Exhibit 99.2
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 1
Financial Summary and Key Metrics | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Thousands, Except Share Data and %) | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Statement of Income Data | ||||||||||||||||||||
Total interest income | $ | 33,278 | $ | 32,889 | $ | 31,567 | $ | 30,005 | $ | 30,732 | ||||||||||
Total interest expense | 2,851 | 2,638 | 2,535 | 2,388 | 2,374 | |||||||||||||||
Net interest income | 30,427 | 30,251 | 29,032 | 27,617 | 28,358 | |||||||||||||||
Provision for loan losses | (865 | ) | (257 | ) | (752 | ) | 71 | (789 | ) | |||||||||||
Total noninterest income | 35,657 | 31,087 | 31,332 | 43,962 | 38,356 | |||||||||||||||
Total noninterest expense | 49,136 | 46,417 | 47,319 | 55,529 | 50,595 | |||||||||||||||
Net income before income taxes | 17,813 | 15,178 | 13,797 | 15,979 | 16,908 | |||||||||||||||
Income tax expense | 6,574 | 5,425 | 4,787 | 14,772 | 1,133 | |||||||||||||||
Net income | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 1,207 | $ | 15,775 | ||||||||||
Net interest income (tax—equivalent basis) | $ | 31,158 | $ | 30,963 | $ | 29,686 | $ | 28,213 | $ | 28,967 | ||||||||||
Pro forma net income (C-Corp basis) | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 10,033 | $ | 10,576 | ||||||||||
Pro forma core net income* | $ | 12,919 | $ | 10,284 | $ | 10,484 | $ | 12,935 | $ | 13,151 | ||||||||||
Per Common Share | ||||||||||||||||||||
Diluted net income | $ | 0.43 | $ | 0.40 | $ | 0.37 | $ | 0.07 | $ | 0.92 | ||||||||||
Pro forma net income- diluted (C Corp basis) | $ | 0.43 | $ | 0.40 | $ | 0.37 | $ | 0.55 | $ | 0.62 | ||||||||||
Pro forma core net income - diluted* | $ | 0.49 | $ | 0.42 | $ | 0.43 | $ | 0.71 | $ | 0.77 | ||||||||||
Book value | 17.59 | 14.16 | 13.71 | 13.73 | 15.47 | |||||||||||||||
Tangible book value* | 15.83 | 12.05 | 11.58 | 11.56 | 12.41 | |||||||||||||||
Weighted average number of shares-diluted | 26,301,458 | 24,610,991 | 24,500,943 | 18,332,192 | 17,180,000 | |||||||||||||||
Period-end number of shares (a) | 28,968,160 | 24,154,323 | 24,107,660 | 23,975,122 | 17,180,000 | |||||||||||||||
Selected Balance Sheet Data | ||||||||||||||||||||
Cash and due from banks | $ | 59,112 | $ | 53,748 | $ | 50,157 | $ | 51,292 | $ | 52,122 | ||||||||||
Loans held for investment | 1,970,974 | 1,900,995 | 1,848,784 | 1,793,343 | 1,750,304 | |||||||||||||||
Allowance for loan losses | (23,247 | ) | (22,898 | ) | (21,747 | ) | (23,290 | ) | (23,734 | ) | ||||||||||
Loans held for sale | 427,416 | 365,173 | 507,442 | 486,601 | 322,249 | |||||||||||||||
Available-for-sale securities, fair value | 553,357 | 567,886 | 582,183 | 553,357 | 550,307 | |||||||||||||||
Foreclosed real estate, net | 6,370 | 6,811 | 7,403 | 8,964 | 9,902 | |||||||||||||||
Total assets | 3,346,570 | 3,166,459 | 3,276,881 | 3,187,180 | 2,917,958 | |||||||||||||||
Total deposits | 2,727,593 | 2,701,199 | 2,671,562 | 2,640,072 | 2,514,297 | |||||||||||||||
Borrowings | 43,790 | 44,552 | 194,892 | 125,291 | 55,785 | |||||||||||||||
Total shareholders' equity | 509,517 | 342,142 | 330,498 | 329,108 | 265,768 | |||||||||||||||
Selected Ratios | ||||||||||||||||||||
Return on average: | ||||||||||||||||||||
Assets | 1.40 | % | 1.25 | % | 1.12 | % | 0.16 | % | 2.19 | % | ||||||||||
Shareholders' equity | 11.30 | % | 11.87 | % | 11.24 | % | 1.74 | % | 24.42 | % | ||||||||||
Tangible common equity* | 12.96 | % | 14.03 | % | 13.40 | % | 2.14 | % | 30.64 | % | ||||||||||
Pro forma return on average (C-Corp basis): | ||||||||||||||||||||
Assets | 1.40 | % | 1.25 | % | 1.12 | % | 1.32 | % | 1.47 | % | ||||||||||
Shareholders' equity | 11.30 | % | 11.87 | % | 11.24 | % | 14.43 | % | 16.37 | % | ||||||||||
Tangible common equity* | 12.96 | % | 14.03 | % | 13.40 | % | 17.79 | % | 20.55 | % | ||||||||||
Average shareholders' equity to average assets | 12.37 | % | 10.50 | % | 9.95 | % | 9.17 | % | 8.96 | % | ||||||||||
Net interest margin (NIM) (tax-equivalent basis) | 4.19 | % | 4.28 | % | 3.99 | % | 4.05 | % | 4.40 | % | ||||||||||
Net interest margin excluding accretion (tax-equivalent basis) (c) | 4.08 | % | 4.12 | % | 3.94 | % | 3.94 | % | 4.16 | % | ||||||||||
Efficiency ratio (GAAP) | 74.35 | % | 75.67 | % | 78.39 | % | 77.58 | % | 75.84 | % | ||||||||||
Core efficiency ratio (tax-equivalent basis)* | 70.18 | % | 73.29 | % | 73.72 | % | 69.65 | % | 67.92 | % | ||||||||||
Loans held for investment to deposit ratio | 72.26 | % | 70.38 | % | 69.20 | % | 67.93 | % | 69.61 | % | ||||||||||
Total loan to deposit ratio | 87.93 | % | 83.89 | % | 88.20 | % | 86.36 | % | 82.43 | % | ||||||||||
Yield on interest-earning assets | 4.57 | % | 4.65 | % | 4.33 | % | 4.40 | % | 4.74 | % | ||||||||||
Cost of interest-bearing liabilities | 0.55 | % | 0.51 | % | 0.49 | % | 0.48 | % | 0.46 | % | ||||||||||
Cost of total deposits | 0.34 | % | 0.32 | % | 0.29 | % | 0.30 | % | 0.28 | % | ||||||||||
Credit Quality Ratios | ||||||||||||||||||||
Allowance for loan losses as a percentage of loans held for investment | 1.18 | % | 1.20 | % | 1.18 | % | 1.30 | % | 1.36 | % | ||||||||||
Net recoveries (charge-off's) as a percentage of average total loans | ||||||||||||||||||||
held for investment | 0.25 | % | 0.31 | % | (0.17 | )% | (0.12 | )% | 0.02 | % | ||||||||||
Nonperforming assets as a percentage of total assets (b) | 0.58 | % | 0.56 | % | 0.58 | % | 0.68 | % | 0.78 | % | ||||||||||
Preliminary capital ratios (Consolidated) | ||||||||||||||||||||
Shareholders' equity to assets | 15.23 | % | 10.81 | % | 10.09 | % | 10.33 | % | 9.11 | % | ||||||||||
Tangible common equity to tangible assets* | 13.92 | % | 9.34 | % | 8.65 | % | 8.84 | % | 7.44 | % | ||||||||||
Tier 1 capital (to average assets) | 15.54 | % | 10.46 | % | 10.05 | % | 10.32 | % | 7.98 | % | ||||||||||
Tier 1 capital (to risk-weighted assets) | 18.28 | % | 12.87 | % | 12.19 | % | 12.37 | % | 9.57 | % | ||||||||||
Total capital (to risk-weighted assets) | 19.14 | % | 13.76 | % | 13.03 | % | 13.32 | % | 11.00 | % | ||||||||||
Common Equity Tier 1 (to risk-weighted assets) (CET1) | 17.16 | % | 11.69 | % | 11.04 | % | 11.16 | % | 8.30 | % |
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP financial measures” and the corresponding financial tables below for reconciliations of these Non-GAAP measures. Investors are encouraged to refer to discussion of non-GAAP measures included in the corresponding earnings release.
(a) Includes the 4,806,710 common shares issued effective June 1, 2017.
(b) Includes the $1.5 million of marketable equity securities in satisfaction of previously charged-off loan during the second quarter of 2017.
(c) Excludes accretion from acquired/purchased loans.
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 2
Consolidated Statements of Income | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
(In Thousands, Except Share Data and %) | ||||||||||||||||||||||||||||
Q2 2017 | Q2 2017 | |||||||||||||||||||||||||||
vs. | vs. | |||||||||||||||||||||||||||
2017 | 2016 | Q1 2017 | Q2 2016 | |||||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | Percent variance | Percent variance | ||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||||||
Interest and fees on loans | $ | 29,350 | $ | 29,006 | $ | 28,125 | $ | 26,550 | $ | 26,878 | 1.19 | % | 9.20 | % | ||||||||||||||
Interest on securities | ||||||||||||||||||||||||||||
Taxable | 2,589 | 2,567 | 2,350 | 2,402 | 2,849 | 0.86 | % | -9.13 | % | |||||||||||||||||||
Tax-exempt | 1,068 | 1,040 | 947 | 875 | 845 | 2.69 | % | 26.39 | % | |||||||||||||||||||
Other | 271 | 276 | 145 | 178 | 108 | -1.81 | % | 150.93 | % | |||||||||||||||||||
Total interest income | 33,278 | 32,889 | 31,567 | 30,005 | 30,680 | 1.18 | % | 8.47 | % | |||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||
Demand and savings accounts | 1,703 | 1,531 | 1,387 | 1,340 | 1,289 | 11.23 | % | 32.12 | % | |||||||||||||||||||
Time deposits | 604 | 583 | 551 | 575 | 441 | 3.60 | % | 36.96 | % | |||||||||||||||||||
Short-term borrowings | 12 | 10 | 20 | 13 | 29 | 20.00 | % | -58.62 | % | |||||||||||||||||||
Long-term debt | 532 | 514 | 577 | 460 | 563 | 3.50 | % | -5.51 | % | |||||||||||||||||||
Total interest expense | 2,851 | 2,638 | 2,535 | 2,388 | 2,322 | 8.07 | % | 22.78 | % | |||||||||||||||||||
Net interest income | 30,427 | 30,251 | 29,032 | 27,617 | 28,358 | 0.58 | % | 7.30 | % | |||||||||||||||||||
Provision for loan losses | (865 | ) | (257 | ) | (752 | ) | 71 | (789 | ) | 236.58 | % | 9.63 | % | |||||||||||||||
Net interest income after provision for loan losses | 31,292 | 30,508 | 29,784 | 27,546 | 29,147 | 2.57 | % | 7.36 | % | |||||||||||||||||||
Noninterest income: | ||||||||||||||||||||||||||||
Mortgage banking income | 30,239 | 25,080 | 26,177 | 36,938 | 30,133 | 20.57 | % | 0.35 | % | |||||||||||||||||||
Service charges on deposit accounts | 1,796 | 1,766 | 1,880 | 1,870 | 2,276 | 1.70 | % | -21.09 | % | |||||||||||||||||||
ATM and interchange fees | 2,085 | 2,047 | 2,035 | 1,814 | 1,907 | 1.86 | % | 9.33 | % | |||||||||||||||||||
Investment services income | 903 | 814 | 829 | 857 | 958 | 10.93 | % | -5.74 | % | |||||||||||||||||||
Gain on sale of securities | 29 | 1 | - | 416 | 2,591 | 2800.00 | % | -98.88 | % | |||||||||||||||||||
Gain (loss) on sales or write-downs of foreclosed assets | 23 | 748 | (222 | ) | 1,646 | (131 | ) | -96.93 | % | -117.56 | % | |||||||||||||||||
Gain (loss) on other assets | 39 | - | (127 | ) | 7 | (123 | ) | 100.00 | % | -131.71 | % | |||||||||||||||||
Other income | 543 | 631 | 760 | 414 | 745 | -13.95 | % | -27.11 | % | |||||||||||||||||||
Total noninterest income | 35,657 | 31,087 | 31,332 | 43,962 | 38,356 | 14.70 | % | -7.04 | % | |||||||||||||||||||
Total revenue | 66,084 | 61,338 | 60,364 | 71,579 | 66,714 | 7.74 | % | -0.94 | % | |||||||||||||||||||
Noninterest expenses: | ||||||||||||||||||||||||||||
Salaries, commissions and employee benefits | 30,783 | 29,006 | 29,506 | 34,010 | 26,688 | 6.13 | % | 15.34 | % | |||||||||||||||||||
Occupancy and equipment expense | 3,307 | 3,109 | 3,044 | 3,171 | 3,226 | 6.37 | % | 2.51 | % | |||||||||||||||||||
Legal and professional fees | 1,033 | 1,428 | 810 | 816 | 856 | -27.66 | % | 20.68 | % | |||||||||||||||||||
Data processing | 1,460 | 1,501 | 1,490 | 1,294 | 669 | -2.73 | % | 118.24 | % | |||||||||||||||||||
Merger and conversion | 767 | 487 | - | 1,122 | 1,540 | 57.49 | % | -50.19 | % | |||||||||||||||||||
Amortization of core deposit intangibles | 123 | 392 | 527 | 526 | 527 | -68.62 | % | -76.66 | % | |||||||||||||||||||
Amortization of mortgage servicing rights | - | - | 2,100 | 2,796 | 1,968 | 0.00 | % | -100.00 | % | |||||||||||||||||||
(Recovery of) impairment of mortgage servicing rights | - | - | (3,411 | ) | 2,402 | 4,914 | 0.00 | % | -100.00 | % | ||||||||||||||||||
Loss on sale of mortgage servicing rights | 249 | - | 4,447 | - | - | 100.00 | % | 100.00 | % | |||||||||||||||||||
Regulatory fees and deposit insurance assessments | 494 | 435 | 471 | 465 | 529 | 13.56 | % | -6.62 | % | |||||||||||||||||||
Software license and maintenance fees | 364 | 457 | 513 | 503 | 1,349 | -20.35 | % | -73.02 | % | |||||||||||||||||||
Advertising | 3,343 | 2,932 | 2,537 | 2,220 | 3,601 | 14.02 | % | -7.16 | % | |||||||||||||||||||
Other expense | 7,213 | 6,670 | 5,285 | 6,204 | 4,728 | 8.14 | % | 52.56 | % | |||||||||||||||||||
Total noninterest expense | 49,136 | 46,417 | 47,319 | 55,529 | 50,595 | 5.86 | % | -2.88 | % | |||||||||||||||||||
Net income before income taxes | 17,813 | 15,178 | 13,797 | 15,979 | 16,908 | 17.36 | % | 5.35 | % | |||||||||||||||||||
Income tax expense | 6,574 | 5,425 | 4,787 | 14,772 | 1,133 | 21.18 | % | 480.23 | % | |||||||||||||||||||
Net income | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 1,207 | $ | 15,775 | 15.24 | % | -28.75 | % | ||||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||||||
Basic | 25,741,968 | 24,138,437 | 23,977,028 | 18,259,128 | 17,180,000 | |||||||||||||||||||||||
Fully diluted | 26,301,458 | 24,610,991 | 24,500,943 | 18,332,192 | 17,180,000 | |||||||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||
Basic | $ | 0.44 | $ | 0.40 | $ | 0.38 | $ | 0.07 | $ | 0.92 | ||||||||||||||||||
Fully diluted | $ | 0.43 | $ | 0.40 | $ | 0.37 | $ | 0.07 | $ | 0.92 | ||||||||||||||||||
Pro Forma (C Corp basis): | ||||||||||||||||||||||||||||
Income tax expense | $ | 6,574 | $ | 5,425 | $ | 4,787 | $ | 5,946 | $ | 6,332 | 21.18 | % | 3.82 | % | ||||||||||||||
Net income | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 10,033 | $ | 10,576 | 15.24 | % | 6.27 | % | ||||||||||||||
Earnings per share | ||||||||||||||||||||||||||||
Basic | $ | 0.44 | $ | 0.40 | $ | 0.38 | $ | 0.55 | $ | 0.62 | ||||||||||||||||||
Fully diluted | $ | 0.43 | $ | 0.40 | $ | 0.37 | $ | 0.55 | $ | 0.62 |
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 3
Consolidated Statements of Income | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Thousands, Except Share Data and %) | ||||||||||||||||||||
Q2 2017 | ||||||||||||||||||||
For the six months ended | For the year ended | vs. | ||||||||||||||||||
June 30, | December 31, | Q2 2016 | ||||||||||||||||||
2017 | 2016 | 2016 | 2015 | Percent variance | ||||||||||||||||
Interest income: | ||||||||||||||||||||
Interest and fees on loans | $ | 58,356 | $ | 51,190 | $ | 105,865 | $ | 87,723 | 14.00 | % | ||||||||||
Interest on securities | ||||||||||||||||||||
Taxable | 5,156 | 5,894 | 10,646 | 11,783 | -12.52 | % | ||||||||||||||
Tax-exempt | 2,108 | 1,550 | 3,372 | 2,808 | 36.00 | % | ||||||||||||||
Other | 547 | 288 | 611 | 468 | 89.93 | % | ||||||||||||||
Total interest income | 66,167 | 58,922 | 120,494 | 102,782 | 12.30 | % | ||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand and savings accounts | 3,234 | 2,686 | 5,413 | 4,733 | 20.40 | % | ||||||||||||||
Time deposits | 1,187 | 803 | 1,929 | 1,559 | 47.82 | % | ||||||||||||||
Short-term borrowings | 22 | 88 | 121 | 712 | -75.00 | % | ||||||||||||||
Long-term debt | 1,046 | 1,044 | 2,081 | 1,906 | 0.19 | % | ||||||||||||||
Total interest expense | 5,489 | 4,621 | 9,544 | 8,910 | 18.78 | % | ||||||||||||||
Net interest income | 60,678 | 54,301 | 110,950 | 93,872 | 11.74 | % | ||||||||||||||
Provision for loan losses | (1,122 | ) | (798 | ) | (1,479 | ) | (3,064 | ) | 40.60 | % | ||||||||||
Net interest income after provision for loan losses | 61,800 | 55,099 | 112,429 | 96,936 | 12.16 | % | ||||||||||||||
Noninterest income: | ||||||||||||||||||||
Mortgage banking income | 55,319 | 54,636 | 117,751 | 70,190 | 1.25 | % | ||||||||||||||
Service charges on deposit accounts | 3,562 | 4,259 | 8,009 | 7,389 | -16.37 | % | ||||||||||||||
ATM and interchange fees | 4,132 | 3,942 | 7,791 | 6,536 | 4.82 | % | ||||||||||||||
Investment services income | 1,717 | 1,651 | 3,337 | 3,260 | 4.00 | % | ||||||||||||||
Bargain purchase gain | - | - | - | 2,794 | 0.00 | % | ||||||||||||||
Gain on sale of securities | 30 | 3,991 | 4,407 | 1,844 | -99.25 | % | ||||||||||||||
Gain (loss) on sales or write-downs of foreclosed assets | 771 | (142 | ) | 1,282 | (317 | ) | -642.96 | % | ||||||||||||
(Loss) gain on other assets | 39 | 17 | (103 | ) | (393 | ) | 129.41 | % | ||||||||||||
Other income | 1,174 | 1,037 | 2,211 | 1,077 | 13.21 | % | ||||||||||||||
Total noninterest income | 66,744 | 69,391 | 144,685 | 92,380 | -3.81 | % | ||||||||||||||
Total revenue | 127,422 | 123,692 | 255,635 | 186,252 | 3.02 | % | ||||||||||||||
Noninterest expenses: | ||||||||||||||||||||
Salaries, commissions and employee benefits | 59,789 | 50,476 | 113,992 | 84,214 | 18.45 | % | ||||||||||||||
Occupancy and equipment expense | 6,416 | 6,396 | 12,611 | 10,777 | 0.31 | % | ||||||||||||||
Legal and professional fees | 2,461 | 1,888 | 3,514 | 3,355 | 30.35 | % | ||||||||||||||
Data processing | 2,961 | 1,397 | 4,181 | 2,053 | 111.95 | % | ||||||||||||||
Merger and conversion | 1,254 | 2,146 | 3,268 | 3,543 | -41.57 | % | ||||||||||||||
Amortization of core deposit intangibles | 515 | 1,079 | 2,132 | 1,731 | -52.27 | % | ||||||||||||||
Amortization of mortgage servicing rights | - | 3,425 | 8,321 | 2,601 | -100.00 | % | ||||||||||||||
Impairment of mortgage servicing rights | - | 5,687 | 4,678 | 194 | -100.00 | % | ||||||||||||||
Loss on sale of mortgage servicing rights | 249 | - | 4,447 | - | 100.00 | % | ||||||||||||||
Regulatory fees and deposit insurance assessments | 929 | 1,016 | 1,952 | 2,190 | -8.56 | % | ||||||||||||||
Software license and maintenance fees | 821 | 1,858 | 2,874 | 1,986 | -55.81 | % | ||||||||||||||
Advertising | 6,275 | 5,851 | 10,608 | 7,866 | 7.25 | % | ||||||||||||||
Other expense | 13,883 | 10,723 | 22,212 | 17,982 | 29.47 | % | ||||||||||||||
Total noninterest expense | 95,553 | 91,942 | 194,790 | 138,492 | 3.93 | % | ||||||||||||||
Net income before income taxes | 32,991 | 32,548 | 62,324 | 50,824 | 1.36 | % | ||||||||||||||
Income tax expense | 11,999 | 2,174 | 21,733 | 2,968 | 451.93 | % | ||||||||||||||
Net income | $ | 20,992 | $ | 30,374 | $ | 40,591 | $ | 47,856 | -30.89 | % | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | 24,944,633 | 17,180,000 | 19,165,182 | 17,180,000 | ||||||||||||||||
Fully diluted | 25,450,419 | 17,180,000 | 19,312,174 | 17,180,000 | ||||||||||||||||
Earnings per share | ||||||||||||||||||||
Basic | $ | 0.84 | $ | 1.77 | $ | 2.12 | $ | 2.79 | ||||||||||||
Fully diluted | $ | 0.82 | $ | 1.77 | $ | 2.10 | $ | 2.79 | ||||||||||||
Pro Forma: | ||||||||||||||||||||
Income tax expense | 11,999 | 12,169 | 22,902 | 17,829 | -1.40 | % | ||||||||||||||
Net income | 20,992 | 20,379 | 39,422 | 32,995 | 3.01 | % | ||||||||||||||
Earnings per share | ||||||||||||||||||||
Basic | $ | 0.84 | $ | 1.19 | $ | 2.06 | $ | 1.92 | ||||||||||||
Fully diluted | $ | 0.82 | $ | 1.19 | $ | 2.04 | $ | 1.92 |
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 4
Consolidated Balance Sheets | ||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||
(In Thousands, %) | ||||||||||||||||||||||||||||
Annualized | ||||||||||||||||||||||||||||
Q2 2017 | Q2 2017 | |||||||||||||||||||||||||||
vs. | vs. | |||||||||||||||||||||||||||
2017 | 2016 | Q1 2017 | Q2 2016 | |||||||||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | Percent variance | Percent variance | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 59,112 | $ | 53,748 | $ | 50,157 | $ | 51,292 | $ | 52,122 | 40.03 | % | 13.41 | % | ||||||||||||||
Federal funds sold | 16,238 | 18,512 | 13,037 | 8,848 | 13,415 | -49.27 | % | 21.04 | % | |||||||||||||||||||
Interest bearing deposits in financial institutions | 110,928 | 57,292 | 73,133 | 57,157 | 23,382 | 375.50 | % | 374.42 | % | |||||||||||||||||||
Cash and cash equivalents | 186,278 | 129,552 | 136,327 | 117,297 | 88,919 | 175.63 | % | 109.49 | % | |||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||
Available-for-sale securities, at fair value | 553,357 | 567,886 | 582,183 | 553,357 | 550,307 | -10.26 | % | 0.55 | % | |||||||||||||||||||
Federal Home Loan Bank stock, at cost | 7,743 | 7,743 | 7,743 | 6,528 | 6,528 | 0.00 | % | 18.61 | % | |||||||||||||||||||
Loans held for sale, at fair value | 427,416 | 365,173 | 507,442 | 486,601 | 322,249 | 68.37 | % | 32.64 | % | |||||||||||||||||||
Loans | 1,970,974 | 1,900,995 | 1,848,784 | 1,793,343 | 1,750,304 | 14.77 | % | 12.61 | % | |||||||||||||||||||
Less: allowance for loan losses | 23,247 | 22,898 | 21,747 | 23,290 | 23,734 | 6.11 | % | -2.05 | % | |||||||||||||||||||
Net loans | 1,947,727 | 1,878,097 | 1,827,037 | 1,770,053 | 1,726,570 | 14.87 | % | 12.81 | % | |||||||||||||||||||
Premises and equipment, net | 66,392 | 66,108 | 66,651 | 65,882 | 65,686 | 1.72 | % | 1.07 | % | |||||||||||||||||||
Foreclosed real estate, net | 6,370 | 6,811 | 7,403 | 8,964 | 9,902 | -25.97 | % | -35.67 | % | |||||||||||||||||||
Interest receivable | 7,012 | 7,247 | 7,241 | 7,040 | 6,627 | -13.01 | % | 5.81 | % | |||||||||||||||||||
Mortgage servicing rights, net | 48,464 | 47,593 | 32,070 | 46,291 | 40,382 | 7.34 | % | 20.01 | % | |||||||||||||||||||
Goodwill | 46,867 | 46,867 | 46,867 | 46,867 | 46,867 | 0.00 | % | 0.00 | % | |||||||||||||||||||
Core deposit intangible, net | 4,048 | 4,171 | 4,563 | 5,090 | 5,616 | -11.83 | % | -27.92 | % | |||||||||||||||||||
Other assets | 44,896 | 39,211 | 51,354 | 73,210 | 48,305 | 58.15 | % | -7.06 | % | |||||||||||||||||||
Total assets | $ | 3,346,570 | $ | 3,166,459 | $ | 3,276,881 | $ | 3,187,180 | $ | 2,917,958 | 22.81 | % | 14.69 | % | ||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Demand deposits | ||||||||||||||||||||||||||||
Noninterest-bearing | $ | 715,391 | $ | 696,112 | $ | 697,072 | $ | 726,248 | $ | 680,165 | 11.11 | % | 5.18 | % | ||||||||||||||
Interest-bearing | 1,471,650 | 1,473,535 | 1,449,382 | 1,382,981 | 1,304,606 | -0.51 | % | 12.80 | % | |||||||||||||||||||
Savings deposits | 143,951 | 142,019 | 134,077 | 131,819 | 129,944 | 5.46 | % | 10.78 | % | |||||||||||||||||||
Time deposits | 396,601 | 389,533 | 391,031 | 399,024 | 399,582 | 7.28 | % | -0.75 | % | |||||||||||||||||||
Total deposits | 2,727,593 | 2,701,199 | 2,671,562 | 2,640,072 | 2,514,297 | 3.92 | % | 8.48 | % | |||||||||||||||||||
Securities sold under agreements to repurchase | 16,343 | 18,130 | 21,561 | 29,137 | 29,278 | -39.53 | % | -44.18 | % | |||||||||||||||||||
Short-term borrowings | — | — | 150,000 | 80,000 | — | 0.00 | % | 0.00 | % | |||||||||||||||||||
Long-term debt | 43,790 | 44,552 | 44,892 | 45,291 | 55,785 | -6.86 | % | -21.50 | % | |||||||||||||||||||
Accrued expenses and other liabilities | 49,327 | 60,436 | 58,368 | 63,572 | 52,830 | -73.73 | % | -6.63 | % | |||||||||||||||||||
Total liabilities | 2,837,053 | 2,824,317 | 2,946,383 | 2,858,072 | 2,652,190 | 1.81 | % | 6.97 | % | |||||||||||||||||||
Shareholders' equity: | ||||||||||||||||||||||||||||
Common stock, $1 par value | 28,968 | 24,155 | 24,108 | 23,975 | 17,180 | 79.92 | % | 68.61 | % | |||||||||||||||||||
Additional paid-in capital | 363,870 | 214,160 | 213,480 | 211,765 | 94,544 | 280.39 | % | 284.87 | % | |||||||||||||||||||
Retained earnings | 115,391 | 104,152 | 93,784 | 84,774 | 143,567 | 43.28 | % | -19.63 | % | |||||||||||||||||||
Accumulated other comprehensive income (loss), net | 1,288 | (325 | ) | (874 | ) | 8,594 | 10,477 | -1990.68 | % | -87.71 | % | |||||||||||||||||
Total shareholders' equity | 509,517 | 342,142 | 330,498 | 329,108 | 265,768 | 196.22 | % | 91.71 | % | |||||||||||||||||||
Total liabilities and shareholders' equity | $ | 3,346,570 | $ | 3,166,459 | $ | 3,276,881 | $ | 3,187,180 | $ | 2,917,958 | 22.81 | % | 14.69 | % |
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 5
Average Balance, Average Yield Earned and Average Rate Paid | ||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In Thousands, Except %) | ||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
June 30, 2017 | March 31, 2017 | |||||||||||||||||||||||
Average balances | Interest income/ expense | Average yield/ rate | Average balances | Interest income/ expense | Average yield/ rate | |||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans(1) | $ | 1,942,667 | $ | 25,022 | 5.17 | % | $ | 1,869,951 | $ | 25,001 | 5.42 | % | ||||||||||||
Loans held for sale | 390,596 | 4,369 | 4.49 | % | 381,932 | 4,046 | 4.30 | % | ||||||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 442,309 | 2,589 | 2.35 | % | 456,634 | 2,567 | 2.28 | % | ||||||||||||||||
Tax-exempt(1) | 122,553 | 1,758 | 5.75 | % | 117,615 | 1,711 | 5.90 | % | ||||||||||||||||
Total Securities(1) | 564,862 | 4,347 | 3.09 | % | 574,249 | 4,278 | 3.02 | % | ||||||||||||||||
Federal funds sold | 8,456 | 23 | 1.09 | % | 14,327 | 27 | 0.76 | % | ||||||||||||||||
Interest-bearing deposits with other financial institutions | 68,460 | 158 | 0.93 | % | 82,981 | 171 | 0.84 | % | ||||||||||||||||
FHLB stock | 7,743 | 90 | 4.66 | % | 7,743 | 78 | 4.09 | % | ||||||||||||||||
Total interest earning assets(1) | 2,982,784 | 34,009 | 4.57 | % | 2,931,183 | 33,601 | 4.65 | % | ||||||||||||||||
Noninterest Earning Assets: | ||||||||||||||||||||||||
Cash and due from banks | 50,004 | 51,614 | ||||||||||||||||||||||
Allowance for loan losses | (22,813 | ) | (21,955 | ) | ||||||||||||||||||||
Other assets | 214,808 | 211,307 | ||||||||||||||||||||||
Total noninterest earning assets | 241,999 | 240,966 | ||||||||||||||||||||||
Total assets | $ | 3,224,783 | $ | 3,172,149 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Time deposits | $ | 390,912 | $ | 604 | 0.62 | % | $ | 390,212 | $ | 583 | 0.61 | % | ||||||||||||
Money market | 723,020 | 889 | 0.49 | % | 729,934 | 785 | 0.44 | % | ||||||||||||||||
Negotiable order of withdrawals | 711,099 | 759 | 0.43 | % | 718,957 | 695 | 0.39 | % | ||||||||||||||||
Savings deposits | 143,357 | 55 | 0.15 | % | 136,627 | 51 | 0.15 | % | ||||||||||||||||
Total interest bearing deposits | 1,968,388 | 2,307 | 0.47 | % | 1,975,730 | 2,114 | 0.43 | % | ||||||||||||||||
Other interest-bearing liabilities: | ||||||||||||||||||||||||
FHLB advances | 52,569 | 192 | 1.46 | % | 60,569 | 191 | 1.28 | % | ||||||||||||||||
Other borrowings | 17,315 | 12 | 0.28 | % | 18,884 | 10 | 0.21 | % | ||||||||||||||||
Long-term debt | 30,930 | 340 | 4.41 | % | 30,930 | 323 | 4.24 | % | ||||||||||||||||
Total other interest-bearing liabilities | 100,814 | 544 | 2.16 | % | 110,383 | 524 | 1.93 | % | ||||||||||||||||
Total Interest-bearing liabilities | 2,069,202 | 2,851 | 0.55 | % | 2,086,113 | 2,638 | 0.51 | % | ||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | 724,419 | 708,612 | ||||||||||||||||||||||
Other liabilities | 32,357 | 44,246 | ||||||||||||||||||||||
Total noninterest-bearing liabilities | 756,776 | 752,858 | ||||||||||||||||||||||
Total liabilities | 2,825,978 | 2,838,971 | ||||||||||||||||||||||
Shareholders' equity | 398,805 | 333,178 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 3,224,783 | $ | 3,172,149 | ||||||||||||||||||||
Net interest income (1) | $ | 31,158 | $ | 30,963 | ||||||||||||||||||||
Interest rate spread (1) | 4.10 | % | 4.22 | % | ||||||||||||||||||||
Net interest margin (1) | 4.19 | % | 4.28 | % | ||||||||||||||||||||
Net interest margin (excluding accretion)(1) | 4.08 | % | 4.12 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 144.2 | % | 140.5 | % | ||||||||||||||||||||
Tax equivalent adjustment | $ | 731 | $ | 712 | ||||||||||||||||||||
Loan yield components: | ||||||||||||||||||||||||
Contractual interest rate on loans held for investment (1) | $ | 22,553 | 4.66 | % | $ | 21,638 | 4.69 | % | ||||||||||||||||
Origination and other loan fee income | 1,534 | 0.32 | % | 1,850 | 0.40 | % | ||||||||||||||||||
Accretion on purchased loans | 848 | 0.17 | % | 1,160 | 0.25 | % | ||||||||||||||||||
Syndication fee income | 87 | 0.02 | % | 353 | 0.08 | % | ||||||||||||||||||
Total loan yield | $ | 25,022 | 5.17 | % | $ | 25,001 | 5.42 | % |
(1) Includes tax equivalent adjustment using combined marginal tax rate of 39.225%
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 6
Average Balance, Average Yield Earned and Average Rate Paid | |||||||||||||||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
(In Thousands, Except %) | |||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||
December 31, 2016 | September 30, 2016 | June 30, 2016 | |||||||||||||||||||||||||
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(1) | $ | 1,811,136 | $ | 24,001 | 5.27 | % | $ | 1,750,300 | $ | 23,633 | 5.37 | % | $ | 1,736,493 | $ | 24,843 | 5.75 | % | |||||||||
Loans held for sale | 510,219 | 4,167 | 3.25 | % | 409,736 | 2,948 | 2.86 | % | 276,943 | 2,099 | 3.05 | % | |||||||||||||||
Securities: | |||||||||||||||||||||||||||
Taxable | 455,275 | 2,350 | 2.05 | % | 454,601 | 2,426 | 2.12 | % | 499,617 | 2,849 | 2.29 | % | |||||||||||||||
Tax-exempt(1) | 108,230 | 1,558 | 5.73 | % | 100,947 | 1,440 | 5.67 | % | 82,368 | 1,390 | 6.79 | % | |||||||||||||||
Total Securities(1) | 563,505 | 3,908 | 2.76 | % | 555,548 | 3,866 | 2.77 | % | 581,985 | 4,239 | 2.93 | % | |||||||||||||||
Federal funds sold | 10,192 | 15 | 0.59 | % | 14,748 | 18 | 0.49 | % | 10,745 | 16 | 0.60 | % | |||||||||||||||
Interest-bearing deposits with other financial institutions | 60,438 | 65 | 0.43 | % | 32,262 | 71 | 0.88 | % | 46,594 | 26 | 0.22 | % | |||||||||||||||
FHLB stock | 6,931 | 65 | 3.73 | % | 6,528 | 65 | 3.96 | % | 6,528 | 66 | 4.07 | % | |||||||||||||||
Total interest earning assets(1) | 2,962,421 | 32,221 | 4.33 | % | 2,769,122 | 30,601 | 4.40 | % | 2,659,288 | 31,289 | 4.73 | % | |||||||||||||||
Noninterest Earning Assets: | |||||||||||||||||||||||||||
Cash and due from banks | 43,883 | 46,440 | 46,646 | ||||||||||||||||||||||||
Allowance for loan losses | (23,283 | ) | (23,493 | ) | (24,625 | ) | |||||||||||||||||||||
Other assets | 223,377 | 223,601 | 218,766 | ||||||||||||||||||||||||
Total noninterest earning assets | 243,977 | 246,548 | 240,787 | ||||||||||||||||||||||||
Total assets | $ | 3,206,398 | $ | 3,015,670 | $ | 2,900,075 | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||||||
Time deposits | $ | 394,739 | $ | 551 | 0.56 | % | $ | 400,088 | $ | 575 | 0.57 | % | $ | 310,744 | $ | 441 | 0.57 | % | |||||||||
Money market | 693,790 | 662 | 0.38 | % | 622,430 | 650 | 0.42 | % | 585,947 | 446 | 0.31 | % | |||||||||||||||
Negotiable order of withdrawals | 679,100 | 674 | 0.39 | % | 683,527 | 639 | 0.37 | % | 717,590 | 687 | 0.39 | % | |||||||||||||||
Savings deposits | 132,016 | 51 | 0.15 | % | 130,864 | 51 | 0.16 | % | 220,639 | 156 | 0.28 | % | |||||||||||||||
Total interest bearing deposits | 1,899,645 | 1,938 | 0.41 | % | 1,836,909 | 1,915 | 0.41 | % | 1,834,920 | 1,730 | 0.38 | % | |||||||||||||||
Other interest-bearing liabilities: | |||||||||||||||||||||||||||
FHLB advances | 117,825 | 258 | 0.87 | % | 58,803 | 171 | 1.16 | % | 36,773 | 135 | 1.48 | % | |||||||||||||||
Other borrowings | 25,545 | 22 | 0.31 | % | 30,515 | 13 | 0.17 | % | 34,041 | 23 | 0.27 | % | |||||||||||||||
Long-term debt | 32,609 | 317 | 3.89 | % | 39,910 | 289 | 2.88 | % | 41,005 | 434 | 4.26 | % | |||||||||||||||
Total other interest-bearing liabilities | 175,979 | 597 | 1.35 | % | 129,228 | 473 | 1.46 | % | 111,819 | 592 | 2.13 | % | |||||||||||||||
Total Interest-bearing liabilities | 2,075,624 | 2,535 | 0.49 | % | 1,966,137 | 2,388 | 0.48 | % | 1,946,739 | 2,322 | 0.48 | % | |||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||
Demand deposits | 768,018 | 738,328 | 668,295 | ||||||||||||||||||||||||
Other liabilities | 43,770 | 34,656 | 25,252 | ||||||||||||||||||||||||
Total noninterest-bearing liabilities | 811,788 | 772,984 | 693,547 | ||||||||||||||||||||||||
Total liabilities | 2,887,412 | 2,739,121 | 2,640,286 | ||||||||||||||||||||||||
Shareholders' equity | 318,986 | 276,549 | 259,790 | ||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 3,206,398 | $ | 3,015,670 | $ | 2,900,076 | |||||||||||||||||||||
Net interest income (1) | $ | 29,686 | $ | 28,213 | $ | 28,967 | |||||||||||||||||||||
Interest rate spread (1) | 3.92 | % | 3.98 | % | 4.36 | % | |||||||||||||||||||||
Net interest margin (1) | 3.99 | % | 4.05 | % | 4.40 | % | |||||||||||||||||||||
Net interest margin (excluding accretion)(1) | 3.94 | % | 3.94 | % | 4.16 | % | |||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities | 142.7 | % | 140.8 | % | 136.6 | % | |||||||||||||||||||||
Tax equivalent adjustment | $ | 654 | $ | 596 | $ | 609 | |||||||||||||||||||||
Loan yield components: | |||||||||||||||||||||||||||
Contractual interest rate on loans held for investment (1) | $ | 21,790 | 4.79 | % | $ | 20,513 | 4.66 | % | $ | 19,927 | 4.61 | % | |||||||||||||||
Origination and other loan fee income | 1,868 | 0.41 | % | 2,306 | 0.52 | % | 2,536 | 0.59 | % | ||||||||||||||||||
Accretion on purchased loans | 343 | 0.08 | % | 814 | 0.19 | % | 1,555 | 0.36 | % | ||||||||||||||||||
Syndication fee income | — | — | — | — | 825 | 0.19 | % | ||||||||||||||||||||
Total loan yield | $ | 24,001 | 5.27 | % | $ | 23,633 | 5.37 | % | $ | 24,843 | 5.75 | % |
(1) Includes tax equivalent adjustment using combined marginal tax rate of 39.225%
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 7
Average Balance, Average Yield Earned and Average Rate Paid | ||||||||||||||||||||||||
For the Periods Ended | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(In Thousands, Except %) | ||||||||||||||||||||||||
For the Six Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2017 | June 30, 2016 | |||||||||||||||||||||||
Average balances | Interest income/ expense | Average yield/ rate | Average balances | Interest income/ expense | Average yield/ rate | |||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans(1) | $ | 1,906,510 | $ | 50,023 | 5.29 | % | $ | 1,720,545 | $ | 47,148 | 5.51 | % | ||||||||||||
Loans held for sale | 386,288 | 8,415 | 4.39 | % | 264,166 | 4,153 | 3.16 | % | ||||||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 449,432 | 5,156 | 2.31 | % | 513,516 | 5,870 | 2.30 | % | ||||||||||||||||
Tax-exempt(1) | 120,098 | 3,469 | 5.82 | % | 78,998 | 2,550 | 6.49 | % | ||||||||||||||||
Total Securities(1) | 569,530 | 8,625 | 3.05 | % | 592,514 | 8,420 | 2.86 | % | ||||||||||||||||
Federal funds sold | 11,375 | 50 | 0.89 | % | 12,905 | 31 | 0.48 | % | ||||||||||||||||
Interest-bearing deposits with other financial institutions | 75,680 | 329 | 0.88 | % | 57,432 | 149 | 0.52 | % | ||||||||||||||||
FHLB stock | 7,743 | 168 | 4.38 | % | 6,528 | 132 | 4.07 | % | ||||||||||||||||
Total interest earning assets(1) | 2,957,126 | 67,610 | 4.61 | % | 2,654,090 | 60,033 | 4.55 | % | ||||||||||||||||
Noninterest Earning Assets: | ||||||||||||||||||||||||
Cash and due from banks | 50,805 | 47,900 | ||||||||||||||||||||||
Allowance for loan losses | (22,387 | ) | (24,590 | ) | ||||||||||||||||||||
Other assets | 213,067 | 215,472 | ||||||||||||||||||||||
Total noninterest earning assets | 241,485 | 238,782 | ||||||||||||||||||||||
Total assets | $ | 3,198,611 | $ | 2,892,872 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||||
Money market | $ | 726,458 | $ | 1,674 | 0.46 | % | $ | 571,022 | $ | 980 | 0.35 | % | ||||||||||||
Negotiable order of withdrawals | 715,006 | 1,454 | 0.41 | % | 718,705 | 1,330 | 0.37 | % | ||||||||||||||||
Savings deposits | 140,011 | 106 | 0.15 | % | 202,779 | 376 | 0.37 | % | ||||||||||||||||
Time deposits | 390,564 | 1,187 | 0.61 | % | 330,455 | 803 | 0.49 | % | ||||||||||||||||
Total interest bearing deposits | 1,972,039 | 4,421 | 0.45 | % | 1,822,961 | 3,489 | 0.38 | % | ||||||||||||||||
Other interest-bearing liabilities: | ||||||||||||||||||||||||
FHLB advances | 56,547 | 383 | 1.37 | % | 15,183 | 259 | 3.43 | % | ||||||||||||||||
Other borrowings | 18,096 | 22 | 0.25 | % | 88,403 | 46 | 0.10 | % | ||||||||||||||||
Long-term debt | 30,930 | 663 | 4.32 | % | 41,005 | 827 | 4.06 | % | ||||||||||||||||
Total other interest-bearing liabilities | 105,573 | 1,068 | 2.04 | % | 144,591 | 1,132 | 1.57 | % | ||||||||||||||||
Total Interest-bearing liabilities | $ | 2,077,612 | $ | 5,489 | 0.53 | % | $ | 1,967,552 | $ | 4,621 | 0.47 | % | ||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||
Demand deposits | $ | 716,560 | $ | 641,538 | ||||||||||||||||||||
Other liabilities | 38,265 | 28,637 | ||||||||||||||||||||||
Total noninterest-bearing liabilities | 754,825 | 670,175 | ||||||||||||||||||||||
Total liabilities | 2,832,437 | 2,637,727 | ||||||||||||||||||||||
Shareholders' equity | 366,174 | 255,145 | ||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 3,198,611 | $ | 2,892,872 | ||||||||||||||||||||
Net interest income (1) | $ | 62,121 | $ | 55,412 | ||||||||||||||||||||
Interest rate spread (1) | 4.16 | % | 4.16 | % | ||||||||||||||||||||
Net interest margin (1) | 4.24 | % | 4.20 | % | ||||||||||||||||||||
Net interest margin (excluding accretion)(1) | 4.10 | % | 4.02 | % | ||||||||||||||||||||
Average interest-earning assets to average interesting bearing liabilities | 142.3 | % | 134.9 | % | ||||||||||||||||||||
Tax equivalent adjustment | $ | 1,443 | $ | 1,111 | ||||||||||||||||||||
Loan yield components: | ||||||||||||||||||||||||
Contractual interest rate on loans held for investment (1) | $ | 44,191 | 4.67 | % | $ | 40,043 | 4.68 | % | ||||||||||||||||
Origination and other loan fee income | 3,384 | 0.36 | % | 3,899 | 0.46 | % | ||||||||||||||||||
Accretion on purchased loans | 2,008 | 0.21 | % | 2,381 | 0.28 | % | ||||||||||||||||||
Syndicated fee income | 440 | 0.05 | % | 825 | 0.10 | % | ||||||||||||||||||
Total loan yield | $ | 50,023 | 5.29 | % | $ | 47,148 | 5.51 | % |
(1) Includes tax equivalent adjustment using combined rate of 39.225%
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 8
Segment Data | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Thousands, Except %) | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Banking segment | ||||||||||||||||||||
Net interest income | $ | 29,999 | $ | 29,856 | $ | 28,959 | $ | 28,142 | $ | 29,217 | ||||||||||
Provision for loan losses | (865 | ) | (257 | ) | (752 | ) | 71 | (789 | ) | |||||||||||
Mortgage banking income-retail footprint | 7,118 | 5,666 | 3,202 | 8,981 | 7,215 | |||||||||||||||
Other noninterest income | 5,418 | 6,007 | 5,155 | 7,024 | 8,223 | |||||||||||||||
Other noninterest mortgage banking expenses | 5,368 | 4,836 | 1,950 | 6,215 | 4,072 | |||||||||||||||
Noninterest expense | 23,966 | 23,911 | 23,080 | 25,570 | 24,072 | |||||||||||||||
Pre-tax income after allocations | $ | 14,066 | $ | 13,039 | $ | 13,038 | $ | 12,291 | $ | 17,300 | ||||||||||
Total assets | 2,878,437 | 2,705,118 | 2,752,773 | 2,661,116 | 2,508,867 | |||||||||||||||
Intracompany funding income included in net interest income | 3,831 | 3,551 | 4,081 | 3,473 | 2,824 | |||||||||||||||
Core efficiency ratio* | 60.42 | % | 64.41 | % | 62.57 | % | 65.22 | % | 63.06 | % | ||||||||||
Mortgage segment | ||||||||||||||||||||
Net interest income | $ | 428 | $ | 395 | $ | 40 | $ | (525 | ) | $ | (859 | ) | ||||||||
Provision for loan losses | - | - | - | - | - | |||||||||||||||
Noninterest income | 23,121 | 19,414 | 22,975 | 27,957 | 22,918 | |||||||||||||||
Noninterest expense | 19,802 | 17,670 | 22,256 | 23,744 | 22,451 | |||||||||||||||
Direct contribution | $ | 3,747 | $ | 2,139 | $ | 759 | $ | 3,688 | $ | (392 | ) | |||||||||
Total assets | 468,133 | 461,341 | 524,108 | 526,064 | 409,091 | |||||||||||||||
Intracompany funding expense included in net interest income | 3,831 | 3,551 | 4,081 | 3,473 | 2,824 | |||||||||||||||
Core efficiency ratio* | 78.33 | % | 88.73 | % | 92.50 | % | 76.34 | % | 76.52 | % | ||||||||||
Interest rate lock commitments volume during the period | ||||||||||||||||||||
Consumer direct | $ | 780,179 | $ | 616,330 | $ | 645,896 | $ | 1,019,557 | $ | 883,395 | ||||||||||
Third party origination (TPO) | 296,034 | 258,996 | 228,982 | 248,092 | 240,477 | |||||||||||||||
Retail | 379,530 | 282,698 | 256,812 | 329,527 | 313,404 | |||||||||||||||
Correspondent | 701,846 | 440,206 | 331,622 | 221,562 | 26,810 | |||||||||||||||
Total | $ | 2,157,589 | $ | 1,598,230 | $ | 1,463,312 | $ | 1,818,738 | $ | 1,464,086 | ||||||||||
Interest rate lock commitments pipeline (period end) | ||||||||||||||||||||
Consumer direct | $ | 222,504 | $ | 158,393 | $ | 307,699 | $ | 573,636 | $ | 479,005 | ||||||||||
Third party origination (TPO) | 88,938 | 101,509 | 79,967 | 97,353 | 105,590 | |||||||||||||||
Retail | 119,158 | 93,184 | 77,033 | 107,419 | 122,951 | |||||||||||||||
Correspondent | 115,919 | 95,923 | 68,221 | 72,092 | 20,392 | |||||||||||||||
Total | $ | 546,519 | $ | 449,009 | $ | 532,920 | $ | 850,500 | $ | 727,938 | ||||||||||
Mortgage sales | ||||||||||||||||||||
Consumer direct | $ | 498,997 | $ | 647,535 | $ | 777,169 | $ | 607,905 | $ | 540,044 | ||||||||||
Third party origination (TPO) | 209,185 | 199,160 | 191,420 | 194,440 | 165,135 | |||||||||||||||
Retail | 66,640 | 61,425 | 66,967 | 65,970 | 62,981 | |||||||||||||||
Retail footprint | 200,157 | 186,988 | 195,280 | 191,195 | 157,859 | |||||||||||||||
Reverse | 17,870 | 22,337 | 24,422 | 18,946 | 13,738 | |||||||||||||||
Correspondent | 542,410 | 373,822 | 291,651 | 91,306 | - | |||||||||||||||
Total | $ | 1,535,259 | $ | 1,491,267 | $ | 1,546,909 | $ | 1,169,762 | $ | 939,757 | ||||||||||
Gains from origination and sale of mortgage loans held for sale | $ | 23,920 | $ | 27,577 | $ | 29,518 | $ | 25,477 | $ | 22,867 | ||||||||||
Net change in fair value of loans held for sale and derivatives | 5,412 | (4,744 | ) | (7,092 | ) | 7,800 | 4,611 | |||||||||||||
Change in fair value of mortgage servicing rights | (1,840 | ) | (501 | ) | - | - | - | |||||||||||||
Mortgage servicing income | 2,747 | 2,748 | 3,751 | 3,661 | 2,655 | |||||||||||||||
Total mortgage banking income | $ | 30,239 | $ | 25,080 | $ | 26,177 | $ | 36,938 | $ | 30,133 | ||||||||||
Mortgage sale margin (a) | 1.56 | % | 1.85 | % | 1.91 | % | 2.18 | % | 2.43 | % |
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP financial measures” and the corresponding financial tables below for a reconciliation and discussion of these non-GAAP measures.
(a) Calculated by dividing gains from sale of mortgage loans held for sale by total mortgage sales
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 9
Loans and Deposits by Market | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | ||||||||||||||||
Loans by market | ||||||||||||||||||||
Metropolitan | $ | 1,461,129 | $ | 1,402,189 | $ | 1,352,181 | $ | 1,296,673 | $ | 1,258,548 | ||||||||||
Community | 476,320 | 473,453 | 468,245 | 465,946 | 464,876 | |||||||||||||||
Other | 33,525 | 25,353 | 28,358 | 30,724 | 26,880 | |||||||||||||||
Total | $ | 1,970,974 | $ | 1,900,995 | $ | 1,848,784 | $ | 1,793,343 | $ | 1,750,304 | ||||||||||
Deposits by market | ||||||||||||||||||||
Metropolitan | 1,598,574 | 1,553,931 | 1,554,929 | $ | 1,496,718 | $ | 1,385,562 | |||||||||||||
Community | 1,085,345 | 1,109,043 | 1,072,242 | 1,085,126 | 1,090,499 | |||||||||||||||
Mortgage (1) | 49,970 | 43,775 | 46,773 | 64,298 | 44,138 | |||||||||||||||
Other | (6,296 | ) | (5,550 | ) | (2,382 | ) | (6,070 | ) | (5,902 | ) | ||||||||||
Total | $ | 2,727,593 | $ | 2,701,199 | $ | 2,671,562 | $ | 2,640,072 | $ | 2,514,297 |
(1) Deposits related to escrow balances from mortgage servicing portfolio
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 10
Loan Portfolio and Asset Quality | |||||||||||||||||||||||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
(In Thousands, Except %) | |||||||||||||||||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||||||||||||||||
June 30, 2017 | % of Total | March 31, 2017 | % of Total | December 31, 2016 | % of Total | September 30, 2016 | % of Total | June 30, 2016 | % of Total | ||||||||||||||||||||||||||
Loan portfolio | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 423,704 | 21 | % | $ | 399,333 | 21 | % | $ | 386,233 | 21 | % | $ | 360,816 | 20 | % | $ | 346,381 | 20 | % | |||||||||||||||
Construction | 282,727 | 14 | % | 267,998 | 14 | % | 245,905 | 13 | % | 234,486 | 13 | % | 216,181 | 12 | % | ||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
1-to-4 family mortgage | 307,152 | 16 | % | 302,166 | 16 | % | 294,924 | 16 | % | 286,605 | 16 | % | 287,989 | 16 | % | ||||||||||||||||||||
Residential line of credit | 177,783 | 9 | % | 177,928 | 9 | % | 177,190 | 10 | % | 173,898 | 10 | % | 174,525 | 10 | % | ||||||||||||||||||||
Multi-family mortgage | 52,810 | 3 | % | 45,244 | 2 | % | 44,977 | 2 | % | 54,129 | 3 | % | 41,005 | 2 | % | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Owner occupied | 371,462 | 19 | % | 359,120 | 19 | % | 357,346 | 19 | % | 370,326 | 21 | % | 363,737 | 21 | % | ||||||||||||||||||||
Non-owner occupied | 273,285 | 14 | % | 273,716 | 15 | % | 267,902 | 15 | % | 237,550 | 13 | % | 237,252 | 14 | % | ||||||||||||||||||||
Consumer and other | 82,051 | 4 | % | 75,490 | 4 | % | 74,307 | 4 | % | 75,533 | 4 | % | 83,234 | 5 | % | ||||||||||||||||||||
Total loans held for investment | $ | 1,970,974 | 100 | % | $ | 1,900,995 | 100 | % | $ | 1,848,784 | 100 | % | $ | 1,793,343 | 100 | % | $ | 1,750,304 | 100 | % | |||||||||||||||
Allowance for loan losses rollforward summary | |||||||||||||||||||||||||||||||||||
Allowance for loan losses at the beginning of the period | $ | 22,898 | $ | 21,747 | $ | 23,290 | $ | 23,734 | $ | 24,431 | |||||||||||||||||||||||||
Charge-off's | (791 | ) | (442 | ) | (1,230 | ) | (714 | ) | (654 | ) | |||||||||||||||||||||||||
Recoveries | 2,005 | 1,850 | 439 | 199 | 746 | ||||||||||||||||||||||||||||||
Provision for loan losses | (865 | ) | (257 | ) | (752 | ) | 71 | (789 | ) | ||||||||||||||||||||||||||
Allowance for loan losses at the end of the period | $ | 23,247 | $ | 22,898 | $ | 21,747 | $ | 23,290 | $ | 23,734 | |||||||||||||||||||||||||
Allowance for loan losses as a percentage of total loans held for investment | 1.18 | % | 1.20 | % | 1.18 | % | 1.30 | % | 1.36 | % | |||||||||||||||||||||||||
Charge-offs | |||||||||||||||||||||||||||||||||||
Commercial and Industrial | $ | (131 | ) | $ | (169 | ) | $ | (6 | ) | $ | (358 | ) | $ | (196 | ) | ||||||||||||||||||||
Construction | - | (6 | ) | - | - | (2 | ) | ||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
1-to-4 family mortgage | (35 | ) | (88 | ) | (5 | ) | (166 | ) | (53 | ) | |||||||||||||||||||||||||
Residential line of credit | (195 | ) | - | (28 | ) | (29 | ) | (75 | ) | ||||||||||||||||||||||||||
Multi-family mortgage | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Owner occupied | - | - | (156 | ) | - | (93 | ) | ||||||||||||||||||||||||||||
Non-owner occupied | - | - | (527 | ) | - | - | |||||||||||||||||||||||||||||
Consumer and other | (430 | ) | (179 | ) | (508 | ) | (161 | ) | (235 | ) | |||||||||||||||||||||||||
Total Charge Offs: | (791 | ) | (442 | ) | (1,230 | ) | (714 | ) | (654 | ) | |||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||
Commercial and Industrial | 1,511 | 83 | 44 | 8 | 462 | ||||||||||||||||||||||||||||||
Construction | 29 | 29 | 79 | 32 | 64 | ||||||||||||||||||||||||||||||
Residential real estate: | |||||||||||||||||||||||||||||||||||
1-to-4 family mortgage | 14 | 26 | 18 | 2 | 45 | ||||||||||||||||||||||||||||||
Residential line of credit | 155 | 56 | 31 | 36 | 70 | ||||||||||||||||||||||||||||||
Multi-family mortgage | - | - | - | - | - | ||||||||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||||||
Owner occupied | 11 | 4 | 125 | 4 | 5 | ||||||||||||||||||||||||||||||
Non-owner occupied | 2 | 1,639 | 168 | 22 | 1 | ||||||||||||||||||||||||||||||
Consumer and other | 283 | 13 | (26 | ) | 95 | 99 | |||||||||||||||||||||||||||||
Total Recoveries: | 2,005 | 1,850 | 439 | 199 | 746 | ||||||||||||||||||||||||||||||
Net recoveries (charge-off's) | $ | 1,214 | $ | 1,408 | $ | (791 | ) | $ | (515 | ) | $ | 92 | |||||||||||||||||||||||
Net recoveries (charge-off's) as a percentage of average total loans | 0.25 | % | 0.31 | % | (0.17 | %) | (0.12 | %) | 0.02 | % | |||||||||||||||||||||||||
Loans classified as substandard | $ | 36,455 | $ | 37,556 | $ | 38,585 | $ | 40,056 | $ | 41,709 | |||||||||||||||||||||||||
Nonperforming assets | |||||||||||||||||||||||||||||||||||
Past due 90 days or more and accruing interest | $ | 1,619 | $ | 1,590 | $ | 1,329 | $ | 1,342 | $ | 1,354 | |||||||||||||||||||||||||
Non-accrual | 8,327 | 7,706 | 8,729 | 9,622 | 9,752 | ||||||||||||||||||||||||||||||
Total nonperforming loans | $ | 9,946 | $ | 9,296 | $ | 10,058 | $ | 10,964 | $ | 11,106 | |||||||||||||||||||||||||
Other real estate owned | 6,370 | 6,811 | 7,403 | 8,964 | 9,902 | ||||||||||||||||||||||||||||||
Other assets | 3,154 | 1,654 | 1,654 | 1,654 | 1,654 | ||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 19,470 | $ | 17,761 | $ | 19,115 | $ | 21,582 | $ | 22,662 | |||||||||||||||||||||||||
Total nonperforming loans as a percentage of loans held for investment | 0.50 | % | 0.49 | % | 0.57 | % | 0.61 | % | 0.63 | % | |||||||||||||||||||||||||
Total nonperforming assets as a percentage of total assets | 0.58 | % | 0.56 | % | 0.58 | % | 0.68 | % | 0.78 | % | |||||||||||||||||||||||||
Total accruing loans over 90 days delinquent as a percentage of total assets | 0.05 | % | 0.05 | % | 0.04 | % | 0.04 | % | 0.05 | % | |||||||||||||||||||||||||
Loans restructured as troubled debt restructurings | $ | 8,488 | $ | 8,681 | $ | 8,802 | $ | 10,125 | $ | 14,970 | |||||||||||||||||||||||||
Troubled debt restructurings as a percentage of loans held for investment | 0.43 | % | 0.46 | % | 0.48 | % | 0.56 | % | 0.86 | % |
Note: During the fourth quarter of 2016, the Company realigned certain loan call report codes to better align with financial reporting categories. All periods shown have been amended to reflect this change.
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 11
Capital Ratios | ||||||||
(Unaudited) | ||||||||
(In Thousands, Except %) | ||||||||
Computation of Tangible Common Equity to Tangible Assets: | June 30, 2017 | December 31, 2016 | ||||||
Total Equity | $ | 509,517 | $ | 330,498 | ||||
Less: | ||||||||
Goodwill | 46,867 | 46,867 | ||||||
Other intangibles | 4,048 | 4,563 | ||||||
Tangible Common Equity | $ | 458,602 | $ | 279,068 | ||||
Total Assets | $ | 3,346,570 | $ | 3,276,881 | ||||
Less: | ||||||||
Goodwill | 46,867 | 46,867 | ||||||
Other intangibles | 4,048 | 4,563 | ||||||
Tangible Assets | $ | 3,295,655 | $ | 3,225,451 | ||||
Total Common Equity to Total Assets | 15.23 | % | 10.09 | % | ||||
Tangible Common Equity to Tangible Assets* | 13.92 | % | 8.65 | % | ||||
June 30, 2017 | December 31, 2016 | |||||||
Preliminary Regulatory Capital Ratios: | ||||||||
Common Equity Tier 1 Capital | $ | 463,642 | $ | 287,146 | ||||
Tier 1 Capital | $ | 493,642 | $ | 317,146 | ||||
Total Capital | $ | 516,889 | $ | 338,893 | ||||
Preliminary Regulatory Capital Ratios: | ||||||||
Common Equity Tier 1 | 17.16 | % | 11.04 | % | ||||
Tier 1 Risk-Based | 18.28 | % | 12.19 | % | ||||
Total Risk-Based | 19.14 | % | 13.03 | % | ||||
Tier 1 Leverage | 15.54 | % | 10.05 | % | ||||
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP financial measures” and the corresponding financial tables below for a reconciliation and discussion of these non-GAAP measures. |
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 12
Investment Portfolio | ||||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||
(In Thousands, Except %) | ||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||||||||||||||||||||
Securities available for sale (at fair value) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||||||||||||||||||||||
Debt securities | ||||||||||||||||||||||||||||||||||||||||
U.S. government agency securities | $ | 990 | 0 | % | $ | 987 | 0 | % | $ | 985 | 0 | % | $ | 2,501 | 0 | % | $ | 15,510 | 3 | % | ||||||||||||||||||||
Mortgage-backed securities - residential | 410,708 | 74 | % | 425,943 | 75 | % | 443,908 | 76 | % | 433,564 | 78 | % | 425,311 | 77 | % | |||||||||||||||||||||||||
Municipals, tax exempt | 122,698 | 22 | % | 120,560 | 21 | % | 116,923 | 20 | % | 104,112 | 19 | % | 96,001 | 17 | % | |||||||||||||||||||||||||
Treasury securities | 10,310 | 2 | % | 11,773 | 2 | % | 11,757 | 2 | % | 4,506 | 1 | % | 4,513 | 1 | % | |||||||||||||||||||||||||
Total debt securities | 544,706 | 98 | % | 559,263 | 98 | % | 573,573 | 98 | % | 544,683 | 98 | % | 541,335 | 98 | % | |||||||||||||||||||||||||
Equity securities | 8,651 | 2 | % | 8,623 | 2 | % | 8,610 | 2 | % | 8,674 | 2 | % | 8,972 | 2 | % | |||||||||||||||||||||||||
Total securities available-for-sale | $ | 553,357 | 100 | % | $ | 567,886 | 100 | % | $ | 582,183 | 100 | % | $ | 553,357 | 100 | % | $ | 550,307 | 100 | % | ||||||||||||||||||||
Securities available for sale to total assets | 16.54 | % | 17.93 | % | 17.77 | % | 17.36 | % | 18.86 | % |
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 13
Non-GAAP Reconciliation | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Thousands, Except Share Data and %) | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Pro forma core net income | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Pre-tax net income | $ | 17,813 | $ | 15,178 | $ | 13,797 | $ | 15,979 | $ | 16,908 | ||||||||||
Non-core items: | ||||||||||||||||||||
Noninterest income | ||||||||||||||||||||
Less change in fair value on mortgage servicing rights | (1,840 | ) | (501 | ) | - | - | - | |||||||||||||
Less gain on sale of securities | 29 | 1 | - | 416 | 2,591 | |||||||||||||||
Less gain (loss) on sales or write-downs of foreclosed and other assets | 62 | 748 | (349 | ) | 1,653 | (254 | ) | |||||||||||||
Noninterest expenses | ||||||||||||||||||||
Plus one-time equity grants | - | - | - | 2,960 | - | |||||||||||||||
Plus variable compensation charge related to cash settled equity awards | - | 635 | 1,041 | 213 | - | |||||||||||||||
Plus merger and conversion | 767 | 487 | - | 1,122 | 1,540 | |||||||||||||||
Plus (recovery of) impairment of mortgage servicing rights | - | - | (3,411 | ) | 2,402 | 4,914 | ||||||||||||||
Plus loss on sale of mortgage servicing rights | 249 | - | 4,447 | - | - | |||||||||||||||
Pre tax core net income | $ | 20,578 | $ | 16,052 | $ | 16,223 | $ | 20,607 | $ | 21,025 | ||||||||||
Pro forma core income tax expense | 7,659 | 5,768 | 5,739 | 7,672 | 7,874 | |||||||||||||||
Pro forma core net income | $ | 12,919 | $ | 10,284 | $ | 10,484 | $ | 12,935 | $ | 13,151 | ||||||||||
Weighted average common shares outstanding fully diluted | 26,301,458 | 24,610,991 | 24,500,943 | 18,332,192 | 17,180,000 | |||||||||||||||
Pro forma core diluted earnings per share | ||||||||||||||||||||
Diluted earning per share | $ | 0.43 | $ | 0.40 | $ | 0.37 | $ | 0.07 | $ | 0.92 | ||||||||||
Non-core items: | ||||||||||||||||||||
Noninterest income | ||||||||||||||||||||
Less change in fair value on mortgage servicing rights | (0.07 | ) | (0.02 | ) | - | - | - | |||||||||||||
Less gain on sale of securities | 0.00 | 0.00 | 0.00 | 0.02 | 0.15 | |||||||||||||||
Less (loss) gain on sales or write-downs of foreclosed and other assets | 0.00 | 0.03 | (0.01 | ) | 0.09 | (0.01 | ) | |||||||||||||
Noninterest expenses | ||||||||||||||||||||
Plus one-time equity grants | - | - | - | 0.16 | - | |||||||||||||||
Plus variable compensation charge related to cash settled equity awards | - | 0.03 | 0.04 | 0.01 | - | |||||||||||||||
Plus merger and conversion | 0.03 | 0.02 | - | 0.06 | 0.09 | |||||||||||||||
Plus (recovery of) impairment of mortgage servicing rights | - | - | (0.14 | ) | 0.13 | 0.29 | ||||||||||||||
Plus loss on sale of mortgage servicing rights | 0.01 | - | 0.18 | - | - | |||||||||||||||
Tax effect | (0.0 | ) | (0.0 | ) | (0.04 | ) | 0.39 | (0.39 | ) | |||||||||||
Pro forma core diluted earnings per share | $ | 0.49 | $ | 0.42 | $ | 0.43 | $ | 0.71 | $ | 0.77 | ||||||||||
2017 | 2016 | |||||||||||||||||||
Core efficiency ratio (tax-equivalent basis) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Total noninterest expense | $ | 49,136 | $ | 46,417 | $ | 47,319 | $ | 55,249 | $ | 50,595 | ||||||||||
Less one-time equity grants | - | - | - | 2,960 | - | |||||||||||||||
Less variable compensation charge related to cash settled equity awards | - | 635 | 1,041 | 213 | - | |||||||||||||||
Less merger and conversion expenses | 767 | 487 | - | 1,122 | 1,540 | |||||||||||||||
Less (recovery of) impairment of mortgage servicing rights | - | - | (3,411 | ) | 2,402 | 4,914 | ||||||||||||||
Less loss on sale of mortgage servicing rights | 249 | - | 4,447 | - | - | |||||||||||||||
Core noninterest expense | $ | 48,120 | $ | 45,295 | $ | 45,242 | $ | 48,832 | $ | 44,141 | ||||||||||
Net interest income (tax-equivalent basis) | 31,158 | 30,963 | 29,686 | 28,213 | 28,967 | |||||||||||||||
Total noninterest income | 35,657 | 31,087 | 31,332 | 43,962 | 38,356 | |||||||||||||||
Less change in fair value on mortgage servicing rights | (1,840 | ) | (501 | ) | - | - | - | |||||||||||||
Less gain on sales or write-downs of foreclosed and other assets | 62 | 748 | (349 | ) | 1,653 | (254 | ) | |||||||||||||
Less gain on sales of securities | 29 | 1 | - | 416 | 2,591 | |||||||||||||||
Core noninterest income | 37,406 | 30,839 | 31,681 | 41,893 | 36,019 | |||||||||||||||
Core revenue | $ | 68,564 | $ | 61,802 | $ | 61,367 | $ | 70,106 | $ | 64,986 | ||||||||||
Efficiency ratio (GAAP)(1) | 74.35 | % | 75.67 | % | 78.39 | % | 77.58 | % | 75.84 | % | ||||||||||
Core efficiency ratio (tax-equivalent basis) | 70.18 | % | 73.29 | % | 73.72 | % | 69.65 | % | 67.92 | % | ||||||||||
(1) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue |
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 14
Non-GAAP Reconciliation | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Thousands, Except Share Data and %) | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Banking segment core efficiency ratio (tax equivalent) | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Core consolidated noninterest expense | $ | 48,120 | $ | 45,295 | $ | 45,242 | $ | 48,832 | $ | 44,141 | ||||||||||
Less Mortgage segment noninterest expense | 19,802 | 17,670 | 22,256 | 23,744 | 22,451 | |||||||||||||||
Add (recovery of) impairment of mortgage servicing rights | - | - | (3,411 | ) | 2,402 | 4,914 | ||||||||||||||
Add loss on sale of mortgage servicing rights | 249 | - | 4,447 | - | - | |||||||||||||||
Adjusted Banking segment noninterest expense | 28,567 | 27,625 | 24,022 | 27,490 | 26,604 | |||||||||||||||
Adjusted core revenue | 68,564 | 61,802 | 61,367 | 70,106 | 65,109 | |||||||||||||||
Less Mortgage segment noninterest income | 23,121 | 19,414 | 22,975 | 27,957 | 22,918 | |||||||||||||||
Less change in fair value on mortgage servicing rights | (1,840 | ) | (501 | ) | - | - | - | |||||||||||||
Adjusted Banking segment total revenue | $ | 47,283 | $ | 42,889 | $ | 38,392 | $ | 42,149 | $ | 42,191 | ||||||||||
Banking segment core efficiency ratio (tax-equivalent basis) | 60.42 | % | 64.41 | % | 62.57 | % | 65.22 | % | 63.06 | % | ||||||||||
Mortgage segment core efficiency ratio (tax equivalent) | ||||||||||||||||||||
Consolidated Noninterest expense | $ | 49,136 | $ | 46,417 | $ | 47,319 | $ | 55,529 | $ | 50,595 | ||||||||||
Less impairment of mortgage servicing rights | - | - | (3,411 | ) | 2,402 | 4,914 | ||||||||||||||
Less loss on sale of mortgage servicing rights | 249 | - | 4,447 | - | - | |||||||||||||||
Less Banking segment noninterest expense | 29,334 | 28,747 | 25,030 | 31,785 | 28,144 | |||||||||||||||
Adjusted Mortgage segment noninterest expense | $ | 19,553 | $ | 17,670 | $ | 21,253 | $ | 21,342 | $ | 17,537 | ||||||||||
Total noninterest income | 35,657 | 31,087 | 31,332 | 43,962 | 38,356 | |||||||||||||||
Less Banking segment noninterest income | 12,536 | 11,673 | 8,357 | 16,005 | 15,438 | |||||||||||||||
Less change in fair value on mortgage servicing rights | (1,840 | ) | (501 | ) | - | - | - | |||||||||||||
Adjusted Mortgage segment total revenue | $ | 24,961 | $ | 19,915 | $ | 22,975 | $ | 27,957 | $ | 22,918 | ||||||||||
Mortgage segment core efficiency ratio (tax-equivalent basis) | 78.33 | % | 88.73 | % | 92.50 | % | 76.34 | % | 76.52 | % | ||||||||||
2017 | 2016 | |||||||||||||||||||
Tangible assets and equity | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Tangible Assets | ||||||||||||||||||||
Total assets | $ | 3,346,570 | $ | 3,166,459 | $ | 3,276,881 | $ | 3,187,180 | $ | 2,917,958 | ||||||||||
Less goodwill | 46,867 | 46,867 | 46,867 | 46,867 | 46,867 | |||||||||||||||
Less core deposit intangibles | 4,048 | 4,171 | 4,563 | 5,090 | 5,616 | |||||||||||||||
Tangible assets | $ | 3,295,655 | $ | 3,115,421 | $ | 3,255,451 | $ | 3,135,223 | $ | 2,865,475 | ||||||||||
Tangible Common Equity | ||||||||||||||||||||
Total shareholders' equity | $ | 509,517 | $ | 342,142 | $ | 330,498 | $ | 329,108 | $ | 265,768 | ||||||||||
Less goodwill | 46,867 | 46,867 | 46,867 | 46,867 | 46,867 | |||||||||||||||
Less core deposit intangibles | 4,048 | 4,171 | 4,563 | 5,090 | 5,616 | |||||||||||||||
Tangible common equity | $ | 458,602 | $ | 291,104 | $ | 279,068 | $ | 277,151 | $ | 213,285 | ||||||||||
Common shares outstanding | 28,968,160 | 24,154,323 | 24,107,660 | 23,975,122 | 17,180,000 | |||||||||||||||
Book value per common share | $ | 17.59 | $ | 14.16 | $ | 13.71 | $ | 13.73 | $ | 15.47 | ||||||||||
Tangible book value per common share | $ | 15.83 | $ | 12.05 | $ | 11.58 | $ | 11.56 | $ | 12.41 | ||||||||||
Total shareholders' equity to total assets | 15.23 | % | 10.81 | % | 10.09 | % | 10.33 | % | 9.11 | % | ||||||||||
Tangible common equity to tangible assets | 13.92 | % | 9.34 | % | 8.65 | % | 8.84 | % | 7.44 | % | ||||||||||
Net income | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 1,207 | $ | 15,775 | ||||||||||
Return on tangible common equity | 9.83 | % | 13.59 | % | 12.84 | % | 1.73 | % | 29.75 | % | ||||||||||
2017 | 2016 | |||||||||||||||||||
Return on average tangible common equity | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Total average shareholders' equity | $ | 398,805 | $ | 333,178 | $ | 318,986 | $ | 276,549 | $ | 259,790 | ||||||||||
Less average goodwill | 46,839 | 46,839 | 46,839 | 46,839 | 46,839 | |||||||||||||||
Less average core deposit intangibles | 4,124 | 4,353 | 4,694 | 5,402 | 5,912 | |||||||||||||||
Average tangible common equity | $ | 347,842 | $ | 281,986 | $ | 267,453 | $ | 224,308 | $ | 207,039 | ||||||||||
Net income | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 1,207 | $ | 15,775 | ||||||||||
Return on average tangible common equity | 12.96 | % | 14.03 | % | �� | 13.40 | % | 2.14 | % | 30.64 | % | |||||||||
2017 | 2016 | |||||||||||||||||||
Pro forma return on average tangible common equity | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Average tangible common equity | $ | 347,842 | $ | 281,986 | $ | 267,453 | $ | 224,308 | $ | 207,039 | ||||||||||
Pro forma net income | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 10,033 | $ | 10,576 | ||||||||||
Pro forma return on average tangible common equity | 12.96 | % | 14.03 | % | 13.40 | % | 17.79 | % | 20.55 | % |
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 15
Non-GAAP Reconciliation | ||||||||||||||||||||
For the Quarters Ended | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In Thousands, Except Share Data and %) | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Pro forma core return on average tangible equity | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Pre-tax pro forma net income | $ | 17,813 | $ | 15,178 | $ | 13,797 | $ | 15,979 | $ | 16,908 | ||||||||||
Adjustments: | ||||||||||||||||||||
Add non-core items | 2,765 | 874 | 2,426 | 4,628 | 4,117 | |||||||||||||||
Less pro forma core income tax expense | 7,659 | 5,768 | 5,739 | 7,672 | 7,874 | |||||||||||||||
Pro forma core net income | $ | 12,919 | $ | 10,284 | $ | 10,484 | $ | 12,935 | $ | 13,151 | ||||||||||
Pro forma core return on average tangible common equity | 14.90 | % | 14.79 | % | 15.60 | % | 22.94 | % | 25.55 | % | ||||||||||
2017 | 2016 | |||||||||||||||||||
Pro forma core return on average assets and equity | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Net income | $ | 11,239 | $ | 9,753 | $ | 9,010 | $ | 1,207 | $ | 15,775 | ||||||||||
Average assets | 3,224,783 | 3,172,149 | 3,206,398 | 3,015,670 | 2,900,074 | |||||||||||||||
Average equity | 398,805 | 333,178 | 318,986 | 276,549 | 259,790 | |||||||||||||||
Return on average assets | 1.40 | % | 1.25 | % | 1.12 | % | 0.16 | % | 2.19 | % | ||||||||||
Return on average equity | 11.30 | % | 11.87 | % | 11.24 | % | 1.74 | % | 24.42 | % | ||||||||||
Pro forma core net income | 12,919 | 10,284 | 10,484 | 12,935 | 13,151 | |||||||||||||||
Pro forma core return on average assets | 1.61 | % | 1.31 | % | 1.30 | % | 1.71 | % | 1.82 | % | ||||||||||
Pro forma core return on average equity | 12.99 | % | 12.52 | % | 13.08 | % | 18.61 | % | 20.36 | % | ||||||||||
2017 | 2016 | |||||||||||||||||||
Pro forma core total revenue | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | |||||||||||||||
Net interest income | $ | 30,427 | $ | 30,251 | $ | 29,032 | $ | 27,617 | $ | 28,358 | ||||||||||
Noninterest income | 35,657 | 31,087 | 31,332 | 43,962 | 38,356 | |||||||||||||||
Less adjustments: | ||||||||||||||||||||
Change in fair value of mortgage servicing rights | (1,840 | ) | (501 | ) | - | - | - | |||||||||||||
Gain on sale of securities | 29 | 1 | - | 416 | 2,591 | |||||||||||||||
Gain (loss) on sales or write-downs of foreclosed and other assets | 62 | 748 | (349 | ) | 1,653 | (254 | ) | |||||||||||||
Pro forma core total revenue | $ | 67,833 | $ | 61,090 | $ | 60,713 | $ | 69,510 | $ | 64,377 |