FB Financial (FBK) 8-K FB Financial Corporation Reports Third Quarter 2022 Results

Third Quarter 2022

Financial Supplement

TABLE OF CONTENTS

	Page
Financial Summary and Key Metrics	4
Consolidated Statements of Income	5
Consolidated Balance Sheets	7
Average Balance, Average Yield Earned and Average Rate Paid	8
Loans and Deposits by Market	11
Segment Data	12
Loan Portfolio	13
Asset Quality	14
Preliminary Capital Ratios	15
Investment Portfolio	16
Non-GAAP Reconciliation	17

Use of non-GAAP Financial Measures

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

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables in this Supplemental Financial Information dated October 17, 2022, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

i

Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2022									2021
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Statement of Income Data
Total interest income	$	128,483		$	110,214		$	95,127		$	97,219		$	96,665
Total interest expense	17,099			8,043			6,945			7,464			8,189
Net interest income	111,384			102,171			88,182			89,755			88,476
Total noninterest income	22,592			33,214			41,392			53,219			59,006
Total noninterest expense	81,847			96,997			89,272			90,902			95,007
Earnings before income taxes and provisions for credit losses	52,129			38,388			40,302			52,072			52,475
Provisions for credit losses	11,367			12,318			(4,247)			(10,769)			(2,531)
Income tax expense	8,931			6,717			9,313			14,006			9,716
Net income applicable to noncontrolling interest	—			8			—			8			—
Net income applicable to FB Financial Corporation(a)	$	31,831		$	19,345		$	35,236		$	48,827		$	45,290
Net interest income (tax-equivalent basis)	$	112,145		$	102,926		$	88,932		$	90,537		$	89,230
Adjusted net income*	$	32,117		$	30,051		$	35,365		$	42,551		$	42,699
Adjusted pre-tax, pre-provision earnings*	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Per Common Share
Diluted net income	$	0.68		$	0.41		$	0.74		$	1.02		$	0.94
Adjusted diluted net income*	0.68			0.64			0.74			0.89			0.89
Book value	27.30			28.15			29.06			30.13			29.36
Tangible book value*	21.85			22.67			23.62			24.67			23.90
Adjusted tangible book value*	25.84			25.24			25.12			24.55			23.63
Weighted average number of shares outstanding - fully diluted	47,024,611			47,211,650			47,723,902			47,896,715			48,007,147
Period-end number of shares	46,926,377			46,881,896			47,487,874			47,549,241			47,707,634
Selected Balance Sheet Data
Cash and cash equivalents	$	618,290		$	872,861		$	1,743,311		$	1,797,740		$	1,324,564
Loans held for investment (HFI)	9,105,016			8,624,337			8,004,976			7,604,662			7,294,674
Allowance for credit losses(b)	(134,476)			(126,272)			(120,049)			(125,559)			(139,446)
Mortgage loans held for sale(c)	97,011			222,400			318,549			672,924			755,210
Commercial loans held for sale	33,722			37,815			78,179			79,299			100,496
Investment securities, at fair value	1,485,133			1,621,344			1,686,738			1,681,892			1,577,337
Other real estate owned, net	5,919			9,398			9,721			9,777			10,015
Total assets	12,258,082			12,193,862			12,674,191			12,597,686			11,810,290
Interest-bearing deposits	7,039,568			7,647,782			8,208,580			8,096,683			7,462,349
Noninterest-bearing deposits	2,966,514			2,895,520			2,787,698			2,740,214			2,609,569
Total deposits	10,006,082			10,543,302			10,996,278			10,836,897			10,071,918
Borrowings	722,940			160,400			155,733			171,778			172,710
Total common shareholders' equity	1,281,161			1,319,852			1,379,776			1,432,602			1,400,913
Selected Ratios
Return on average:
Assets	1.05		%	0.62		%	1.13		%	1.60		%	1.51		%
Shareholders' equity	9.45		%	5.74		%	10.1		%	13.7		%	12.9		%
Tangible common equity*	11.7		%	7.09		%	12.4		%	16.8		%	15.9		%
Average shareholders' equity to average assets	11.1		%	10.9		%	11.2		%	11.7		%	11.7		%
Net interest margin (NIM) (tax-equivalent basis)	3.93		%	3.52		%	3.04		%	3.19		%	3.20		%
Efficiency ratio (GAAP)	61.1		%	71.6		%	68.9		%	63.6		%	64.4		%
Core efficiency ratio (tax-equivalent basis)*	60.7		%	61.1		%	68.1		%	67.0		%	64.7		%
Loans HFI to deposit ratio	91.0		%	81.8		%	72.8		%	70.2		%	72.4		%
Total loans to deposit ratio	92.3		%	84.3		%	76.4		%	77.1		%	80.9		%
Noninterest-bearing deposits to total deposits	29.6		%	27.5		%	25.4		%	25.3		%	25.9		%
Yield on interest-earning assets	4.53		%	3.80		%	3.28		%	3.45		%	3.49		%
Cost of interest-bearing liabilities	0.90		%	0.40		%	0.34		%	0.38		%	0.42		%
Cost of total deposits	0.52		%	0.25		%	0.20		%	0.22		%	0.26		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	1.48		%	1.46		%	1.50		%	1.65		%	1.91		%
Net (recoveries) charge-offs as a percentage of average loans HFI	0.00		%	0.09		%	(0.03)		%	0.12		%	0.13		%
Nonperforming loans HFI as a percentage of total loans HFI	0.47		%	0.51		%	0.51		%	0.62		%	0.59		%
Nonperforming assets as a percentage of total assets(c)	0.62		%	0.46		%	0.44		%	0.50		%	0.50		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	10.5		%	10.8		%	10.9		%	11.4		%	11.9		%
Tangible common equity to tangible assets*	8.54		%	8.90		%	9.03		%	9.51		%	9.87		%
Tier 1 capital (to average assets)	10.7		%	10.2		%	10.2		%	10.5		%	10.4		%
Tier 1 capital (to risk-weighted assets)(d)	11.2		%	11.8		%	12.3		%	12.6		%	12.7		%
Total capital (to risk-weighted assets)(d)	13.2		%	13.6		%	14.2		%	14.5		%	14.6		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(d)	10.9		%	11.5		%	12.0		%	12.3		%	12.4		%

(a) Includes dividends declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the second quarter of 2022 and the fourth quarter of 2021.

(b) Excludes reserve for credit losses on unfunded commitments of $23,577, $20,399, $16,262, $14,380, and $13,503 recorded in accrued expenses and other liabilities as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

(c)Includes optional right to repurchase seriously delinquent GNMA loans previously sold recorded as of September 30, 2022. See nonperforming assets summary on page 14 of earnings release supplement.

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

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

FB Financial Corporation 4

Consolidated Statements of Income
For the Quarter Ended
(Unaudited)
(In Thousands, Except Share Data and %)
													Q3 2022		Q3 2022
													vs.		vs.
	2022						2021				Q2 2022	Q3 2021
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	116,664	$	99,655	$	86,864	$	89,996	$	89,993			17.1	%	29.6	%
Interest on securities
Taxable	6,843		6,499		5,420		4,534		3,989				5.29	%	71.5	%
Tax-exempt	1,818		1,842		1,866		1,885		1,883				(1.30)	%	(3.45)	%
Other	3,158		2,218		977		804		800				42.4	%	294.8	%
Total interest income	128,483		110,214		95,127		97,219		96,665				16.6	%	32.9	%
Interest expense:
Deposits	13,133		6,591		5,462		5,848		6,596				99.3	%	99.1	%
Borrowings	3,966		1,452		1,483		1,616		1,593				173.1	%	149.0	%
Total interest expense	17,099		8,043		6,945		7,464		8,189				112.6	%	108.8	%
Net interest income	111,384		102,171		88,182		89,755		88,476				9.02	%	25.9	%
Provision for credit losses	8,189		8,181		(6,129)		(11,646)		(2,832)				0.10	%	(389.2)	%
Provision for credit losses on unfunded commitments	3,178		4,137		1,882		877		301				(23.2)	%	955.8	%
Net interest income after provisions for credit    losses	100,017		89,853		92,429		100,524		91,007				11.3	%	9.90	%
Noninterest income:
Mortgage banking income	12,384		22,559		29,531		31,350		45,384				(45.1)	%	(72.7)	%
Service charges on deposit accounts	3,208		2,908		2,914		2,817		2,612				10.3	%	22.8	%
ATM and interchange fees	2,614		5,353		5,087		5,310		4,868				(51.2)	%	(46.3)	%
Investment services and trust income	2,227		2,275		2,132		1,040		2,511				(2.11)	%	(11.3)	%
(Loss) gain from securities, net	(140)		(109)		(152)		46		51				28.4	%	(374.5)	%
Gain (loss) on sales or write-downs of other real estate      owned	435		(26)		(498)		26		2,005				(1,773.1)	%	(78.3)	%
(Loss) gain from other assets	(6)		18		64		161		177				(133.3)	%	(103.4)	%
Other income	1,870		236		2,314		12,469		1,398				692.4	%	33.8	%
Total noninterest income	22,592		33,214		41,392		53,219		59,006				(32.0)	%	(61.7)	%
Total revenue	133,976		135,385		129,574		142,974		147,482				(1.04)	%	(9.16)	%
Noninterest expenses:
Salaries, commissions and employee benefits	51,028		55,181		59,443		58,562		62,818				(7.53)	%	(18.8)	%
Occupancy and equipment expense	6,011		5,853		5,403		5,549		5,979				2.70	%	0.54	%
Legal and professional fees	4,448		3,116		2,607		2,460		2,177				42.7	%	104.3	%
Data processing	2,334		2,404		2,481		2,531		2,595				(2.91)	%	(10.1)	%
Amortization of core deposits and other intangibles	1,108		1,194		1,244		1,295		1,344				(7.20)	%	(17.6)	%
Advertising	2,050		2,031		4,033		3,909		4,200				0.94	%	(51.2)	%
Mortgage restructuring expense	—		12,458		—		—		—				(100.0)	%	100.0	%
Other expense	14,868		14,760		14,061		16,596		15,894				0.73	%	(6.46)	%
Total noninterest expense	81,847		96,997		89,272		90,902		95,007				(15.6)	%	(13.9)	%
Income before income taxes	40,762		26,070		44,549		62,841		55,006				56.4	%	(25.9)	%
Income tax expense	8,931		6,717		9,313		14,006		9,716				33.0	%	(8.08)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	31,831		19,353		35,236		48,835		45,290				64.5	%	(29.7)	%
Net income applicable to noncontrolling interest	—		8		—		8		—				(100.0)	%	—	%
Net income applicable to FB Financial Corporation	$	31,831	$	19,345	$	35,236	$	48,827	$	45,290			64.5	%	(29.7)	%
Weighted average common shares outstanding:
Basic	46,908,520		47,111,055		47,530,520		47,683,682		47,412,214				(0.43)	%	(1.06)	%
Fully diluted	47,024,611		47,211,650		47,723,902		47,896,715		48,007,147				(0.40)	%	(2.05)	%
Earnings per common share:
Basic	$	0.68	$	0.41	$	0.74	$	1.02	$	0.96			65.9	%	(29.2)	%
Fully diluted	0.68		0.41		0.74		1.02		0.94				65.9	%	(27.7)	%
Fully diluted - adjusted*	0.68		0.64		0.74		0.89		0.89				6.25	%	(23.6)	%

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

FB Financial Corporation 5

Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
					2022
	For the Nine Months Ended				vs.
	September 30,				2021
	2022		2021		Percent variance
Interest income:
Interest and fees on loans	$	303,183	$	269,266	12.6	%
Interest on securities
Taxable	18,762		10,652		76.1	%
Tax-exempt	5,526		5,772		(4.26)	%
Other	6,353		2,089		204.1	%
Total interest income	333,824		287,779		16.0	%
Interest expense:
Deposits	25,186		24,341		3.47	%
Borrowings	6,901		5,823		18.5	%
Total interest expense	32,087		30,164		6.38	%
Net interest income	301,737		257,615		17.1	%
Provision for credit losses	10,241		(27,349)		(137.4)	%
Provision for credit losses on unfunded commitments	9,197		(2,875)		(419.9)	%
Net interest income after provisions for credit losses	282,299		287,839		(1.92)	%
Noninterest income:
Mortgage banking income	64,474		136,215		(52.7)	%
Service charges on deposit accounts	9,030		7,217		25.1	%
ATM and interchange fees	13,054		14,590		(10.5)	%
Investment services and trust income	6,634		7,518		(11.8)	%
(Loss) gain from securities, net	(401)		278		(244.2)	%
(Loss) gain on sales or write-downs of other real estate owned	(89)		2,478		(103.6)	%
Gain from other assets	76		162		(53.1)	%
Other income	4,420		6,578		(32.8)	%
Total noninterest income	97,198		175,036		(44.5)	%
Total revenue	398,935		432,651		(7.79)	%
Noninterest expenses:
Salaries, commissions and employee benefits	165,652		189,756		(12.7)	%
Occupancy and equipment expense	17,267		17,184		0.48	%
Legal and professional fees	10,171		6,701		51.8	%
Data processing	7,219		7,456		(3.18)	%
Amortization of core deposit and other intangibles	3,546		4,178		(15.1)	%
Advertising	8,114		10,012		(19.0)	%
Mortgage restructuring expense	12,458		—		100.0	%
Other expense	43,689		47,378		(7.79)	%
Total noninterest expense	268,116		282,665		(5.15)	%
Income before income taxes	111,381		180,210		(38.2)	%
Income tax expense	24,961		38,744		(35.6)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	86,420		141,466		(38.9)	%
Net income applicable to noncontrolling interests	8		8		—	%
Net income applicable to FB Financial Corporation	$	86,412	$	141,458	(38.9)	%
Weighted average common shares outstanding:
Basic	47,181,853		47,345,984		(0.35)	%
Fully diluted	47,315,100		47,983,494		(1.39)	%
Earnings per common share:
Basic	$	1.83	$	2.99	(38.8)	%
Fully diluted	1.83		2.95		(37.9)	%

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

FB Financial Corporation 6

Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except %)
													Annualized
													Q3 2022		Q3 2022
													vs.		vs.
	2022						2021				Q2 2022	Q3 2021
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	193,301	$	79,402	$	61,637	$	91,333	$	100,568			569.1	%	92.2	%
Federal funds sold and reverse repurchase agreements	115,140		233,588		134,763		128,087		145,333				(201.2)	%	(20.8)	%
Interest-bearing deposits in financial institutions	309,849		559,871		1,546,911		1,578,320		1,078,663				(177.2)	%	(71.3)	%
Cash and cash equivalents	618,290		872,861		1,743,311		1,797,740		1,324,564				(115.7)	%	(53.3)	%
Investments:
Available-for-sale debt securities, at fair value	1,482,171		1,618,241		1,683,525		1,678,525		1,572,558				(33.4)	%	(5.75)	%
Equity securities, at fair value	2,962		3,103		3,213		3,367		4,779				(18.0)	%	(38.0)	%
Federal Home Loan Bank stock, at cost	58,587		34,581		34,433		32,217		27,601				275.4	%	112.3	%
Mortgage loans held for sale, at fair value	97,011		222,400		318,549		672,924		755,210				(223.7)	%	(87.2)	%
Commercial loans held for sale, at fair value	33,722		37,815		78,179		79,299		100,496				(42.9)	%	(66.4)	%
Loans held for investment	9,105,016		8,624,337		8,004,976		7,604,662		7,294,674				22.1	%	24.8	%
Less: allowance for credit losses	134,476		126,272		120,049		125,559		139,446				25.8	%	(3.56)	%
Net loans	8,970,540		8,498,065		7,884,927		7,479,103		7,155,228				22.1	%	25.4	%
Premises and equipment, net	143,277		142,474		142,550		143,739		144,737				2.24	%	(1.01)	%
Other real estate owned, net	5,919		9,398		9,721		9,777		10,015				(146.9)	%	(40.9)	%
Operating lease right-of-use assets	61,444		41,070		41,037		41,686		44,006				196.8	%	39.6	%
Interest receivable	39,034		40,393		39,069		38,528		41,393				(13.3)	%	(5.70)	%
Mortgage servicing rights, at fair value	171,427		158,678		144,675		115,512		110,591				31.9	%	55.0	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	13,407		14,515		15,709		16,953		18,248				(30.3)	%	(26.5)	%
Bank-owned life insurance	74,976		74,605		74,232		73,519		73,122				1.97	%	2.54	%
Other assets	242,754		183,102		218,500		172,236		185,181				129.3	%	31.1	%
Total assets	$	12,258,082	$	12,193,862	$	12,674,191	$	12,597,686	$	11,810,290			2.09	%	3.79	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,966,514	$	2,895,520	$	2,787,698	$	2,740,214	$	2,609,569			9.73	%	13.7	%
Interest-bearing checking	2,648,161		3,338,561		3,639,779		3,418,666		2,850,795				(82.0)	%	(7.11)	%
Money market and savings	3,228,337		3,131,463		3,513,485		3,546,936		3,424,065				12.3	%	(5.72)	%
Customer time deposits	1,160,726		1,171,941		1,046,899		1,103,594		1,159,472				(3.80)	%	0.11	%
Brokered and internet time deposits	2,344		5,817		8,417		27,487		28,017				(236.9)	%	(91.6)	%
Total deposits	10,006,082		10,543,302		10,996,278		10,836,897		10,071,918				(20.2)	%	(0.65)	%
Borrowings	722,940		160,400		155,733		171,778		172,710				1,391.4	%	318.6	%
Operating lease liabilities	70,610		45,917		45,528		46,367		48,875				213.4	%	44.5	%
Accrued expenses and other liabilities	177,196		124,298		96,783		109,949		115,781				168.8	%	53.0	%
Total liabilities	10,976,828		10,873,917		11,294,322		11,164,991		10,409,284				3.75	%	5.45	%
Shareholders' equity:
Common stock, $1 par value	46,926		46,882		47,488		47,549		47,708				0.37	%	(1.64)	%
Additional paid-in capital	867,139		864,614		888,168		892,529		897,428				1.16	%	(3.38)	%
Retained earnings	554,536		528,851		515,664		486,666		443,140				19.3	%	25.1	%
Accumulated other comprehensive (loss) income, net	(187,440)		(120,495)		(71,544)		5,858		12,637				220.4	%	(1,583.3)	%
Total common shareholders' equity	1,281,161		1,319,852		1,379,776		1,432,602		1,400,913				(11.6)	%	(8.55)	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,281,254		1,319,945		1,379,869		1,432,695		1,401,006				(11.6)	%	(8.55)	%
Total liabilities and shareholders' equity	$	12,258,082	$	12,193,862	$	12,674,191	$	12,597,686	$	11,810,290			2.09	%	3.79	%

FB Financial Corporation 7

Average Balance, Average Yield Earned and Average Rate Paid
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended
	September 30, 2022						June 30, 2022
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)	$	8,810,094	$	114,488	5.16	%	$	8,323,778	$	96,692	4.66	%
Mortgage loans held for sale(b)	124,358		1,626		5.19	%	215,779		2,350		4.37	%
Commercial loans held for sale	36,291		670		7.32	%	56,460		718		5.10	%
Securities:(b)
Taxable	1,469,934		6,843		1.85	%	1,474,999		6,499		1.77	%
Tax-exempt(a)	298,905		2,459		3.26	%	307,719		2,492		3.25	%
Total securities(a)	1,768,839		9,302		2.09	%	1,782,718		8,991		2.02	%
Federal funds sold and reverse repurchase agreements	160,597		877		2.17	%	221,929		421		0.76	%
Interest-bearing deposits with other financial institutions	361,684		1,850		2.03	%	1,081,474		1,551		0.58	%
FHLB stock	49,478		431		3.46	%	34,536		246		2.86	%
Total interest-earning assets(a)	11,311,341		129,244		4.53	%	11,716,674		110,969		3.80	%
Noninterest-earning assets:
Cash and due from banks	109,681						91,230
Allowance for credit losses	(127,710)						(120,297)
Other assets	744,803						739,872
Total noninterest-earning assets	726,774						710,805
Total assets	$	12,038,115					$	12,427,479
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,821,415	$	5,831	0.82	%	$	3,415,135	$	3,285	0.39	%
Money market(c)	2,551,521		4,684		0.73	%	2,842,026		1,416		0.20	%
Savings deposits	515,882		70		0.05	%	508,511		68		0.05	%
Customer time deposits(c)	1,151,843		2,535		0.87	%	1,129,668		1,798		0.64	%
Brokered and internet time deposits(c)	3,501		13		1.47	%	6,387		24		1.51	%
Time deposits	1,155,344		2,548		0.87	%	1,136,055		1,822		0.64	%
Total interest-bearing deposits	7,044,162		13,133		0.74	%	7,901,727		6,591		0.33	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	29,580		12		0.16	%	27,233		12		0.18	%
Federal Home Loan Bank advances	329,130		2,155		2.60	%	—		—		—	%
Subordinated debt	127,263		1,792		5.59	%	129,691		1,434		4.43	%
Other borrowings	1,457		7		1.91	%	1,480		6		1.63	%
Total other interest-bearing liabilities	487,430		3,966		3.23	%	158,404		1,452		3.68	%
Total interest-bearing liabilities	7,531,592		17,099		0.90	%	8,060,131		8,043		0.40	%
Noninterest-bearing liabilities:
Demand deposits	2,973,650						2,879,662
Other liabilities	196,637						134,892
Total noninterest-bearing liabilities	3,170,287						3,014,554
Total liabilities	10,701,879						11,074,685
Total common shareholders' equity	1,336,143						1,352,701
Noncontrolling interest	93						93
Total equity	1,336,236						1,352,794
Total liabilities and shareholders' equity	$	12,038,115					$	12,427,479
Net interest income(a)			$	112,145					$	102,926
Interest rate spread(a)					3.63	%					3.40	%
Net interest margin(a)					3.93	%					3.52	%
Cost of total deposits					0.52	%					0.25	%
Average interest-earning assets to average interest-bearing liabilities					150.2	%					145.4	%
Tax-equivalent adjustment			$	761					$	755
Loans HFI yield components:
Contractual interest rate(a)			$	106,405	4.79	%			$	88,005	4.24	%
Origination and other loan fee income			6,665		0.30	%			6,927		0.33	%
Accretion on purchased loans			949		0.05	%			64		—	%
Nonaccrual interest			469		0.02	%			546		0.03	%
Syndication fee income			—		—	%			1,150		0.06	%
Total loans HFI yield			$	114,488	5.16	%			$	96,692	4.66	%

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

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

(c) Includes $931 and $932 of interest rate premium accretion on money market deposits, $180 and $207 of interest rate premium accretion on customer time deposits and $5 and $11 of interest rate premium accretion on brokered and internet deposits for the three months ended September 30, 2022 and June 30, 2022, respectively.

FB Financial Corporation 8

Average Balance, Average Yield Earned and Average Rate Paid (continued)
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2022						December 31, 2021						September 30, 2021
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,762,566	$	82,463	4.31	%	$	7,452,342	$	84,315	4.49	%	$	7,245,313	$	84,115	4.61	%
Mortgage loans held for sale(b)	470,005		3,566		3.08	%	700,044		4,765		2.70	%	709,654		4,687		2.62	%
Commercial loans held for sale	78,567		928		4.79	%	87,568		1,033		4.68	%	108,863		1,282		4.67	%
Securities:(b)
Taxable	1,380,897		5,420		1.59	%	1,270,749		4,534		1.42	%	1,117,647		3,989		1.42	%
Tax-exempt(a)	318,849		2,523		3.21	%	318,579		2,550		3.18	%	311,151		2,546		3.25	%
Total securities(a)	1,699,746		7,943		1.90	%	1,589,328		7,084		1.77	%	1,428,798		6,535		1.81	%
Federal funds sold	206,829		192		0.38	%	129,379		183		0.56	%	145,315		135		0.37	%
Interest-bearing deposits with other financial institutions	1,599,991		638		0.16	%	1,280,183		479		0.15	%	1,404,772		508		0.14	%
FHLB stock	32,894		147		1.81	%	28,525		142		1.98	%	28,422		157		2.19	%
Total interest-earning assets(a)	11,850,598		95,877		3.28	%	11,267,369		98,001		3.45	%	11,071,137		97,419		3.49	%
Noninterest-earning assets:
Cash and due from banks	93,419						102,398						107,263
Allowance for credit losses	(125,980)						(139,684)						(144,652)
Other assets	823,452						855,734						881,314
Total noninterest-earning assets	790,891						818,448						843,925
Total assets	$	12,641,489					$	12,085,817					$	11,915,062
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,559,755	$	2,457	0.28	%	$	2,983,741	$	2,169	0.29	%	$	2,937,273	$	2,298	0.31	%
Money market(e)	3,017,746		1,572		0.21	%	3,017,574		2,053		0.27	%	2,997,595		2,322		0.31	%
Savings deposits	487,945		64		0.05	%	463,002		63		0.05	%	439,470		60		0.05	%
Customer time deposits(e)	1,077,386		1,320		0.50	%	1,123,955		1,492		0.53	%	1,200,760		1,840		0.61	%
Brokered and internet time deposits(e)	16,065		49		1.24	%	27,812		71		1.01	%	32,009		76		0.94	%
Time deposits	1,093,451		1,369		0.51	%	1,151,767		1,563		0.54	%	1,232,769		1,916		0.62	%
Total interest-bearing deposits	8,158,897		5,462		0.27	%	7,616,084		5,848		0.30	%	7,607,107		6,596		0.34	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,056		14		0.19	%	41,338		21		0.20	%	40,437		20		0.20	%
Subordinated debt	129,578		1,460		4.57	%	129,493		1,591		4.87	%	129,395		1,565		4.80	%
Other borrowings	1,502		9		2.43	%	1,525		4		1.04	%	1,547		8		2.05	%
Total other interest-bearing liabilities	161,136		1,483		3.73	%	172,356		1,616		3.72	%	171,379		1,593		3.69	%
Total interest-bearing liabilities	8,320,033		6,945		0.34	%	7,788,440		7,464		0.38	%	7,778,486		8,189		0.42	%
Noninterest-bearing liabilities:
Demand deposits	2,767,087						2,747,394						2,596,650
Other liabilities	138,291						137,903						150,632
Total noninterest-bearing liabilities	2,905,378						2,885,297						2,747,282
Total liabilities	11,225,411						10,673,737						10,525,768
Total common shareholders' equity	1,415,985						1,411,987						1,389,201
Noncontrolling interest	93						93						93
Total equity	1,416,078						1,412,080						1,389,294
Total liabilities and shareholders' equity	$	12,641,489					$	12,085,817					$	11,915,062
Net interest income(a)			$	88,932					$	90,537					$	89,230
Interest rate spread(a)					2.94	%					3.07	%					3.07	%
Net interest margin(a)					3.04	%					3.19	%					3.20	%
Cost of total deposits					0.20	%					0.22	%					0.26	%
Average interest-earning assets to average interest-bearing liabilities					142.4	%					144.7	%					142.3	%
Tax-equivalent adjustment			$	750					$	782					$	754
Loans HFI yield components:
Contractual interest rate(a)(c)			$	79,789	4.12	%			$	78,324	4.17	%			$	77,150	4.23	%
Origination and other loan fee income(c)			4,982		0.26	%			6,084		0.33	%			6,377		0.35	%
(Amortization) accretion on purchased loans			(2,352)		(0.12)	%			(726)		(0.04)	%			157		0.01	%
Nonaccrual interest			1,044		0.05	%			633		0.03	%			431		0.02	%
Total loans HFI yield			$	82,463	4.31	%			$	84,315	4.49	%			$	84,115	4.61	%

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

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

(c) Includes $7, $16, and $82 of loan contractual interest and $0, $137, and $441, of loan fees related to PPP loans for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

(d) Includes $2,992, $6,829, and $33,002 of average PPP loan balances for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

(e) Includes $932, $932, and $931 of interest rate premium accretion on money market deposits, $248, $316, and $426 of interest rate premium accretion on customer time deposits, and $42, $83, and $99 of interest rate premium accretion on brokered and internet deposits for the three months ended March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

FB Financial Corporation 9

Average Balance, Average Yield Earned and Average Rate Paid (continued)
(Unaudited)
(In Thousands, Except %)
	Nine Months Ended						Nine Months Ended
	September 30, 2022						September 30, 2021
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	8,302,649	$	293,643	4.73	%	$	7,111,240	$	250,546	4.71	%
Mortgage loans held for sale(b)	269,794		7,542		3.74	%	695,056		13,925		2.68	%
Commercial loans held for sale	56,951		2,316		5.44	%	152,802		5,065		4.43	%
Securities:(b)
Taxable	1,442,397		18,762		1.74	%	975,886		10,652		1.46	%
Tax-exempt(a)	308,418		7,474		3.24	%	323,034		7,806		3.23	%
Total securities(a)	1,750,815		26,236		2.00	%	1,298,920		18,458		1.90	%
Federal funds sold and reverse repurchase agreements	196,282		1,490		1.01	%	128,504		196		0.20	%
Interest-bearing deposits with other financial institutions	1,012,061		4,039		0.53	%	1,481,939		1,423		0.13	%
FHLB stock	39,030		824		2.82	%	30,527		470		2.06	%
Total interest-earning assets(a)	11,627,582		336,090		3.86	%	10,898,988		290,083		3.56	%
Noninterest-earning assets:
Cash and due from banks	98,202						137,934
Allowance for loan losses	(124,635)						(157,910)
Other assets	759,791						896,042
Total noninterest-earning assets	733,358						876,066
Total assets	$	12,360,940					$	11,775,054
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,262,730	$	11,573	0.47	%	$	2,904,387	$	8,005	0.37	%
Money market(e)	2,802,070		7,672		0.37	%	2,958,864		8,753		0.40	%
Savings deposits	504,215		202		0.05	%	407,183		170		0.06	%
Customer time deposits(e)	1,119,905		5,653		0.67	%	1,288,348		6,892		0.72	%
Brokered and internet time deposits(e)	8,605		86		1.34	%	37,347		521		1.87	%
Time deposits	1,128,510		5,739		0.68	%	1,325,695		7,413		0.75	%
Total interest-bearing deposits	7,697,525		25,186		0.44	%	7,596,129		24,341		0.43	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	28,954		38		0.18	%	34,807		77		0.30	%
Federal Home Loan Bank advances(g)	110,916		2,155		2.60	%	—		—		—	%
Subordinated debt(f)	128,387		4,686		4.88	%	155,704		5,725		4.92	%
Other borrowings	1,480		22		1.99	%	2,997		21		0.94	%
Total other interest-bearing liabilities	269,737		6,901		3.42	%	193,508		5,823		4.02	%
Total interest-bearing liabilities	7,967,262		32,087		0.54	%	7,789,637		30,164		0.52	%
Noninterest-bearing liabilities:
Demand deposits	2,874,223						2,477,454
Other liabilities	151,337						163,257
Total noninterest-bearing liabilities	3,025,560						2,640,711
Total liabilities	10,992,822						10,430,348
Total common shareholders' equity	1,368,025						1,344,613
Noncontrolling interest	93						93
Total equity	1,368,118						1,344,706
Total liabilities and shareholders' equity	$	12,360,940					$	11,775,054
Net interest income(a)			$	304,003					$	259,919
Interest rate spread(a)					3.32	%					3.04	%
Net interest margin(a)					3.50	%					3.19	%
Cost of total deposits					0.32	%					0.32	%
Average interest-earning assets to average interest-bearing liabilities					145.9	%					139.9	%
Tax equivalent adjustment			$	2,266					$	2,304
Loans HFI yield components:
Contractual interest rate(a)(c)			$	273,199	4.40	%			$	229,105	4.31	%
Origination and other loan fee income(c)			18,574		0.30	%			19,945		0.37	%
Amortization on purchased loans			(1,339)		(0.02)	%			(127)		—	%
Nonaccrual interest			2,059		0.03	%			1,623		0.03	%
Syndication fee income			1,150		0.02	%			—		—	%
Total loans HFI yield			$	293,643	4.73	%			$	250,546	4.71	%

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

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

(c) Includes $14 and $798 of loan contractual interest and $0 and $3,137 of loan fees related to PPP loans for the nine months ended September 30, 2022 and 2021 .

(d) Includes $1,827 and $107,002 of average PPP loan balances during the nine months ended September 30, 2022 and 2021.

(e) Includes $2,795 and $2,795 of interest rate premium accretion on money market deposits, $635 and $1,861 of interest rate mark accretion on customer time deposits and $58 and $379 of interest rate mark accretion on brokered and internet deposits for the nine months ended September 30, 2022 and 2021, respectively.

(f) Includes $0 and $369 interest rate premium accretion on subordinated debt for the nine months ended September 30, 2022 and 2021, respectively.

FB Financial Corporation 10

Loans and Deposits by Market
(Unaudited)
(In Thousands)
	2022						2021
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Loans by market
Metropolitan	$	7,496,090	$	7,005,014	$	6,470,116	$	6,127,930	$	5,863,563
Community	669,810		682,134		704,254		738,249		745,796
Specialty lending and other	939,116		937,189		830,606		738,483		685,315
Total	$	9,105,016	$	8,624,337	$	8,004,976	$	7,604,662	$	7,294,674
Deposits by market
Metropolitan	$	6,140,632	$	6,670,308	$	7,007,149	$	6,981,639	$	5,918,924
Community	2,584,629		2,624,380		2,580,610		2,436,548		2,269,511
Mortgage and other(a)	1,280,821		1,248,614		1,408,519		1,418,710		1,883,483
Total	$	10,006,082	$	10,543,302	$	10,996,278	$	10,836,897	$	10,071,918

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

FB Financial Corporation 11

Segment Data
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2022									2021
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Banking segment
Net interest income	$	111,384		$	102,171		$	88,184		$	89,616		$	88,576
Provisions for credit losses	11,367			12,318			(4,247)			(10,769)			(2,531)
Noninterest income	10,293			10,699			11,983			21,850			13,823
Other noninterest expense	65,886			59,320			59,584			60,104			58,777
Pre-tax income after allocations	$	44,424		$	41,232		$	44,830		$	62,131		$	46,153
Total assets	$	11,648,610		$	11,469,762		$	11,890,847		$	11,540,560		$	10,712,281
Intracompany funding income included in net interest income	4,143			4,850			5,666			6,325			6,075
Core efficiency ratio*	53.8		%	51.3		%	58.7		%	57.5		%	57.9		%
Mortgage segment
Net interest income	$	—		$	—		$	(2)		$	139		$	(100)
Mortgage banking income	12,384			22,559			29,531			31,350			45,384
Other noninterest income	(85)			(44)			(122)			19			(201)
Mortgage restructuring expense	—			12,458			—			—			—
Other noninterest expense	15,961			25,219			29,688			30,798			36,230
Direct (loss) contribution	$	(3,662)		$	(15,162)		$	(281)		$	710		$	8,853
Total assets	$	609,472		$	724,100		$	783,344		$	1,057,126		$	1,098,009
Intracompany funding expense included in net interest income	4,143			4,850			5,666			6,325			6,075
Core efficiency ratio*	128.9		%	111.8		%	100.5		%	97.8		%	80.0		%
Interest rate lock commitments volume during the period
Direct-to-consumer
Purchase	$	—		$	74,704		$	248,723		$	182,037		$	153,664
Refinance	—			$	21,052		$	319,369		$	614,863		$	931,516
Total direct-to-consumer	$	—		$	95,756		$	568,092		$	796,900		$	1,085,180
Retail:
Purchase	$	350,909		$	513,309		$	497,937		$	450,878		$	528,700
Refinance	57,970			91,805			243,078			236,804			398,023
Total retail	$	408,879		$	605,114		$	741,015		$	687,682		$	926,723
Total interest rate lock commitments volume	$	408,879		$	700,870		$	1,309,107		$	1,484,582		$	2,011,903
Interest rate lock commitments pipeline (period end)
Direct-to-consumer	$	—		$	11,249		$	210,167		$	272,401		$	396,965
Retail	188,430			281,467			331,393			214,995			341,237
Total	$	188,430		$	292,716		$	541,560		$	487,396		$	738,202
Mortgage sales
Direct-to-consumer	$	48,490		$	325,608		$	650,740		$	765,535		$	809,888
Retail	521,165			544,080			633,742			647,066			726,009
Total	$	569,655		$	869,688		$	1,284,482		$	1,412,601		$	1,535,897
Gains and fees from origination and sale of mortgage loans held for sale	$	11,085		$	21,099		$	29,397		$	37,538		$	39,210
Net change in fair value of loans held for sale, derivatives, and other	(2,460)			(5,354)			(7,548)			(12,478)			1,002
Mortgage servicing income	8,104			7,966			7,429			7,632			7,539
Change in fair value of mortgage servicing rights, net of hedging	(4,345)			(1,152)			253			(1,342)			(2,367)
Total mortgage banking income	$	12,384		$	22,559		$	29,531		$	31,350		$	45,384
Mortgage sale margin(a)	1.95		%	2.43		%	2.29		%	2.66		%	2.55		%

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

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

FB Financial Corporation 12

Loan Portfolio
As of the Quarter Ended
(Unaudited)
(In Thousands, Except %)
	2022										2021
	Third Quarter		% of Total		Second Quarter		% of Total	First Quarter		% of Total	Fourth Quarter		% of Total	Third Quarter		% of Total
Loan portfolio
Commercial and Industrial (a)	$	1,534,159	17	%	$	1,479,424	17%	$	1,380,600	17%	$	1,290,565	17%	$	1,252,425	17	%
Construction	1,679,497		18	%	1,575,331		18%	1,468,811		19%	1,327,659		17%	1,190,623		16	%
Residential real estate:
1-to-4 family mortgage	1,545,252		17	%	1,457,452		17%	1,346,349		17%	1,270,467		17%	1,175,155		16	%
Residential line of credit	460,774		5	%	425,485		5%	392,740		5%	383,039		5%	392,440		5	%
Multi-family mortgage	394,366		4	%	391,970		5%	400,501		5%	326,551		4%	324,662		5	%
Commercial real estate:
Owner occupied	1,158,343		13	%	1,053,872		12%	978,436		12%	951,582		13%	938,241		13	%
Non-owner occupied	1,954,219		22	%	1,885,122		22%	1,706,546		21%	1,730,165		23%	1,695,573		23	%
Consumer and other	378,406		4	%	355,681		4%	330,993		4%	324,634		4%	325,555		5	%
Total loans HFI	$	9,105,016	100	%	$	8,624,337	100%	$	8,004,976	100%	$	7,604,662	100%	$	7,294,674	100	%
Variable interest rate portfolio percentage			48%				48%			49%			49%			50%
Variable interest rate portfolio percentage    with maturity dates due after one year			42%				42%			44%			44%			46%
Unfunded loan commitments
Commercial and Industrial	$	1,062,657	29	%	$	1,003,189	30%	$	819,924	26%	$	769,463	25%	$	750,828	27	%
Construction	1,696,733		45	%	1,522,155		47%	1,599,738		50%	1,558,429		50%	1,333,549		48	%
Residential real estate:
1-to-4 family mortgage	868		—	%	949		—%	1,118		—%	2,010		—%	1,090		—	%
Residential line of credit	640,834		18	%	596,236		18%	579,098		18%	552,532		18%	522,087		18	%
Multi-family mortgage	28,407		1	%	11,742		—%	13,742		—%	13,331		—%	9,696		—	%
Commercial real estate:
Owner occupied	63,457		2	%	49,924		1%	48,769		2%	53,952		2%	66,585		2	%
Non-owner occupied	136,163		4	%	96,462		3%	101,335		3%	109,825		4%	122,027		4	%
Consumer and other	30,358		1	%	48,349		1%	32,261		1%	26,519		1%	20,324		1	%
Total unfunded loans HFI	$	3,659,477	100	%	$	3,329,006	100%	$	3,195,985	100%	$	3,086,061	100%	$	2,826,186	100	%

(a) Includes PPP loan balances of $851, $1,289, $2,062, $3,990, and $9,415 as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021,respectively.

FB Financial Corporation 13

Asset Quality
As of or for the Quarter Ended
(Unaudited)
(In Thousands, Except %)
	2022									2021
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Allowance for credit losses roll forward summary
Allowance for credit losses at the beginning of the period	$	126,272		$	120,049		$	125,559		$	139,446		$	144,663
Charge-offs	(461)			(2,388)			(579)			(3,225)			(2,614)
Recoveries	476			430			1,198			984			229
Provision for credit losses	8,189			8,181			(6,129)			(11,646)			(2,832)
Allowance for credit losses at the end of the period	$	134,476		$	126,272		$	120,049		$	125,559		$	139,446
Allowance for credit losses as a percentage of total loans HFI	1.48		%	1.46		%	1.50		%	1.65		%	1.91		%
Allowance for credit losses on unfunded commitments	$	23,577		$	20,399		$	16,262		$	14,380		$	13,503
Charge-offs
Commercial and Industrial	$	—		$	(1,751)		$	(4)		$	(1,224)		$	(2,175)
Construction	—			—			—			—			(1)
Residential real estate:
1-to-4 family mortgage	(20)			(23)			—			(5)			—
Multi-family mortgage	—			—			—			(1)			—
Commercial real estate:
Non-owner occupied	—			—			—			(1,566)			—
Consumer and other	(441)			(614)			(575)			(429)			(438)
Total charge-offs	(461)			(2,388)			(579)			(3,225)			(2,614)
Recoveries
Commercial and Industrial	342			26			958			626			19
Construction	—			11			—			—			3
Residential real estate:
1-to-4 family mortgage	13			14			12			27			33
Residential line of credit	—			16			1			99			1
Commercial real estate:
Owner occupied	51			15			10			13			4
Consumer and other	70			348			217			219			169
Total recoveries	476			430			1,198			984			229
Net recoveries (charge-offs)	$	15		$	(1,958)		$	619		$	(2,241)		$	(2,385)
Net (recoveries) charge-offs as a percentage of average total loans	0.00		%	0.09		%	(0.03)		%	0.12		%	0.13		%
Nonperforming assets(a)
Past due 90 days or more and accruing interest	$	16,002		$	14,585		$	12,873		$	11,735		$	8,901
Nonaccrual	26,625			29,535			27,826			35,568			34,126
Total nonperforming loans held for investment	42,627			44,120			40,699			47,303			43,027
Commercial loans held for sale	—			1,459			5,087			5,217			5,625
Mortgage loans held for sale(b)	26,485			—			—			—			—
Other real estate owned:
Foreclosed	3,452			6,418			6,692			6,429			6,514
Excess land and facilities	2,467			2,980			3,029			3,348			3,501
Other assets	639			527			453			686			347
Total nonperforming assets	$	75,670		$	55,504		$	55,960		$	62,983		$	59,014
Total nonperforming loans as a percentage of loans held for investment	0.47		%	0.51		%	0.51		%	0.62		%	0.59		%
Total nonperforming assets as a percentage of total assets(b)	0.62		%	0.46		%	0.44		%	0.50		%	0.50		%
Total nonaccrual loans as a percentage of total loans HFI	0.29		%	0.34		%	0.35		%	0.47		%	0.47		%
Loans restructured as troubled debt restructurings	$	14,959		$	17,054		$	20,601		$	32,435		$	29,645
Troubled debt restructurings as a percentage of loans held for investment	0.16		%	0.20		%	0.26		%	0.43		%	0.41		%

(a) Nonperforming assets include guaranteed repurchased loans previously sold of $4,122, $4,003, $5,741, $4,000, and $3,000 as of September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021, and September 30, 2021, respectively.

(b) Includes optional right to repurchase seriously delinquent government guaranteed GNMA mortgage loans previously sold recorded as of September 30, 2022 as a result of a prospective change in accounting policy during the third quarter of 2022.

FB Financial Corporation 14

Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)
Computation of Tangible Common Equity to Tangible Assets:	September 30, 2022			December 31, 2021
Total Common Shareholders' Equity	$	1,281,161		$	1,432,602
Less:
Goodwill	242,561			242,561
Other intangibles	13,407			16,953
Tangible Common Equity	$	1,025,193		$	1,173,088
Total Assets	$	12,258,082		$	12,597,686
Less:
Goodwill	242,561			242,561
Other intangibles	13,407			16,953
Tangible Assets	$	12,002,114		$	12,338,172
Preliminary Total Risk-Weighted Assets	$	11,506,518		$	9,904,606
Total Common Equity to Total Assets	10.5		%	11.4		%
Tangible Common Equity to Tangible Assets*	8.54		%	9.51		%
	September 30, 2022			December 31, 2021
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	1,257,489		$	1,221,874
Tier 1 Capital	1,287,489			1,251,874
Total Capital	1,515,825			1,434,581
Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	10.9		%	12.3		%
Tier 1 Risk-Based	11.2		%	12.6		%
Total Risk-Based	13.2		%	14.5		%
Tier 1 Leverage	10.7		%	10.5		%

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

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

FB Financial Corporation 15

Investment Portfolio
(Unaudited)
(In Thousands, Except %)
	2022															2021
Securities (at fair value)	Third Quarter					Second Quarter					First Quarter					Fourth Quarter				Third Quarter
Available-for-sale debt securities
U.S. government agency securities	$	39,831		3	%	$	42,059		3	%	$	38,882		2	%	$	33,870		2%	$	10,571		1	%
Mortgage-backed securities - residential	1,057,763			72	%	1,164,932			72	%	1,232,256			73	%	1,269,372			76%	1,210,503			77	%
Mortgage-backed securities - commercial	17,847			1	%	20,668			1	%	14,307			1	%	15,250			1%	15,712			1	%
Municipals, tax exempt	252,143			17	%	273,164			17	%	310,138			18	%	338,610			20%	327,239			21	%
Treasury securities	107,297			7	%	109,793			7	%	80,173			5	%	14,908			1%	6,006			—	%
Corporate securities	7,290			—	%	7,625			—	%	7,769			1	%	6,515			—%	2,527			—	%
Total available-for-sale debt securities	1,482,171			100	%	1,618,241			100	%	1,683,525			100	%	1,678,525			100%	1,572,558			100	%
Equity securities	2,962			—	%	3,103			—%		3,213			—%		3,367			—%	4,779			—	%
Total securities	$1,485,133			100%		$1,621,344			100%		$1,686,738			100%		$1,681,892			100%	$1,577,337			100%
Securities to total assets	12.1		%			13.3		%			13.3		%			13.4		%		13.4		%
Unrealized (loss) gain on available-for-sale debt securities	$	(258,614)				$	(167,510)				$	(100,933)				$	4,727			$	14,374

FB Financial Corporation 16

Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2022						2021
Adjusted net income	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Income before income taxes	$	40,762	$	26,070	$	44,549	$	62,841	$	55,006
Plus mortgage restructuring expenses	—		12,458		—		—		—
Less other non-operating items(1)	(387)		(2,010)		(174)		8,499		1,235
Adjusted pre-tax net income	41,149		40,538		44,723		54,342		53,771
Adjusted income tax expense(2)	9,032		10,487		9,358		11,791		11,072
Adjusted net income	$	32,117	$	30,051	$	35,365	$	42,551	$	42,699
Weighted average common shares outstanding - fully diluted	47,024,611		47,211,650		47,723,902		47,896,715		48,007,147
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.68	$	0.41	$	0.74	$	1.02	$	0.94
Plus mortgage restructuring expenses	—		0.27		—		—		—
Less other non-operating items	—		(0.04)		—		0.18		0.02
Less tax effect	—		0.08		—		(0.05)		0.03
Adjusted diluted earnings per common share	$	0.68	$	0.64	$	0.74	$	0.89	$	0.89
(1) 3Q22 includes a $387 loss from change in fair value of commercial loans held for sale acquired from Franklin; 2Q22 includes a $2,010 loss from change in fair value of commercial loans held for sale acquired from Franklin; 1Q22 includes a $174 loss from change in fair value of commercial loans held for sale acquired from Franklin; 4Q21 includes $9,921 gain from change in fair value of commercial loans held for sale acquired from Franklin and $1,422 related to certain nonrecurring charitable contributions; 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap, and a gain of $2,005 from sales other real estate owned.
(2) 3Q21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.
	2022						2021
Adjusted pre-tax pre-provision earnings	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Income before income taxes	$	40,762	$	26,070	$	44,549	$	62,841	$	55,006
Plus provisions for credit losses	11,367		12,318		(4,247)		(10,769)		(2,531)
Pre-tax pre-provision earnings	52,129		38,388		40,302		52,072		52,475
Plus mortgage restructuring expenses	—		12,458		—		—		—
Less other non-operating items	(387)		(2,010)		(174)		8,499		1,235
Adjusted pre-tax pre-provision earnings	$	52,516	$	52,856	$	40,476	$	43,573	$	51,240

FB Financial Corporation 17

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
Adjusted net income	YTD 2022		2021		2020		2019		2018
Income before income taxes	$	111,381	$	243,051	$	82,461	$	109,539	$	105,854
Plus mortgage restructuring, offering, and merger and conversion expenses	12,458		605		34,879		7,380		2,265
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		66,136		—		—
Less other non-operating items(1)	(2,571)		11,032		(4,400)		—		—
Adjusted pre-tax net income	126,410		232,624		187,876		116,919		108,119
Adjusted income tax expense(2)	28,878		51,553		45,944		27,648		26,034
Adjusted net income	$	97,532	$	181,071	$	141,932	$	89,271	$	82,085
Weighted average common shares outstanding - fully diluted	47,315,100		47,955,880		38,099,744		31,402,897		31,314,981
Adjusted diluted earnings per common share
Diluted earnings per common share	$	1.83	$	3.97	$	1.67	$	2.65	$	2.55
Plus mortgage restructuring, offering, and merger and conversion expenses	0.26		0.01		0.92		0.24		0.07
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		1.74		—		—
Less other non-operating items	(0.05)		0.22		(0.11)		—		—
Less tax effect	0.08		(0.02)		0.71		0.06		0.01
Adjusted diluted earnings per common share	$	2.06	$	3.78	$	3.73	$	2.83	$	2.61
(1) YTD2022 includes a $2,571 loss from change in fair value of commercial loans held for sale acquired from Franklin; 2021 includes a $11,172 gain from change in fair value on commercial loans held for sale acquired from Franklin, a loss on swap cancellation of $1,510, a $2,005 gain on other real estate owned, a $787 gain from lease terminations and $1,422 related to certain nonrecurring charitable contributions; 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.
(2) 2021 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.
Adjusted pre-tax pre-provision earnings	YTD 2022		2021		2020		2019		2018
Income before income taxes	$	111,381	$	243,051	$	82,461	$	109,539	$	105,854
Plus provisions for credit losses	19,438		(40,993)		107,967		7,053		5,398
Pre-tax pre-provision earnings	130,819		202,058		190,428		116,592		111,252
Plus mortgage restructuring, offering, and merger and conversion expenses	12,458		605		34,879		7,380		2,265
Less other non-operating items	(2,571)		11,032		(4,400)		—		—
Adjusted pre-tax pre-provision earnings	$	145,848	$	191,631	$	229,707	$	123,972	$	113,517

FB Financial Corporation 18

Non-GAAP Reconciliation (continued)
As of or for the Period Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2022									2021
Core efficiency ratio (tax-equivalent basis)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Total noninterest expense	$	81,847		$	96,997		$	89,272		$	90,902		$	95,007
Less mortgage restructuring expenses	—			12,458			—			—			—
Less certain charitable contributions	—			—			—			1,422			—
Core noninterest expense	$	81,847		$	84,539		$	89,272		$	89,480		$	95,007
Net interest income (tax-equivalent basis)	$	112,145		$	102,926		$	88,932		$	90,537		$	89,230
Total noninterest income	22,592			33,214			41,392			53,219			59,006
Less (loss) gain on change in fair value on commercial loans held for sale	(387)			(2,010)			(174)			9,921			740
Less loss on swap cancellation	—			—			—			—			(1,510)
Less gain (loss) on sales or write-downs of other real estate owned and other assets	429			(8)			(434)			187			2,182
Less (loss) gain from securities, net	(140)			(109)			(152)			46			51
Core noninterest income	22,690			35,341			42,152			43,065			57,543
Core revenue	$	134,835		$	138,267		$	131,084		$	133,602		$	146,773
Efficiency ratio (GAAP)(a)	61.1		%	71.6		%	68.9		%	63.6		%	64.4		%
Core efficiency ratio (tax-equivalent basis)	60.7		%	61.1		%	68.1		%	67.0		%	64.7		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.
	2022									2021
Banking segment core efficiency ratio    (tax equivalent)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Core noninterest expense	$	81,847		$	84,539		$	89,272		$	89,480		$	95,007
Less Mortgage segment core noninterest expense	15,961			25,219			29,688			30,798			36,230
Banking segment core noninterest expense	$	65,886		$	59,320		$	59,584		$	58,682		$	58,777
Banking segment net interest income (tax-equivalent      basis)	$	112,145		$	102,926		$	88,934		$	90,398		$	89,330
Core noninterest income	22,690			35,341			42,152			43,065			57,543
Less Mortgage segment core noninterest income	12,384			22,559			29,531			31,350			45,384
Banking segment core noninterest income	10,306			12,782			12,621			11,715			12,159
Core revenue	134,835			138,267			131,084			133,602			146,773
Less Mortgage segment core total revenue	12,384			22,559			29,529			31,489			45,284
Banking segment core total revenue	$	122,451		$	115,708		$	101,555		$	102,113		$	101,489
Banking segment core efficiency ratio (tax-equivalent basis)	53.8		%	51.3		%	58.7		%	57.5		%	57.9		%
Mortgage segment core efficiency ratio (tax-equivalent)
Mortgage segment noninterest expense	$	15,961		$	37,677		$	29,688		$	30,798		$	36,230
Less mortgage restructuring expense	—			12,458			—			—			—
Mortgage segment core noninterest expense	$	15,961		$	25,219		$	29,688		$	30,798		$	36,230
Mortgage segment net interest income	—			—			(2)			139			(100)
Mortgage segment noninterest income	12,299			22,515			29,409			31,369			45,183
Less (loss) gain on sales or write-downs of other     real estate owned	(85)			(44)			(122)			19			(201)
Mortgage segment core noninterest income	12,384			22,559			29,531			31,350			45,384
Mortgage segment core total revenue	$	12,384		$	22,559		$	29,529		$	31,489		$	45,284
Mortgage segment core efficiency ratio (tax-equivalent basis)	128.9		%	111.8		%	100.5		%	97.8		%	80.0		%

FB Financial Corporation 19

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2022									2021
Adjusted Banking segment pre-tax pre-provision     earnings	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Banking segment pre-tax net contribution	$	44,424		$	41,232		$	44,830		$	62,131		$	46,153
Plus provisions for credit losses	11,367			12,318			(4,247)			(10,769)			(2,531)
Banking segment pre-tax pre-provision earnings	55,791			53,550			40,583			51,362			43,622
Less other non-operating items	(387)			(2,010)			(174)			8,499			1,235
Adjusted Banking segment pre-tax pre-provision    earnings	$	56,178		$	55,560		$	40,757		$	42,863		$	42,387
	2022									2021
Adjusted Mortgage segment (loss) contribution	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Mortgage segment pre-tax net (loss) contribution	$	(3,662)		$	(15,162)		$	(281)		$	710		$	8,853
Plus mortgage restructuring expense	—			12,458			—			—			—
Adjusted Mortgage segment pre-tax net (loss) contribution	$	(3,662)		$	(2,704)		$	(281)		$	710		$	8,853
Pre-tax pre-provision earnings	$	52,129		$	38,388		$	40,302		$	52,072		$	52,475
Mortgage segment pre-tax pre-provision net contribution to total pre-tax pre-provision earnings	N/A			N/A			N/A			1.36		%	16.9		%
Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Adjusted Mortgage segment pre-tax pre-provision net contribution to total adjusted pre-tax pre-provision earnings	N/A			N/A			N/A			1.63		%	17.3		%
	2022									2021
Tangible assets and equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Tangible assets
Total assets	$	12,258,082		$	12,193,862		$	12,674,191		$	12,597,686		$	11,810,290
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	13,407			14,515			15,709			16,953			18,248
Tangible assets	$	12,002,114		$	11,936,786		$	12,415,921		$	12,338,172		$	11,549,481
Tangible common equity
Total common shareholders' equity	$	1,281,161		$	1,319,852		$	1,379,776		$	1,432,602		$	1,400,913
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	13,407			14,515			15,709			16,953			18,248
Tangible common equity	$	1,025,193		$	1,062,776		$	1,121,506		$	1,173,088		$	1,140,104
Less accumulated other comprehensive (loss)     income, net	(187,440)			(120,495)			(71,544)			5,858			12,637
Adjusted tangible common equity	$	1,212,633		$	1,183,271		$	1,193,050		$	1,167,230		$	1,127,467
Common shares outstanding	46,926,377			46,881,896			47,487,874			47,549,241			47,707,634
Book value per common share	$	27.30		$	28.15		$	29.06		$	30.13		$	29.36
Tangible book value per common share	$	21.85		$	22.67		$	23.62		$	24.67		$	23.90
Adjusted tangible book value per common share	$	25.84		$	25.24		$	25.12		$	24.55		$	23.63
Total common shareholders' equity to total assets	10.5		%	10.8		%	10.9		%	11.4		%	11.9		%
Tangible common equity to tangible assets	8.54		%	8.90		%	9.03		%	9.51		%	9.87		%

FB Financial Corporation 20

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2022									2021
Return on average tangible common equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Average common shareholders' equity	$	1,336,143		$	1,352,701		$	1,415,985		$	1,411,987		$	1,389,201
Less average goodwill	242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	13,953			15,144			16,376			17,580			18,950
Average tangible common equity	$	1,079,629		$	1,094,996		$	1,157,048		$	1,151,846		$	1,127,690
Net income	$	31,831		$	19,345		$	35,236		$	48,827		$	45,290
Return on average common equity	9.45		%	5.74		%	10.1		%	13.7		%	12.9		%
Return on average tangible common equity	11.7		%	7.09		%	12.4		%	16.8		%	15.9		%
Adjusted net income	$	32,117		$	30,051		$	35,365		$	42,551		$	42,699
Adjusted return on average tangible common equity	11.8		%	11.0		%	12.4		%	14.7		%	15.0		%
Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Adjusted pre-tax pre-provision return on average    tangible common equity	19.3		%	19.4		%	14.2		%	15.0		%	18.0		%
Return on average tangible common equity	YTD 2022			2021			2020			2019			2018
Average common shareholders' equity	$	1,368,025		$	1,361,637		$	966,336		$	723,494		$	629,922
Less average goodwill	242,561			242,561			199,104			160,587			137,190
Less average intangibles, net	15,149			19,606			22,659			17,236			12,815
Average tangible common equity	$	1,110,315		$	1,099,470		$	744,573		$	545,671		$	479,917
Net income	$	86,412		$	190,285		$	63,621		$	83,814		$	80,236
Return on average common equity	8.45		%	14.0		%	6.58		%	11.6		%	12.7		%
Return on average tangible common equity	10.4		%	17.3		%	8.54		%	15.4		%	16.7		%
Adjusted net income	$	97,532		$	181,071		$	141,932		$	89,271		$	82,085
Adjusted return on average tangible common equity	11.7		%	16.5		%	19.1		%	16.4		%	17.1		%
Adjusted pre-tax pre-provision earnings	$	145,848		$	191,631		$	229,707		$	123,972		$	113,517
Adjusted pre-tax pre-provision return on average tangible common equity	17.6		%	17.4		%	30.9		%	22.7		%	23.7		%
	2022									2021
Adjusted return on average assets and equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Net income	$	31,831		$	19,345		$	35,236		$	48,827		$	45,290
Average assets	12,038,115			12,427,479			12,641,489			12,085,817			11,915,062
Average common equity	1,336,143			1,352,701			1,415,985			1,411,987			1,389,201
Return on average assets	1.05		%	0.62		%	1.13		%	1.60		%	1.51		%
Return on average common equity	9.45		%	5.74		%	10.1		%	13.7		%	12.9		%
Adjusted net income	$	32,117		$	30,051		$	35,365		$	42,551		$	42,699
Adjusted return on average assets	1.06		%	0.97		%	1.13		%	1.40		%	1.42		%
Adjusted return on average common equity	9.54		%	8.91		%	10.1		%	12.0		%	12.2		%
Adjusted pre-tax pre-provision earnings	$	52,516		$	52,856		$	40,476		$	43,573		$	51,240
Adjusted pre-tax pre-provision return on      average assets	1.73		%	1.71		%	1.30		%	1.43		%	1.71		%
Adjusted pre-tax pre-provision return on      average common equity	15.6		%	15.7		%	11.6		%	12.2		%	14.6		%

FB Financial Corporation 21

Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)
Adjusted return on average assets and equity	YTD 2022			2021			2020			2019			2018
Net income	$	86,412		$	190,285		$	63,621		$	83,814		$	80,236
Average assets	12,360,940			11,848,460			8,438,100			5,777,672			4,844,865
Average common equity	1,368,025			1,361,637			966,336			723,494			629,922
Return on average assets	0.93		%	1.61		%	0.75		%	1.45		%	1.66		%
Return on average common equity	8.45		%	14.0		%	6.58		%	11.6		%	12.7		%
Adjusted net income	$	97,532		$	181,071		$	141,932		$	89,271		$	82,085
Adjusted return on average assets	1.05		%	1.53		%	1.68		%	1.55		%	1.69		%
Adjusted return on average common equity	9.53		%	13.3		%	14.7		%	12.3		%	13.0		%
Adjusted pre-tax pre-provision earnings	$	145,848		$	191,631		$	229,707		$	123,972		$	113,517
Adjusted pre-tax pre-provision return on average assets	1.58		%	1.62		%	2.72		%	2.15		%	2.34		%
Adjusted pre-tax pre-provision return on average common equity	14.3		%	14.1		%	23.8		%	17.1		%	18.0		%

FB Financial Corporation 22