25%
Adjusted return on average
    common equity		12.5%11.6%10.3%10.3%10.1%11.3%10.6%
Adjusted pre-tax pre-provision net
   income		$77,118$80,980$58,649$52,134$59,829$268,881$217,140
Adjusted pre-tax pre-provision
     return on average assets		1.89%2.01%1.81%1.60%1.80%1.84%1.71%
FB Financial Corporation
23