FB Financial (FBK) 8-K FB Financial Corporation Reports First Quarter 2020 Results

First Quarter 2020

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
FNB Financial Corporation Opening Balance Sheet (Preliminary)	9
Loans and Deposits by Market	10
Segment Data	11
Loan Portfolio and Asset Quality	12
Preliminary Capital Ratios	14
Investment Portfolio	15
Non-GAAP Reconciliation	16

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 include, without limitation, adjusted net income, adjusted diluted earnings per share, adjusted pre-tax pre-provision net income, adjusted pre-tax pre-provision diluted earnings per share, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted pre-tax pre-provision mortgage contribution, adjusted return on average assets and equity, adjusted pre-tax pre-provision return on average assets and equity, pro forma return on average assets and equity, adjusted pro forma return on average assets and equity, and core total revenue.  Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted measures. The corresponding Earnings Release and Earnings Release Presentation also presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on tangible common equity, return on average tangible common equity, pro forma return on average tangible common equity, adjusted return on average tangible common equity, pro forma 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.

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 demonstrating 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. You 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.  The Company includes tables under the Non-GAAP reconciliation section of this document to provide a reconciliation of these measures to the most directly comparable GAAP financial measures.

Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Shara Data and %)
	2020			2019
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Statement of Income Data
Total interest income	$	69,674		$	71,643		$	73,242		$	71,719		$	65,933
Total interest expense	13,425			13,951			14,937			14,696			12,917
Net interest income	56,249			57,692			58,305			57,023			53,016
Total noninterest income	42,700			35,234			38,145			32,979			29,039
Total noninterest expense	68,559			62,686			62,935			64,119			55,101
Earnings before income taxes and provisions for credit losses	30,390			30,240			33,515			25,883			26,954
Provisions for credit losses	29,565			2,950			1,831			881			1,391
Income tax expense	80			5,718			7,718			6,314			5,975
Net income	$	745		$	21,572		$	23,966		$	18,688		$	19,588
Net interest income (tax—equivalent basis)	$	56,784		$	58,212		$	58,769		$	57,488		$	53,461
Adjusted net income*	$	5,296		$	22,079		$	24,267		$	22,098		$	20,826
Adjusted pre-tax, pre-provision earnings*	$	33,440		$	30,926		$	33,922		$	30,495		$	28,629
Per Common Share
Diluted net income	$	0.02		$	0.68		$	0.76		$	0.59		$	0.62
Adjusted diluted net income*	0.17			0.70			0.77			0.70			0.66
Book value	24.40			24.56			24.08			23.29			22.51
Tangible book value*	18.35			18.55			18.03			17.18			17.73
Weighted average number of shares outstanding- fully diluted	31,734,112			31,470,565			31,425,573			31,378,018			31,349,198
Period-end number of shares	32,067,356			31,034,315			30,927,664			30,865,636			30,852,665
Selected Balance Sheet Data
Cash and cash equivalents	$	425,094		$	232,681		$	242,997		$	164,336		$	195,414
Loans held for investment (HFI)	4,568,038			4,409,642			4,345,344			4,289,516			3,786,791
Allowance for credit losses (a)	(89,141		)	(31,139		)	(31,464		)	(30,138		)	(29,814		)
Loans held for sale	325,304			262,518			305,493			294,699			248,054
Investment securities, at fair value	767,575			691,676			671,781			678,457			670,835
Other real estate owned, net	17,072			18,939			16,076			15,521			12,828
Total assets	6,655,687			6,124,921			6,088,895			5,940,402			5,335,156
Customer deposits	5,356,569			4,914,587			4,896,327			4,812,962			4,242,349
Brokered and internet time deposits	20,363			20,351			25,436			29,864			60,842
Total deposits	5,376,932			4,934,938			4,921,763			4,842,826			4,303,191
Borrowings	327,822			304,675			307,129			257,299			229,178
Total shareholders' equity	782,330			762,329			744,835			718,759			694,577
Selected Ratios
Return on average:
Assets	0.05		%	1.39		%	1.59		%	1.30		%	1.54		%
Shareholders' equity	0.39		%	11.2		%	13.0		%	10.6		%	11.6		%
Tangible common equity*	0.52		%	14.9		%	17.5		%	14.4		%	14.8		%
Average shareholders' equity to average assets	12.0		%	12.4		%	12.2		%	12.3		%	13.2		%
Net interest margin (NIM) (tax-equivalent basis)	3.92		%	4.12		%	4.28		%	4.39		%	4.61		%
Efficiency ratio (GAAP)	69.3		%	67.5		%	65.3		%	71.2		%	67.2		%
Core efficiency ratio (tax-equivalent basis)*	65.7		%	66.5		%	64.5		%	65.9		%	64.9		%
Loans HFI to deposit ratio	85.0		%	89.4		%	88.3		%	88.6		%	88.0		%
Total loans to deposit ratio	91.0		%	94.7		%	94.5		%	94.7		%	93.8		%
Yield on interest-earning assets	4.84		%	5.11		%	5.37		%	5.52		%	5.73		%
Cost of interest-bearing liabilities	1.27		%	1.38		%	1.50		%	1.54		%	1.52		%
Cost of total deposits	0.94		%	1.02		%	1.11		%	1.14		%	1.14		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI (a)	1.95		%	0.71		%	0.72		%	0.70		%	0.79		%
Net charge-offs as a percentage of average loans HFI	0.19		%	0.30		%	0.05		%	0.05		%	0.06		%
Nonperforming loans HFI as a percentage of total loans HFI	0.68		%	0.60		%	0.47		%	0.43		%	0.41		%
Nonperforming assets as a percentage of total assets	0.74		%	0.77		%	0.62		%	0.59		%	0.57		%
Preliminary capital ratios (Consolidated)
Shareholders' equity to assets	11.8		%	12.4		%	12.2		%	12.1		%	13.0		%
Tangible common equity to tangible assets*	9.11		%	9.69		%	9.45		%	9.22		%	10.5		%
Tier 1 capital (to average assets)	10.3		%	10.1		%	10.1		%	10.0		%	11.5		%
Tier 1 capital (to risk-weighted assets)	11.6		%	11.6		%	11.3		%	11.0		%	12.7		%
Total capital (to risk-weighted assets)	12.5		%	12.2		%	12.0		%	11.6		%	13.4		%
Common equity Tier 1 (to risk-weighted assets) (CET1)	11.0		%	11.1		%	10.8		%	10.4		%	12.0		%

(a) Excludes reserve for credit losses on unfunded commitments of $4.6 million recorded in accrued expensed and other liabilities.

*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 the discussion of non-GAAP measures included in the corresponding earnings release.

FB Financial Corporation 4

Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
																Q1 2020		Q1 2020
																vs.		vs.
	2020			2019												Q4 2019		Q1 2019
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	63,754		$	66,095		$	67,639		$	66,276		$	60,448		(3.54	)%	5.47	%
Interest on securities
Taxable	3,056			2,969			3,137			3,548			3,569			2.93	%	(14.4	)%
Tax-exempt	1,433			1,327			1,174			1,160			1,144			7.99	%	25.3	%
Other	1,431			1,252			1,292			735			772			14.3	%	85.4	%
Total interest income	69,674			71,643			73,242			71,719			65,933			(2.75	)%	5.67	%
Interest expense:
Deposits	12,168			12,703			13,522			13,488			11,855			(4.21	)%	2.64	%
Borrowings	1,257			1,248			1,415			1,208			1,062			0.72	%	18.4	%
Total interest expense	13,425			13,951			14,937			14,696			12,917			(3.77	)%	3.93	%
Net interest income	56,249			57,692			58,305			57,023			53,016			(2.50	)%	6.10	%
Provision for credit losses	27,964			2,950			1,831			881			1,391			847.9	%	1,910.4	%
Provision for credit losses on unfunded commitments	1,601			—			—			—			—			100.0	%	100.0	%
Net interest income after provisions for credit losses	26,684			54,742			56,474			56,142			51,625			(51.3	)%	(48.3	)%
Noninterest income:
Mortgage banking income	32,745			26,176			29,193			24,526			21,021			25.1	%	55.8	%
Service charges on deposit accounts	2,563			2,657			2,416			2,327			2,079			(3.54	)%	23.3	%
ATM and interchange fees	3,134			3,315			3,188			3,002			2,656			(5.46	)%	18.0	%
Investment services and trust income	1,697			1,326			1,336			1,287			1,295			28.0	%	31.0	%
Gain (loss) from securities, net	63			(18		)	(20		)	52			43			(450.0	)%	46.5	%
Gain (loss) on sales or write-downs of other real estate owned	51			433			(126		)	277			(39		)	(88.2	)%	(230.8	)%
(Loss) gain from other assets	(328		)	(156		)	44			(183		)	191			110.3	%	(271.7	)%
Other income	2,775			1,501			2,114			1,691			1,793			84.9	%	54.8	%
Total noninterest income	42,700			35,234			38,145			32,979			29,039			21.2	%	47.0	%
Total revenue	98,949			92,926			96,450			90,002			82,055			6.48	%	20.6	%
Noninterest expenses:
Salaries, commissions and employee benefits	43,622			39,589			40,880			37,918			33,697			10.2	%	29.5	%
Occupancy and equipment expense	4,178			3,534			4,058			4,319			3,730			18.2	%	12.0	%
Legal and professional fees	1,558			2,074			1,993			1,694			1,725			(24.9	)%	(9.68	)%
Data processing	2,453			2,746			2,816			2,643			2,384			(10.7	)%	2.89	%
Merger costs	3,050			686			295			3,783			621			344.6	%	391.1	%
Amortization of core deposits and other intangibles	1,204			1,159			1,197			1,254			729			3.88	%	65.2	%
Advertising	2,389			2,072			1,895			2,434			2,737			15.3	%	(12.7	)%
Mortgage restructuring expense	—			—			112			829			1,054			—	%	(100.0	)%
Other expense	10,105			10,826			9,689			9,245			8,424			(6.7	)%	19.95	%
Total noninterest expense	68,559			62,686			62,935			64,119			55,101			9.37	%	24.4	%
Income before income taxes	825			27,290			31,684			25,002			25,563			(97.0	)%	(96.8	)%
Income tax expense	80			5,718			7,718			6,314			5,975			(98.6	)%	(98.7	)%
Net income	$	745		$	21,572		$	23,966		$	18,688		$	19,588		(96.5	)%	(96.2	)%
Earnings available to common shareholders	$	745		$	21,458		$	23,838		$	18,588		$	19,483
Weighted average common shares outstanding:
Basic	31,257,739			30,934,092			30,899,583			30,859,596			30,786,684			1.05	%	1.53	%
Fully diluted	31,734,112			31,470,565			31,425,573			31,378,018			31,349,198			0.84	%	1.23	%
Earnings per common share:
Basic	$	0.02		$	0.69		$	0.77		$	0.60		$	0.63		(97.1	)%	(96.8	)%
Fully diluted	0.02			0.68			0.76			0.59			0.62			(97.1	)%	(96.8	)%
Fully diluted- adjusted*	0.17			0.70			0.77			0.70			0.66			(76.2	)%	(74.8	)%

*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 the discussion of non-GAAP measures included in the corresponding earnings release.

FB Financial Corporation 5

Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except %)
											Annualized
											Q1 2020		Q1 2020
											vs.		vs.
	2020		2019								Q4 2019		Q1 2019
	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Percent variance		Percent variance
ASSETS
Cash and due from banks	$	26,841	$	48,806	$	31,594	$	64,458	$	60,253	(181.0	)%	(55.5	)%
Federal funds sold	59,199		131,119		50,532		9,781		6,600		(220.6	)%	797.0	%
Interest-bearing deposits in financial institutions	339,054		52,756		160,871		90,097		128,561		2182.7	%	163.7	%
Cash and cash equivalents	425,094		232,681		242,997		164,336		195,414		332.6	%	117.5	%
Investments:
Available-for-sale debt securities, at fair value	764,217		688,381		668,531		675,215		667,654		44.3	%	14.5	%
Equity securities, at fair value	3,358		3,295		3,250		3,242		3,181		7.69	%	5.56	%
Federal Home Loan Bank stock, at cost	16,445		15,976		15,976		15,976		13,432		11.8	%	22.4	%
Loans held for sale, at fair value	325,304		262,518		305,493		294,699		248,054		96.2	%	31.1	%
Loans held for investment	4,568,038		4,409,642		4,345,344		4,289,516		3,786,791		14.4	%	20.6	%
Less: allowance for credit losses	89,141		31,139		31,464		30,138		29,814		749.2	%	199.0	%
Net loans	4,478,897		4,378,503		4,313,880		4,259,378		3,756,977		9.22	%	19.2	%
Premises and equipment, net	100,406		90,131		91,815		92,407		87,013		45.9	%	15.4	%
Other real estate owned, net	17,072		18,939		16,076		15,521		12,828		(39.6	)%	33.1	%
Operating lease right-of-use assets	31,628		32,539		34,812		35,872		32,694		(11.3	)%	(3.26	)%
Interest receivable	19,644		17,083		17,729		17,952		16,611		60.3	%	18.3	%
Mortgage servicing rights, at fair value	62,581		75,521		66,156		66,380		64,031		(68.9	)%	(2.26	)%
Goodwill	174,859		169,051		168,486		168,486		137,190		13.8	%	27.5	%
Core deposit and other intangibles, net	18,876		17,589		18,748		19,945		10,439		29.4	%	80.8	%
Other assets	217,306		122,714		124,946		110,993		89,638		310.0	%	142.4	%
Total assets	$	6,655,687	$	6,124,921	$	6,088,895	$	5,940,402	$	5,335,156	34.9	%	24.8	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	1,335,799	$	1,208,175	$	1,214,373	$	1,111,921	$	964,745	42.5	%	38.5	%
Interest-bearing checking	1,139,462		1,014,875		1,029,430		984,847		937,323		49.4	%	21.6	%
Money market and savings	1,667,374		1,520,035		1,481,697		1,468,867		1,257,863		39.0	%	32.6	%
Customer time deposits	1,213,934		1,171,502		1,170,827		1,247,327		1,082,418		14.6	%	12.2	%
Brokered and internet time deposits	20,363		20,351		25,436		29,864		60,842		0.24	%	(66.5	)%
Total deposits	5,376,932		4,934,938		4,921,763		4,842,826		4,303,191		36.0	%	25.0	%
Borrowings	327,822		304,675		307,129		257,299		229,178		30.6	%	43.0	%
Operating lease liabilities	34,572		35,525		37,760		38,722		35,093		(10.8	)%	(1.48	)%
Accrued expenses and other liabilities	134,031		87,454		77,408		82,796		73,117		214.2	%	83.3	%
Total liabilities	5,873,357		5,362,592		5,344,060		5,221,643		4,640,579		38.3	%	26.6	%
Shareholders' equity:
Common stock, $1 par value	32,067		31,034		30,928		30,866		30,853		13.4	%	3.93	%
Additional paid-in capital	460,938		425,633		426,816		425,644		423,647		33.4	%	8.80	%
Retained earnings	266,385		293,524		274,491		253,080		236,947		(37.2	)%	12.4	%
Accumulated other comprehensive income, net	22,940		12,138		12,600		9,169		3,130		357.9	%	632.9	%
Total shareholders' equity	782,330		762,329		744,835		718,759		694,577		10.6	%	12.6	%
Total liabilities and shareholders' equity	$	6,655,687	$	6,124,921	$	6,088,895	$	5,940,402	$	5,335,156	34.9	%	24.8	%

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, 2020							December 31, 2019
	Average balances			Interest income/ expense		Average yield/ rate		Average balances			Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)	$	4,495,069		$	61,817	5.53	%	$	4,384,180		$	64,053	5.80	%
Loans held for sale(b)	214,150			1,990		3.74	%	257,833			2,095		3.22	%
Securities:(b)
Taxable	512,774			3,056		2.40	%	505,299			2,969		2.33	%
Tax-exempt(a)	197,961			1,915		3.89	%	181,922			1,794		3.91	%
Total securities(a)	710,735			4,971		2.81	%	687,221			4,763		2.75	%
Federal funds sold	107,489			245		0.92	%	69,749			301		1.71	%
Interest-bearing deposits with other financial institutions	287,499			1,082		1.51	%	185,319			790		1.69	%
FHLB stock	16,226			104		2.58	%	15,976			161		4.00	%
Total interest-earning assets(a)	5,831,168			70,209		4.84	%	5,600,278			72,163		5.11	%
Noninterest-earning assets:
Cash and due from banks	64,438							49,318
Allowance for credit losses	(63,034		)					(31,631		)
Other assets	576,845							539,966
Total noninterest-earning assets	578,249							557,653
Total assets	$	6,409,417						$	6,157,931
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	1,085,849		$	2,179	0.81	%	$	981,572		$	2,068	0.84	%
Money market	1,383,229			3,971		1.15	%	1,320,268			4,309		1.29	%
Savings deposits	233,807			79		0.14	%	210,550			79		0.15	%
Customer time deposits	1,205,385			5,843		1.95	%	1,175,467			6,133		2.07	%
Brokered and internet time deposits	20,355			96		1.90	%	23,219			114		1.95	%
Time deposits	1,225,740			5,939		1.95	%	1,198,686			6,247		2.07	%
Total interest-bearing deposits	3,928,625			12,168		1.25	%	3,711,076			12,703		1.36	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	26,961			57		0.85	%	27,610			59		0.85	%
Federal Home Loan Bank advances	250,000			714		1.15	%	250,000			788		1.25	%
Subordinated debt	30,930			421		5.47	%	30,930			401		5.14	%
Other borrowings	7,747			65		3.37	%	—			—		—	%
Total other interest-bearing liabilities	315,638			1,257		1.60	%	308,540			1,248		1.60	%
Total interest-bearing liabilities	4,244,263			13,425		1.27	%	4,019,616			13,951		1.38	%
Noninterest-bearing liabilities:
Demand deposits	1,284,331							1,253,311
Other liabilities	111,894							123,055
Total noninterest-bearing liabilities	1,396,225							1,376,366
Total liabilities	5,640,488							5,395,982
Shareholders' equity	768,929							761,949
Total liabilities and shareholders' equity	$	6,409,417						$	6,157,931
Net interest income(a)				$	56,784						$	58,212
Interest rate spread(a)						3.57	%						3.74	%
Net interest margin(a)						3.92	%						4.12	%
Cost of total deposits						0.94	%						1.02	%
Average interest-earning assets to average interest-bearing liabilities						137.4	%						139.3	%
Tax-equivalent adjustment				$	535						$	520
Loans HFI yield components:
Contractual interest rate(a)				$	57,382	5.14	%				$	58,219	5.27	%
Origination and other loan fee income				2,589		0.23	%				2,863		0.26	%
Accretion on purchased loans				1,578		0.14	%				2,526		0.23	%
Nonaccrual interest				268		0.02	%				439		0.04	%
Syndication fee income				—		—	%				6		—	%
Total loans HFI yield				$	61,817	5.53	%				$	64,053	5.80	%

(a) Includes tax equivalent adjustment using combined marginal tax rate of 26.060%.

(b) Excludes the average balance for unrealized gains (losses) prospectively from Q1 2020 for loans held for sale and investments carried at fair value.

FB Financial Corporation 7

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
	September 30, 2019							June 30, 2019							March 31, 2019
	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)	$	4,306,725		$	65,241	6.01	%	$	4,177,701		$	63,262	6.07	%	$	3,720,739		$	58,137	6.34	%
Loans held for sale	262,896			2,448		3.69	%	281,252			3,070		4.38	%	216,227			2,353		4.41	%
Securities:
Taxable	508,924			3,137		2.45	%	532,500			3,548		2.67	%	518,504			3,569		2.79	%
Tax-exempt(a)	153,633			1,588		4.10	%	146,282			1,569		4.30	%	138,847			1,547		4.52	%
Total securities(a)	662,557			4,725		2.83	%	678,782			5,117		3.02	%	657,351			5,116		3.16	%
Federal funds sold	24,388			166		2.70	%	12,219			88		2.89	%	18,392			123		2.71	%
Interest-bearing deposits with other financial institutions	176,708			950		2.13	%	81,540			465		2.29	%	75,291			446		2.40	%
FHLB stock	15,976			176		4.37	%	15,165			182		4.81	%	13,432			203		6.13	%
Total interest-earning assets(a)	5,449,250			73,706		5.37	%	5,246,659			72,184		5.52	%	4,701,432			66,378		5.73	%
Noninterest-earning assets:
Cash and due from banks	51,433							54,659							50,218
Allowance for credit losses	(30,484		)					(30,092		)					(29,537		)
Other assets	518,373							500,145							452,805
Total noninterest-earning assets	539,322							524,712							473,486
Total assets	$	5,988,572						$	5,771,371						$	5,174,918
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	971,686		$	2,338	0.95	%	$	968,081		$	2,295	0.95	%	$	878,167		$	2,054	0.95	%
Money market	1,260,555			4,607		1.45	%	1,221,450			4,508		1.48	%	1,073,170			3,956		1.49	%
Savings deposits	207,221			78		0.15	%	203,602			76		0.15	%	176,305			68		0.16	%
Customer time deposits	1,184,737			6,362		2.13	%	1,185,451			6,299		2.13	%	1,053,958			5,309		2.04	%
Brokered and internet time deposits	28,273			137		1.92	%	56,242			310		2.21	%	93,434			468		2.03	%
Time deposits	1,213,010			6,499		2.13	%	1,241,693			6,609		2.13	%	1,147,392			5,777		2.04	%
Total interest-bearing deposits	3,652,472			13,522		1.47	%	3,634,826			13,488		1.49	%	3,275,034			11,855		1.47	%
Other interest-bearing liabilities:
Securities sold under agreements to    repurchase and federal funds purchased	30,585			80		1.04	%	31,905			117		1.47	%	15,319			35		0.93	%
Federal Home Loan Bank advances	248,315			918		1.47	%	131,726			664		2.02	%	117,875			634		2.18	%
Subordinated debt	30,930			417		5.35	%	30,930			427		5.54	%	30,930			393		5.15	%
Total other interest-bearing liabilities	309,830			1,415		1.81	%	194,561			1,208		2.49	%	164,124			1,062		2.62	%
Total interest-bearing liabilities	3,962,302			14,937		1.50	%	3,829,387			14,696		1.54	%	3,439,158			12,917		1.52	%
Noninterest-bearing liabilities:
Demand deposits	1,180,685							1,128,311							955,156
Other liabilities	113,884							105,116							96,059
Total noninterest-bearing liabilities	1,294,569							1,233,427							1,051,215
Total liabilities	5,256,871							5,062,814							4,490,373
Shareholders' equity	731,701							708,557							684,545
Total liabilities and shareholders' equity	$	5,988,572						$	5,771,371						$	5,174,918
Net interest income(a)				$	58,769						$	57,488						$	53,461
Interest rate spread(a)						3.87	%						3.98	%						4.21	%
Net interest margin(a)						4.28	%						4.39	%						4.61	%
Cost of total deposits						1.11	%						1.14	%						1.14	%
Average interest-earning assets to average interest-bearing liabilities						137.5	%						137.0	%						136.7	%
Tax-equivalent adjustment				$	464						$	465						$	445
Loans HFI yield components:
Contractual interest rate(a)				$	59,645	5.50	%				$	58,028	5.57	%				$	52,177	5.69	%
Origination and other loan fee income				3,293		0.30	%				2,981		0.29	%				3,840		0.42	%
Accretion on purchased loans				2,102		0.19	%				2,097		0.20	%				1,831		0.20	%
Nonaccrual interest				201		0.02	%				156		0.01	%				89		0.01	%
Syndication fee income				—		—	%				—		—	%				200		0.02	%
Total loans HFI yield				$	65,241	6.01	%				$	63,262	6.07	%				$	58,137	6.34	%

(a) Includes tax equivalent adjustment using combined marginal tax rate of 26.060%.

FB Financial Corporation 8

FNB Financial Corporation Opening Balance Sheet (Preliminary)
As of February 14, 2020
(Unaudited)
(In Thousands)
	As Recorded by FB Financial Corporation (Preliminary)(a)
Assets
Cash and cash equivalents	$	10,774
Securities	50,594
Loans, net of fair value premium	182,171
Allowance for credit losses on PCD loans	(669		)
Premises and equipment	8,021
Core deposit intangibles	2,490
Goodwill	5,808
Accrued interest and other assets	4,809
Total assets	$	263,998
Liabilities
Deposits	$	209,535
Borrowings	3,192
Accrued expenses and other liabilities	1,229
Total liabilities	$	213,956
Consideration
Value of 954,797 shares issued	$	35,041
Cash paid	15,001
Total consideration	$	50,042
Loan composition:
Commercial and industrial	$	12,844
Construction	20,441
Residential real estate:
1-to-4 family mortgage	50,161
Residential line of credit	3,934
Multi-family mortgage	7,172
Commercial real estate:
Owner occupied	39,187
Non-owner occupied	39,774
Consumer and other	8,658
Total loans	$	182,171
Deposit composition:
Noninterest-bearing	$	63,531
Interest-bearing checking	26,451
Money market and savings	37,002
Customer time deposits	82,551
Total deposits	$	209,535
(a) The above estimated fair values of assets acquired and liabilities assumed are preliminary and are subject to change during the measurement period as allowed under ASC 805 - Business Combinations.

FB Financial Corporation 9

Loans and Deposits by Market
For the Quarters Ended
(Unaudited)
(In Thousands)
	2020		2019
	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Loans by market
Metropolitan(a)	$	3,217,598	$	3,061,183	$	3,011,118	$	2,970,794	$	2,516,582
Community	820,180		817,380		802,923		803,306		784,671
Specialty lending and other	530,260		531,079		531,303		515,416		485,538
Total	$	4,568,038	$	4,409,642	$	4,345,344	$	4,289,516	$	3,786,791
Deposits by market
Metropolitan(a)	$	3,272,740	$	2,963,524	$	2,869,049	$	2,794,977	$	2,350,421
Community	1,731,050		1,642,949		1,620,153		1,612,885		1,482,877
Mortgage and other(b)	373,142		328,465		432,561		434,964		469,893
Total	$	5,376,932	$	4,934,938	$	4,921,763	$	4,842,826	$	4,303,191

(a) Includes loans and deposits acquired from Farmers National Bank of Scottsville.

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

FB Financial Corporation 10

Segment Data
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2020			2019
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Banking segment
Net interest income	$	56,233		$	57,776		$	58,350		$	56,979		$	52,993
Provisions for credit losses	29,565			2,950			1,831			881			1,391
Mortgage banking income retail footprint	10,651			9,899			10,693			5,451			4,386
Other noninterest income	9,955			9,058			8,952			8,453			8,018
Other noninterest mortgage banking expenses	7,175			8,126			8,087			4,172			2,831
Merger expense	3,050			686			295			3,783			621
Other noninterest expense	40,767			38,918			38,755			37,500			33,109
Pre-tax (loss) income after allocations	$	(3,718	)	$	26,053		$	29,027		$	24,547		$	27,445
Total assets	$	6,211,640		$	5,795,888		$	5,730,492		$	5,552,893		$	4,987,744
Intracompany funding income included in net interest income	2,375			2,460			2,875			3,290			2,558
Core efficiency ratio*	61.8		%	61.1		%	59.6		%	58.5		%	54.7		%
Mortgage segment
Net interest income	$	16		$	(84	)	$	(45	)	$	44		$	23
Noninterest income	22,094			16,277			18,500			19,075			16,635
Mortgage restructuring expense	—			—			112			829			1,054
Noninterest expense	17,567			14,956			15,686			17,835			17,486
Direct contribution (loss)	$	4,543		$	1,237		$	2,657		$	455		$	(1,882	)
Total assets	$	444,047		$	329,033		$	358,403		$	387,509		$	347,412
Intracompany funding expense included in net interest income	2,375			2,460			2,875			3,290			2,558
Core efficiency ratio*	79.5		%	92.4		%	85.0		%	93.3		%	N/A
Interest rate lock commitments volume during the period
Consumer direct	$	1,314,625		$	679,096		$	973,142		$	805,970		$	521,603
Retail	779,155			402,490			503,861			407,007			291,800
Wholesale	—			—			159,263			607,373			551,383
Total	$	2,093,780		$	1,081,586		$	1,636,266		$	1,820,350		$	1,364,786
Interest rate lock commitments pipeline (period end)
Consumer direct	$	653,593		$	348,389		$	519,698		$	397,150		$	235,505
Retail	430,940			104,809			159,826			135,655			110,480
Wholesale	—			—			—			75,925			146,522
Total	$	1,084,533		$	453,198		$	679,524		$	608,730		$	492,507
Mortgage sales
Consumer direct	$	684,209		$	718,624		$	588,535		$	428,886		$	287,720
Retail	158,224			120,487			94,735			81,849			59,084
Retail footprint	199,043			266,328			256,060			205,698			146,312
Wholesale	—			652			284,655			542,229			473,109
Total	$	1,041,476		$	1,106,091		$	1,223,985		$	1,258,662		$	966,225
Gains and fees from origination and sale of mortgage loans held for sale	$	30,390		$	31,807		$	28,020		$	20,976		$	15,907
Net change in fair value of loans held for sale, derivatives, and other	3,205			(4,328		)	2,304			3,298			2,244
Mortgage servicing income	5,018			4,914			3,960			4,052			4,751
Change in fair value of mortgage servicing rights, net of hedging	(5,868		)	(6,217		)	(5,091		)	(3,800		)	(1,881		)
Total mortgage banking income	$	32,745		$	26,176		$	29,193		$	24,526		$	21,021
Mortgage sale margin(a)	2.92		%	2.88		%	2.29		%	1.67		%	1.65		%

*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 for a reconciliation and discussion of this non-GAAP measure.

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

FB Financial Corporation 11

Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2020					2019
	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	$	1,020,484		23	%	$	1,034,036		23	%	$	997,921		23	%	$	989,288		23	%	$	888,345		23	%
Construction	599,479			13	%	551,101			13	%	537,784			12	%	525,954			12	%	539,065			14	%
Residential real estate:
1-to-4 family mortgage	750,064			16	%	710,454			16	%	710,077			17	%	688,984			16	%	552,239			15	%
Residential line of credit	239,799			5	%	221,530			5	%	215,493			5	%	218,006			5	%	187,415			5	%
Multi-family mortgage	94,638			2	%	69,429			2	%	80,352			2	%	82,945			2	%	71,532			2	%
Commercial real estate:
Owner occupied	686,543			15	%	630,270			14	%	620,635			14	%	602,723			14	%	499,123			13	%
Non-owner occupied	910,822			20	%	920,744			21	%	914,502			21	%	922,150			22	%	816,880			22	%
Consumer and other	266,209			6	%	272,078			6	%	268,580			6	%	259,466			6	%	232,192			6	%
Total loans HFI	$	4,568,038		100	%	$	4,409,642		100	%	$	4,345,344		100	%	$	4,289,516		100	%	$	3,786,791		100	%
Allowance for credit losses rollforward      summary
Allowance for credit losses at the beginning of the period	$	31,139				$	31,464				$	30,138				$	29,814				$	28,932
Impact of adopting ASC 326 (CECL) on non-purchased credit deteriorated loans	30,888					—					—					—					—
Impact of adopting ASC 326 (CECL) on purchased credit deteriorated loans	558					—					—					—					—
Charge-offs	(2,411		)			(3,594		)			(717		)			(770		)			(871		)
Recoveries	334					319					212					213					362
Provision for credit losses	27,964					2,950					1,831					881					1,391
Initial allowance on acquired loans with credit deterioration	669					—					—					—					—
Allowance for credit losses at the end of the period	$	89,141				$	31,139				$	31,464				$	30,138				$	29,814
Allowance for credit losses as a percentage of total loans HFI	1.95		%			0.71		%			0.72		%			0.70		%			0.79		%
Allowance for credit losses on unfunded commitments	4,618					—					—					—					—
Charge-offs
Commercial and Industrial	$	(1,234	)			$	(2,669	)			$	(3	)			$	(79	)			$	(179	)
Construction	—					—					—					—					—
Residential real estate:
1-to-4 family mortgage	(242		)			(138		)			—					(1		)			(81		)
Residential line of credit	—					(4		)			(170		)			(103		)			(32		)
Multi-family mortgage	—					—					—					—					—
Commercial real estate:
Owner occupied	(209		)			—					—					—					—
Non-owner occupied	—					—					(12		)			—					—
Consumer and other	(726		)			(783		)			(532		)			(587		)			(579		)
Total charge-offs	(2,411		)			(3,594		)			(717		)			(770		)			(871		)
Recoveries
Commercial and Industrial	88					70					16					38					12
Construction	—					3					1					6					1
Residential real estate:
1-to-4 family mortgage	24					17					25					24					13
Residential line of credit	15					17					75					21					25
Multi-family mortgage	—					—					—					—					—
Commercial real estate:
Owner occupied	14					13					3					5					87
Non-owner occupied	—					—					—					—					—
Consumer and other	193					199					92					119					224
Total recoveries	334					319					212					213					362
Net charge-offs	$	(2,077	)			$	(3,275	)			$	(505	)			$	(557	)			$	(509	)
Net charge-offs as a percentage of average total loans	0.19		%			0.30		%			0.05		%			0.05		%			0.06		%
Loans classified as substandard	$	74,237				$	80,346				$	78,881				$	68,828				$	60,746

FB Financial Corporation 12

Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2020			2019
	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Nonperforming assets(a)(b)
Past due 90 days or more and accruing interest	$	6,459		$	5,543		$	2,452		$	2,100		$	1,885
Nonaccrual	24,547			21,062			17,911			16,135			13,721
Total nonperforming loans held for investment	31,006			26,605			20,363			18,235			15,606
Loans held for sale	—			—			—			—			196
Other real estate owned:
Foreclosed	9,332			9,983			8,771			7,830			7,447
Excess land and facilities	7,740			8,956			7,305			7,691			5,381
Other assets	1,188			1,580			1,519			1,499			1,779
Total nonperforming assets	$	49,266		$	47,124		$	37,958		$	35,255		$	30,409
Total nonperforming loans as a percentage of loans held for investment	0.68		%	0.60		%	0.47		%	0.43		%	0.41		%
Total nonperforming assets as a percentage of total assets	0.74		%	0.77		%	0.62		%	0.59		%	0.57		%
Total accruing loans over 90 days delinquent as a percentage of total assets	0.10		%	0.09		%	0.04		%	0.04		%	0.04		%
Loans restructured as troubled debt restructurings	$	11,566		$	12,206		$	11,460		$	8,714		$	8,953
Troubled debt restructurings as a percentage of loans held for investment	0.25		%	0.28		%	0.26		%	0.20		%	0.24		%

(a) Upon adoption of CECL on January 1, 2020, purchase credit deteriorated loans are included in nonperforming assets on a prospective basis.

(b) Nonperforming assets includes guaranteed repurchased loans previously sold of $1.7 million, $2.7 million, $2.6 million, $1.5 million, and $3.4 million for the quarters ended March 31, 2020, December 31, 2019, September 30, 2019, June 30, 2019 and March 31, 2019, respectively.

FB Financial Corporation 13

Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)
Computation of Tangible Common Equity to Tangible Assets:	March 31, 2020			December 31, 2019
Total Equity	$	782,330		$	762,329
Less:
Goodwill	174,859			169,051
Other intangibles	18,876			17,589
Tangible Common Equity	$	588,595		$	575,689
Total Assets	$	6,655,687		$	6,124,921
Less:
Goodwill	174,859			169,051
Other intangibles	18,876			17,589
Tangible Assets	$	6,461,952		$	5,938,281
Preliminary Total Risk-Weighted Assets	$	5,509,550		$	5,172,450
Total Common Equity to Total Assets	11.8		%	12.4		%
Tangible Common Equity to Tangible Assets*	9.11		%	9.7		%
	March 31, 2020			December 31, 2019
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	606,922		$	572,410
Tier 1 Capital	636,922			602,410
Total Capital	688,396			633,549
Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	11.0		%	11.1		%
Tier 1 Risk-Based	11.6		%	11.6		%
Total Risk-Based	12.5		%	12.2		%
Tier 1 Leverage	10.3		%	10.1		%

(a) Reflects CECL transition relief of $31.8 million add-back and $37.7 million disallowed from add-back to Tier 2 capital.

*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 14

Investment Portfolio
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2020					2019
Securities (at fair value)	First Quarter					Fourth Quarter					Third Quarter					Second Quarter					First Quarter
Available-for-sale debt securities
U.S. government agency securities	$	3,037		—	%	$	—		—	%	$	999		—	%	$	996		—	%	$	993		—	%
Mortgage-backed securities - residential	499,658			65	%	490,676			71	%	485,300			72	%	517,505			77	%	511,716			77	%
Municipals, tax exempt	235,677			31	%	189,235			27	%	173,785			26	%	149,305			22	%	147,640			22	%
Treasury securities	24,860			3	%	7,448			1	%	7,432			1	%	7,409			1	%	7,305			1	%
Corporate securities	985			—	%	1,022			—	%	1,015			—	%	—			—	%	—			—	%
Total available-for-sale debt securities	764,217			99	%	688,381			99	%	668,531			99	%	675,215			100	%	667,654			100	%
Equity securities	3,358			1	%	3,295			1	%	3,250			1	%	3,242			—	%	3,181			—	%
Total securities	$	767,575		100	%	$	691,676		100	%	$	671,781		100	%	$	678,457		100	%	$	670,835		100	%
Securities to total assets	11.5		%			11.3		%			11.0		%			11.4		%			12.6		%
Unrealized gain (loss) on available-for -sale debt securities	$	28,058				$	11,676				$	12,436				$	7,303				$	(1,799	)

FB Financial Corporation 15

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2020		2019
Adjusted earnings	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Pre-tax net income	$	825	$	27,290	$	31,684	$	25,002	$	25,563
Plus merger and mortgage restructuring expenses	3,050		686		407		4,612		1,675
Plus initial provision for credit losses on acquired loans	2,885		—		—		—		—
Adjusted pre-tax earnings	6,760		27,976		32,091		29,614		27,238
Income tax expense, adjusted	1,464		5,897		7,824		7,516		6,412
Adjusted earnings	$	5,296	$	22,079	$	24,267	$	22,098	$	20,826
Weighted average common shares outstanding- fully diluted	31,734,112		31,470,565		31,425,573		31,378,018		31,349,198
Adjusted diluted earnings per share
Diluted earnings per common share	$	0.02	$	0.68	$	0.76	$	0.59	$	0.62
Plus merger and mortgage restructuring expenses	0.10		0.02		0.01		0.15		0.05
Plus initial provision for credit losses on acquired loans	0.09		—		—		—		—
Less tax effect	0.04		—		—		0.04		0.01
Adjusted diluted earnings per share	$	0.17	$	0.70	$	0.77	$	0.70	$	0.66
	2020		2019
Adjusted pre-tax pre-provision earnings	First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Pre-tax net income	$	825	$	27,290	$	31,684	$	25,002	$	25,563
Plus provisions for credit losses	29,565		2,950		1,831		881		1,391
Pre-tax pre-provision earnings	30,390		30,240		33,515		25,883		26,954
Plus merger and mortgage restructuring expenses	3,050		686		407		4,612		1,675
Adjusted pre-tax pre-provision earnings	$	33,440	$	30,926	$	33,922	$	30,495	$	28,629
Weighted average common shares outstanding- fully diluted	31,734,112		31,470,565		31,425,573		31,378,018		31,349,198
Adjusted pre-tax pre-provision diluted earnings per share
Diluted earnings per common share	$	0.02	$	0.68	$	0.76	$	0.59	$	0.62
Plus income tax expense	—		0.18		0.25		0.20		0.19
Plus provisions for credit losses	0.93		0.10		0.06		0.03		0.05
Pre-tax pre-provision earnings per share	0.95		0.96		1.07		0.82		0.86
Plus merger and mortgage restructuring expenses	0.10		0.02		0.01		0.15		0.05
Adjusted pre-tax pre-provision earnings per share	$	1.05	$	0.98	$	1.08	$	0.97	$	0.91

FB Financial Corporation 16

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
Adjusted pro forma earnings*	YTD 2020		2019		2018		2017			2016
Pre-tax net income	$	825	$	109,539	$	105,854	$	73,485		$	62,324
Plus merger, conversion, offering, and mortgage restructuring expenses	3,050		7,380		2,265		19,034			3,268
Plus initial provision for credit losses on acquired loans	2,885		—		—		—			—
Less significant (losses) gains on securities, other real estate owned and other items	—		—		—		—			(3,539		)
Adjusted pre-tax earnings	6,760		116,919		108,119		92,519			69,131
Adjusted pro forma income tax expense	1,464		27,648		26,034		34,749			25,404
Adjusted pro forma earnings	$	5,296	$	89,271	$	82,085	$	57,770		$	43,727
Weighted average common shares outstanding- fully diluted	31,734,112		31,402,897		31,314,981		28,207,602			19,312,174
Adjusted pro forma diluted earnings per share*
Diluted earning per share	$	0.02	$	2.65	$	2.55	$	1.86		$	2.10
Plus merger, conversion, offering, and mortgage restructuring expenses	0.10		0.24		0.07		0.67			0.17
Plus initial provision for credit losses on acquired loans	0.09		—		—		—			—
Less significant (losses) gains on securities, other real estate owned    and other items	—		—		—		—			(0.18		)
Less tax effect and benefit of enacted tax laws	0.04		0.06		0.01		0.48			0.19
Adjusted pro forma diluted earnings per share	$	0.17	$	2.83	$	2.61	$	2.05		$	2.26
*Prior to the IPO in the third quarter of 2016, the Company was an S corporation and did not incur federal income taxes. In conjunction with the IPO, the Company converted to a C corporation. These results are on a pro forma basis to reflect the results of the Company on a C corporation basis and combined effective tax rates of 35.08% for the year ended December 31, 2016.
Adjusted pre-tax pre-provision earnings	YTD 2020		2019		2018		2017			2016
Pre-tax net income	$	825	$	109,539	$	105,854	$	73,485		$	62,324
Plus provisions for credit losses	29,565		7,053		5,398		(950		)	(1,479		)
Pre-tax pre-provision earnings	30,390		116,592		111,252		72,535			60,845
Plus merger, conversion, offering, and mortgage restructuring expenses	3,050		7,380		2,265		19,034			3,268
Less significant (losses) gains on securities, other real estate owned    and other items	—		—		—		—			(3,539		)
Adjusted pre-tax pre-provision earnings	$	33,440	$	123,972	$	113,517	$	91,569		$	67,652
Weighted average common shares outstanding- fully diluted	31,734,112		31,402,897		31,314,981		28,207,602			19,312,174
Adjusted pre-tax pre-provision diluted earnings per share
Diluted earnings per common share	$	0.02	$	2.65	$	2.55	$	1.86		$	2.10
Plus income tax expense	—		0.82		0.83		0.75			1.13
Plus provisions for credit/ loan losses	0.93		0.23		0.17		(0.03		)	(0.08		)
Pre-tax pre-provision earnings per share	0.95		3.70		3.55		2.58			3.15
Plus merger, conversion, offering, and mortgage restructuring expenses	0.10		0.24		0.07		0.67			0.17
Less significant (losses) gains on securities, other real estate owned        and other items	—		—		—		—			(0.18		)
Adjusted pre-tax pre-provision diluted earnings per share	$	1.05	$	3.94	$	3.62	$	3.25		$	3.50

FB Financial Corporation 17

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2020			2019
Core efficiency ratio (tax-equivalent basis)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Total noninterest expense	$	68,559		$	62,686		$	62,935		$	64,119		$	55,101
Less merger and mortgage restructuring expenses	3,050			686			407			4,612			1,675
Core noninterest expense	$	65,509		$	62,000		$	62,528		$	59,507		$	53,426
Net interest income (tax-equivalent basis)	$	56,784		$	58,212		$	58,769		$	57,488		$	53,461
Total noninterest income	42,700			35,234			38,145			32,979			29,039
Less (loss) gain on sales or write-downs of other real estate owned and other assets	(277		)	277			(82		)	94			152
Less gain (loss) from securities, net	63			(18		)	(20		)	52			43
Core noninterest income	42,914			34,975			38,247			32,833			28,844
Core revenue	$	99,698		$	93,187		$	97,016		$	90,321		$	82,305
Efficiency ratio (GAAP)(a)	69.3		%	67.5		%	65.3		%	71.2		%	67.2		%
Core efficiency ratio (tax-equivalent basis)	65.7		%	66.5		%	64.5		%	65.9		%	64.9		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.
	2020			2019
Banking segment core efficiency ratio (tax equivalent)	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Core consolidated noninterest expense	$	65,509		$	62,000		$	62,528		$	59,507		$	53,426
Less Mortgage segment core noninterest expense	17,567			14,956			15,686			17,835			17,486
Core Banking segment noninterest expense	$	47,942		$	47,044		$	46,842		$	41,672		$	35,940
Core revenue	$	99,698		$	93,187		$	97,016		$	90,321		$	82,305
Less Mortgage segment total revenue	22,110			16,193			18,455			19,119			16,658
Core Banking segment total revenue	$	77,588		$	76,994		$	78,561		$	71,202		$	65,647
Banking segment core efficiency ratio (tax-equivalent basis)	61.8		%	61.1		%	59.6		%	58.5		%	54.7		%
Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	17,567		$	14,956		$	15,798		$	18,664		$	18,540
Less mortgage restructuring expense	—			—			112			829			1,054
Core Mortgage segment noninterest expense	$	17,567		$	14,956		$	15,686		$	17,835		$	17,486
Mortgage segment total revenue	$	22,110		$	16,193		$	18,455		$	19,119		$	16,658
Mortgage segment core efficiency ratio (tax-equivalent basis)	79.5		%	92.4		%	85.0		%	93.3		%	N/M

FB Financial Corporation 18

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2020			2019
Adjusted mortgage contribution	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Mortgage segment pre-tax net contribution (loss)	$	4,543		$	1,237		$	2,657		$	455		$	(1,882	)
Retail footprint:
Mortgage banking income	10,651			9,899			10,693			5,451			4,386
Mortgage banking expenses	7,175			8,126			8,087			4,172			2,831
Retail footprint pre-tax net contribution	3,476			1,773			2,606			1,279			1,555
Total mortgage banking pre-tax net (loss)    contribution	$	8,019		$	3,010		$	5,263		$	1,734		$	(327	)
Plus mortgage restructuring expense	—			—			112			829			1,054
Total adjusted mortgage banking pre-tax net     contribution (loss)	$	8,019		$	3,010		$	5,375		$	2,563		$	727
Pre-tax pre-provision earnings	$	30,390		$	30,240		$	33,515		$	25,883		$	26,954
% total mortgage banking pre-tax pre-provision net contribution	26.4		%	10.0		%	15.7		%	6.70		%	N/M
Adjusted pre-tax pre-provision earnings	$	33,440		$	30,926		$	33,922		$	30,495		$	28,629
% total adjusted mortgage banking pre-tax pre-provision net contribution	24.0		%	9.73		%	15.8		%	8.40		%	2.54		%
	2020			2019
Tangible assets and equity	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Tangible assets
Total assets	$	6,655,687		$	6,124,921		$	6,088,895		$	5,940,402		$	5,335,156
Less goodwill	174,859			169,051			168,486			168,486			137,190
Less intangibles, net	18,876			17,589			18,748			19,945			10,439
Tangible assets	$	6,461,952		$	5,938,281		$	5,901,661		$	5,751,971		$	5,187,527
Tangible common equity
Total shareholders' equity	$	782,330		$	762,329		$	744,835		$	718,759		$	694,577
Less goodwill	174,859			169,051			168,486			168,486			137,190
Less intangibles, net	18,876			17,589			18,748			19,945			10,439
Tangible common equity	$	588,595		$	575,689		$	557,601		$	530,328		$	546,948
Common shares outstanding	32,067,356			31,034,315			30,927,664			30,865,636			30,852,665
Book value per common share	$	24.40		$	24.56		$	24.08		$	23.29		$	22.51
Tangible book value per common share	$	18.35		$	18.55		$	18.03		$	17.18		$	17.73
Total shareholders' equity to total assets	11.8		%	12.4		%	12.2		%	12.1		%	13.0		%
Tangible common equity to tangible assets	9.11		%	9.69		%	9.45		%	9.22		%	10.5		%
	2020			2019
Return on average tangible common equity	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Total average shareholders' equity	$	768,929		$	761,949		$	731,701		$	708,557		$	684,545
Less average goodwill	171,532			168,492			168,486			167,781			137,190
Less average intangibles, net	18,152			18,242			19,523			20,214			10,856
Average tangible common equity	$	579,245		$	575,215		$	543,692		$	520,562		$	536,499
Net income	$	745		$	21,572		$	23,966		$	18,688		$	19,588
Return on average tangible common equity	0.52		%	14.9		%	17.5		%	14.4		%	14.8		%

FB Financial Corporation 19

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2020			2019
Adjusted return on average tangible common equity	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Average tangible common equity	$	579,245		$	575,215		$	543,692		$	520,562		$	536,499
Adjusted net income	5,296			22,079			24,267			22,098			20,826
Adjusted return on average tangible common equity	3.68		%	15.2		%	17.7		%	17.0		%	15.7		%
	2020			2019
Adjusted pre-tax pre-provision return on average tangible common equity	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Average tangible common equity	$	579,245		$	575,215		$	543,692		$	520,562		$	536,499
Adjusted pre-tax pre-provision earnings	33,440			30,926			33,922			30,495			28,629
Adjusted pre-tax pre-provision return on average tangible common equity	23.2		%	21.3		%	24.8		%	23.5		%	21.6		%
Pro forma return on average tangible common equity	YTD 2020			2019			2018			2017			2016
Total average shareholders' equity	$	768,929		$	723,494		$	629,922		$	466,219		$	276,587
Less average goodwill	171,532			160,587			137,190			84,997			46,867
Less average intangibles, net	18,152			17,236			12,815			8,047			5,353
Average tangible common equity	$	579,245		$	545,671		$	479,917		$	373,175		$	224,367
Pro forma net income	$	745		$	83,814		$	80,236		$	52,398		$	39,422
Pro forma return on average tangible common equity	0.5		%	15.4		%	16.7		%	14.0		%	17.6		%
Adjusted pro forma return on average tangible common equity	YTD 2020			2019			2018			2017			2016
Average tangible common equity	$	579,245		$	545,671		$	479,917		$	373,175		$	224,367
Adjusted pro forma net income	5,296			89,271			82,085			57,770			43,727
Adjusted pro forma return on average tangible common equity	3.7		%	16.4		%	17.1		%	15.5		%	19.5		%
Adjusted pre-tax pre-provision return on average tangible common equity	YTD 2020			2019			2018			2017			2016
Average tangible common equity	$	579,245		$	545,671		$	479,917		$	373,175		$	224,367
Adjusted pre-tax pre-provision earnings	33,440			123,972			113,517			91,569			67,652
Adjusted pre-tax pre-provision return on average tangible common equity	23.2		%	22.7		%	23.7		%	24.5		%	30.2		%

FB Financial Corporation 20

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2020			2019
Adjusted return on average assets and equity	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Net income	$	745		$	21,572		$	23,966		$	18,688		$	19,588
Average assets	6,409,417			6,157,931			5,988,572			5,771,371			5,174,918
Average equity	768,929			761,949			731,701			708,557			684,545
Return on average assets	0.05		%	1.39		%	1.59		%	1.30		%	1.54		%
Return on average equity	0.39		%	11.2		%	13.0		%	10.6		%	11.6		%
Adjusted net income	$	5,296		$	22,079		$	24,267		$	22,098		$	20,826
Adjusted return on average assets	0.33		%	1.42		%	1.61		%	1.54		%	1.63		%
Adjusted return on average equity	2.77		%	11.5		%	13.2		%	12.5		%	12.3		%
	2020			2019
Adjusted pre-tax pre-provision return on average assets and equity	First Quarter			Fourth Quarter			Third Quarter			Second Quarter			First Quarter
Net income	$	745		$	21,572		$	23,966		$	18,688		$	19,588
Average assets	6,409,417			6,157,931			5,988,572			5,771,371			5,174,918
Average equity	768,929			761,949			731,701			708,557			684,545
Return on average assets	0.05		%	1.39		%	1.59		%	1.30		%	1.54		%
Return on average equity	0.39		%	11.2		%	13.0		%	10.6		%	11.6		%
Adjusted pre-tax pre-provision earnings	$	33,440		$	30,926		$	33,922		$	30,495		$	28,629
Adjusted pre-tax pre-provision return on average assets	2.10		%	1.99		%	2.25		%	2.12		%	2.24		%
Adjusted pre-tax pre-provision return on average equity	17.5		%	16.1		%	18.4		%	17.3		%	17.0		%
Adjusted pro forma return on average assets and equity	YTD 2020			2019			2018			2017			2016
Pro forma net income	$	745		$	83,814		$	80,236		$	52,398		$	39,422
Average assets	6,409,417			5,777,672			4,844,865			3,811,158			3,001,275
Average equity	768,929			723,494			629,922			466,219			276,587
Pro forma return on average assets	0.05		%	1.45		%	1.66		%	1.37		%	1.31		%
Pro forma return on average equity	0.39		%	11.6		%	12.7		%	11.2		%	14.3		%
Adjusted pro forma net income	$	5,296		$	89,271		$	82,085		$	57,770		$	43,727
Adjusted pro forma return on average assets	0.33		%	1.55		%	1.69		%	1.52		%	1.46		%
Adjusted pro forma return on average equity	2.77		%	12.3		%	13.0		%	12.4		%	15.8		%

FB Financial Corporation 21

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
Adjusted pre-tax pre-provision return on average assets and equity	YTD 2020			2019			2018			2017			2016
Pro forma net income	$	745		$	83,814		$	80,236		$	52,398		$	39,422
Average assets	6,409,417			5,777,672			4,844,865			3,811,158			3,001,275
Average equity	768,929			723,494			629,922			466,219			276,587
Pro forma return on average assets	0.05		%	1.45		%	1.66		%	1.37		%	1.31		%
Pro forma return on average equity	0.39		%	11.6		%	12.7		%	11.2		%	14.3		%
Adjusted pre-tax pre-provision earnings	$	33,440		$	123,972		$	113,517		$	91,569		$	67,652
Adjusted pre-tax pre-provision return on average assets	2.10		%	2.15		%	2.34		%	2.40		%	2.25		%
Adjusted pre-tax pre-provision return on average equity	17.5		%	17.1		%	18.0		%	19.6		%	24.5		%

FB Financial Corporation 22