v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting 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.
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.
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.