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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 10-Q
______________________________________________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37875
_____________________________________________________________
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________________________
Tennessee62-1216058
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1221 Broadway, Suite 1300
Nashville, Tennessee
37203
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (615) 564-1212
___________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)  Name of each exchange on which registered 
Common Stock, Par Value $1.00 Per Share FBK  New York Stock Exchange 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒  Accelerated filer ☐
Non-accelerated filer ☐  Small reporting company ☐
Emerging growth company ☐    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of registrant’s Common Stock outstanding as of July 31, 2025 was 53,848,882.
1

Table of Contents
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


2

PART I
GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (this “Report”), references to “we,” “our,” “us,” “FB Financial,” or “the Company” refer to FB Financial Corporation, a Tennessee corporation, and our wholly-owned banking subsidiary, FirstBank, a Tennessee state-chartered bank, unless otherwise indicated or the context otherwise requires. References to “Bank” or “FirstBank” refer to FirstBank, our wholly-owned banking subsidiary.
The acronyms and abbreviations identified below are used in the Notes to the consolidated financial statements as well as in the Management’s discussion and analysis of financial condition and results of operations. You may find it helpful to refer to this page as you read this Report.

ACLAllowance for credit lossesFFIECFederal Financial Institutions Examination Council
AFSAvailable-for-saleFHLBFederal Home Loan Bank
ALCOAsset Liability Management CommitteeGAAPU.S. generally accepted accounting principles
ASCAccounting Standard CodificationGNMAGovernment National Mortgage Association
ASUAccounting Standard UpdateHFIHeld for investment
BankFirstBank, subsidiary bankNIMNet interest margin
BOLIBank-owned life insuranceOREOOther real estate owned
CDCertificate of DepositPSUPerformance-based restricted stock units
CECLCurrent expected credit lossesReportForm 10-Q for the quarterly period ended June 30, 2025
CompanyFB Financial CorporationROAAReturn on average assets
CPRConditional prepayment rateROAEReturn on average common equity
CRECommercial real estateROATCEReturn on average tangible common equity
ESPPEmployee Stock Purchase PlanRSURestricted stock units
EVEEconomic value of equitySECU.S. Securities and Exchange Commission
FASBFinancial Accounting Standards BoardSOFRSecured overnight financing rate
FDICFederal Deposit Insurance CorporationSouthern States
Southern States Bancshares, Inc.
FDMFinancial Difficulty ModificationTDFITennessee Department of Financial Institutions
Federal ReserveBoard of Governors of the Federal Reserve System
3

FB Financial Corporation and subsidiaries
Consolidated balance sheets
(Amounts are in thousands except share and per share amounts) 

 June 30,December 31,
 2025 (Unaudited)2024 
ASSETS  
Cash and due from banks$143,317 $120,153 
Federal funds sold and reverse repurchase agreements
352,124 125,825 
Interest-bearing deposits in financial institutions670,288 796,510 
Cash and cash equivalents1,165,729 1,042,488 
Investments:
Available-for-sale debt securities, at fair value1,337,565 1,538,008 
Federal Home Loan Bank stock, at cost33,626 32,749 
Loans held for sale (includes $123,235 and $95,403 at fair value, respectively)
144,212 126,760 
Loans held for investment9,874,282 9,602,384 
Less: allowance for credit losses on loans HFI148,948 151,942 
Net loans held for investment9,725,334 9,450,442 
Premises and equipment, net147,243 148,899 
Operating lease right-of-use assets47,764 47,963 
Interest receivable50,386 49,611 
Mortgage servicing rights, at fair value153,464 162,038 
Bank-owned life insurance72,686 72,504 
Other real estate owned, net2,998 4,409 
Goodwill242,561 242,561 
Core deposit and other intangibles, net4,475 5,762 
Other assets226,195 233,288 
Total assets$13,354,238 $13,157,482 
LIABILITIES
Deposits
Noninterest-bearing$2,191,903 $2,116,232 
Interest-bearing checking2,325,551 2,906,425 
Money market and savings4,645,552 4,338,483 
Customer time deposits1,721,745 1,380,205 
Brokered and internet time deposits518,719 469,089 
Total deposits11,403,470 11,210,434 
Borrowings164,485 176,789 
Operating lease liabilities59,289 60,024 
Accrued expenses and other liabilities115,771 142,604 
Total liabilities11,743,015 11,589,851 
SHAREHOLDERS’ EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    45,807,689 and 46,663,120 shares issued and outstanding, respectively
45,808 46,663 
Additional paid-in capital822,548 860,266 
Retained earnings786,785 762,293 
Accumulated other comprehensive loss, net(44,011)(101,684)
Total FB Financial Corporation common shareholders’ equity1,611,130 1,567,538 
Noncontrolling interest93 93 
Total equity1,611,223 1,567,631 
Total liabilities and shareholders’ equity$13,354,238 $13,157,482 
See the accompanying notes to the consolidated financial statements.
4

FB Financial Corporation and subsidiaries
Consolidated statements of income
(Amounts are in thousands, except per share amounts)
(Unaudited)
5
 Three Months Ended June 30,Six Months Ended June 30,
 2025 2024 2025 2024 
Interest income:  
Interest and fees on loans$159,697 $155,379 $312,882 $310,985 
Interest on investment securities
Taxable14,661 11,966 29,132 21,071 
Tax-exempt1,036 1,168 2,069 2,610 
Other6,690 8,900 17,707 18,875 
Total interest income182,084 177,413 361,790 353,541 
Interest expense:
Deposits68,568 71,501 138,817 144,126 
Borrowings2,101 3,297 3,917 7,310 
Total interest expense70,669 74,798 142,734 151,436 
Net interest income111,415 102,615 219,056 202,105 
(Reversal of) provision for credit losses on loans HFI(1,102)3,940 804 5,792 
Provision for (reversal of) credit losses on unfunded commitments6,439 (1,716)6,825 (2,786)
Net interest income after provision for credit losses106,078 100,391 211,427 199,099 
Noninterest income:
Mortgage banking income13,029 11,910 25,455 24,495 
Investment services and trust income3,922 3,387 7,633 6,617 
Service charges on deposit accounts3,392 3,167 6,871 6,308 
ATM and interchange fees2,878 2,814 5,555 5,758 
Loss from investment securities, net(60,549)— (60,533)(16,213)
Gain (loss) on sales or write-downs of premises and equipment, other real estate
     owned and other assets, net		236 (281)(389)284 
Other income2,540 4,611 3,888 6,321 
Total noninterest (loss) income(34,552)25,608 (11,520)33,570 
Noninterest expenses:
Salaries, commissions and employee benefits46,631 46,225 94,982 90,843 
Occupancy and equipment expense6,710 6,328 13,307 12,942 
Merger and integration costs2,734 — 3,135 — 
Legal and professional fees2,426 1,979 4,418 3,898 
Advertising2,178 1,859 4,665 3,030 
Data processing 2,161 2,286 4,474 4,694 
Amortization of core deposit and other intangibles631 752 1,287 1,541 
Other expense17,790 15,664 34,542 30,565 
Total noninterest expense81,261 75,093 160,810 147,513 
(Loss) income before income taxes(9,735)50,906 39,097 85,156 
Income tax (benefit) expense(12,652)10,919 (3,181)17,219 
Net income applicable to FB Financial Corporation and
   noncontrolling interest		2,917 39,987 42,278 67,937 
Net income applicable to noncontrolling interest8 8 8 8 
Net income applicable to FB Financial Corporation$2,909 $39,979 $42,270 $67,929 
Earnings per common share:
Basic$0.06 $0.85 $0.91 $1.45 
Diluted0.06 0.85 0.91 1.45 
See the accompanying notes to the consolidated financial statements.
5

FB Financial Corporation and subsidiaries
Consolidated statements of comprehensive income
(Amounts are in thousands)
(Unaudited)

 Three Months Ended June 30,Six Months Ended June 30,
 2025 2024 2025 2024 
Net income$2,917 $39,987 $42,278 $67,937 
Other comprehensive income, net of tax:
   Net unrealized gain (loss) in available-for-sale securities, net of tax expense
       (benefit) of $1,190, $485, $4,679 and $(2,947)
3,172 905 12,915 (8,668)
   Reclassification adjustment for loss on securities included in net income,
       net of tax benefit of $15,779, $—, $15,775 and $4,225
44,770 — 44,758 11,988 
   Net unrealized loss in hedging activities, net of tax benefit of $— , $68, $— and
       $130
— (195)— (369)
         Total other comprehensive income, net of tax47,942 710 57,673 2,951 
Comprehensive income applicable to FB Financial Corporation and noncontrolling
     interest 		50,859 40,697 99,951 70,888 
Comprehensive income applicable to noncontrolling interest8 8 8 8 
Comprehensive income applicable to FB Financial Corporation$50,851 $40,689 $99,943 $70,880 
See the accompanying notes to the consolidated financial statements.
6

FB Financial Corporation and subsidiaries
Consolidated statements of changes in shareholders’ equity
(Amounts are in thousands except per share amounts)
(Unaudited)

Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive loss, net		Total common
shareholders’ equity		Noncontrolling interestTotal shareholders’ equity
Balance at March 31, 2024:$46,897 $866,803 $698,310 $(132,484)$1,479,526 $93 $1,479,619 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 39,979 — 39,979 8 39,987 
Other comprehensive income, net of
taxes		— — — 710 710 — 710 
Repurchase of common stock(353)(12,346)— — (12,699)— (12,699)
Stock-based compensation expense3 2,087 — — 2,090 — 2,090 
Restricted stock units vested, net of
taxes		91 (1,149)— — (1,058)— (1,058)
Performance-based restricted stock
units vested, net of taxes		5 (4)— — 1 — 1 
Dividends declared ($0.17 per
   share)
— — (8,047)— (8,047)— (8,047)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2024$46,643 $855,391 $730,242 $(131,774)$1,500,502 $93 $1,500,595 
Balance at March 31, 2025:$46,515 $854,715 $792,685 $(91,953)$1,601,962 $93 $1,602,055 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 2,909 — 2,909 8 2,917 
Other comprehensive income, net of
taxes		— — — 47,942 47,942 — 47,942 
Repurchase of common stock(811)(33,443)— — (34,254)— (34,254)
Stock-based compensation expense3 2,979 — — 2,982 — 2,982 
Restricted stock units vested, net of
taxes		101 (1,703)— — (1,602)— (1,602)
Dividends declared ($0.19 per share)
— — (8,809)— (8,809)— (8,809)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2025:$45,808 $822,548 $786,785 $(44,011)$1,611,130 $93 $1,611,223 
















7

FB Financial Corporation and subsidiaries
Consolidated statements of changes in shareholders’ equity
(Amounts are in thousands except per share amounts)
(Unaudited)

Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive loss, net		Total common
shareholders’ equity		Noncontrolling interestTotal shareholders’ equity
Balance at December 31, 2023:$46,849 $864,258 $678,412 $(134,725)$1,454,794 $93 $1,454,887 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 67,929 — 67,929 8 67,937 
  Other comprehensive income, net of
taxes		— — — 2,951 2,951 — 2,951 
  Repurchase of common stock(353)(12,346)— — (12,699)— (12,699)
Stock-based compensation expense4 4,906 — — 4,910 — 4,910 
Restricted stock units vested, net of
taxes		102 (1,441)— — (1,339)— (1,339)
Performance-based restricted stock
units vested, net of taxes		30 (374)— — (344)— (344)
   Shares issued under employee stock
purchase program		11 388 — — 399 — 399 
   Dividends declared ($0.34 per share)
— — (16,099)— (16,099)— (16,099)
   Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2024:$46,643 $855,391 $730,242 $(131,774)$1,500,502 $93 $1,500,595 
Balance at December 31, 2024:$46,663 $860,266 $762,293 $(101,684)$1,567,538 $93 $1,567,631 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 42,270 — 42,270 8 42,278 
Other comprehensive income, net of
taxes		— — — 57,673 57,673 — 57,673 
Repurchase of common stock(1,020)(43,126)— — (44,146)— (44,146)
Stock-based compensation expense4 7,809 — — 7,813 — 7,813 
Restricted stock units vested, net of
taxes		120 (2,163)— — (2,043)— (2,043)
Performance-based restricted stock
units vested, net of taxes		33 (654)— — (621)— (621)
Shares issued under employee stock
purchase program		8 416 — — 424 — 424 
Dividends declared ($0.38 per share)
— — (17,778)— (17,778)— (17,778)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2025:$45,808 $822,548 $786,785 $(44,011)$1,611,130 $93 $1,611,223 
See the accompanying notes to the consolidated financial statements.

8
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Amounts are in thousands)
(Unaudited)
Six Months Ended June 30,
2025 2024 
Cash flows from operating activities:
Net income applicable to FB Financial Corporation and noncontrolling interest$42,278 $67,937 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software5,635 5,702 
Amortization of core deposit and other intangibles1,287 1,541 
Amortization of issuance costs on subordinated debt 194 193 
Capitalization of mortgage servicing rights(1,649)(2,649)
Net change in fair value of mortgage servicing rights10,223 2,393 
Stock-based compensation expense7,813 4,910 
Provision for credit losses on loans HFI804 5,792 
Provision for (reversal of) credit losses on unfunded commitments6,825 (2,786)
Provision for mortgage loan repurchases95 125 
Amortization (accretion) of discounts and premiums on acquired loans, net60 (548)
(Accretion) amortization of premiums and discounts on securities, net(1,235)2,440 
Loss from investment securities, net60,533 16,213 
Originations of loans held for sale(642,515)(595,813)
Proceeds from sale of loans held for sale632,634 575,246 
Gain on sale and change in fair value of loans held for sale(18,742)(17,209)
Net loss (gain) on write-downs of premises and equipment, other real estate
    owned and other assets		389 (284)
Provision for deferred income taxes1,332 (47)
Equity method investment loss1,175 — 
Earnings on bank-owned life insurance(872)(2,911)
Changes in:
Operating lease assets and liabilities, net(536)(539)
Other assets and interest receivable(16,584)(1,765)
Accrued expenses and other liabilities(33,820)8,950 
Net cash provided by operating activities55,324 66,891 
Cash flows from investing activities:
Activity in available-for-sale securities:
Sales266,454 207,882 
Maturities, prepayments and calls134,661 134,236 
Purchases(181,843)(366,579)
Net change in loans(279,745)94,773 
Net (purchases) redemptions of FHLB stock(877)1,160 
Purchases of premises and equipment(5,069)(3,861)
Proceeds from the sale of premises and equipment1,850 287 
Proceeds from the sale of other real estate owned 4,412 1,434 
Proceeds from the sale of other assets665 550 
Proceeds from bank-owned life insurance690 — 
Net cash (used in) provided by investing activities(58,802)69,882 
Cash flows from financing activities:
Net increase (decrease) in deposits193,036 (84,782)
Net decrease in securities sold under agreements to repurchase and federal funds
      purchased		(2,068)(31,963)
Stock-based compensation withholding payments(2,664)(1,683)
Net proceeds from sale of common stock under employee stock purchase program424 399 
Repurchase of common stock(44,146)(12,699)
Dividends paid on common stock(17,568)(15,916)
Dividend equivalent payments made upon vesting of equity compensation(287)(151)
Noncontrolling interest distribution(8)(8)
Net cash provided by (used in) financing activities126,719 (146,803)
Net change in cash and cash equivalents123,241 (10,030)
Cash and cash equivalents at beginning of the period1,042,488 810,932 
Cash and cash equivalents at end of the period$1,165,729 $800,902 
9
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows (continued)
(Amounts are in thousands)
(Unaudited)
Six Months Ended June 30,
2025 2024 
Supplemental cash flow information:
Interest paid$145,025 $150,100 
Taxes paid, net11,659 20,134 
Supplemental noncash disclosures:
Transfers from loans to other real estate owned$3,297 $2,400 
Transfers from loans to other assets2,927 1,831 
Transfers from loans to loans held for sale3,962 167 
Transfers from loans held for sale to loans4,753 40 
Loans provided for sales of other assets1,444 416 
(Decrease) increase in rebooked GNMA loans under optional repurchase program(10,380)1,125 
Dividends declared not paid on restricted stock units and performance stock units210 183 
Right-of-use assets obtained in exchange for operating lease liabilities2,119 — 
See the accompanying notes to the consolidated financial statements.

10
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)

Note (1)—Basis of presentation
Overview and presentation
FB Financial Corporation is a financial holding company headquartered in Nashville, Tennessee. The Company operates primarily through its wholly-owned subsidiary bank, FirstBank and its subsidiaries. As of June 30, 2025, the Bank had 78 full-service branches throughout Tennessee, Alabama, Kentucky and Georgia, and provided commercial and consumer banking services to the Asheville, North Carolina market.
The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with U.S. GAAP interim reporting requirements and general banking industry guidelines, and therefore, do not include all information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K.
The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported results of operations for the reporting periods and the related disclosures. Although management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that actual conditions could vary from those anticipated, which could cause the Company’s financial condition and results of operations to vary significantly from those estimates.
Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or shareholders’ equity.
Earnings per common share
Basic EPS excludes dilution and is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under stock-based compensation plans where securities have been granted but are not yet vested and distributable. Diluted EPS is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding for the year, plus an incremental number of common-equivalent shares computed using the treasury stock method.

11
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following is a summary of the basic and diluted earnings per common share calculations for each of the periods presented:
 Three Months Ended June 30,Six Months Ended June 30,
 2025 2024 20252024
Basic earnings per common share:
Earnings available to common shareholders$2,909 $39,979 $42,270 $67,929 
Weighted average basic shares outstanding45,946,428 46,762,488 46,308,551 46,818,685 
Basic earnings per common share$0.06 $0.85 $0.91 $1.45 
Diluted earnings per common share:
Earnings available to common shareholders$2,909 $39,979 $42,270 $67,929 
Weighted average basic shares outstanding45,946,428 46,762,488 46,308,551 46,818,685 
Weighted average diluted shares contingently issuable(1)
232,662 82,655 262,297 92,781 
Weighted average diluted shares outstanding46,179,090 46,845,143 46,570,848 46,911,466 
Diluted earnings per common share$0.06 $0.85 $0.91 $1.45 
(1) Excludes 176,589 restricted stock units outstanding considered to be antidilutive for the three months ended June 30, 2025 and 36,507 and 2,412 restricted stock units outstanding considered to be antidilutive for the three and six months ended June 30, 2024, respectively. There were no such restricted units outstanding for the six months ended June 30, 2025.

Recently modified accounting polices:
During the three months ended June 30, 2025, the Company modified the below referenced existing accounting policies around changes to the estimation techniques and certain related inputs and assumptions used in estimating its expected credit losses on its loan portfolios and unfunded commitments. These changes represent a change in accounting estimate under ASC 250, “Accounting Changes and Error Corrections”, and are applied prospectively in the period of change and did not have a material effect on the Company’s consolidated financial statements.
(A) Allowance for credit losses
The allowance for credit losses represents the portion of the loan’s amortized cost basis that the Company does not expect to collect due to credit losses over the loan’s life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.
The allowance for credit losses is based on the loan's amortized cost basis, excluding accrued interest receivable, as the Company promptly charges off uncollectible accrued interest receivable. Management’s determination of the appropriateness of the allowance is based on periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors, including macroeconomic forecasts and historical loss rates. The Company’s estimates of credit losses incorporate forward-looking macroeconomic projections throughout the reasonable and supportable forecast period and the subsequent historical reversion at the macroeconomic variable input level. The contractual term of the loan is adjusted for estimated prepayments based on market information and the Company’s prepayment history is incorporated in the estimate of the life of a loan. In the future, the Company may update information and forecasts that may cause significant changes in the estimate in those future quarters.
Prior to June 30, 2025, the Company calculated its expected credit loss estimate using a lifetime loss rate methodology. The Company utilized probability-weighted forecasts, which considered multiple macroeconomic variables from Moody’s that were applicable to each type of loan. Refer to Note 1, “Basis of presentation and summary of significant accounting policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion regarding ACL methodology.
Following a periodic review of its credit loss estimation process, the Company concluded that a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, is a more preferred approach for estimating the expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. The applicable CECL estimation technique is used to estimate the expected credit loss for off-balance sheet commitments for each loan segment. As part of the updates to estimation techniques, management updated certain related inputs and assumptions used to estimate the expected credit loss. The Company determined that the use of the updated estimate techniques and related inputs
12
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to the Company’s historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.
The changes in the estimation techniques and certain related inputs and assumptions used in the determination of the Company’s expected credit losses on its loan portfolio and unfunded commitments did not have a material impact to the Company’s operating results and financial condition. The provision for credit losses for the three and six months ended June 30, 2025, reflects this change in estimate and is accounted for prospectively. CECL estimates, similar to the Company’s other significant estimates, utilize inputs and assumptions that are subject to inherent estimation uncertainties and the Company may update inputs and assumptions based on portfolio composition, performance data, economic forecasts or other CECL components, consistent with the requirements of ASC 326, that may cause significant changes in CECL estimates in the future periods.
The discounted cash flow estimation technique pairs loan-level contractual term information including maturity date, payment amount and interest rate with pool level assumptions such as default rates, severity rates and prepayment speeds to estimate expected cash flows for the pool. The Company continues to utilize Moody’s forecast inputs to forecast losses during the reasonable and supportable period and reversion period that provided the strongest correlation to the Company and its peers’ historical losses. Examples of these forecast inputs include national unemployment, national housing price index, national commercial real estate index and prime rates. All significant model assumptions are recalibrated at least annually and approved by the ACL Committee.
For calculation purposes, the Company disaggregates the portfolio utilizing segmentation based primarily on FFIEC Call report segmentation, specifically following call code loan categorization. Portfolio segments may consist of multiple call codes or subsets of call codes where specific risk characteristics can be identified and segregated for modeling purposes. The primary portfolio segments include:
Commercial and industrial loans. Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes the Company’s farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets.
Construction loans. Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on the Company’s assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.
1-4 family mortgage loans. The Company’s residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes the Company’s manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.
Residential line of credit loans. The Company’s residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral.
Multi-family residential loans. The Company’s multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral.
Commercial real estate owner-occupied loans. The Company’s commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices,
13
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.
Commercial real estate non-owner occupied loans. The Company’s commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.
Consumer and other loans. The Company’s consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. These manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.
The discounted cash flow models estimate the net present value and is compared to the amortized cost of the pool with the resulting difference between the net present value and amortized cost as the initial modeled quantitative expected credit loss estimate for such pools.
The Company considers the need to qualitatively adjust its modeled quantitative expected credit loss estimate for information not otherwise captured in the model loss estimation process. These qualitative factor adjustments may increase or decrease the Company’s estimate of expected credit losses. The Company considers the qualitative factors that are relevant to the institution as of the reporting date, which may include, but are not limited to: levels of and trends in delinquencies and performance of loans; levels of and trends in write-offs and recoveries collected; trends in volume and terms of loans; effects of any changes in reasonable and supportable economic forecasts; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and expertise; available relevant information sources that contradict the Company’s own forecast; effects of changes in prepayment expectations or other factors affecting assessments of loan contractual terms; industry conditions; and effects of changes in credit concentrations.
A loan may require an individual evaluation when it is placed on nonaccrual status or no longer exhibits similar risk characteristics. These risk characteristics may include payment performance, internal or external credit scores, collateral type, effective interest rate or term among others. A loan is deemed collateral-dependent when the borrower is experiencing financial difficulty and the repayment is expected to be primarily through sale or operation of the collateral. The allowance for credit losses for collateral-dependent loans as well as loans where foreclosure is probable is calculated as the amount for which the amortized cost basis exceeds fair value of the underlying collateral. Fair value is determined based on appraisals performed by qualified appraisers and reviewed by qualified personnel. In cases where repayment is to be provided substantially through the sale of collateral, the Company reduces the fair value by the estimated costs to sell.
The Company evaluates all loan modifications according to the accounting guidance for loan refinancing and modifications to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. The Company derecognizes the existing loan and accounts for the modified loan as a new loan if the effective yield on the modified loan is at least equal to the effective yield for comparable loans with similar collection risks and the modifications to the original loan are more than minor. If a loan modification does not meet these conditions, it extends the existing loan’s amortized cost basis and accounts for the modified loan as a continuation of the existing loan. Substantially all of its loan modifications involving borrowers experiencing financial difficulty are accounted for as a continuation of the existing loan.
See Note 3, “Loans and allowance for credit losses” for additional details related to the Company's allowance for credit losses.
(B) Off-balance sheet financial instruments
Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to
14
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded, unless considered derivatives.
For loan commitments that are not accounted for as derivatives and when the obligation is not unconditionally cancellable by the Company, the Company applies the CECL methodology to estimate the expected credit loss for off-balance sheet commitments. The estimate of expected credit losses for off-balance sheet credit commitments is recognized as a liability. When the loan is funded, an allowance for expected credit losses is estimated for that loan using the CECL methodology, and the liability for off-balance sheet commitments is reduced. When applying the CECL methodology to estimate the expected credit loss, the Company considers the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions.
See Note 8, “Commitments and contingencies” for additional details related to the Company's off-balance sheet financial instruments.
Recently adopted accounting standards:
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker, a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the chief operating decision maker when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280, “Segment Reporting,” to be included in interim periods. The Company adopted this standard effective December 31, 2024, for annual financial statements and subsequent interim periods beginning in 2025, and retrospectively updated its disclosures. Refer to Note 11 for further information. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.
In December 2023, the FASB issued ASU 2023-08, “Intangibles – Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” This update requires entities to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and reflect changes from remeasurement in net income. Additionally, an entity that receives crypto assets as noncash consideration in the ordinary course of business and converts them nearly immediately into cash is required to classify those cash receipts as cash flows from operating activities. Lastly, the update requires entities to provide interim and annual disclosures about the types of crypto assets they hold and any changes in their holdings of crypto assets. This guidance became effective January 1, 2025. Currently, the Company does not hold or facilitate transactions with crypto-assets; however, if circumstances change the Company will evaluate any crypto-asset activities and the applicable financial statement and disclosure requirements in accordance with the guidance.
Newly issued not yet effective accounting standards:
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This ASU requires disclosures of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. While the Company continues to evaluate the impact, ASU 2023-09 is not expected to have a material impact on the Company’s income tax disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This update is intended to provide investors more detailed disclosures around specific types of expenses. This ASU requires certain details for expenses presented on the face of the consolidated statements of income as well as selling expenses to be presented in the notes to the consolidated financial statements. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is evaluating the impact this will have on the Company's consolidated financial statements and related disclosures.
15
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Subsequent events
Southern States Bancshares Inc. merger
On March 31, 2025, the Company announced it had entered into an agreement and plan of merger to acquire Southern States Bancshares Inc. and its wholly-owned subsidiary, Southern States Bank, in an all-stock transaction.
On July 1, 2025, the Company completed its acquisition of Southern States. This merger strengthens the Company’s presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company’s footprint further into Alabama and Georgia. At closing, Southern States had $2,871,062 in total assets, loans of $2,319,327 and deposits of $2,469,594. Under the terms of the agreement, each outstanding share of Southern States common stock was converted into the right to receive 0.80 shares of the Company’s stock. Additionally, fractional shares and outstanding stock options were settled in cash. As a result, total consideration paid was $368,355 based on the Company’s closing stock price of $45.30 per share on June 30, 2025. The Company expects system conversions related to the transaction to be completed in the third quarter of 2025.
Note (2)—Investment securities
The following tables summarize the amortized cost, allowance for credit losses and fair value of the AFS debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss, net at June 30, 2025 and December 31, 2024:  
June 30, 2025
 Amortized cost Gross unrealized gains Gross unrealized losses Allowance for credit losses on investments Fair Value
Investment Securities    
AFS debt securities  
U.S. government agency securities$642,433 $681 $(850)$— $642,264 
Mortgage-backed securities - residential577,970 64 (36,691)— 541,343 
Mortgage-backed securities - commercial 9,362 — (610)— 8,752 
Municipal securities170,062 43 (25,877)— 144,228 
Corporate securities1,000 — (22)— 978 
Total$1,400,827 $788 $(64,050)$— $1,337,565 
December 31, 2024
 Amortized costGross unrealized gains Gross unrealized losses Allowance for credit losses on investmentsFair Value
Investment Securities    
AFS debt securities    
U.S. government agency securities$564,752 $172 $(1,917)$— $563,007 
Mortgage-backed securities - residential927,883 393 (117,277)— 810,999 
Mortgage-backed securities - commercial15,965 — (1,108)— 14,857 
Municipal securities169,498 20 (21,661)— 147,857 
U.S. Treasury securities299 — — — 299 
Corporate securities1,000 — (11)— 989 
Total$1,679,397 $585 $(141,974)$— $1,538,008 
The components of amortized cost for AFS debt securities on the consolidated balance sheets exclude accrued interest receivable since the Company elected to present accrued interest receivable separately on the consolidated balance sheets. As of June 30, 2025 and December 31, 2024, total accrued interest receivable on AFS debt securities was $5,379 and $6,401, respectively.
AFS debt securities pledged at June 30, 2025 and December 31, 2024 had carrying amounts of $790,211 and $937,043, respectively, and were pledged to secure public deposits and repurchase agreements.
Within AFS debt securities, there were no aggregate holdings of any single issuer, other than U.S. Government sponsored enterprises, in an amount greater than 10% of shareholders’ equity during any period presented.
16
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
AFS debt securities transactions are recorded as of the trade date. At June 30, 2025 and December 31, 2024, there were no trade date receivables nor payables that related to sales or purchases settled after period end.
The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
June 30, 2025
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$286,027 $(655)$29,559 $(195)$315,586 $(850)
Mortgage-backed securities - residential307,687 (3,453)167,794 (33,238)475,481 (36,691)
Mortgage-backed securities - commercial— — 8,752 (610)8,752 (610)
Municipal securities13,341 (333)126,009 (25,544)139,350 (25,877)
Corporate securities— — 978 (22)978 (22)
Total$607,055 $(4,441)$333,092 $(59,609)$940,147 $(64,050)
 December 31, 2024
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$494,885 $(1,908)$714 $(9)$495,599 $(1,917)
Mortgage-backed securities - residential209,078 (8,956)441,502 (108,321)650,580 (117,277)
Mortgage-backed securities - commercial2,222 (19)12,635 (1,089)14,857 (1,108)
Municipal securities34,059 (2,376)110,173 (19,285)144,232 (21,661)
Corporate securities— — 989 (11)989 (11)
Total$740,244 $(13,259)$566,013 $(128,715)$1,306,257 $(141,974)
As of June 30, 2025 and December 31, 2024, the Company’s AFS debt securities portfolio consisted of 255 and 271 individual securities, 221 and 248 of which were in an unrealized loss position, respectively.
The majority of the investment portfolio was either government guaranteed, an issuance of a government sponsored entity or highly rated by major credit rating agencies, and the Company has historically not recorded any credit losses associated with these investments. Municipal debt securities with market values below amortized cost at June 30, 2025 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these AFS debt securities continue to make timely principal and interest payments under the contractual terms of the securities and the issuers will continue to be observed as a part of the Company’s ongoing credit monitoring. As such, as of June 30, 2025 and December 31, 2024, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Further, it is not likely that the Company will be required to sell these securities before recovery of their amortized cost basis. Therefore, there was no allowance for credit losses recognized on AFS debt securities as of June 30, 2025 or December 31, 2024. Periodically, AFS debt securities may be sold, or the composition of the portfolio realigned to improve yields, quality or marketability, or to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or preparing for anticipated changes in market interest rates.
17
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2025 and December 31, 2024 are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
June 30,December 31,
 2025 2024 
 Available-for-saleAvailable-for-sale
 Amortized costFair ValueAmortized costFair Value
Due in one year or less$200 $200 $849 $847 
Due in one to five years6,255 6,224 4,186 4,600 
Due in five to ten years298,300 296,048 225,954 222,943 
Due in over ten years508,740 484,998 504,560 483,762 
813,495 787,470 735,549 712,152 
Mortgage-backed securities - residential577,970 541,343 927,883 810,999 
Mortgage-backed securities - commercial9,362 8,752 15,965 14,857 
Total AFS debt securities$1,400,827 $1,337,565 $1,679,397 $1,538,008 
Sales and other dispositions of AFS debt securities were as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2025 2024 2025 2024 
Proceeds from sales$266,454 $— $266,454 $207,882 
Proceeds from maturities, prepayments and calls59,801 67,609 134,661 134,236 
Gross realized gains88 — 104 90 
Gross realized losses60,637 — 60,637 16,303 
Equity Securities
The Company has equity securities without a readily determinable market value included in other assets on the consolidated balance sheets with carrying amounts of $25,767 and $23,459 at June 30, 2025 and December 31, 2024, respectively. Additionally, the Company had $33,626 and $32,749 of FHLB stock carried at cost at June 30, 2025 and December 31, 2024, respectively, included separately from the other equity securities discussed above.
Equity method investment
The Company holds equity securities of a privately held entity which originates manufactured housing loans through utilization of its proprietary technology. As of June 30, 2025 and December 31, 2024, the Company has the ability to exercise significant influence over this entity and therefore accounts for the equity securities under the equity method. Under this method, the carrying value of the investment is adjusted to reflect the Company’s proportionate share of the investee's profit or loss. This investment is reported in other assets on the consolidated balance sheets with carrying amounts of $18,795 and $19,970 as of June 30, 2025 and December 31, 2024, respectively. The Company's investment includes a basis difference of $17,103, which is accounted for as equity method goodwill.

18
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (3)—Loans and allowance for credit losses on loans HFI
Loans outstanding as of June 30, 2025 and December 31, 2024, by class of financing receivable are as follows:
 June 30,December 31,
 2025 2024 
Commercial and industrial$1,788,911 $1,691,213 
Construction1,022,678 1,087,732 
Residential real estate:
1-to-4 family mortgage1,660,696 1,616,754 
Residential line of credit641,433 602,475 
Multi-family mortgage587,254 653,769 
Commercial real estate:
Owner-occupied1,370,123 1,357,568 
Non-owner occupied2,198,689 2,099,129 
Consumer and other604,498 493,744 
Gross loans9,874,282 9,602,384 
Less: Allowance for credit losses on loans HFI(148,948)(151,942)
Net loans$9,725,334 $9,450,442 
As of June 30, 2025 and December 31, 2024, $987,320 and $988,177, respectively, of qualifying residential mortgage loans (including loans held for sale) and $1,723,324 and $1,620,510, respectively, of qualifying commercial mortgage loans were pledged to the FHLB system securing advances against the Bank’s line of credit. Additionally, as of June 30, 2025 and December 31, 2024, qualifying commercial and industrial, construction and consumer loans, of $2,692,689 and $2,561,352, respectively, were pledged to the Federal Reserve under the Borrower-in-Custody program.
The amortized cost of loans HFI on the consolidated balance sheets exclude accrued interest receivable as the Company presents accrued interest receivable separately on the balance sheet. As of June 30, 2025 and December 31, 2024, accrued interest receivable on loans HFI amounted to $42,757 and $40,970, respectively.
Credit Quality - Commercial Type Loans
The Company categorizes commercial loan types into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans that share similar risk characteristics collectively. Loans that do not share similar risk characteristics may be evaluated individually.
The Company uses the following definitions for risk ratings:
Pass.
Loans rated Pass include those that are adequately collateralized performing loans which management believes do not have conditions that have occurred or may occur that would result in the loan being downgraded into an inferior category. The Pass category also includes commercial loans rated as Watch, which include those that management believes have conditions that have occurred, or may occur, which could result in the loan being downgraded to an inferior category.

Special Mention.
Loans rated Special Mention are those that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Management does not believe there will be a loss of principal or interest. These loans require intensive servicing and may possess more than normal credit risk.
Classified.
Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.
Risk ratings are updated on an ongoing basis and are subject to change by continuous loan monitoring processes.

19
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following tables present the credit quality of the Company's commercial type loan portfolio as of June 30, 2025 and December 31, 2024 and the gross charge-offs for the six months ended June 30, 2025 and the year ended December 31, 2024 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.
As of and for the six months
    ended June 30, 2025
2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Commercial and industrial
Pass$134,434 $176,807 $161,399 $98,991 $45,240 $106,721 $995,651 $1,719,243 
Special Mention59 1,800 2,193 2,091 136 5,246 27,839 39,364 
Classified149 65 204 15,673 1,697 6,108 6,408 30,304 
Total134,642 178,672 163,796 116,755 47,073 118,075 1,029,898 1,788,911 
            Current-period gross
               charge-offs		— — 54 — — 2,314 603 2,971 
Construction
Pass105,995 186,906 65,142 249,476 84,739 67,132 204,970 964,360 
Special Mention— — 780 11,663 39 16 — 12,498 
Classified— 154 2,917 20,410 253 8,064 14,022 45,820 
Total105,995 187,060 68,839 281,549 85,031 75,212 218,992 1,022,678 
            Current-period gross
               charge-offs		— — — — — — — — 
Residential real estate:
Multi-family mortgage
Pass16,921 17,080 3,709 192,237 204,404 118,911 24,410 577,672 
Special Mention— — — — — — — — 
Classified— — — — 9,564 18 — 9,582 
Total16,921 17,080 3,709 192,237 213,968 118,929 24,410 587,254 
             Current-period gross
                charge-offs		— — — — — — — — 
Commercial real estate:
Owner occupied
Pass87,430 178,509 98,884 245,159 199,869 431,728 102,403 1,343,982 
Special Mention— — — 1,152 6,273 6,392 170 13,987 
Classified— — — 5,889 265 5,613 387 12,154 
Total87,430 178,509 98,884 252,200 206,407 443,733 102,960 1,370,123 
            Current-period gross
              charge-offs		— — — — — — 17 17 
Non-owner occupied
Pass106,405 199,184 47,425 500,050 448,941 781,611 94,785 2,178,401 
Special Mention— — 4,800 — 498 10,151 — 15,449 
Classified— — — — — 4,839 — 4,839 
Total106,405 199,184 52,225 500,050 449,439 796,601 94,785 2,198,689 
             Current-period gross
                charge-offs		— — — — — — — — 
Total commercial loan types
Pass451,185 758,486 376,559 1,285,913 983,193 1,506,103 1,422,219 6,783,658 
Special Mention59 1,800 7,773 14,906 6,946 21,805 28,009 81,298 
Classified149 219 3,121 41,972 11,779 24,642 20,817 102,699 
Total$451,393 $760,505 $387,453 $1,342,791 $1,001,918 $1,552,550 $1,471,045 $6,967,655 
            Current-period gross
                charge-offs		$— $— $54 $— $— $2,314 $620 $2,988 
20
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
As of and for the year ended
  December 31, 2024 		2024 2023 2022 2021 2020 PriorRevolving Loans Amortized Cost BasisTotal
Commercial and industrial
Pass$194,185 $182,677 $130,148 $56,460 $29,735 $104,236 $909,398 $1,606,839 
Special Mention2,684 2,425 7,609 277 285 2,015 24,345 39,640 
Classified— 175 19,125 4,424 1,659 6,201 13,150 44,734 
Total196,869 185,277 156,882 61,161 31,679 112,452 946,893 1,691,213 
              Current-period gross
                 charge-offs		— 116 950 506 1,234 7 8,267 11,080 
Construction
Pass190,058 116,122 349,716 99,225 27,616 54,099 199,596 1,036,432 
Special Mention156 87 15,432 389 10 576 — 16,650 
Classified— — 7,314 290 8,335 — 18,711 34,650 
Total190,214 116,209 372,462 99,904 35,961 54,675 218,307 1,087,732 
              Current-period gross
                  charge-offs		— — 122 — — — — 122 
Residential real estate:
Multi-family mortgage
Pass40,076 3,800 232,415 223,076 51,948 69,652 21,883 642,850 
Special Mention— — — — — — — — 
Classified— — — 9,919 — 1,000 — 10,919 
Total40,076 3,800 232,415 232,995 51,948 70,652 21,883 653,769 
             Current-period gross
                 charge-offs		— — — — — — — — 
Commercial real estate:
Owner occupied
Pass185,416 103,060 247,049 215,798 102,580 396,288 84,226 1,334,417 
Special Mention— — 1,370 2,582 — 6,133 — 10,085 
Classified— — 6,324 235 61 5,371 1,075 13,066 
Total185,416 103,060 254,743 218,615 102,641 407,792 85,301 1,357,568 
              Current-period gross
                  charge-offs		— — — — — — — — 
Non-owner occupied
Pass198,591 36,027 526,417 445,598 111,943 689,15858,255 2,065,989 
Special Mention— 4,836 — 1,527 — 19,311— 25,674 
Classified— — — 136 — 7,330— 7,466 
Total198,591 40,863 526,417 447,261 111,943 715,799 58,255 2,099,129 
               Current-period gross
                   charge-offs		— — — — — — — — 
Total commercial loan types
Pass808,326 441,686 1,485,745 1,040,157 323,822 1,313,433 1,273,358 6,686,527 
Special Mention2,840 7,348 24,411 4,775 295 28,035 24,345 92,049 
Classified— 175 32,763 15,004 10,055 19,902 32,936 110,835 
Total$811,166 $449,209 $1,542,919 $1,059,936 $334,172 $1,361,370 $1,330,639 $6,889,411 
              Current-period gross
                  charge-offs		— 116 1,072 506 1,234 7 8,267 11,202 







21
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Credit Quality - Consumer Type Loans
For consumer and residential loan classes, the Company primarily evaluates credit quality based on delinquency and accrual status of the loan, credit documentation and by payment activity. The performing or nonperforming status is updated on an on-going basis dependent upon improvement and deterioration in credit quality. Nonperforming loans include loans that are no longer accruing interest (nonaccrual loans) and loans past due ninety or more days and still accruing interest.
The following tables present the credit quality by classification (performing or nonperforming) of the Company’s consumer type loan portfolio as of June 30, 2025 and December 31, 2024 and the gross charge-offs for the six months ended June 30, 2025 and the year ended December 31, 2024 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.
As of and for the six months
    ended June 30, 2025
2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Residential real estate:
1-to-4 family mortgage
Performing$158,292 $205,150 $147,513 $417,939 $338,939 $368,099 $— $1,635,932 
Nonperforming— 194 907 8,660 6,218 8,785 — 24,764 
Total158,292 205,344 148,420 426,599 345,157 376,884 — 1,660,696 
          Current-period gross
             charge-offs		— — 3 — — 433 — 436 
Residential line of credit
Performing— — — — — — 639,625 639,625 
Nonperforming— — — — — — 1,808 1,808 
Total— — — — — — 641,433 641,433 
          Current-period gross
             charge-offs		— — — — — — — — 
Consumer and other
Performing94,565 159,522 90,219 74,564 33,020 135,669 627 588,186 
Nonperforming— 2,424 3,520 1,434 2,613 6,320 1 16,312 
       Total94,565 161,946 93,739 75,998 35,633 141,989 628 604,498 
           Current-period gross
              charge-offs		998 136 76 104 86 521 2 1,923 
Total consumer type loans
Performing252,857 364,672 237,732 492,503 371,959 503,768 640,252 2,863,743 
Nonperforming— 2,618 4,427 10,094 8,831 15,105 1,809 42,884 
        Total$252,857 $367,290 $242,159 $502,597 $380,790 $518,873 $642,061 $2,906,627 
            Current-period gross
             charge-offs		$998 $136 $79 $104 $86 $954 $2 $2,359 


22
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
As of and for the year ended
  December 31, 2024 		2024 2023 2022 2021 2020 PriorRevolving Loans Amortized Cost BasisTotal
Residential real estate:
1-to-4 family mortgage
Performing$223,520 $165,395 $443,372 $360,188 $129,674 $266,661 $— $1,588,810 
Nonperforming27 941 7,254 6,357 4,192 9,173 — 27,944 
Total223,547 166,336 450,626 366,545 133,866 275,834 — 1,616,754 
           Prior-period gross
               charge-offs		10 54 150 130 67 28 — 439 
Residential line of credit
Performing— — — — — — 600,581 600,581 
Nonperforming— — — — — — 1,894 1,894 
Total— — — — — — 602,475 602,475 
           Prior-period gross
               charge-offs		— — — — — — 73 73 
Consumer and other
Performing139,684 93,817 76,286 35,507 29,387 102,233 652 477,566 
Nonperforming1,300 1,749 1,686 3,139 2,548 5,755 1 16,178 
       Total140,984 95,566 77,972 38,646 31,935 107,988 653 493,744 
            Prior-period gross
               charge-offs		1,593 511 302 278 69 298 — 3,051 
Total consumer type loans
Performing363,204 259,212 519,658 395,695 159,061 368,894 601,233 2,666,957 
Nonperforming1,327 2,690 8,940 9,496 6,740 14,928 1,895 46,016 
       Total$364,531 $261,902 $528,598 $405,191 $165,801 $383,822 $603,128 $2,712,973 
             Prior-period gross
                 charge-offs		1,603 565 452 408 136 326 73 3,563 
Nonaccrual and Past Due Loans
The following tables represent an analysis of the aging by class of financing receivable as of June 30, 2025 and December 31, 2024:
June 30, 202530-89 days
past due and accruing
interest		90 days or 
more and accruing
interest 		Nonaccrual
loans		Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$1,127 $124 $2,692 $1,784,968 $1,788,911 
Construction16,494 154 28,872 977,158 1,022,678 
Residential real estate:
1-to-4 family mortgage22,388 16,385 8,379 1,613,544 1,660,696 
Residential line of credit3,347 700 1,108 636,278 641,433 
Multi-family mortgage— — 9,582 577,672 587,254 
Commercial real estate:
Owner occupied2,248 46 7,861 1,359,968 1,370,123 
Non-owner occupied— — 3,697 2,194,992 2,198,689 
Consumer and other18,768 4,553 11,759 569,418 604,498 
Total$64,372 $21,962 $73,950 $9,713,998 $9,874,282 
 
23
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
December 31, 202430-89 days
past due and accruing
interest		90 days or 
more and accruing
interest 		Nonaccrual
loans		Loans current on payments and accruing interest Total
Commercial and industrial$1,204 $730 $9,661 $1,679,618 $1,691,213 
Construction3,288 538 10,915 1,072,991 1,087,732 
Residential real estate:
1-to-4 family mortgage24,376 15,319 12,625 1,564,434 1,616,754 
Residential line of credit2,302 357 1,537 598,279 602,475 
Multi-family mortgage979 — 21 652,769 653,769 
Commercial real estate:
Owner occupied1,996 94 9,551 1,345,927 1,357,568 
Non-owner occupied— 3,512 2,667 2,092,950 2,099,129 
Consumer and other13,710 3,797 12,381 463,856 493,744 
Total$47,855 $24,347 $59,358 $9,470,824 $9,602,384 
The following tables provide the amortized cost basis of loans on nonaccrual status, as well as any related allowance as of June 30, 2025 and December 31, 2024 by class of financing receivable.
June 30, 2025Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance
Commercial and industrial$364 $2,328 
Construction10,688 18,184 
Residential real estate:
1-to-4 family mortgage— 8,379 
Residential line of credit— 1,108 
Multi-family mortgage— 9,582 
Commercial real estate:
Owner occupied6,042 1,819 
Non-owner occupied3,457 240 
Consumer and other— 11,759 
Total$20,551 $53,399 
December 31, 2024
Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance
Commercial and industrial$5,294 $4,367 
Construction1,653 9,262 
Residential real estate:
1-to-4 family mortgage1,562 11,063 
Residential line of credit148 1,389 
Multi-family mortgage— 21 
Commercial real estate:
Owner occupied6,415 3,136 
Non-owner occupied2,224 443 
Consumer and other— 12,381 
Total$17,296 $42,062 





24
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following presents interest income recognized on nonaccrual loans for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Commercial and industrial$27 $345 $30 $569 
Construction496 79 502 140 
Residential real estate:
1-to-4 family mortgage6 34 6 34 
Residential line of credit24 23 31 39 
Multi-family mortgage166 1 166 1 
Commercial real estate:
Owner occupied— 75 8 124 
Non-owner occupied112 54 112 89 
Consumer and other55 — 59 — 
Total$886 $611 $914 $996 
Accrued interest receivable written off as an adjustment to interest income amounted to $1,054 and $1,341 for the three and six months ended June 30, 2025, respectively, and $207 and $408 for the three and six months ended June 30, 2024, respectively.
Loan Modifications to Borrowers Experiencing Financial Difficulty
Occasionally, the Company may make certain modifications of loans to borrowers experiencing financial difficulty. These modifications may be in the form of an interest rate reduction, a term extension, principal forgiveness, payment deferral or a combination thereof. Upon the Company’s determination that a modified loan has subsequently been deemed uncollectible, the portion of the loan deemed uncollectible is charged off against the allowance for credit losses on loans HFI. The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Tables within this section exclude loans that were paid off or are otherwise no longer in the loan portfolio as of period end.
The following tables present the amortized cost of FDM loans as of June 30, 2025 and 2024 by class of financing receivable and type of concession granted that were modified during the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30, 2025Payment deferral and term extensionTerm ExtensionPayment deferralTotal% of total class of financing receivables
Commercial and industrial$100 $— $— $100 — %
Construction3,305 — — 3,305 0.3 %
Residential real estate:
1-to-4 family mortgage— 463 1,833 2,296 0.1 %
     Total$3,405 $463 $1,833 $5,701 0.1 %
25
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Six Months Ended June 30, 2025Payment deferral and term extensionTerm ExtensionPayment deferralInterest Rate ReductionInterest Rate Reduction and Term ExtensionTotal% of total class of financing receivables
Commercial and
    industrial		$100 $149 $— $— $— $249 — %
Construction3,305 540 — 144 — 3,989 0.4 %
Residential real estate:
1-to-4 family mortgage— 463 1,833 — — 2,296 0.1 %
Consumer and other— — — — 63 63 — %
     Total$3,405 $1,152 $1,833 $144 $63 $6,597 0.1 %
Three Months Ended June 30, 2024Term extensionPayment deferral and term extensionInterest rate reduction and term extensionTotal% of total class of financing receivables
Consumer and other18 — 98 116 — %
     Total$18 $— $98 $116 — %

Six Months Ended June 30, 2024Term extensionPayment deferral and term extensionInterest rate reduction and term extensionTotal% of total class of financing receivables
Construction$— $14,236 $— $14,236 1.2 %
Commercial real estate:
Non-owner occupied10,351 — — 10,351 0.5 %
Consumer and other40 — 98 138 — %
     Total$10,391 $14,236 $98 $24,725 0.3 %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
Three Months Ended June 30, 2025Weighted average term extension
(in months)		Weighted average payment deferral
(in months)
Commercial and industrial44
Construction44
Residential real estate:
1-to-4 family mortgage3004
Six months ended June 30, 2025Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and
   industrial		234—%
Construction442.50%
Residential real estate:
1-to-4 family mortgage3004—%
Consumer and other13—2.00%
26
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended June 30, 2024Weighted average term extension
(in months)		Weighted average interest rate reduction
Consumer and other211.49%
Six Months Ended June 30, 2024Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Construction63—%
Commercial real estate:
Non-owner occupied6——
Consumer and other25—1.49%
For FDM loans, a subsequent payment default is defined as the earlier of the FDM loans being placed on nonaccrual status or reaching 30 days past due with respect to principal and/or interest payments. During the six months ended June 30, 2025, consumer and other loans of $63 defaulted that were previously modified in the prior 12 months by receiving a combination of interest rate reduction and term extension. In addition, during the six months ended June 30, 2025, construction loans of $143 defaulted that were previously modified in the prior 12 months by receiving a term extension. No financing receivables modified in the preceding twelve months had a payment default during the three months ended June 30, 2025 nor three and six months ended June 30, 2024. At June 30, 2025 and December 31, 2024, the Company did not have any material commitments to lend additional funds to borrowers whose loans were classified as a FDM loan.
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The tables below depict the performance of loans HFI as of June 30, 2025 and 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months.
June 30, 202530-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$— $— $— $249 $249 
Construction— — 5,312 683 5,995 
Residential real estate:
1-to-4 family mortgage367 — — 2,609 2,976 
Residential line of credit— — — 29 29 
Commercial real estate:
Owner-occupied— — — — — 
Consumer and other— — — 62 62 
Total$367 $— $5,312 $3,632 $9,311 
(1) Loans were on nonaccrual when modified and subsequently classified as FDM.
June 30, 202430-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Construction$— $— $— $14,236 $14,236 
Residential real estate:
1-to-4 family mortgage— — 24 — 24 
Commercial real estate:
Non-owner occupied— — — 10,351 10,351 
Consumer and other— — — 138 138 
Total$— $— $24 $24,725 $24,749 
(1) Loans were on nonaccrual when modified and subsequently classified as FDM.


27
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Collateral-Dependent Loans
For collateral-dependent loans, or those loans for which repayment is expected to be provided substantially through the operation or sale of collateral, where the borrower is also experiencing financial difficulty, the following tables present the loans by class of financing receivable.
June 30, 2025
Type of Collateral
Real EstateLandBusiness AssetsTotal
Commercial and industrial$1,462 $6 $12 $1,480 
Construction32,672 7,147 — 39,819 
Residential real estate:
1-to-4 family mortgage1,745 — — 1,745 
Multi-family mortgage9,564 — — 9,564 
Commercial real estate:
Owner occupied— 6,042 1,687 7,729 
Non-owner occupied4,599 — — 4,599 
Total$50,042 $13,195 $1,699 $64,936 
December 31, 2024
Type of Collateral
Real EstateLandBusiness AssetsTotal
Commercial and industrial$— $— $8,492 $8,492 
Construction22,047 1,653 — 23,700 
Residential real estate:
1-to-4 family mortgage1,843 — — 1,843 
Residential line of credit148 — — 148 
Multi-family mortgage9,919 — — 9,919 
Commercial real estate:
Owner occupied— 6,415 — 6,415 
Non-owner occupied6,886 — — 6,886 
Total$40,843 $8,068 $8,492 $57,403 
Allowance for Credit Losses on Loans HFI
As of June 30, 2025, the Company made changes to the estimation techniques and certain related inputs and assumptions used in estimating its expected credit losses on its loan portfolios and unfunded commitments. Prior to the changes, the Company primarily used a lifetime loss rate model to determine the allowance for credit losses. Following a periodic review of its credit loss estimation process, the Company concluded that a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, is a more preferred approach for estimating expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. The applicable CECL estimation technique is used to estimate the expected credit loss for off-balance sheet commitments for each loan segment. As part of the updates to estimation techniques, management updated certain related inputs and assumptions used to estimate the expected credit loss. The Company determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to the Company’s historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.
The changes in the estimation techniques and certain related inputs and assumptions used in the determination of the Company’s expected credit losses on its loan portfolio and unfunded commitments did not have a material impact to the Company’s operating results and financial condition. The provision for credit losses for the three and six months ended June 30, 2025, reflects this change in estimate and is accounted for prospectively. Refer to Note 1, “Basis of presentation” in the financial statements for further specific information on the changes.
28
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The Company performed evaluations within its updated qualitative framework, assessing for information not otherwise captured in model loss estimation process. The Company considers the qualitative factors that are relevant to the institution as of the reporting date, which may include, but are not limited to: levels of and trends in delinquencies and performance of loans; levels of and trends in write-offs and recoveries collected; trends in volume and terms of loans; effects of any changes in reasonable and supportable economic forecasts; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and expertise; available relevant information sources that contradict the Company’s own forecast; effects of changes in prepayment expectations or other factors affecting assessments of loan contractual terms; industry conditions; and effects of changes in credit concentrations. The decrease in the allowance for credit losses on loans HFI as of June 30, 2025 compared with December 31, 2024 is primarily the result of the change in the CECL loss estimation methodology and net charge-off activity, partially offset by an increase in the provision for credit losses on loans HFI. The increase in the provision for credit losses on HFI was driven primarily by changes in balances of the underlying loan portfolio coupled with changes in the economic forecast assumptions.
The following tables provide the changes in the allowance for credit losses on loans HFI by class of financing receivable for the three and six months ended June 30, 2025 and 2024:
 Commercial
and industrial 		Construction1-to-4
family
residential
mortgage 		Residential
line of credit 		Multi-family
residential
mortgage 		Commercial
real estate
owner
occupied 		Commercial
real estate
non-owner
occupied 		Consumer
and other 		Total
Three Months Ended June 30, 2025
Beginning balance -
March 31, 2025
$15,521 $25,652 $26,200 $11,196 $11,416 $12,074 $28,319 $20,153 $150,531 
Loans charged off(70)— (433)— — — — (951)(1,454)
Recoveries of loans
previously charged-off
173 — 11 1 — 9 528 251 973 
Impact of change in
    accounting estimate for
    current expected credit
    losses		3,504 (4,705)2,717 (3,428)258 (1,074)(1,747)(2,373)(6,848)
Provision for (reversal of)
    credit losses on loans
    HFI		1,143 901 1,767 902 (780)930 (797)1,680 5,746 
Ending balance -
June 30, 2025
$20,271 $21,848 $30,262 $8,671 $10,894 $11,939 $26,303 $18,760 $148,948 
Six Months Ended June 30, 2025
Beginning balance -
December 31, 2024
$16,667 $31,698 $25,340 $10,952 $10,512 $11,993 $25,531 $19,249 $151,942 
Loans charged-off(2,971)— (436)— — (17)— (1,923)(5,347)
Recoveries of loans
previously charged-off
215 — 20 1 — 30 529 754 1,549 
Impact of change in
    accounting estimate for
    current expected credit
    losses		3,504 (4,705)2,717 (3,428)258 (1,074)(1,747)(2,373)(6,848)
Provision for (reversal of)
    credit losses on loans
    HFI		2,856 (5,145)2,621 1,146 124 1,007 1,990 3,053 7,652 
Ending balance -
June 30, 2025
$20,271 $21,848 $30,262 $8,671 $10,894 $11,939 $26,303 $18,760 $148,948 
29
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
 Commercial
and industrial 		Construction1-to-4
family
residential
mortgage 		Residential
line of credit 		Multi-family
residential
mortgage 		Commercial
real estate
owner
occupied 		Commercial
real estate
non-owner
occupied 		Consumer
and other 		Total
Three Months Ended June 30, 2024
Beginning balance -
March 31 2024
$17,272 $37,308 $26,128 $9,918 $8,973 $10,749 $23,949 $17,370 $151,667 
Loans charged off(26)— (293)— — — — (594)(913)
Recoveries of loans
previously charged-off
20 — 10 — — 188 — 143 361 
Provision for (reversal of)
    credit losses on loans
    HFI		5,264 (3,138)(214)179 (163)375 594 1,043 3,940 
Ending balance -
June 30, 2024
$22,530 $34,170 $25,631 $10,097 $8,810 $11,312 $24,543 $17,962 $155,055 
Six Months Ended June 30, 2024 
Beginning balance -
December 31, 2023
$19,599 $35,372 $26,505 $9,468 $8,842 $10,653 $22,965 $16,922 $150,326 
Loans charged-off(69)(92)(293)(20)— — — (1,366)(1,840)
Recoveries of loans
previously charged-off
34 — 66 — — 228 — 449 777 
Provision for (reversal of)
    credit losses on loans
    HFI		2,966 (1,110)(647)649 (32)431 1,578 1,957 5,792 
Ending balance -
  June 30, 2024		$22,530 $34,170 $25,631 $10,097 $8,810 $11,312 $24,543 $17,962 $155,055 
Note (4)—Other real estate owned
The amount reported as other real estate owned includes property acquired through foreclosure in addition to excess facilities held for sale and is carried at the lower of the carrying amount of the underlying loan or the fair value of the real estate less costs to sell. The following table summarizes the other real estate owned for the three and six months ended June 30, 2025 and 2024: 
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Balance at beginning of period$3,326 $3,613 $4,409 $3,192 
Transfers from loans1,230 1,647 3,297 2,400 
Proceeds from sale of other real estate owned(1,744)(1,045)(4,412)(1,434)
Gain (loss) on sale of other real estate owned225 (42)(257)15 
Write-downs and partial liquidations(39)— (39)— 
Balance at end of period$2,998 $4,173 $2,998 $4,173 
Included within the other real estate owned balance above, foreclosed residential real estate properties totaled $1,562 and $2,880 as of June 30, 2025 and December 31, 2024, respectively.
The recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $4,976 and $7,652 as of June 30, 2025 and December 31, 2024, respectively.
Note (5)—Leases
As of June 30, 2025, the Company was the lessee in 47 operating leases and 1 finance lease of certain branch, mortgage and operations locations with original terms greater than one year.
Many leases include options to renew, with terms that can extend the lease up to an additional 20 years or more. Certain lease agreements contain provisions to periodically adjust rental payments for inflation. Renewal options that management is reasonably certain to renew and fixed rent escalations are included in the right-of-use asset and lease liability.
30
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Information related to the Company’s leases is presented below as of June 30, 2025 and December 31, 2024:
June 30,December 31,
Classification20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$47,764$47,963
Finance leasesPremises and equipment, net1,0901,145
Total right-of-use assets$48,854$49,108
Lease liabilities:
Operating leasesOperating lease liabilities$59,289$60,024
Finance leasesBorrowings 1,1791,229
Total lease liabilities $60,468$61,253
Weighted average remaining lease term (in years) -
    operating		10.711.0
Weighted average remaining lease term (in years) -
    finance		9.910.4
Weighted average discount rate - operating3.54 %3.47 %
Weighted average discount rate - finance1.76 %1.76 %
The components of total lease expense included in the consolidated statements of income were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
Classification2025 2024 2025 2024 
Operating lease costs:
Amortization of right-of-use assetOccupancy and equipment$1,945 $1,759 $3,823 $3,686 
Short-term lease costOccupancy and equipment74 89 159 186 
Variable lease costOccupancy and equipment475 367 969 703 
Finance lease costs:
Interest on lease liabilitiesInterest expense on borrowings5 5 10 11 
Amortization of right-of-use assetOccupancy and equipment28 27 55 55 
Sublease income Occupancy and equipment(215)(139)(420)(311)
Total lease cost$2,312 $2,108 $4,596 $4,330 
The Company does not separate lease and non-lease components and instead elects to account for them as a single lease component. Variable lease cost primarily represents variable payments such as common area maintenance, utilities, and property taxes.
A maturity analysis of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of June 30, 2025 is as follows:
OperatingFinance
Leases Lease
Lease payments due:
June 30, 2026$4,330 $61 
June 30, 20278,660 123 
June 30, 20288,207 125 
June 30, 20297,259 127 
June 30, 20306,264 129 
Thereafter37,636 721 
     Total undiscounted future minimum lease payments72,356 1,286 
Less: imputed interest(13,067)(107)
     Lease liabilities$59,289 $1,179 
31
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (6)—Mortgage servicing rights
Changes in the Company’s mortgage servicing rights were as follows for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 202520242025 2024 
Carrying value at beginning of period$156,379 $165,674 $162,038 $164,249 
Capitalization1,228 1,518 1,649 2,649 
Change in fair value:
    Due to payoffs/paydowns
(3,154)(3,825)(6,265)(6,549)
    Due to change in valuation inputs or assumptions(989)1,138 (3,958)4,156 
        Carrying value at end of period$153,464 $164,505 $153,464 $164,505 
The following table summarizes servicing income and expense, which are included in mortgage banking income and other noninterest expense, respectively, in the consolidated statements of income for the three and six months ended June 30, 2025 and 2024: 
 Three Months Ended June 30,Six Months Ended June 30,
 202520242025 2024 
   Servicing income$6,936 $7,316 $14,013 $14,663 
   Change in fair value of mortgage servicing rights(4,143)(2,687)(10,223)(2,393)
   Change in fair value of derivative hedging instruments(88)(1,649)2,923 (4,984)
Servicing income
2,705 2,980 6,713 7,286 
Servicing expenses1,843 1,933 3,565 3,880 
          Net servicing income
$862 $1,047 $3,148 $3,406 
Data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s mortgage servicing rights as of June 30, 2025 and December 31, 2024 are as follows: 
 June 30,December 31,
 20252024
Unpaid principal balance of mortgage loans sold and serviced for others$9,901,599 $10,235,048 
Weighted-average prepayment speed (CPR)6.43%6.04%
Estimated impact on fair value of a 10% increase$(4,266)$(4,213)
Estimated impact on fair value of a 20% increase$(8,263)$(8,168)
Discount rate9.68%10.2%
Estimated impact on fair value of a 100 bp increase$(7,195)$(7,515)
Estimated impact on fair value of a 200 bp increase$(13,782)$(14,397)
Weighted-average coupon interest rate3.62%3.59%
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)337336
The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the mortgage servicing rights is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by the Company, which were not included in the above sensitivities, would serve to offset the estimated impacts to fair value included in the table above. See Note 9, “Derivatives” for additional information on these derivative instruments.
As of June 30, 2025 and December 31, 2024, the Company held mortgage escrow deposits totaling $114,704 and $68,995, respectively, related to loans sold with servicing retained.
32
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (7)—Income taxes
The following table presents a reconciliation of income taxes for the three and six months ended June 30, 2025 and 2024:
 Three Months Ended June 30,Six Months Ended June 30,
 2025 2024 2025 2024 
Federal taxes calculated
    at statutory rate		$(2,045)21.0 %$10,691 21.0 %$8,210 21.0 %$17,883 21.0 %
  (Decrease) increase
     resulting from:
State taxes, net of federal
   benefit		(212)2.2 %77 0.1 %247 0.6 %210 0.2 %
(Benefit) expense from
  stock-based compensation		(246)2.5 %21 — %(379)(1.0)%76 0.1 %
Municipal interest
    income, net of interest
    disallowance		(417)4.3 %(328)(0.6)%(813)(2.1)%(701)(0.8)%
Bank-owned life insurance(89)0.9 %(521)(1.0)%(183)(0.5)%(611)(0.7)%
Section 162(m) limitation99 (1.0)%44 0.1 %685 1.8 %204 0.2 %
Expiration of the statute of
   limitations		(8,713)89.5 %— — %(8,713)(22.3)%— — %
Interest on refunds(1,645)16.9 %— — %(2,591)(6.6)%— — %
Other616 (6.3)%935 1.8 %356 1.0 %158 0.2 %
Income tax (benefit) expense,
   as reported		$(12,652)130.0 %$10,919 21.4 %$(3,181)(8.1)%$17,219 20.2 %
For the three and six months ended June 30, 2025, a one-time tax benefit of $10,713 was recognized due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest.
Note (8)—Commitments and contingencies
Commitments to extend credit and letters of credit
The Company issues certain financial instruments to meet customer financing needs, including loan commitments, credit lines and letters of credit. The agreements associated with these type of unfunded loan commitments provide credit or support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates.
The same credit and underwriting policies the Company uses to evaluate and underwrite loans are also used to originate unfunded loan commitments, including obtaining collateral at exercise of the commitment. These unfunded loan commitments are only recorded in the consolidated financial statements when drawn upon and many expire without being used. The Company’s maximum off-balance sheet exposure to credit loss from these unfunded loan commitments is represented by the contractual amount of these instruments.
June 30,December 31,
 2025 2024 
Commitments to extend credit, excluding interest rate lock commitments$2,861,685 $2,770,105 
Letters of credit62,260 69,855 
Balance at end of period$2,923,945 $2,839,960 
As of June 30, 2025 and December 31, 2024, unfunded loan commitments included above with floating interest rates totaled $2,665,614 and $2,573,218, respectively.
As of June 30, 2025, a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, was utilized to estimate the expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. The Company determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses. See “Note 1, “Basis of presentation” for further discussion on the change in estimate. The changes are accounted for as a change in
33
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
estimate included in the provision for credit losses and did not have a material impact to the Company's operating results and financial condition.
As part of the credit loss process, the Company estimates expected credit losses on its unfunded loan commitments under the CECL methodology. When applying this methodology, the Company considers the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions.
The table below presents activity within the allowance for credit losses on unfunded loan commitments included in accrued expenses and other liabilities on the Company’s consolidated balance sheets:
Three Months Ended June 30,Six Months Ended June 30,
2025 20242025 2024 
Balance at beginning of period$6,493 $7,700 $6,107 $8,770 
Impact of change in accounting estimate for current
    expected credit losses		6,452 — 6,452 — 
 (Reversal of) provision for credit losses on unfunded
    commitments		(13)(1,716)373 (2,786)
Balance at end of period$12,932 $5,984 $12,932 $5,984 
Loan repurchases or indemnifications
In connection with the sale of mortgage loans to third-party private investors or government sponsored agencies, the Company makes representations and warranties as to the propriety of its origination activities, which are typical and customary to these types of transactions. Occasionally, investors require the Company to repurchase loans sold to them or otherwise indemnify the investor against certain losses under the terms of the warranties. When the Company is required to repurchase the loans, the loans are recorded at fair value in loans HFI. The total principal amount of loans repurchased (or indemnified for) was $2,018 and $3,251 for the three and six months ended June 30, 2025, respectively and $1,433 and $3,511 for the three and six months ended June 30, 2024, respectively.
The Company maintains a reserve associated with potential losses on loans previously sold included in accrued expenses and other liabilities on the Company's consolidated balance sheets. The following table summarizes this activity:
Three Months Ended June 30,Six Months Ended June 30,
 2025 2024 2025 2024 
Balance at beginning of period$659 $930 $697 $899 
Provision for loan repurchases or indemnifications77 75 95 125 
Losses on loans repurchased or indemnified(73)(194)(129)(213)
Balance at end of period$663 $811 $663 $811 
Legal Proceedings
Various legal claims arise from time to time in the normal course of business, which, in the opinion of management, will not have a material effect on the Company’s consolidated financial statements.
Note (9)—Derivatives
The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure as well as interest rate exposure for its customers. Derivative financial instruments are included in the consolidated balance sheets line item other assets or other liabilities at fair value in accordance with ASC 815, “Derivatives and Hedging.” See Note 1, “Basis of presentation and summary of significant accounting policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on the Company’s accounting policies related to derivative instruments and hedging activities.
Derivatives designated as fair value hedges
The Company periodically enters into fair value hedging relationships using interest rates swaps to mitigate the Company’s exposure to losses in market value as interest rates change. Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps that relate to pricing of specific balance sheet assets and liabilities. Interest rate swaps generally involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date. The critical terms of the interest
34
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
rate swaps match the terms of the corresponding hedged items. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Any initial and ongoing assessment of expected hedge effectiveness is based on regression analysis.
At both June 30, 2025 and December 31, 2024, the Company did not hold any interest rate swaps designated as fair value hedges. The Company did hold interest rate swaps designated as fair value hedges for a period of time during the six months ended June 30, 2024.
During the three and six months ended June 30, 2024, the Company had $1,752 and $3,595, respectively, of amortization expense in interest expense on deposits related to terminated fair value hedges. During the six months ended June 30, 2024, there was $645 of expense included in interest expense on borrowings related to fair value hedges. There was no such expense for the three months ended June 30, 2024.
Derivatives designated as cash flow hedges
The Company periodically enters into cash flow hedging relationships using interest rate swaps to mitigate the exposure to the variability in future cash flows or other forecast transactions associated with its floating rate assets and liabilities. The Company uses interest rate swap agreements to hedge the repricing characteristics of its floating rate subordinated debt. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Any initial and ongoing assessment of expected hedge effectiveness is based on regression analysis. The ongoing periodic measures of hedge ineffectiveness are based on the expected change in cash flows of the hedged item caused by changes in the benchmark interest rate.
At both June 30, 2025 and December 31, 2024, the Company did not have any interest rate swaps that were designated as cash flow hedges. The Company did hold interest rate swaps designated as cash flow hedges during the six months ended June 30, 2024.
The Company’s consolidated statements of income included income of $275 and $522 for the three and six months ended June 30, 2024 in interest expense on borrowings related to these cash flow hedges, respectively. The cash flow hedges were highly effective during this period and as a result qualified for hedge accounting treatment. As such, no amounts were reclassified from accumulated other comprehensive loss into earnings as a result of hedge ineffectiveness during the period.
For the three and six months ended June 30, 2024, the Company had a loss of $195 and $369, respectively, in other comprehensive income, net of tax benefit of $68 and $130, respectively, for derivative instruments designated as cash flow hedges. No such activity was recorded during the three and six months ended June 30, 2025.
Derivatives not designated as hedging instruments
Derivatives not designated under hedge accounting rules include those that are entered into as either economic hedges as part of the Company’s overall risk management strategy or to facilitate client needs. Economic hedges are those that are not designated as a fair value or cash flow hedge for accounting purposes but are necessary to economically manage the risk exposure associated with the assets and liabilities of the Company.
The Company enters into derivative instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with customer contracts, the Company enters into an offsetting derivative contract. The Company manages its credit risk, or potential risk of default by its commercial customers through credit limit approval and monitoring procedures.
The Company enters into interest rate-lock commitments on residential loan commitments that will be held for resale. These are considered derivative instruments with no hedge accounting designation, and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Gains and losses arising from changes in the valuation of the interest rate-lock commitments are recognized currently in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.
The Company also enters into forwards, futures and option contracts to economically hedge the change in fair value of mortgage servicing rights. Gains and losses associated with these instruments are included in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.
35
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
June 30, 2025
Notional AmountAssetLiability
  Interest rate contracts$598,390 $23,135 $23,194 
  Forward commitments236,000 — 638 
  Interest rate-lock commitments127,004 2,322 — 
  Futures contracts185,000 2,109 — 
    Total$1,146,394 $27,566 $23,832 
 December 31, 2024
 Notional AmountAssetLiability
  Interest rate contracts$565,152 $29,298 $29,377 
  Forward commitments140,000 6 — 
  Interest rate-lock commitments65,687 647 — 
  Futures contracts217,000 — 3,006 
    Total$987,839 $29,951 $32,383 
Gains (losses) included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:
Three Months Ended June 30,Six Months Ended June 30,
 2025 2024 2025 2024 
Included in mortgage banking income:
  Interest rate lock commitments$254 $(693)$1,675 $176 
  Forward commitments(114)334 (323)434 
  Futures contracts(180)(1,402)2,131 (4,399)
    Total$(40)$(1,761)$3,483 $(3,789)
Netting of Derivative Instruments
Certain financial instruments, including derivatives, may be eligible for offset on the consolidated balance sheets when the “right of offset” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements, however the Company has not elected to offset such financial instruments on the consolidated balance sheets. The following table presents the Company’s gross derivative positions as recognized on the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:
Gross amounts not offset on the consolidated balance sheets
Gross amounts recognizedGross amounts offset on the consolidated balance sheetsNet amounts presented on the consolidated balance sheetsFinancial instrumentsFinancial collateral pledgedNet Amount
June 30, 2025
Derivative financial assets$18,093 $— $18,093 $5,104 $— $12,989 
Derivative financial liabilities$10,503 $— $10,503 $5,104 $5,399 $— 
December 31, 2024
Derivative financial assets$28,379 $— $28,379 $1,030 $— $27,349 
Derivative financial liabilities$9,144 $— $9,144 $1,030 $8,114 $— 

36
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Collateral Requirements
Most derivative contracts with customers are secured by collateral. Additionally, in accordance with the interest rate agreements with derivative counterparties, the Company may be required to post collateral with these derivative counterparties. As of June 30, 2025 and December 31, 2024, the Company had collateral posted of $24,209 and $20,961, respectively, against its obligations under these agreements. Cash pledged as collateral on derivative contracts is recorded in other assets on the consolidated balance sheets.
Note (10)—Fair value of financial instruments
FASB ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a framework for measuring the fair value of assets and liabilities according to a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances.
The hierarchy is broken down into the following three levels, based on the reliability of inputs:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs for assets or liabilities that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the assets or liabilities.
37
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The Company records the fair values of financial assets and liabilities on a recurring and nonrecurring basis using the following methods and assumptions:
Investment securities
Investment securities are recorded at fair value on a recurring basis. Fair values for securities are based on quoted market prices, where available. If quoted prices are not available, fair values are based on quoted market prices of similar instruments or are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the pricing relationship or correlation among other benchmark quoted securities. Investment securities valued using quoted market prices of similar instruments or that are valued using matrix pricing are classified as Level 2.
Loans held for sale
Mortgage loans held for sale are carried at fair value determined using current secondary market prices for loans with similar characteristics, that is, using Level 2 inputs.
Derivatives
The fair value of the Company's interest rate swap agreements to facilitate customer transactions are based upon fair values provided from entities that engage in interest rate swap activity and is based upon projected future cash flows and interest rates. The fair value of interest rate lock commitments associated with the mortgage pipeline is based on fees currently charged to enter into similar agreements, and for fixed-rate commitments, the difference between current levels of interest rates and the committed rates is also considered. The fair values of the Company's designated cash flow and fair value hedges are determined by calculating the difference between the discounted fixed rate cash flows and the discounted variable rate cash flows. The fair values of both the Company's hedges, including designated cash flow hedges and designated fair value hedges are based on pricing models that utilize observable market inputs. These financial instruments are classified as Level 2.
OREO
OREO is comprised of properties obtained in partial or total satisfaction of loan obligations and excess land and facilities held for sale. OREO acquired in settlement of indebtedness is recorded at the lower of the carrying amount of the loan or the fair value of the real estate less costs to sell. Fair value is determined on a nonrecurring basis based on appraisals by qualified licensed appraisers and is adjusted for management’s estimates of costs to sell and holding period discounts. OREO valuations are classified as Level 3.
Mortgage servicing rights
MSRs are carried at fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. As such, MSRs are considered Level 3.
Collateral- dependent loans
Collateral-dependent loans are loans for which, based on current information and events, the Company has determined foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral and it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Collateral-dependent loans are classified as Level 3.

38
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The balances and levels of the assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 are presented in the following tables:
At June 30, 2025Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $642,264 $— $642,264 
Mortgage-backed securities - residential— 541,343 — 541,343 
Mortgage-backed securities - commercial— 8,752 — 8,752 
Municipal securities— 144,228 — 144,228 
Corporate securities— 978 — 978 
Total securities$— $1,337,565 $— $1,337,565 
Loans held for sale, at fair value$— $123,235 $— $123,235 
Mortgage servicing rights— — 153,464 153,464 
Derivatives— 27,566 — 27,566 
Financial Liabilities:
Derivatives— 23,832 — 23,832 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $563,007 $— $563,007 
Mortgage-backed securities - residential— 810,999 — 810,999 
Mortgage-backed securities - commercial— 14,857 — 14,857 
Municipal securities — 147,857 — 147,857 
U.S. Treasury securities— 299 — 299 
Corporate securities— 989 — 989 
Total securities$— $1,538,008 $— $1,538,008 
Loans held for sale, at fair value$— $95,403 $— $95,403 
Mortgage servicing rights— — 162,038 162,038 
Derivatives— 29,951 — 29,951 
Financial Liabilities:
Derivatives— 32,383 — 32,383 











39
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The balances and levels of the assets measured at fair value on a nonrecurring basis as of June 30, 2025 and December 31, 2024 are presented in the following tables: 
At June 30, 2025Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Nonrecurring valuations:    
Financial assets:    
Other real estate owned$— $— $1,602 $1,602 
Collateral-dependent net loans held for
   investment:
Construction— — 16,908 16,908 
Residential real estate:
   Multifamily— — 8,661 8,661 
Total collateral-dependent loans$— $— $25,569 $25,569 
 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2)		Significant unobservable
inputs
(level 3)		Total
Nonrecurring valuations:    
Financial assets:    
Other real estate owned$— $— $2,873 $2,873 
Collateral-dependent net loans held for
    investment:
Commercial and industrial$— $— $694 $694 
Construction— — 20,818 20,818 
Residential real estate:
   Multifamily— — 9,000 9,000 
Total collateral-dependent loans$— $— $30,512 $30,512 
The significant unobservable inputs (Level 3) used in the valuation and changes in fair value associated with the Company’s mortgage servicing rights for the three and six months ended June 30, 2025 and 2024 are detailed at Note 6, “Mortgage servicing rights.”
The following tables present information as of June 30, 2025 and December 31, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
June 30, 2025
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs		Range of
inputs
Collateral-dependent net loans
   held for investment		$25,569 Valuation of collateralDiscount for comparable sales
10%-42%
Other real estate owned$1,602 Appraised value of property less costs to sellDiscount for costs to sell
0%-10%
December 31, 2024
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs		Range of
inputs
Collateral-dependent net loans
    held for investment		$30,512 Valuation of collateralDiscount for comparable sales
10%-40%
Other real estate owned$2,873 Appraised value of property less costs to sellDiscount for costs to sell
0%-10%
40
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Fair value for collateral-dependent loans is determined based on the estimated value of the collateral securing the loans, less estimated selling costs and closing costs related to liquidation of the collateral. For loans secured by real estate, the fair value is determined based on appraisals performed by qualified appraisers and reviewed by qualified personnel. For non-real estate collateral, fair value is determined based on various sources, including third party asset valuation and internally determined values based on cost adjusted or other judgmentally determined factors. Collateral-dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on changes in market conditions from the time of valuation and management’s knowledge of the borrower and borrower’s business. As of June 30, 2025 and December 31, 2024, total amortized cost of collateral-dependent loans measured on a nonrecurring basis amounted to $27,059 and $34,712, respectively. The allowance for credit losses is calculated as the amount for which the loan’s amortized cost basis exceeds fair value.
Other real estate owned acquired in settlement of indebtedness is recorded at fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Any write-downs based on the asset’s fair value at the date of foreclosure are charged to the allowance for credit losses.
Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the lending administrative department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry wide statistics. Collateral-dependent loans that are dependent on recovery through sale of equipment, such as farm equipment, automobiles and aircrafts are generally valued based on public source pricing or subscription services while more complex assets are valued through leveraging brokers who have expertise in the collateral involved.
Fair value option
The following table summarizes the Company’s loans held for sale as of the dates presented:
June 30,December 31,
20252024
Loans held for sale under a fair value option:
  Mortgage loans held for sale123,235 95,403 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option20,977 31,357 
               Total loans held for sale$144,212 $126,760 
Mortgage loans held for sale
Net losses of $372 and net gains of $1,828 resulting from fair value changes of mortgage loans held for sale were recorded in income during the three and six months ended June 30, 2025, respectively, compared to net gains of $353 and $556 during the three and six months ended June 30, 2024, respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans held for sale. The net change in fair value of these loans held for sale and derivatives resulted in a net loss of $876 and a net gain of $1,940 for the three and six months ended June 30, 2025, respectively, compared to a net loss of $4 and a net gain of $1,817 during the three and six months ended June 30, 2024, respectively. The change in fair value of mortgage loans held for sale and the related derivative instruments are recorded in mortgage banking income in the consolidated statements of income. Election of the fair value option allows the Company to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value.
The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these mortgage loans held for sale, valuation adjustments attributable to instrument-specific credit risk is nominal.




41
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2025 and December 31, 2024: 
June 30,December 31,
20252024
Aggregate fair value$123,235 $95,403 
Aggregate unpaid principal balance119,922 93,918 
     Difference$3,313 $1,485 
The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments. Non-financial instruments are excluded from the table below.
 
 Fair Value
June 30, 2025Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,165,729 $1,165,729 $— $— $1,165,729 
Investment securities1,337,565 — 1,337,565 — 1,337,565 
Net loans held for investment9,725,334 — — 9,555,265 9,555,265 
Loans held for sale, at fair value123,235 — 123,235 — 123,235 
Interest receivable50,386 304 7,325 42,757 50,386 
Mortgage servicing rights153,464 — — 153,464 153,464 
Derivatives27,566 — 27,566 — 27,566 
Financial liabilities: 
Deposits: 
Without stated maturities$9,163,006 $9,163,006 $— $— $9,163,006 
With stated maturities2,240,464 — 2,235,505 — 2,235,505 
Securities sold under agreements to
repurchase and federal funds purchased
11,431 11,431 — — 11,431 
Subordinated debt, net130,898 — — 128,021 128,021 
Interest payable21,891 3,785 16,606 1,500 21,891 
Derivatives23,832 — 23,832 — 23,832 
 
 Fair Value
December 31, 2024Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,042,488 $1,042,488 $— $— $1,042,488 
Investment securities1,538,008 — 1,538,008 — 1,538,008 
Net loans held for investment9,450,442 — — 9,221,311 9,221,311 
Loans held for sale, at fair value95,403 — 95,403 — 95,403 
Interest receivable49,611 629 8,012 40,970 49,611 
Mortgage servicing rights162,038 — — 162,038 162,038 
Derivatives29,951 — 29,951 — 29,951 
Financial liabilities: 
Deposits: 
Without stated maturities$9,361,140 $9,361,140 $— $— $9,361,140 
With stated maturities1,849,294 — 1,846,989 — 1,846,989 
Securities sold under agreements to
repurchase and federal funds purchased
13,499 13,499 — — 13,499 
Subordinated debt, net130,704 — — 126,684 126,684 
Interest payable24,182 3,759 18,923 1,500 24,182 
Derivatives32,383 — 32,383 — 32,383 
42
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (11)—Segment reporting
The Company and the Bank are engaged in the business of banking and provide a full range of financial services. The Company determines reportable segments based on the significance of the segment’s operating results to the overall Company, the products and services offered, customer characteristics, processes and service delivery of the segments and the regular financial performance review and allocation of resources by the Chief Executive Officer, the Company’s chief operating decision maker. The Company has identified two distinct reportable segments—Banking and Mortgage. The Company’s primary segment is Banking, which provides a full range of deposit and lending products and services to corporate, commercial and consumer customers. The Company also originates conforming residential mortgage loans through its Mortgage segment, whose activities include the servicing of residential mortgage loans and securitization of loans to third party private investors or government sponsored agencies.
The chief operating decision maker uses income before income taxes as the measure of segment profit or loss to assess the performance of and allocate resources to each segment. Interest income provides the primary revenue in the Banking segment, and mortgage banking income provides the primary revenue in the Mortgage segment. Interest expense, provision for credit losses, salaries, commissions and employee benefits and merger and integration costs provide the significant expenses in the Banking segment, and salaries, commissions and employee benefits provide the significant expenses in the Mortgage segment. These figures are regularly provided to the chief operating decision maker and are monitored through budget-to-actual variance review.
The Company assigns a transfer rate to allocate net interest income to products and business segments. Through this process, the Company formulates a loan funding charge and a deposit funding credit for its entire loan and deposit portfolios. The intent of the transfer rate methodology is to transfer interest rate risk among the segments and allow management to better measure the net interest margin contribution of its products and business segments. Changes in management structure or allocation methodologies and procedures result in changes in reported segment financial data. Prior period results have been adjusted to conform to the current methodology.
The following tables present selected financial information with respect to the Company’s reportable segments for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30, 2025
Banking(3)
MortgageConsolidated
Interest income$180,960 $1,124 $182,084 
Interest expense72,051 (1,382)70,669 
Net interest income108,909 2,506 111,415 
Provisions for credit losses 582 4,755 5,337 
Net interest income (loss) after provision for credit losses108,327 (2,249)106,078 
Mortgage banking income— 17,260 17,260 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (4,231)(4,231)
Other noninterest (loss) income(47,720)139 (47,581)
Total noninterest (loss) income(47,720)13,168 (34,552)
Salaries, commissions and employee benefits38,635 7,996 46,631 
Merger and integration costs2,734 — 2,734 
Depreciation and amortization2,849 19 2,868 
Amortization of intangibles631 — 631 
Other noninterest expense(2)
22,481 5,916 28,397 
Total noninterest expense67,330 13,931 81,261 
Loss before income taxes$(6,723)$(3,012)$(9,735)
Income tax benefit(12,652)
Net income applicable to FB Financial Corporation and noncontrolling
interest
2,917 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$2,909 
Total assets$12,736,830 $617,408 $13,354,238 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.
43
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Six Months Ended June 30, 2025
Banking(3)
MortgageConsolidated
Interest income$359,875 $1,915 $361,790 
Interest expense145,207 (2,473)142,734 
Net interest income214,668 4,388 219,056 
Provisions for credit losses 2,771 4,858 7,629 
Net interest income (loss) after provision for credit losses211,897 (470)211,427 
Mortgage banking income— 32,755 32,755 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (7,300)(7,300)
Other noninterest (loss) income(37,060)85 (36,975)
Total noninterest (loss) income(37,060)25,540 (11,520)
Salaries, commissions and employee benefits80,104 14,878 94,982 
Merger and integration costs3,135 — 3,135 
Depreciation and amortization5,592 43 5,635 
Amortization of intangibles1,287 — 1,287 
Other noninterest expense(2)
44,121 11,650 55,771 
Total noninterest expense134,239 26,571 160,810 
Income (loss) before income taxes$40,598 $(1,501)$39,097 
Income tax benefit(3,181)
Net income applicable to FB Financial Corporation and noncontrolling
interest
42,278 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$42,270 
Total assets$12,736,830 $617,408 $13,354,238 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.

Three Months Ended June 30, 2024
Banking(3)
MortgageConsolidated
Interest income$177,570 $(157)$177,413 
Interest expense76,377 (1,579)74,798 
Net interest income101,193 1,422 102,615 
Provisions for (reversals of) credit losses 2,432 (208)2,224 
Net interest income after provision for credit losses98,761 1,630 100,391 
Mortgage banking income— 16,246 16,246 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (4,336)(4,336)
Other noninterest income13,477 221 13,698 
Total noninterest income13,477 12,131 25,608 
Salaries, commissions and employee benefits38,793 7,432 46,225 
Depreciation and amortization2,745 116 2,861 
Amortization of intangibles752 — 752 
Other noninterest expense(2)
19,888 5,367 25,255 
Total noninterest expense62,178 12,915 75,093 
Income before income taxes$50,060 $846 $50,906 
Income tax expense10,919 
Net income applicable to FB Financial Corporation and noncontrolling
interest
39,987 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$39,979 
Total assets$11,947,550 $587,619 $12,535,169 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.

44
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Six Months Ended June 30, 2024
Banking(3)
MortgageConsolidated
Interest income$353,990 $(449)$353,541 
Interest expense154,335 (2,899)151,436 
Net interest income199,655 2,450 202,105 
Provisions for (reversals of) credit losses 3,270 (264)3,006 
Net interest income after provision for credit losses196,385 2,714 199,099 
Mortgage banking income— 31,872 31,872 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (7,377)(7,377)
Other noninterest income8,683 392 9,075 
Total noninterest income8,683 24,887 33,570 
Salaries, commissions and employee benefits76,583 14,260 90,843 
Depreciation and amortization5,453 249 5,702 
Amortization of intangibles1,541 — 1,541 
Other noninterest expense(2)
38,795 10,632 49,427 
Total noninterest expense122,372 25,141 147,513 
Income before income taxes$82,696 $2,460 $85,156 
Income tax expense17,219 
Net income applicable to FB Financial Corporation and noncontrolling
interest
67,937 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$67,929 
Total assets$11,947,550 $587,619 $12,535,169 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.
Note (12)—Minimum capital requirements
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.
Under regulatory guidance for non-advanced approach institutions, the Bank and Company are required to maintain minimum capital ratios as outlined in the table below. Minimum risk-based capital adequacy ratios below include a capital conservation buffer of 2.50%. As of June 30, 2025 and December 31, 2024, the Bank and Company met all capital adequacy requirements to which they are subject. Additionally, under U.S. Basel III Capital Rules, the Bank and Company opted out of including accumulated other comprehensive income in regulatory capital.
45
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Actual and required capital amounts and ratios are included below as of the dates indicated.

June 30, 2025
ActualMinimum Requirement for Capital Adequacy with
Capital Buffer		To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio
Total Capital (to risk-weighted assets)      
FB Financial Corporation$1,704,465 14.7 %$1,217,516 10.5 %N/AN/A
FirstBank1,634,335 14.2 %1,206,440 10.5 %$1,148,990 10.0 %
Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation$1,459,289 12.6 %$985,608 8.5 %N/AN/A
FirstBank1,390,461 12.1 %976,642 8.5 %$919,192 8.0 %
Common Equity Tier 1 Capital
   (to risk-weighted assets)
FB Financial Corporation$1,429,289 12.3 %$811,677 7.0 %N/AN/A
FirstBank1,390,461 12.1 %804,293 7.0 %$746,844 6.5 %
Tier 1 Capital (to average assets)
FB Financial Corporation$1,459,289 11.3 %$516,088 4.0 %N/AN/A
FirstBank1,390,461 10.8 %514,782 4.0 %$643,478 5.0 %
December 31, 2024ActualMinimum Requirement for Capital Adequacy with
Capital Buffer		To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio
Total Capital (to risk-weighted assets)      
FB Financial Corporation$1,721,941 15.2 %$1,187,163 10.5 %N/AN/A
FirstBank1,650,305 14.7 %1,175,095 10.5 %$1,119,138 10.0 %
Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation$1,480,722 13.1 %$961,037 8.5 %N/AN/A
FirstBank1,410,505 12.6 %951,267 8.5 %$895,310 8.0 %
Common Equity Tier 1 Capital
(to risk-weighted assets)
FB Financial Corporation$1,450,722 12.8 %$791,442 7.0 %N/AN/A
FirstBank1,410,505 12.6 %783,397 7.0 %$727,440 6.5 %
Tier 1 Capital (to average assets)
FB Financial Corporation$1,480,722 11.3 %$522,557 4.0 %N/AN/A
FirstBank1,410,505 10.8 %521,538 4.0 %$651,923 5.0 %
Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.
46
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (13)—Stock-based compensation
Restricted Stock Units
The Company grants RSUs under compensation arrangements for the benefit of certain employees and directors. RSU grants are subject to time-based vesting with associated compensation recognized on a straight-line basis based on the grant date fair value of the awards. The total number of RSUs granted represents the number of awards eligible to vest based upon the service conditions set forth in the grant agreements.
The following table summarizes changes in RSUs for the six months ended June 30, 2025:
 Restricted Stock
Units
Outstanding		Weighted
Average Grant
Date
Fair Value
Balance at beginning of period (unvested)345,436 $36.71 
Granted148,306 48.50 
Vested(156,509)37.89 
Forfeited(3,335)40.57 
Balance at end of period (unvested)333,898 $41.37 
The total fair value of RSUs vested and released was $5,199 and $5,930 for the three and six months ended June 30, 2025, respectively, and $4,621 and $5,289 for the three and six months ended June 30, 2024, respectively.
The compensation cost related to these grants and vesting of RSUs was $1,690 and $4,596 for the three and six months ended June 30, 2025, respectively, and $1,291 and $3,997 for the three and six months ended June 30, 2024, respectively. This includes amounts paid related to director grants and compensation elected to be settled in stock amounting to $231 and $474 during the three and six months ended June 30, 2025, respectively, and $148 and $347 for the three and six months ended June 30, 2024, respectively.
As of June 30, 2025, there was $9,390 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 1.99 years. Additionally, as of June 30, 2025, there were 1,194,694 shares available for issuance under the Company’s stock compensation plans. As of June 30, 2025 and December 31, 2024, there was $270 and $344, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying RSUs.
Performance-Based Restricted Stock Units
The Company awards PSUs to certain employees. Under the terms of the awards, the number of units that will vest and convert to shares of common stock will be based on the Company’s achievement of certain performance metrics over a fixed three-year performance period. The number of shares issued upon vesting can range from 0% to 200% of the PSUs granted.
For PSUs granted prior to December 31, 2023, performance factors will be based on the Company’s achievement of core return on average tangible common equity over the performance period relative to a predefined peer group.     
For PSUs granted after December 31, 2023, performance factors will be based on a combination of the same metric discussed above as well as the Company’s adjusted tangible book value over the performance period.
Compensation expense for PSUs is estimated each period based on the fair value of the Company’s stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the performance period of the awards.






47
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following table summarizes information about the changes in PSUs as of and for the six months ended June 30, 2025:
Performance Stock
Units
Outstanding(1)
Weighted
Average Grant
Date
Fair Value
Balance at beginning of period (unvested)223,393 $38.06 
Granted75,329 49.33 
Performance adjustment (2)
348 44.09 
Vested(50,269)44.09 
Forfeited or expired(943)39.86 
Balance at end of period (unvested)247,858 $40.23 
(1) PSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%.
(2) The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.
The following table summarizes data related to the Company’s outstanding PSUs as of June 30, 2025:
Grant YearGrant PricePerformance PeriodPSUs Outstanding
2022$37.17 2023 to 202574,345
2023$35.60 2024 to 202698,438
2024$49.33 2025 to 202775,075
The Company recorded compensation cost of $1,292 and $3,217 for the for the three and six months ended June 30, 2025, respectively, and $799 and $913 for the three and six months ended June 30, 2024 respectively. As of June 30, 2025, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $14,812, and the weighted average remaining performance period over which the cost could be recognized was 2.21 years. As of June 30, 2025 and December 31, 2024, there was $214 and $217, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying PSUs.
Employee Stock Purchase Plan
The Company maintains an employee stock purchase plan under which employees, through payroll deductions, are able to purchase shares of Company common stock. The employee purchase price is 95% of the lower of the market price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares, limited to 725 shares for each participating employee. There were no shares issued under the ESPP during the three months ended June 30, 2025 or 2024. There were 8,161 and 10,606 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $340 and $388, during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, there were 2,264,203 shares available for issuance under the ESPP.
Note (14)—Related party transactions
Loans
The Bank has made and expects to continue to make loans to management, executive officers, the directors and significant shareholders of the Company and their related interests in the ordinary course of business, in compliance with regulatory requirements.
An analysis of loans to management, executive officers, the directors and significant shareholders of the Bank and their related interests is presented below:
Loans outstanding at January 1, 2025$31,406 
New loans and advances6,166 
Change in related party status— 
Repayments(10,939)
Loans outstanding at June 30, 2025$26,633 
Unfunded commitments to management, executive officers, the directors, and significant shareholders and their related interests totaled $29,906 and $14,510 at June 30, 2025 and December 31, 2024, respectively.
48
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Deposits
The Bank held deposits from related parties totaling $254,877 and $282,963 as of June 30, 2025 and December 31, 2024, respectively.
Leases
The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. Lease expense for these properties totaled $98 and $200 for the three and six months ended June 30, 2025, respectively, and $121 and $211 for the three and six months ended June 30, 2024, respectively.
Aviation lease
Through a wholly-owned subsidiary, FBK Aviation, LLC, the Company owns and maintains an aircraft. FBK Aviation, LLC maintains non-exclusive aircraft leases with entities owned by certain directors. The Company recognized income of $6 and $25 for the three and six months ended June 30, 2025, respectively, and $19 and $43 for the three and six months ended June 30, 2024, respectively, under these agreements.
Equity investment in preferred stock and master loan purchase agreement
The Company holds an equity investment in a privately held entity which originates manufactured housing loans through utilization of its proprietary developed technology. As a result of the investment, the Company holds two board seats on the entity’s board of directors. The Company also has a master loan purchase agreement with the entity to purchase up to $250,000 in manufactured housing loan production over an initial five-year term. Under this agreement, the Company purchased $18,516 and $28,010 of loans for the three and six months ended June 30, 2025, respectively, and purchased $17,581 and $26,806 of loans for the three and six months ended June 30, 2024. As of June 30, 2025 and December 31, 2024, the amortized cost of these loans HFI amounted to $112,307 and $86,890, respectively. See Note 2, “Investment securities”, for additional information on this investment.





















49

ITEM 2 – Management’s discussion and analysis of financial condition and results of operations
The following is a discussion of our financial condition as of June 30, 2025 and December 31, 2024, and our results of operations for the three and six months ended June 30, 2025 and 2024, and should be read in conjunction with our audited consolidated financial statements set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, that was filed with the SEC on February 25, 2025, and with the accompanying unaudited notes to the condensed consolidated financial statements set forth in this Report.
Forward-looking statements
Certain statements contained in this Report 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,
50

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 Report, 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.
Critical accounting policies
Our financial statements are prepared in accordance with GAAP and general practices within the banking industry. Within our financial statements, certain financial information contains approximate measurements of financial effects of transactions and impacts at the consolidated balance sheets dates and our results of operations for the reporting periods. We monitor the status of proposed and newly issued accounting standards to evaluate the impact on our financial condition and results of operations. Our accounting policies, including the impact of any newly issued accounting standards if applicable, are discussed in further detail in Note 1, “Basis of presentation and summary of significant accounting policies,” in the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024. Further, any updates made to our accounting policies since our Annual report are detailed in Note 1, "Basis of presentation," within this Report herein.

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Financial highlights
The following table presents certain selected historical consolidated income statement and balance sheet data and key performance indicators and other measures as of the dates or for the periods indicated. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period.
As of or for the three months endedAs of or for the six months endedAs of or for the year-ended
June 30,June 30,December 31,
(dollars in thousands, except share data)2025 2024 2025 2024 2024 
Selected Balance Sheet Data
Cash and cash equivalents$1,165,729 $800,902 $1,165,729 $800,902 $1,042,488 
Investment securities, at fair value1,337,565 1,482,379 1,337,565 1,482,379 1,538,008 
Loans held for sale144,212 106,875 144,212 106,875 126,760 
Loans HFI9,874,282 9,309,553 9,874,282 9,309,553 9,602,384 
Allowance for credit losses on loans HFI(148,948)(155,055)(148,948)(155,055)(151,942)
Total assets13,354,238 12,535,169 13,354,238 12,535,169 13,157,482 
Interest-bearing deposits (non-brokered)8,692,848 8,130,704 8,692,848 8,130,704 8,625,113 
Brokered deposits518,719 150,113 518,719 150,113 469,089 
Noninterest-bearing deposits2,191,903 2,187,185 2,191,903 2,187,185 2,116,232 
Total deposits11,403,470 10,468,002 11,403,470 10,468,002 11,210,434 
Borrowings164,485 360,944 164,485 360,944 176,789 
Allowance for credit losses on unfunded
   commitments		12,932 5,984 12,932 5,984 6,107 
Total common shareholders’ equity1,611,130 1,500,502 1,611,130 1,500,502 1,567,538 
Selected Statement of Income Data
Total interest income$182,084 $177,413 $361,790 $353,541 $725,538 
Total interest expense70,669 74,798 142,734 151,436 309,035 
Net interest income111,415 102,615 219,056 202,105 416,503 
Provisions for credit losses5,337 2,224 7,629 3,006 12,004 
Total noninterest (loss) income(34,552)25,608 (11,520)33,570 39,070 
Total noninterest expense81,261 75,093 160,810 147,513 296,899 
(Loss) income before income taxes(9,735)50,906 39,097 85,156 146,670 
Income tax (benefit) expense(12,652)10,919 (3,181)17,219 30,619 
Net income applicable to noncontrolling
    interest		8 8 8 8 16 
Net income applicable to FB Financial
    Corporation 		$2,909 $39,979 $42,270 $67,929 $116,035 
Net interest income (tax-equivalent basis)$112,236 $103,254 $220,663 $203,453 $419,091 
Per Common Share
Basic net income$0.06 $0.85 $0.91 $1.45 $2.48 
Diluted net income0.06 0.85 0.91 1.45 2.48 
Book value(1)
35.17 32.17 35.17 32.17 33.59 
Tangible book value(2)
29.78 26.82 29.78 26.82 28.27 
Cash dividends declared0.19 0.17 0.38 0.34 0.68 
Selected Ratios
Return on average:
Assets(3)
0.09 %1.30 %0.65 %1.09 %0.91 %
Common shareholders’ equity(3)
0.74 %10.9 %5.38 %9.31 %7.71 %
Tangible common equity(2)
0.87 %13.1 %6.38 %11.2 %9.24 %
Efficiency ratio105.7 %58.6 %77.5 %62.6 %65.2 %
Core efficiency ratio (tax-equivalent basis)(2)
56.9 %58.3 %58.4 %58.2 %57.3 %
Loans HFI to deposit ratio86.6 %88.9 %86.6 %88.9 %85.7 %
Noninterest-bearing deposits to total deposits 19.2 %20.9 %19.2 %20.9 %18.9 %
Net interest margin (tax-equivalent basis)3.68 %3.57 %3.61 %3.49 %3.51 %
Yield on interest-earning assets5.99 %6.16 %5.95 %6.09 %6.10 %
Cost of interest-bearing liabilities3.13 %3.56 %3.15 %3.56 %3.53 %
Cost of total deposits2.48 %2.77 %2.51 %2.76 %2.76 %
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As of or for the three months endedAs of or for the six months endedAs of or for the year ended
June 30,June 30,December 31,
2025 2024 2025 2024 2024 
Credit Quality Ratios
Allowance for credit losses on loans HFI as a
   percentage of loans HFI		1.51 %1.67 %1.51 %1.67 %1.58 %
Annualized net charge-offs as a percentage
    of average loans HFI		(0.02)%(0.02)%(0.08)%(0.02)%(0.14)%
Nonperforming loans HFI as a percentage of
   loans HFI		0.97 %0.79 %0.97 %0.79 %0.87 %
Nonperforming assets as a percentage of
    total assets(4)
0.92 %0.81 %0.92 %0.81 %0.93 %
Capital Ratios (Company)
Total common shareholders’ equity to assets12.1 %12.0 %12.1 %12.0 %11.9 %
Tangible common equity to tangible assets(2)
10.4 %10.2 %10.4 %10.2 %10.2 %
Tier 1 leverage11.3 %11.7 %11.3 %11.7 %11.3 %
Tier 1 risk-based capital12.6 %13.0 %12.6 %13.0 %13.1 %
Total risk-based capital14.7 %15.1 %14.7 %15.1 %15.2 %
Common Equity Tier 112.3 %12.7 %12.3 %12.7 %12.8 %
(1)Book value per share equals our total common shareholders’ equity divided by the number of shares of our common stock outstanding as of the date presented.
(2)Non-GAAP financial measure; See "GAAP reconciliation and management explanation of non-GAAP financial measures” and non-GAAP reconciliations herein.
(3)ROAA and ROAE is calculated by dividing annualized net income or loss by average assets or average equity.
(4)Includes $21.0 million, $22.4 million and $31.4 million of optional rights to repurchase delinquent GNMA loans as of June 30, 2025, June 30, 2024 and December 31, 2024, respectively.

GAAP reconciliation and management explanation of non-GAAP financial measures
We identify certain financial measures discussed in this Report as being “non-GAAP financial measures.” The non-GAAP financial measures presented in this Report are adjusted efficiency ratio (tax-equivalent basis), tangible book value per common share, tangible common equity to tangible assets and return on average tangible common equity.
In accordance with the SEC’s rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our consolidated statements of income, balance sheets or statements of cash flows. The non-GAAP financial measures that we discuss in this Report 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 we calculate the non-GAAP financial measures that we discuss in our selected historical consolidated financial data may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures we have discussed in our selected historical consolidated financial data when comparing such non-GAAP financial measures. The following reconciliation tables provide a more detailed analysis of these, and reconciliation for, each of non-GAAP financial measures.
Core efficiency ratio (tax-equivalent basis)
The core efficiency ratio (tax-equivalent basis) is a non-GAAP measure that excludes certain gains, losses and other selected items. Our management uses this measure in its analysis of our performance. Our management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. The most directly comparable financial measure calculated in accordance with GAAP is the efficiency ratio.





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The following table presents a reconciliation of our core efficiency ratio (tax-equivalent basis) to our efficiency ratio for the periods below:
(dollars in thousands)Three Months Ended June 30,Six Months Ended June 30,Year Ended December 31,
2025 2024 2025 2024 2024 
Core efficiency ratio (tax-equivalent basis)
Total noninterest expense$81,261 $75,093 $160,810 $147,513 $296,899 
Less early retirement and severance costs— 1,015 — 1,015 1,478 
Less FDIC special assessment— — — 500 500 
Less merger and integration costs2,734 — 3,135 — — 
Core noninterest expense$78,527 $74,078 $157,675 $145,998 $294,921 
Net interest income$111,415 $102,615 $219,056 $202,105 $416,503 
Net interest income (tax-equivalent basis)112,236 103,254 220,663 203,453 419,091 
Total noninterest (loss) income(34,552)25,608 (11,520)33,570 39,070 
Less loss from securities, net(60,549)— (60,533)(16,213)(56,378)
Less gain (loss) on sales or write-downs of
    other real estate owned and other assets		236 (281)(389)284 (2,167)
Less cash life insurance benefit— 2,057 — 2,057 2,057 
Core noninterest income$25,761 $23,832 $49,402 $47,442 $95,558 
Total revenue$76,863 $128,223 $207,536 $235,675 $455,573 
Core revenue (tax-equivalent basis)$137,997 $127,086 $270,065 $250,895 $514,649 
Efficiency ratio 105.7 %58.6 %77.5 %62.6 %65.2 %
Core efficiency ratio (tax-equivalent basis)56.9 %58.3 %58.4 %58.2 %57.3 %
Tangible book value per common share and tangible common equity to tangible assets
Tangible book value per common share and tangible common equity to tangible assets are non-GAAP measures that exclude the impact of goodwill and other intangibles used by management to evaluate capital adequacy. Because intangible assets, such as goodwill and other intangibles, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our capital position to other companies. The most directly comparable financial measure calculated in accordance with GAAP is book value per common share and our total shareholders’ equity to total assets.
The following table presents, as of the dates set forth below, tangible common equity compared with total common shareholders’ equity, tangible book value per common share compared with our book value per common share and common equity to tangible assets compared to total common shareholders’ equity to total assets:
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June 30,
December 31,
(dollars in thousands, except share data)2025 2024 2024 
Tangible assets
Total assets$13,354,238 $12,535,169 $13,157,482 
Adjustments:
Goodwill(242,561)(242,561)(242,561)
Intangibles, net(4,475)(7,168)(5,762)
Tangible assets$13,107,202 $12,285,440 $12,909,159 
Tangible common equity
Total common shareholders’ equity$1,611,130 $1,500,502 $1,567,538 
Adjustments:
Goodwill(242,561)(242,561)(242,561)
Intangibles, net(4,475)(7,168)(5,762)
Tangible common equity$1,364,094 $1,250,773 $1,319,215 
Common shares outstanding45,807,689 46,642,958 46,663,120 
Book value per common share$35.17 $32.17 $33.59 
Tangible book value per common share$29.78 $26.82 $28.27 
Total common shareholders’ equity to total assets12.1 %12.0 %11.9 %
Tangible common equity to tangible assets10.4 %10.2 %10.2 %
Return on average tangible common equity
Return on average tangible common equity is a non-GAAP measure that uses average shareholders’ equity and excludes the impact of goodwill and other intangibles. This measurement is used by management to provide a depiction of our profitability without being impacted by intangible assets, as intangible assets are not directly managed to generate earnings. The most directly comparable financial measure calculated in accordance with GAAP is return on average common shareholders' equity.
The following table presents, as of the dates set forth below, reconciliations of total average tangible common equity to average shareholders’ equity and return on average tangible common equity to return on average shareholders’ equity:
Three Months Ended June 30,Six Months Ended June 30,Year Ended December 31,
(dollars in thousands)2025 2024 2025 2024 2024 
Return on average tangible common equity
Total average common shareholders’ equity$1,583,099 $1,473,281 $1,583,527 $1,467,007 $1,505,739 
Adjustments:
Average goodwill(242,561)(242,561)(242,561)(242,561)(242,561)
Average intangibles, net(4,791)(7,525)(5,107)(7,912)(7,177)
Average tangible common equity$1,335,747 $1,223,195 $1,335,859 $1,216,534 $1,256,001 
Net income applicable to FB Financial
    Corporation		$2,909 $39,979 $42,270 $67,929 $116,035 
Return on average common shareholders’
    equity		0.74 %10.9 %5.38 %9.31 %7.71 %
Return on average tangible common equity0.87 %13.1 %6.38 %11.2 %9.24 %
Company overview
We are a financial holding company headquartered in Nashville, Tennessee. We operate primarily through our wholly-owned subsidiary bank, FirstBank, and its subsidiaries. FirstBank provides a comprehensive suite of commercial and consumer banking services to clients in select markets in Tennessee, Alabama, Kentucky, North Carolina and Georgia. As of June 30, 2025, our footprint included 78 full-service branches serving markets across Tennessee, including Nashville, Chattanooga (including North Georgia), Knoxville, Memphis, and Jackson in addition to Bowling Green, Kentucky, and Birmingham, Florence and Huntsville, Alabama. Additionally, our banking services extend to community markets throughout our footprint. FirstBank also provides retail mortgage banking services utilizing its bank branch network and mortgage banking offices strategically located throughout the southeastern United States.
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We operate through two segments, Banking and Mortgage. We generate most of our revenue in our Banking segment from interest on loans and investments, loan-related fees, trust and investment services and deposit-related fees. Our primary source of funding for our loans is customer deposits, however we have other sources of funds including unsecured credit lines, brokered CDs, and other borrowings. We generate most of our revenue in our Mortgage segment from origination fees and gains on sales in the secondary mortgage loan market, as well as from mortgage servicing revenues.
Mergers
Southern States Bancshares, Inc.
On March 31, 2025, the Company announced it had entered into an agreement and plan of merger to acquire Southern States Bancshares Inc. and its wholly-owned subsidiary, Southern States Bank, in an all-stock transaction.
On July 1, 2025 the Company completed its acquisition of Southern States. This merger strengthens the Company’s presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company’s footprint further into Alabama and Georgia. At closing, Southern States had approximately $2.87 billion in total assets, loans of $2.32 billion and deposits of $2.47 billion. Under the terms of the agreement, each outstanding share of Southern States common stock was converted into the right to receive 0.80 shares of the Company’s stock. Additionally, fractional shares and outstanding stock options were settled in cash. As a result, total consideration paid was $368.4 million based on the Company’s closing stock price of $45.30 per share on June 30, 2025. The Company expects system conversions related to the transaction to be completed in the third quarter of 2025.
Overview of recent financial performance
Results of operations
Three months ended June 30, 2025 compared to three months ended June 30, 2024
We recognized net income of $2.9 million during the three months ended June 30, 2025 compared to $40.0 million for the three months ended June 30, 2024. Diluted earnings per common share were $0.06 and $0.85 for the three months ended June 30, 2025 and 2024, respectively. Our net income represented a ROAA of 0.09% and 1.30% for the three months ended June 30, 2025 and 2024, respectively, and a ROAE of 0.74% and 10.9% for the same periods. Our ROATCE for the three months ended June 30, 2025 and 2024 were 0.87% and 13.1%, respectively. See “GAAP reconciliation and management explanation of non-GAAP financial measures” in this Report for a discussion of tangible common equity and return on average tangible common equity.
Net interest income increased to $111.4 million for the three months ended June 30, 2025 compared with $102.6 million for the three months ended June 30, 2024. Our net interest margin, on a tax-equivalent basis, increased to 3.68% for the three months ended June 30, 2025 as compared to 3.57% for the three months ended June 30, 2024. Net interest income for the three months ended June 30, 2025 reflected increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.
Provision for credit losses of $5.3 million was recognized for the three months ended June 30, 2025 and $2.2 million for the three months ended June 30, 2024. The increase was primarily due to the change in the CECL loss estimation methodology, including a change in forward-looking funding assumptions for residential lines and commercial lines. Refer to the section “Provision for credit losses” and “Note 1, “Basis of presentation” in this Report for further discussion on the change in the CECL loss estimation methodology.
Noninterest income for the three months ended June 30, 2025 decreased by $60.2 million to a loss of $34.6 million, compared to $25.6 million for the three months ended June 30, 2024. The decrease was driven by the recognition of a $60.5 million net loss on investment securities stemming from the sale of $266.5 million AFS debt securities during the three months ended June 30, 2025. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Noninterest expense increased to $81.3 million for the three months ended June 30, 2025, compared with $75.1 million for the three months ended June 30, 2024. The increase in noninterest expense was driven by $2.7 million in merger and integration costs associated with our merger with Southern States and an increase in other noninterest expense of $2.1 million, including modest increases across a range of expense categories.
Income tax benefit for the three months ended June 30, 2025 was $12.7 million compared to income tax expense of $10.9 million for the three months ended June 30, 2024. The change reflects the income tax effect of a $60.5 million loss on
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sale of AFS debt securities and a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest for the three months ended June 30, 2025.
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Our net income decreased during the six months ended June 30, 2025 to $42.3 million from $67.9 million for the six months ended June 30, 2024. Diluted earnings per common share was $0.91 and $1.45 for the six months ended June 30, 2025 and 2024, respectively. Our net income represented a ROAA of 0.65% and 1.09% for the six months ended June 30, 2025 and 2024, respectively, and a ROAE of 5.38% and 9.31% for the same periods. Our ratio of ROATCE for the six months ended June 30, 2025 and 2024 was 6.38% and 11.2%, respectively.
During the six months ended June 30, 2025, our net interest income increased to $219.1 million from $202.1 million for the six months ended June 30, 2024. Our net interest margin, on a tax-equivalent basis, increased to 3.61% for the six months ended June 30, 2025 as compared to 3.49% for the six months ended June 30, 2024. The increase in net interest margin was primarily driven by increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.
Provision for credit losses of $7.6 million was recognized for the six months ended June 30, 2025 and $3.0 million for the six months ended June 30, 2024. The increase was primarily due to the change in the CECL loss estimation methodology, including a change in forward-looking funding assumptions for residential lines and commercial lines. Refer to the section “Provision for credit losses” and “Note 1, “Basis of presentation” in this Report for further discussion on the change in the CECL loss estimation methodology
Noninterest income for the six months ended June 30, 2025 decreased by $45.1 million resulting in a loss of $11.5 million, compared to $33.6 million for prior year period. The decrease in noninterest income was primarily driven by the recognition of a $60.5 million net loss on investment securities stemming from the sale of $266.5 million of AFS debt securities during the six months ended June 30, 2025 compared to a net loss of $16.2 million from the sale of $207.9 million of AFS debt securities during the six months ended June 30, 2024. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Noninterest expense increased to $160.8 million for the six months ended June 30, 2025, compared with $147.5 million for the six months ended June 30, 2024. The increase in noninterest expense was reflective of an increase in salaries, commissions and benefits of $4.1 million, merger and integration costs of $3.1 million, advertising expense of $1.6 million and other expense of $4.0 million including technology and platform fee increases and modest increases across a range of other expense categories.
Income tax benefit for the six months ended June 30, 2025 was $3.2 million compared to income tax expense of $17.2 million for the six months ended June 30, 2024. The change reflects the income tax effect of a $60.5 million loss on sale of AFS debt securities, as well as a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest for the for the six months ended June 30, 2025. Income tax expense for the six months ended June 30, 2024, included the income tax effect of a $16.2 million loss on sale of AFS debt securities.
Business segment highlights
We operate our business in two business segments: Banking and Mortgage. See Note 11, “Segment reporting” in the notes to our consolidated financial statements contained herein for a description of these business segments.
Banking
Three months ended June 30, 2025 compared to three months ended June 30, 2024
The Banking segment reported a loss before taxes of $6.7 million as compared to income of $50.1 million for the previous period. Net interest income totaled $108.9 million during the three months ended June 30, 2025 compared to $101.2 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $0.6 million of provision expense during the current period as compared to $2.4 million during the previous period. The Banking segment recorded a noninterest loss of $47.7 million in the current period as compared to income of $13.5 million in the previous period. This decrease was mainly attributable to a net loss on investment securities of $60.5 million from the sale of $266.5 million AFS debt securities during the three months ended June 30, 2025. Noninterest expense increased to $67.3 million for the current period compared to $62.2 million for the for the previous period due primarily to an increase in merger and integration costs associated with the Southern States merger and modest increases across a range of other expense categories.
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Six months ended June 30, 2025 compared to the six months ended June 30, 2024
The Banking segment contributed $40.6 million of income before taxes for the current period as compared to $82.7 million for the previous period. Net interest income totaled $214.7 million during the six months ended June 30, 2025 compared to $199.7 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $2.8 million of provision expense during the current period as compared to $3.3 million during the previous period. The Banking segment recorded noninterest loss of $37.1 million in the current period as compared to income of $8.7 million in the previous period. Similar to above, this increase was mainly attributable to a net loss on investment securities of $60.5 million from the sale of $266.5 million AFS debt securities during the six months ended June 30, 2025 compared to a net loss on investment securities of $16.2 million from the sale of $207.9 million AFS debt securities during the previous period. Noninterest expense increased to $134.2 million for the current period compared to $122.4 million for the for the previous period due primarily to an increase in salaries and benefits, merger and integration costs associated with the Southern States merger, advertising, technology and platform fees and modest increases across a range of other expense categories. Additionally, a minor franchise tax benefit was recognized in the previous period.
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Mortgage
Three months ended June 30, 2025 compared to three months ended June 30, 2024
Activity in our Mortgage segment resulted in a loss before income taxes of $3.0 million for the current period, as compared to $0.8 million of income before taxes in the prior period. Net interest income was $2.5 million for the current period and $1.4 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $4.8 million during the current period compared to a reversal of $0.2 million of provision expense during the prior period. The increase in provisions for credit losses was due to a change in the CECL loss estimation methodology, which notably impacted the Company's reserves on 100% financed 1-to-4 mortgages, as well as a notable change in forecasts associated with home prices which impacted mortgage reserves more broadly. Mortgage banking income increased $1.1 million to $13.0 million during the current period compared to $11.9 million in the prior period.
The components of mortgage banking income for the three months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,
(dollars in thousands)2025 2024 
Mortgage banking income
Gains and fees from origination and sale of mortgage
   loans held for sale		$11,200 $8,934 
Net change in fair value of loans held for sale and derivatives(876)(4)
Change in fair value on MSRs, net of hedging(4,231)(4,336)
Mortgage servicing income6,936 7,316 
Total mortgage banking income$13,029 $11,910 
Interest rate lock commitment volume$456,720 $385,197 
Interest rate lock commitment volume by purpose (%):
Purchase87.9 %87.2 %
Refinance12.1 %12.8 %
Mortgage sales$391,061 $315,044 
Mortgage sale margin2.86 %2.84 %
Closing volume$371,132 $337,461 
Outstanding principal balance of mortgage loans serviced$9,901,599 $10,523,778 
Noninterest expense for the three months ended June 30, 2025 and 2024 was $13.9 million and $12.9 million, respectively. This increase was reflective of increases in salaries and employee benefits and allocated support and overhead expenses.
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Activity in our Mortgage segment resulted in a loss before income taxes of $1.5 million for the current period, as compared to $2.5 million of income before taxes in the prior period. Net interest income was $4.4 million for the current period and $2.5 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $4.9 million during the current period compared to a reversal of $0.3 million of provision expense during the prior period. As noted above, the increase in provisions for credit losses was due to a change in the CECL loss estimation methodology, which notably impacted the Company's reserves on 100% financed 1-to-4 mortgages, as well as a notable change in forecasts associated with home prices which impacted mortgage reserves more broadly. Mortgage banking income increased $1.0 million to $25.5 million during the current period compared to $24.5 million in the prior period.
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The components of mortgage banking income for the six months ended June 30, 2025 and 2024 were as follows:
Six Months Ended June 30,
(dollars in thousands)2025 2024 
Mortgage banking income  
Gains and fees from origination and sale of mortgage
   loans held for sale		$16,802 $15,392 
Net change in fair value of loans held for sale and derivatives1,940 1,817 
Change in fair value on MSRs, net of hedging(7,300)(7,377)
Mortgage servicing income14,013 14,663 
Total mortgage banking income$25,455 $24,495 
Interest rate lock commitment volume$838,497 $762,363 
Interest rate lock commitment volume by purpose (%):
Purchase87.1 %86.0 %
Refinance12.9 %14.0 %
Mortgage sales$613,866 $558,505 
Mortgage sale margin2.74 %2.76 %
Closing volume$642,515 $595,813 
Outstanding principal balance of mortgage loans serviced$9,901,599 $10,523,778 
Noninterest expense for the six months ended June 30, 2025 and 2024 was $26.6 million and $25.1 million, respectively. This increase was reflective of increases in salaries and employee benefits and allocated support and overhead expenses.
Results of operations
Throughout the following discussion of our operating results, we present our net interest income, net interest margin and core efficiency ratio on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of net interest income from certain loans and investments.
Our tax-exempt income is converted to a tax-equivalent basis by adjusting for the combined federal and blended state statutory income tax rate of 26.06% for the three and six months ended June 30, 2025 and 2024.
Net interest income
Net interest income is the principle component of our earnings and represents the difference, or spread, between interest and fee income generated from earning assets and the interest expense paid on deposits and borrowed funds. Net interest income and margin are shaped by fluctuations in interest rates as well as changes in volume and mix of earning assets and interest-bearing liabilities.
During the three and six months ended June 30, 2025, the U.S. Treasury yield curve fell given uncertainty around tariffs and economic growth. In contrast, during the three and six months ended June 30, 2024, the U.S. Treasury yield curve remained inverted, reflecting tighter monetary policy and higher short-term interest rates. The Federal Funds Target Rate range was 4.25% - 4.50% and 5.25% - 5.50% as of June 30, 2025 and June 30, 2024, respectively.
Three months ended June 30, 2025 compared to three months ended June 30, 2024
Net interest income increased to $112.2 million for the three months ended June 30, 2025 as compared to $103.3 million for the three months ended June 30, 2024. The change in net interest income was driven by a $4.9 million increase in interest income and a decrease in interest expense of $4.1 million. The increases in net interest income and net interest margin were primarily driven by increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.
Interest income was $182.9 million for the three months ended June 30, 2025, compared to $178.1 million for the three months ended June 30, 2024, an increase of $4.9 million, which was primarily driven by an increase in volume of interest earning assets, most notably loans HFI, partially offset by a decrease in yields due to lower interest rates.
Interest income on loans HFI increased $3.7 million to $158.0 million for the three months ended June 30, 2025 from $154.2 million for the three months ended June 30, 2024 primarily due to increased volume partially offset by lower yields. The yield on loans HFI was 6.44% for the three months ended June 30, 2025, down 26 basis points from the three months ended June 30, 2024.
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The components of our loan yield for the three months ended June 30, 2025 and 2024 were as follows:
Three Months Ended June 30,
2025 2024 
(dollars in thousands)Interest
income		Average
yield		Interest
income		Average
yield
Loan HFI yield components:
Contractual interest rate on loans HFI(1)
$155,697 6.34 %$152,037 6.60 %
Origination and other loan fee income1,945 0.08 %1,291 0.06 %
(Amortization) accretion on purchased loans(62)— %161 0.01 %
Nonaccrual interest collections384 0.02 %737 0.03 %
Total loan HFI yield$157,964 6.44 %$154,226 6.70 %
(1) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.
Interest income on investment securities increased $2.5 million to $16.1 million for the three months ended June 30, 2025 from $13.5 million for the three months ended June 30, 2024 due to the increase in yield on these investments from the portfolio restructuring transactions in prior years. The yield on taxable investment securities increased 49 basis points to 3.78% for the three months ended June 30, 2025 compared to 3.29% for the three months ended June 30, 2024.
Interest expense was $70.7 million for the three months ended June 30, 2025, a decrease of $4.1 million as compared to the three months ended June 30, 2024. The decrease in interest expense was driven by a decrease in the rate paid on interest-bearing liabilities which decreased interest expense $11.1 million partially offset by an increase in the average balance of interest-bearing liabilities which increased interest expense $7.0 million over the comparative time period.
Interest expense on interest-bearing deposit accounts totaled $68.6 million for the three months ended June 30, 2025, a $2.9 million decrease from the $71.5 million recognized for the three months ended June 30, 2024. The decline in interest expense on interest-bearing deposit accounts was led by declines in money market and interest-bearing checking which decreased $1.9 million and $3.2 million, respectively, for the three months ended June 30, 2025 as compared to the same period in the previous year. Offsetting these declines in interest expense within interest-bearing deposit accounts, we experienced an increase in interest expense from brokered time deposits, which increased $3.5 million for the three months ended June 30, 2025 to the same period in the previous year, due to an increase in the average balances outstanding as we issued additional brokered deposits as part of our overall liquidity management strategy. Total cost of interest-bearing deposits was 3.10% for the three months ended June 30, 2025 compared to 3.52% for the three months ended June 30, 2024 as interest rates decrease and we continue to manage down higher cost deposits primarily in interest-bearing checking.
Interest expense recognized on other borrowings decreased $1.6 million to $4 thousand for the three months ended June 30, 2025 due to the repayment of the Bank Term Funding Program which was paid off towards the end of 2024.


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Average balance and interest yield/rate analysis
The table below shows the average balances, income and expense and yield and rates of each of our interest-earning assets and interest-bearing liabilities on a tax equivalent basis, if applicable, for the periods indicated.
Three Months Ended June 30,
20252024
(dollars in thousands)Average
balances 		Interest
income/
expense		Average
yield/
rate		Average
balances 		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:
Loans HFI (1)(2)
$9,840,932 $157,964 6.44 %$9,263,822 $154,226 6.70 %
Mortgage loans held for sale126,072 2,189 6.96 %80,919 1,380 6.86 %
Investment securities:
Taxable1,534,895 14,661 3.83 %1,464,045 11,966 3.29 %
Tax-exempt(2)
167,675 1,401 3.35 %193,347 1,580 3.29 %
Total investment securities(2)
1,702,570 16,062 3.78 %1,657,392 13,546 3.29 %
Federal funds sold and reverse repurchase agreements
113,252 1,256 4.45 %108,097 1,497 5.57 %
Interest-bearing deposits with other financial institutions426,073 4,733 4.46 %488,123 6,641 5.47 %
FHLB stock35,623 701 7.89 %33,495 762 9.15 %
Total interest-earning assets(2)
12,244,522 182,905 5.99 %11,631,848 178,052 6.16 %
Noninterest-earning assets:
Cash and due from banks115,717 124,729 
Allowance for credit losses on loans HFI(151,586)(151,724)
Other assets (3)(4)
823,837 766,591 
Total noninterest-earning assets787,968 739,596 
Total assets$13,032,490 $12,371,444 
Interest-bearing liabilities:
Interest bearing deposits:
Interest-bearing checking$2,521,239 $15,870 2.52 %$2,500,325 $19,074 3.07 %
Money market deposits4,115,987 34,957 3.41 %3,779,139 36,887 3.93 %
Savings deposits352,307 98 0.11 %369,779 64 0.07 %
Customer time deposits1,404,368 12,454 3.56 %1,387,956 13,812 4.00 %
Brokered and internet time deposits481,686 5,189 4.32 %123,003 1,664 5.44 %
Time deposits1,886,054 17,643 3.75 %1,510,959 15,476 4.12 %
Total interest-bearing deposits8,875,587 68,568 3.10 %8,160,202 71,501 3.52 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds
   purchased		11,107 26 0.94 %24,680 122 1.99 %
Federal Home Loan Bank advances23,077 258 4.48 %— — — %
Subordinated debt130,851 1,813 5.56 %130,464 1,615 4.98 %
Other borrowings2,294 4 0.70 %131,293 1,560 4.78 %
Total other interest-bearing liabilities167,329 2,101 5.04 %286,437 3,297 4.63 %
Total Interest-bearing liabilities9,042,916 70,669 3.13 %8,446,639 74,798 3.56 %
Noninterest-bearing liabilities:
Demand deposits2,206,305 2,222,005 
Other liabilities(4)
200,077 229,426 
Total noninterest-bearing liabilities2,406,382 2,451,431 
Total liabilities11,449,298 10,898,070 
FB Financial Corporation common shareholders’ equity1,583,099 1,473,281 
Noncontrolling interest93 93 
         Shareholders’ equity1,583,192 1,473,374 
Total liabilities and shareholders’ equity$13,032,490 $12,371,444 
Net interest income (tax-equivalent basis)(2)
$112,236 $103,254 
Interest rate spread (tax-equivalent basis)(2)
2.86 %2.60 %
Net interest margin (tax-equivalent basis)(2)(5)
3.68 %3.57 %
Cost of total deposits2.48 %2.77 %
Average interest-earning assets to average interest-bearing liabilities135.4 %137.7 %
(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).
(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-
     equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.
(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.
(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million
      for the three months ended June 30, 2025 and 2024, respectively.
(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


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Yield/rate and volume analysis
The table below presents the components of the changes in net interest income for the three months ended June 30, 2025 and 2024. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.
Three months ended June 30, 2025 compared to three months ended June 30, 2024 due to changes in
(dollars in thousands)VolumeYield/rateNet increase
(decrease)
Interest-earning assets:
Loans held for investment(1)(2)
$9,264 $(5,526)$3,738 
Loans held for sale - mortgage784 25 809 
Investment securities:
Taxable677 2,018 2,695 
Tax Exempt(2)
(215)36 (179)
Federal funds sold and reverse repurchase agreements
57 (298)(241)
Interest-bearing deposits with other financial institutions(689)(1,219)(1,908)
FHLB stock42 (103)(61)
Total interest income(2)
9,920 (5,067)4,853 
Interest-bearing liabilities:
Interest-bearing checking132 (3,336)(3,204)
Money market deposits2,861 (4,791)(1,930)
Savings deposits(5)39 34 
Customer time deposits146 (1,504)(1,358)
Brokered and internet time deposits3,864 (339)3,525 
Securities sold under agreements to repurchase and federal funds
   purchased		(32)(64)(96)
Federal Home Loan Bank advances258 — 258 
Subordinated debt5 193 198 
Other borrowings(225)(1,331)(1,556)
Total interest expense7,004 (11,133)(4,129)
Change in net interest income(2)
$2,916 $6,066 $8,982 
(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).
(2) Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent
      adjustment amounts included was $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.
Six months ended June 30, 2025 compared to the six months ended June 30, 2024
Net interest income increased $17.2 million to $220.7 million for the six months ended June 30, 2025 as compared to $203.5 million for the six months ended June 30, 2024. Net interest margin was 3.61% for the six months ended June 30, 2025 compared to 3.49% for the six months ended June 30, 2024. The increases in net interest income and net interest margin were primarily driven by increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.
Interest income was $363.4 million for the six months ended June 30, 2025, compared to $354.9 million for the six months ended June 30, 2024, an increase of $8.5 million, which was primarily driven by an increase in volume of interest earning assets, most notably loans HFI, partially offset by a decrease in yields due to lower interest rates.
Interest income recognized on loans HFI increased $1.0 million to $310.1 million for the six months ended June 30, 2025 from $309.2 million for the six months ended June 30, 2024. This increase was attributable to an increase in average balances of loans HFI, partially offset by a decline in the overall yield on loans HFI due to lower interest rates. The yield on loans HFI decreased 24 basis points to 6.43% for the six months ended June 30, 2025 from 6.67% for the six months
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ended June 30, 2024.
The components of our loan yield for the six months ended June 30, 2025 and 2024 were as follows:
Six Months Ended June 30,
2025 2024 
(dollars in thousands)Interest
income		Average
yield		Interest
income		Average
yield
Loans HFI yield components:
Contractual interest rate on loans HFI(1)
$305,516 6.33 %$304,912 6.58 %
Origination and other loan fee income3,742 0.08 %2,727 0.06 %
(Amortization) accretion on purchased loans(60)— %548 0.01 %
Nonaccrual interest collections940 0.02 %995 0.02 %
Total loans HFI yield$310,138 6.43 %$309,182 6.67 %
(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.
Interest income on investment securities increased $7.3 million to $31.9 million for the six months ended June 30, 2025 from $24.6 million for the six months ended June 30, 2024. The increase was attributable to the increase in yield on these investments from the portfolio restructuring transactions in prior years. The yield on investment securities was 3.77% for the six months ended June 30, 2025, an increase of 77 basis points from 3.00% for the six months ended June 30, 2024.
Interest expense was $142.7 million for the six months ended June 30, 2025, a decrease of $8.7 million as compared to $151.4 million for the six months ended June 30, 2024. The decrease was largely attributed to a decline in the rate paid on interest-bearing deposit accounts, partially offset by increases in average balances on interest-bearing deposit accounts.
Interest expense on interest-bearing deposit accounts totaled $138.8 million for the six months ended June 30, 2025, a $5.3 million decrease from the $144.1 million recognized for the six months ended June 30, 2024. The decline in interest expense on interest-bearing deposit accounts was led by declines in money market and interest-bearing checking which decreased $5.1 million and $4.0 million, respectively, for the six months ended June 30, 2025 as compared to the same period in the previous year. Offsetting these declines in interest expense within interest-bearing deposit accounts, we experienced an increase in interest expense from brokered time deposits, which increased $6.5 million for the six months ended June 30, 2025 to the same period in the previous year, due to an increase in the average balances outstanding as we issued additional brokered deposits as part of our overall liquidity management strategy. The average rate paid on interest-bearing deposits was 3.12% for the six months ended June 30, 2025 compared to 3.51% for the six months ended June 30, 2024.
Interest expense recognized on other borrowings decreased $3.1 million to $10 thousand for the six months ended June 30, 2025 due to the repayment of the Bank Term Funding Program which was paid off towards the end of 2024.
64

Average balance and interest yield/rate analysis
The table below shows the average balances, income and expense and yield and rates of each of our interest-earning assets and interest-bearing liabilities on a tax equivalent basis, if applicable, for the periods indicated.
Six Months Ended June 30,
2025 2024 
(dollars in thousands)Average balancesInterest
income/
expense		Average
yield/
rate		Average balancesInterest
income/
expense		Average
yield/
rate
Interest-earning assets:
Loans HFI (1)(2)
$9,731,602 $310,138 6.43 %$9,325,308 $309,182 6.67 %
Mortgage loans held for sale110,096 3,622 6.63 %64,742 2,231 6.93 %
Investment securities:
Taxable1,538,363 29,132 3.82 %1,431,641 21,071 2.96 %
Tax-exempt (2)
167,815 2,798 3.36 %217,363 3,530 3.27 %
Total investment securities (2)
1,706,178 31,930 3.77 %1,649,004 24,601 3.00 %
Federal funds sold and reverse repurchase agreements118,293 2,630 4.48 %131,738 3,623 5.53 %
Interest-bearing deposits with other financial institutions617,581 13,635 4.45 %509,256 13,707 5.41 %
FHLB stock34,067 1,442 8.54 %33,773 1,545 9.20 %
Total interest-earning assets (2)
12,317,817 363,397 5.95 %11,713,821 354,889 6.09 %
Noninterest-earning assets:
Cash and due from banks119,417 146,230 
Allowance for credit losses on loans HFI(151,909)(151,164)
Other assets (3)(4)
833,923 771,872 
Total noninterest-earning assets801,431 766,938 
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 deposits4,099,959 69,317 3.41 %3,814,109 74,457 3.93 %
Savings deposits353,082 164 0.09 %373,871 126 0.07 %
Customer time deposits1,388,793 25,156 3.65 %1,422,666 27,936 3.95 %
Brokered and internet time deposits462,909 10,043 4.38 %131,648 3,517 5.37 %
Time deposits1,851,702 35,199 3.83 %1,554,314 31,453 4.07 %
Total interest-bearing deposits8,984,586 138,817 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 %
Subordinated debt130,803 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 liabilities155,242 3,917 5.09 %285,845 7,310 5.14 %
Total interest-bearing liabilities9,139,828 142,734 3.15 %8,547,844 151,436 3.56 %
Noninterest-bearing liabilities:
Demand deposits2,170,812 2,224,590 
Other liabilities(4)
224,988 241,225 
Total noninterest-bearing liabilities2,395,800 2,465,815 
Total liabilities11,535,628 11,013,659 
FB Financial Corporation common
   shareholders’ equity		1,583,527 1,467,007 
Noncontrolling interest93 93 
         Shareholders’ equity1,583,620 1,467,100 
Total liabilities and shareholders’ equity$13,119,248 $12,480,759 
Net interest income (tax-equivalent basis)(2)
$220,663 $203,453 
Interest rate spread (tax-equivalent basis)(2)
2.80 %2.53 %
Net interest margin (tax-equivalent basis) (2)(5)
3.61 %3.49 %
Cost of total deposits2.51 %2.76 %
Average interest-earning assets to average
     interest-bearing liabilities		134.8 %137.0 %
(1)Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(2)Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-
equivalent basis. to increase tax-exempt interest income to a tax-equivalent basis. The net tax-equivalent adjustment amounts included in income were $1.6 million and $1.3 million for six months
ended June 30, 2025 and 2024, respectively.
(3)Includes average net unrealized losses on investment securities available for sale of $130.5 million and $196.1 million for the six months ended June 30, 2025 and 2024, respectively.
(4)Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria of $27.9 million and $20.8 million for the six months ended June 30, 2025 and 2024, respectively.
(5)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total earning assets.






65

Yield/rate and volume analysis
The tables below present the components of the changes in net interest income for the six months ended June 30, 2025 and 2024. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.
Six months ended June 30, 2025 compared to six months ended June 30, 2024 due to changes in
(dollars in thousands)VolumeYield/rateNet increase
(decrease)
Interest-earning assets:
Loans HFI(1)(2)
$12,948 $(11,992)$956 
Loans held for sale - mortgage1,492 (101)1,391 
Investment securities:
   Taxable2,021 6,040 8,061 
   Tax-exempt(2)
(826)94 (732)
Federal funds sold and reverse repurchase agreements
(299)(694)(993)
Interest-bearing deposits with other financial institutions2,392 (2,464)(72)
FHLB stock12 (115)(103)
Total interest income(2)
17,740 (9,232)8,508 
Interest-bearing liabilities:
Interest-bearing checking deposits2,040 (5,993)(3,953)
Money market deposits4,833 (9,973)(5,140)
Savings deposits(10)48 38 
Customer time deposits(614)(2,166)(2,780)
Brokered and internet time deposits7,187 (661)6,526 
Securities sold under agreements to repurchase and federal funds
   purchased		(39)(200)(239)
Federal Home Loan Bank advances258 — 258 
Subordinated debt20 (304)(284)
Other borrowings(736)(2,392)(3,128)
Total interest expense12,939 (21,641)(8,702)
Change in net interest income(2)
$4,801 $12,409 $17,210 
(1)Average loans are presented gross, including nonaccrual loans and overdrafts.
(2)Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent adjustment amounts included was $1.6 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively.
Provision for credit losses
The provision for credit losses charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for credit losses at an appropriate level under the current expected credit loss model. The determination of the amount of the allowance is complex and involves a high degree of judgment and subjectivity.
Our allowance for credit losses calculation as of June 30, 2025 resulted from management’s best estimate of losses over the life of loans and unfunded commitments in our portfolio in accordance with the CECL approach.
As of June 30, 2025, we utilize the discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, to estimate the expected credit losses of its loan segments, except consumer and other loans, which utilizes the weighted average remaining maturity loss rate technique. We determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly
66

calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.
These changes represent a change in accounting estimate under ASC 250, “Accounting Changes and Error Corrections”, and, accordingly, is applied prospectively in the period of change and did not have a material effect on the Company’s financial statements. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate.
The discounted cash flow was calibrated using a regression analysis that relates one or more economic variables to our historical default rates and selected peer banks for each loan segment. We determined that national unemployment, national housing price index, national commercial real estate index and prime rates were the key economic variables that were most correlated to our historical loss performance and our peer banks. Reasonable and supportable forecasts of these economic indicators are utilized within the discounted cash flow to estimate expected credit losses for each loan segment. Current and forecast economic conditions, including those affecting these and other economic variables or macroeconomic conditions, such as global conflicts or tariffs, may continue to lead to increased volatility in our calculated level of allowance for credit losses.
Prior to the changes described above, our estimates for credit losses calculation utilized lifetime loss rate model and included economic forecasts for unemployment, gross domestic product, as well as other macroeconomic events which may impact our loan portfolio. Refer to Note 1, “Basis of presentation and summary of significant accounting policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion regarding ACL methodology.
Three months ended June 30, 2025 compared to three months ended June 30, 2024
We recognized a reversal of credit losses on loans HFI of $1.1 million and provision expense of $3.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, the reversal of credit losses on loans HFI was primarily the result of a $6.8 million reduction due to the change in the CECL loss estimation methodology, partially offset by $5.7 million of provision growth. The increase in the growth of the provision was driven by changes in balances of the underlying loan portfolio coupled with changes in the forward-looking macroeconomic outlook during the current quarter, which combined impacted residential real estate, consumer and other, and commercial and industrial loans most directly. For the three months ended June 30, 2024, the increase in the provision for credit losses on loans HFI was driven by increases in specific reserves for individually evaluated relationships offset by reductions in reserves for construction loans. The reduction for construction loans was primarily due to reduction in balances outstanding for the portfolio.
We also estimate expected credit losses on off-balance sheet loan commitments that are not accounted for as derivatives. When applying the CECL methodology to estimate expected credit loss, we consider the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions. We recorded a provision expense for credit losses on unfunded commitments of $6.4 million and a reversal of provision expense of $1.7 million for the three months ended June 30, 2025 and 2024, respectively. The provision expense was due largely to a $6.5 million impact from the change in the CECL loss estimation methodology and changes in forward-looking funding assumptions which most notably impacted our residential and commercial lines. For three months ended June 30, 2024, the reversal was due to a $37.6 million decrease in our unfunded commitments during the period, including a $73.8 million decrease in our construction portfolio.
During the three months ended June 30, 2025 and 2024 it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the three months ended June 30, 2025 and 2024.
Six months ended June 30, 2025 compared to six months ended June 30, 2024
We recognized a provision for credit losses on loans HFI for the six months ended June 30, 2025 and 2024 of $0.8 million and $5.8 million, respectively. The current period provision on loans HFI was driven by a $7.7 million growth in provision due to the changes in balances of the underlying loan portfolio coupled with changes in the forward-looking macroeconomic outlook offset by a $6.8 million reduction from the impact of the change in the CECL loss estimation methodology. For the six months ended June 30, 2024, the provision on loans HFI was impacted by projected deterioration in the CRE portfolio which was adjusted qualitatively.
We recorded a provision for credit losses on unfunded commitments of $6.8 million and a reversal of $2.8 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, the increase in provision for credit losses on unfunded commitments was due largely to the $6.5 million impact of the change in the CECL
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loss estimation methodology and changes in forward-looking funding assumptions which most notably impacted our reserves for residential and commercial lines. The reversal of provision for credit losses on unfunded commitments for the six months ended June 30, 2024 was primarily due to management's concentrated effort to reduce unfunded loan commitments during the period including a $209.1 million decrease in our construction category as these projects moved to permanent financing during the period. As such, this resulted in a $2.7 million decrease in required ACL related to the unfunded commitments in our construction portfolio for the six months ended June 30, 2024.
During the six months ended June 30, 2025 and 2024, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the six months ended June 30, 2025 and 2024.
Noninterest income
The following table sets forth the components of noninterest income for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025 2024 2025 2024 
Mortgage banking income$13,029 $11,910 $25,455 $24,495 
Investment services and trust income3,922 3,387 7,633 6,617 
Service charges on deposit accounts3,392 3,167 6,871 6,308 
ATM and interchange fees2,878 2,814 5,555 5,758 
Loss from investment securities, net(60,549)— (60,533)(16,213)
Gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets236 (281)(389)284 
Other income2,540 4,611 3,888 6,321 
Total noninterest (loss) income$(34,552)$25,608 $(11,520)$33,570 
Three months ended June 30, 2025 compared to three months ended June 30, 2024
Noninterest income amounted to a $34.6 million loss for the three months ended June 30, 2025, a decrease of $60.2 million, as compared to income of $25.6 million for the three months ended June 30, 2024. The decrease in noninterest income was driven by the net loss from investment securities. Excluding the recognition of the $60.5 million of net loss from investment securities sales recognized during the three months ended June 30, 2025, noninterest income was $26.0 million for the three months ended June 30, 2025.
Mortgage banking income includes origination fees, gains and losses on the sale of mortgage loans, changes in fair value of mortgage loans and related derivatives, as well as mortgage servicing income, which includes the change in fair value of MSRs and related derivatives. Mortgage banking income was $13.0 million for the three months ended June 30, 2025, an increase of $1.1 million compared to the prior period. The increase was driven by an increase in gains on sale of $2.3 million partially offset by negative fair value changes of $0.9 million from the prior period. This was impacted by the increase in interest rate lock volume of $71.5 million, or 18.6% during the current period over the same period in the prior year.
Investment services and trust income is comprised of wealth management fees and trust and insurance income. This caption increased $0.5 million during the three months ended June 30, 2025 to $3.9 million as compared to $3.4 million during the three months ended June 30, 2024.
Service charges on deposit accounts include overdraft fees, account analysis fees and other customer transaction-related service charges. Service charges on deposit accounts increased $0.2 million during the three months ended June 30, 2025 to $3.4 million as compared to $3.2 million during the three months ended June 30, 2024.
ATM and interchange fees represent income related to customers' utilization of their debit cards and interchange income. ATM and interchange fees were $2.9 million for the three months ended June 30, 2025, compared to $2.8 million for the three months ended June 30, 2024.
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Net loss from investment securities was $60.5 million for the three months ended June 30, 2025. There was no net gain or loss from investment securities recognized during the same period of the prior year. The net loss from investment securities during the three months ended June 30, 2025 was the result of management's election to sell $266.5 million of AFS debt securities with the intent to utilize the proceeds to redeem outstanding subordinated and trust preferred debt, as well as originating higher yielding loans. Refer to the section “Other earnings assets” for additional information on the sale of the AFS debt securities.
Net gain on sales or write-downs of premises and equipment, other real estate owned and other assets was $0.2 million for the three months ended June 30, 2025 compared to a net loss of $0.3 million for the three months ended June 30, 2024.
Other income is comprised of income recognized that does not typically fit into income categories and includes components such as BOLI income, swap fees, and equity investments income. Other income decreased $2.1 million to $2.5 million during the three months ended June 30, 2025 as compared to $4.6 million during the three months ended June 30, 2024. This decrease was primarily related to a $2.1 million increase in BOLI income resulting from proceeds from payment of death benefits during the three months ended June 30, 2024.
Six months ended June 30, 2025 compared to six months ended June 30, 2024
Noninterest income amounted to a $11.5 million loss for the six months ended June 30, 2025, a decrease of $45.1 million, as compared to income of $33.6 million for the six months ended June 30, 2024. Excluding the recognition of the $60.5 million and $16.2 million of net loss from investment securities sales recognized during the six months ended June 30, 2025 and 2024, respectively, noninterest income was $49.0 million and $49.8 million for the six months ended June 30, 2025 and 2024, respectively.
Mortgage banking income was $25.5 million for the six months ended June 30, 2025, an increase of $1.0 million compared to the prior period. The increase includes an increase from gains on sale and related fair value changes of $1.5 million to $18.7 million in the current period compared to $17.2 million in the prior period. This was impacted by the increase in interest rate lock volume of $76.1 million, or 10.0% during the current period over the same period in the prior year.
Investment services and trust income increased $1.0 million during the six months ended June 30, 2025 to $7.6 million as compared to $6.6 million during the six months ended June 30, 2024. The increase was primarily attributable to fees earned from higher assets under management stemming from existing account growth.
Service charges on deposit accounts increased $0.6 million during the six months ended June 30, 2025 to $6.9 million as compared to $6.3 million during the six months ended June 30, 2024.
ATM and interchange fees were $5.6 million for the six months ended June 30, 2025, compared to $5.8 million for the six months ended June 30, 2024.
Net loss from investment securities was $60.5 million for the six months ended June 30, 2025 compared to a net loss of $16.2 million for the six months ended June 30, 2024. The net loss from investment securities during the six months ended June 30, 2025 was the result of management's election to sell $266.5 million of AFS debt securities compared to $207.9 million of AFS debt securities sold during the prior year period. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Net loss on sales or write-downs of premises and equipment, other real estate owned and other assets was $0.4 million for the six months ended June 30, 2025 compared to a net gain of $0.3 million for the six months ended June 30, 2024.
Other income decreased $2.4 million to $3.9 million during the six months ended June 30, 2025 as compared to $6.3 million during the six months ended June 30, 2024. This decrease was driven by a $1.2 million loss associated with our proportionate share of loss on our equity method investment during the six months ended June 30, 2025 and a $2.1 million increase in BOLI income resulting from proceeds from payment of death benefits recognized during the six months ended June 30, 2024.
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Noninterest expense
The following table sets forth the components of noninterest expense for the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)2025 2024 2025 2024 
Salaries, commissions and employee benefits$46,631 $46,225 $94,982 $90,843 
Occupancy and equipment expense6,710 6,328 13,307 12,942 
Merger and integration costs2,734 — 3,135 — 
Legal and professional fees2,426 1,979 4,418 3,898 
Advertising2,178 1,859 4,665 3,030 
Data processing 2,161 2,286 4,474 4,694 
Amortization of core deposit and other intangibles631 752 1,287 1,541 
Other expense17,790 15,664 34,542 30,565 
Total noninterest expense$81,261 $75,093 $160,810 $147,513 
Three months ended June 30, 2025 compared to three months ended June 30, 2024
Noninterest expense increased by $6.2 million, or 8.2%, during the three months ended June 30, 2025 to $81.3 million as compared to $75.1 million in the three months ended June 30, 2024. The increase in noninterest expense was driven by increases in merger and integration costs associated with the Southern States merger, as well as other expense.
Salaries, commissions and employee benefits expense is comprised of salaries and wages in addition to other employee benefit costs and represents the largest component of noninterest expense. For the three months ended June 30, 2025, salaries and employee benefits expense increased $0.4 million, to $46.6 million as compared to $46.2 million for the three months ended June 30, 2024.
Occupancy and equipment expense includes occupancy, depreciation and equipment expense. Occupancy and equipment expense of $6.7 million and $6.3 million was recognized for the three months ended June 30, 2025 and 2024.
Legal and professional fees represent fees incurred for the various support functions, which includes legal, consulting, outsourcing and other professional related fees. Legal and professional fees were $2.4 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively.
Advertising includes expenses related to sponsorships, advertising, marketing, customer relations and business development and public relations. During the three months ended June 30, 2025, advertising expense increased $0.3 million to $2.2 million compared to $1.9 million during the three months ended June 30, 2024.
Data processing is comprised of all third-party core operating system and processing charges as well as payroll processing. Data processing fees were $2.2 million for the three months ended June 30, 2025, compared to $2.3 million for the three months ended June 30, 2024.
Amortization of core deposit and other intangibles were $0.6 million for the three months ended June 30, 2025, compared to $0.8 million for the three months ended June 30, 2024.
Merger and integration costs were $2.7 million for the three months ended June 30, 2025 associated with the merger with Southern States.
Other expense is comprised of expense that does not typically fit into other expense categories and includes mortgage servicing expenses, regulatory fees and deposit insurance assessments, software license and maintenance fees and various other miscellaneous expenses. Other expense increased $2.1 million during the three months ended June 30, 2025 to $17.8 million compared to $15.7 million during the three months ended June 30, 2024. The increase was primarily driven by modest increases across a range of expense categories, including technology and platform fees, software license and maintenance fees, card transaction fees, servicing fees and other operating expenses. No single category accounted for a significant portion of the overall increase.
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Six months ended June 30, 2025 compared to six months ended June 30, 2024
Noninterest expense increased by $13.3 million, or 9.0%, during the six months ended June 30, 2025 to $160.8 million as compared to $147.5 million in the six months ended June 30, 2024. The increase in noninterest expense was attributable to increases in salaries and employee benefits, merger and integration costs associated with the Southern States merger and other noninterest expense.
Salaries, commissions and employee benefits expense increased $4.1 million, or 4.6%, to $95.0 million for the six months ended June 30, 2025 as compared to $90.8 million for the six months ended June 30, 2024. This change was driven by increases in the salaries and benefit costs, as well as higher performance-based compensation attributable to positive 2024 financial results that were paid in 2025.
Occupancy and equipment expense of $13.3 million and $12.9 million was recognized for the six months ended June 30, 2025 and 2024.
Legal and professional fees were $4.4 million and $3.9 million for the six months ended June 30, 2025 and 2024, respectively.
Advertising expense increased $1.6 million to $4.7 million during the six months ended June 30, 2025 compared to $3.0 million during the six months ended June 30, 2024. This increase was primarily attributable to customer marketing campaigns during six months ended June 30, 2025 combined with favorable, volume based marketing rebate activity recorded in the prior year period.
Data processing fees were $4.5 million for the six months ended June 30, 2025, compared to $4.7 million for the six months ended June 30, 2024.
Amortization of core deposit and other intangibles were $1.3 million for the six months ended June 30, 2025, compared to $1.5 million for the six months ended June 30, 2024.
Merger and integration costs were $3.1 million for the six months ended June 30, 2025 associated with the merger with Southern States.
Other noninterest expense increased $4.0 million during the six months ended June 30, 2025 to $34.5 million compared to $30.6 million during the six months ended June 30, 2024. The increase was primarily related to $1.4 million of technology and platform fee increases and modest increases across a range of other expense categories, including software license and maintenance fees, card transaction fees, servicing fees and other operating expenses. Additionally, a minor franchise tax benefit was recognized in the prior year period.
Efficiency ratio
The efficiency ratio is one measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense by the sum of net interest income and noninterest income. For an adjusted efficiency ratio, we exclude certain gains, losses and expenses we do not consider core to our business.
Our efficiency ratio was 105.7% and 77.5% for the three and six months ended June 30, 2025, respectively, and 58.6% and 62.6% for the three and six months ended June 30, 2024, respectively. Our adjusted efficiency ratio, on a tax-equivalent basis, was 56.9% and 58.4% for the three and six months ended June 30, 2025, respectively, and 58.3% and 58.2% for the three and six months ended June 30, 2024, respectively. See “GAAP reconciliation and management explanation of non-GAAP financial measures” in this Report for a discussion of the adjusted efficiency ratio.
Income taxes
Income tax benefit was $12.7 million and $3.2 million for the three and six months ended June 30, 2025, respectively, compared to income tax expense of $10.9 million and $17.2 million for the three and six months ended June 30, 2024, respectively. This represents effective tax rates of 130.0% and (8.1)% for the three and six months ended June 30, 2025, respectively, and 21.4% and 20.2% for the three and six months ended June 30, 2024, respectively. The primary differences from the enacted rates are applicable state income taxes and certain expenses that are not deductible, reduced for non-taxable income. For the three and six months ended June 30, 2025, income tax benefit includes the income tax effect of a $60.5 million loss on sale of AFS debt securities and a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest. For the six months ended June 30, 2024, income tax expense included the income tax effect of a $16.2 million loss on sale of
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AFS debt securities. There was no loss on sale of AFS debt securities for the three months ended June 30, 2024. Refer to Note 7 “Income taxes” in the notes to the consolidated financial statements for additional information regarding the our income tax benefit/expense and effective tax rates.
Financial condition
The following discussion of our financial condition compares balances as of June 30, 2025 and December 31, 2024.
Loan portfolio
The following table sets forth the balance and associated percentage of each class of financing receivable in our loan portfolio as of the dates indicated:
June 30,December 31,
 2025 2024 
(dollars in thousands)CommittedAmount Outstanding% of total outstandingCommittedAmount Outstanding% of total outstanding
Loan Type:    
Commercial and industrial
$3,185,444 $1,788,911 18 %$3,062,626 $1,691,213 18 %
Construction1,558,347 1,022,678 10 %1,585,865 1,087,732 11 %
Residential real estate:
1-to-4 family mortgage1,664,241 1,660,696 17 %1,624,053 1,616,754 17 %
Residential line of credit1,387,003 641,433 7 %1,336,506 602,475 6 %
Multi-family mortgage591,514 587,254 6 %665,813 653,769 7 %
Commercial real estate:
Owner-occupied1,456,258 1,370,123 14 %1,436,424 1,357,568 14 %
Non-owner occupied2,266,663 2,198,689 22 %2,154,027 2,099,129 22 %
Consumer and other626,497 604,498 6 %507,175 493,744 5 %
Total loans$12,735,967 $9,874,282 100 %$12,372,489 $9,602,384 100 %
Our loans HFI portfolio is our most significant earning asset, comprising 73.9% and 73.0% of our total assets at June 30, 2025 and December 31, 2024, respectively. Our strategy is to grow our loan portfolio by originating quality commercial and consumer type loans that comply with our credit policies and that produce revenues consistent with our financial objectives. Our overall lending approach is primarily focused on providing credit to our customers directly in the markets we serve. However, we also participate in loan syndications and participations from other banks (collectively, “participated loans”). As of June 30, 2025 and December 31, 2024, loans HFI included approximately $255.6 million and $177.6 million, respectively, related to participated loans.
We also sell loan participations to unaffiliated third-parties as part of our credit risk management and balance sheet management strategy. During the three months ended June 30, 2025 and 2024, we sold $2.4 million and $9.0 million loan participations, respectively. During the six months ended June 30, 2025 and 2024, we sold $3.5 million and $17.0 million loan participations, respectively. All loans, whether or not we act as a participant, are underwritten to the same standards as all other loans we originate. We believe our loan portfolio is well-balanced, which provides us with the opportunity to grow while monitoring our loan concentrations.
Loan concentrations are considered to exist when there are amounts loaned to a number of borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. Our lending activity is heavily concentrated in the geographic market areas we serve, with the highest concentration in Tennessee. This geographic concentration subjects our loan portfolio to the general economic conditions within the state. The risks created by this concentration have been considered by management in the determination of the appropriateness of the allowance for credit losses on loans HFI. As of June 30, 2025 and December 31, 2024, there were no concentrations of loans exceeding 10% of total loans other than our geographic exposure to Tennessee and Alabama, as well as the categories of loans disclosed in the table above. We believe our loan portfolio is diversified relative to industry concentrations across the various loan portfolio categories. For additional details related to the concentrations within our loan portfolio, refer to the industry classification and collateral property type concentration tables detailed later in this section.
Banking regulators have established guidelines of less than 100% of tier 1 capital plus allowance for credit losses in construction lending and less than 300% of tier 1 capital plus allowance for credit losses in commercial real estate lending that management monitors as part of the risk management process. The construction concentration ratio is a percentage of the outstanding construction and land development loans to total tier 1 capital plus allowance for credit losses. The
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commercial real estate concentration ratio is a percentage of the outstanding balance of non-owner occupied commercial real estate, multifamily, and construction and land development loans to tier 1 capital plus allowance for credit losses. Management strives to operate within the thresholds set forth above. When our ratios are in excess of one or both of these guidelines, banking regulators generally require an increased level of monitoring in these lending areas by management.
The table below shows concentration ratios for the Bank and Company as of June 30, 2025 and December 31, 2024.
As a percentage (%) of tier 1 capital plus allowance for credit losses
FirstBankFB Financial Corporation
June 30, 2025
Construction66.4 %63.6 %
Commercial real estate249.3 %238.7 %
December 31, 2024
Construction70.1 %67.1 %
Commercial real estate249.3 %238.5 %
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Loan categories:
The principal categories of our loans held for investment portfolio are discussed below:
Commercial and industrial loans.
Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets.
Construction loans.
Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.
1-to-4 family mortgage loans.
Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.
Residential line of credit loans.
Our residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral.
Multi-family residential loans.
Our multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral.
Commercial real estate owner-occupied loans.
Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.
Commercial real estate non-owner occupied loans.
Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.
Consumer and other loans. 
Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.
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As part of our lending policy and risk management activities, we track lending exposure of commercial and industrial and owner-occupied commercial real estate by industry classification (as defined by the North American Industry Classification System) and type to determine potential risks associated with industry concentrations, and if any risk issues could lead to additional credit loss exposure. The table below provides a summary of our commercial and industrial and owner-occupied commercial real estate portfolios by industry classification.
June 30, 2025
(dollars in thousands)CommittedAmount Outstanding
Nonperforming(1)
Commercial and industrial
Finance and insurance$495,785 $309,107 $— 
Real estate rental and leasing464,724 270,440 364 
Construction360,562 93,443 725 
Information245,271 161,541 — 
Manufacturing234,699 153,995 — 
Wholesale trade207,797 123,952 151 
Professional, scientific and technical services206,525 129,795 9 
Educational services172,943 51,838 — 
Retail trade118,583 82,148 219 
Administrative and support and waste management and
   remediation services		108,579 67,831 — 
Other services (except public administration)107,996 60,584 200 
Health care and social assistance98,095 51,747 456 
Transportation and warehousing83,167 75,355 16 
Arts, entertainment and recreation65,167 35,714 112 
Accommodation and food services62,607 54,474 324 
Management of companies and enterprises43,086 25,070 — 
Other 109,858 41,877 240 
Total $3,185,444 $1,788,911 $2,816 
Commercial real estate owner-occupied
Real estate rental and leasing$247,205 $232,026 $— 
Other services (except public administration)204,144 196,681 3,474 
Retail trade185,796 180,056 251 
Manufacturing136,242 124,527 37 
Health care and social assistance132,113 128,359 206 
Accommodation and food services115,293 114,262 — 
Transportation and warehousing76,980 60,340 — 
Construction76,496 66,546 — 
Wholesale trade75,077 72,136 — 
Professional, scientific and technical services43,090 41,848 91 
Arts, entertainment and recreation36,651 36,090 — 
Agriculture, forestry, fishing and hunting29,746 27,311 678 
Management of companies and enterprises19,877 17,864 — 
Educational services18,798 18,432 — 
Finance and insurance17,724 14,143 2,668 
Administrative and support and waste management and
   remediation services		15,399 14,164 492 
Other 25,627 25,338 10 
Total $1,456,258 $1,370,123 $7,907 
(1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 days past due on which interest continues to accrue.
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Additionally, we track our lending exposure of non-owner occupied commercial real estate and construction by collateral property type to determine potential risks associated with collateral types, and if any risk issues could lead to additional credit loss exposure. The table below provides a summary of our non-owner occupied commercial real estate and construction loan portfolios by collateral property type.
June 30, 2025
(dollars in thousands)CommittedAmount Outstanding
Nonperforming(1)
Commercial real estate non-owner occupied
Retail$490,847 $480,832 $3,457 
Office406,039 397,890 9 
Warehouse and industrial386,725 355,845 — 
Hotel321,042 318,742 — 
Assisted living and special care facilities150,055 149,350 — 
Self-storage138,409 137,633 102 
Land-Manufactured housing114,617 113,442 129 
Healthcare facility71,279 71,127 — 
Restaurants, bars and event venues50,237 43,863 — 
Recreation, sports and entertainment35,217 35,213 — 
Other 102,196 94,752 — 
Total $2,266,663 $2,198,689 $3,697 
Construction
Consumer:
Construction$221,001 $138,032 $16,872 
Land39,684 33,308 — 
Commercial:
Land243,095 203,329 1,653 
Multi-family197,426 115,928 — 
Office33,813 30,002 5,729 
Self-storage25,940 3,682 — 
Recreation, sports and entertainment18,252 10,601 — 
Retail15,016 9,625 — 
Convenience store and gas station12,046 7,797 — 
Car wash3,973 3,973 — 
Other60,795 32,266 — 
Residential Development:
Construction544,049 339,215 4,772 
Land118,961 71,186 — 
Lots24,296 23,734 — 
Total $1,558,347 $1,022,678 $29,026 
1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 days past due on which interest continues to accrue.
Loan maturity and sensitivities
The following table presents the contractual maturities of our loan portfolio as of June 30, 2025. Loans with scheduled maturities are reported in the maturity category in which the payment is due. Demand loans with no stated maturity and overdrafts are reported in the “due in 1 year or less” category. Loans that have adjustable rates are shown as amortizing to final maturity rather than when the interest rates are next subject to change. The tables do not include prepayment assumptions or scheduled repayments.
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June 30, 2025
Loan type (dollars in thousands)Maturing in one
year or less		Maturing in one
to five years		Maturing in
five to fifteen years		Maturing after
fifteen years		Total
Commercial and industrial$674,478 $971,235 $142,467 $731 $1,788,911 
Construction474,352 479,074 66,641 2,611 1,022,678 
Residential real estate:
1-to-4 family mortgage125,041 497,634 183,293 854,728 1,660,696 
Residential line of credit64,281 119,404 457,748 — 641,433 
Multi-family mortgage102,276 347,090 121,916 15,972 587,254 
Commercial real estate:
Owner-occupied157,586 874,882 325,471 12,184 1,370,123 
Non-owner occupied319,266 1,306,497 563,923 9,003 2,198,689 
Consumer and other36,444 93,612 115,107 359,335 604,498 
Total ($)$1,953,724 $4,689,428 $1,976,566 $1,254,564 $9,874,282 
Total (%)19.8 %47.5 %20.0 %12.7 %100.0 %
For loans due after one year or more, the following table presents the interest rate composition for loans outstanding as of June 30, 2025.
June 30, 2025
Loan type (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
Commercial and industrial$421,096 $693,337 $1,114,433 
Construction130,429 417,897 548,326 
Residential real estate:
1-to-4 family mortgage1,123,888 411,767 1,535,655 
Residential line of credit4,250 572,902 577,152 
Multi-family mortgage291,064 193,914 484,978 
Commercial real estate:
Owner-occupied835,948 376,589 1,212,537 
Non-owner occupied1,028,629 850,794 1,879,423 
Consumer and other501,570 66,484 568,054 
Total ($)$4,336,874 $3,583,684 $7,920,558 
Total (%)54.8 %45.2 %100.0 %
The following table presents the contractual maturities of our loan portfolio segregated into fixed and floating interest rate loans as of June 30, 2025.
June 30, 2025
Contractual maturity (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
One year or less$644,431$1,309,293$1,953,724
One to five years2,484,7022,204,7264,689,428
Five to fifteen years931,0791,045,4871,976,566
Over fifteen years921,093333,4711,254,564
Total ($)$4,981,305$4,892,977$9,874,282
Total (%)50.4 %49.6 %100.0 %







77

Asset quality
In order to operate with a sound risk profile, we focus on originating loans that we believe to be of high quality. We have established loan approval policies and procedures to assist us in maintaining the overall quality of our loan portfolio. When delinquencies in our loans exist, we rigorously monitor the levels of such delinquencies for any negative or adverse trends. From time to time, we may modify loans to extend the term or make other concessions, including interest rate reduction, a term extension, principal forgiveness, payment deferral, or a combination thereof, to help a borrower with a deteriorating financial condition stay current on their loan and to avoid foreclosure. Furthermore, we are committed to collecting on all of our loans. This practice leads to higher recoveries in the long-term.
Nonperforming assets
Our nonperforming assets consist of nonperforming loans, other real estate owned and other repossessed non-earning assets. As of June 30, 2025 and December 31, 2024, we had $123.0 million and $121.9 million, respectively, in nonperforming assets. Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 days past due on which interest continues to accrue. Accrued interest receivable written off as an adjustment to interest income amounted to $1.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $1.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively. Additionally, we had net interest recoveries on nonperforming assets previously charged off of $0.4 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, and $0.9 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively.
Nonperforming loans HFI increased by $12.2 million to $95.9 million as of June 30, 2025 compared to $83.7 million as of December 31, 2024. The increase in nonperforming loans primarily occurred in our construction and multi-family portfolios partially offset by a decrease in a our commercial and industrial portfolio.
As of June 30, 2025 and December 31, 2024, we had $21.0 million and $31.4 million, respectively, of delinquent GNMA optional repurchase loans previously sold included on our consolidated balance sheets in loans held for sale. These are considered nonperforming assets as we do not earn any interest on the unexercised option to repurchase these loans.
As of both June 30, 2025 and December 31, 2024, other real estate owned included $0.1 million of excess land and facilities held for sale resulting from our prior acquisitions. Other repossessed assets also included other repossessed non-real estate amounting to $3.2 million and $2.4 million as of June 30, 2025 and December 31, 2024, respectively.
78

The following table provides details of our nonperforming assets, the ratio of such loans and other nonperforming assets to total assets, and certain other related information as of the dates presented:
June 30,December 31,
(dollars in thousands)2025 20242024 
Loan Type:  
Commercial and industrial$2,816 $22,862 $10,391 
Construction29,026 5,896 11,453 
Residential real estate:
1-to-4 family mortgage24,764 18,330 27,944 
Residential line of credit1,808 1,973 1,894 
Multi-family mortgage9,582 29 21 
Commercial real estate:
Owner-occupied7,907 9,163 9,645 
Non-owner occupied3,697 3,147 6,179 
Consumer and other16,312 11,823 16,178 
Total nonperforming loans HFI$95,912 $73,223 $83,705 
Mortgage loans held for sale(1)
20,977 22,354 31,357 
Other real estate owned2,998 4,173 4,409 
Other repossessed assets3,151 1,720 2,444 
Total nonperforming assets$123,038 $101,470 $121,915 
Nonperforming loans HFI as a percentage of total loans HFI0.97 %0.79 %0.87 %
Nonperforming assets as a percentage of total assets0.92 %0.81 %0.93 %
Nonaccrual loans HFI as a percentage of loans HFI0.75 %0.60 %0.62 %
(1) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria.
We have evaluated our loans HFI classified as nonperforming and believe all nonperforming loans have been adequately reserved for in the allowance for credit losses on loans HFI as of June 30, 2025 and December 31, 2024. Management also continually monitors past due loans for potential credit quality deterioration. Loans not considered nonperforming include loans 30-89 days past due that continue to accrue interest amounting to $64.4 million at June 30, 2025 as compared to $47.9 million at December 31, 2024. The increase from December 31, 2024 to June 30, 2025 primarily occurred within our construction and consumer and other portfolios offset with a decrease in our 1-to-4 family mortgage portfolio.
Allowance for credit losses
The allowance for credit losses represents the portion of the loan’s amortized cost basis that we do not expect to collect due to credit losses over the loan’s life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. Loan losses are charged against the allowance when we believe the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for credit losses is based on the loan’s amortized cost basis, excluding accrued interest receivable, as we promptly charge off uncollectible accrued interest receivable.
As of June 30, 2025, we utilize the discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, to estimate the expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. We determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses and did not have a material impact to our operating results and financial condition.
Prior to June 30, 2025, our estimates for credit losses calculation utilized a lifetime loss rate model. See Note 1, “Basis of presentation and summary of significant accounting policies,” in the notes to our consolidated financial statements in our Annual Report that was filed with the SEC on February 25, 2025, for additional information regarding our estimates prior to June 30, 2025.
79

The following table presents the allocation of the allowance for credit losses on loans HFI by loan category as well as the ratio of loans by loan category compared to the total loan portfolio as of the dates indicated: 
June 30,December 31,
20252024
(dollars in thousands)AmountACL
as a % of loans HFI category		AmountACL
as a % of loans HFI category
Loan Type:
Commercial and industrial$20,271 1.13 %$16,667 0.99 %
Construction21,848 2.14 %31,698 2.91 %
Residential real estate:
   1-to-4 family mortgage30,262 1.82 %25,340 1.57 %
   Residential line of credit8,671 1.35 %10,952 1.82 %
   Multi-family mortgage10,894 1.86 %10,512 1.61 %
Commercial real estate:
   Owner-occupied11,939 0.87 %11,993 0.88 %
   Non-owner occupied26,303 1.20 %25,531 1.22 %
Consumer and other18,760 3.10 %19,249 3.90 %
    Total allowance for credit losses on loans HFI$148,948 1.51 %$151,942 1.58 %
80

The following table summarizes activity in our allowance for credit losses on loans HFI during the periods indicated:
 Three Months Ended June 30,Six Months Ended June 30,Year Ended
December 31,
(dollars in thousands)2025 2024 2025 2024 2024 
Allowance for credit losses on loans HFI at beginning
   of period		$150,531 $151,667 $151,942 $150,326 $150,326 
Charge-offs:
Commercial and industrial(70)(26)(2,971)(69)(11,080)
Construction— — — (92)(122)
Residential real estate:
1-to-4 family mortgage(433)(293)(436)(293)(439)
Residential line of credit— — — (20)(73)
Commercial real estate:
Owner-occupied— — (17)— — 
Consumer and other(951)(594)(1,923)(1,366)(3,051)
Total charge-offs$(1,454)$(913)$(5,347)$(1,840)$(14,765)
Recoveries:
Commercial and industrial$173 $20 $215 $34 $428 
Residential real estate:
1-to-4 family mortgage11 10 20 66 84 
Residential line of credit1 — 1 — 18 
Commercial real estate:
Owner-occupied9 188 30 228 245 
Non-owner occupied528 — 529 — — 
Consumer and other251 143 754 449 939 
Total recoveries$973 $361 $1,549 $777 $1,714 
Net charge-offs(481)(552)(3,798)(1,063)(13,051)
Impact of change in accounting estimate for current expected
    credit losses(1)
(6,848)— (6,848)— — 
Provision for credit losses on loans HFI(1)
5,746 3,940 7,652 5,792 14,667 
Allowance for credit losses on loans HFI at the end of period$148,948 $155,055 $148,948 $155,055 $151,942 
Ratio of net charge-offs during the period to average loans
    outstanding during the period		(0.02)%(0.02)%(0.08)%(0.02)%(0.14)%
Allowance for credit losses on loans HFI as a percentage of
  loans 		1.51 %1.67 %1.51 %1.67 %1.58 %
Allowance for credit losses on loans HFI as a percentage of
   nonaccrual loans HFI		201.4 %276.1 %201.4 %276.1 %256.0 %
Allowance for credit losses on loans HFI as a percentage of
   nonperforming loans 		155.3 %211.8 %155.3 %211.8 %181.5 %
(1) We made certain changes to its estimation techniques and certain related inputs and assumptions in its estimates of credit losses as of June 30, 2025. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses and did not have a material impact to our operating results and financial condition.
81

The following tables details our provision for (reversal of) credit losses on loans HFI and net (charge-offs) recoveries to average loans HFI outstanding by loan category during the periods indicated:
 Provision for (reversal of) credit losses on loans HFI(1)
Net recoveries (charge-offs) Average loans HFIRatio of net recoveries (charge-offs) to average loans HFI
(dollars in thousands)
Three months ended June 30, 2025
Commercial and industrial$4,647 $103 $1,774,727 0.02 %
Construction(3,804)— 1,026,505 — %
Residential real estate:
1-to-4 family mortgage4,484 (422)1,634,538 (0.10)%
Residential line of credit(2,526)1 623,991 — %
Multi-family mortgage(522)— 636,696 — %
Commercial real estate:
Owner-occupied(144)9 1,367,656 — %
Non-owner occupied(2,544)528 2,176,214 0.10 %
Consumer and other(693)(700)600,605 (0.47)%
Total$(1,102)$(481)$9,840,932 (0.02)%
Three months ended June 30, 2024
Commercial and industrial$5,264 $(6)$1,615,210 — %
Construction(3,138)— 1,231,476 — %
Residential real estate:
1-to-4 family mortgage(214)(283)1,578,939 (0.07)%
Residential line of credit179 — 553,711 — %
Multi-family mortgage(163)— 613,219 — %
Commercial real estate:
Owner-occupied375 188 1,241,264 0.06 %
Non-owner occupied594 — 1,997,018 — %
Consumer and other1,043 (451)432,985 (0.42)%
Total$3,940 $(552)$9,263,822 (0.02)%
Six Months Ended June 30, 2025
Commercial and industrial$6,360 $(2,756)$1,732,477 (0.32)%
Construction(9,850)— 1,046,311 — %
Residential real estate:
1-to-4 family mortgage5,338 (416)1,630,233 (0.05)%
Residential line of credit(2,282)1 614,753 — %
Multi-family mortgage382 — 634,682 — %
Commercial real estate:
Owner-occupied(67)13 1,352,619 — %
Non-owner occupied243 529 2,134,919 0.05 %
Consumer and other680 (1,169)585,608 (0.40)%
Total$804 $(3,798)$9,731,602 (0.08)%
Six Months Ended June 30, 2024
Commercial and industrial$2,966 $(35)$1,648,165 — %
Construction(1,110)(92)1,274,163 (0.01)%
Residential real estate:
1-to-4 family mortgage(647)(227)1,580,443 (0.03)%
Residential line of credit649 (20)543,727 (0.01)%
Multi-family mortgage(32)— 610,185 — %
Commercial real estate:
Owner-occupied431 228 1,248,862 0.04 %
Non-owner occupied1,578 — 1,993,899 — %
Consumer and other1,957 (917)425,864 (0.43)%
Total$5,792 $(1,063)$9,325,308 (0.02)%
82

 Provision for (reversal of) credit losses on loans HFI(1)
Net (charge-offs) recoveries Average loans HFIRatio of (charge-offs) net recoveries to average loans HFI
(dollars in thousands)
Year Ended December 31, 2024
Commercial and industrial$7,720 $(10,652)$1,655,250 (0.64)%
Construction(3,552)(122)1,199,414 (0.01)%
Residential real estate:
1-to-4 family mortgage(810)(355)1,587,111 (0.02)%
Residential line of credit1,539 (55)562,877 (0.01)%
Multi-family mortgage1,670 — 629,920 — %
Commercial real estate:
Owner occupied1,095 245 1,278,683 0.02 %
Non-owner occupied2,566 — 2,021,677 — %
Consumer and other4,439 (2,112)449,526 (0.47)%
Total$14,667 $(13,051)$9,384,458 (0.14)%
(1) We made certain changes to its estimation techniques and certain related inputs and assumptions in its estimates of credit losses as of June 30, 2025. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses and did not have a material impact to our operating results and financial condition.
The ACL on loans HFI was $148.9 million and $151.9 million and represented 1.51% and 1.58% of loans HFI as of June 30, 2025 and December 31, 2024, respectively. For further information related to the change in the ACL refer to “Provision for credit losses” section herein and Note 3, “Loans and allowance for credit losses on loans HFI” in the notes to our consolidated financial statements.
For the both three months ended June 30, 2025 and 2024, we experienced net charge-offs of $0.5 million, or 0.02% of average loans HFI. For the six months ended June 30, 2025, we experienced net charge-offs of $3.8 million, or 0.08% of average loans HFI, compared to net charge-offs of $1.1 million, or 0.02% for the six months ended June 30, 2024. Our ratio of total nonperforming loans HFI as a percentage of total loans HFI increased by 10 basis points to 0.97% as of June 30, 2025 compared to December 31, 2024 primarily due to increases in nonperforming loans in our construction and multi-family portfolios partially offset by a decrease in a our commercial and industrial portfolio.
Management has made a concerted effort to reduce exposure to construction lending. The reduction in construction balances and the corresponding allowance reduction offset some of the additional allowance needed related to growth in other loan segments.
We also maintain an allowance for credit losses on unfunded commitments in other liabilities, which increased to $12.9 million as of June 30, 2025 from $6.1 million as of December 31, 2024 due to the change in CECL loss estimation methodology and changes in forward-looking funding assumptions which most notably impacted reserves for our residential and commercial lines.
Loans held for sale
Mortgage loans held for sale consisted of $123.2 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $21.0 million of GNMA optional repurchase loans. This compares to $95.4 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $31.4 million of GNMA optional repurchase loans as of December 31, 2024.






83

Deposits
Deposits represent the Bank’s primary source of funding. We continue to focus on growing core customer deposits through our relationship driven banking philosophy, community-focused marketing programs and our treasury management services.
Total deposits were $11.40 billion and $11.21 billion as of June 30, 2025 and December 31, 2024, respectively.
Noninterest-bearing deposits at June 30, 2025 and December 31, 2024 were $2.19 billion and $2.12 billion, respectively. Noninterest bearing deposits include mortgage escrow deposits which increased to $114.7 million as of June 30, 2025 from $69.0 million as of December 31, 2024.
Our interest-bearing deposits were $9.21 billion and $9.09 billion at June 30, 2025 and December 31, 2024, respectively.
Interest-bearing checking deposits decreased to $2.33 billion at June 30, 2025 as compared to $2.91 billion at December 31, 2024. The decrease was driven by management's effort to manage down higher cost deposits.
Money market and savings deposits accounts increased by $307.1 million from December 31, 2024 primarily due to a promotional rate campaign targeting new and existing customers and commercial account growth across our footprint.
Customer time deposits increased by $341.5 million from December 31, 2024, driven by a $350.0 million short-term public funds time deposit.
Additionally, brokered and internet time deposits increased by $49.6 million to $518.7 million as of June 30, 2025 compared to December 31, 2024. This growth was a product of our liquidity management strategy
We have experienced a decrease in our cost of interest-bearing deposits due to a decrease in the interest rate environment. Average deposit balances by type, together with the average rates per period are reflected in the average balance sheet amounts, interest paid, and rate analysis tables included in this management’s discussion and analysis under the subheading “Results of operations” discussion.
Our deposit base may include certain deposits from related parties as disclosed within Note 14, “Related party transactions” in the notes to our consolidated financial statements included in this Report.

84

The following table sets forth the distribution by type of our deposit accounts as of the dates indicated:
June 30,December 31,
2025 2024 
(dollars in thousands)Amount% of total deposits
Average rate(1)
Amount% of total deposits
Average rate(1)
Deposit Type
Noninterest-bearing demand$2,191,903 19%—%$2,116,232 19%—%
Interest-bearing checking2,325,551 20%2.57%2,906,425 26%3.05%
Money market4,294,217 38%3.41%3,986,777 36%3.84%
Savings deposits351,335 3%0.09%351,706 3%0.07%
Customer time deposits1,721,745 15%3.65%1,380,205 12%3.97%
Brokered and internet time deposits518,719 5%4.38%469,089 4%4.86%
Total deposits$11,403,470 100%2.51%$11,210,434 100%2.76%
Customer Time Deposits(2)
0.00-1.00%$125,012 7%$65,302 5%
1.01-2.00%76,575 4%63,582 5%
2.01-3.00%193,341 11%74,171 5%
3.01-4.00%1,267,092 74%264,863 19%
4.01-5.00%59,595 4%875,916 63%
Above 5.00%130 —%36,371 3%
Total customer time deposits$1,721,745 100%$1,380,205 100%
Brokered and Internet Time Deposits(2)
0.00-1.00%$— —%$— —%
1.01-2.00%— —%— —%
2.01-3.00%— —%— —%
3.01-4.00%518,719 100%169,088 36%
4.01-5.00%— —%199,888 43%
Above 5.00%— —%100,113 21%
Total brokered and internet time deposits$518,719 100%$469,089 100%
Total time deposits$2,240,464 $1,849,294 
(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.
(2) Based on rates presented as of period-end.

Further details related to our deposit customer base is presented below as of the dates indicated:
June 30,December 31,
2025 2024 
(dollars in thousands)Amount% of total deposits Amount% of total deposits
Deposits by customer segment(1)
Consumer$4,772,582 42%$4,853,609 43%
Commercial4,835,968 42%4,802,105 43%
Public1,794,920 16%1,554,720 14%
Total deposits$11,403,470 100%$11,210,434 100%
(1) Segments are determined based on the customer account level.




85

The tables below set forth maturity information on time deposits and amounts in excess of the FDIC insurance limit as of June 30, 2025:
(dollars in thousands)AmountWeighted average interest rate at period end
Time deposits of $250 and less    
Months to maturity:
Three or less$421,433 3.77 %
Over Three to Six427,987 3.73 %
Over Six to Twelve216,654 3.26 %
Over Twelve344,017 3.51 %
Total$1,410,091 3.62 %
Time deposits of greater than $250
Months to maturity:
Three or less$520,143 3.98 %
Over Three to Six154,450 3.84 %
Over Six to Twelve105,056 3.52 %
Over Twelve50,724 3.27 %
Total$830,373 3.85 %
Uninsured deposits are defined as the portion of deposit accounts in U.S. federally insured depository institutions that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes. Collateralized deposits are included within our total uninsured deposits.
Further details related to our estimated insured or collateralized deposits and uninsured and uncollateralized deposits is presented below as of the dates indicated:
June 30,December 31,
2025 2024 
Estimated insured or collateralized deposits(1)
$8,418,783 $8,346,796 
Estimated uninsured and uncollateralized deposits(1)
$2,984,687 $2,863,638 
Estimated uninsured and uncollateralized deposits as a % of total deposits(1)
26.2 %25.5 %
Estimated uninsured deposits(2)
$4,842,300 $4,478,898 
(1) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
(2) Amounts are shown on an unconsolidated basis consistent with regulatory reporting requirements.

86

Other earning assets
Securities purchased under agreements to resell (“reverse repurchase agreements”)
We enter into agreements with certain customers to purchase investment securities under agreements to resell at specific dates in the future. This investment deploys some of our liquidity position into an instrument that improves the return on those funds. Securities purchased under agreements to resell totaled $54.1 million and $61.1 million at June 30, 2025 and December 31, 2024, respectively.
Federal funds sold
Federal funds may fluctuate from period to period depending upon our liquidity position at the time and our strategy for deploying liquidity. Federal funds sold totaled $298.0 million and $64.8 million at June 30, 2025 and December 31, 2024, respectively.
AFS debt securities portfolio
Our investment portfolio objectives include maximizing total return after other primary objectives are achieved such as, but not limited to, providing liquidity, capital preservation, and pledging collateral for certain deposit types, various lines of credit and other borrowings. The investment objectives guide the portfolio allocation among security types, maturities, and other attributes.
The fair value of our AFS debt securities portfolio was $1.34 billion and $1.54 billion as of June 30, 2025 and December 31, 2024, respectively. Included in the fair value of AFS debt securities were net unrealized losses of $63.3 million and $141.4 million as of June 30, 2025 and December 31, 2024, respectively. Current net unrealized losses are driven by prevailing interest rate levels versus interest rate levels when many of the bonds were purchased.
During the three and six months ended June 30, 2025, we sold $266.5 million of mortgage-backed AFS debt securities with a weighted average yield of 1.63%. We anticipate 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 net loss on securities of $60.5 million. During the three and six months ended June 30, 2025, we purchased $78.1 million and $181.8 million, respectively, of AFS debt securities. Maturities, prepayments and calls of AFS debt securities totaled $59.8 million and $134.7 million for the three and six months ended June 30, 2025, respectively.
During the six months ended June 30, 2024, we sold $207.9 million of AFS debt securities, resulting in a net loss on securities of $16.2 million. We primarily sold agency collateralized mortgage obligations, agency mortgage-backed securities, U.S. Treasury and municipal securities. We reinvested the proceeds from the sales primarily into U.S. government agency AFS debt securities. There were no AFS debt securities sold during the three months ended June 30, 2024. During the three and six months ended June 30, 2024, we purchased $85.0 million and $366.6 million, respectively, of AFS debt securities. Maturities, prepayments and calls of AFS debt securities totaled $67.6 million and $134.2 million for the three and six months ended June 30, 2024, respectively.













87

The following table sets forth the fair value, scheduled maturities and weighted average yields for our AFS debt securities portfolio as of the dates indicated below:
June 30,
December 31,
 2025 2024 
(dollars in thousands)Fair value% of total investment securities
Weighted average yield (1)
Fair value% of total investment securities
Weighted average yield (1)
U.S. Treasury securities:
Maturing within one year$— — %— %$299 — %4.25 %
Maturing in one to five years— — %— %— — %— %
Maturing in five to ten years— — %— %— — %— %
Maturing after ten years— — %— %— — %— %
Total U.S. Treasury securities— — %— %299 — %4.25 %
U.S. government agency securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years— — %— %— — %— %
Maturing in five to ten years276,847 20.7 %4.73 %207,220 13.5 %5.28 %
Maturing after ten years365,417 27.4 %5.02 %355,787 23.1 %5.47 %
Total U.S. government agency securities642,264 48.1 %4.90 %563,007 36.6 %5.40 %
Municipal securities:
Maturing within one year200 — %2.54 %548 — %4.26 %
Maturing in one to five years5,246 0.4 %3.85 %3,611 0.2 %3.56 %
Maturing in five to ten years19,201 1.4 %3.02 %15,723 1.0 %3.06 %
Maturing after ten years119,581 8.9 %2.95 %127,975 8.3 %2.93 %
Total municipal securities144,228 10.7 %2.98 %147,857 9.5 %2.96 %
Mortgage-backed securities - residential and commercial:
Maturing within one year2 — %5.59 %2,222 0.1 %3.35 %
Maturing in one to five years308 — %2.12 %343 — %2.16 %
Maturing in five to ten years7,657 0.6 %2.95 %13,424 0.9 %2.73 %
Maturing after ten years542,128 40.5 %3.87 %809,867 52.8 %3.10 %
Total mortgage-backed securities - residential and commercial550,095 41.1 %3.85 %825,856 53.8 %3.09 %
Corporate securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years978 0.1 %7.36 %989 0.1 %7.98 %
Maturing in five to ten years— — %— %— — %— %
Maturing after ten years— — %— %— — %— %
Total corporate securities978 0.1 %7.36 %989 0.1 %7.98 %
          Total AFS debt securities$1,337,565 100.0 %4.26 %$1,538,008 100.0 %3.93 %
(1)Yields on a tax-equivalent basis.

Borrowed funds
Deposits are the primary source of funds for our lending activities and general business purposes. However, we also fund our operations through other channels, including obtaining advances from the FHLB, borrowings from the Federal Reserve’s Discount Window or one-off borrowing programs, purchasing federal funds and engaging in overnight borrowing with correspondent banks, or entering into client repurchase agreements. We use these sources of funds as part of our asset liability management process to control our long-term interest rate risk exposure, even if it may increase our short-term cost of funds.
Our level of short-term borrowing can fluctuate on a daily basis depending on funding needs and the sources of funds to satisfy those needs, in addition to the overall interest rate environment and cost of public funds.
Securities sold under agreements to repurchase and federal funds purchased
We enter into agreements with certain customers to sell certain securities under agreements to repurchase the security the following day. These agreements are made to provide customers with comprehensive treasury management products
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as a short-term return for their excess funds. Securities sold under agreements to repurchase totaled $11.4 million and $13.5 million at June 30, 2025 and December 31, 2024, respectively.
We also maintain lines with certain correspondent banks that provide borrowing capacity in the form of federal funds purchased. Federal funds purchased are short-term borrowings that typically mature within one to ninety days. There were no such borrowings against these lines (i.e., federal funds purchased) as of June 30, 2025 or December 31, 2024.
FHLB advances
As a member of the FHLB system, we may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, we maintain a line of credit that as of June 30, 2025 and December 31, 2024 had total borrowing capacity of $1.48 billion and $1.40 billion, respectively. As of June 30, 2025 and December 31, 2024, we had qualifying loans pledged as collateral securing these lines amounting to $2.71 billion and $2.61 billion, respectively. There were no FHLB advances outstanding as of June 30, 2025 or December 31, 2024.
Subordinated debt
In 2003, we formed two separate trusts which issued $9.0 million and $21.0 million of floating rate trust preferred securities as part of a pooled offering of such securities. We issued junior subordinated debentures of $9.3 million, which included proceeds of common securities which we purchased for $0.3 million, and junior subordinated debentures of $21.7 million which included proceeds of common securities of $0.7 million. The trusts were created for the sole purpose of issuing 30-year capital trust preferred securities to fund the purchase of junior subordinated debentures issued by us. Both issuances were to the trusts in exchange for the proceeds of the securities offerings, which represent the sole asset of the trusts.
Additionally, in 2020, the Bank placed $100.0 million of ten year fixed-to-floating rate subordinated notes, maturing September 1, 2030.
We anticipate utilizing a portion of the proceeds from the securities sale transaction during the three months ended June 30, 2025 to redeem our outstanding subordinated and trust preferred debt.
Further information related to our subordinated debt as of June 30, 2025 is detailed below:
(dollars in thousands)Year establishedMaturity Call dateTotal debt outstanding Interest rate Coupon structure
Subordinated debt issued by trust preferred securities:
  FBK Trust I (1)
200306/09/2033
6/09/2008
$9,280 7.81%
3-month SOFR plus 3.51%
  FBK Trust II (1)
200306/26/2033
6/26/2008
21,650 7.71%
3-month SOFR plus 3.41%
Additional subordinated debt:
  FBK subordinated debt I(2)
202009/01/2030
9/1/2025
100,000 4.50%
Semi-annual fixed(3)
      Unamortized debt issuance costs(32)
        Total subordinated debt, net$130,898 
(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.
(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity. 
(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.
Other borrowings
Other borrowings on our consolidated balance sheets includes our finance lease liability totaling $1.2 million as of both June 30, 2025 and December 31, 2024. In addition, other borrowings on our consolidated balance sheets include guaranteed rebooked GNMA loans previously sold that meet certain defined delinquency criteria and are eligible for repurchase totaling $21.0 million and $31.4 million as of June 30, 2025 and December 31, 2024, respectively. See Note 5, “Leases” and Note 10, “Fair value of financial instruments” within the notes to our consolidated financial statements herein for additional information regarding our finance lease and guaranteed GNMA loans eligible for repurchase, respectively.



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Liquidity and capital resources
We are expected to maintain adequate liquidity at the Bank to meet the cash flow requirements of clients who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs. Our Liquidity Policy is intended to cause the Bank to maintain adequate liquidity and, therefore, enhance our ability to raise funds to support asset growth, meet deposit withdrawals and lending needs and otherwise sustain our operations. We accomplish this through management of the maturities of our interest-earning assets and interest-bearing liabilities. We believe that our present position is adequate to meet our current and future liquidity needs.
We continuously monitor our liquidity position to ensure that assets and liabilities are managed in a manner that will meet all of our short-term and long-term cash requirements. We manage our liquidity position to meet the daily cash flow needs of clients, while maintaining an appropriate balance between assets and liabilities to optimize our net interest margin. We also monitor our liquidity requirements in light of interest rate trends, changes in the economy and the scheduled maturity and interest rate sensitivity of the investment and loan portfolios and deposits.
As part of our liquidity management strategy, we focus on minimizing our costs of liquidity and attempt to decrease these costs by growing our noninterest-bearing and other low-cost deposits, while replacing higher cost funding sources. While we do not control the types of deposit instruments our clients choose, we do influence those choices with the rates and the deposit specials we offer. Increasing interest rates generally attracts customers to higher cost interest-bearing deposit products as they seek to maximize their yield.
Our investment portfolio is another alternative for meeting liquidity needs. These assets generally have readily available markets that offer conversions to cash as needed. AFS debt securities within our investment portfolio are typically used to secure government, public, trust and other deposits and as collateral for short-term borrowings, letters of credit and derivative instruments. As of June 30, 2025 and December 31, 2024, we had pledged securities with carrying values of $790.2 million and $937.0 million, respectively.
Additional sources of liquidity include federal funds purchased, repurchase agreements, FHLB borrowings and lines of credit. Interest is charged at the prevailing market rate on federal funds purchased, reverse repurchase agreements and FHLB advances. Overnight advances obtained from the FHLB are used primarily to meet day to day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no FHLB advances outstanding as of June 30, 2025 or December 31, 2024. As of June 30, 2025, we had the ability to borrow $1.48 billion through FHLB advances with remaining capacity of $1.48 billion. As of December 31, 2024, there was $1.40 billion available to borrow against with a remaining capacity of $1.40 billion.
We also maintained unsecured lines of credit with other commercial banks totaling $370.0 million as of both June 30, 2025 and December 31, 2024. These are unsecured, uncommitted lines of credit typically maturing at various times within the next twelve months. There were no such borrowings against these lines (i.e., federal funds purchased) as of June 30, 2025 or December 31, 2024. As of both June 30, 2025 and December 31, 2024, we also had $50.0 million available through the IntraFi network, which allows us to offer banking customers access to FDIC insurance protection on deposits through our Bank which exceed FDIC insurance limits.
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Our current on-balance sheet liquidity and available sources of liquidity are summarized in the table below:
June 30,December 31,
(dollars in thousands)2025 2024 
Current on-balance sheet liquidity:
   Cash and cash equivalents$1,165,729 $1,042,488 
   Unpledged AFS debt securities547,354 600,965 
Total on-balance sheet liquidity$1,713,083 $1,643,453 
Available sources of liquidity:
   Unsecured borrowing capacity(1)
$3,325,751 $3,318,091 
   FHLB remaining borrowing capacity1,481,376 1,397,905 
   Federal Reserve discount window2,119,018 2,053,541 
Total available sources of liquidity$6,926,145 $6,769,537 
On-balance sheet liquidity as a percentage of total assets12.8 %12.5 %
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated
     uninsured and uncollateralized deposits(2)
289.5 %293.8 %
(1)Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.
(2)Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
The Company also maintains the ability to access capital markets to meet its liquidity needs. The Company may utilize various methods to raise capital, including through the sale of common stock, preferred stock, debt securities, warrants, rights, or other securities. Specific terms and prices would be determined at the time of any such offering. In the past, the Company has utilized capital markets to generate liquidity in the form of common stock and subordinated debt primarily for the purpose of funding acquisitions.
The Company is a corporation separate and apart from the Bank and, therefore, it must provide for its own liquidity. The Company’s main source of funding is dividends declared and paid by the Bank to the Company. Statutory and regulatory limitations exist that affect the ability of the Bank to pay dividends to the Company. Management believes that these limitations will not impact the Company’s ability to meet its ongoing short-term cash obligations. For additional information regarding dividend restrictions, see the “Item 1. Business - Supervision and regulation,” “Item 1A. Risk Factors - Risks related to our business” and “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Dividends,” each of which is set forth in our Annual Report on Form 10-K for the year ended December 31, 2024.
Due to state banking laws, the Bank may not declare dividends in any calendar year in an amount exceeding the total of its net income for that year combined with its retained net income of the preceding two years, without the prior approval of the TDFI. Based upon this regulation, as of June 30, 2025 and December 31, 2024, $91.4 million and $185.9 million of the Bank’s retained earnings were available for the payment of dividends without such prior approval. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. During the three and six months ended June 30, 2025, there were $52.3 million and $62.1 million in cash dividends approved by the board for payment from the Bank to the holding company. During the three and six months ended June 30, 2024, there were $20.0 million and $28.5 million in cash dividends approved by the board for payment from the Bank to the holding company in addition to an asset dividend of an equity security amounting to $1.7 million. None of these required approval from the TDFI. Subsequent to June 30, 2025, the Board approved a dividend from the Bank to the holding company to be paid in the third quarter for $40.7 million that also did not require approval from the TDFI.
During the three and six months ended June 30, 2025, the Company declared shareholder dividends of $0.19 per share, or $8.8 million and $0.38 per share, or $17.8 million, respectively. During the three and six months ended June 30, 2024, the Company declared shareholder dividends of $0.17 per share, or $8.0 million and 0.34 per share, or $16.1 million, respectively. Subsequent to June 30, 2025, the Company declared a quarterly dividend in the amount of $0.19 per share, payable on August 26, 2025, to stockholders of record as of August 12, 2025.
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Shareholders’ equity and capital management
Our total shareholders’ equity was $1.61 billion and $1.57 billion as of June 30, 2025 and December 31, 2024, respectively. The increase in shareholders’ equity was primarily attributable to net income of $42.3 million and a $44.8 million unrealized loss reclassification adjustment for loss on sale of securities included in net income, net of tax benefit. This increase was partially off-set by dividends declared of $17.8 million and stock repurchases of $44.1 million. Book value per common share was $35.17 as of June 30, 2025 and $33.59 as of December 31, 2024.
Our capital management consists of providing adequate equity to support our current and future operations. We are subject to various regulatory capital requirements administered by state and federal banking agencies, including the TDFI, Federal Reserve and the FDIC. Failure to meet minimum capital requirements may prompt certain actions by regulators that, if undertaken, could have a direct material adverse effect on our financial condition and results of operations. The Federal Reserve and the FDIC have issued guidelines governing the levels of capital that banks must maintain. As of June 30, 2025 and December 31, 2024, we met all capital adequacy requirements for which we were subject. See additional discussion regarding our capital adequacy and ratios within Note 12, “Minimum capital requirements” in the notes to our consolidated financial statements contained herein.
June 30, 2025FB Financial CorporationFirstBank

To be Well-Capitalized(1)
Total risk-based capital14.7 %14.2 %10.0 %
Tier 1 risk-based capital12.6 %12.1 %8.0 %
Common Equity Tier 1 ratio12.3 %12.1 %6.5 %
Tier 1 leverage11.3 %10.8 %5.0 %
(1) Applicable to Bank level capital.
Capital ratios are well above regulatory requirements for well-capitalized institutions. Management uses risk-based capital ratios in its analysis of the measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company.
ITEM 3 — Quantitative and Qualitative Disclosures About Market Risk
Interest rate sensitivity
Our market risk arises primarily from interest rate risk inherent in the normal course of lending and deposit-taking activities. Management believes that our ability to successfully respond to changes in interest rates will have a significant impact on our financial results. To that end, management actively monitors and manages our interest rate risk exposure.
The ALCO, which is authorized by our Board of Directors, monitors our interest rate sensitivity and makes decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital in either a rising or declining interest rate environment. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.
We monitor the impact of changes in interest rates on our net interest income and economic value of equity using rate shock analysis. Net interest income simulations measure the short-term earnings exposure from changes in market rates of interest in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time. A decrease in EVE due to a specified rate change indicates a decline in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet. For purposes of calculating EVE, a zero percent floor is assumed on discount factors.



92

The following analysis depicts the estimated impact on net interest income and EVE of immediate changes in interest rates at the specified levels for the periods presented:
Percentage change in:
Net interest income (1)
Change in interest ratesJune 30,December 31,
(in basis points)2025 2024 
+4008.61 %10.4 %
+3007.16 %8.39 %
+2005.06 %5.78 %
+1002.67 %2.97 %
-100(2.91)%(2.87)%
-200(5.81)%(6.06)%
 Percentage change in:
Economic value of equity (2)
Change in interest ratesJune 30,December 31,
(in basis points)2025 2024 
+400(18.1)%(14.5)%
+300(13.8)%(12.3)%
+200(8.64)%(7.92)%
+100(3.97)%(3.80)%
-1003.10 %3.08 %
-2005.12 %5.17 %
(1)The percentage change represents the projected net interest income for 12 months on a flat balance sheet in a stable interest rate environment versus the projected net interest income in the various rate scenarios.
(2)The percentage change in this column represents our EVE in a stable interest rate environment versus EVE in the various rate scenarios.
The results for the net interest income simulations as of June 30, 2025 and December 31, 2024 resulted in an asset sensitive position. The primary influence of our asset sensitivity is the floating rate structure in many of our loans held for investment as well as the composition of our liabilities which is primarily customer deposits. Our floating-rate loan portfolio is indexed to market rates and the timing and magnitude of loan and deposit repricing varies in proportion to market rate fluctuations. We actively monitor and perform stress tests on our deposit betas as part of our overall management of interest rate risk. This requires the use of various assumptions based on historical relationships of these variables in reaching any conclusion. Since these correlations are based on competitive pricing in the market, we anticipate that our future results will likely be different from the scenario results presented above and such differences could be material.
The preceding measures assume no change in the size or asset/liability compositions of the balance sheet. Thus, the measures do not reflect the actions the ALCO may undertake in response to such changes in interest rates. The scenarios assume instantaneous movements in interest rates in increments of 100, 200, 300 and 400 basis points. As interest rates are adjusted over a period of time, it is our strategy to proactively change the volume and mix of our balance sheet in order to mitigate our interest rate risk. The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions regarding characteristics of new business and the behavior of existing positions. These business assumptions are based upon our experience, business plans and published industry experience. Key assumptions employed in the model include asset prepayment speeds, competitive factors, the relative price sensitivity of certain assets and liabilities and the expected life of non-maturity deposits. Because these assumptions are inherently uncertain, actual results may differ from simulated results.
We may utilize derivative financial instruments as part of an ongoing effort to mitigate interest rate risk exposure to interest rate fluctuations and facilitate the needs of our customers. For more information about our derivative financial instruments, see Note 9, “Derivatives” in the notes to our consolidated financial statements. 

93

ITEM 4 — CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this Report was carried out under the supervision and with the participation of the Company’s Chief Executive Officer, Chief Financial Officer and other members of the Company’s senior management. The Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Report, the Company’s disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is: (i) accumulated and communicated to the Company’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
The Company does not expect that its disclosure controls and procedures and internal control over financial reporting will prevent all errors and fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.
94


PART II
ITEM 1—LEGAL PROCEEDINGS
Various legal proceedings to which we or our subsidiaries are party arise from time to time in the normal course of business. As of the date of this Report, there are no material pending legal proceedings to which we or any of our subsidiaries is a party or of which any of our or our subsidiaries’ properties are subject.
ITEM 1A—RISK FACTORS
There have been no material changes to the risk factors set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 2—UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information about repurchases of common stock by the Company during the quarter ended June 30, 2025:
Period(a)
Total number of shares purchased		(b)
Average price paid per share		(c)
Total number of shares purchased as part of publicly announced plans or programs
(d)
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs (1)
April 1 - April 30703,091 $41.83 703,091 $47,997,272 
May 1 - May 31108,613 44.59 108,613 43,154,041 
June 1 - June 30— — — 43,154,041 
Total811,704 $42.20 811,704 $43,154,041 
On March 21, 2024, the Company announced that its board of directors re-authorized the Company’s stock repurchase program pursuant to which the Company may purchase up to $100 million in shares of the Company’s issued and outstanding common stock. The current repurchase plan will terminate either on the date on which the maximum dollar amount is repurchased under the new repurchase plan or on January 31, 2026, whichever date occurs earlier. The repurchase plan will be conducted pursuant to a written plan and is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.
ITEM 5 — OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the quarter ended June 30, 2025, none of the Company’s directors or executive officers adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
95

ITEM 6—EXHIBITS
The exhibits listed on the accompanying Exhibit Index are filed, furnished or incorporated by reference (as stated therein) as part of this Report.
EXHIBIT INDEX
Exhibit NumberDescription
101.INSInline XBRL Instance Document*
101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*Filed herewith.
**Furnished herewith.
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Signatures

Pursuant to the requirements of the section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 FB Financial Corporation
 /s/ Michael M. Mettee
August 4, 2025
Michael M. Mettee
Chief Financial Officer
(Principal Financial Officer)
/s/ Jonathan Pennington
August 4, 2025
Jonathan Pennington
Chief Accounting Officer
(Principal Accounting Officer)

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ATTACHMENTS / EXHIBITS

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