EX-99.2 3 a1q22supplementalfinancial.htm EX-99.2

Document

First Quarter 2022

Financial Supplement

TABLE OF CONTENTS

			Page
Financial Summary and Key Metrics			4
Consolidated Statements of Income			5
Consolidated Balance Sheets			6
Average Balance, Average Yield Earned and Average Rate Paid			7
Loans and Deposits by Market			9
Segment Data			10
Loan Portfolio and Asset Quality			11
Preliminary Capital Ratios			13
Investment Portfolio			14
Non-GAAP Reconciliation			15

Use of non-GAAP Financial Measures

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

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables in this Supplemental Financial Information dated April 18, 2022, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
						2022						2021
						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Statement of Income Data
Total interest income						$	95,127					$	97,219					$	96,665					$	96,329					$	94,785
Total interest expense						6,945						7,464						8,189						9,766						12,209
Net interest income						88,182						89,755						88,476						86,563						82,576
Total noninterest income						41,392						53,219						59,006						49,300						66,730
Total noninterest expense						89,272						90,902						95,007						92,960						94,698
Earnings before income taxes and provisions for credit losses						40,302						52,072						52,475						42,903						54,608
Provisions for credit losses						(4,247)						(10,769)						(2,531)						(13,839)						(13,854)
Income tax expense						9,313						14,006						9,716						13,440						15,588
Net income applicable to noncontrolling interest						—						8						—						8						—
Net income applicable to FB Financial Corporation(c)						$	35,236					$	48,827					$	45,290					$	43,294					$	52,874
Net interest income (tax-equivalent basis)						$	88,932					$	90,537					$	89,230					$	87,321					$	83,368
Adjusted net income*						$	35,365					$	42,551					$	42,699					$	42,317					$	53,505
Adjusted pre-tax, pre-provision earnings*						$	40,476					$	43,573					$	51,240					$	41,357					$	55,461
Per Common Share
Diluted net income						$	0.74					$	1.02					$	0.94					$	0.90					$	1.10
Adjusted diluted net income*						0.74						0.89						0.89						0.88						1.12
Book value						29.06						30.13						29.36						28.96						28.08
Tangible book value*						23.62						24.67						23.90						23.43						22.51
Adjusted tangible book value*						25.12						24.55						23.63						23.04						22.17
Weighted average number of shares outstanding - fully diluted						47,723,902						47,896,715						48,007,147						47,993,773						47,969,106
Period-end number of shares						47,487,874						47,549,241						47,707,634						47,360,950						47,331,680
Selected Balance Sheet Data
Cash and cash equivalents						$	1,743,311					$	1,797,740					$	1,324,564					$	1,717,097					$	1,895,133
Loans held for investment (HFI)						8,004,976						7,604,662						7,294,674						7,198,954						7,047,342
Allowance for credit losses(a)						(120,049)						(125,559)						(139,446)						(144,663)						(157,954)
Mortgage loans held for sale						318,549						672,924						755,210						697,407						834,779
Commercial loans held for sale						78,179						79,299						100,496						124,122						174,983
Investment securities, at fair value						1,686,738						1,681,892						1,577,337						1,409,175						1,229,845
Other real estate owned, net						9,721						9,777						10,015						11,986						11,177
Total assets						12,674,191						12,597,686						11,810,290						11,918,367						11,935,826
Customer deposits						10,987,861						10,809,410						10,043,901						10,163,056						10,219,173
Brokered and internet time deposits						8,417						27,487						28,017						40,900						37,713
Total deposits						10,996,278						10,836,897						10,071,918						10,203,956						10,256,886
Borrowings						155,733						171,778						172,710						183,962						180,179
Total common shareholders' equity						1,379,776						1,432,602						1,400,913						1,371,721						1,329,103
Selected Ratios
Return on average:
Assets						1.13		%				1.60		%				1.51		%				1.46		%				1.86		%
Shareholders' equity						10.1		%				13.7		%				12.9		%				13.0		%				16.5		%
Tangible common equity*						12.4		%				16.8		%				15.9		%				16.1		%				20.6		%
Average shareholders' equity to average assets						11.2		%				11.7		%				11.7		%				11.3		%				11.3		%
Net interest margin (NIM) (tax-equivalent basis)						3.04		%				3.19		%				3.20		%				3.18		%				3.19		%
Efficiency ratio (GAAP)						68.9		%				63.6		%				64.4		%				68.4		%				63.4		%
Core efficiency ratio (tax-equivalent basis)*						68.1		%				67.0		%				64.7		%				68.9		%				63.0		%
Loans HFI to deposit ratio						72.8		%				70.2		%				72.4		%				70.6		%				68.7		%
Total loans to deposit ratio						76.4		%				77.1		%				80.9		%				78.6		%				78.6		%
Yield on interest-earning assets						3.28		%				3.45		%				3.49		%				3.53		%				3.66		%
Cost of interest-bearing liabilities						0.34		%				0.38		%				0.42		%				0.49		%				0.65		%
Cost of total deposits						0.20		%				0.22		%				0.26		%				0.31		%				0.41		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(a)						1.50		%				1.65		%				1.91		%				2.01		%				2.24		%
Adjusted allowance for credit losses as a percentage of loans HFI*(a)						1.50		%				1.65		%				1.91		%				2.03		%				2.29		%
Net (recoveries) charge-offs as a percentage of average loans HFI						(0.03)		%				0.12		%				0.13		%				0.02		%				0.05		%
Nonperforming loans HFI as a percentage of total loans HFI						0.51		%				0.62		%				0.59		%				0.83		%				0.94		%
Nonperforming assets as a percentage of total assets						0.44		%				0.50		%				0.50		%				0.66		%				0.77		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets						10.9		%				11.4		%				11.9		%				11.5		%				11.1		%
Tangible common equity to tangible assets*						9.03		%				9.51		%				9.87		%				9.52		%				9.13		%
Tier 1 capital (to average assets)						10.2		%				10.5		%				10.4		%				10.1		%				10.1		%
Tier 1 capital (to risk-weighted assets)(b)						12.3		%				12.6		%				12.7		%				12.7		%				12.3		%
Total capital (to risk-weighted assets)(b)						14.2		%				14.5		%				14.6		%				14.9		%				14.6		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(b)						12.0		%				12.3		%				12.4		%				12.4		%				12.0		%

(a) Excludes reserve for credit losses on unfunded commitments of $16,262, $14,380, $13,503, $13,202, and $14,156 recorded in accrued expenses and other liabilities as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

(b) We calculate our risk-weighted assets using the standardized method of the Basel III Framework.

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

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

FB Financial Corporation 4

Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
																																																																														Q1 2022						Q1 2022
																																																																														vs.						vs.
						2022						2021																																																						Q4 2021						Q1 2021
						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter																																																Percent variance						Percent variance
Interest income:
Interest and fees on loans						$	86,864					$	89,996					$	89,993					$	89,861					$	89,412																																															(3.48)		%				(2.85)		%
Interest on securities
Taxable						5,420						4,534						3,989						3,844						2,819																																																19.5		%				92.3		%
Tax-exempt						1,866						1,885						1,883						1,933						1,956																																																(1.01)		%				(4.60)		%
Other						977						804						800						691						598																																																21.5		%				63.4		%
Total interest income						95,127						97,219						96,665						96,329						94,785																																																(2.15)		%				0.36		%
Interest expense:
Deposits						5,462						5,848						6,596						7,919						9,826																																																(6.60)		%				(44.4)		%
Borrowings						1,483						1,616						1,593						1,847						2,383																																																(8.23)		%				(37.8)		%
Total interest expense						6,945						7,464						8,189						9,766						12,209																																																(6.95)		%				(43.1)		%
Net interest income						88,182						89,755						88,476						86,563						82,576																																																(1.75)		%				6.79		%
Provision for credit losses						(6,129)						(11,646)						(2,832)						(12,885)						(11,632)																																																(47.4)		%				(47.3)		%
Provision for credit losses on unfunded commitments						1,882						877						301						(954)						(2,222)																																																114.6		%				(184.7)		%
Net interest income after provisions for credit    losses						92,429						100,524						91,007						100,402						96,430																																																(8.05)		%				(4.15)		%
Noninterest income:
Mortgage banking income						29,531						31,350						45,384						35,499						55,332																																																(5.80)		%				(46.6)		%
Service charges on deposit accounts						2,914						2,817						2,612						2,266						2,339																																																3.44		%				24.6		%
ATM and interchange fees						5,087						5,310						4,868						5,381						4,341																																																(4.20)		%				17.2		%
Investment services and trust income						2,132						1,040						2,511						2,999						2,008																																																105.0		%				6.2		%
(Loss) gain from securities, net						(152)						46						51						144						83																																																(430.4)		%				(283.1)		%
(Loss) gain on sales or write-downs of other real estate      owned						(498)						26						2,005						(23)						496																																																(2,015.4)		%				(200.4)		%
Gain (loss) from other assets						64						161						177						(4)						(11)																																																(60.2)		%				(681.8)		%
Other income						2,314						12,469						1,398						3,038						2,142																																																(81.4)		%				8.0		%
Total noninterest income						41,392						53,219						59,006						49,300						66,730																																																(22.2)		%				(38.0)		%
Total revenue						129,574						142,974						147,482						135,863						149,306																																																(9.37)		%				(13.2)		%
Noninterest expenses:
Salaries, commissions and employee benefits						59,443						58,562						62,818						62,367						64,571																																																1.50		%				(7.94)		%
Occupancy and equipment expense						5,403						5,549						5,979						5,356						5,849																																																(2.63)		%				(7.63)		%
Legal and professional fees						2,607						2,460						2,177						2,090						2,434																																																5.98		%				7.11		%
Data processing						2,481						2,531						2,595						2,542						2,319																																																(1.98)		%				6.99		%
Amortization of core deposits and other intangibles						1,244						1,295						1,344						1,394						1,440																																																(3.94)		%				(13.6)		%
Advertising						4,033						3,909						4,200						3,559						2,253																																																3.17		%				79.0		%
Other expense						14,061						16,596						15,894						15,652						15,832																																																(15.3)		%				(11.2)		%
Total noninterest expense						89,272						90,902						95,007						92,960						94,698																																																(1.79)		%				(5.73)		%
Income before income taxes						44,549						62,841						55,006						56,742						68,462																																																(29.1)		%				(34.9)		%
Income tax expense						9,313						14,006						9,716						13,440						15,588																																																(33.5)		%				(40.3)		%
Net income applicable to FB Financial Corporation and noncontrolling interest						35,236						48,835						45,290						43,302						52,874																																																(27.8)		%				(33.4)		%
Net income applicable to noncontrolling interest						—						8						—						8						—																																																(100.0)		%				—		%
Net income applicable to FB Financial Corporation						$	35,236					$	48,827					$	45,290					$	43,294					$	52,874																																															(27.8)		%				(33.4)		%
Weighted average common shares outstanding:
Basic						47,530,520						47,683,682						47,412,214						47,351,969						47,278,865																																																(0.32)		%				0.53		%
Fully diluted						47,723,902						47,896,715						48,007,147						47,993,773						47,969,106																																																(0.36)		%				(0.51)		%
Earnings per common share:
Basic						$	0.74					$	1.02					$	0.96					$	0.91					$	1.12																																															(27.5)		%				(33.9)		%
Fully diluted						0.74						1.02						0.94						0.90						1.10																																																(27.5)		%				(32.7)		%
Fully diluted - adjusted*						0.74						0.89						0.89						0.88						1.12																																																(16.9)		%				(33.9)		%

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

FB Financial Corporation 5

Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except %)
																																																																														Annualized
																																																																														Q1 2022						Q1 2022
																																																																														vs.						vs.
						2022						2021																																																						Q4 2021						Q1 2021
						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter																																																Percent variance						Percent variance
ASSETS
Cash and due from banks						$	61,637					$	91,333					$	100,568					$	60,908					$	206,250																																															(131.9)		%				(70.1)		%
Federal funds sold and reverse repurchase agreements						134,763						128,087						145,333						59,321						104,153																																																21.1		%				29.4		%
Interest-bearing deposits in financial institutions						1,546,911						1,578,320						1,078,663						1,596,868						1,584,730																																																(8.07)		%				(2.39)		%
Cash and cash equivalents						1,743,311						1,797,740						1,324,564						1,717,097						1,895,133																																																(12.3)		%				(8.01)		%
Investments:
Available-for-sale debt securities, at fair value						1,683,525						1,678,525						1,572,558						1,404,372						1,225,178																																																1.21		%				37.4		%
Equity securities, at fair value						3,213						3,367						4,779						4,803						4,667																																																(18.5)		%				(31.2)		%
Federal Home Loan Bank stock, at cost						34,433						32,217						27,601						29,411						31,757																																																27.9		%				8.43		%
Mortgage loans held for sale, at fair value						318,549						672,924						755,210						697,407						834,779																																																(213.6)		%				(61.8)		%
Commercial loans held for sale, at fair value						78,179						79,299						100,496						124,122						174,983																																																(5.73)		%				(55.3)		%
Loans held for investment						8,004,976						7,604,662						7,294,674						7,198,954						7,047,342																																																21.3		%				13.6		%
Less: allowance for credit losses						120,049						125,559						139,446						144,663						157,954																																																(17.8)		%				(24.0)		%
Net loans						7,884,927						7,479,103						7,155,228						7,054,291						6,889,388																																																22.0		%				14.5		%
Premises and equipment, net						142,550						143,739						144,737						142,596						143,467																																																(3.35)		%				(0.64)		%
Other real estate owned, net						9,721						9,777						10,015						11,986						11,177																																																(2.32)		%				(13.0)		%
Operating lease right-of-use assets						41,037						41,686						44,006						45,423						48,453																																																(6.31)		%				(15.3)		%
Interest receivable						39,069						38,528						41,393						42,083						44,393																																																5.69		%				(12.0)		%
Mortgage servicing rights, at fair value						144,675						115,512						110,591						101,615						104,192																																																102.4		%				38.9		%
Goodwill						242,561						242,561						242,561						242,561						242,561																																																—		%				—		%
Core deposit and other intangibles, net						15,709						16,953						18,248						19,592						20,986																																																(29.8)		%				(25.1)		%
Bank-owned life insurance						74,232						73,519						73,122						72,760						72,369																																																3.93		%				2.57		%
Other assets						218,500						172,236						185,181						208,248						192,343																																																108.9		%				13.6		%
Total assets						$	12,674,191					$	12,597,686					$	11,810,290					$	11,918,367					$	11,935,826																																															2.46		%				6.19		%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing						$	2,787,698					$	2,740,214					$	2,609,569					$	2,484,982					$	2,431,077																																															7.03		%				14.7		%
Interest-bearing checking						3,639,779						3,418,666						2,850,795						3,015,253						3,097,648																																																26.2		%				17.5		%
Money market and savings						3,513,485						3,546,936						3,424,065						3,421,281						3,347,731																																																(3.82)		%				4.95		%
Customer time deposits						1,046,899						1,103,594						1,159,472						1,241,540						1,342,717																																																(20.8)		%				(22.0)		%
Brokered and internet time deposits						8,417						27,487						28,017						40,900						37,713																																																(281.4)		%				(77.7)		%
Total deposits						10,996,278						10,836,897						10,071,918						10,203,956						10,256,886																																																5.96		%				7.21		%
Borrowings						155,733						171,778						172,710						183,962						180,179																																																(37.9)		%				(13.6)		%
Operating lease liabilities						45,528						46,367						48,875						50,396						54,232																																																(7.34)		%				(16.0)		%
Accrued expenses and other liabilities						96,783						109,949						115,781						108,239						115,333																																																(48.6)		%				(16.1)		%
Total liabilities						11,294,322						11,164,991						10,409,284						10,546,553						10,606,630																																																4.70		%				6.48		%
Shareholders' equity:
Common stock, $1 par value						47,488						47,549						47,708						47,361						47,332																																																(0.52)		%				0.33		%
Additional paid-in capital						888,168						892,529						897,428						902,782						900,521																																																(1.98)		%				(1.37)		%
Retained earnings						515,664						486,666						443,140						403,173						365,192																																																24.2		%				41.2		%
Accumulated other comprehensive (loss) income, net						(71,544)						5,858						12,637						18,405						16,058																																																(5,358.6)		%				(545.5)		%
Total common shareholders' equity						1,379,776						1,432,602						1,400,913						1,371,721						1,329,103																																																(15.0)		%				3.81		%
Noncontrolling interest						93						93						93						93						93																																																—		%				—		%
Total equity						1,379,869						1,432,695						1,401,006						1,371,814						1,329,196																																																(15.0)		%				3.81		%
Total liabilities and shareholders' equity						$	12,674,191					$	12,597,686					$	11,810,290					$	11,918,367					$	11,935,826																																															2.46		%				6.19		%

FB Financial Corporation 6

Average Balance, Average Yield Earned and Average Rate Paid
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						Three Months Ended																		Three Months Ended
						March 31, 2022																		December 31, 2021
						Average balances						Interest income/ expense						Average yield/ rate						Average balances						Interest income/ expense						Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)						$	7,762,566					$	82,463					4.31		%				$	7,452,342					$	84,315					4.49		%
Mortgage loans held for sale(b)						470,005						3,566						3.08		%				700,044						4,765						2.70		%
Commercial loans held for sale						78,567						928						4.79		%				87,568						1,033						4.68		%
Securities:(b)
Taxable						1,380,897						5,420						1.59		%				1,270,749						4,534						1.42		%
Tax-exempt(a)						318,849						2,523						3.21		%				318,579						2,550						3.18		%
Total securities(a)						1,699,746						7,943						1.90		%				1,589,328						7,084						1.77		%
Federal funds sold and reverse repurchase agreements						206,829						192						0.38		%				129,379						183						0.56		%
Interest-bearing deposits with other financial institutions						1,599,991						638						0.16		%				1,280,183						479						0.15		%
FHLB stock						32,894						147						1.81		%				28,525						142						1.98		%
Total interest-earning assets(a)						11,850,598						95,877						3.28		%				11,267,369						98,001						3.45		%
Noninterest-earning assets:
Cash and due from banks						93,419																		102,398
Allowance for credit losses						(125,980)																		(139,684)
Other assets						823,452																		855,734
Total noninterest-earning assets						790,891																		818,448
Total assets						$	12,641,489																	$	12,085,817
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking						$	3,559,755					$	2,457					0.28		%				$	2,983,741					$	2,169					0.29		%
Money market(e)						3,017,746						1,572						0.21		%				3,017,574						2,053						0.27		%
Savings deposits						487,945						64						0.05		%				463,002						63						0.05		%
Customer time deposits(e)						1,077,386						1,320						0.50		%				1,123,955						1,492						0.53		%
Brokered and internet time deposits(e)						16,065						49						1.24		%				27,812						71						1.01		%
Time deposits						1,093,451						1,369						0.51		%				1,151,767						1,563						0.54		%
Total interest-bearing deposits						8,158,897						5,462						0.27		%				7,616,084						5,848						0.30		%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased						30,056						14						0.19		%				41,338						21						0.20		%
Subordinated debt						129,578						1,460						4.57		%				129,493						1,591						4.87		%
Other borrowings						1,502						9						2.43		%				1,525						4						1.04		%
Total other interest-bearing liabilities						161,136						1,483						3.73		%				172,356						1,616						3.72		%
Total interest-bearing liabilities						8,320,033						6,945						0.34		%				7,788,440						7,464						0.38		%
Noninterest-bearing liabilities:
Demand deposits						2,767,087																		2,747,394
Other liabilities						138,291																		137,903
Total noninterest-bearing liabilities						2,905,378																		2,885,297
Total liabilities						11,225,411																		10,673,737
Total common shareholders' equity						1,415,985																		1,411,987
Noncontrolling interest						93																		93
Total equity						1,416,078																		1,412,080
Total liabilities and shareholders' equity						$	12,641,489																	$	12,085,817
Net interest income(a)												$	88,932																	$	90,537
Interest rate spread(a)																		2.94		%																3.07		%
Net interest margin(a)																		3.04		%																3.19		%
Cost of total deposits																		0.20		%																0.22		%
Average interest-earning assets to average interest-bearing liabilities																		142.4		%																144.7		%
Tax-equivalent adjustment												$	750																	$	782
Loans HFI yield components:
Contractual interest rate(a)(c)												$	79,430					4.15		%										$	78,324					4.17		%
Origination and other loan fee income(c)												4,982						0.26		%										6,084						0.33		%
Amortization on purchased loans												(2,352)						(0.12)		%										(726)						(0.04)		%
Nonaccrual interest												403						0.02		%										633						0.03		%
Total loans HFI yield												$	82,463					4.31		%										$	84,315					4.49		%

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

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

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

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

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

FB Financial Corporation 7

Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						Three Months Ended																		Three Months Ended																		Three Months Ended
						September 30, 2021																		June 30, 2021																		March 31, 2021
						Average balances						Interest income/ expense						Average yield/ rate						Average balances						Interest income/ expense						Average yield/ rate						Average balances						Interest income/ expense						Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)						$	7,245,313					$	84,115					4.61		%				$	7,085,300					$	83,364					4.72		%				$	7,000,416					$	83,067					4.81		%
Mortgage loans held for sale(b)						709,654						4,687						2.62		%				726,782						4,948						2.73		%				648,054						4,290						2.68		%
Commercial loans held for sale						108,863						1,282						4.67		%				152,699						1,626						4.27		%				197,820						2,157						4.42		%
Securities:(b)
Taxable						1,117,647						3,989						1.42		%				976,170						3,844						1.58		%				830,686						2,819						1.38		%
Tax-exempt(a)						311,151						2,546						3.25		%				323,902						2,614						3.24		%				334,303						2,646						3.21		%
Total securities(a)						1,428,798						6,535						1.81		%				1,300,072						6,458						1.99		%				1,164,989						5,465						1.90		%
Federal funds sold						145,315						135						0.37		%				106,257						41						0.15		%				133,813						20						0.06		%
Interest-bearing deposits with other financial institutions						1,404,772						508						0.14		%				1,614,106						494						0.12		%				1,427,184						421						0.12		%
FHLB stock						28,422						157						2.19		%				31,731						156						1.97		%				31,461						157						2.02		%
Total interest-earning assets(a)						11,071,137						97,419						3.49		%				11,016,947						97,087						3.53		%				10,603,737						95,557						3.66		%
Noninterest-earning assets:
Cash and due from banks						107,263																		134,501																		172,756
Allowance for credit losses						(144,652)																		(157,990)																		(171,380)
Other assets						881,314																		906,992																		903,670
Total noninterest-earning assets						843,925																		883,503																		905,046
Total assets						$	11,915,062																	$	11,900,450																	$	11,508,783
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking						$	2,937,273					$	2,298					0.31		%				$	3,027,435					$	2,689					0.36		%				$	2,746,355					$	3,018					0.45		%
Money market(e)						2,997,595						2,322						0.31		%				2,960,264						2,816						0.38		%				2,917,856						3,615						0.50		%
Savings deposits						439,470						60						0.05		%				411,711						57						0.06		%				369,600						53						0.06		%
Customer time deposits(e)						1,200,760						1,840						0.61		%				1,291,125						2,016						0.63		%				1,365,570						3,036						0.90		%
Brokered and internet time deposits(e)						32,009						76						0.94		%				39,860						341						3.43		%				49,764						104						0.85		%
Time deposits						1,232,769						1,916						0.62		%				1,330,985						2,357						0.71		%				1,415,334						3,140						0.90		%
Total interest-bearing deposits						7,607,107						6,596						0.34		%				7,730,395						7,919						0.41		%				7,449,145						9,826						0.53		%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased						40,437						20						0.20		%				32,543						21						0.26		%				31,342						36						0.47		%
Subordinated debt(f)						129,395						1,565						4.80		%				149,155						1,819						4.89		%				188,996						2,341						5.02		%
Other borrowings						1,547						8						2.05		%				1,569						7						1.79		%				5,924						6						0.41		%
Total other interest-bearing liabilities						171,379						1,593						3.69		%				183,267						1,847						4.04		%				226,262						2,383						4.27		%
Total interest-bearing liabilities						7,778,486						8,189						0.42		%				7,913,662						9,766						0.49		%				7,675,407						12,209						0.65		%
Noninterest-bearing liabilities:
Demand deposits						2,596,650																		2,484,176																		2,348,814
Other liabilities						150,632																		162,581																		180,976
Total noninterest-bearing liabilities						2,747,282																		2,646,757																		2,529,790
Total liabilities						10,525,768																		10,560,419																		10,205,197
Total common shareholders' equity						1,389,201																		1,339,938																		1,303,493
Noncontrolling interest						93																		93																		93
Total equity						1,389,294																		1,340,031																		1,303,586
Total liabilities and shareholders' equity						$	11,915,062																	$	11,900,450																	$	11,508,783
Net interest income(a)												$	89,230																	$	87,321																	$	83,368
Interest rate spread(a)																		3.07		%																3.04		%																3.01		%
Net interest margin(a)																		3.20		%																3.18		%																3.19		%
Cost of total deposits																		0.26		%																0.31		%																0.41		%
Average interest-earning assets to average interest-bearing liabilities																		142.3		%																139.2		%																138.2		%
Tax-equivalent adjustment												$	754																	$	758																	$	792
Loans HFI yield components:
Contractual interest rate(a)(c)												$	77,150					4.23		%										$	76,127					4.31		%										$	75,828					4.39		%
Origination and other loan fee income(c)												6,377						0.35		%										6,928						0.39		%										6,640						0.38		%
Accretion (amortization) on purchased loans												157						0.01		%										(226)						(0.01)		%										(58)						—		%
Nonaccrual interest												431						0.02		%										535						0.03		%										657						0.04		%
Total loans HFI yield												$	84,115					4.61		%										$	83,364					4.72		%										$	83,067					4.81		%

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

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

(c) Includes $82, $290, and $426 of loan contractual interest and $441, $1,098, and $1,598, of loan fees related to PPP loans for the three months ended September 30, 2021, June 30, 2021, and March 31, 2021 , respectively.

(d) Includes $33,002, $117,397, and $172,136 of average PPP loan balances for the three months ended September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

(e) Includes $931, $932, and $932 of interest rate premium accretion on money market deposits, $426, $625, and $810 of interest rate premium accretion on customer time deposits, and $99, $127, and $153 of interest rate premium accretion on brokered and internet deposits for the three months ended September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

(f) Includes $0, $114, and $255 of interest rate premium accretion on subordinated debt for the three months ended September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

FB Financial Corporation 8

Loans and Deposits by Market
For the Quarters Ended
(Unaudited)
(In Thousands)
						2022						2021
						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Loans by market
Metropolitan						$	6,470,116					$	6,127,930					$	5,863,563					$	5,752,482					$	5,550,927
Community						704,254						738,249						745,796						767,001						835,444
Specialty lending and other						830,606						738,483						685,315						679,471						660,971
Total						$	8,004,976					$	7,604,662					$	7,294,674					$	7,198,954					$	7,047,342
Deposits by market
Metropolitan						$	7,007,149					$	6,981,639					$	5,918,924					$	6,133,823					$	6,389,373
Community						2,580,610						2,436,548						2,269,511						2,246,922						2,192,116
Mortgage and other(a)						1,408,519						1,418,710						1,883,483						1,823,211						1,675,397
Total						$	10,996,278					$	10,836,897					$	10,071,918					$	10,203,956					$	10,256,886

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

FB Financial Corporation 9

Segment Data
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2022						2021
						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Banking segment
Net interest income						$	88,184					$	89,616					$	88,576					$	86,553					$	82,597
Provisions for credit losses						(4,247)						(10,769)						(2,531)						(13,839)						(13,854)
Noninterest income						11,983						21,850						13,823						14,002						11,398
Other noninterest expense						59,584						60,104						58,777						58,194						55,735
Pre-tax income after allocations						$	44,830					$	62,131					$	46,153					$	56,200					$	52,114
Total assets						$	11,890,847					$	11,540,560					$	10,712,281					$	10,908,107					$	10,787,955
Intracompany funding income included in net interest income						5,666						6,325						6,075						6,110						5,400
Core efficiency ratio*						58.7		%				57.5		%				57.9		%				58.6		%				58.6		%
Mortgage segment
Net interest income						$	(2)					$	139					$	(100)					$	10					$	(21)
Mortgage banking income						29,531						31,350						45,384						35,499						55,332
Other noninterest income						(122)						19						(201)						(201)						—
Other noninterest expense						29,688						30,798						36,230						34,766						38,963
Direct (loss) contribution						$	(281)					$	710					$	8,853					$	542					$	16,348
Total assets						$	783,344					$	1,057,126					$	1,098,009					$	1,010,260					$	1,147,871
Intracompany funding expense included in net interest income						5,666						6,325						6,075						6,110						5,400
Core efficiency ratio*						100.5		%				97.8		%				80.0		%				97.9		%				70.4		%
Interest rate lock commitments volume during the period
Consumer direct						$	568,092					$	796,900					$	1,085,180					$	914,163					$	949,187
Retail						741,015						687,682						926,723						860,370						939,863
Total						$	1,309,107					$	1,484,582					$	2,011,903					$	1,774,533					$	1,889,050
Interest rate lock commitments pipeline (period end)
Consumer direct						$	210,167					$	272,401					$	396,965					$	446,691					$	643,624
Retail						331,393						214,995						341,237						340,568						415,155
Total						$	541,560					$	487,396					$	738,202					$	787,259					$	1,058,779
Mortgage sales
Consumer direct						$	650,740					$	765,535					$	809,888					$	922,910					$	829,883
Retail						633,742						647,066						726,009						758,599						742,187
Total						$	1,284,482					$	1,412,601					$	1,535,897					$	1,681,509					$	1,572,070
Gains and fees from origination and sale of mortgage loans held for sale						$	29,397					$	37,538					$	39,210					$	49,435					$	57,893
Net change in fair value of loans held for sale, derivatives, and other						(7,548)						(12,478)						1,002						(17,579)						(4,229)
Mortgage servicing income						7,429						7,632						7,539						6,788						6,931
Change in fair value of mortgage servicing rights, net of hedging						253						(1,342)						(2,367)						(3,145)						(5,263)
Total mortgage banking income						$	29,531					$	31,350					$	45,384					$	35,499					$	55,332
Mortgage sale margin(a)						2.29		%				2.66		%				2.55		%				2.94		%				3.68		%

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

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

FB Financial Corporation 10

Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2022												2021
						First Quarter						% of Total						Fourth Quarter						% of Total						Third Quarter						% of Total						Second Quarter						% of Total						First Quarter						% of Total
Loan portfolio
Commercial and Industrial (a)						$	1,380,600					17		%				$	1,290,565					17%						$	1,252,425					17%						$	1,238,940					17%						$	1,292,530					18		%
Construction						1,468,811						19		%				1,327,659						17%						1,190,623						16%						1,145,165						16%						1,120,585						16		%
Residential real estate:
1-to-4 family mortgage						1,346,349						17		%				1,270,467						17%						1,175,155						16%						1,126,623						16%						1,078,618						15		%
Residential line of credit						392,740						5		%				383,039						5%						392,440						5%						401,343						6%						394,510						6		%
Multi-family mortgage						400,501						5		%				326,551						4%						324,662						5%						363,600						5%						271,839						4		%
Commercial real estate:
Owner occupied						978,436						12		%				951,582						13%						938,241						13%						923,605						13%						936,473						13		%
Non-owner occupied						1,706,546						21		%				1,730,165						23%						1,695,573						23%						1,675,214						23%						1,652,638						24		%
Consumer and other						330,993						4		%				324,634						4%						325,555						5%						324,464						4%						300,149						4		%
Total loans HFI						$	8,004,976					100		%				$	7,604,662					100%						$	7,294,674					100%						$	7,198,954					100%						$	7,047,342					100		%
Allowance for credit losses roll forward summary
Allowance for credit losses at the beginning of the period						$	125,559											$	139,446											$	144,663											$	157,954											$	170,389
Charge-offs						(579)												(3,225)												(2,614)												(859)												(1,170)
Recoveries						1,198												984												229												453												367
Provision for credit losses						(6,129)												(11,646)												(2,832)												(12,885)												(11,632)
Allowance for credit losses at the end of the period						$	120,049											$	125,559											$	139,446											$	144,663											$	157,954
Allowance for credit losses as a percentage of total loans HFI						1.50		%										1.65		%										1.91		%										2.01		%										2.24		%
Adjusted allowance for credit losses as a percentage of loans HFI*						1.50		%										1.65		%										1.91		%										2.03		%										2.29		%
Allowance for credit losses on unfunded commitments						$	16,262											$	14,380											$	13,503											$	13,202											$	14,156
Charge-offs
Commercial and Industrial						$	(4)											$	(1,224)											$	(2,175)											$	(360)											$	(277)
Construction						—												—												(1)												—												(29)
Residential real estate:
1-to-4 family mortgage						—												(5)												—												(16)												(133)
Residential line of credit						—												—												—												(3)												(15)
Multi-family mortgage						—												(1)												—												—												—
Commercial real estate:
Owner occupied						—												—												—												—												—
Non-owner occupied						—												(1,566)												—												—												—
Consumer and other						(575)												(429)												(438)												(480)												(716)
Total charge-offs						(579)												(3,225)												(2,614)												(859)												(1,170)
Recoveries
Commercial and Industrial						958												626												19												87												129
Construction						—												—												3												—												—
Residential real estate:
1-to-4 family mortgage						12												27												33												41												24
Residential line of credit						1												99												1												9												6
Multi-family mortgage						—												—												—												—												—
Commercial real estate:
Owner occupied						10												13												4												126												13
Non-owner occupied						—												—												—												—												—
Consumer and other						217												219												169												190												195
Total recoveries						1,198												984												229												453												367
Net recoveries (charge-offs)						$	619											$	(2,241)											$	(2,385)											$	(406)											$	(803)
Net (recoveries) charge-offs as a percentage of average total loans						(0.03)		%										0.12		%										0.13		%										0.02		%										0.05		%

FB Financial Corporation 11

Loan Portfolio and Asset Quality (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2022												2021
						First Quarter												Fourth Quarter												Third Quarter												Second Quarter												First Quarter
Nonperforming assets(b)
Past due 90 days or more and accruing interest						$	12,873											$	11,735											$	8,901											$	9,098											$	10,698
Nonaccrual						27,826												35,568												34,126												50,429												55,538
Total nonperforming loans held for investment						40,699												47,303												43,027												59,527												66,236
Commercial loans held for sale						5,087												5,217												5,625												5,844												12,779
Other real estate owned:
Foreclosed						6,692												6,429												6,514												6,488												4,735
Excess land and facilities						3,029												3,348												3,501												5,498												6,442
Other assets						453												686												347												816												1,230
Total nonperforming assets						$	55,960											$	62,983											$	59,014											$	78,173											$	91,422
Total nonperforming loans as a percentage of loans held for investment						0.51		%										0.62		%										0.59		%										0.83		%										0.94		%
Total nonperforming assets as a percentage of total assets						0.44		%										0.50		%										0.50		%										0.66		%										0.77		%
Total accruing loans over 90 days delinquent as a percentage of total assets						0.10		%										0.09		%										0.08		%										0.08		%										0.09		%
Loans restructured as troubled debt restructurings						$	20,601											$	32,435											$	29,645											$	42,678											$	26,095
Troubled debt restructurings as a percentage of loans held for investment						0.26		%										0.43		%										0.41		%										0.59		%										0.37		%

(a) Includes PPP loan balances of $2,062, $3,990, $9,415, $57,406, and $145,697 as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

(b) Nonperforming assets include guaranteed repurchased loans previously sold of $5,741, $4,000, $3,000, $3,500, and $4,100, for the quarters ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, respectively.

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

FB Financial Corporation 12

Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)
Computation of Tangible Common Equity to Tangible Assets:						March 31, 2022						December 31, 2021
Total Common Shareholders' Equity						$	1,379,776					$	1,432,602
Less:
Goodwill						242,561						242,561
Other intangibles						15,709						16,953
Tangible Common Equity						$	1,121,506					$	1,173,088
Total Assets						$	12,674,191					$	12,597,686
Less:
Goodwill						242,561						242,561
Other intangibles						15,709						16,953
Tangible Assets						$	12,415,921					$	12,338,172
Preliminary Total Risk-Weighted Assets						$	10,260,619					$	9,904,606
Total Common Equity to Total Assets						10.9		%				11.4		%
Tangible Common Equity to Tangible Assets*						9.03		%				9.51		%
						March 31, 2022						December 31, 2021
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital						$	1,236,170					$	1,221,874
Tier 1 Capital						1,266,170						1,251,874
Total Capital						1,458,481						1,434,581
Preliminary Regulatory Capital Ratios:
Common Equity Tier 1						12.0		%				12.3		%
Tier 1 Risk-Based						12.3		%				12.6		%
Total Risk-Based						14.2		%				14.5		%
Tier 1 Leverage						10.2		%				10.5		%

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

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

FB Financial Corporation 13

Investment Portfolio
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
						2022												2021
Securities (at fair value)						First Quarter												Fourth Quarter												Third Quarter												Second Quarter									First Quarter
Available-for-sale debt securities
U.S. government agency securities						$	38,882					2		%				$	33,870					2		%				$	10,571					1		%				$	8,255		1%						$	—		—		%
Mortgage-backed securities - residential						1,232,256						73		%				1,269,372						76		%				1,210,503						77		%				1,035,003			73%						838,708			68		%
Mortgage-backed securities - commercial						14,307						1		%				15,250						1		%				15,712						1		%				15,161			1%						20,635			2		%
Municipals, tax exempt						310,138						18		%				338,610						20		%				327,239						21		%				332,883			24%						348,776			28		%
Treasury securities						80,173						5		%				14,908						1		%				6,006						—		%				10,534			1%						14,576			1		%
Corporate securities						7,769						1		%				6,515						—		%				2,527						—		%				2,536			—%						2,483			—		%
Total available-for-sale debt securities						1,683,525						100		%				1,678,525						100		%				1,572,558						100		%				1,404,372			100%						1,225,178			99		%
Equity securities						3,213						—		%				3,367						—%						4,779						—%						4,803			—%						4,667			1		%
Total securities						$1,686,738						100%						$1,681,892						100%						$1,577,337						100%						$1,409,175			100%						$1,229,845			100%
Securities to total assets						13.3		%										13.4		%										13.4		%										11.8		%							10.3		%
Unrealized (loss) gain on available-for-sale debt securities						$	(100,933)											$	4,727											$	14,374											$	22,321								$	19,245

FB Financial Corporation 14

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2022						2021
Adjusted net income						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Income before income taxes						$	44,549					$	62,841					$	55,006					$	56,742					$	68,462
Plus offering expenses						—						—						—						605						—
Less other non-operating items(1)						(174)						8,499						1,235						2,151						(853)
Adjusted pre-tax net income						44,723						54,342						53,771						55,196						69,315
Adjusted income tax expense(2)						9,358						11,791						11,072						12,879						15,810
Adjusted net income						$	35,365					$	42,551					$	42,699					$	42,317					$	53,505
Weighted average common shares outstanding - fully diluted						47,723,902						47,896,715						48,007,147						47,993,773						47,969,106
Adjusted diluted earnings per common share
Diluted earnings per common share						$	0.74					$	1.02					$	0.94					$	0.90					$	1.10
Plus offering expenses						—						—						—						0.01						—
Less other non-operating items						—						0.18						0.02						0.04						(0.02)
Less tax effect						—						(0.05)						0.03						(0.01)						—
Adjusted diluted earnings per common share						$	0.74					$	0.89					$	0.89					$	0.88					$	1.12
(1) 1Q22 includes a $174 loss from change in fair value of commercial loans held for sale acquired from Franklin; 4Q21 includes $9,921 gain from change in fair value of commercial loans held for sale acquired from Franklin and $1,422 related to certain nonrecurring charitable contributions; 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap, and a gain of $2,005 from sales other real estate owned; 2Q21 includes a $1,364 gain from change in fair value of commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 1Q21 includes a $853 loss from change in fair value of commercial loans held for sale acquired from Franklin.
(2) 3Q21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.
						2022						2021
Adjusted pre-tax pre-provision earnings						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Income before income taxes						$	44,549					$	62,841					$	55,006					$	56,742					$	68,462
Plus provisions for credit losses						(4,247)						(10,769)						(2,531)						(13,839)						(13,854)
Pre-tax pre-provision earnings						40,302						52,072						52,475						42,903						54,608
Plus offering expenses						—						—						—						605						—
Less other non-operating items						(174)						8,499						1,235						2,151						(853)
Adjusted pre-tax pre-provision earnings						$	40,476					$	43,573					$	51,240					$	41,357					$	55,461

FB Financial Corporation 15

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
Adjusted net income						YTD 2022						2021						2020						2019						2018
Income before income taxes						$	44,549					$	243,051					$	82,461					$	109,539					$	105,854
Plus merger, conversion, offering, and mortgage restructuring expenses						—						605						34,879						7,380						2,265
Plus initial provision for credit losses on acquired loans and unfunded commitments						—						—						66,136						—						—
Less other non-operating items(1)						(174)						11,032						(4,400)						—						—
Adjusted pre-tax net income						44,723						232,624						187,876						116,919						108,119
Adjusted income tax expense(2)						9,358						51,553						45,944						27,648						26,034
Adjusted net income						$	35,365					$	181,071					$	141,932					$	89,271					$	82,085
Weighted average common shares outstanding - fully diluted						47,723,902						47,955,880						38,099,744						31,402,897						31,314,981
Adjusted diluted earnings per common share
Diluted earnings per common share						$	0.74					$	3.97					$	1.67					$	2.65					$	2.55
Plus merger, conversion, offering, and mortgage restructuring expenses						—						0.01						0.92						0.24						0.07
Plus initial provision for credit losses on acquired loans and unfunded commitments						—						—						1.74						—						—
Less other non-operating items						—						0.22						(0.11)						—						—
Less tax effect						—						(0.02)						0.71						0.06						0.01
Adjusted diluted earnings per common share						$	0.74					$	3.78					$	3.73					$	2.83					$	2.61
(1) YTD2022 includes a $174 loss from change in fair value of commercial loans held for sale acquired from Franklin; 2021 includes a $11,172 gain from change in fair value on commercial loans held for sale acquired from Franklin, a loss on swap cancellation of $1,510, a $2,005 gain on other real estate owned, a $787 gain from lease terminations and $1,422 related to certain charitable contributions; 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.
(2) 2021 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.
Adjusted pre-tax pre-provision earnings						YTD 2022						2021						2020						2019						2018
Income before income taxes						$	44,549					$	243,051					$	82,461					$	109,539					$	105,854
Plus provisions for credit losses						(4,247)						(40,993)						107,967						7,053						5,398
Pre-tax pre-provision earnings						40,302						202,058						190,428						116,592						111,252
Plus merger, conversion, offering, and mortgage restructuring expenses						—						605						34,879						7,380						2,265
Less other non-operating items						(174)						11,032						(4,400)						—						—
Adjusted pre-tax pre-provision earnings						$	40,476					$	191,631					$	229,707					$	123,972					$	113,517

FB Financial Corporation 16

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2022						2021
Core efficiency ratio (tax-equivalent basis)						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Total noninterest expense						$	89,272					$	90,902					$	95,007					$	92,960					$	94,698
Less offering expenses						—						—						—						605						—
Less gain on lease terminations						—						—						—						(787)						—
Less certain charitable contributions						—						1,422						—						—						—
Core noninterest expense						$	89,272					$	89,480					$	95,007					$	93,142					$	94,698
Net interest income (tax-equivalent basis)						$	88,932					$	90,537					$	89,230					$	87,321					$	83,368
Total noninterest income						41,392						53,219						59,006						49,300						66,730
Less (loss) gain on change in fair value on commercial loans held for sale						(174)						9,921						740						1,364						(853)
Less loss on swap cancellation						—						—						(1,510)						—						—
Less (loss) gain on sales or write-downs of other real estate owned and other assets						(434)						187						2,182						(27)						485
Less (loss) gain from securities, net						(152)						46						51						144						83
Core noninterest income						42,152						43,065						57,543						47,819						67,015
Core revenue						$	131,084					$	133,602					$	146,773					$	135,140					$	150,383
Efficiency ratio (GAAP)(a)						68.9		%				63.6		%				64.4		%				68.4		%				63.4		%
Core efficiency ratio (tax-equivalent basis)						68.1		%				67.0		%				64.7		%				68.9		%				63.0		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.
						2022						2021
Banking segment core efficiency ratio    (tax equivalent)						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Core noninterest expense						$	89,272					$	89,480					$	95,007					$	93,142					$	94,698
Less Mortgage segment noninterest expense						29,688						30,798						36,230						34,766						38,963
Core Banking segment noninterest expense						$	59,584					$	58,682					$	58,777					$	58,376					$	55,735
Banking segment net interest income (tax-equivalent      basis)						$	88,934					$	90,398					$	89,330					$	87,311					$	83,389
Core noninterest income						42,152						43,065						57,543						47,819						67,015
Less Core Mortgage segment noninterest income						29,531						31,350						45,384						35,499						55,332
Core Banking segment noninterest income						12,621						11,715						12,159						12,320						11,683
Core revenue						131,084						133,602						146,773						135,140						150,383
Less Core Mortgage segment total revenue						29,529						31,489						45,284						35,509						55,311
Core Banking segment total revenue						$	101,555					$	102,113					$	101,489					$	99,631					$	95,072
Banking segment core efficiency ratio (tax-equivalent basis)						58.7		%				57.5		%				57.9		%				58.6		%				58.6		%
Mortgage segment core efficiency ratio (tax-equivalent)
Mortgage segment noninterest expense						$	29,688					$	30,798					$	36,230					$	34,766					$	38,963
Mortgage segment net interest income						(2)						139						(100)						10						(21)
Mortgage segment noninterest income						29,409						31,369						45,183						35,298						55,332
Less (loss) gain on sales or write-downs of other     real estate owned						(122)						19						(201)						(201)						—
Core Mortgage segment noninterest income						29,531						31,350						45,384						35,499						55,332
Core Mortgage segment total revenue						$	29,529					$	31,489					$	45,284					$	35,509					$	55,311
Mortgage segment core efficiency ratio (tax-equivalent basis)						100.5		%				97.8		%				80.0		%				97.9		%				70.4		%

FB Financial Corporation 17

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2022						2021
Adjusted Banking segment pre-tax pre-provision     earnings						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Total banking pre-tax net contribution						$	44,830					$	62,131					$	46,153					$	56,200					$	52,114
Plus provisions for credit losses						(4,247)						(10,769)						(2,531)						(13,839)						(13,854)
Banking segment pre-tax pre-provision earnings						40,583						51,362						43,622						42,361						38,260
Plus offering expenses						—						—						—						605						—
Less other non-operating items						(174)						8,499						1,235						2,151						(853)
Adjusted banking segment pre-tax pre-provision    earnings						$	40,757					$	42,863					$	42,387					$	40,815					$	39,113
						2022						2021
Tangible assets and equity						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Tangible assets
Total assets						$	12,674,191					$	12,597,686					$	11,810,290					$	11,918,367					$	11,935,826
Less goodwill						242,561						242,561						242,561						242,561						242,561
Less intangibles, net						15,709						16,953						18,248						19,592						20,986
Tangible assets						$	12,415,921					$	12,338,172					$	11,549,481					$	11,656,214					$	11,672,279
Tangible common equity
Total common shareholders' equity						$	1,379,776					$	1,432,602					$	1,400,913					$	1,371,721					$	1,329,103
Less goodwill						242,561						242,561						242,561						242,561						242,561
Less intangibles, net						15,709						16,953						18,248						19,592						20,986
Tangible common equity						$	1,121,506					$	1,173,088					$	1,140,104					$	1,109,568					$	1,065,556
Less accumulated other comprehensive (loss)     income, net						(71,544)						5,858						12,637						18,405						16,058
Adjusted tangible common equity						$	1,193,050					$	1,167,230					$	1,127,467					$	1,091,163					$	1,049,498
Common shares outstanding						47,487,874						47,549,241						47,707,634						47,360,950						47,331,680
Book value per common share						$	29.06					$	30.13					$	29.36					$	28.96					$	28.08
Tangible book value per common share						$	23.62					$	24.67					$	23.90					$	23.43					$	22.51
Adjusted tangible book value per common share						$	25.12					$	24.55					$	23.63					$	23.04					$	22.17
Total common shareholders' equity to total assets						10.9		%				11.4		%				11.9		%				11.5		%				11.1		%
Tangible common equity to tangible assets						9.03		%				9.51		%				9.87		%				9.52		%				9.13		%

FB Financial Corporation 18

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
						2022						2021
Return on average tangible common equity						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Average common shareholders' equity						$	1,415,985					$	1,411,987					$	1,389,201					$	1,339,938					$	1,303,493
Less average goodwill						242,561						242,561						242,561						242,561						242,561
Less average intangibles, net						16,376						17,580						18,950						20,253						21,695
Average tangible common equity						$	1,157,048					$	1,151,846					$	1,127,690					$	1,077,124					$	1,039,237
Net income						$	35,236					$	48,827					$	45,290					$	43,294					$	52,874
Return on average common equity						10.1		%				13.7		%				12.9		%				13.0		%				16.5		%
Return on average tangible common equity						12.4		%				16.8		%				15.9		%				16.1		%				20.6		%
Adjusted net income						$	35,365					$	42,551					$	42,699					$	42,317					$	53,505
Adjusted return on average tangible common equity						12.4		%				14.7		%				15.0		%				15.8		%				20.9		%
Adjusted pre-tax pre-provision earnings						$	40,476					$	43,573					$	51,240					$	41,357					$	55,461
Adjusted pre-tax pre-provision return on average    tangible common equity						14.2		%				15.0		%				18.0		%				15.4		%				21.6		%
Return on average tangible common equity						YTD 2022						2021						2020						2019						2018
Average common shareholders' equity						$	1,415,985					$	1,361,637					$	966,336					$	723,494					$	629,922
Less average goodwill						242,561						242,561						199,104						160,587						137,190
Less average intangibles, net						16,376						19,606						22,659						17,236						12,815
Average tangible common equity						$	1,157,048					$	1,099,470					$	744,573					$	545,671					$	479,917
Net income						$	35,236					$	190,285					$	63,621					$	83,814					$	80,236
Return on average common equity						10.1		%				14.0		%				6.58		%				11.6		%				12.7		%
Return on average tangible common equity						12.4		%				17.3		%				8.54		%				15.4		%				16.7		%
Adjusted net income						$	35,365					$	181,071					$	141,932					$	89,271					$	82,085
Adjusted return on average tangible common equity						12.4		%				16.5		%				19.1		%				16.4		%				17.1		%
Adjusted pre-tax pre-provision earnings						$	40,476					$	191,631					$	229,707					$	123,972					$	113,517
Adjusted pre-tax pre-provision return on average tangible common equity						14.2		%				17.4		%				30.9		%				22.7		%				23.7		%
						2022						2021
Adjusted return on average assets and equity						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Net income						$	35,236					$	48,827					$	45,290					$	43,294					$	52,874
Average assets						12,641,489						12,085,817						11,915,062						11,900,450						11,508,783
Average common equity						1,415,985						1,411,987						1,389,201						1,339,938						1,303,493
Return on average assets						1.13		%				1.60		%				1.51		%				1.46		%				1.86		%
Return on average common equity						10.1		%				13.7		%				12.9		%				13.0		%				16.5		%
Adjusted net income						$	35,365					$	42,551					$	42,699					$	42,317					$	53,505
Adjusted return on average assets						1.13		%				1.40		%				1.42		%				1.43		%				1.89		%
Adjusted return on average common equity						10.1		%				12.0		%				12.2		%				12.7		%				16.6		%
Adjusted pre-tax pre-provision earnings						$	40,476					$	43,573					$	51,240					$	41,357					$	55,461
Adjusted pre-tax pre-provision return on      average assets						1.30		%				1.43		%				1.71		%				1.39		%				1.95		%
Adjusted pre-tax pre-provision return on      average common equity						11.6		%				12.2		%				14.6		%				12.4		%				17.3		%

FB Financial Corporation 19

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
Adjusted return on average assets and equity						YTD 2022						2021						2020						2019						2018
Net income						$	35,236					$	190,285					$	63,621					$	83,814					$	80,236
Average assets						12,641,489						11,848,460						8,438,100						5,777,672						4,844,865
Average common equity						1,415,985						1,361,637						966,336						723,494						629,922
Return on average assets						1.13		%				1.61		%				0.75		%				1.45		%				1.66		%
Return on average common equity						10.1		%				14.0		%				6.58		%				11.6		%				12.7		%
Adjusted net income						$	35,365					$	181,071					$	141,932					$	89,271					$	82,085
Adjusted return on average assets						1.13		%				1.53		%				1.68		%				1.55		%				1.69		%
Adjusted return on average common equity						10.1		%				13.3		%				14.7		%				12.3		%				13.0		%
Adjusted pre-tax pre-provision earnings						$	40,476					$	191,631					$	229,707					$	123,972					$	113,517
Adjusted pre-tax pre-provision return on average assets						1.30		%				1.62		%				2.72		%				2.15		%				2.34		%
Adjusted pre-tax pre-provision return on average common equity						11.6		%				14.1		%				23.8		%				17.1		%				18.0		%
						2022						2021
Adjusted allowance for credit losses to loans held for investment						First Quarter						Fourth Quarter						Third Quarter						Second Quarter						First Quarter
Allowance for credit losses						$	120,049					$	125,559					$	139,446					$	144,663					$	157,954
Less allowance for credit losses attributed to PPP loans						—						—						2						9						23
Adjusted allowance for credit losses						$	120,049					$	125,559					$	139,444					$	144,654					$	157,931
Loans held for investment						$	8,004,976					$	7,604,662					$	7,294,674					$	7,198,954					$	7,047,342
Less PPP loans						2,062						3,990						9,415						57,406						145,697
Adjusted loans held for investment						$	8,002,914					$	7,600,672					$	7,285,259					$	7,141,548					$	6,901,645
Allowance for credit losses to loans held for investment						1.50		%				1.65		%				1.91		%				2.01		%				2.24		%
Adjusted allowance for credit losses to loans held for investment						1.50		%				1.65		%				1.91		%				2.03		%				2.29		%

FB Financial Corporation 20