Quartergate

Document 1

EX-99.1 2 a2q25pressreleasetablesfor.htm EX-99.1 Document

FB Financial Corporation Reports Second Quarter 2025 Financial Results

Reports Q2 Diluted EPS of $0.06, Adjusted Diluted EPS* of $0.88

NASHVILLE, TENNESSEE—July 14, 2025-- FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $2.9 million, or $0.06 per diluted common share, for the second quarter of 2025, compared to $0.84 in the previous quarter and $0.85 in the second quarter of last year. Adjusted net income* was $40.8 million, or $0.88 per diluted common share, compared to $0.85 in the previous quarter and $0.84 in the second quarter of last year. The Company reported adjusted pre-tax, pre-provision net revenue* of $58.6 million for the second quarter of 2025, reflecting increases of 12.5% and 12.0% from $52.1 million and $52.4 million in the previous quarter and second quarter of last year, respectively.

The Company ended the second quarter of 2025 with loans held for investment (“HFI”) of $9.87 billion compared to $9.77 billion at the end of the previous quarter, a 4.22% annualized increase, and $9.31 billion at the end of the second quarter of last year, a 6.07% increase. Deposits were $11.40 billion as of June 30, 2025, compared to $11.20 billion as of March 31, 2025, a 7.21% annualized increase, and $10.47 billion as of June 30, 2024, an 8.94% increase. Net interest margin (“NIM”) was 3.68% for the second quarter of 2025, compared to 3.55% in the prior quarter and 3.57% in the second quarter of 2024. The Company elected to sell $266.5 million of available-for-sale debt securities in June resulting in a $60.5 million GAAP loss which has been adjusted from earnings in the Company’s computations of adjusted results and performance measures for the second quarter. The Company ended the quarter with book value per common share of $35.17 and tangible book value per common share* of $29.78.

President and Chief Executive Officer, Christopher T. Holmes stated, “The Company delivered solid operating results in the second quarter with growth in both loans and customer deposits, a healthy net interest margin and managed expense growth, along with strong capital and liquidity positions. Additionally, we repositioned our balance sheet by selling low-yielding securities which will further enhance both our liquidity and margin moving forward. With the momentum of the quarter, the impact of the balance sheet enhancements and the July 1st closing of the Southern States Bancshares, Inc. (“Southern States”) merger, we are well-positioned for the second half of the year.”


										Annualized
(dollars in thousands, except share data)	Jun 2025			Mar 2025			Jun 2024			Jun 25 / Mar 25 % Change		Jun 25 / Jun 24 % Change
Balance Sheet Highlights
Investment securities, at fair value	$	1,337,565		$	1,580,720		$	1,482,379		(61.7)	%	(9.77)	%
Loans held for sale	144,212			172,770			106,875			(66.3)	%	34.9	%

Loans HFI	9,874,282			9,771,536			9,309,553			4.22	%	6.07	%

Allowance for credit losses on loans HFI	(148,948)			(150,531)			(155,055)			(4.22)	%	(3.94)	%
Total assets	13,354,238			13,136,449			12,535,169			6.65	%	6.53	%

Interest-bearing deposits (non-brokered)	8,692,848			8,623,636			8,130,704			3.22	%	6.91	%
Brokered deposits	518,719			414,428			150,113			100.9	%	245.6	%
Noninterest-bearing deposits	2,191,903			2,163,934			2,187,185			5.18	%	0.22	%



Total deposits	11,403,470			11,201,998			10,468,002			7.21	%	8.94	%

Borrowings	164,485			168,944			360,944			(10.6)	%	(54.4)	%
Allowance for credit losses on unfunded commitments	12,932			6,493			5,984			397.8	%	116.1	%
Total common shareholders’ equity	1,611,130			1,601,962			1,500,502			2.30	%	7.37	%
Book value per common share	$	35.17		$	34.44		$	32.17		8.50	%	9.33	%
Tangible book value per common share*	$	29.78		$	29.12		$	26.82		9.09	%	11.0	%

Total common shareholders’ equity to total assets	12.1		%	12.2		%	12.0		%
Tangible common equity to tangible assets*	10.4		%	10.5		%	10.2		%

*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Second Quarter 2025 Financial Supplement.

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FB Financial Corporation

Second Quarter 2025 Results

Page 2


	Three Months Ended
(dollars in thousands, except share data)	Jun 2025			Mar 2025			Jun 2024
Statement of Income Highlights
Net interest income	$	111,415		$	107,641		$	102,615
NIM	3.68		%	3.55		%	3.57		%



Noninterest (loss) income	$	(34,552)		$	23,032		$	25,608

(Loss) gain from securities, net	$	(60,549)		$	16		$	—
Gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	$	236		$	(625)		$	(281)

Total revenue	$	76,863		$	130,673		$	128,223
Noninterest expense	$	81,261		$	79,549		$	75,093


Early retirement and severance costs	$	—		$	—		$	1,015


Merger and integration costs	$	2,734		$	401		$	—
Efficiency ratio	105.7		%	60.9		%	58.6		%
Core efficiency ratio*	56.9		%	59.9		%	58.3		%





Pre-tax, pre-provision net revenue	$	(4,398)		$	51,124		$	53,130
Adjusted pre-tax, pre-provision net revenue*	$	58,649		$	52,134		$	52,369
Provisions for credit losses	$	5,337		$	2,292		$	2,224
Net charge-offs ratio	0.02		%	0.14		%	0.02		%
Net income applicable to FB Financial Corporation	$	2,909		$	39,361		$	39,979
Diluted earnings per common share	$	0.06		$	0.84		$	0.85
Effective tax rate(a)	130.0		%	19.4		%	21.4		%
Adjusted net income*	$	40,821		$	40,108		$	39,424
Adjusted diluted earnings per common share*	$	0.88		$	0.85		$	0.84


Weighted average number of shares outstanding - fully diluted	46,179,090			47,024,211			46,845,143

Returns on average:

Return on average total assets (“ROAA”)	0.09		%	1.21		%	1.30		%
Adjusted*	1.26		%	1.23		%	1.28		%
Return on average shareholders’ equity	0.74		%	10.1		%	10.9		%

Return on average tangible common equity (“ROATCE”)*	0.87		%	11.9		%	13.1		%
Adjusted*	12.4		%	12.3		%	13.1		%




*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Second Quarter 2025 Financial Supplement.
(a) The effective tax rate for the three months ended June 30, 2025, reflects a $60.5 million loss on sale of securities and $10.7 million in one-time income tax benefit due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest.

Balance Sheet and Net Interest Margin

The Company reported loans HFI of $9.87 billion at the end of the second quarter of 2025, compared to $9.77 billion at the end of the prior quarter. Net growth in loans HFI was driven by increases of $59.0 million in commercial real estate loans, $42.8 million in consumer and other loans, $28.1 million in 1-to-4 family mortgages and $27.6 million in residential lines of credit offset by a decline in multi-family loans of $61.1 million.

Near the end of the second quarter of 2025, the Company elected to sell $266.5 million in available-for-sale debt securities with a weighted average yield of 1.63%. The Company anticipates utilizing the proceeds from this transaction to redeem outstanding subordinated and trust preferred debt, as well as originating higher yielding loans. The securities sold resulted in a GAAP loss of $60.5 million, which has been adjusted from earnings in the Company’s computations of adjusted results and performance measures for the second quarter.

The Company reported total deposits of $11.40 billion at the end of the second quarter compared to $11.20 billion at the end of the first quarter. Total cost of deposits decreased to 2.48% during the second quarter compared to 2.54% in the first quarter of 2025. The decrease in cost was driven by moving higher cost deposits off the balance sheet. Noninterest-bearing deposits were $2.19 billion at the end of the quarter compared to $2.16 billion at the end of the first quarter of 2025.

The Company reported net interest income on a tax-equivalent basis in the second quarter of 2025 of $112.2 million compared to $108.4 million in the prior quarter. NIM increased to 3.68% for the second quarter of 2025 from 3.55% for the previous quarter. NIM improvement was driven by an increase in yields on earning assets of 8 basis points and a decrease in rates paid on interest-bearing liabilities of 3 basis points. The contractual yield on loans HFI increased to 6.34% from 6.31% in the first quarter of 2025 and the cost of interest-bearing deposits decreased to 3.10% from 3.13% in the previous quarter.

Holmes continued, “In the second quarter, we took several strategic actions to strengthen the Company’s earnings profile, including restructuring our balance sheet. We are deploying the resulting funds to redeem debt, support loan growth and enhance

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FB Financial Corporation

Second Quarter 2025 Results

Page 3

our funding mix in the second half of the year. Our team remains focused on balancing growth, liquidity and credit quality while driving earnings improvement.”

Noninterest Income

Core noninterest income* was $25.8 million for the second quarter of 2025, compared to $23.6 million and $23.8 million for the prior quarter and second quarter of 2024, respectively.

Mortgage banking income was $13.0 million in the second quarter of 2025, compared to $12.4 million in the prior quarter and $11.9 million in the second quarter of 2024.

Noninterest Expense

Core noninterest expense* during the second quarter of 2025 was $78.5 million compared to $79.1 million for the prior quarter and $74.1 million for the second quarter of 2024. During the second quarter of 2025, the Company’s core efficiency ratio*1 was 56.9%, compared to 59.9% in the previous quarter and 58.3% in the second quarter of 2024. Core banking noninterest expense* was $64.6 million for the quarter, compared to $66.5 million in the prior quarter and $61.2 million in the second quarter of 2024.

Chief Financial Officer Michael Mettee commented, “Noninterest expense fell within our expectations in the second quarter as we focused on a successful combination with Southern States and the integration of our two institutions. Creating operating leverage remains a key focus as we continue to drive disciplined execution and long-term value.”

Credit Quality

In the second quarter, the Company recorded a provision reversal of $1.1 million related to loans HFI and a provision expense of $6.4 million related to unfunded loan commitments. The Company had an allowance for credit losses on loans HFI as of the end of the second quarter of 2025 of $148.9 million, representing 1.51% of loans HFI compared to $150.5 million, or 1.54% of loans HFI as of March 31, 2025.

The Company had net charge-offs of $0.5 million in the second quarter of 2025, representing annualized net charge-offs of 0.02% of average loans HFI, compared to 0.14% in the prior quarter and 0.02% in the second quarter of 2024.

The Company’s nonperforming loans HFI as a percentage of total loans HFI increased to 0.97% as of the end of the second quarter of 2025, compared to 0.79% at both the previous quarter-end and the end of the second quarter of 2024. Nonperforming assets as a percentage of total assets increased to 0.92% as of the end of the second quarter of 2025, compared to 0.84% at the end of the prior quarter and 0.81% as of the end of the second quarter of 2024.

Holmes commented, “Our allowance for credit losses and charge-offs remained stable during the quarter. We saw a small uptick in nonperforming assets during the quarter, but loss content remains limited, and charge-offs continue at modest levels. We remain consistent and disciplined in our credit management approach and maintain our positive outlook for our credit portfolio.”

Capital

The Company maintained its strong capital position in the second quarter, resulting in a preliminary total risk-based capital ratio of 14.7%, preliminary common equity tier 1 ratio of 12.3% and tangible common equity to tangible assets ratio* of 10.4%. The Company repurchased 811,704 shares during the quarter.

Holmes continued, “With the successful close of our merger with Southern States, the Company enters the second half of the year with enhanced scale and strategic flexibility. We continue to maintain ample capital to support organic growth and pursue inorganic opportunities. Our disciplined approach to capital deployment keeps us well positioned when the right opportunities arise.”

Summary

Holmes finalized, “As we close the second quarter of 2025, we’re pleased to mark the successful closing of our merger with Southern States. This merger expands our size, reach and ability to serve our customers and communities with greater impact. The energy across our combined team is strong, and we’re focused on delivering enhanced value and performance. With our increased scale and momentum, we are well-positioned to generate stronger returns for our shareholders and seize the opportunities ahead.”

Southern States transaction

On July 1, 2025, the Company completed its merger with Southern States. At closing, Southern States had approximately $2.87 billion in total assets, loans of $2.32 billion and deposits of $2.47 billion. The Company expects system conversions related to the transaction to be completed in the third quarter of 2025.

*Non-GAAP financial measure;1A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Second Quarter 2025 Financial Supplement.

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FB Financial Corporation

Second Quarter 2025 Results

Page 4

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company’s financial results on July 15, 2025, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 4376121) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through July 22, 2025, by dialing 1-877-344-7529 and entering confirmation code 1412332.

A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=KwKnC51G. An online replay will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 12 months.

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, in Tennessee, Kentucky, Alabama, and Georgia. Including the impact of the merger with Southern States on July 1, 2025, FB Financial Corporation has approximately $16.0 billion in total assets and operates 93 full-service bank branches across its footprint.


MEDIA CONTACT:						FINANCIAL CONTACT:

Keith Hancock						Michael Mettee
404-310-2368						615-435-0952
[email protected]						[email protected]
www.firstbankonline.com						[email protected]

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Second Quarter 2025 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Second Quarter 2025 Financial Supplement 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 July 14, 2025.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Earnings 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 Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets and statements regarding the merger of Southern States Bancshares, Inc. (“Southern States”) with the Company (the “Merger”) and expectations with regard to the benefits of the Merger. 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,” 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) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) risks associated with the Merger, including (a) the risk that the cost savings and any revenue synergies from the Merger is less than or different from expectations, (b) disruption from the Merger with customer, supplier, or employee relationships,(c) the possibility that the costs, fees, expenses and charges related to the Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (d) the risks related to the integration of the combined businesses, including the risk that the integration will be materially delayed or will be more costly or difficult than expected, (e) the diversion of management time on merger-related issues, (f) the ability of the Company to effectively manage the

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FB Financial Corporation

Second Quarter 2025 Results

Page 5

larger and more complex operations of the combined company following the Merger, (g) the risk of expansion into new geographic or product markets, (h) reputational risk and the reaction of the parties’ customers to the Merger, (i) the Company’s ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (j) the risk of potential litigation or regulatory action related to the Merger, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, other potential future acquisitions, (8) the Company’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (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 effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (12) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (13) the impact, extent and timing of technological changes, (14) concentrations of credit or deposit exposure, (15) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (16) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (17) 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, 2024, 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 may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated core revenue, consolidated core and segment noninterest expense and consolidated core noninterest income, consolidated core efficiency ratio (tax-equivalent basis), and adjusted return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, 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 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 with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.

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FB Financial Corporation

Second Quarter 2025 Results

Page 6

A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company’s Second Quarter 2025 Financial Supplement, which is available at https://investors.firstbankonline.com.

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FB Financial Corporation

Second Quarter 2025 Results

Page 7


Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)

	As of or for the Three Months Ended
	Jun 2025			Mar 2025			Jun 2024
Selected Balance Sheet Data
Cash and cash equivalents	$	1,165,729		$	794,706		$	800,902
Investment securities, at fair value	1,337,565			1,580,720			1,482,379
Loans held for sale	144,212			172,770			106,875
Loans HFI	9,874,282			9,771,536			9,309,553
Allowance for credit losses on loans HFI	(148,948)			(150,531)			(155,055)


Total assets	13,354,238			13,136,449			12,535,169
Interest-bearing deposits (non-brokered)	8,692,848			8,623,636			8,130,704
Brokered deposits	518,719			414,428			150,113
Noninterest-bearing deposits	2,191,903			2,163,934			2,187,185
Total deposits	11,403,470			11,201,998			10,468,002
Borrowings	164,485			168,944			360,944
Allowance for credit losses on unfunded commitments	12,932			6,493			5,984
Total common shareholders’ equity	1,611,130			1,601,962			1,500,502
Selected Statement of Income Data
Total interest income	$	182,084		$	179,706		$	177,413
Total interest expense	70,669			72,065			74,798
Net interest income	111,415			107,641			102,615
Total noninterest (loss) income	(34,552)			23,032			25,608
Total noninterest expense	81,261			79,549			75,093
(Losses) earnings before income taxes and provisions for credit losses	(4,398)			51,124			53,130
Provisions for credit losses	5,337			2,292			2,224
Income tax (benefit) expense	(12,652)			9,471			10,919
Net income applicable to noncontrolling interest	8			—			8
Net income applicable to FB Financial Corporation	$	2,909		$	39,361		$	39,979
Net interest income (tax-equivalent basis)	$	112,236		$	108,427		$	103,254
Adjusted net income*	$	40,821		$	40,108		$	39,424
Adjusted pre-tax, pre-provision net revenue*	$	58,649		$	52,134		$	52,369
Per Common Share
Diluted net income	$	0.06		$	0.84		$	0.85
Adjusted diluted net income*	0.88			0.85			0.84

Book value	35.17			34.44			32.17
Tangible book value*	29.78			29.12			26.82

Weighted average number of shares outstanding - fully diluted	46,179,090			47,024,211			46,845,143
Period-end number of shares	45,807,689			46,514,547			46,642,958
Selected Ratios
Return on average:
Assets	0.09		%	1.21		%	1.30		%
Shareholders’ equity	0.74		%	10.1		%	10.9		%
Tangible common equity*	0.87		%	11.9		%	13.1		%

Efficiency ratio	105.7		%	60.9		%	58.6		%
Core efficiency ratio (tax-equivalent basis)*	56.9		%	59.9		%	58.3		%
Loans HFI to deposit ratio	86.6		%	87.2		%	88.9		%

Noninterest-bearing deposits to total deposits	19.2		%	19.3		%	20.9		%
Net interest margin (tax-equivalent basis)	3.68		%	3.55		%	3.57		%
Yield on interest-earning assets	5.99		%	5.91		%	6.16		%
Cost of interest-bearing liabilities	3.13		%	3.16		%	3.56		%
Cost of total deposits	2.48		%	2.54		%	2.77		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.51		%	1.54		%	1.67		%

Annualized net charge-offs as a percentage of average loans HFI	0.02		%	0.14		%	0.02		%
Nonperforming loans HFI as a percentage of loans HFI	0.97		%	0.79		%	0.79		%
Nonperforming assets as a percentage of total assets	0.92		%	0.84		%	0.81		%
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets	12.1		%	12.2		%	12.0		%
Tangible common equity to tangible assets*	10.4		%	10.5		%	10.2		%
Tier 1 leverage	11.3		%	11.4		%	11.7		%
Tier 1 risk-based capital	12.6		%	13.1		%	13.0		%
Total risk-based capital	14.7		%	15.2		%	15.1		%
Common equity Tier 1	12.3		%	12.8		%	12.7		%

*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s Second Quarter 2025 Financial Supplement.

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Document 1

EX-99.2 3 a2q25supplementalfinancial.htm EX-99.2 Document

Second Quarter 2025

Financial Supplement

TABLE OF CONTENTS


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8



Investments and Other Sources of Liquidity			11

Loan Portfolio			12

Asset Quality			13

Selected Deposit Data			14

Preliminary Capital Ratios			15

Segment Data			16

Non-GAAP Reconciliations			17

Use of non-GAAP Financial Measures

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


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of or for the Three Months Ended
	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024
Selected Balance Sheet Data
Cash and cash equivalents	$	1,165,729		$	794,706		$	1,042,488		$	951,750		$	800,902
Investment securities, at fair value	1,337,565			1,580,720			1,538,008			1,567,922			1,482,379
Loans held for sale	144,212			172,770			126,760			103,145			106,875
Loans HFI	9,874,282			9,771,536			9,602,384			9,478,129			9,309,553
Allowance for credit losses on loans HFI	(148,948)			(150,531)			(151,942)			(156,260)			(155,055)


Total assets	13,354,238			13,136,449			13,157,482			12,920,222			12,535,169
Interest-bearing deposits (non-brokered)	8,692,848			8,623,636			8,625,113			8,230,867			8,130,704
Brokered deposits	518,719			414,428			469,089			519,200			150,113
Noninterest-bearing deposits	2,191,903			2,163,934			2,116,232			2,226,144			2,187,185
Total deposits	11,403,470			11,201,998			11,210,434			10,976,211			10,468,002
Borrowings	164,485			168,944			176,789			182,107			360,944
Allowance for credit losses on unfunded commitments	12,932			6,493			6,107			6,042			5,984
Total common shareholders' equity	1,611,130			1,601,962			1,567,538			1,562,329			1,500,502
Selected Statement of Income Data
Total interest income	$	182,084		$	179,706		$	186,369		$	185,628		$	177,413
Total interest expense	70,669			72,065			77,988			79,611			74,798
Net interest income	111,415			107,641			108,381			106,017			102,615
Total noninterest (loss) income	(34,552)			23,032			21,997			(16,497)			25,608
Total noninterest expense	81,261			79,549			73,174			76,212			75,093
(Losses) earnings before income taxes and provisions for credit losses	(4,398)			51,124			57,204			13,308			53,130
Provisions for credit losses	5,337			2,292			7,084			1,914			2,224
Income tax (benefit) expense	(12,652)			9,471			12,226			1,174			10,919
Net income applicable to noncontrolling interest	8			—			8			—			8
Net income applicable to FB Financial Corporation	$	2,909		$	39,361		$	37,886		$	10,220		$	39,979
Net interest income (tax-equivalent basis)	$	112,236		$	108,427		$	109,004		$	106,634		$	103,254
Adjusted net income*	$	40,821		$	40,108		$	39,835		$	40,132		$	39,424
Adjusted pre-tax, pre-provision net revenue*	$	58,649		$	52,134		$	59,829		$	53,762		$	52,369
Per Common Share
Diluted net income	$	0.06		$	0.84		$	0.81		$	0.22		$	0.85
Adjusted diluted net income*	0.88			0.85			0.85			0.86			0.84

Book value	35.17			34.44			33.59			33.48			32.17
Tangible book value*	29.78			29.12			28.27			28.15			26.82

Weighted average number of shares outstanding - fully diluted	46,179,090			47,024,211			46,862,935			46,803,330			46,845,143
Period-end number of shares	45,807,689			46,514,547			46,663,120			46,658,019			46,642,958
Selected Ratios
Return on average:
Assets	0.09		%	1.21		%	1.14		%	0.32		%	1.30		%
Shareholders’ equity	0.74		%	10.1		%	9.63		%	2.67		%	10.9		%
Tangible common equity*	0.87		%	11.9		%	11.5		%	3.19		%	13.1		%

Efficiency ratio	105.7		%	60.9		%	56.1		%	85.1		%	58.6		%
Core efficiency ratio (tax-equivalent basis)*	56.9		%	59.9		%	54.6		%	58.4		%	58.3		%
Loans HFI to deposit ratio	86.6		%	87.2		%	85.7		%	86.4		%	88.9		%

Noninterest-bearing deposits to total deposits	19.2		%	19.3		%	18.9		%	20.3		%	20.9		%
Net interest margin (NIM) (tax-equivalent basis)	3.68		%	3.55		%	3.50		%	3.55		%	3.57		%
Yield on interest-earning assets	5.99		%	5.91		%	6.01		%	6.20		%	6.16		%
Cost of interest-bearing liabilities	3.13		%	3.16		%	3.40		%	3.63		%	3.56		%
Cost of total deposits	2.48		%	2.54		%	2.70		%	2.83		%	2.77		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.51		%	1.54		%	1.58		%	1.65		%	1.67		%

Annualized net charge-offs as a percentage of average loans HFI	0.02		%	0.14		%	0.47		%	0.03		%	0.02		%
Nonperforming loans HFI as a percentage of loans HFI	0.97		%	0.79		%	0.87		%	0.96		%	0.79		%
Nonperforming assets as a percentage of total assets	0.92		%	0.84		%	0.93		%	0.99		%	0.81		%
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets	12.1		%	12.2		%	11.9		%	12.1		%	12.0		%
Tangible common equity to tangible assets*	10.4		%	10.5		%	10.2		%	10.4		%	10.2		%
Tier 1 leverage	11.3		%	11.4		%	11.3		%	11.5		%	11.7		%
Tier 1 risk-based capital	12.6		%	13.1		%	13.1		%	13.0		%	13.0		%
Total risk-based capital	14.7		%	15.2		%	15.2		%	15.1		%	15.1		%

Common equity Tier 1	12.3		%	12.8		%	12.8		%	12.7		%	12.7		%

*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Jun 2025		Jun 2025
													vs.		vs.
	Three Months Ended										Mar 2025	Jun 2024
	Jun 2025		Mar 2025		Dec 2024		Sep 2024		Jun 2024				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	159,697	$	153,185	$	156,792	$	158,625	$	155,379			4.25	%	2.78	%
Interest on investment securities
Taxable	14,661		14,471		15,043		13,943		11,966				1.31	%	22.5	%
Tax-exempt	1,036		1,033		1,035		1,104		1,168				0.29	%	(11.3)	%
Other	6,690		11,017		13,499		11,956		8,900				(39.3)	%	(24.8)	%
Total interest income	182,084		179,706		186,369		185,628		177,413				1.32	%	2.63	%
Interest expense:
Deposits	68,568		70,249		76,131		76,088		71,501				(2.39)	%	(4.10)	%
Borrowings	2,101		1,816		1,857		3,523		3,297				15.7	%	(36.3)	%
Total interest expense	70,669		72,065		77,988		79,611		74,798				(1.94)	%	(5.52)	%
Net interest income	111,415		107,641		108,381		106,017		102,615				3.51	%	8.58	%
(Reversal of) provision for credit losses on loans HFI	(1,102)		1,906		7,019		1,856		3,940				(157.8)	%	(128.0)	%
Provision for (reversal of) credit losses on unfunded commitments	6,439		386		65		58		(1,716)				NM		(475.2)	%
Net interest income after provisions for credit losses	106,078		105,349		101,297		104,103		100,391				0.69	%	5.66	%
Noninterest income:
Mortgage banking income	13,029		12,426		10,586		11,553		11,910				4.85	%	9.40	%
Investment services and trust income	3,922		3,711		3,853		3,721		3,387				5.69	%	15.8	%
Service charges on deposit accounts	3,392		3,479		3,548		3,378		3,167				(2.50)	%	7.10	%
ATM and interchange fees	2,878		2,677		2,867		2,840		2,814				7.51	%	2.27	%
(Loss) gain from securities, net	(60,549)		16		—		(40,165)		—				NM		(100.0)	%
Gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	236		(625)		(2,162)		(289)		(281)				(137.8)	%	(184.0)	%

Other income	2,540		1,348		3,305		2,465		4,611				88.4	%	(44.9)	%
Total noninterest (loss) income	(34,552)		23,032		21,997		(16,497)		25,608				(250.0)	%	(234.9)	%
Total revenue	76,863		130,673		130,378		89,520		128,223				(41.2)	%	(40.1)	%
Noninterest expenses:
Salaries, commissions and employee benefits	46,631		48,351		45,432		47,538		46,225				(3.56)	%	0.88	%
Occupancy and equipment expense	6,710		6,597		6,668		6,640		6,328				1.71	%	6.04	%
Merger and integration costs	2,734		401		—		—		—				581.8	%	100.0	%
Legal and professional fees	2,426		1,992		1,881		1,900		1,979				21.8	%	22.6	%
Advertising	2,178		2,487		2,030		1,947		1,859				(12.4)	%	17.2	%
Data processing	2,161		2,313		2,462		2,486		2,286				(6.57)	%	(5.47)	%
Amortization of core deposits and other intangibles	631		656		687		719		752				(3.81)	%	(16.1)	%



Other expense	17,790		16,752		14,014		14,982		15,664				6.20	%	13.6	%
Total noninterest expense	81,261		79,549		73,174		76,212		75,093				2.15	%	8.21	%
(Loss) income before income taxes	(9,735)		48,832		50,120		11,394		50,906				(119.9)	%	(119.1)	%
Income tax (benefit) expense	(12,652)		9,471		12,226		1,174		10,919				(233.6)	%	(215.9)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	2,917		39,361		37,894		10,220		39,987				(92.6)	%	(92.7)	%
Net income applicable to noncontrolling interest	8		—		8		—		8				100.0	%	—	%

Net income applicable to FB Financial Corporation	$	2,909	$	39,361	$	37,886	$	10,220	$	39,979			(92.6)	%	(92.7)	%
Weighted average common shares outstanding:
Basic	45,946,428		46,674,698		46,662,772		46,650,563		46,762,488				(1.56)	%	(1.75)	%
Fully diluted	46,179,090		47,024,211		46,862,935		46,803,330		46,845,143				(1.80)	%	(1.42)	%
Earnings per common share:
Basic	$	0.06	$	0.84	$	0.81	$	0.22	$	0.85			(92.9)	%	(92.9)	%
Fully diluted	0.06		0.84		0.81		0.22		0.85				(92.9)	%	(92.9)	%
Fully diluted - adjusted*	0.88		0.85		0.85		0.86		0.84				3.53	%	4.76	%

*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.

NM- Not meaningful


FB Financial Corporation						5


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)

					Jun 2025
					vs.
	Six Months Ended				Jun 2024
	Jun 2025		Jun 2024		Percent variance
Interest income:
Interest and fees on loans	$	312,882	$	310,985	0.61	%
Interest on investment securities
Taxable	29,132		21,071		38.3	%
Tax-exempt	2,069		2,610		(20.7)	%
Other	17,707		18,875		(6.19)	%
Total interest income	361,790		353,541		2.33	%
Interest expense:
Deposits	138,817		144,126		(3.68)	%
Borrowings	3,917		7,310		(46.4)	%
Total interest expense	142,734		151,436		(5.75)	%
Net interest income	219,056		202,105		8.39	%
Provision for credit losses on loans HFI	804		5,792		(86.1)	%
Provision for (reversal of) credit losses on unfunded commitments	6,825		(2,786)		(345.0)	%
Net interest income after provisions for credit losses	211,427		199,099		6.19	%
Noninterest income:
Mortgage banking income	25,455		24,495		3.92	%
Investment services and trust income	7,633		6,617		15.4	%
Service charges on deposit accounts	6,871		6,308		8.93	%
ATM and interchange fees	5,555		5,758		(3.53)	%

Loss from securities, net	(60,533)		(16,213)		273.4	%
(Loss) gain on sales or write-downs of premises and equipment, other real estate owned and other asset net	(389)		284		(237.0)	%

Other income	3,888		6,321		(38.5)	%
Total noninterest (loss) income	(11,520)		33,570		(134.3)	%
Total revenue	207,536		235,675		(11.9)	%
Noninterest expenses:
Salaries, commissions and employee benefits	94,982		90,843		4.56	%
Occupancy and equipment expense	13,307		12,942		2.82	%
Advertising	4,665		3,030		54.0	%
Data processing	4,474		4,694		(4.69)	%
Legal and professional fees	4,418		3,898		13.3	%
Merger and integration costs	3,135		—		100.0	%
Amortization of core deposit and other intangibles	1,287		1,541		(16.5)	%

Other expense	34,542		30,565		13.0	%
Total noninterest expense	160,810		147,513		9.01	%
Income before income taxes	39,097		85,156		(54.1)	%
Income tax (benefit) expense	(3,181)		17,219		(118.5)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	42,278		67,937		(37.8)	%
Net income applicable to noncontrolling interests	8		8		—	%

Net income applicable to FB Financial Corporation	$	42,270	$	67,929	(37.8)	%
Weighted average common shares outstanding:
Basic	46,308,551		46,818,685		(1.09)	%
Fully diluted	46,570,848		46,911,466		(0.73)	%
Earnings per common share:
Basic	$	0.91	$	1.45	(37.2)	%
Fully diluted	0.91		1.45		(37.2)	%
Fully diluted - adjusted*	1.74		1.69		2.96	%

*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Jun 2025		Jun 2025
													vs.		vs.
	As of										Mar 2025	Jun 2024
	Jun 2025		Mar 2025		Dec 2024		Sep 2024		Jun 2024				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	143,317	$	149,607	$	120,153	$	126,470	$	192,571			(16.9)	%	(25.6)	%
Federal funds sold and reverse repurchase agreements	352,124		109,982		125,825		97,299		91,909				883.1	%	283.1	%
Interest-bearing deposits in financial institutions	670,288		535,117		796,510		727,981		516,422				101.3	%	29.8	%
Cash and cash equivalents	1,165,729		794,706		1,042,488		951,750		800,902				187.3	%	45.6	%
Investments:
Available-for-sale debt securities, at fair value	1,337,565		1,580,720		1,538,008		1,567,922		1,482,379				(61.7)	%	(9.77)	%

Federal Home Loan Bank stock, at cost	33,626		32,234		32,749		32,859		33,030				17.3	%	1.80	%
Loans held for sale	144,212		172,770		126,760		103,145		106,875				(66.3)	%	34.9	%
Loans held for investment	9,874,282		9,771,536		9,602,384		9,478,129		9,309,553				4.22	%	6.07	%
Less: allowance for credit losses on loans HFI	148,948		150,531		151,942		156,260		155,055				(4.22)	%	(3.94)	%
Net loans held for investment	9,725,334		9,621,005		9,450,442		9,321,869		9,154,498				4.35	%	6.24	%
Premises and equipment, net	147,243		146,272		148,899		152,572		154,731				2.66	%	(4.84)	%
Other real estate owned, net	2,998		3,326		4,409		3,779		4,173				(39.6)	%	(28.2)	%
Operating lease right-of-use assets	47,764		47,381		47,963		47,346		49,123				3.24	%	(2.77)	%
Interest receivable	50,386		51,268		49,611		52,228		52,781				(6.90)	%	(4.54)	%
Mortgage servicing rights, at fair value	153,464		156,379		162,038		157,097		164,505				(7.48)	%	(6.71)	%
Goodwill	242,561		242,561		242,561		242,561		242,561				—	%	—	%
Core deposit and other intangibles, net	4,475		5,106		5,762		6,449		7,168				(49.6)	%	(37.6)	%
Bank-owned life insurance	72,686		72,400		72,504		72,167		71,930				1.58	%	1.05	%
Other assets	226,195		210,321		233,288		208,478		210,513				30.3	%	7.45	%
Total assets	$	13,354,238	$	13,136,449	$	13,157,482	$	12,920,222	$	12,535,169			6.65	%	6.53	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,191,903	$	2,163,934	$	2,116,232	$	2,226,144	$	2,187,185			5.18	%	0.22	%
Interest-bearing checking	2,325,551		2,776,958		2,906,425		2,754,253		2,628,554				(65.2)	%	(11.5)	%
Money market and savings	4,645,552		4,482,908		4,338,483		4,098,496		4,157,968				14.6	%	11.7	%
Customer time deposits	1,721,745		1,363,770		1,380,205		1,378,118		1,343,934				105.3	%	28.1	%
Brokered and internet time deposits	518,719		414,428		469,089		519,200		150,361				100.9	%	245.0	%
Total deposits	11,403,470		11,201,998		11,210,434		10,976,211		10,468,002				7.21	%	8.94	%
Borrowings	164,485		168,944		176,789		182,107		360,944				(10.6)	%	(54.4)	%
Operating lease liabilities	59,289		59,174		60,024		59,584		61,932				0.78	%	(4.27)	%
Accrued expenses and other liabilities	115,771		104,278		142,604		139,898		143,696				44.2	%	(19.4)	%
Total liabilities	11,743,015		11,534,394		11,589,851		11,357,800		11,034,574				7.25	%	6.42	%
Shareholders’ equity:
Common stock, $1 par value	45,808		46,515		46,663		46,658		46,643				(6.10)	%	(1.79)	%
Additional paid-in capital	822,548		854,715		860,266		858,106		855,391				(15.1)	%	(3.84)	%
Retained earnings	786,785		792,685		762,293		732,435		730,242				(2.99)	%	7.74	%
Accumulated other comprehensive loss, net	(44,011)		(91,953)		(101,684)		(74,870)		(131,774)				(209.1)	%	(66.6)	%
Total common shareholders’ equity	1,611,130		1,601,962		1,567,538		1,562,329		1,500,502				2.30	%	7.37	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,611,223		1,602,055		1,567,631		1,562,422		1,500,595				2.30	%	7.37	%
Total liabilities and shareholders’ equity	$	13,354,238	$	13,136,449	$	13,157,482	$	12,920,222	$	12,535,169			6.65	%	6.53	%


FB Financial Corporation						7


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	June 30, 2025						March 31, 2025
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,840,932	$	157,964	6.44	%	$	9,621,057	$	152,174	6.41	%
Mortgage loans held for sale	126,072		2,189		6.96	%	93,944		1,433		6.19	%

Investment securities:
Taxable	1,534,895		14,661		3.83	%	1,541,868		14,471		3.81	%
Tax-exempt(b)	167,675		1,401		3.35	%	167,958		1,397		3.37	%
Total investment securities(b)	1,702,570		16,062		3.78	%	1,709,826		15,868		3.76	%
Federal funds sold and reverse repurchase agreements	113,252		1,256		4.45	%	123,390		1,374		4.52	%
Interest-bearing deposits with other financial institutions	426,073		4,733		4.46	%	811,216		8,902		4.45	%
FHLB stock	35,623		701		7.89	%	32,493		741		9.25	%
Total interest-earning assets(b)	12,244,522		182,905		5.99	%	12,391,926		180,492		5.91	%
Noninterest-earning assets:
Cash and due from banks	115,717						123,158
Allowance for credit losses on loans HFI	(151,586)						(152,234)
Other assets(c)(d)	823,837						844,119
Total noninterest-earning assets	787,968						815,043
Total assets	$	13,032,490					$	13,206,969
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,521,239	$	15,870	2.52	%	$	2,840,211	$	18,267	2.61	%
Money market	4,115,987		34,957		3.41	%	4,083,754		34,360		3.41	%
Savings deposits	352,307		98		0.11	%	353,865		66		0.08	%
Customer time deposits	1,404,368		12,454		3.56	%	1,373,045		12,702		3.75	%
Brokered and internet time deposits	481,686		5,189		4.32	%	443,923		4,854		4.43	%
Time deposits	1,886,054		17,643		3.75	%	1,816,968		17,556		3.92	%
Total interest-bearing deposits	8,875,587		68,568		3.10	%	9,094,798		70,249		3.13	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	11,107		26		0.94	%	11,046		6		0.22	%
Federal Home Loan Bank advances	23,077		258		4.48	%	—		—		—	%
Subordinated debt	130,851		1,813		5.56	%	130,755		1,804		5.60	%
Other borrowings	2,294		4		0.70	%	1,220		6		1.99	%
Total other interest-bearing liabilities	167,329		2,101		5.04	%	143,021		1,816		5.15	%
Total interest-bearing liabilities	9,042,916		70,669		3.13	%	9,237,819		72,065		3.16	%
Noninterest-bearing liabilities:
Demand deposits	2,206,305						2,134,924
Other liabilities(d)	200,077						250,175
Total noninterest-bearing liabilities	2,406,382						2,385,099
Total liabilities	11,449,298						11,622,918
Total common shareholders’ equity	1,583,099						1,583,958
Noncontrolling interest	93						93
Total equity	1,583,192						1,584,051
Total liabilities and shareholders’ equity	$	13,032,490					$	13,206,969
Net interest income(b)			$	112,236					$	108,427
Interest rate spread(b)					2.86	%					2.75	%
Net interest margin(b)(e)					3.68	%					3.55	%
Cost of total deposits					2.48	%					2.54	%
Average interest-earning assets to average interest-bearing liabilities					135.4	%					134.1	%
Tax-equivalent adjustment			$	821					$	786
Loans HFI yield components:
Contractual interest rate(b)			$	155,697	6.34	%			$	149,819	6.31	%
Origination and other loan fee income			1,945		0.08	%			1,797		0.08	%
(Amortization) accretion on purchased loans			(62)		—	%			2		—	%
Nonaccrual interest			384		0.02	%			556		0.02	%

Total loans HFI yield			$	157,964	6.44	%			$	152,174	6.41	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.

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

(c) Includes average net unrealized losses on investment securities available for sale of $128,818 and $132,262 for the three months ended June 30, 2025 and March 31, 2025, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25,159 and 30,731 for the three months ended June 30, 2025 and March 31, 2025, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation						8


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	December 31, 2024						September 30, 2024						June 30, 2024
	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)(b)	$	9,522,996	$	155,897	6.51	%	$	9,362,937	$	157,751	6.70	%	$	9,263,822	$	154,226	6.70	%
Mortgage loans held for sale	71,569		1,153		6.41	%	66,828		1,102		6.56	%	80,919		1,380		6.86	%

Investment securities:
Taxable	1,523,297		15,043		3.93	%	1,487,200		13,943		3.73	%	1,464,045		11,966		3.29	%
Tax-exempt(b)	168,284		1,400		3.31	%	181,465		1,493		3.27	%	193,347		1,580		3.29	%
Total investment securities(b)	1,691,581		16,443		3.87	%	1,668,665		15,436		3.68	%	1,657,392		13,546		3.29	%
Federal funds sold and reverse repurchase agreements	112,388		1,393		4.93	%	118,715		1,687		5.65	%	108,097		1,497		5.57	%
Interest-bearing deposits with other financial institutions	943,638		11,361		4.79	%	701,666		9,519		5.40	%	488,123		6,641		5.47	%
FHLB stock	32,773		745		9.04	%	32,919		750		9.06	%	33,495		762		9.15	%
Total interest-earning assets(b)	12,374,945		186,992		6.01	%	11,951,730		186,245		6.20	%	11,631,848		178,052		6.16	%
Noninterest-earning assets:
Cash and due from banks	117,819						131,308						124,729
Allowance for credit losses on loans HFI	(155,022)						(155,665)						(151,724)
Other assets(c)(d)	856,453						814,577						766,591
Total noninterest-earning assets	819,250						790,220						739,596
Total assets	$	13,194,195					$	12,741,950					$	12,371,444
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,837,092	$	20,957	2.94	%	$	2,624,046	$	20,998	3.18	%	$	2,500,325	$	19,074	3.07	%
Money market	3,880,258		35,044		3.59	%	3,802,818		37,574		3.93	%	3,779,139		36,887		3.93	%
Savings deposits	349,912		62		0.07	%	357,165		65		0.07	%	369,779		64		0.07	%
Customer time deposits	1,402,300		14,114		4.00	%	1,349,986		13,479		3.97	%	1,387,956		13,812		4.00	%
Brokered and internet time deposits	518,337		5,954		4.57	%	322,667		3,972		4.90	%	123,003		1,664		5.44	%
Time deposits	1,920,637		20,068		4.16	%	1,672,653		17,451		4.15	%	1,510,959		15,476		4.12	%
Total interest-bearing deposits	8,987,899		76,131		3.37	%	8,456,682		76,088		3.58	%	8,160,202		71,501		3.52	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	14,791		16		0.43	%	21,734		79		1.45	%	24,680		122		1.99	%

Subordinated debt	130,658		1,837		5.59	%	130,561		1,900		5.79	%	130,464		1,615		4.98	%
Other borrowings	1,245		4		1.28	%	125,616		1,544		4.89	%	131,293		1,560		4.78	%
Total other interest-bearing liabilities	146,694		1,857		5.04	%	277,911		3,523		5.04	%	286,437		3,297		4.63	%
Total interest-bearing liabilities	9,134,593		77,988		3.40	%	8,734,593		79,611		3.63	%	8,446,639		74,798		3.56	%
Noninterest-bearing liabilities:
Demand deposits	2,241,492						2,241,512						2,222,005
Other liabilities(d)	253,514						242,155						229,426
Total noninterest-bearing liabilities	2,495,006						2,483,667						2,451,431
Total liabilities	11,629,599						11,218,260						10,898,070
Total common shareholders’ equity	1,564,503						1,523,597						1,473,281
Noncontrolling interest	93						93						93
Total equity	1,564,596						1,523,690						1,473,374
Total liabilities and shareholders’ equity	$	13,194,195					$	12,741,950					$	12,371,444
Net interest income(b)			$	109,004					$	106,634					$	103,254
Interest rate spread(b)					2.61	%					2.57	%					2.60	%
Net interest margin(b)(e)					3.50	%					3.55	%					3.57	%
Cost of total deposits					2.70	%					2.83	%					2.77	%
Average interest-earning assets to average interest-bearing liabilities					135.5	%					136.8	%					137.7	%
Tax-equivalent adjustment			$	623					$	617					$	639
Loans HFI yield components:
Contractual interest rate(b)			$	153,255	6.40	%			$	155,884	6.62	%			$	152,037	6.60	%
Origination and other loan fee income			1,859		0.08	%			1,779		0.08	%			1,291		0.06	%
Accretion (amortization) on purchased loans			119		—	%			(10)		—	%			161		0.01	%
Nonaccrual interest			664		0.03	%			98		—	%			737		0.03	%

Total loans HFI yield			$	155,897	6.51	%			$	157,751	6.70	%			$	154,226	6.70	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.

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

(c) Includes average net unrealized losses on investment securities available for sale of $119,243, $153,838 and $198,073 for the three months ended December 31, 2024, September 30, 2024 and

June 30, 2024, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $31,519, $25,451
and $20,750 for the three months ended December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation						9


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Six Months Ended
	June 30, 2025						June 30, 2024
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,731,602	$	310,138	6.43	%	$	9,325,308	$	309,182	6.67	%
Mortgage loans held for sale	110,096		3,622		6.63	%	64,742		2,231		6.93	%

Investment securities:
Taxable	1,538,363		29,132		3.82	%	1,431,641		21,071		2.96	%
Tax-exempt(b)	167,815		2,798		3.36	%	217,363		3,530		3.27	%
Total investment securities(b)	1,706,178		31,930		3.77	%	1,649,004		24,601		3.00	%
Federal funds sold and reverse repurchase agreements	118,293		2,630		4.48	%	131,738		3,623		5.53	%
Interest-bearing deposits with other financial institutions	617,581		13,635		4.45	%	509,256		13,707		5.41	%
FHLB stock	34,067		1,442		8.54	%	33,773		1,545		9.20	%
Total interest-earning assets(b)	12,317,817		363,397		5.95	%	11,713,821		354,889		6.09	%
Noninterest-earning assets:
Cash and due from banks	119,417						146,230
Allowance for credit losses on loans HFI	(151,909)						(151,164)
Other assets(c)(d)	833,923						771,872
Total noninterest-earning assets	801,431						766,938
Total assets	$	13,119,248					$	12,480,759
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,679,843	$	34,137	2.57	%	$	2,519,705	$	38,090	3.04	%
Money market	4,099,959		69,317		3.41	%	3,814,109		74,457		3.93	%
Savings deposits	353,082		164		0.09	%	373,871		126		0.07	%
Customer time deposits	1,388,793		25,156		3.65	%	1,422,666		27,936		3.95	%
Brokered and internet time deposits	462,909		10,043		4.38	%	131,648		3,517		5.37	%
Time deposits	1,851,702		35,199		3.83	%	1,554,314		31,453		4.07	%
Total interest-bearing deposits	8,984,586		138,817		3.12	%	8,261,999		144,126		3.51	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	11,077		32		0.58	%	24,449		271		2.23	%
Federal Home Loan Bank advances	11,602		258		4.48	%	—		—		—	%
Subordinated debt	130,803		3,617		5.58	%	130,091		3,901		6.03	%
Other borrowings	1,760		10		1.15	%	131,305		3,138		4.81	%
Total other interest-bearing liabilities	155,242		3,917		5.09	%	285,845		7,310		5.14	%
Total interest-bearing liabilities	9,139,828		142,734		3.15	%	8,547,844		151,436		3.56	%
Noninterest-bearing liabilities:
Demand deposits	2,170,812						2,224,590
Other liabilities(d)	224,988						241,225
Total noninterest-bearing liabilities	2,395,800						2,465,815
Total liabilities	11,535,628						11,013,659
Total common shareholders’ equity	1,583,527						1,467,007
Noncontrolling interest	93						93
Total equity	1,583,620						1,467,100
Total liabilities and shareholders’ equity	$	13,119,248					$	12,480,759
Net interest income(b)			$	220,663					$	203,453
Interest rate spread(b)					2.80	%					2.53	%
Net interest margin(b)(e)					3.61	%					3.49	%
Cost of total deposits					2.51	%					2.76	%
Average interest-earning assets to average interest-bearing liabilities					134.8	%					137.0	%
Tax equivalent adjustment			$	1,607					$	1,348
Loans HFI yield components:
Contractual interest rate(b)			$	305,516	6.33	%			$	304,912	6.58	%
Origination and other loan fee income			3,742		0.08	%			2,727		0.06	%
(Amortization) accretion on purchased loans			(60)		—	%			548		0.01	%
Nonaccrual interest			940		0.02	%			995		0.02	%

Total loans HFI yield			$	310,138	6.43	%			$	309,182	6.67	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.

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

(c) Includes average net unrealized losses on investment securities available for sale of $130,531 and $196,082 for the six months ended June 30, 2025 and 2024, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $27,930 and $20,750 for the six months ended June 30, 2025 and 2024, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation						10


Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)

	As of
	Jun 2025					Mar 2025					Dec 2024					Sep 2024					Jun 2024
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	642,264		48	%	$	602,942		38	%	$	563,007		36	%	$	516,833		33	%	$	428,608		29	%
Mortgage-backed securities - residential	541,343			40	%	816,556			52	%	810,999			53	%	879,589			56	%	864,272			59	%
Mortgage-backed securities - commercial	8,752			1	%	14,828			1	%	14,857			1	%	16,289			1	%	16,103			1	%
Municipal securities	144,228			11	%	145,396			9	%	147,857			10	%	154,229			10	%	169,977			11	%
Treasury securities	—			—	%	—			—	%	299			—	%	—			—	%	—			—	%
Corporate securities	978			—	%	998			—	%	989			—	%	982			—	%	3,419			—	%
Total available-for-sale debt securities	1,337,565			100	%	1,580,720			100	%	1,538,008			100	%	1,567,922			100	%	1,482,379			100	%


Investment securities to total assets	10.0		%			12.0		%			11.7		%			12.1		%			11.8		%
Unrealized loss on available-for-sale debt securities	(63,262)					(128,173)					(141,389)					(105,157)					(182,208)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	1,165,729		68	%	$	794,706		53	%	$	1,042,488		63	%	$	951,750		65	%	$	800,902		57	%
Unpledged available-for-sale debt securities	547,354			32	%	703,117			47	%	600,965			37	%	510,538			35	%	612,756			43	%

Total on-balance sheet liquidity	$	1,713,083		100	%	$	1,497,823		100	%	$	1,643,453		100	%	$	1,462,288		100	%	$	1,413,658		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,325,751		48	%	$	3,369,107		48	%	$	3,318,091		49	%	$	3,199,575		48	%	$	3,361,580		49	%
FHLB remaining borrowing capacity	1,481,376			21	%	1,476,688			21	%	1,397,905			21	%	1,355,884			20	%	1,294,743			19	%
Federal Reserve discount window	2,119,018			31	%	2,134,448			31	%	2,053,541			30	%	2,133,951			32	%	2,230,338			32	%
Total available sources of liquidity	$	6,926,145		100	%	$	6,980,243		100	%	$	6,769,537		100	%	$	6,689,410		100	%	$	6,886,661		100	%

On-balance sheet liquidity as a percentage of total assets	12.8		%			11.4		%			12.5		%			11.3		%			11.3		%
On-balance sheet liquidity as a percentage of total tangible assets*	13.1		%			11.6		%			12.7		%			11.5		%			11.5		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	289.5		%			283.4		%			293.8		%			245.4		%			259.2		%

(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.

(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.

*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.


FB Financial Corporation						11


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Jun 2025		% of Total		Mar 2025		% of Total		Dec 2024		% of Total		Sep 2024		% of Total		Jun 2024		% of Total
Loan portfolio
Commercial and industrial	$	1,788,911	18	%	$	1,782,981	18	%	$	1,691,213	18	%	$	1,688,815	18	%	$	1,614,307	17	%
Construction	1,022,678		10	%	1,022,299		10	%	1,087,732		11	%	1,079,726		11	%	1,200,123		13	%
Residential real estate:
1-to-4 family mortgage	1,660,696		17	%	1,632,574		17	%	1,616,754		17	%	1,612,031		17	%	1,584,029		17	%
Residential line of credit	641,433		7	%	613,868		6	%	602,475		6	%	591,049		6	%	559,359		6	%
Multi-family mortgage	587,254		6	%	648,326		7	%	653,769		7	%	654,188		7	%	597,039		6	%
Commercial real estate:
Owner-occupied	1,370,123		14	%	1,356,007		14	%	1,357,568		14	%	1,324,208		14	%	1,274,705		14	%
Non-owner occupied	2,198,689		22	%	2,153,825		22	%	2,099,129		22	%	2,048,036		22	%	2,035,102		22	%
Consumer and other	604,498		6	%	561,656		6	%	493,744		5	%	480,076		5	%	444,889		5	%
Total loans HFI	$	9,874,282	100	%	$	9,771,536	100	%	$	9,602,384	100	%	$	9,478,129	100	%	$	9,309,553	100	%
Percentage of loans HFI portfolio with floating interest rates			49.6	%			49.7	%			49.4	%			49.2	%			49.8	%
Percentage of loans HFI portfolio with floating interest rates that mature after one year			45.2	%			44.4	%			43.5	%			43.6	%			43.4	%

Loans by market
Metropolitan	$	8,083,283	82	%	$	8,045,289	82	%	$	7,934,549	82	%	$	7,795,075	82	%	$	7,668,893	82	%
Community	538,459		5	%	538,819		6	%	546,987		6	%	565,194		6	%	567,465		6	%
Specialty lending and other	1,252,540		13	%	1,187,428		12	%	1,120,848		12	%	1,117,860		12	%	1,073,195		12	%
Total	$	9,874,282	100	%	$	9,771,536	100	%	$	9,602,384	100	%	$	9,478,129	100	%	$	9,309,553	100	%

Unfunded loan commitments
Commercial and industrial	$	1,396,533	49	%	$	1,349,491	48	%	$	1,371,413	50	%	$	1,314,683	48	%	$	1,286,013	47	%
Construction	535,669		19	%	540,992		19	%	498,133		18	%	510,157		19	%	516,813		19	%
Residential real estate:
1-to-4 family mortgage	3,545		—	%	5,094		—	%	7,299		—	%	3,665		—	%	5,597		—	%
Residential line of credit	745,570		26	%	743,413		27	%	734,031		26	%	735,928		27	%	721,949		27	%
Multi-family mortgage	4,260		—	%	9,586		—	%	12,044		—	%	11,771		—	%	12,526		—	%
Commercial real estate:
Owner-occupied	86,135		3	%	68,566		3	%	78,856		3	%	67,875		3	%	77,498		3	%
Non-owner occupied	67,974		2	%	63,948		2	%	54,898		2	%	51,960		2	%	73,178		3	%
Consumer and other	21,999		1	%	14,547		1	%	13,431		1	%	17,321		1	%	29,103		1	%
Total unfunded loans HFI	$	2,861,685	100	%	$	2,795,637	100	%	$	2,770,105	100	%	$	2,713,360	100	%	$	2,722,677	100	%


FB Financial Corporation						12


Asset Quality

(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	150,531		$	151,942		$	156,260		$	155,055		$	151,667


Charge-offs	(1,454)			(3,893)			(12,010)			(915)			(913)
Recoveries	973			576			673			264			361
Impact of change in accounting estimate for current expected credit losses	(6,848)			—			—			—			—
Provision for credit losses on loans HFI	5,746			1,906			7,019			1,856			3,940


Allowance for credit losses on loans HFI at the end of the period	$	148,948		$	150,531		$	151,942		$	156,260		$	155,055
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.51		%	1.54		%	1.58		%	1.65		%	1.67		%

Allowance for credit losses on unfunded commitments	$	12,932		$	6,493		$	6,107		$	6,042		$	5,984
Charge-offs
Commercial and industrial	$	(70)		$	(2,901)		$	(10,921)		$	(90)		$	(26)
Construction	—			—			(30)			—			—
Residential real estate:
1-to-4 family mortgage	(433)			(3)			(144)			(2)			(293)
Residential line of credit	—			—			—			(53)			—

Commercial real estate:
Owner occupied	—			(17)			—			—			—

Consumer and other	(951)			(972)			(915)			(770)			(594)
Total charge-offs	(1,454)			(3,893)			(12,010)			(915)			(913)
Recoveries
Commercial and industrial	173			42			371			23			20

Residential real estate:
1-to-4 family mortgage	11			9			9			9			10
Residential line of credit	1			—			—			18			—

Commercial real estate:
Owner occupied	9			21			5			12			188
Non-owner occupied	528			1			—			—			—
Consumer and other	251			503			288			202			143
Total recoveries	973			576			673			264			361
Net charge-offs	$	(481)		$	(3,317)		$	(11,337)		$	(651)		$	(552)
Annualized net charge-offs as a percentage of average loans HFI	0.02		%	0.14		%	0.47		%	0.03		%	0.02		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	21,962		$	28,422		$	24,347		$	26,250		$	17,058
Nonaccrual loans	73,950			48,738			59,358			64,585			56,165
Total nonperforming loans HFI	95,912			77,160			83,705			90,835			73,223

Mortgage loans held for sale(a)	20,977			27,152			31,357			30,537			22,354

Other real estate owned	2,998			3,326			4,409			3,779			4,173

Other repossessed assets	3,151			2,791			2,444			2,182			1,720
Total nonperforming assets	$	123,038		$	110,429		$	121,915		$	127,333		$	101,470
Total nonperforming loans HFI as a percentage of loans HFI	0.97		%	0.79		%	0.87		%	0.96		%	0.79		%
Total nonperforming assets as a percentage of total assets	0.92		%	0.84		%	0.93		%	0.99		%	0.81		%
Total nonaccrual loans as a percentage of loans HFI	0.75		%	0.50		%	0.62		%	0.68		%	0.60		%

(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.


FB Financial Corporation						13


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

	As of
	Jun 2025					Mar 2025					Dec 2024					Sep 2024					Jun 2024





Deposits by market
Metropolitan	$	8,275,006		73	%	$	8,091,921		72	%	$	8,136,849		73	%	$	7,794,790		71	%	$	7,440,577		71	%
Community	2,436,243			21	%	2,536,165			23	%	2,471,052			22	%	2,459,641			22	%	2,499,574			24	%
Brokered/wholesale	518,719			4	%	414,428			4	%	469,089			4	%	519,200			5	%	150,113			1	%
Escrow and other(a)	173,502			2	%	159,484			1	%	133,444			1	%	202,580			2	%	377,738			4	%
Total	$	11,403,470		100	%	$	11,201,998		100	%	$	11,210,434		100	%	$	10,976,211		100	%	$	10,468,002		100	%

Deposits by customer segment
Consumer	$	4,772,582		42	%	$	4,868,544		43	%	$	4,853,609		43	%	$	4,676,492		43	%	$	4,675,189		45	%
Commercial	4,835,968			42	%	4,695,923			42	%	4,802,105			43	%	4,886,660			45	%	4,270,924			41	%
Public	1,794,920			16	%	1,637,531			15	%	1,554,720			14	%	1,413,059			12	%	1,521,889			14	%
Total	$	11,403,470		100	%	$	11,201,998		100	%	$	11,210,434		100	%	$	10,976,211		100	%	$	10,468,002		100	%

Estimated insured or collateralized deposits	$	8,418,783				$	8,210,241				$	8,346,796				$	7,654,786				$	7,265,975





Estimated uninsured and uncollateralized deposits(b)	$	2,984,687				$	2,991,757				$	2,863,638				$	3,321,425				$	3,202,027

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	26.2		%			26.7		%			25.5		%			30.3		%			30.6		%

(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.

(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.


FB Financial Corporation						14


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


Computation of Tangible Common Equity to Tangible Assets:	June 30, 2025			December 31, 2024

Total Common Shareholders' Equity	$	1,611,130		$	1,567,538
Less:
Goodwill	242,561			242,561
Other intangibles	4,475			5,762
Tangible Common Equity	$	1,364,094		$	1,319,215

Total Assets	$	13,354,238		$	13,157,482
Less:
Goodwill	242,561			242,561
Other intangibles	4,475			5,762
Tangible Assets	$	13,107,202		$	12,909,159

Preliminary Total Risk-Weighted Assets	$	11,585,413		$	11,306,312

Total Common Equity to Total Assets	12.1		%	11.9		%
Tangible Common Equity to Tangible Assets*	10.4		%	10.2		%


	June 30, 2025			December 31, 2024
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,428,907		$	1,450,722
Tier 1 Capital	1,458,907			1,480,722
Total Capital	1,704,044			1,721,941

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	12.3		%	12.8		%
Tier 1 Risk-Based	12.6		%	13.1		%
Total Risk-Based	14.7		%	15.2		%
Tier 1 Leverage	11.3		%	11.3		%

*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.


FB Financial Corporation						15


Segment Data
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024
Banking segment
Interest income	$	180,960		$	178,915		$	186,219		$	185,824		$	177,570
Interest expense	72,051			73,156			79,426			81,489			76,377
Net interest income	$	108,909		$	105,759		$	106,793		$	104,335		$	101,193
Provisions for credit losses	582			2,189			7,133			1,861			2,432

Noninterest (loss) income	(47,720)			10,660			11,311			(28,370)			13,477


Salaries, commissions and employee benefits	38,635			41,469			38,289			39,938			38,793
Merger and integration costs	2,734			401			—			—			—
Other noninterest expense	25,961			25,039			22,715			23,176			23,385
Pre-tax net (loss) contribution after allocations	$	(6,723)		$	47,321		$	49,967		$	10,990		$	50,060
Total assets	$	12,736,830		$	12,490,097		$	12,554,435		$	12,337,135		$	11,947,550

Efficiency ratio	110.0		%	57.5		%	51.7		%	83.1		%	54.2		%
Core efficiency ratio*	52.8		%	56.5		%	50.1		%	53.9		%	53.8		%
Mortgage segment
Interest income	$	1,124		$	791		$	150		$	(196)		$	(157)
Interest expense	(1,382)			(1,091)			(1,438)			(1,878)			(1,579)
Net interest income	$	2,506		$	1,882		$	1,588		$	1,682		$	1,422
Provisions for (reversals of) loan losses	4,755			103			(49)			53			(208)
Mortgage banking income	13,029			12,426			10,586			11,553			11,910
Other noninterest income (loss)	139			(54)			100			320			221


Salaries, commissions and employee benefits	7,996			6,882			7,143			7,600			7,432
Other noninterest expense	5,935			5,758			5,027			5,498			5,483
Pre-tax net (loss) contribution after allocations	$	(3,012)		$	1,511		$	153		$	404		$	846
Total assets	$	617,408		$	646,352		$	603,047		$	583,087		$	587,619

Efficiency ratio	88.9		%	88.7		%	99.2		%	96.6		%	95.3		%
Core efficiency ratio*	89.1		%	87.9		%	99.2		%	96.7		%	96.1		%










Interest rate lock commitments volume	$	456,720		$	381,777		$	315,891		$	381,240		$	385,197




Interest rate lock commitments pipeline (period end)	$	127,004		$	118,200		$	65,687		$	105,714		$	108,694




Mortgage loan sales	$	391,061		$	222,805		$	287,291		$	327,269		$	315,044
Gains and fees from origination and sale of mortgage loans held for sale	$	11,200		$	5,602		$	7,788		$	9,279		$	8,934
Net change in fair value of loans held for sale, derivatives, and other	(876)			2,816			(96)			(480)			(4)
Mortgage servicing income	6,936			7,077			7,305			7,244			7,316
Change in fair value of mortgage servicing rights, net of hedging	(4,231)			(3,069)			(4,411)			(4,490)			(4,336)
Total mortgage banking income	$	13,029		$	12,426		$	10,586		$	11,553		$	11,910
Mortgage sale margin(a)	2.86		%	2.51		%	2.71		%	2.84		%	2.84		%

*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.

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


FB Financial Corporation						16


Non-GAAP Reconciliations

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended										Six Months Ended
Adjusted net income	Jun 2025		Mar 2025		Dec 2024		Sep 2024		Jun 2024		Jun 2025		Jun 2024
(Loss) income before income taxes	$	(9,735)	$	48,832	$	50,120	$	11,394	$	50,906	$	39,097	$	85,156
Less (loss) gain from securities, net	(60,549)		16		—		(40,165)		—		(60,533)		(16,213)
Less gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	236		(625)		(2,162)		(289)		(281)		(389)		284
Less cash life insurance benefit	—		—		—		—		2,057		—		2,057

Plus early retirement and severance costs	—		—		463		—		1,015		—		1,015

Plus FDIC special assessment	—		—		—		—		—		—		500
Plus merger and integration costs	2,734		401		—		—		—		3,135		—

Adjusted pre-tax net income	53,312		49,842		52,745		51,848		50,145		103,154		100,543
Less income tax expense, adjusted for items above(a)	3,778		9,734		12,910		11,716		10,721		13,512		21,229
Plus income tax benefit(b)	(8,713)		—		—		—		—		(8,713)		—
Adjusted net income	$	40,821	$	40,108	$	39,835	$	40,132	$	39,424	$	80,929	$	79,314
Weighted average common share outstanding - fully diluted	46,179,090		47,024,211		46,862,935		46,803,330		46,845,143		46,570,848		46,911,466
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.06	$	0.84	$	0.81	$	0.22	$	0.85	$	0.91	$	1.45








Adjusted diluted earnings per common share	$	0.88	$	0.85	$	0.85	$	0.86	$	0.84	$	1.74	$	1.69






(a) Adjusted items calculated using the marginal tax rate of 26.06% for all periods.
(b) Represents a non-recurring tax benefit recorded during the three and six months ended June 30, 2025 due to the expiration of the statute of limitations with respect to an amended income tax return.


FB Financial Corporation						17


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	Three Months Ended										Six Months Ended
Adjusted pre-tax pre-provision net revenue	Jun 2025		Mar 2025		Dec 2024		Sep 2024		Jun 2024		Jun 2025		Jun 2024
(Loss) income before income taxes	$	(9,735)	$	48,832	$	50,120	$	11,394	$	50,906	$	39,097	$	85,156
Plus provisions for credit losses	5,337		2,292		7,084		1,914		2,224		7,629		3,006
Pre-tax pre-provision net revenue	(4,398)		51,124		57,204		13,308		53,130		46,726		88,162
Less (loss) gain from securities, net	(60,549)		16		—		(40,165)		—		(60,533)		(16,213)
Less gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	236		(625)		(2,162)		(289)		(281)		(389)		284
Less cash life insurance benefit	—		—		—		—		2,057		—		2,057

Plus early retirement and severance costs	—		—		463		—		1,015		—		1,015

Plus FDIC special assessment	—		—		—		—		—		—		500
Plus merger and integration costs	2,734		401		—		—		—		3,135		—
Adjusted pre-tax pre-provision net revenue	$	58,649	$	52,134	$	59,829	$	53,762	$	52,369	$	110,783	$	103,549



	Three Months Ended										Six Months Ended
Adjusted tangible net income	Jun 2025		Mar 2025		Dec 2024		Sep 2024		Jun 2024		Jun 2025		Jun 2024
(Loss) income before income taxes	$	(9,735)	$	48,832	$	50,120	$	11,394	$	50,906	$	39,097	$	85,156

Plus amortization of core deposit and other intangibles	631		656		687		719		752		1,287		1,541
Less (loss) gain from securities, net	(60,549)		16		—		(40,165)		—		(60,533)		(16,213)
Less gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	236		(625)		(2,162)		(289)		(281)		(389)		284
Less cash life insurance benefit	—		—		—		—		2,057		—		2,057

Plus early retirement and severance costs	—		—		463		—		1,015		—		1,015

Plus FDIC special assessment	—		—		—		—		—		—		500
Plus merger and integration costs	2,734		401		—		—		—		3,135		—
Less income tax expense, adjusted for items above(a)	3,942		9,905		13,089		11,904		10,917		13,847		21,630
Plus income tax benefit(b)	(8,713)		—		—		—		—		(8,713)		—
Adjusted tangible net income	$	41,288	$	40,593	$	40,343	$	40,663	$	39,980	$	81,881	$	80,454
(a) Adjusted items calculated using the marginal tax rate of 26.06% for all periods.
(b) Represents a non-recurring tax benefit recorded during the three and six months ended June 30, 2025 due to the expiration of the statute of limitations with respect to an amended income tax return.


FB Financial Corporation						18


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Six Months Ended
Core efficiency ratio (tax- equivalent basis)	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024			Jun 2025			Jun 2024
Total noninterest expense	$	81,261		$	79,549		$	73,174		$	76,212		$	75,093		$	160,810		$	147,513



Less early retirement and severance costs	—			—			463			—			1,015			—			1,015

Less FDIC special assessment	—			—			—			—			—			—			500
Less merger and integration costs	2,734			401			—			—			—			3,135			—
Core noninterest expense	$	78,527		$	79,148		$	72,711		$	76,212		$	74,078		$	157,675		$	145,998
Net interest income	$	111,415		$	107,641		$	108,381		$	106,017		$	102,615		$	219,056		$	202,105
Net interest income (tax-equivalent basis)	112,236			108,427			109,004			106,634			103,254			220,663			203,453
Total noninterest (loss) income	(34,552)			23,032			21,997			(16,497)			25,608			(11,520)			33,570
Less (loss) gain from securities, net	(60,549)			16			—			(40,165)			—			(60,533)			(16,213)
Less gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	236			(625)			(2,162)			(289)			(281)			(389)			284
Less cash life insurance benefit	—			—			—			—			2,057			—			2,057



Core noninterest income	25,761			23,641			24,159			23,957			23,832			49,402			47,442
Total revenue	$	76,863		$	130,673		$	130,378		$	89,520		$	128,223		$	207,536		$	235,675
Core revenue (tax-equivalent basis)	$	137,997		$	132,068		$	133,163		$	130,591		$	127,086		$	270,065		$	250,895
Efficiency ratio	105.7		%	60.9		%	56.1		%	85.1		%	58.6		%	77.5		%	62.6		%
Core efficiency ratio (tax- equivalent basis)	56.9		%	59.9		%	54.6		%	58.4		%	58.3		%	58.4		%	58.2		%


FB Financial Corporation						19


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended															Six Months Ended
Banking segment core efficiency ratio (tax-equivalent)	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024			Jun 2025			Jun 2024
Banking segment noninterest expense	$	67,330		$	66,909		$	61,004		$	63,114		$	62,178		$	134,239		$	122,372
Less early retirement and severance costs	—			—			463			—			1,015			—			1,015

Less FDIC special assessment	—			—			—			—			—			—			500
Less merger and integration costs	2,734			401			—			—			—			3,135			—
Banking segment core noninterest expense	$	64,596		$	66,508		$	60,541		$	63,114		$	61,163		$	131,104		$	120,857
Banking segment net interest income	$	108,909		$	105,759		$	106,793		$	104,335		$	101,193		$	214,668		$	200,205
Banking segment net interest income (tax-equivalent basis)	109,730			106,545			107,416			104,952			101,832			216,275			201,553
Banking segment noninterest (loss) income	(47,720)			10,660			11,311			(28,370)			13,477			(37,060)			8,683
Less (loss) gain from securities, net	(60,549)			16			—			(40,165)			—			(60,533)			(16,213)


Less cash life insurance benefit	—			—			—			—			2,057			—			2,057
Less gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	203			(497)			(2,162)			(299)			(398)			(294)			111
Banking segment core noninterest income	12,626			11,141			13,473			12,094			11,818			23,767			22,728
Banking segment total revenue	$	61,189		$	116,419		$	118,104		$	75,965		$	114,670		$	177,608		$	208,888
Banking segment total core revenue (tax-equivalent basis)	$	122,356		$	117,686		$	120,889		$	117,046		$	113,650		$	240,042		$	224,281
Banking segment efficiency ratio	110.0		%	57.5		%	51.7		%	83.1		%	54.2		%	75.6		%	58.6		%
Banking segment core efficiency ratio (tax-equivalent basis)	52.8		%	56.5		%	50.1		%	53.9		%	53.8		%	54.6		%	53.9		%





	Three Months Ended															Six Months Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024			Jun 2025			Jun 2024
Mortgage segment noninterest expense	$	13,931		$	12,640		$	12,170		$	13,098		$	12,915		$	26,571		$	25,141




Mortgage segment core noninterest expense	$	13,931		$	12,640		$	12,170		$	13,098		$	12,915		$	26,571		$	25,141
Mortgage segment net interest income	$	2,506		$	1,882		$	1,588		$	1,682		$	1,422		$	4,388		$	1,900
Mortgage segment noninterest income	13,168			12,372			10,686			11,873			12,131			25,540			24,887
Less gain (loss) on sales or write- downs of premises and equipment, other real estate owned and other assets, net	33			(128)			—			10			117			(95)			173
Mortgage segment core noninterest income	13,135			12,500			10,686			11,863			12,014			25,635			24,714
Mortgage segment total revenue	$	15,674		$	14,254		$	12,274		$	13,555		$	13,553		$	29,928		$	26,787
Mortgage segment core total revenue	$	15,641		$	14,382		$	12,274		$	13,545		$	13,436		$	30,023		$	26,614
Mortgage segment efficiency ratio	88.9		%	88.7		%	99.2		%	96.6		%	95.3		%	88.8		%	93.9		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	89.1		%	87.9		%	99.2		%	96.7		%	96.1		%	88.5		%	94.5		%


FB Financial Corporation						20


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands, Except Share Data)

	As of
Tangible assets, common equity and related measures	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024
Tangible assets
Total assets	$	13,354,238		$	13,136,449		$	13,157,482		$	12,920,222		$	12,535,169
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	4,475			5,106			5,762			6,449			7,168
Tangible assets	$	13,107,202		$	12,888,782		$	12,909,159		$	12,671,212		$	12,285,440
Tangible common equity
Total common shareholders’ equity	$	1,611,130		$	1,601,962		$	1,567,538		$	1,562,329		$	1,500,502
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	4,475			5,106			5,762			6,449			7,168
Tangible common equity	$	1,364,094		$	1,354,295		$	1,319,215		$	1,313,319		$	1,250,773


Common shares outstanding	45,807,689			46,514,547			46,663,120			46,658,019			46,642,958
Book value per common share	$	35.17		$	34.44		$	33.59		$	33.48		$	32.17
Tangible book value per common share	$	29.78		$	29.12		$	28.27		$	28.15		$	26.82

Total common shareholders’ equity to total assets	12.1		%	12.2		%	11.9		%	12.1		%	12.0		%
Tangible common equity to tangible assets	10.4		%	10.5		%	10.2		%	10.4		%	10.2		%
On-balance sheet liquidity:
Cash and cash equivalents	$	1,165,729		$	794,706		$	1,042,488		$	951,750		$	800,902
Unpledged securities	547,354			703,117			600,965			510,538			612,756

Total on-balance sheet liquidity	$	1,713,083		$	1,497,823		$	1,643,453		$	1,462,288		$	1,413,658
On-balance sheet liquidity as a percentage of total assets	12.8		%	11.4		%	12.5		%	11.3		%	11.3		%
On-balance sheet liquidity as a percentage of total tangible assets	13.1		%	11.6		%	12.7		%	11.5		%	11.5		%


FB Financial Corporation						21


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Six Months Ended
Adjusted return on average tangible common equity and related measures	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024			Jun 2025			Jun 2024
Average common shareholders’ equity	$	1,583,099		$	1,583,958		$	1,564,503		$	1,523,597		$	1,473,281		$	1,583,527		$	1,467,007
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	4,791			5,426			6,107			6,795			7,525			5,107			7,912
Average tangible common equity	$	1,335,747		$	1,335,971		$	1,315,835		$	1,274,241		$	1,223,195		$	1,335,859		$	1,216,534
Net income	$	2,909		$	39,361		$	37,886		$	10,220		$	39,979		$	42,270		$	67,929
Return on average common equity	0.74		%	10.1		%	9.63		%	2.67		%	10.9		%	5.38		%	9.31		%
Return on average tangible common equity	0.87		%	11.9		%	11.5		%	3.19		%	13.1		%	6.38		%	11.2		%
Adjusted tangible net income	$	41,288		$	40,593		$	40,343		$	40,663		$	39,980		$	81,881		$	80,454
Adjusted return on average tangible common equity	12.4		%	12.3		%	12.2		%	12.7		%	13.1		%	12.4		%	13.3		%












	Three Months Ended															Six Months Ended
Adjusted return on average assets, common equity and related measures	Jun 2025			Mar 2025			Dec 2024			Sep 2024			Jun 2024			Jun 2025			Jun 2024
Net income	$	2,909		$	39,361		$	37,886		$	10,220		$	39,979		$	42,270		$	67,929
Average assets	13,032,490			13,206,969			13,194,195			12,741,950			12,371,444			13,119,248			12,480,759
Average common equity	1,583,099			1,583,958			1,564,503			1,523,597			1,473,281			1,583,527			1,467,007
Return on average assets	0.09		%	1.21		%	1.14		%	0.32		%	1.30		%	0.65		%	1.09		%
Return on average common equity	0.74		%	10.1		%	9.63		%	2.67		%	10.9		%	5.38		%	9.31		%
Adjusted net income	$	40,821		$	40,108		$	39,835		$	40,132		$	39,424		$	80,929		$	79,314
Adjusted return on average assets	1.26		%	1.23		%	1.20		%	1.25		%	1.28		%	1.24		%	1.28		%
Adjusted return on average common equity	10.3		%	10.3		%	10.1		%	10.5		%	10.8		%	10.3		%	10.9		%













Adjusted pre-tax pre-provision net income	$	58,649		$	52,134		$	59,829		$	53,762		$	52,369		$	110,783		$	103,549
Adjusted pre-tax pre-provision return on average assets	1.81		%	1.60		%	1.80		%	1.68		%	1.70		%	1.70		%	1.67		%


FB Financial Corporation						22

Document 1

EX-99.3 4 a2q25fbkearningspresenta.htm EX-99.3 a2q25fbkearningspresenta

July 15, 2025 2025 Second 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 Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets and statements regarding the merger of Southern States Bancshares, Inc. (“Southern States”) with the Company (the “Merger”) and expectations with regard to the benefits of the Merger. 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,” 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) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) risks associated with the Merger, including (a) the risk that the cost savings and any revenue synergies from the Merger is less than or different from expectations, (b) disruption from the Merger with customer, supplier, or employee relationships,(c) the possibility that the costs, fees, expenses and charges related to the Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (d) the risks related to the integration of the combined businesses, including the risk that the integration will be materially delayed or will be more costly or difficult than expected, (e) the diversion of management time on merger-related issues, (f) the ability of the Company to effectively manage the larger and more complex operations of the combined company following the Merger, (g) the risk of expansion into new geographic or product markets, (h) reputational risk and the reaction of the parties’ customers to the Merger, (i) the Company’s ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (j) the risk of potential litigation or regulatory action related to the Merger, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, other potential future acquisitions, (8) the Company’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (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 effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (12) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (13) the impact, extent and timing of technological changes, (14) concentrations of credit or deposit exposure, (15) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (16) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (17) 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, 2024, 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 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 may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company refers to these non-GAAP measures as adjusted (or core) measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity 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. Additionally, the Company presents adjusted risk-weighted assets, adjusted common equity tier 1 capital and adjusted total risk-based capital to show the impact if all available-for-sale securities were sold. Adjusted risk-weighted assets excludes the book value and net unrealized loss of the available-for-sale securities portfolio. Adjusted common equity tier 1 and adjusted total risk-based capital includes the portion of accumulated other comprehensive income related to available-for-sale securities that the Company has elected to remove from the capital calculations in accordance with the capital rules. 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 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. Also, since investors may assess the Company’s capital adequacy with the impact of the net unrealized losses on available-for-sale securities, the Company believes that it is useful to provide investors the ability to assess the Company’s capital adequacy as if all available-for-sale securities were sold. 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 with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Presentation for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

3 2Q 2025 Results 1 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Reported Adjusted1 Diluted earnings per common share $0.06 $0.88 Pre-Tax Pre-Provision Net Revenue ($mm) $(4.4) $58.6 Net interest margin (tax-equivalent basis) 3.68% 3.68% Efficiency Ratio 105.7% 56.9% Return on average assets 0.09% 1.26% Return on average tangible common equity1 0.87% 12.4% Key highlights Earnings • Net income of $2.9 million and $40.8 million on an adjusted basis1 • Securities portfolio restructure loss of $60 million • 13 bps expansion of net interest margin (NIM) to 3.68% • Improved fee income and moderating core expenses • Income tax benefit of $12.7 million in the quarter Balance Sheet • Annualized loan held for investment (HFI) growth of 4.2% • Annualized total deposit growth of 7.2% • Lower average assets & liabilities driven by strategic reduction of high cost non-relationship funding Credit • ACL coverage ratio of 1.51% • Net charge-offs returned to historical levels at an annualized rate of 0.02% • NPA/Assets ratio up 8 basis points to 0.92% Capital • Capital position remains strong – • Tangible Common Equity to Tangible Assets1 10.4% • CET 1 Ratio 12.3% and Total Risk-Based Capital 14.7% (preliminary) • C&D and CRE concentration ratios within target ranges M&A • Closed merger with Southern States Bancshares, Inc. on July 1, 2025 • Conversion expected in 3Q25

4 2Q 2025 Earnings Quarter ended $ Change from $ in thousands, except per share data 2Q25 1Q25 2Q24 1Q25 2Q24 Total Revenue 76,863 130,673 128,223 (53,810) (51,360) Provision for credit losses 5,337 2,292 2,224 3,045 3,113 Noninterest Expense 81,261 79,549 75,093 1,712 6,168 Pre-tax (loss) income (9,735) 48,832 50,906 (58,567) (60,641) Income tax (benefit) expense (12,652) 9,471 10,919 (22,123) (23,571) Noncontrolling Interest 8 0 8 8 0 Net income 2,909 39,361 39,979 (36,452) (37,070) Selected items impact1 37,912 747 (555) 37,155 37,347 Adjusted net income2 40,821 40,108 39,424 713 1,397 Diluted earnings per share $ 0.06 $ 0.84 $ 0.85 $(0.78) $(0.79) Adjusted Diluted earnings per share2 $ 0.88 $ 0.85 $ 0.84 $ 0.03 $ 0.04 Selected Items Impact1 2Q25 Loss before income taxes (9,735) Less loss from securities, net (60,549) Less gain from sales or write-downs of premises and equipment, other real estate owned and other assets, net 236 Plus merger and integration costs 2,734 Income tax expense, adjusted for items above 3,778 Plus income tax benefit (8,713) Adjusted Net Income2 40,821 Net Income 2,909 Selected items impact1 37,912 1 Non-GAAP financial measure; Represents the aggregate total of items that comprise the difference between Net Income and Adjusted Net Income. See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. • $60 million loss on the sale of ~$266 million in investment securities in 2Q25 • Credit costs up in the quarter driven by updated forecast assumptions and increased loan balances • Expenses higher in 2Q25 primarily driven by non-core merger costs • Income tax benefit driven by – • Tax impact related to the securities loss • $10.7 million tax item due to the expiration of the statute of limitations with respect to an amended prior year return ($8.7mm refund & $2.0mm in related interest)

5 Driving shareholder value ¹ Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 2Q25 calculation is preliminary and subject to change. $2.64 $2.57 $2.48 $0.91 $2.92 $3.01 $3.40 $1.74 2022 2023 2024 YTD Earnings per share Adjusted earnings per share Earnings per Share $14 $14 $20 $22 $25 $27 $30 $28 $31 $34 $35 $12 $12 $15 $17 $19 $22 $25 $23 $26 $28 $30 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 BVPS TBVPS 15.1% 15.1% 15.2% 15.2% 14.7% 2Q24 3Q24 4Q24 1Q25 2Q25 0.79% 0.96% 0.87% 0.79% 0.97% 2Q24 3Q24 4Q24 1Q25 2Q25 $52.4 $53.8 $59.8 $52.1 $58.6 2Q24 3Q24 4Q24 1Q25 2Q25 Book Value per Share Total RBC Ratio2 NPLs / Total Loans HFIAdjusted ROATCE1Adjusted PPNR1 (in millions) 1 1 $1,251 $1,313 $1,319 $1,354 $1,364 13.1% 12.7% 12.2% 12.3% 12.4% 2Q24 3Q24 4Q24 1Q25 2Q25 Tangible Common Equity Adj ROATCE11

6 Net Interest Margin $103.3 $106.6 $109.0 $108.4 $112.2 3.57% 3.55% 3.50% 3.55% 3.68% 2Q24 3Q24 4Q24 1Q25 2Q25 FTE NII / NIM Trend ($ in millions) Net Interest Income (NII) Net Interest Margin (NIM) Highlights Net Interest Income Rollforward ($ in thousands) 1Q25 Net Interest Income $ 108,427 Impact of loan rate changes 734 Impact of loan volume changes 4,077 Impact of deposit rate changes 1,380 Impact of deposit volume changes 1,082 Day count 1,196 Impact of change in cash & other (4,660) 2Q25 Net Interest Income $ 112,236 • Net Interest Income (NII) impacted by –  Increased average loan balances ~$220 million  Reduced total deposit costs ~6 bps  One additional day in the quarter • Lower average earning total assets during the quarter, benefiting NIM • Impact from $266 million securities transaction to be seen in Q3 and beyond –  Modeled to provide ~6% yield pickup and payback period of less than a 4-years

7 Noninterest Income & Expense $75.1 $79.5 $81.3 58.6% 60.9% 105.7% 2Q24 1Q25 2Q25 Noninterest Expense ($ millions) Noninterest Expense Efficiency Ratio $74.1 $79.1 $78.5 58.3% 59.9% 56.9% 2Q24 1Q25 2Q25 Core Noninterest Expense ($ millions) Core Noninterest Expense Core Efficiency Ratio $25.6 $23.0 $(34.6) $23.8 $23.6 $25.8 2Q24 1Q25 Noninterest Income ($ millions) Noninterest Income Core Noninterest Income Highlights 1 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 1 1 1 Noninterest income: • Securities loss of ~$60 million drove a negative noninterest income figure on a reported basis during the quarter • Adjusted Noninterest income1 was up $2.2 million led by – • ~$1 million increase in Swap Fees • ~$600 thousand increase in Mortgage Banking Income • ~$211 thousand in Investment Services • ~$201 thousand in ATM & Interchange Noninterest expense: • 2% increase on a reported basis, driven by higher merger and integration costs QoQ • Adjusted Noninterest expense1 was down $0.6 million as a result of lower share-based compensation expense, partially offset by an incremental QoQ increase in salaries 2Q25

8 Loans HFI $9.31 $9.48 $9.60 $9.77 $9.87 6.70% 6.70% 6.51% 6.41% 6.44% 2Q 24 3Q 24 4Q 24 1Q 25 2Q25 Loans HFI / Total Yield ($ billions) Loans HFI Total Loan HFI Yield 1-4 family 17% 1-4 family HELOC 7% Multifamily 6% C&D 10% CRE 22% C&I 32% Other 6% Portfolio Mix $9.9 Billion 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. Note: Loan yield shown above includes a tax-equivalent adjustment using combined marginal tax rate of 26.06%. 1 2 • Loans held for investment (HFI) balances grew during the quarter by ~$103 million, or 4.2% on an annualized basis, driven by – • Residential mortgage loans & lines of credit were up $56 million in aggregate • Commercial real estate non-owner-occupied balances were up $45 million • Consumer & other was up $43 million • Multi-family mortgage loans were down $61 million due to several larger pay offs during the quarter

9 Residential Development 43% Commercial 29% Consumer 17% Multifamily 11% Construction 34% Land 7% Lots 2% Office 18% Retail 22% Hotel 15% Warehouse/Industrial 16% Land-Manufactured Housing 5% Self Storage 6% Healthcare Facility 3% Assisted Living Facility 7% Other 8% Diversified loan portfolio CRE2 exposure by type Note: Data as of June 30, 20251 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. C&D exposure by type C&I1 Exposure by Industry ($ millions) Industry C&I CRE-OO Total % of Total Real estate rental and leasing $270 $232 $502 16% Finance and insurance 309 14 323 10% Manufacturing 154 125 279 9% Retail trade 82 180 262 8% Other services (except public admin) 61 197 258 8% Wholesale trade 124 72 196 6% Health care and social assistance 52 128 180 6% Information 162 13 175 6% Professional, scientific and tech services 130 42 172 6% Accommodation and food services 54 114 168 5% Construction 93 67 160 5% Transportation and warehousing 75 60 135 4% Administrative and support and waste management and remediation services 68 14 82 3% Arts, entertainment and recreation 36 36 72 2% Other 119 76 195 6% Total $1,789 $1,370 $3,159 100% Land 20% Retail 1% Other 8% Construction 13% Land 4%

10 Nashville 55% Memphis 10% Knoxville 4% Huntsville 5% Birmingham 11% Chattanooga 2% Other 5% Communities 8% Class A 33% Class B 36% Class C 11% Under $2 Million 20% Office exposure • Office loans as of 2Q25 – • Represent 4% of total Loans HFI population • 99% of portfolio is pass rated and current • 23% of portfolio matures by year-end 2026 • 55% fixed rate & 45% floating rate • Continuous monitoring of office loans greater than $2 million shows minimal concerns • Projects generally characterized by 25-30% cash equity requirement, loan to value maximums of 70%-75% at origination, and requests for guarantors Geographic exposure Note: Data as of June 30, 2025. Data is only non-owner occupied CRE & C&D loans. Data excludes medical office buildings. Credit detail by class Class Outstanding Avg. Balance Wtd. Avg. LTV Wtd. Avg Occupancy Class A > $2 million $140.5 $10.8 48.8% 94.4% Class B > $2 million 151.6 6.1 63.0% 80.2% Class C > $2 million 48.8 5.4 61.4% 80.3% Total > $2 million 340.9 7.3 56.9% 86.1% Total < $2 million 87.1 0.6 N/A N/A Total Office $428.0 $2.1 N/A NA Exposure by class

11 Valuable deposit base Cost of deposits 20.9% 20.3% 18.9% 19.3% 19.2% 2.77% 2.83% 2.70% 2.54% 2.48% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest-bearing as % of total deposits Cost of total deposits (%) $4,675 $4,676 $4,853 $4,869 $4,772 $4,271 $4,887 $4,802 $4,696 $4,836 $1,522 $1,413 $1,555 $1,638 $1,795 $10,468 $10,976 $11,210 $11,203 $11,403 2Q24 3Q24 4Q24 1Q25 2Q25 Consumer Commercial Public Deposits by customer segment ($mm) • Strategic focus on growing relationships resulted in higher balances in non-interest bearing and money market accounts • Increase in public funds deposits driven by a notable short-term certificate of deposit • Improved cost of deposits due to deliberate runoff of higher cost non-relationship portfolios Highlights Noninterest -bearing checking 19% Interest- bearing checking 20% Money market 38% Savings 3% Time 20% 39% Checking accounts 2Q25 Deposit composition

12 1.67% 1.40% 1.21% 0.89% 2.85% 1.48% 1.62% 1.81% 4.04% 1.54% 0.87% 1.31% 0.89% 2.51% 1.76% 1.60% 1.82% 3.59% 1.51% 1.13% 1.20% 0.87% 2.14% 1.86% 1.82% 1.35% 3.10% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 2Q24 1Q25 2Q25 Allowance Modeling & Reserve Allocation ACL on loans HFI / Loans HFI by category • During the quarter, the Company migrated to a new Allowance for Credit Losses model • The change was accounted for as a change in accounting estimate • The new model includes – • Opportunity for more granular inputs & outputs • A discounted cash flow modelling approach • Enhanced reporting and review capabilities Key forecast inputs1 3Q25 4Q25 1Q26 2Q26 National Unemployment Rate 4.3 4.3 4.5 4.7 CRE Price Index 1.2 1.1 1.2 1.4 National Housing Price Index 1.4 1.3 1.0 0.65 Prime Rate 6.8 6.5 6.3 6.0 1 Source: Moody’s “June 2025 U.S. Macroeconomic Outlook Baseline Scenario”, with the exception of the National Housing Price Index which also incorporates components of the Mortgage Bankers Association Mortgage Finance Forecast, June 2025.

13 Asset Quality Metrics 0.63% 0.76% 0.69% 0.63% 0.76% 0.18% 0.23% 0.24% 0.21% 0.16% 0.81% 0.99% 0.93% 0.84% 0.92% 2Q24 3Q24 4Q24 1Q25 2Q25 Nonperforming Assets / Assets Other NPAs Optional GNMA repurchase • Net charge-off activity normalized during the quarter at an annualized rate of 0.02% • Net impact to provision expense from model change was ~$395 thousand • Provision expense up in the quarter driven by updated forecast assumptions and increased loan balances • Nonperforming asset levels increased, but migrating credits are well secured with negligible loss content $155 $156 $152 $151 $149 1.67% 1.65% 1.58% 1.54% 1.51% 2Q24 3Q24 4Q24 1Q25 2Q25 Allowance for Credit Losses & Coverage Ratio ($ millions) ACL ACL Coverage Ratio $2,224 $1,914 $7,084 $2,292 $5,337 0.02% 0.03% 0.47% 0.14% 0.02% 2Q24 3Q24 4Q24 1Q25 2Q25 Provision for Credit Losses & Net Charge Offs ($ thousands) Provision for Credit Losses NCO Ratio (ann.) 1 1 Includes other real estate owned and repossessed assets–see page 13 of the Second Quarter 2025 Financial Supplement. Highlights

14 Capital & Liquidity Simple Capital Structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,704 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 2Q25 calculation is preliminary and subject to change. 3 Includes capacity from internal policy and does not include loans held at the REIT that could be pledged for additional capacity. On-balance sheet liquidity ($mm) $1,414 $1,462 $1,644 $1,498 $1,713 11.5% 11.5% 12.7% 11.6% 13.1% 2Q24 3Q24 4Q24 1Q25 2Q25 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Capital Position 2Q24 1Q25 2Q25 Shareholder’s Equity/Assets 12.0% 12.2% 12.1% TCE/TA1 10.2% 10.5% 10.4% Common Equity Tier 12 12.7% 12.8% 12.3% Tier 1 Risk-Based2 13.0% 13.1% 12.6% Total Risk-Based2 15.1% 15.2% 14.7% AOCI Adjusted Ratios:1,2 Adj. Common Equity Tier 1 11.9% Adjusted Total Risk-Based 14.3% 1 Capital & Liquidity: • Increased period end cash levels from the securities transaction at the end of 2Q25 & notable public funds deposit • Executed ~$34 million in share buy backs in 2Q25 • Securities portfolio makes up 10% of total assets and does not include any HTM securities • 2Q25 available sources of liquidity – • $1.7 billion on-balance sheet • $6.9 billion Total other sources3

15 Mortgage results • Mortgage segment pre-tax pre-provision net revenue (PPNR) of $1.7 million and pre-tax net contribution of $(3.0) million • Increased revenue through strong loan sale and lock volumes during the quarter, coupled with improved margins • Segment profitability impacted by increased reserves on a portfolio of high loan-to-value (LTV) mortgage loans, as a result of the Company’s change in accounting estimate for the Allowance for Credit Losses 2.84% 2.84% 2.71% 2.51% 2.86% 2Q24 3Q24 4Q24 1Q25 2Q25 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin $336 $314 $258 $329 $402 $49 $67 $58 $53 $55 $385 $381 $316 $382 $457 2Q24 3Q24 4Q24 1Q25 2Q25 Purchase Refinance Highlights Mortgage Banking Segment ($ thousands) 2Q24 1Q25 2Q25 Total Revenue $ 13,553 $ 14,254 $ 15,674 (Reversals of) provisions for loan losses (208) 103 4,755 Noninterest expense 12,915 12,640 13,931 Pre-tax net contribution (loss) after allocations 846 1,511 (3,012) Total Assets 587,619 646,352 617,408 Efficiency Ratio 95.3% 88.7% 88.9% Core Efficiency Ratio1 96.1% 87.9% 89.1% 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.

16 FBK & SSBK Combination Deal metrics Deal Assumptions Status Cost savings 25% in 2025 75% in 2026 100% thereafter Transaction Costs ~$38 million 2026 EPS accretion ~12% 2026 Efficiency ratio ~50% Tangible book value per share dilution ($) ($1.04) Tangible book value per share dilution (%) (3.4%) Close / Integration timeline 4Q25 Better than expected On track Merger update: • Deal closed on July 1, 2025  ~90 days from announcement to close • Close & integration ahead of schedule • Deal economics and assumptions remain solid • New team members onboarded & working as one organization • System conversion anticipated in 3Q25 Deal Announced March 31, 2025 Regulatory Approval June 12, 2025 Shareholder Approval June 26, 2025 Legal Close July 1, 2025 Anticipated Conversion Weekend 8/29 – 9/1 Merger timeline:

17 Appendix

18 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

19 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

20 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue

21 GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income

22 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue

23 GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income

24 GAAP reconciliations and use of non-GAAP financial measures Adjusted Common Equity Tier 1 and Total Risk-Based capital ratios

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

26 GAAP reconciliations and use of non-GAAP financial measures Banking segment core efficiency ratio (tax-equivalent)

27 GAAP reconciliations and use of non-GAAP financial measures Mortgage segment core efficiency ratio (tax-equivalent)

28 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures

29 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures

30 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures

31 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets, common equity and related measures

32 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures

33 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets and equity