Form 8-K FB Financial Corp For: Oct 18

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October 18, 2021 4:20 PM EDT

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FB Financial Corporation Reports Third Quarter 2021 Results

Reports Q3 diluted EPS of $0.94, ROAA of 1.51%

NASHVILLE, TENNESSEE— October 18, 2021-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $45.3 million, or $0.94 per diluted common share, compared to a net loss of $0.14 per diluted common share in the same quarter last year and net income of $0.90 in the previous quarter. Adjusted net income was $42.7 million, or $0.89 per diluted common share, compared to $1.43 per diluted common share in the same quarter last year and $0.88 in the previous quarter. The Company's return on average assets for the third quarter was 1.51% (1.42% adjusted) and return on tangible common equity was 15.9% (15.0% adjusted). The Company recorded growth in loans held for investment ("HFI") of $95.7 million in the third quarter, or 5.28% annualized. Excluding Paycheck Protection Program ("PPP") loans, the Company recorded HFI loan growth of $143.7 million, or 7.98% annualized.

For the nine months ended September 30, 2021, the Company reported net income of $141.5 million, or $2.95 per diluted common share, compared to $18.0 million, or $0.52 per diluted common share, for the same period in 2020. Adjusting for non-operating items, EPS was $2.89 and $2.51 for the nine months ended September 30, 2021 and 2020, respectively. The Company’s book value per common share at quarter-end was $29.36 and the tangible book value ("TBV") per common share was $23.90.

President and Chief Executive Officer, Christopher T. Holmes stated, “During the quarter the team delivered loan growth, increased net interest income, and realized strong mortgage results. We also added value for our shareholders by increasing our tangible book value per share at an annualized rate of 13.4% through the first three quarters of the year.”

Performance Summary


	2021						2020			Annualized
(dollars in thousands, except per share data)	Third Quarter			Second Quarter			Third Quarter				3Q21 / 2Q21 % Change		3Q21 / 3Q20 % Change
Balance Sheet Highlights
Investment securities	$	1,577,337		$	1,409,175		$	1,164,910			47.3	%	35.4	%
Mortgage loans held for sale, at fair value	755,210			697,407			610,695				32.9	%	23.7	%
Commercial loans held for sale, at fair value	100,496			124,122			241,256				(75.5)	%	(58.3)	%
Loans held for investment (HFI)	7,294,674			7,198,954			7,213,538				5.28	%	1.12	%
Adjusted loans held for investment*	7,285,259			7,141,548			6,902,819				7.98	%	5.54	%
Allowance for credit losses	139,446			144,663			183,973				(14.3)	%	(24.2)	%
Total assets	11,810,290			11,918,367			11,010,438				(3.60)	%	7.26	%
Customer deposits	10,043,901			10,163,056			9,001,673				(4.65)	%	11.6	%
Brokered and internet time deposits	28,017			40,900			92,074				(125.0)	%	(69.6)	%
Total deposits	10,071,918			10,203,956			9,093,747				(5.13)	%	10.8	%
Borrowings	172,710			183,962			438,838				(24.27)	%	(60.6)	%
Total common shareholders' equity	1,400,913			1,371,721			1,244,998				8.44	%	12.5	%
Book value per share	$	29.36		$	28.96		$	26.38			5.48	%	11.3	%
Total common shareholders' equity to total assets	11.9		%	11.5		%	11.3		%
Tangible book value per common share*	$	23.90		$	23.43		$	20.87			7.96	%	14.5	%
Tangible common equity to tangible assets*	9.87		%	9.52		%	9.16		%
* Certain measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in this Earnings Release and “Use of non-GAAP Financial Measures" and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated October 19, 2021.

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FB Financial Corporation

Third Quarter 2021 Results

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	2021						2020
(dollars in thousands, except share data)	Third Quarter			Second Quarter			Third Quarter
Results of operations
Net interest income	$	88,476		$	86,563		$	68,828
NIM	3.20		%	3.18		%	3.28		%
Provisions for credit losses	$	(2,531)		$	(13,839)		$	55,401

Net charge-off ratio	0.13		%	0.02		%	(0.01)		%
Noninterest income	$	59,006		$	49,300		$	97,026
Mortgage banking income	$	45,384		$	35,499		$	84,686
Total revenue	$	147,482		$	135,863		$	165,854
Noninterest expense	$	95,007		$	92,960		$	118,092
Merger and offering expenses	$	—		$	605		$	20,730
Efficiency ratio	64.4		%	68.4		%	71.2		%
Core efficiency ratio*	64.7		%	68.9		%	57.4		%

Adjusted pre-tax, pre-provision earnings*	$	51,240		$	41,357		$	70,444
Total adjusted mortgage banking pre-tax net contribution*	$	8,853		$	542		$	39,496
Net income applicable to FB Financial Corporation(1)	$	45,290		$	43,294		$	(5,599)
Diluted earnings per common share	$	0.94		$	0.90		$	(0.14)
Effective tax rate	17.7		%	23.7		%	26.7		%
Adjusted earnings*	$	42,699		$	42,317		$	58,096
Adjusted diluted earnings per share*	$	0.89		$	0.88		$	1.43


Weighted average number of shares outstanding - fully diluted	48,007,147			47,993,773			40,637,745
Actual shares outstanding - period end	47,707,634			47,360,950			47,191,677
Returns on average:

Assets ("ROAA")	1.51		%	1.46		%	(0.24)		%

Equity ("ROAE")	12.9		%	13.0		%	(2.13)		%
Tangible common equity ("ROATCE")*	15.9		%	16.1		%	(2.72)		%





* Certain measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in this Earnings Release and “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated October 19, 2021.
(1) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the second quarter of 2021.

Balance Sheet and Net Interest Margin

The Company reported loan balances (HFI) of $7.29 billion, an increase of $95.7 million, or 5.28% annualized, from June 30, 2021. Excluding PPP loans, adjusted loans (HFI) increased $143.7 million, or 7.98% annualized, on a linked quarter basis. The contractual yield on loans decreased to 4.23% in the third quarter of 2021 from 4.31% in the second quarter of 2021.

The Company's net interest income on a tax-equivalent basis for the third quarter of 2021 was $89.2 million, an increase from $87.3 million in the previous quarter, or 8.67% annualized. The Company's net interest margin (“NIM”) was 3.20% for the third quarter, compared to 3.18% for the second quarter of 2021. The NIM for the third quarter of 2021 was impacted by a 4 basis point decline in the yield on interest-earning assets, offset by a 7 basis point decline in the cost of interest-bearing liabilities on a linked quarter basis. During the quarter, on balance sheet liquidity decreased to $1.75 billion, or 15.1% of tangible assets, from $2.13 billion, or 18.3% of tangible assets as of June 30, 2021. As of September 30, 2021, our PPP loan balance is down to $9.4 million from $57.4 million at June 30, 2021.

During the third quarter of 2021, total deposits decreased by $132.0 million to $10.07 billion on a linked quarter basis, primarily related to seasonal outflows of public funds. Noninterest bearing deposits increased by $124.6 million, or 19.9% annualized, during the third quarter. Excluding mortgage-escrow related deposits, noninterest bearing deposits increased by $100.1 million during the third quarter, or 17.1% annualized. The Company's total cost of deposits declined by 5 basis points to 0.26% and the cost of interest-bearing deposits decreased to 0.34% from 0.41% in the previous quarter.

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FB Financial Corporation

Third Quarter 2021 Results

Page 3

Noninterest Income Outperforms Expectations

Noninterest income was $59.0 million for the third quarter of 2021, compared to $49.3 million for the second quarter of 2021 and $97.0 million for the third quarter of 2020. Mortgage banking income was $45.4 million for the third quarter of 2021, compared to $35.5 million for the second quarter of 2021 and $84.7 million for the third quarter of 2020.

Noninterest income in the Banking segment was impacted by the cancellation of a customer interest rate swap agreement as a troubled loan was resolved, resulting in a $1.5 million loss. This was offset by a $2.0 million gain on the disposition of other real estate owned and a $0.7 million gain from fair value changes on the commercial loans held for sale portfolio during the third quarter. The $0.7 million gain on the commercial loans held for sale portfolio compares to a gain of $1.4 million in the second quarter of 2021.

The Company's total mortgage banking pre-tax direct contribution for the third quarter of 2021 was $8.9 million, compared to $0.5 million for the second quarter of 2021 and $39.2 million for the third quarter of 2020. Interest rate lock commitment volume totaled $2.01 billion in the third quarter of 2021 compared to $1.77 billion in the second quarter of 2021 and $2.42 billion in the third quarter of 2020.

Chief Financial Officer, Michael Mettee noted, “The mortgage business benefited from stability in rates and margins and also from capacity normalization within the industry during the third quarter, ultimately leading to a stronger than expected contribution.”

Expense Management

Noninterest expenses were $95.0 million for the third quarter of 2021, compared to $93.0 million for the second quarter of 2021 and $118.1 million for the third quarter of 2020. Core noninterest expense was $95.0 million for the third quarter of 2021, $93.1 million for the second quarter of 2021, and $95.1 million for the third quarter of 2020.

During the third quarter of 2021, the Company's core efficiency ratio was 64.7%, compared to 68.9% in the second quarter of 2021 and 57.4% for the third quarter of 2020. The Banking segment efficiency ratio was 57.9% versus the previous quarter of 58.6% while the Mortgage segment efficiency ratio decreased to 80.0% for the third quarter of 2021 from 97.9% in the previous quarter.

Also, during the quarter, income tax expense was reduced by two notable items. The first item resulted in a $2.1 million income tax benefit from the vesting of stock compensation granted to employees at the Company's IPO in 2016.The second item resulted in a $1.7 million tax benefit related to a change in the value of a net operating loss tax asset that was acquired with the Franklin Financial Network, Inc. transaction. These tax benefits reduced the Company's effective tax rate to 17.7% in the third quarter of 2021 from 23.7% in the previous quarter.

Mettee noted, “For the quarter the Company saw slightly elevated expenses in the Banking segment due to increased payroll taxes of $0.5 million associated with the vesting of restricted stock units, which were originally granted to full-time employees in connection with our IPO. The Company did see improvement in our efficiency ratio, mainly driven by improvement in mortgage revenue.”

Credit Quality

The Company recorded a total net reversal in provisions for credit losses of $2.5 million in the third quarter of 2021, including a provision for credit losses on unfunded commitments of $0.3 million. The Company continues to maintain a strong balance sheet with an ACL of $139.4 million as of September 30, 2021, representing 1.91% of loans HFI. This compares to an ACL percentage of 2.01% of loans HFI, or 2.03% when adjusted to exclude PPP loans as of the prior quarter-end.

The Company's net charge-offs to average loans was 0.13% for the third quarter of 2021 compared to net charge-offs to average loans of 0.02% in the second quarter of 2021. During the quarter, the Company exited a relationship recording a charge-off of $2.1 million, which was 81% of the total net charge offs for the quarter of $2.6 million. The Company's nonperforming assets decreased to 0.50% of total assets as of September 30, 2021, compared to 0.66% at June 30, 2021. Nonperforming loans were 0.59% of loans HFI at September 30, 2021, compared to 0.83% at June 30, 2021. Both of these declines were largely influenced by the same loan relationship. Deferrals resulting from the COVID-19 pandemic decreased to $18.0 million, or 0.25% of loans HFI, as of September 30, 2021, compared to the aggregate balance deferred during the crisis of $1.64 billion.

Holmes commented, “Our local economies continue to prosper. Assuming the overhang of the Delta variant continues to fade, I would expect to see future releases from our ACL in the coming quarters, if these positive economic trends continue.”

Summary

Holmes summarized, "The Company has continued to deliver strong results and capitalize on the economic strength of our markets. As we finish out 2021 and look ahead into 2022, we remain excited about the opportunities that lie ahead."

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FB Financial Corporation

Third Quarter 2021 Results

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WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results at 8:00 a.m. CT on October 19, 2021, and the conference call will be broadcast live over the Internet at https://services.choruscall.com/mediaframe/webcast.html?webcastid=fdKAFzD9. An online replay will be available approximately an hour following the conclusion of the live broadcast.

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered community bank, with 81 full-service bank branches across Tennessee, Kentucky, Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $11.8 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

Jeanie M. Rittenberry						Robert Hoehn
615-313-8328						615-564-1212
jrittenberry@firstbankonline.com						rhoehn@firstbankonline.com
www.firstbankonline.com						investorrelations@firstbankonline.com

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Supplemental Financial Information and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Supplemental Financial Information and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on October 18, 2021.

BUSINESS SEGMENT RESULTS

The Company has included its business segment financial tables as part of the Supplemental Financial Information, which is available in connection with this Earnings Release. A detailed discussion of our historical business segments is included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2020. Further discussion on the revisions to segment reporting made in the first quarter of 2021 is included in the Company's Form 10-Q filed with the SEC for the period ended June 30, 2021, and investors are encouraged to review that discussion in conjunction with this Earnings Release.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the ongoing impact of the COVID-19 global pandemic and new virus variants on our business operations and the Company’s future plans, results, strategies, and expectations, including potential releases from the Company’s ACL. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) the ongoing effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and the emergence of new variants, and its impact on general economic and financial market conditions and on our business and our customers' business, results of operations, asset quality and financial condition, (3) ongoing public response to the vaccines that were developed against the virus as well as the decisions of governmental agencies with respect to vaccines, including recommendations related to booster shots and requirements that seek to mandate

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FB Financial Corporation

Third Quarter 2021 Results

Page 5

that individuals receive or employers require that their employees receive the vaccine, (4) those vaccines' efficacy against the virus, including new variants, (5) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (6) our ability to effectively manage problem credits, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) difficulties and delays in integrating acquired businesses or fully realizing costs savings, revenue synergies and other benefits from future and prior acquisitions, (9) the Company’s ability to successfully execute its various business strategies, (10) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (11) the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (12) the effectiveness of our cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (13) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the company.

The Company qualifies all forward-looking statements by these cautionary statements.

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

This Earnings Release 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 earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, 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 mortgage contribution, adjusted return on average tangible common equity, adjusted pre-tax pre-provision return on average tangible common equity, adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity and adjusted 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 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 “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated October 19, 2021, for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

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FB Financial Corporation

Third Quarter 2021 Results

Page 6


Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2021						2020
	Third Quarter			Second Quarter			Third Quarter
Statement of Income Data
Total interest income	$	96,665		$	96,329		$	81,127
Total interest expense	8,189			9,766			12,299
Net interest income	88,476			86,563			68,828
Total noninterest income	59,006			49,300			97,026
Total noninterest expense	95,007			92,960			118,092
Earnings before income taxes and provisions for credit losses	52,475			42,903			47,762
Provisions for credit losses	(2,531)			(13,839)			55,401
Income tax expense (benefit)	9,716			13,440			(2,040)
Net income applicable to noncontrolling interest	—			8			—
Net income (loss) applicable to FB Financial Corporation(c)	$	45,290		$	43,294		$	(5,599)
Net interest income (tax-equivalent basis)	$	89,230		$	87,321		$	69,625
Adjusted net income*	$	42,699		$	42,317		$	58,096
Adjusted pre-tax, pre-provision earnings*	$	51,240		$	41,357		$	70,444
Per Common Share
Diluted net income	$	0.94		$	0.90		$	(0.14)
Adjusted diluted net income*	0.89			0.88			1.43

Book value	29.36			28.96			26.38
Tangible book value*	23.90			23.43			20.87
Weighted average number of shares outstanding - fully diluted	48,007,147			47,993,773			40,637,745
Period-end number of shares	47,707,634			47,360,950			47,191,677
Selected Balance Sheet Data
Cash and cash equivalents	$	1,324,564		$	1,717,097		$	1,062,391
Loans held for investment (HFI)	7,294,674			7,198,954			7,213,538
Allowance for credit losses(a)	(139,446)			(144,663)			(183,973)
Mortgage loans held for sale, at fair value	755,210			697,407			610,695
Commercial loans held for sale, at fair value	100,496			124,122			241,256
Investment securities, at fair value	1,577,337			1,409,175			1,164,910
Other real estate owned, net	10,015			11,986			12,748
Total assets	11,810,290			11,918,367			11,010,438
Customer deposits	10,043,901			10,163,056			9,001,673
Brokered and internet time deposits	28,017			40,900			92,074
Total deposits	10,071,918			10,203,956			9,093,747
Borrowings	172,710			183,962			438,838
Total common shareholders' equity	1,400,913			1,371,721			1,244,998
Selected Ratios
Return on average:
Assets	1.51		%	1.46		%	(0.24)		%
Shareholders' equity	12.9		%	13.0		%	(2.13)		%
Tangible common equity*	15.9		%	16.1		%	(2.72)		%
Average shareholders' equity to average assets	11.7		%	11.3		%	11.4		%
Net interest margin (NIM) (tax-equivalent basis)	3.20		%	3.18		%	3.28		%
Efficiency ratio (GAAP)	64.4		%	68.4		%	71.2		%
Core efficiency ratio (tax-equivalent basis)*	64.7		%	68.9		%	57.4		%
Loans HFI to deposit ratio	72.4		%	70.6		%	79.3		%
Total loans to deposit ratio	80.9		%	78.6		%	88.7		%
Yield on interest-earning assets	3.49		%	3.53		%	3.86		%
Cost of interest-bearing liabilities	0.42		%	0.49		%	0.83		%
Cost of total deposits	0.26		%	0.31		%	0.56		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(a)	1.91		%	2.01		%	2.55		%
Adjusted allowance for credit losses as a percentage of loans HFI*(a)	1.91		%	2.03		%	2.66		%
Net charge-offs (recoveries) as a percentage of average loans HFI	0.13		%	0.02		%	(0.01)		%
Nonperforming loans HFI as a percentage of total loans HFI	0.59		%	0.83		%	0.61		%
Nonperforming assets as a percentage of total assets	0.50		%	0.66		%	0.64		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.9		%	11.5		%	11.3		%
Tangible common equity to tangible assets*	9.87		%	9.52		%	9.16		%
Tier 1 capital (to average assets)	10.4		%	10.1		%	11.8		%
Tier 1 capital (to risk-weighted assets)(b)	12.7		%	12.7		%	12.1		%
Total capital (to risk-weighted assets)(b)	14.6		%	14.9		%	15.3		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(b)	12.3		%	12.4		%	11.8		%

(a) Excludes reserve for credit losses on unfunded commitments of $13.5 million, $13.2 million, and $6.5 million recorded in accrued expenses and other liabilities at September 30, 2021, June 30, 2021, and September 30, 2020, respectively.

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

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

*These measures are considered non-GAAP financial measures. For a reconciliation and discussion of this non-GAAP measure, see "GAAP Reconciliation and Use of non-GAAP Financial Measures" and the corresponding financial tables in this Earnings Release. Investors are encouraged to refer to the discussion and reconciliation of non-GAAP measures included in the Supplemental Financial Information and Earnings Release Presentation dated October 19, 2021.

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FB Financial Corporation

Third Quarter 2021 Results

Page 7


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021				2020
Adjusted earnings	Third Quarter		Second Quarter		Third Quarter
Income before income taxes	$	55,006	$	56,742	$	(7,639)
Plus merger, conversion and offering expenses	—		605		20,730
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		63,251
Less other non-operating items(1)	1,235		2,151		(1,952)
Adjusted pre-tax earnings	53,771		55,196		78,294
Income tax expense, adjusted(2)	11,072		12,879		20,198
Adjusted earnings	$	42,699	$	42,317	$	58,096
Weighted average common shares outstanding - fully diluted	48,007,147		47,993,773		40,637,745
Adjusted diluted earnings per share
Diluted earnings per common share	$	0.94	$	0.90	$	(0.14)
Plus merger, conversion and offering expenses	—		0.01		0.51
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		1.56
Less other non-operating items	0.02		0.04		(0.05)
Less tax effect	0.03		(0.01)		0.55
Adjusted diluted earnings per share	$	0.89	$	0.88	$	1.43

(1) 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap, and a gain of $2,005 from sales other real estate owned; 2Q21 includes a $1,364 gain from change in fair value of commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 3Q20 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin.

(2) 3Q21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.

	Nine Months Ended September 30,				Full Year

Adjusted earnings	2021		2020		2020
Income before income taxes	$	180,210	$	23,514	$	82,461
Plus merger, conversion and offering expenses	605		25,366		34,879
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		66,136		66,136
Less other non-operating items(1)	2,533		(1,952)		(4,400)
Adjusted pre-tax earnings	178,282		116,968		187,876
Income tax expense, adjusted(2)	39,762		29,490		45,944
Adjusted earnings	$	138,520	$	87,478	$	141,932
Weighted average common shares outstanding - fully diluted	47,983,494		34,840,292		38,099,744
Adjusted diluted earnings per share
Diluted earnings per common share	$	2.95	$	0.52	$	1.67
Plus merger, conversion and offering expenses	0.01		0.73		0.92
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		1.90		1.74
Less other non-operating items	0.05		(0.05)		(0.11)
Less tax effect	0.02		0.69		0.71
Adjusted diluted earnings per share	$	2.89	$	2.51	$	3.73
(1) 3QYTD21 includes a $1,251 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 and a $787 gain from lease terminations; 3QYTD20 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin. 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) 3QYTD21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.

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FB Financial Corporation

Third Quarter 2021 Results

Page 8


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021						2020
Adjusted pre-tax pre-provision earnings	Third Quarter			Second Quarter			Third Quarter
Income before income taxes	$	55,006		$	56,742		$	(7,639)
Plus provisions for credit losses	(2,531)			(13,839)			55,401
Pre-tax pre-provision earnings	52,475			42,903			47,762
Plus merger, conversion and offering expenses	—			605			20,730
Less other non-operating items	1,235			2,151			(1,952)
Adjusted pre-tax pre-provision earnings	$	51,240		$	41,357		$	70,444

	2021						2020
Core efficiency ratio (tax-equivalent basis)	Third Quarter			Second Quarter			Third Quarter
Total noninterest expense	$	95,007		$	92,960		$	118,092
Less merger, conversion and offering expenses	—			605			20,730
Less gain on lease terminations	—			$	(787)		—
Less FHLB prepayment penalties	—			$	—		2,305
Core noninterest expense	$	95,007		$	93,142		$	95,057
Net interest income (tax-equivalent basis)	$	89,230		$	87,321		$	69,625
Total noninterest income	59,006			49,300			97,026
Less gain on change in fair value on commercial loans held for sale	740			1,364			1,858
Less loss on swap cancellation	(1,510)			—			—
Less gain (loss) on sales or write-downs of other real estate owned and other assets	2,182			(27)			(1,279)
Less gain from securities, net	51			144			583
Core noninterest income	57,543			47,819			95,864
Core revenue	$	146,773		$	135,140		$	165,489
Efficiency ratio (GAAP)(a)	64.4		%	68.4		%	71.2		%
Core efficiency ratio (tax-equivalent basis)	64.7		%	68.9		%	57.4		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue

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FB Financial Corporation

Third Quarter 2021 Results

Page 9


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, historical segment efficiency ratios have been recast for consistency with these changes.

	2021						2020
Banking segment core efficiency ratio (tax equivalent)	Third Quarter			Second Quarter			Third Quarter
Core noninterest expense	$	95,007		$	93,142		$	95,057
Less Mortgage segment noninterest expense	36,230			34,766			45,227
Core Banking segment noninterest expense	$	58,777		$	58,376		$	49,830
Core revenue	$	146,773		$	135,140		$	165,489
Less Core Mortgage segment total revenue	45,284			35,509			84,723
Core Banking segment total revenue	$	101,489		$	99,631		$	80,766
Banking segment core efficiency ratio (tax-equivalent basis)	57.9		%	58.6		%	61.7		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	36,230		$	34,766		$	45,557






Mortgage segment total revenue	45,083			35,308			84,723
Less loss on sales or write-downs of other real estate owned	(201)			(201)			—
Core Mortgage segment total revenue	$	45,284		$	35,509		$	84,723
Mortgage segment core efficiency ratio (tax-equivalent basis)	80.0		%	97.9		%	53.4		%















	2021						2020
Adjusted Mortgage contribution	Third Quarter			Second Quarter			Third Quarter





Total Mortgage pre-tax net contribution	$	8,853		$	542		$	39,166



Pre-tax pre-provision earnings	52,475			42,903			47,762
% total Mortgage pre-tax pre-provision net contribution	16.87		%	1.26		%	82.0		%
Adjusted pre-tax pre-provision earnings	$	51,240		$	41,357		$	70,444
% total adjusted Mortgage pre-tax pre-provision net contribution	17.28		%	1.31		%	56.1		%

	2021						2020
Tangible assets and equity	Third Quarter			Second Quarter			Third Quarter
Tangible assets
Total assets	$	11,810,290		$	11,918,367		$	11,010,438
Less goodwill	242,561			242,561			236,086
Less intangibles, net	18,248			19,592			23,924
Tangible assets	$	11,549,481		$	11,656,214		$	10,750,428
Tangible common equity
Total common shareholders' equity	$	1,400,913		$	1,371,721		$	1,244,998
Less goodwill	242,561			242,561			236,086
Less intangibles, net	18,248			19,592			23,924
Tangible common equity	$	1,140,104		$	1,109,568		$	984,988
Common shares outstanding	47,707,634			47,360,950			47,191,677
Book value per common share	$	29.36		$	28.96		$	26.38
Tangible book value per common share	$	23.90		$	23.43		$	20.87
Total common shareholders' equity to total assets	11.9		%	11.5		%	11.3		%
Tangible common equity to tangible assets	9.87		%	9.52		%	9.16		%

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FB Financial Corporation

Third Quarter 2021 Results

Page 10


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021						2020
Return on average tangible common equity	Third Quarter			Second Quarter			Third Quarter
Total average shareholders' equity	$	1,389,201		$	1,339,938		$	1,044,913
Less average goodwill	242,561			242,561			205,473
Less average intangibles, net	18,950			20,253			20,973
Average tangible common equity	$	1,127,690		$	1,077,124		$	818,467
Net income	$	45,290		$	43,294		$	(5,599)
Return on average equity	12.9		%	13.0		%	(2.13)		%
Return on average tangible common equity	15.9		%	16.1		%	(2.72)		%
Adjusted net income	$	42,699		$	42,317		$	58,096
Adjusted return on average tangible common equity	15.0		%	15.8		%	28.2		%
Adjusted pre-tax pre-provision earnings	$	51,240		$	41,357		$	70,444
Adjusted pre-tax pre-provision return on average tangible common equity	18.0		%	15.4		%	34.2		%














	2021						2020
Adjusted return on average assets and equity	Third Quarter			Second Quarter			Third Quarter
Net income	$	45,290		$	43,294		$	(5,599)
Average assets	11,915,062			11,900,450			9,179,288
Average equity	1,389,201			1,339,938			1,044,913
Return on average assets	1.51		%	1.46		%	(0.24)		%
Return on average equity	12.9		%	13.0		%	(2.13)		%
Adjusted net income	$	42,699		$	42,317		$	58,096
Adjusted return on average assets	1.42		%	1.43		%	2.52		%
Adjusted return on average equity	12.2		%	12.7		%	22.1		%








Adjusted pre-tax pre-provision earnings	$	51,240		$	41,357		$	70,444
Adjusted pre-tax pre-provision return on average assets	1.71		%	1.39		%	3.05		%
Adjusted pre-tax pre-provision return on average equity	14.6		%	12.4		%	26.8		%







	2021						2020
Adjusted allowance for credit losses to loans held for investment	Third Quarter			Second Quarter			Third Quarter
Allowance for credit losses	$	139,446		$	144,663		$	183,973
Less allowance for credit losses attributed to PPP loans	2			9			49
Adjusted allowance for credit losses	$	139,444		$	144,654		$	183,924
Loans held for investment	$	7,294,674		$	7,198,954		$	7,213,538
Less PPP loans	9,415			57,406			310,719
Adjusted loans held for investment	$	7,285,259		$	7,141,548		$	6,902,819
Allowance for credit losses to loans held for investment	1.91		%	2.01		%	2.55		%
Adjusted allowance for credit losses to loans held for investment	1.91		%	2.03		%	2.66		%

-END-

Third Quarter 2021

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 and Asset Quality			13

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 include, without limitation, adjusted earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, 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 mortgage contribution, adjusted return on average tangible common equity, adjusted pre-tax pre-provision return on average tangible common equity, adjusted return on average assets and common equity, and adjusted pre-tax pre-provision return on average assets and common equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity and adjusted 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 Share Data and %)
	2021									2020
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Statement of Income Data
Total interest income	$	96,665		$	96,329		$	94,785		$	98,236		$	81,127
Total interest expense	8,189			9,766			12,209			12,992			12,299
Net interest income	88,476			86,563			82,576			85,244			68,828
Total noninterest income	59,006			49,300			66,730			80,638			97,026
Total noninterest expense	95,007			92,960			94,698			109,855			118,092
Earnings before income taxes and provisions for credit losses	52,475			42,903			54,608			56,027			47,762
Provisions for credit losses	(2,531)			(13,839)			(13,854)			(2,920)			55,401
Income tax expense (benefit)	9,716			13,440			15,588			13,337			(2,040)
Net income applicable to noncontrolling interest	—			8			—			8			—
Net income (loss) applicable to FB Financial Corporation(d)	$	45,290		$	43,294		$	52,874		$	45,602		$	(5,599)
Net interest income (tax-equivalent basis)	$	89,230		$	87,321		$	83,368		$	86,111		$	69,625
Adjusted net income*	$	42,699		$	42,317		$	53,505		$	54,454		$	58,096
Adjusted pre-tax, pre-provision earnings*	$	51,240		$	41,357		$	55,461		$	67,988		$	70,444
Per Common Share
Diluted net income (loss)(a)	$	0.94		$	0.90		$	1.10		$	0.95		$	(0.14)
Adjusted diluted net income*	0.89			0.88			1.12			1.14			1.43

Book value	29.36			28.96			28.08			27.35			26.38
Tangible book value*	23.90			23.43			22.51			21.73			20.87
Weighted average number of shares outstanding - fully diluted(a)	48,007,147			47,993,773			47,969,106			47,791,659			40,637,745
Period-end number of shares	47,707,634			47,360,950			47,331,680			47,220,743			47,191,677
Selected Balance Sheet Data
Cash and cash equivalents	$	1,324,564		$	1,717,097		$	1,895,133		$	1,317,898		$	1,062,391
Loans held for investment (HFI)	7,294,674			7,198,954			7,047,342			7,082,959			7,213,538
Allowance for credit losses(b)	(139,446)			(144,663)			(157,954)			(170,389)			(183,973)
Mortgage loans held for sale	755,210			697,407			834,779			683,770			610,695
Commercial loans held for sale	100,496			124,122			174,983			215,403			241,256
Investment securities, at fair value	1,577,337			1,409,175			1,229,845			1,176,991			1,164,910
Other real estate owned, net	10,015			11,986			11,177			12,111			12,748
Total assets	11,810,290			11,918,367			11,935,826			11,207,330			11,010,438
Customer deposits	10,043,901			10,163,056			10,219,173			9,396,478			9,001,673
Brokered and internet time deposits	28,017			40,900			37,713			61,559			92,074
Total deposits	10,071,918			10,203,956			10,256,886			9,458,037			9,093,747
Borrowings	172,710			183,962			180,179			238,324			438,838
Total common shareholders' equity	1,400,913			1,371,721			1,329,103			1,291,289			1,244,998
Selected Ratios
Return on average:
Assets	1.51		%	1.46		%	1.86		%	1.63		%	(0.24)		%
Shareholders' equity	12.9		%	13.0		%	16.5		%	14.4		%	(2.13)		%
Tangible common equity*	15.9		%	16.1		%	20.6		%	18.2		%	(2.72)		%
Average shareholders' equity to average assets	11.7		%	11.3		%	11.3		%	11.3		%	11.4		%
Net interest margin (NIM) (tax-equivalent basis)	3.20		%	3.18		%	3.19		%	3.32		%	3.28		%
Efficiency ratio (GAAP)	64.4		%	68.4		%	63.4		%	66.2		%	71.2		%
Core efficiency ratio (tax-equivalent basis)*	64.7		%	68.9		%	63.0		%	58.5		%	57.4		%
Loans HFI to deposit ratio	72.4		%	70.6		%	68.7		%	74.9		%	79.3		%
Total loans to deposit ratio	80.9		%	78.6		%	78.6		%	84.4		%	88.7		%
Yield on interest-earning assets	3.49		%	3.53		%	3.66		%	3.82		%	3.86		%
Cost of interest-bearing liabilities	0.42		%	0.49		%	0.65		%	0.73		%	0.83		%
Cost of total deposits	0.26		%	0.31		%	0.41		%	0.46		%	0.56		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	1.91		%	2.01		%	2.24		%	2.41		%	2.55		%
Adjusted allowance for credit losses as a percentage of loans HFI*(b)	1.91		%	2.03		%	2.29		%	2.48		%	2.66		%
Net charge-offs (recoveries) as a percentage of average loans HFI	0.13		%	0.02		%	0.05		%	0.58		%	(0.01)		%
Nonperforming loans HFI as a percentage of total loans HFI	0.59		%	0.83		%	0.94		%	0.91		%	0.61		%
Nonperforming assets as a percentage of total assets	0.50		%	0.66		%	0.77		%	0.75		%	0.64		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.9		%	11.5		%	11.1		%	11.5		%	11.3		%
Tangible common equity to tangible assets*	9.87		%	9.52		%	9.13		%	9.38		%	9.16		%
Tier 1 capital (to average assets)	10.4		%	10.1		%	10.1		%	10.0		%	11.8		%
Tier 1 capital (to risk-weighted assets)(c)	12.7		%	12.7		%	12.3		%	12.0		%	12.1		%
Total capital (to risk-weighted assets)(c)	14.6		%	14.9		%	14.6		%	15.0		%	15.3		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(c)	12.3		%	12.4		%	12.0		%	11.7		%	11.8		%

(a) Diluted earnings per share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

(b) Excludes reserve for credit losses on unfunded commitments of $13.5 million, $13.2 million, $14.2 million, $16.4 million, and $16.1 million recorded in accrued expenses and other liabilities at September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 , and September 30, 2020, respectively.

(d) Includes dividends declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the second quarter of 2021 and fourth quarter of 2020.

*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. Investors are encouraged to refer to the discussion and reconciliation of non-GAAP measures included in the Earnings Release and Earnings Release Presentation dated October 19, 2021.


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
													Q3 2021		Q3 2021
													vs.		vs.
	2021						2020				Q2 2021	Q3 2020
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	89,993	$	89,861	$	89,412	$	93,246	$	76,504			0.15	%	17.6	%
Interest on securities
Taxable	3,989		3,844		2,819		2,306		2,286				3.77	%	74.5	%
Tax-exempt	1,883		1,933		1,956		2,120		1,933				(2.59)	%	(2.59)	%
Other	800		691		598		564		404				15.8	%	98.0	%
Total interest income	96,665		96,329		94,785		98,236		81,127				0.35	%	19.2	%
Interest expense:
Deposits	6,596		7,919		9,826		10,809		10,573				(16.7)	%	(37.6)	%
Borrowings	1,593		1,847		2,383		2,183		1,726				(13.8)	%	(7.71)	%
Total interest expense	8,189		9,766		12,209		12,992		12,299				(16.1)	%	(33.4)	%
Net interest income	88,476		86,563		82,576		85,244		68,828				2.21	%	28.5	%
Provision for credit losses	(2,832)		(12,885)		(11,632)		(3,231)		45,834				(78.0)	%	(106.2)	%
Provision for credit losses on unfunded commitments	301		(954)		(2,222)		311		9,567				(131.6)	%	(96.9)	%
Net interest income after provisions for credit losses	91,007		100,402		96,430		88,164		13,427				(9.36)	%	577.8	%
Noninterest income:
Mortgage banking income	45,384		35,499		55,332		65,729		84,686				27.8	%	(46.4)	%
Service charges on deposit accounts	2,612		2,266		2,339		2,577		2,162				15.3	%	20.8	%
ATM and interchange fees	4,868		5,381		4,341		4,262		3,913				(9.53)	%	24.4	%
Investment services and trust income	2,511		2,999		2,008		2,187		1,828				(16.3)	%	37.4	%
Gain from securities, net	51		144		83		1,013		583				(64.6)	%	(91.3)	%
Gain (loss) on sales or write-downs of other real estate owned	2,005		(23)		496		(123)		(1,505)				(8,817.4)	%	(233.2)	%
Gain (loss) from other assets	177		(4)		(11)		66		226				(4,525.0)	%	(21.7)	%
Other income	1,398		3,038		2,142		4,927		5,133				(54.0)	%	(72.8)	%
Total noninterest income	59,006		49,300		66,730		80,638		97,026				19.7	%	(39.2)	%
Total revenue	147,482		135,863		149,306		165,882		165,854				8.55	%	(11.1)	%
Noninterest expenses:
Salaries, commissions and employee benefits	62,818		62,367		64,571		67,212		67,676				0.72	%	(7.18)	%
Occupancy and equipment expense	5,979		5,356		5,849		5,813		4,892				11.6	%	22.2	%
Legal and professional fees	2,177		2,090		2,434		2,227		1,917				4.16	%	13.6	%
Data processing	2,595		2,542		2,319		3,161		2,994				2.08	%	(13.3)	%
Merger costs	—		—		—		9,513		20,730				—	%	(100.0)	%
Amortization of core deposits and other intangibles	1,344		1,394		1,440		1,498		1,417				(3.59)	%	(5.15)	%


Advertising	4,200		3,559		2,253		2,826		2,256				18.0	%	86.2	%

Other expense	15,894		15,652		15,832		17,605		16,210				1.55	%	(1.95)	%
Total noninterest expense	95,007		92,960		94,698		109,855		118,092				2.20	%	(19.5)	%
Income (loss) before income taxes	55,006		56,742		68,462		58,947		(7,639)				(3.06)	%	(820.1)	%
Income tax expense (benefit)	9,716		13,440		15,588		13,337		(2,040)				(27.7)	%	(576.3)	%
Net income (loss) applicable to FB Financial Corporation and noncontrolling interest	45,290		43,302		52,874		45,610		(5,599)				4.59	%	(908.9)	%
Net income applicable to noncontrolling interest	—		8		—		8		—				(100.0)	%	—	%

Net income (loss) applicable to FB Financial Corporation	$	45,290	$	43,294	$	52,874	$	45,602	$	(5,599)			4.61	%	(908.9)	%
Weighted average common shares outstanding:
Basic	47,412,214		47,351,969		47,278,865		47,204,738		40,154,841				0.13	%	18.1	%
Fully diluted	48,007,147		47,993,773		47,969,106		47,791,659		40,637,745				0.03	%	18.1	%
Earnings (loss) per common share:
Basic	$	0.96	$	0.91	$	1.12	$	0.97	$	(0.14)			5.49	%	(785.7)	%
Fully diluted	0.94		0.90		1.10		0.95		(0.14)				4.44	%	(771.4)	%
Fully diluted - adjusted*	0.89		0.88		1.12		1.14		1.43				1.14	%	(37.8)	%


FB Financial Corporation						5


Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)

					2021
	For the Nine Months Ended				vs.
	September 30,				2020
	2021		2020		Percent variance
Interest income:
Interest and fees on loans	$	269,266	$	201,350	33.7	%
Interest on securities
Taxable	10,652		7,961		33.8	%
Tax-exempt	5,772		4,956		16.5	%
Other	2,089		2,141		(2.43)	%
Total interest income	287,779		216,408		33.0	%
Interest expense:
Deposits	24,341		32,050		(24.1)	%
Borrowings	5,823		3,944		47.6	%
Total interest expense	30,164		35,994		(16.2)	%
Net interest income	257,615		180,414		42.8	%
Provision for credit losses	(27,349)		97,837		(128.0)	%
Provision for credit losses on unfunded commitments	(2,875)		13,050		(122.0)	%
Net interest income after provisions for credit losses	287,839		69,527		314.0	%
Noninterest income:
Mortgage banking income	136,215		189,599		(28.2)	%
Service charges on deposit accounts	7,217		6,583		9.63	%
ATM and interchange fees	14,590		10,653		37.0	%
Investment services and trust income	7,518		4,893		53.6	%

Gain from securities, net	278		618		(55.0)	%
Gain (loss) on sales or write-downs of other real estate owned	2,478		(1,368)		281.1	%
Gain (loss) from other assets	162		(156)		203.8	%
Other income	6,578		10,395		(36.7)	%
Total noninterest income	175,036		221,217		(20.9)	%
Total revenue	432,651		401,631		7.72	%
Noninterest expenses:
Salaries, commissions and employee benefits	189,756		166,556		13.9	%
Occupancy and equipment expense	17,184		13,166		30.5	%
Legal and professional fees	6,701		5,427		23.5	%
Data processing	7,456		8,229		(9.39)	%
Merger costs	—		25,366		(100.0)	%
Amortization of core deposit and other intangibles	4,178		3,825		9.23	%
Advertising	10,012		7,236		38.4	%

Other expense	47,378		37,425		26.6	%
Total noninterest expense	282,665		267,230		5.78	%
Income before income taxes	180,210		23,514		666.4	%
Income tax expense	38,744		5,495		605.1	%
Net income applicable to noncontrolling interest and FB Financial Corporation	141,466		18,019		685.1	%
Net income applicable to noncontrolling interests	8		—		100.0	%

Net income applicable to FB Financial Corporation	$	141,458	$	18,019	685.0	%
Weighted average common shares outstanding:
Basic	47,345,984		34,404,064		37.6	%
Fully diluted	47,983,494		34,840,292		37.7	%
Earnings per common share:
Basic	$	2.99	$	0.52	475.0	%
Fully diluted	2.95		0.52		470.4	%


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except %)

													Annualized
													Q3 2021		Q3 2021
													vs.		vs.
	2021						2020				Q2 2021	Q3 2020
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	100,568	$	60,908	$	206,250	$	110,991	$	69,798			258.3	%	44.1	%
Federal funds sold and reverse repurchase agreements	145,333		59,321		104,153		121,153		118,588				575.2	%	22.6	%
Interest-bearing deposits in financial institutions	1,078,663		1,596,868		1,584,730		1,085,754		874,005				(128.7)	%	23.4	%
Cash and cash equivalents	1,324,564		1,717,097		1,895,133		1,317,898		1,062,391				(90.7)	%	24.7	%
Investments:
Available-for-sale debt securities, at fair value	1,572,558		1,404,372		1,225,178		1,172,400		1,160,521				47.5	%	35.5	%
Equity securities, at fair value	4,779		4,803		4,667		4,591		4,389				(1.98)	%	8.89	%
Federal Home Loan Bank stock, at cost	27,601		29,411		31,757		31,232		31,232				(24.4)	%	(11.6)	%
Mortgage loans held for sale, at fair value	755,210		697,407		834,779		683,770		610,695				32.9	%	23.7	%
Commercial loans held for sale, at fair value	100,496		124,122		174,983		215,403		241,256				(75.5)	%	(58.3)	%
Loans held for investment	7,294,674		7,198,954		7,047,342		7,082,959		7,213,538				5.28	%	1.12	%
Less: allowance for credit losses	139,446		144,663		157,954		170,389		183,973				(14.3)	%	(24.2)	%
Net loans	7,155,228		7,054,291		6,889,388		6,912,570		7,029,565				5.68	%	1.79	%
Premises and equipment, net	144,737		142,596		143,467		145,115		136,774				5.96	%	5.82	%
Other real estate owned, net	10,015		11,986		11,177		12,111		12,748				(65.2)	%	(21.4)	%
Operating lease right-of-use assets	44,006		45,423		48,453		49,537		52,410				(12.4)	%	(16.0)	%
Interest receivable	41,393		42,083		44,393		43,603		47,120				(6.51)	%	(12.2)	%
Mortgage servicing rights, at fair value	110,591		101,615		104,192		79,997		71,535				35.0	%	54.6	%
Goodwill	242,561		242,561		242,561		242,561		236,086				—	%	2.74	%
Core deposit and other intangibles, net	18,248		19,592		20,986		22,426		23,924				(27.2)	%	(23.7)	%
Other assets	258,303		281,008		264,712		274,116		289,792				(32.1)	%	(10.9)	%
Total assets	$	11,810,290	$	11,918,367	$	11,935,826	$	11,207,330	$	11,010,438			(3.60)	%	7.26	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,609,569	$	2,484,982	$	2,431,077	$	2,274,103	$	2,287,911			19.9	%	14.1	%
Interest-bearing checking	2,850,795		3,015,253		3,097,648		2,491,765		2,005,536				(21.6)	%	42.1	%
Money market and savings	3,424,065		3,421,281		3,347,731		3,254,915		3,236,670				0.32	%	5.79	%
Customer time deposits	1,159,472		1,241,540		1,342,717		1,375,695		1,471,556				(26.2)	%	(21.2)	%
Brokered and internet time deposits	28,017		40,900		37,713		61,559		92,074				(125.0)	%	(69.6)	%
Total deposits	10,071,918		10,203,956		10,256,886		9,458,037		9,093,747				(5.13)	%	10.8	%
Borrowings	172,710		183,962		180,179		238,324		438,838				(24.3)	%	(60.6)	%
Operating lease liabilities	48,875		50,396		54,232		55,187		56,705				(12.0)	%	(13.8)	%
Accrued expenses and other liabilities	115,781		108,239		115,333		164,400		176,057				27.6	%	(34.2)	%
Total liabilities	10,409,284		10,546,553		10,606,630		9,915,948		9,765,347				(5.16)	%	6.59	%
Shareholders' equity:
Common stock, $1 par value	47,708		47,361		47,332		47,222		47,192				2.91	%	1.09	%
Additional paid-in capital	897,428		902,782		900,521		898,847		896,158				(2.35)	%	0.14	%
Retained earnings	443,140		403,173		365,192		317,625		276,361				39.3	%	60.3	%
Accumulated other comprehensive income, net	12,637		18,405		16,058		27,595		25,287				(124.3)	%	(50.0)	%
Total common shareholders' equity	1,400,913		1,371,721		1,329,103		1,291,289		1,244,998				8.44	%	12.5	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,401,006		$	1,371,814	$	1,329,196	1,291,382		1,245,091				8.44	%	12.5	%
Total liabilities and shareholders' equity	$	11,810,290	$	11,918,367	$	11,935,826	$	11,207,330	$	11,010,438			(3.60)	%	7.26	%


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
	September 30, 2021						June 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)	$	7,245,313	$	84,115	4.61	%	$	7,085,300	$	83,364	4.72	%
Mortgage loans held for sale(b)	709,654		4,687		2.62	%	726,782		4,948		2.73	%
Commercial loans held for sale	108,863		1,282		4.67	%	152,699		1,626		4.27	%
Securities:(b)
Taxable	1,117,647		3,989		1.42	%	976,170		3,844		1.58	%
Tax-exempt(a)	311,151		2,546		3.25	%	323,902		2,614		3.24	%
Total securities(a)	1,428,798		6,535		1.81	%	1,300,072		6,458		1.99	%
Federal funds sold and reverse repurchase agreements	145,315		135		0.37	%	106,257		41		0.15	%
Interest-bearing deposits with other financial institutions	1,404,772		508		0.14	%	1,614,106		494		0.12	%
FHLB stock	28,422		157		2.19	%	31,731		156		1.97	%
Total interest-earning assets(a)	11,071,137		97,419		3.49	%	11,016,947		97,087		3.53	%
Noninterest-earning assets:
Cash and due from banks	107,263						134,501
Allowance for credit losses	(144,652)						(157,990)
Other assets	881,314						906,992
Total noninterest-earning assets	843,925						883,503
Total assets	$	11,915,062					$	11,900,450
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,937,273	$	2,298	0.31	%	$	3,027,435	$	2,689	0.36	%
Money market(e)	2,997,595		2,322		0.31	%	2,960,264		2,816		0.38	%
Savings deposits	439,470		60		0.05	%	411,711		57		0.06	%
Customer time deposits(e)	1,200,760		1,840		0.61	%	1,291,125		2,016		0.63	%
Brokered and internet time deposits(e)	32,009		76		0.94	%	39,860		341		3.43	%
Time deposits	1,232,769		1,916		0.62	%	1,330,985		2,357		0.71	%
Total interest-bearing deposits	7,607,107		6,596		0.34	%	7,730,395		7,919		0.41	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	40,437		20		0.20	%	32,543		21		0.26	%

Subordinated debt(f)	129,395		1,565		4.80	%	149,155		1,819		4.89	%
Other borrowings	1,547		8		2.05	%	1,569		7		1.79	%
Total other interest-bearing liabilities	171,379		1,593		3.69	%	183,267		1,847		4.04	%
Total interest-bearing liabilities	7,778,486		8,189		0.42	%	7,913,662		9,766		0.49	%
Noninterest-bearing liabilities:
Demand deposits	2,596,650						2,484,176
Other liabilities	150,632						162,581
Total noninterest-bearing liabilities	2,747,282						2,646,757
Total liabilities	10,525,768						10,560,419
Total common shareholders' equity	1,389,201						1,339,938
Noncontrolling interest	93						93
Total equity	1,389,294						1,340,031
Total liabilities and shareholders' equity	$	11,915,062					$	11,900,450
Net interest income(a)			$	89,230					$	87,321
Interest rate spread(a)					3.07	%					3.04	%
Net interest margin(a)					3.20	%					3.18	%
Cost of total deposits					0.26	%					0.31	%
Average interest-earning assets to average interest-bearing liabilities					142.3	%					139.2	%
Tax-equivalent adjustment			$	754					$	758
Loans HFI yield components:
Contractual interest rate(a)(c)			$	77,150	4.23	%			$	76,127	4.31	%
Origination and other loan fee income(c)			6,377		0.35	%			6,928		0.39	%
Accretion on purchased loans			157		0.01	%			(226)		(0.01)	%
Nonaccrual interest			431		0.02	%			535		0.03	%

Total loans HFI yield			$	84,115	4.61	%			$	83,364	4.72	%

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

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

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

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

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

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


FB Financial Corporation						8


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2021						December 31, 2020						September 30, 2020
	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)	$	7,000,416	$	83,067	4.81	%	$	7,139,870	$	86,398	4.81	%	$	6,062,785	$	71,660	4.70	%
Mortgage loans held for sale(b)	648,054		4,290		2.68	%	621,076		4,138		2.65	%	486,899		3,624		2.96	%
Commercial loans held for sale	197,820		2,157		4.42	%	236,676		2,830		4.76	%	99,745		1,336		5.33	%
Securities:(b)
Taxable	830,686		2,819		1.38	%	744,161		2,306		1.23	%	604,557		2,286		1.50	%
Tax-exempt(a)	334,303		2,646		3.21	%	359,509		2,867		3.17	%	309,352		2,614		3.36	%
Total securities(a)	1,164,989		5,465		1.90	%	1,103,670		5,173		1.86	%	913,909		4,900		2.13	%
Federal funds sold	133,813		20		0.06	%	95,266		30		0.13	%	88,626		19		0.09	%
Interest-bearing deposits with other financial institutions	1,427,184		421		0.12	%	1,082,004		375		0.14	%	763,251		309		0.16	%
FHLB stock	31,461		157		2.02	%	31,232		159		2.03	%	22,517		76		1.34	%
Total interest-earning assets(a)	10,603,737		95,557		3.66	%	10,309,794		99,103		3.82	%	8,437,732		81,924		3.86	%
Noninterest-earning assets:
Cash and due from banks	172,756						73,279						69,788
Allowance for credit losses	(171,380)						(183,932)						(144,991)
Other assets	903,670						912,022						816,759
Total noninterest-earning assets	905,046						801,369						741,556
Total assets	$	11,508,783					$	11,111,163					$	9,179,288
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,746,355	$	3,018	0.45	%	$	2,178,039	$	2,785	0.51	%	$	1,626,067	$	2,194	0.54	%
Money market(e)	2,917,856		3,615		0.50	%	2,769,421		3,968		0.57	%	2,179,128		3,589		0.66	%
Savings deposits	369,600		53		0.06	%	338,260		54		0.06	%	309,689		58		0.07	%
Customer time deposits(e)	1,365,570		3,036		0.90	%	1,410,108		3,704		1.04	%	1,334,829		4,817		1.44	%
Brokered and internet time deposits(e)	49,764		104		0.85	%	87,035		298		1.36	%	60,327		(85)		(0.56)	%
Time deposits	1,415,334		3,140		0.90	%	1,497,143		4,002		1.06	%	1,395,156		4,732		1.35	%
Total interest-bearing deposits	7,449,145		9,826		0.53	%	6,782,863		10,809		0.63	%	5,510,040		10,573		0.76	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	31,342		36		0.47	%	34,986		43		0.49	%	37,309		51		0.54	%
Federal Home Loan Bank advances(g)	—		—		—	%	102,174		(432)		(1.68)	%	249,457		406		0.65	%
Subordinated debt(f)	188,996		2,341		5.02	%	189,649		2,433		5.10	%	95,048		1,222		5.11	%
Other borrowings	5,924		6		0.41	%	16,612		139		3.33	%	15,015		47		1.25	%
Total other interest-bearing liabilities	226,262		2,383		4.27	%	343,421		2,183		2.53	%	396,829		1,726		1.73	%
Total interest-bearing liabilities	7,675,407		12,209		0.65	%	7,126,284		12,992		0.73	%	5,906,869		12,299		0.83	%
Noninterest-bearing liabilities:
Demand deposits	2,348,814						2,513,202						2,050,084
Other liabilities	180,976						210,483						177,329
Total noninterest-bearing liabilities	2,529,790						2,723,685						2,227,413
Total liabilities	10,205,197						9,849,969						8,134,282
Total common shareholders' equity	1,303,493						1,261,101						1,044,913
Noncontrolling interest	93						93						93
Total equity	1,303,586						1,261,194						1,045,006
Total liabilities and shareholders' equity	$	11,508,783					$	11,111,163					$	9,179,288
Net interest income(a)			$	83,368					$	86,111					$	69,625
Interest rate spread(a)					3.01	%					3.09	%					3.03	%
Net interest margin(a)					3.19	%					3.32	%					3.28	%
Cost of total deposits					0.41	%					0.46	%					0.56	%
Average interest-earning assets to average interest-bearing liabilities					138.2	%					144.7	%					142.8	%
Tax-equivalent adjustment			$	792					$	867					$	797
Loans HFI yield components:
Contractual interest rate(a)(c)			$	75,828	4.39	%			$	78,873	4.39	%			$	66,441	4.36	%
Origination and other loan fee income(c)			6,640		0.38	%			6,537		0.36	%			4,029		0.26	%
Accretion on purchased loans			(58)		—	%			708		0.04	%			526		0.04	%
Nonaccrual interest			657		0.04	%			280		0.02	%			664		0.04	%

Total loans HFI yield			$	83,067	4.81	%			$	86,398	4.81	%			$	71,660	4.70	%

(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 $426, $699, and $797 of loan contractual interest and $1,598, $2,448, and $850, of loan fees related to PPP loans for the three months ended March 31, 2021, December 31, 2020, and September 30, 2020, respectively.

(d) Includes $172,136, $279,757, and $311,025 of average PPP loan balances for the three months ended March 31, 2021, December 31, 2020, and September 30, 2020, respectively.

(e) Includes $932, $932 and $0 of interest rate premium accretion on money market deposits, $810, $1,101, and $653 of interest rate premium accretion on customer time deposits, and $153, $127, and $342 of interest rate premium accretion on brokered and internet deposits for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, respectively.

(f) Includes $255, $262, and $174 of interest rate premium accretion on subordinated debt for the three months ended March 31, 2021, December 31, 2020, and September 30, 2020, respectively.

(g) Includes $0, $545, and $115 of gain accreted from other comprehensive income with cancelled cash flow hedge for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, respectively.


FB Financial Corporation						9


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except %)
	Nine months ended						Nine months ended
	September 30, 2021						September 30, 2020
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,111,240	$	250,546	4.71	%	$	5,112,130	$	191,678	5.01	%
Mortgage loans held for sale(b)	695,056		13,925		2.68	%	353,540		8,561		3.23	%
Commercial loans held for sale	152,802		5,065		4.43	%	33,491		1,336		5.33	%
Securities:(b)
Taxable	975,886		10,652		1.46	%	537,427		7,961		1.98	%
Tax-exempt(a)	323,034		7,806		3.23	%	247,674		6,703		3.62	%
Total securities(a)	1,298,920		18,458		1.90	%	785,101		14,664		2.49	%
Federal funds sold and reverse repurchase agreements	128,504		196		0.20	%	82,089		274		0.45	%
Interest-bearing deposits with other financial institutions	1,481,939		1,423		0.13	%	520,858		1,585		0.41	%
FHLB stock	30,527		470		2.06	%	18,547		282		2.03	%
Total interest-earning assets(a)	10,898,988		290,083		3.56	%	6,905,756		218,380		4.22	%
Noninterest-earning assets:
Cash and due from banks	137,934						64,150
Allowance for loan losses	(157,910)						(101,005)
Other assets	896,042						738,866
Total noninterest-earning assets	876,066						702,011
Total assets	$	11,775,054					$	7,607,767
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,904,387	$	8,005	0.37	%	$	1,287,684	$	6,090	0.63	%
Money market(e)	2,958,864		8,753		0.40	%	1,661,867		9,739		0.78	%
Savings deposits	407,183		170		0.06	%	261,058		178		0.09	%
Customer time deposits(e)	1,288,348		6,892		0.72	%	1,245,324		15,952		1.71	%
Brokered and internet time deposits(e)	37,347		521		1.87	%	32,610		91		0.37	%
Time deposits	1,325,695		7,413		0.75	%	1,277,934		16,043		1.68	%
Total interest-bearing deposits	7,596,129		24,341		0.43	%	4,488,543		32,050		0.95	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	34,807		77		0.30	%	32,215		158		0.66	%
Federal Home Loan Bank advances(g)	—		—		—	%	249,818		1,525		0.82	%
Subordinated debt(f)	155,704		5,725		4.92	%	52,459		2,042		5.20	%
Other borrowings	2,997		21		0.94	%	12,671		219		2.31	%
Total other interest-bearing liabilities	193,508		5,823		4.02	%	347,163		3,944		1.52	%
Total interest-bearing liabilities	7,789,637		30,164		0.52	%	4,835,706		35,944		0.99	%
Noninterest-bearing liabilities:
Demand deposits	2,477,454						1,698,618
Other liabilities	163,257						149,987
Total noninterest-bearing liabilities	2,640,711						1,848,605
Total liabilities	10,430,348						6,684,311
Total common shareholders' equity	1,344,613						923,456
Noncontrolling interest	93						—
Total equity	1,344,706						923,456
Total liabilities and shareholders' equity	$	11,775,054					$	7,607,767
Net interest income(a)			$	259,919					$	182,386
Interest rate spread(a)					3.04	%					3.23	%
Net interest margin(a)					3.19	%					3.53	%
Cost of total deposits					0.32	%					0.69	%
Average interest-earning assets to average interest-bearing liabilities					139.9	%					142.8	%
Tax equivalent adjustment			$	2,304					$	1,972
Loans HFI yield components:
Contractual interest rate(a)(c)			$	229,105	4.31	%			$	178,056	4.65	%
Origination and other loan fee income(c)			19,945		0.37	%			9,441		0.25	%
Accretion on purchased loans			(127)		—	%			3,080		0.08	%
Nonaccrual interest			1,623		0.03	%			1,101		0.03	%

Total loans HFI yield			$	250,546	4.71	%			$	191,678	5.01	%

(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 $798 and $1,393 of loan contractual interest and $3,137 and $1,474 of loan fees related to PPP loans for the nine months ended September 30, 2021 and 2020 .

(d) Includes $107,002 and $182,248 of average PPP loan balances during the nine months ended September 30, 2021 and 2020.

(e) Includes $2,795 and $0 of interest rate premium accretion on money market deposits, $1,861 and $881 of interest rate mark accretion on customer time deposits and $379 and $320 of interest rate mark accretion on brokered and internet deposits for the nine months ended September 30, 2021 and 2020, respectively.

(f) Includes $369 and $174 interest rate premium accretion on subordinated debt for the nine months ended September 30, 2021 and 2020, respectively.

(g) Includes $0 and $410 of gain accretion from other comprehensive income with cancelled cash flow hedge for the nine months ended September 30, 2021 and 2020, respectively.


FB Financial Corporation						10


Loans and Deposits by Market
For the Quarters Ended
(Unaudited)
(In Thousands)

	2021						2020
	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Loans by market
Metropolitan	$	5,863,563	$	5,752,482	$	5,550,927	$	5,580,822	$	5,699,082
Community	745,796		767,001		835,444		867,575		892,229
Specialty lending and other	685,315		679,471		660,971		634,562		622,227
Total	$	7,294,674	$	7,198,954	$	7,047,342	$	7,082,959	$	7,213,538
Deposits by market
Metropolitan	$	5,918,924	$	6,133,823	$	6,389,373	$	5,812,719	$	5,574,001
Community	2,269,511		2,246,922		2,192,116		2,001,802		1,928,006
Mortgage and other(a)	1,883,483		1,823,211		1,675,397		1,643,516		1,591,740
Total	$	10,071,918	$	10,203,956	$	10,256,886	$	9,458,037	$	9,093,747

(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 %)

	2021									2020
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Banking segment(a)
Net interest income	$	88,576		$	86,553		$	82,597		$	85,207		$	68,791
Provisions for credit losses	(2,531)			(13,839)			(13,854)			(2,920)			55,401

Noninterest income	13,823			14,002			11,398			14,909			12,340

Merger expense	—			—			—			8,788			20,400
Other noninterest expense	58,777			58,194			55,735			57,458			52,135
Pre-tax income (loss) after allocations	$	46,153		$	56,200		$	52,114		$	36,790		$	(46,805)
Total assets	$	10,712,281		$	10,908,107		$	10,787,955		$	10,254,324		$	10,143,956
Intracompany funding income included in net interest income	6,075			6,110			5,400			5,160			3,940
Core efficiency ratio*	57.9		%	58.6		%	58.6		%	54.0		%	61.7		%
Mortgage segment(a)
Net interest income	$	(100)		$	10		$	(21)		$	37		$	37

Mortgage banking income	45,384			35,499			55,332			65,729			84,686

Other noninterest income	(201)			(201)			—			—			—
Merger expense	—			—			—			725			330
Other noninterest expense	36,230			34,766			38,963			42,884			45,227
Direct contribution	$	8,853		$	542		$	16,348		$	22,157		$	39,166
Total assets	$	1,098,009		$	1,010,260		$	1,147,871		$	953,006		$	866,482
Intracompany funding expense included in net interest income	6,075			6,110			5,400			5,160			3,940
Core efficiency ratio*	80.0		%	97.9		%	70.4		%	65.2		%	53.4		%
Interest rate lock commitments volume during the period
Consumer direct	$	1,085,180		$	914,163		$	949,187		$	1,291,121		$	1,453,238
Retail	926,723			860,370			939,863			896,357			965,434

Total	$	2,011,903		$	1,774,533		$	1,889,050		$	2,187,478		$	2,418,672
Interest rate lock commitments pipeline (period end)
Consumer direct	$	396,965		$	446,691		$	643,624		$	833,569		$	912,349
Retail	341,237			340,568			415,155			358,052			451,872

Total	$	738,202		$	787,259		$	1,058,779		$	1,191,621		$	1,364,221
Mortgage sales
Consumer direct	$	809,888		$	922,910		$	829,883		$	1,070,909		$	1,034,278
Retail	726,009			758,599			742,187			757,308			735,765

Total	$	1,535,897		$	1,681,509		$	1,572,070		$	1,828,217		$	1,770,043
Gains and fees from origination and sale of mortgage loans held for sale	$	39,210		$	49,435		$	57,893		$	83,971		$	76,506
Net change in fair value of loans held for sale, derivatives, and other	1,002			(17,579)			(4,229)			(16,875)			10,084
Mortgage servicing income	7,539			6,788			6,931			6,461			5,536
Change in fair value of mortgage servicing rights, net of hedging	(2,367)			(3,145)			(5,263)			(7,828)			(7,440)
Total mortgage banking income	$	45,384		$	35,499		$	55,332		$	65,729		$	84,686
Mortgage sale margin(b)	2.55		%	2.94		%	3.68		%	4.59		%	4.32		%

(a) During the first quarter of 2021, the Company re-evaluated its reportable business segments to assign all retail mortgage activities to the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. Mortgage retail footprint has been assigned to the Mortgage segment for all periods presented.

(b) 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 and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2021													2020
	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)	$	1,252,425		17	%	$	1,238,940		17%	$	1,292,530		18%	$	1,346,122		19%	$	1,417,671		20	%
Construction	1,190,623			16	%	1,145,165			16%	1,120,585			16%	1,222,220			17%	1,190,878			16	%
Residential real estate:
1-to-4 family mortgage	1,175,911			16	%	1,126,623			16%	1,078,618			15%	1,089,270			15%	1,140,611			16	%
Residential line of credit	391,684			6	%	401,343			6%	394,510			6%	408,211			6%	420,318			6	%
Multi-family mortgage	324,662			5	%	363,600			5%	271,839			4%	175,676			2%	165,937			2	%
Commercial real estate:
Owner occupied	938,241			13	%	923,605			13%	936,473			13%	924,841			13%	924,987			13	%
Non-owner occupied	1,695,573			23	%	1,675,214			23%	1,652,638			24%	1,598,979			23%	1,644,400			23	%
Consumer and other	325,555			4	%	324,464			4%	300,149			4%	317,640			5%	308,736			4	%
Total loans HFI	$	7,294,674		100	%	$	7,198,954		100%	$	7,047,342		100%	$	7,082,959		100%	$	7,213,538		100	%
Allowance for credit losses rollforward summary
Allowance for credit losses at the beginning of the period	$	144,663				$	157,954			$	170,389			$	183,973			$	113,129


Charge-offs	(2,614)					(859)				(1,170)				(10,736)				(993)
Recoveries	229					453				367				383				1,172
Provision for credit losses	(2,832)					(12,885)				(11,632)				(3,231)				45,834
Initial allowance on acquired loans with credit deterioration	—					—				—				—				24,831

Allowance for credit losses at the end of the period	$	139,446				$	144,663			$	157,954			$	170,389			$	183,973
Allowance for credit losses as a percentage of total loans HFI	1.91		%			2.01		%		2.24		%		2.41		%		2.55		%
Adjusted allowance for credit losses as a percentage of loans HFI*	1.91		%			2.03		%		2.29		%		2.48		%		2.66		%
Allowance for credit losses on unfunded commitments	$	13,503				$	13,202			$	14,156			$	16,378			$	16,067
Charge-offs
Commercial and Industrial	$	(2,175)				$	(360)			$	(277)			$	(10,105)			$	(249)
Construction	(1)					—				(29)				—				—
Residential real estate:
1-to-4 family mortgage	—					(16)				(133)				(30)				(8)
Residential line of credit	—					(3)				(15)				(1)				—
Multi-family mortgage	—					—				—				—				—
Commercial real estate:
Owner occupied	—					—				—				—				(95)
Non-owner occupied	—					—				—				—				(166)
Consumer and other	(438)					(480)				(716)				(600)				(475)
Total charge-offs	(2,614)					(859)				(1,170)				(10,736)				(993)
Recoveries
Commercial and Industrial	19					87				129				60				757
Construction	3					—				—				3				51
Residential real estate:
1-to-4 family mortgage	33					41				24				(44)				116
Residential line of credit	1					9				6				64				22
Multi-family mortgage	—					—				—				—				—
Commercial real estate:
Owner occupied	4					126				13				15				51
Non-owner occupied	—					—				—				—				—
Consumer and other	169					190				195				285				175
Total recoveries	229					453				367				383				1,172
Net (charge-offs) recoveries	$	(2,385)				$	(406)			$	(803)			$	(10,353)			$	179
Net charge-offs (recoveries) as a percentage of average total loans	0.13		%			0.02		%		0.05		%		0.58		%		(0.01)		%
Classified loans	$	131,620				$	150,658			$	156,588			$	132,223			$	126,986


FB Financial Corporation						13


Loan Portfolio and Asset Quality (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2021									2020
	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Nonperforming assets(b)
Past due 90 days or more and accruing interest	$	8,901		$	9,098		$	10,698		$	13,696		$	9,064
Nonaccrual	34,126			50,429			55,538			50,760			34,585
Total nonperforming loans held for investment	43,027			59,527			66,236			64,456			43,649
Commercial loans held for sale	5,625			5,844			12,779			6,489			12,812
Other real estate owned:
Foreclosed	6,514			6,488			4,735			6,408			6,570
Excess land and facilities	3,501			5,498			6,442			5,703			6,178
Other assets	347			816			1,230			1,170			1,184
Total nonperforming assets	$	59,014		$	78,173		$	91,422		$	84,226		$	70,393
Total nonperforming loans as a percentage of loans held for investment	0.59		%	0.83		%	0.94		%	0.91		%	0.61		%
Total nonperforming assets as a percentage of total assets	0.50		%	0.66		%	0.77		%	0.75		%	0.64		%
Total accruing loans over 90 days delinquent as a percentage of total assets	0.08		%	0.08		%	0.09		%	0.12		%	0.08		%
Loans restructured as troubled debt restructurings	$	29,645		$	42,678		$	26,095		$	15,988		$	16,681
Troubled debt restructurings as a percentage of loans held for investment	0.41		%	0.59		%	0.37		%	0.23		%	0.23		%

(a) Includes PPP loan balances of $9,415, $57,406, $145,697, $212,645, and $310,719 as of September 30, 2021, June 30, 2021,March 31, 2021, December 31, 2020, and September 30, 2020, respectively.

(b) Nonperforming assets include guaranteed repurchased loans previously sold of $3.0 million, $3.5 million, $4.1 million, $3.7 million, and $4.4 million, for the quarters ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020, and September 30, 2020, respectively.


FB Financial Corporation						14


Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)

Computation of Tangible Common Equity to Tangible Assets:	September 30, 2021			December 31, 2020

Total Common Shareholders' Equity	$	1,400,913		$	1,291,289
Less:
Goodwill	242,561			242,561
Other intangibles	18,248			22,426
Tangible Common Equity	$	1,140,104		$	1,026,302

Total Assets	$	11,810,290		$	11,207,330
Less:
Goodwill	242,561			242,561
Other intangibles	18,248			22,426
Tangible Assets	$	11,549,481		$	10,942,343

Preliminary Total Risk-Weighted Assets	$	9,577,830		$	9,073,675

Total Common Equity to Total Assets	11.9		%	11.5		%
Tangible Common Equity to Tangible Assets*	9.87		%	9.38		%


	September 30, 2021			December 31, 2020
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	1,182,609		$	1,060,364
Tier 1 Capital	1,212,609			1,090,364
Total Capital	1,399,698			1,358,897

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.3		%	11.7		%
Tier 1 Risk-Based	12.7		%	12.0		%
Total Risk-Based	14.6		%	15.0		%
Tier 1 Leverage	10.4		%	10.0		%

(a) Reflects CECL transition relief of $44,373 and $52,109 add-back for the period ending September 30, 2021 and December 31, 2020, respectively, and $50,243 and $57,979 disallowed from add-back to Tier 2 capital for the period ended September 30, 2021 and December 31, 2020, respectively.


FB Financial Corporation						15


Investment Portfolio
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2021															2020
Securities (at fair value)	Third Quarter					Second Quarter					First Quarter					Fourth Quarter				Third Quarter
Available-for-sale debt securities
U.S. government agency securities	$	10,571		1	%	$	8,255		1	%	$	—		—	%	$	2,003		—%	$	1,994		—	%
Mortgage-backed securities - residential	1,210,503			77	%	1,035,003			73	%	838,708			68	%	773,336			66%	738,106			63	%
Mortgage-backed securities - commercial	15,712			1	%	15,161			1	%	20,635			2	%	21,588			2%	21,854			2	%
Municipals, tax exempt	327,239			21	%	332,883			24	%	348,776			28	%	356,329			30%	374,880			32	%
Treasury securities	6,006			—	%	10,534			1	%	14,576			1	%	16,628			1%	21,700			2	%
Corporate securities	2,527			—	%	2,536			—	%	2,483			—	%	2,516			—%	1,987			—	%
Total available-for-sale debt securities	1,572,558			100	%	1,404,372			100	%	1,225,178			99	%	1,172,400			99%	1,160,521			99	%
Equity securities	4,779			—	%	4,803			—%		4,667			1%		4,591			1%	4,389			1	%
Total securities	$	1,577,337		100	%	$	1,409,175		100%		$	1,229,845		100%		$	1,176,991		100%	$	1,164,910		100	%
Securities to total assets	13.4		%			11.8		%			10.3		%			10.5		%		10.6		%
Unrealized gain on available-for-sale debt securities	$	14,374				$	22,321				$	19,245				$	34,552			$	31,468


FB Financial Corporation						16


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021						2020
Adjusted earnings	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Income (loss) before income taxes	$	55,006	$	56,742	$	68,462	$	58,947	$	(7,639)
Plus merger, conversion and offering expenses	—		605		—		9,513		20,730
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		—		—		63,251
Less other non-operating items(1)	1,235		2,151		(853)		(2,448)		(1,952)
Adjusted pre-tax earnings	53,771		55,196		69,315		70,908		78,294
Adjusted income tax expense(2)	11,072		12,879		15,810		16,454		20,198
Adjusted earnings	$	42,699	$	42,317	$	53,505	$	54,454	$	58,096
Weighted average common shares outstanding - fully diluted	48,007,147		47,993,773		47,969,106		47,791,659		40,637,745
Adjusted diluted earnings per share
Diluted earnings (loss) per common share	$	0.94	$	0.90	$	1.10	$	0.95	$	(0.14)
Plus merger, conversion and offering expenses	—		0.01		—		0.20		0.51

Plus initial provision for credit losses on acquired loans and unfunded commitments	—		—		—		—		1.56
Less other non-operating items	0.02		0.04		(0.02)		(0.05)		(0.05)
Less tax effect	0.03		(0.01)		—		0.06		0.55
Adjusted diluted earnings per share	$	0.89	$	0.88	$	1.12	$	1.14	$	1.43
(1) 3Q21 includes a $740 gain from change in fair value of commercial loans held for sale acquired from Franklin, a $1,510 loss on swap, and a gain of $2,005 from sales other real estate owned; 2Q21 includes a $1,364 gain from change in fair value of commercial loans held for sale acquired from Franklin and a $787 gain from lease terminations; 1Q21 includes a $853 loss from change in fair value of commercial loans held for sale acquired from Franklin; 4Q20 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin; 3Q20 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin.
(2) 3Q21 includes a $1,678 tax benefit related to a change in the value of a net operating loss tax asset related to Franklin.



	2021						2020
Adjusted pre-tax pre-provision earnings	Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter
Income (loss) before income taxes	$	55,006	$	56,742	$	68,462	$	58,947	$	(7,639)
Plus provisions for credit losses	(2,531)		(13,839)		(13,854)		(2,920)		55,401
Pre-tax pre-provision earnings	52,475		42,903		54,608		56,027		47,762
Plus merger, conversion and offering expenses	—		605		—		9,513		20,730
Less other non-operating items	1,235		2,151		(853)		(2,448)		(1,952)
Adjusted pre-tax pre-provision earnings	$	51,240	$	41,357	$	55,461	$	67,988	$	70,444


FB Financial Corporation						17


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

Adjusted earnings	YTD 2021		2020		2019		2018		2017
Income before income taxes	$	180,210	$	82,461	$	109,539	$	105,854	$	73,485
Plus merger, conversion, offering, and mortgage restructuring expenses	605		34,879		7,380		2,265		19,034
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		66,136		—		—		—
Less other non-operating items(1)	2,533		(4,400)		—		—		—
Adjusted pre-tax earnings	178,282		187,876		116,919		108,119		92,519
Adjusted income tax expense(2)	39,762		45,944		27,648		26,034		34,749
Adjusted earnings	$	138,520	$	141,932	$	89,271	$	82,085	$	57,770
Weighted average common shares outstanding - fully diluted	47,983,494		38,099,744		31,402,897		31,314,981		28,207,602
Adjusted diluted earnings per share
Diluted earnings per common share	$	2.95	$	1.67	$	2.65	$	2.55	$	1.86
Plus merger, conversion, offering, and mortgage restructuring expenses	0.01		0.92		0.24		0.07		0.67
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		1.74		—		—		—
Less other non-operating items	0.05		(0.11)		—		—		—
Less tax effect	0.02		0.71		0.06		0.01		0.48
Adjusted diluted earnings per share	$	2.89	$	3.73	$	2.83	$	2.61	$	2.05

(1) 2021 includes a $1,251 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 and a $787 gain from lease terminations; 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) 3Q21 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 2021		2020		2019		2018		2017
Income before income taxes	$	180,210	$	82,461	$	109,539	$	105,854	$	73,485
Plus provisions for credit losses	(30,224)		107,967		7,053		5,398		(950)
Pre-tax pre-provision earnings	149,986		190,428		116,592		111,252		72,535
Plus merger, conversion, offering, and mortgage restructuring expenses	605		34,879		7,380		2,265		19,034
Less other non-operating items	2,533		(4,400)		—		—		—
Adjusted pre-tax pre-provision earnings	$	148,058	$	229,707	$	123,972	$	113,517	$	91,569


FB Financial Corporation						18


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021									2020
Core efficiency ratio (tax-equivalent basis)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Total noninterest expense	$	95,007		$	92,960		$	94,698		$	109,855		$	118,092
Less merger, conversion and offering expenses	—			605			—			9,513			20,730
Less gain on lease terminations	—			(787)			—			—			—
Less FHLB prepayment penalties	—			—			—			4,533			2,305
Core noninterest expense	$	95,007		$	93,142		$	94,698		$	95,809		$	95,057
Net interest income (tax-equivalent basis)	$	89,230		$	87,321		$	83,368		$	86,111		$	69,625
Total noninterest income	59,006			49,300			66,730			80,638			97,026
Less gain (loss) on change in fair value on commercial loans held for sale	740			1,364			(853)			1,370			1,858
Less loss on swap cancellation	(1,510)			—			—			—			—
Less cash life insurance benefit	—			—			—			715			—
Less gain (loss) on sales or write-downs of other real estate owned and other assets	2,182			(27)			485			(57)			(1,279)
Less gain from securities, net	51			144			83			1,013			583
Core noninterest income	57,543			47,819			67,015			77,597			95,864
Core revenue	$	146,773		$	135,140		$	150,383		$	163,708		$	165,489
Efficiency ratio (GAAP)(a)	64.4		%	68.4		%	63.4		%	66.2		%	71.2		%
Core efficiency ratio (tax-equivalent basis)	64.7		%	68.9		%	63.0		%	58.5		%	57.4		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking Segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, historical segment efficiency ratios have been recast for consistency with these changes.

	2021									2020
Banking segment core efficiency ratio (tax equivalent)	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Core noninterest expense	$	95,007		$	93,142		$	94,698		$	95,809		$	95,057
Less Mortgage segment core noninterest expense	36,230			34,766			38,963			42,884			45,227
Core Banking segment noninterest expense	$	58,777		$	58,376		$	55,735		$	52,925		$	49,830
Core revenue	$	146,773		$	135,140		$	150,383		$	163,708		$	165,489
Less Core Mortgage segment total revenue	45,284			35,509			55,311			65,766			84,723
Core Banking segment total revenue	$	101,489		$	99,631		$	95,072		$	97,942		$	80,766
Banking segment core efficiency ratio (tax-equivalent basis)	57.9		%	58.6		%	58.6		%	54.0		%	61.7		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	36,230		$	34,766		$	38,963		$	43,609		$	45,557
Less mortgage merger expense	—			—						725			330


Core Mortgage segment noninterest expense	$	36,230		$	34,766		$	38,963		$	42,884		$	45,227
Mortgage segment total revenue	$	45,083		$	35,308		$	55,311		$	65,766		$	84,723
Less loss on sales or write-downs of other real estate owned	(201)			(201)			—			—			—
Core Mortgage segment total revenue	$	45,284		$	35,509		$	55,311		$	65,766		$	84,723
Mortgage segment core efficiency ratio (tax-equivalent basis)	80.0		%	97.9		%	70.4		%	65.2		%	53.4		%


FB Financial Corporation						19


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2021									2020
Adjusted Mortgage contribution	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter





Mortgage pre-tax net contribution	$	8,853		$	542		$	16,348		$	22,157		$	39,166
Plus mortgage merger expense	—			—			—			725			330

Adjusted Mortgage pre-tax net contribution	$	8,853		$	542		$	16,348		$	22,882		$	39,496
Pre-tax pre-provision earnings	$	52,475		$	42,903		$	54,608		$	56,027		$	47,762
% Mortgage pre-tax pre-provision net contribution	16.9		%	1.26		%	29.9		%	39.5		%	82.0		%
Adjusted pre-tax pre-provision earnings	$	51,240		$	41,357		$	55,461		$	67,988		$	70,444
% total adjusted Mortgage pre-tax pre-provision net contribution	17.3		%	1.31		%	29.5		%	33.7		%	56.1		%

	2021									2020
Tangible assets and equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Tangible assets
Total assets	$	11,810,290		$	11,918,367		$	11,935,826		$	11,207,330		$	11,010,438
Less goodwill	242,561			242,561			242,561			242,561			236,086
Less intangibles, net	18,248			19,592			20,986			22,426			23,924
Tangible assets	$	11,549,481		$	11,656,214		$	11,672,279		$	10,942,343		$	10,750,428
Tangible common equity
Total common shareholders' equity	$	1,400,913		$	1,371,721		$	1,329,103		$	1,291,289		$	1,244,998
Less goodwill	242,561			242,561			242,561			242,561			236,086
Less intangibles, net	18,248			19,592			20,986			22,426			23,924
Tangible common equity	$	1,140,104		$	1,109,568		$	1,065,556		$	1,026,302		$	984,988
Common shares outstanding	47,707,634			47,360,950			47,331,680			47,220,743			47,191,677
Book value per common share	$	29.36		$	28.96		$	28.08		$	27.35		$	26.38
Tangible book value per common share	$	23.90		$	23.43		$	22.51		$	21.73		$	20.87
Total common shareholders' equity to total assets	11.9		%	11.5		%	11.1		%	11.5		%	11.3		%
Tangible common equity to tangible assets	9.87		%	9.52		%	9.13		%	9.38		%	9.16		%



	2021									2020
Return on average tangible common equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Average common shareholders' equity	$	1,389,201		$	1,339,938		$	1,303,493		$	1,261,101		$	1,044,913
Less average goodwill	242,561			242,561			242,561			242,983			205,473
Less average intangibles, net	18,950			20,253			21,695			23,178			20,973
Average tangible common equity	$	1,127,690		$	1,077,124		$	1,039,237		$	994,940		$	818,467
Net income (loss)	$	45,290		$	43,294		$	52,874		$	45,602		$	(5,599)
Return on average common equity	12.9		%	13.0		%	16.5		%	14.4		%	(2.13		%)
Return on average tangible common equity	15.9		%	16.1		%	20.6		%	18.2		%	(2.72		%)
Adjusted net income	$	42,699		$	42,317		$	53,505		$	54,454		$	58,096
Adjusted return on average tangible common equity	15.0		%	15.8		%	20.9		%	21.8		%	28.2		%
Adjusted pre-tax pre-provision earnings	$	51,240		$	41,357		$	55,461		$	67,988		$	70,444
Adjusted pre-tax pre-provision return on average tangible common equity	18.0		%	15.4		%	21.6		%	27.2		%	34.2		%


FB Financial Corporation						20


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

Return on average tangible common equity	YTD 2021			2020			2019			2018			2017
Average common shareholders' equity	$	1,344,613		$	966,336		$	723,494		$	629,922		$	466,219
Less average goodwill	242,561			199,104			160,587			137,190			84,997
Less average intangibles, net	22,289			22,659			17,236			12,815			8,047
Average tangible common equity	$	1,079,763		$	744,573		$	545,671		$	479,917		$	373,175
Net income	$	141,458		$	63,621		$	83,814		$	80,236		$	52,398
Return on average common equity	14.1		%	6.58		%	11.6		%	12.7		%	11.2		%
Return on average tangible common equity	17.5		%	8.54		%	15.4		%	16.7		%	14.0		%



Adjusted net income	$	138,520		$	141,932		$	89,271		$	82,085		$	57,770
Adjusted return on average tangible common equity	17.2		%	19.1		%	16.4		%	17.1		%	15.5		%
Adjusted pre-tax pre-provision earnings	$	148,058		$	229,707		$	123,972		$	113,517		$	91,569
Adjusted pre-tax pre-provision return on average tangible common equity	18.3		%	30.9		%	22.7		%	23.7		%	24.5		%

	2021									2020
Adjusted return on average assets and equity	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Net income (loss)	$	45,290		$	43,294		$	52,874		$	45,602		$	(5,599)
Average assets	11,915,062			11,900,450			11,508,783			11,111,163			9,179,288
Average common equity	1,389,201			1,339,938			1,303,493			1,261,101			1,044,913
Return on average assets	1.51		%	1.46		%	1.86		%	1.63		%	(0.24		%)
Return on average common equity	12.9		%	13.0		%	16.5		%	14.4		%	(2.13		%)
Adjusted net income	$	42,699		$	42,317		$	53,505		$	54,454		$	58,096
Adjusted return on average assets	1.42		%	1.43		%	1.89		%	1.95		%	2.52		%
Adjusted return on average common equity	12.2		%	12.7		%	16.6		%	17.2		%	22.1		%













Adjusted pre-tax pre-provision earnings	$	51,240		$	41,357		$	55,461		$	67,988		$	70,444
Adjusted pre-tax pre-provision return on average assets	1.71		%	1.39		%	1.95		%	2.43		%	3.05		%
Adjusted pre-tax pre-provision return on average common equity	14.6		%	12.4		%	17.3		%	21.4		%	26.8		%


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 2021			2020			2019			2018			2017
Net income	$	141,458		$	63,621		$	83,814		$	80,236		$	52,398
Average assets	11,775,054			8,438,100			5,777,672			4,844,865			3,811,158
Average common equity	1,344,613			966,336			723,494			629,922			466,219
Return on average assets	1.61		%	0.75		%	1.45		%	1.66		%	1.37		%
Return on average common equity	14.1		%	6.58		%	11.6		%	12.7		%	11.2		%
Adjusted net income	$	138,520		$	141,932		$	89,271		$	82,085		$	57,770
Adjusted return on average assets	1.57		%	1.68		%	1.55		%	1.69		%	1.52		%
Adjusted return on average common equity	13.8		%	14.7		%	12.3		%	13.0		%	12.4		%




Adjusted pre-tax pre-provision earnings	$	148,058		$	229,707		$	123,972		$	113,517		$	91,569
Adjusted pre-tax pre-provision return on average assets	1.68		%	2.72		%	2.15		%	2.34		%	2.40		%
Adjusted pre-tax pre-provision return on average common equity	14.7		%	23.8		%	17.1		%	18.0		%	19.6		%

	2021									2020
Adjusted allowance for credit losses to loans held for investment	Third Quarter			Second Quarter			First Quarter			Fourth Quarter			Third Quarter
Allowance for credit losses	$	139,446		$	144,663		$	157,954		$	170,389		$	183,973
Less allowance for credit losses attributed to PPP loans	2			9			23			34			49
Adjusted allowance for credit losses	$	139,444		$	144,654		$	157,931		$	170,355		$	183,924
Loans held for investment	$	7,294,674		$	7,198,954		$	7,047,342		$	7,082,959		$	7,213,538
Less PPP loans	9,415			57,406			145,697			212,645			310,719
Adjusted loans held for investment	$	7,285,259		$	7,141,548		$	6,901,645		$	6,870,314		$	6,902,819
Allowance for credit losses to loans held for investment	1.91		%	2.01		%	2.24		%	2.41		%	2.55		%
Adjusted allowance for credit losses to loans held for investment	1.91		%	2.03		%	2.29		%	2.48		%	2.66		%


FB Financial Corporation						22

October 19, 2021 2021 Third Quarter Earnings Presentation

1 Forward–Looking Statements Certain statements contained in this presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the ongoing impact of the COVID-19 global pandemic and new virus variants on FB Financial Corporation’s (the “Company”) business operations and statements related to the Company’s future plans, results, strategies, and expectations, including expectations related to the Company’s Allowance for Credit Losses. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “project,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) the ongoing effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and the emergence of new variants, and its impact on general economic and financial market conditions and on our business and our customers' business, results of operations, asset quality and financial condition, (3) ongoing public response to the vaccines that were developed against the virus as well as the decisions of governmental agencies with respect to vaccines, including recommendations related to booster shots and requirements that seek to mandate that individuals receive or employers require that their employees receive the vaccine, (4) those vaccines' efficacy against the virus, including new variants, (5) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (6) our ability to effectively manage problem credits, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, potential future acquisitions, (8) difficulties and delays in integrating acquired businesses or fully realizing costs savings, revenue synergies and other benefits from future and prior acquisitions, (9) the Company’s ability to successfully execute its various business strategies, (10) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (11) the potential impact of the proposed phase-out of the London Interbank Offered Rate ("LIBOR") or other changes involving LIBOR, (12) the effectiveness of our cybersecurity controls and procedures to prevent and mitigate attempted intrusions, (13) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, and (14) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10- K for the fiscal year ended December 31, 2020, and in any of the Company’s subsequent filings with the Securities and Exchange Commission. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the company. The Company qualifies all forward-looking statements by these cautionary statements.

2 Use of non-GAAP financial measures This presentation 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 earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, 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 mortgage contribution, adjusted return on average tangible common equity, adjusted pretax pre-provision return on average tangible common equity, adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity and adjusted 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 following tables provide a reconciliation of these measures to the most directly comparable GAAP financial measures.

3 3Q 2021 highlights Key highlights  Excluding PPP loans, loans grew 8.0% annualized in 3Q 2021, or $144 million. YTD 2021 annualized growth, excluding PPP loans, of 8.1%, or $415 million  Noninterest bearing deposits increased by $125 million, or 19.9% annualized  $9.4 million of originally funded $315 million in PPP loans remaining as of 3Q 2021, $0.1 million in expected fee income from the program remaining  Cost of total deposits decreased by 5 basis points from 2Q 2021, while contractual yield on loans held for investment declined by 8 basis points  ACL to loans HFI declined from 2.01% as of 2Q 2021 to 1.91% as of 3Q 2021 as economic forecasts continue to improve  Remaining loan deferrals of $18 million in outstanding balances as of 3Q 2021. $5 million are full deferral or principal and interest. $13 million are on interest-only payment plans.  Commercial Loans Held For Sale portfolio balances down to $100 million as of 3Q 2021 compared to $430 million at announcement of Franklin Financial Network transaction and $124 million as of 2Q 2021  Total mortgage contribution of $8.9 million, $4.9 million beat to prior guidance of $2 million - $4 million Financial results 1 Results are non-GAAP financial measures that adjust GAAP reported net income, total assets, equity and other metrics for certain intangibles, income and expense items as outlined in the non-GAAP reconciliation calculations, using a combined marginal income tax rate of 26.06% excluding one-time items. See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. 3Q 2021 Diluted earnings per share Adjusted diluted earnings per share1 $0.94 $0.89 Net income ($mm) Adjusted net income1 ($mm) $45.3 $42.7 Return on average assets Adjusted return on average assets1 1.51% 1.42% Return on average equity Adjusted return on average equity1 12.9% 12.2% Return on average tangible common equity1 Adjusted return on average tangible common equity1 15.9% 15.0% Adjusted pre-tax, pre-provision earnings1 ($mm) $51.2 Adjusted pre-tax, pre-provision return on average assets1 1.71% Adjusted pre-tax, pre-provision return on average tangible common equity1 18.0% Net interest margin Impact of accretion and nonaccrual interest (bps) 3.20% 2 Efficiency ratio Core efficiency ratio1 64.4% 64.7% Tangible common equity / tangible assets1 9.9%

4 4.46% 4.66% 4.34% 3.46% 3.19% 2017 2018 2019 2020 YTD21 Core earnings power ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. Adjusted return on average assets¹ 1.52% 1.69% 1.55% 1.68% 1.57% 2017 2018 2019 2020 YTD21 Drivers of profitability Net interest margin Noninterest income ($mm)Loans/deposits Core efficiency ratio1 68.1% 65.8% 65.4% 59.2% 65.4% 2017 2018 2019 2020 YTD21 $142 $131 $135 $302 $175 2017 2018 2019 2020 YTD21 101% 95% 95% 84% 81% 86% 88% 89% 75% 72% 15% 7% 6% 9% 9% 2017 2018 2019 2020 3Q21 Loans excluding HFS Loans HFS

5 Stable net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. 2 Excess liquidity defined as interest-bearing deposits with other financial institutions in excess of 5% of average tangible assets. Assumes funded from all interest bearing liabilities. $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 3Q20 4Q20 1Q21 2Q21 3Q21 Av g. in te re st e ar ni ng as se ts ($ m m ) Yi el ds a nd C os ts (% ) Average interest earning assets Yield on loans Cost of deposits NIM NIM1 3.28% 3.32% 3.19% 3.18% 3.20% Impact of accretion and nonaccrual interest (bps) 5 4 3 1 2 Impact of excess liquidity2 (bps) (15) (22) (33) (37) (28) Deposit Cost: Cost of MMDA 0.66% 0.57% 0.50% 0.38% 0.31% Cost of customer time 1.44% 1.04% 0.90% 0.63% 0.61% Cost of interest-bearing 0.76% 0.63% 0.53% 0.41% 0.34% Total deposit cost 0.56% 0.46% 0.41% 0.31% 0.26% Loans HFI Yield: Contractual interest 4.36% 4.39% 4.39% 4.31% 4.23% Origination and other loan fee income 0.26% 0.36% 0.38% 0.39% 0.35% Nonaccrual interest 0.04% 0.05% 0.04% 0.03% 0.02% Accretion on purchased loans 0.04% 0.02% 0.00% (0.01%) 0.01% Total loan (HFI) yield 4.70% 4.81% 4.81% 4.72% 4.61%

6 2Q21 Mortgage volumes improved in 3Q 2021 Highlights  Total mortgage pre-tax contribution1 of $8.9 million for the third quarter  As mortgage rates and volumes have normalized, margins have stabilized  The housing market continues to face supply shortages, weighing on purchase volume  Pipeline at the end of 3Q 2021 of $738 million, as compared to $787 million at the end of 2Q 2021  Mortgage banking income of $45.4 million in 3Q 2021 compared to $35.5 million in 2Q 2021 Mortgage banking income ($mm) 3Q20 2Q21 3Q21 Gain on Sale $76.5 $49.4 $39.2 Fair value changes $10.1 ($17.6) $1.0 Servicing Revenue $5.5 $6.8 $7.6 Fair value MSR changes ($7.4) ($3.1) ($2.4) Total Income $84.7 $35.5 $45.4 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. ² As of the respective period-end. 3 Defined as the fair value plus related derivatives for mandatory and best efforts divided by their pull-through weighted volume. Quarterly mortgage production Mark to Market Value and Gain on Sale Margin 3Q20 3Q21 IRLC volume: IRLC pipeline2: Refinance %: Purchase %: $2,419mm $1,775mm $2,012mm $1,364mm $787mm $738mm 76% 58% 66% 24% 42% 34% Consumer Direct Retail 3.99% 3.42% 2.91% 2.42% 2.44% 4.32% 4.59% 3.68% 2.94% 2.55% 3Q20 4Q20 1Q21 2Q21 3Q21 Mark to Market Value Gain on Sale Margin3

7 Managing expenses and investing to support growth Highlights Consolidated 3Q 2021 core efficiency ratio¹ of 64.7% Change in segment definitions 1Q 2021 as mortgage retail footprint no longer included in the banking segment Banking segment improvement reflects relatively flat expense base paired with growth in revenue. Continue to balance managing expenses in a zero-rate environment while making prudent investments in people and technology Mortgage efficiency improved as refinance volume returned and margins stabilized ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. During the first quarter of 2021, the Company re-evaluated its reportable business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company chose to assign retail mortgage activities within the Banking geographical footprint to the Banking segment. The results of mortgage retail footprint have been assigned to the Mortgage segment for all periods presented. As such, historical segment efficiency ratios have been recast for consistency with these changes. Core efficiency ratio (tax-equivalent basis)¹ 61.7% 54.0% 58.6% 58.6% 57.9% 57.4% 58.5% 63.0% 68.9% 64.7% 53.4% 65.2% 70.4% 97.9% 80.0% 3Q20 4Q20 1Q21 2Q21 3Q21 Banking segment Consolidated Mortgage segment

8 Well-capitalized for future opportunities Tangible book value per share3 Simple capital structure Common Equity Tier 1 Capital 85% Trust Preferred 2% Subordinated Notes 7% Tier 2 ACL 6% Total regulatory capital: $1,4002 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $23.90 3Q16 4Q16 4Q17 4Q18 4Q19 4Q20 3Q21 3Q201 2Q211 3Q211,2 Shareholder’s equity/Assets 11.3% 11.5% 11.9% TCE/TA3 9.2% 9.5% 9.9% Common equity tier 1/Risk-weighted assets 11.8% 12.4% 12.3% Tier 1 capital/Risk-weighted assets 12.1% 12.7% 12.7% Total capital/Risk-weighted assets 15.3% 14.9% 14.6% Tier 1 capital /Average assets 11.8% 10.1% 10.4% C&D loans subject to 100% tier 1 capital plus ACL4 92% 90% 91% CRE loans subject to 300% tier 1 capital plus ACL4 232% 251% 247% Capital position 1 For regulatory capital purposes, the CECL impact over 2020 and 2021 is gradually phased-in from Common Equity Tier 1 Capital to Tier 2 capital. As of 3Q20, 2Q21 and 3Q21, respectively, $55.5 million, $45.7 million and $44.4 million are being added back to CET 1 and Tier 1 Capital, and $61.4 million, $51.5 million and $50.2 million are being taken out of Tier 2 capital. 2 Total regulatory capital, FB Financial Corporation. 3Q21 calculation is preliminary and subject to change. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 4 Tier 1 capital at FirstBank as defined in Call Report.

9 Noninterest- bearing checking 26% Interest-bearing checking 28% Money market 30% Savings 4% Time 12% 54% Checking accounts Valuable core deposit base ¹ Includes mortgage servicing-related deposits of $194.3 million, $147.9 million, $170.9 million, $166.1 million and $190.6 million for the quarters ended September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021 and September 30, 2021, respectively. Total deposits ($mm) Cost of deposits Noninterest bearing deposits1 ($mm) Deposit composition $9,002 $9,396 $10,219 $10,163 $10,044 $92 $62 $38 $41 $28 $9,094 $9,458 $10,257 $10,204 $10,072 3Q20 4Q20 1Q21 2Q21 3Q21 Customer deposits Brokered and internet time deposits $2,288 $2,274 $2,431 $2,485 $2,610 3Q20 4Q20 1Q21 2Q21 3Q21 25.2% 24.0% 23.7% 24.4% 25.9% 0.56% 0.46% 0.41% 0.31% 0.26%0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 3Q20 4Q20 1Q21 2Q21 3Q21 Noninterest bearing (%) Cost of total deposits (%)

10 Retail 19% Hotel 18% Office 18% Warehouse / Industrial 11% Land-Mobile Home Park 4% Self Storage 4% Healthcare Facility 3% Other 23% 1-4 Family to be sold 43% Commercial Land 30% 1-4 Consumer Construction 9% Retail 4% Multifamily 3% Self Storage 2% Other 9% 1-4 family 16% 1-4 family HELOC 6% Multifamily 5% C&D 16% CRE 23% C&I 30% Other 4% Balanced loan portfolio CRE2 exposure by type Portfolio mix 1 C&I includes owner-occupied CRE. PPP Loans comprise 0.4% of C&I loans, or 0.1% of gross loans (HFI). 2 Excludes owner-occupied CRE. C&I1 exposure by industry 1 2 C&D exposure by type Balance Ex. PPP PPP C&I CRE-OO Total % of Total Loans Real Estate Rental and Leasing 295.2$ 154.4$ 449.6$ 20.6% 0.2 Finance and Insurance 239.5 11.2 250.7 11.5% 0.5 Retail Trade 114.5 124.7 239.2 11.0% 0.3 Manufacturing 124.0 58.0 182.0 8.3% 0.9 Health Care and Social Assistance 55.7 120.1 175.8 8.0% 0.5 Other Services (except Public Administration) 20.9 124.3 145.2 6.7% 0.2 Wholesale Trade 90.8 52.0 142.8 6.5% 0.1 Construction 68.3 49.2 117.5 5.4% 0.3 Accomodation and Food Services 20.9 88.4 109.3 5.0% 1.2 Transportation and Warehousing 55.1 18.3 73.4 3.4% 1.3 Professional, Scientific and Technical Services 35.3 24.2 59.5 2.7% 0.3 Arts, Entertainment and Recreation 18.3 33.2 51.5 2.4% 0.3 Information 20.4 18.2 38.6 1.8% 0.0 Other 84.1 62.0 146.1 6.7% 3.3 Total 1,243.0$ 938.2$ 2,181.2$ 100.0% 9.4$

11  Total deferrals across the entire loan portfolio are down to $18 million. $13 million are paying interest, while $5 million are full deferrals of principal and interest.  Credit quality remains satisfactory overall  Monitoring the ability of Retail, Hotel and Restaurant customers to hire sufficient staff as well as the potential for a resurgence of Covid in the winter, but generally comfortable with current outlook for industries of concern Pandemic-related credit update Industries of concern deferral overview Industry exposures / gross loans (HFI) 8.8% 4.6% 4.4% 2.2% 1.7% 1.7% Retail Hotel Healthcare Restaurant Other Leisure Transportation Industries of concern credit quality 0.0% 0.0% 0.0%0.0% 3 9 1.5% 0.0% Retail Hotel Healthcare Restaurant Other Leisure Transportation Interest Only / Industry Loans Full P&I Deferral / Industry Loans 0.8% 1.2% 1.5% 1.8% 0.1% 1.4% 3.9% 9.0% 0.4% 1.9% 0.6% Retail Hotel Healthcare Restaurant Other Leisure Transportation Special Mention / Industry Loans Classified / Industry Loans

12 0.61% 0.91% 0.94% 0.83% 0.59% 0.64% 0.75% 0.77% 0.66% 0.50% 3Q20 4Q20 1Q21 2Q21 3Q21 NPLs (HFI)/loans (HFI) NPAs/assets 2.66% 2.48% 2.29% 2.03% 1.91% 3Q20 4Q20 1Q21 2Q21 3Q21 (0.01%) 0.58% 0.05% 0.02% 0.13% 3Q20 4Q20 1Q21 2Q21 3Q21 Asset quality remains solid Nonperforming ratios Classified loans / loans HFI LLR/loans HFI (excluding PPP loans)2 Net charge-offs (recoveries) / average loans 1 Includes acquired excess land and facilities held for sale–see page 14 of the Quarterly Financial Supplement. 2 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. 1.76% 1.87% 2.22% 2.09% 1.80% 3Q20 4Q20 1Q21 2Q21 3Q21 1

13 Allowance for credit losses overview ACL / Loans HFI by Category  Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s model with key economic data summarized below: 1Source: Moody’s “August 2021 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”. 2 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 3 Commercial and Industrial excludes $9.4 million, $57.4 million and $310.7 million in PPP loans for September 30, 2021, June 30, 2021 and September 30, 2020, respectively. 32 2.66% 0.65% 3.51% 5.34% 4.33% 1.60% 2.73% 3.38% 2.03% 0.88% 2.56% 2.88% 3.71% 1.75% 1.67% 3.27% 1.91% 1.25% 2.15% 2.50% 3.70% 1.45% 1.47% 3.46% Gross Loans HFI (Ex. PPP) Commercial & Industrial Non-Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 3Q 2020 2Q 2021 3Q 2021 FQE, FYE 12/31, 4Q 2021 1Q 2022 2021 2022 2023 2024 2025 GDP (bcw$) 19,864.7$ 19,904.1$ 19,505.0$ 19,971.9$ 20,432.3$ 21,040.6$ 21,643.8$ Annualized % Change 2.5% 0.8% 6.1% 2.4% 2.3% 3.0% 2.9% Total Employment (millions) 146.8 146.2 145.6 147.6 150.1 151.3 152.9 Unemployment Rate 6.3% 6.7% 5.9% 5.7% 4.4% 4.6% 4.2% CRE Price Index 307.3 300.1 307.3 294.9 333.3 357.0 380.3 NCREIF Property Index: Rate of Return 1.0% 1.2% 2.1% 0.9% 2.3% 2.9% 2.9%

14 Appendix

15 GAAP reconciliation and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

16 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings

17 GAAP reconciliation and use of non-GAAP financial measures Adjusted earnings and diluted earnings per share*

18 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings

19 GAAP reconciliation and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis)

20 GAAP reconciliation and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis)

21 GAAP reconciliation and use of non-GAAP financial measures Segment core efficiency ratios (tax-equivalent basis)

22 GAAP reconciliation and use of non-GAAP financial measures Adjusted mortgage contribution

23 GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity and tangible book value per share

24 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity

25 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity

26 GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and equity

27 GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and equity

28 GAAP reconciliation and use of non-GAAP financial measures Adjusted Allowance for Credit Losses to Loans Held for Investment

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