XML 46 R36.htm IDEA: XBRL DOCUMENT
v3.24.3

Fair Value of Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Balances and Levels of Assets Measured at Fair Value on Recurring Basis | The balances and levels of the assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 are presented in the following tables:
At September 30, 2024 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Recurring valuations: |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
AFS debt securities: |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | — |  |  | $ | 516,833 |  |  | $ | — |  |  | $ | 516,833 |
Mortgage-backed securities - residential |  | — |  |  | 879,589 |  |  | — |  |  | 879,589 |
Mortgage-backed securities - commercial |  | — |  |  | 16,289 |  |  | — |  |  | 16,289 |
Municipal securities |  | — |  |  | 154,229 |  |  | — |  |  | 154,229 |
Corporate securities |  | — |  |  | 982 |  |  | — |  |  | 982 |
Total securities |  | $ | — |  |  | $ | 1,567,922 |  |  | $ | — |  |  | $ | 1,567,922 |
Loans held for sale, at fair value |  | $ | — |  |  | $ | 72,608 |  |  | $ | — |  |  | $ | 72,608 |
Mortgage servicing rights |  | — |  |  | — |  |  | 157,097 |  |  | 157,097 |
Derivatives |  | — |  |  | 26,123 |  |  | — |  |  | 26,123 |
Financial Liabilities: |  |  |  |  |  |  |  |
Derivatives |  | — |  |  | 26,490 |  |  | — |  |  | 26,490 |
At December 31, 2023 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Recurring valuations: |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
AFS debt securities: |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | — |  |  | $ | 203,956 |  |  | $ | — |  |  | $ | 203,956 |
Mortgage-backed securities - residential |  | — |  |  | 896,971 |  |  | — |  |  | 896,971 |
Mortgage-backed securities - commercial |  | — |  |  | 16,961 |  |  | — |  |  | 16,961 |
Municipal securities |  | — |  |  | 242,263 |  |  | — |  |  | 242,263 |
U.S. Treasury securities |  | — |  |  | 108,496 |  |  | — |  |  | 108,496 |
Corporate securities |  | — |  |  | 3,326 |  |  | — |  |  | 3,326 |
Total securities |  | $ | — |  |  | $ | 1,471,973 |  |  | $ | — |  |  | $ | 1,471,973 |
Loans held for sale, at fair value |  | $ | — |  |  | $ | 46,618 |  |  | $ | — |  |  | $ | 46,618 |
Mortgage servicing rights |  | — |  |  | — |  |  | 164,249 |  |  | 164,249 |
Derivatives |  | — |  |  | 34,738 |  |  | — |  |  | 34,738 |
Financial Liabilities: |  |  |  |  |  |  |  |
Derivatives |  | — |  |  | 38,215 |  |  | — |  |  | 38,215 |
Schedule of Balances and Levels of Assets Measured at Fair Value on Non-recurring Basis | The balances and levels of the assets measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023 are presented in the following tables:
At September 30, 2024 |  | Quoted prices in active markets for identical assets (liabilities (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total |  |  |  |
Nonrecurring valuations: |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Other real estate owned |  | $ | — |  |  | $ | — |  |  | $ | 2,243 |  |  | $ | 2,243 |  |  |  |  |
Collateral-dependent net loans held for investment: |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | — |  |  | — |  |  | 2,350 |  |  | 2,350 |  |  |  |  |
Construction |  | — |  |  | — |  |  | 6,958 |  |  | 6,958 |  |  |  |  |
Total collateral-dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 9,308 |  |  | $ | 9,308 |  |  |  |  |
At December 31, 2023 |  | Quoted prices in active markets for identical assets (liabilities) (level 1) |  | Significant other observable inputs (level 2) |  | Significant unobservable inputs (level 3) |  | Total
Nonrecurring valuations: |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |
Other real estate owned |  | $ | — |  |  | $ | — |  |  | $ | 2,400 |  |  | $ | 2,400 |
Collateral-dependent net loans held for investment: |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | — |  |  | $ | — |  |  | $ | 12,338 |  |  | $ | 12,338 |
Construction |  | — |  |  | — |  |  | 203 |  |  | 203 |
Residential real estate: |  |  |  |  |  |  |  |
1-4 family mortgage |  | — |  |  | — |  |  | 429 |  |  | 429 |
Consumer and other |  | — |  |  | — |  |  | 71 |  |  | 71 |
Total collateral-dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 13,041 |  |  | $ | 13,041 |
The following table sets forth the changes in fair value associated with this portfolio for the three and nine months ended September 30, 2023:
|  | Three Months Ended September 30, 2023
|  | Principal balance |  | Fair Value discount |  | Fair Value
Carrying value at beginning of period |  | $ | 12,232 |  |  | $ | (2,965) |  |  | $ | 9,267 |
Change in fair value: |  |  |  |  |  |
Changes in valuation included in other noninterest income |  | — |  |  | (7) |  |  | (7) |
Carrying value at end of period |  | $ | 12,232 |  |  | $ | (2,972) |  |  | $ | 9,260 |
|  | Nine Months Ended September 30, 2023
|  | Principal balance |  | Fair Value discount |  | Fair Value
Carrying value at beginning of period |  | $ | 34,357 |  |  | $ | (3,867) |  |  | $ | 30,490 |
Change in fair value: |  |  |  |  |  |
Paydowns and payoffs |  | (22,125) |  |  | — |  |  | (22,125) |
Changes in valuation included in other noninterest income |  | — |  |  | 895 |  |  | 895 |
Carrying value at end of period |  | $ | 12,232 |  |  | $ | (2,972) |  |  | $ | 9,260 |
Schedule of Information About Significant Unobservable Inputs (Level 3) Used in Valuation of Assets Measured at Fair Value on Nonrecurring Basis | The following tables present information as of September 30, 2024 and December 31, 2023 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
September 30, 2024 |  |  |  |  |  |  |  |  |
Financial instrument |  | Fair Value |  | Valuation technique |  | Significant unobservable inputs |  | Range of inputs |
Collateral-dependent net loans held for investment |  | $ | 9,308 |  |  | Valuation of collateral |  | Discount for comparable sales |  | 10%-70% |
Other real estate owned |  | $ | 2,243 |  |  | Appraised value of property less costs to sell |  | Discount for costs to sell |  | 0%-15% |
December 31, 2023 |  |  |  |  |  |  |  |  |
Financial instrument |  | Fair Value |  | Valuation technique |  | Significant unobservable inputs |  | Range of inputs |
Collateral-dependent net loans held for investment |  | $ | 13,041 |  |  | Valuation of collateral |  | Discount for comparable sales |  | 10%-61% |
Other real estate owned |  | $ | 2,400 |  |  | Appraised value of property less costs to sell |  | Discount for costs to sell |  | 0%-15% |
Schedule of Loans Held For Sale at Fair Value | The following table summarizes the Company’s loans held for sale as of the dates presented:
|  | September 30, |  | December 31,
|  | 2024 |  | 2023
Loans held for sale under a fair value option: |  |  |  |
Mortgage loans held for sale |  | 72,608 |  |  | 46,618 |
Loans held for sale not accounted for under a fair value option: |  |  |  |
Mortgage loans held for sale - guaranteed GNMA repurchase option |  | 30,537 |  |  | 21,229 |
Total loans held for sale |  | $ | 103,145 |  |  | $ | 67,847 |
Schedule of Differences between Fair Value and Principal Balance for Loans Held for Sale Measured at Fair Value | The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of September 30, 2024 and December 31, 2023:
|  | September 30, |  | December 31,
|  | 2024 |  | 2023
Aggregate fair value |  | $ | 72,608 |  |  | $ | 46,618 |
Aggregate unpaid principal balance |  | 71,184 |  |  | 45,509 |
Difference |  | $ | 1,424 |  |  | $ | 1,109 |
Schedule of Estimated Fair Values and Carrying Values of Financial Instruments | The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments. Non-financial instruments are excluded from the table below.
|  |  |  | Fair Value
September 30, 2024 |  | Carrying amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 951,750 |  |  | $ | 951,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 951,750 |
Investment securities |  | 1,567,922 |  |  | — |  |  | 1,567,922 |  |  | — |  |  | 1,567,922 |
Net loans held for investment |  | 9,321,869 |  |  | — |  |  | — |  |  | 9,053,392 |  |  | 9,053,392 |
Loans held for sale, at fair value |  | 72,608 |  |  | — |  |  | 72,608 |  |  | — |  |  | 72,608 |
Interest receivable |  | 52,228 |  |  | 1,304 |  |  | 7,421 |  |  | 43,503 |  |  | 52,228 |
Mortgage servicing rights |  | 157,097 |  |  | — |  |  | — |  |  | 157,097 |  |  | 157,097 |
Derivatives |  | 26,123 |  |  | — |  |  | 26,123 |  |  | — |  |  | 26,123 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Without stated maturities |  | $ | 9,078,893 |  |  | $ | 9,078,893 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,078,893 |
With stated maturities |  | 1,897,318 |  |  | — |  |  | 1,899,602 |  |  | — |  |  | 1,899,602 |
Securities sold under agreements to repurchase and federal funds purchased |  | 19,708 |  |  | 19,708 |  |  | — |  |  | — |  |  | 19,708 |
Subordinated debt, net |  | 130,608 |  |  | — |  |  | — |  |  | 125,625 |  |  | 125,625 |
Interest payable |  | 20,581 |  |  | 4,052 |  |  | 16,154 |  |  | 375 |  |  | 20,581 |
Derivatives |  | 26,490 |  |  | — |  |  | 26,490 |  |  | — |  |  | 26,490 |
|  | Fair Value
December 31, 2023 |  | Carrying amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 810,932 |  |  | $ | 810,932 |  |  | $ | — |  |  | $ | — |  |  | $ | 810,932 |
Investment securities |  | 1,471,973 |  |  | — |  |  | 1,471,973 |  |  | — |  |  | 1,471,973 |
Net loans held for investment |  | 9,258,457 |  |  | — |  |  | — |  |  | 9,068,518 |  |  | 9,068,518 |
Loans held for sale, at fair value |  | 46,618 |  |  | — |  |  | 46,618 |  |  | — |  |  | 46,618 |
Interest receivable |  | 52,715 |  |  | 388 |  |  | 8,551 |  |  | 43,776 |  |  | 52,715 |
Mortgage servicing rights |  | 164,249 |  |  | — |  |  | — |  |  | 164,249 |  |  | 164,249 |
Derivatives |  | 34,738 |  |  | — |  |  | 34,738 |  |  | — |  |  | 34,738 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |
Without stated maturities |  | $ | 8,927,654 |  |  | $ | 8,927,654 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,927,654 |
With stated maturities |  | 1,620,633 |  |  | — |  |  | 1,614,400 |  |  | — |  |  | 1,614,400 |
Securities sold under agreements to repurchase and federal funds purchased |  | 108,764 |  |  | 108,764 |  |  | — |  |  | — |  |  | 108,764 |
Bank Term Funding Program |  | 130,000 |  |  | — |  |  | 130,000 |  |  | — |  |  | 130,000 |
Subordinated debt, net |  | 129,645 |  |  | — |  |  | — |  |  | 122,671 |  |  | 122,671 |
Interest payable |  | 18,809 |  |  | 4,104 |  |  | 13,205 |  |  | 1,500 |  |  | 18,809 |
Derivatives |  | 38,215 |  |  | — |  |  | 38,215 |  |  | — |  |  | 38,215 |

X
- Definition Schedule of differences between fair value and principal balance for loans held for sale measured at fair value. + References No definition available. + Details
Name: | fbk_ScheduleOfDifferencesBetweenFairValueAndPrincipalBalanceForLoansHeldForSaleMeasuredAtFairValueTableTableTextBlock
Namespace Prefix: | fbk_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Loans Held-for-sale, Fair Value + References No definition available. + Details
Name: | fbk_ScheduleOfLoansHeldForSaleFairValueTableTextBlock
Namespace Prefix: | fbk_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration