Document

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

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


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

	As of or for the Three Months Ended
	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024
Selected Balance Sheet Data
Cash and cash equivalents	$	1,280,033		$	1,165,729		$	794,706		$	1,042,488		$	951,750
Investment securities, at fair value	1,428,401			1,337,565			1,580,720			1,538,008			1,567,922
Loans held for sale	167,449			144,212			172,770			126,760			103,145
Loans HFI	12,297,600			9,874,282			9,771,536			9,602,384			9,478,129
Allowance for credit losses on loans HFI	(184,993)			(148,948)			(150,531)			(151,942)			(156,260)


Total assets	16,236,459			13,354,238			13,136,449			13,157,482			12,920,222
Interest-bearing deposits (non-brokered)	10,634,555			8,692,848			8,623,636			8,625,113			8,230,867
Brokered deposits	487,765			518,719			414,428			469,089			519,200
Noninterest-bearing deposits	2,690,635			2,191,903			2,163,934			2,116,232			2,226,144
Total deposits	13,812,955			11,403,470			11,201,998			11,210,434			10,976,211
Borrowings	213,638			164,485			168,944			176,789			182,107
Allowance for credit losses on unfunded commitments	17,392			12,932			6,493			6,107			6,042
Total common shareholders' equity	1,978,043			1,611,130			1,601,962			1,567,538			1,562,329
Selected Statement of Income Data
Total interest income	$	236,898		$	182,084		$	179,706		$	186,369		$	185,628
Total interest expense	89,658			70,669			72,065			77,988			79,611
Net interest income	147,240			111,415			107,641			108,381			106,017
Total noninterest income (loss)	26,635			(34,552)			23,032			21,997			(16,497)
Total noninterest expense	109,856			81,261			79,549			73,174			76,212
Earnings (losses) before income taxes and provisions for credit losses	64,019			(4,398)			51,124			57,204			13,308
Provisions for credit losses	34,417			5,337			2,292			7,084			1,914
Income tax expense (benefit)	6,227			(12,652)			9,471			12,226			1,174
Net income applicable to noncontrolling interest	—			8			—			8			—
Net income applicable to FB Financial Corporation	$	23,375		$	2,909		$	39,361		$	37,886		$	10,220
Net interest income (tax-equivalent basis)	$	148,088		$	112,236		$	108,427		$	109,004		$	106,634
Adjusted net income*	$	57,606		$	40,821		$	40,108		$	39,835		$	40,132
Adjusted pre-tax, pre-provision net revenue*	$	80,980		$	58,649		$	52,134		$	59,829		$	53,762
Per Common Share
Diluted net income	$	0.43		$	0.06		$	0.84		$	0.81		$	0.22
Adjusted diluted net income*	1.07			0.88			0.85			0.85			0.86

Book value	37.00			35.17			34.44			33.59			33.48
Tangible book value*	29.83			29.78			29.12			28.27			28.15

Weighted average number of shares outstanding - fully diluted	53,957,062			46,179,090			47,024,211			46,862,935			46,803,330
Period-end number of shares	53,456,522			45,807,689			46,514,547			46,663,120			46,658,019
Selected Ratios
Return on average:
Assets	0.58		%	0.09		%	1.21		%	1.14		%	0.32		%
Shareholders’ equity	4.69		%	0.74		%	10.1		%	9.63		%	2.67		%
Tangible common equity*	5.82		%	0.87		%	11.9		%	11.5		%	3.19		%

Efficiency ratio	63.2		%	105.7		%	60.9		%	56.1		%	85.1		%
Core efficiency ratio (tax-equivalent basis)*	53.3		%	56.9		%	59.9		%	54.6		%	58.4		%
Loans HFI to deposit ratio	89.0		%	86.6		%	87.2		%	85.7		%	86.4		%

Noninterest-bearing deposits to total deposits	19.5		%	19.2		%	19.3		%	18.9		%	20.3		%
Net interest margin (NIM) (tax-equivalent basis)	3.95		%	3.68		%	3.55		%	3.50		%	3.55		%
Yield on interest-earning assets	6.35		%	5.99		%	5.91		%	6.01		%	6.20		%
Cost of interest-bearing liabilities	3.21		%	3.13		%	3.16		%	3.40		%	3.63		%
Cost of total deposits	2.53		%	2.48		%	2.54		%	2.70		%	2.83		%

Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.50		%	1.51		%	1.54		%	1.58		%	1.65		%

Annualized net charge-offs as a percentage of average loans HFI	0.05		%	0.02		%	0.14		%	0.47		%	0.03		%
Nonperforming loans HFI as a percentage of loans HFI	0.94		%	0.97		%	0.79		%	0.87		%	0.96		%
Nonperforming assets as a percentage of total assets	0.89		%	0.92		%	0.84		%	0.93		%	0.99		%
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets	12.2		%	12.1		%	12.2		%	11.9		%	12.1		%
Tangible common equity to tangible assets*	10.1		%	10.4		%	10.5		%	10.2		%	10.4		%
Tier 1 leverage	10.7		%	11.3		%	11.4		%	11.3		%	11.5		%
Tier 1 risk-based capital	11.7		%	12.6		%	13.1		%	13.1		%	13.0		%
Total risk-based capital	13.5		%	14.7		%	15.2		%	15.2		%	15.1		%

Common equity Tier 1	11.7		%	12.3		%	12.8		%	12.8		%	12.7		%


Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
													Sep 2025		Sep 2025
													vs.		vs.
	Three Months Ended										Jun 2025	Sep 2024
	Sep 2025		Jun 2025		Mar 2025		Dec 2024		Sep 2024				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	209,307	$	159,697	$	153,185	$	156,792	$	158,625			31.1	%	32.0	%
Interest on investment securities
Taxable	14,395		14,661		14,471		15,043		13,943				(1.81)	%	3.24	%
Tax-exempt	1,058		1,036		1,033		1,035		1,104				2.12	%	(4.17)	%
Other	12,138		6,690		11,017		13,499		11,956				81.4	%	1.52	%
Total interest income	236,898		182,084		179,706		186,369		185,628				30.1	%	27.6	%
Interest expense:
Deposits	86,577		68,568		70,249		76,131		76,088				26.3	%	13.8	%
Borrowings	3,081		2,101		1,816		1,857		3,523				46.6	%	(12.5)	%
Total interest expense	89,658		70,669		72,065		77,988		79,611				26.9	%	12.6	%
Net interest income	147,240		111,415		107,641		108,381		106,017				32.2	%	38.9	%
Provision for (reversal of) credit losses on loans HFI	29,957		(1,102)		1,906		7,019		1,856				NM		NM
Provision for credit losses on unfunded commitments	4,460		6,439		386		65		58				(30.7)	%	NM
Net interest income after provisions for credit losses	112,823		106,078		105,349		101,297		104,103				6.36	%	8.38	%
Noninterest income:
Mortgage banking income	13,484		13,029		12,426		10,586		11,553				3.49	%	16.7	%
Investment services and trust income	4,227		3,922		3,711		3,853		3,721				7.78	%	13.6	%
Service charges on deposit accounts	4,049		3,392		3,479		3,548		3,378				19.4	%	19.9	%
ATM and interchange fees	3,388		2,878		2,677		2,867		2,840				17.7	%	19.3	%
Gain (loss) from securities, net	12		(60,549)		16		—		(40,165)				NM		(100.0)	%
(Loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(646)		236		(625)		(2,162)		(289)				(373.7)	%	123.5	%

Other income	2,121		2,540		1,348		3,305		2,465				(16.5)	%	(14.0)	%
Total noninterest income (loss)	26,635		(34,552)		23,032		21,997		(16,497)				(177.1)	%	(261.5)	%
Total revenue	173,875		76,863		130,673		130,378		89,520				126.2	%	94.2	%
Noninterest expenses:
Salaries, commissions and employee benefits	59,210		46,631		48,351		45,432		47,538				27.0	%	24.6	%
Merger and integration costs	16,057		2,734		401		—		—				487.3	%	100.0	%
Occupancy and equipment expense	7,539		6,710		6,597		6,668		6,640				12.4	%	13.5	%
Advertising	2,453		2,178		2,487		2,030		1,947				12.6	%	26.0	%
Data processing	2,457		2,161		2,313		2,462		2,486				13.7	%	(1.17)	%
Amortization of core deposits and other intangibles	2,079		631		656		687		719				229.5	%	189.2	%
Legal and professional fees	1,227		2,426		1,992		1,881		1,900				(49.4)	%	(35.4)	%



Other expense	18,834		17,790		16,752		14,014		14,982				5.87	%	25.7	%
Total noninterest expense	109,856		81,261		79,549		73,174		76,212				35.2	%	44.1	%
Income (loss) before income taxes	29,602		(9,735)		48,832		50,120		11,394				(404.1)	%	159.8	%
Income tax expense (benefit)	6,227		(12,652)		9,471		12,226		1,174				(149.2)	%	430.4	%
Net income applicable to FB Financial Corporation and noncontrolling interest	23,375		2,917		39,361		37,894		10,220				701.3	%	128.7	%
Net income applicable to noncontrolling interest	—		8		—		8		—				(100.0)	%	—	%

Net income applicable to FB Financial Corporation	$	23,375	$	2,909	$	39,361	$	37,886	$	10,220			703.5	%	128.7	%
Weighted average common shares outstanding:
Basic	53,627,997		45,946,428		46,674,698		46,662,772		46,650,563				16.7	%	15.0	%
Fully diluted	53,957,062		46,179,090		47,024,211		46,862,935		46,803,330				16.8	%	15.3	%
Earnings per common share:
Basic	$	0.44	$	0.06	$	0.84	$	0.81	$	0.22			633.3	%	100.0	%
Fully diluted	0.43		0.06		0.84		0.81		0.22				616.7	%	95.5	%
Fully diluted - adjusted*	1.07		0.88		0.85		0.85		0.86				21.6	%	24.4	%


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

					Sep 2025
					vs.
	Nine Months Ended				Sep 2024
	Sep 2025		Sep 2024		Percent variance
Interest income:
Interest and fees on loans	$	522,189	$	469,610	11.2	%
Interest on investment securities
Taxable	43,527		35,014		24.3	%
Tax-exempt	3,127		3,714		(15.8)	%
Other	29,845		30,831		(3.20)	%
Total interest income	598,688		539,169		11.0	%
Interest expense:
Deposits	225,394		220,214		2.35	%
Borrowings	6,998		10,833		(35.4)	%
Total interest expense	232,392		231,047		0.58	%
Net interest income	366,296		308,122		18.9	%
Provision for credit losses on loans HFI	30,761		7,648		302.2	%
Provision for (reversal of) credit losses on unfunded commitments	11,285		(2,728)		(513.7)	%
Net interest income after provisions for credit losses	324,250		303,202		6.94	%
Noninterest income:
Mortgage banking income	38,939		36,048		8.02	%
Investment services and trust income	11,860		10,338		14.7	%
Service charges on deposit accounts	10,920		9,686		12.7	%
ATM and interchange fees	8,943		8,598		4.01	%

Loss from securities, net	(60,521)		(56,378)		7.35	%
Loss on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(1,035)		(5)		NM

Other income	6,009		8,786		(31.6)	%
Total noninterest income	15,115		17,073		(11.5)	%
Total revenue	381,411		325,195		17.3	%
Noninterest expenses:
Salaries, commissions and employee benefits	154,192		138,381		11.4	%
Occupancy and equipment expense	20,846		19,582		6.45	%
Merger and integration costs	19,192		—		100.0	%
Advertising	7,118		4,977		43.0	%
Data processing	6,931		7,180		(3.47)	%
Legal and professional fees	5,645		5,798		(2.64)	%
Amortization of core deposit and other intangibles	3,366		2,260		48.9	%

Other expense	53,376		45,547		17.2	%
Total noninterest expense	270,666		223,725		21.0	%
Income before income taxes	68,699		96,550		(28.8)	%
Income tax expense	3,046		18,393		(83.4)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	65,653		78,157		(16.0)	%
Net income applicable to noncontrolling interests	8		8		—	%

Net income applicable to FB Financial Corporation	$	65,645	$	78,149	(16.0)	%
Weighted average common shares outstanding:
Basic	48,775,217		46,762,213		4.30	%
Fully diluted	49,054,448		46,874,037		4.65	%
Earnings per common share:
Basic	$	1.35	$	1.67	(19.2)	%
Fully diluted	1.34		1.67		(19.8)	%
Fully diluted - adjusted*	2.82		2.55		10.6	%


Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)

													Annualized
													Sep 2025		Sep 2025
													vs.		vs.
	As of										Jun 2025	Sep 2024
	Sep 2025		Jun 2025		Mar 2025		Dec 2024		Sep 2024				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	154,286	$	143,317	$	149,607	$	120,153	$	126,470			30.4	%	22.0	%
Federal funds sold and reverse repurchase agreements	283,451		352,124		109,982		125,825		97,299				(77.4)	%	191.3	%
Interest-bearing deposits in financial institutions	842,296		670,288		535,117		796,510		727,981				101.8	%	15.7	%
Cash and cash equivalents	1,280,033		1,165,729		794,706		1,042,488		951,750				38.9	%	34.5	%
Investments:
Available-for-sale debt securities, at fair value	1,426,951		1,337,565		1,580,720		1,538,008		1,567,922				26.5	%	(8.99)	%
Equity securities, at fair value	1,450		—		—		—		—				(100.0)	%	(100.0)	%
Restricted equity securities, at cost	36,231		33,626		32,234		32,749		32,859				30.7	%	10.3	%
Loans held for sale	167,449		144,212		172,770		126,760		103,145				63.9	%	62.3	%
Loans held for investment	12,297,600		9,874,282		9,771,536		9,602,384		9,478,129				97.4	%	29.7	%
Less: allowance for credit losses on loans HFI	184,993		148,948		150,531		151,942		156,260				96.0	%	18.4	%
Net loans held for investment	12,112,607		9,725,334		9,621,005		9,450,442		9,321,869				97.4	%	29.9	%
Premises and equipment, net	183,595		147,243		146,272		148,899		152,572				97.9	%	20.3	%
Other real estate owned, net	4,466		2,998		3,326		4,409		3,779				194.3	%	18.2	%
Operating lease right-of-use assets	51,035		47,764		47,381		47,963		47,346				27.17	%	7.79	%
Interest receivable	60,755		50,386		51,268		49,611		52,228				81.6	%	16.3	%
Mortgage servicing rights, at fair value	149,840		153,464		156,379		162,038		157,097				(9.37)	%	(4.62)	%
Goodwill	350,353		242,561		242,561		242,561		242,561				176.3	%	44.4	%
Core deposit and other intangibles, net	33,216		4,475		5,106		5,762		6,449				NM		415.1	%
Bank-owned life insurance	113,374		72,686		72,400		72,504		72,167				222.1	%	57.1	%
Other assets	265,104		226,195		210,321		233,288		208,478				68.2	%	27.2	%
Total assets	$	16,236,459	$	13,354,238	$	13,136,449	$	13,157,482	$	12,920,222			85.6	%	25.7	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,690,635	$	2,191,903	$	2,163,934	$	2,116,232	$	2,226,144			90.3	%	20.9	%
Interest-bearing checking	2,458,625		2,325,551		2,776,958		2,906,425		2,754,253				22.7	%	(10.7)	%
Money market and savings	5,968,094		4,645,552		4,482,908		4,338,483		4,098,496				112.9	%	45.6	%
Customer time deposits	2,206,790		1,721,745		1,363,770		1,380,205		1,378,118				111.8	%	60.1	%
Brokered and internet time deposits	488,811		518,719		414,428		469,089		519,200				(22.9)	%	(5.85)	%
Total deposits	13,812,955		11,403,470		11,201,998		11,210,434		10,976,211				83.8	%	25.8	%
Borrowings	213,638		164,485		168,944		176,789		182,107				118.6	%	17.3	%
Operating lease liabilities	62,664		59,289		59,174		60,024		59,584				22.6	%	5.17	%
Accrued expenses and other liabilities	169,066		115,771		104,278		142,604		139,898				182.6	%	20.8	%
Total liabilities	14,258,323		11,743,015		11,534,394		11,589,851		11,357,800				85.0	%	25.5	%
Shareholders’ equity:
Common stock, $1 par value	53,457		45,808		46,515		46,663		46,658				66.2	%	14.6	%
Additional paid-in capital	1,163,164		822,548		854,715		860,266		858,106				164.3	%	35.6	%
Retained earnings	799,900		786,785		792,685		762,293		732,435				6.61	%	9.21	%
Accumulated other comprehensive loss, net	(38,478)		(44,011)		(91,953)		(101,684)		(74,870)				(49.9)	%	(48.6)	%
Total common shareholders’ equity	1,978,043		1,611,130		1,601,962		1,567,538		1,562,329				90.4	%	26.6	%
Noncontrolling interest	93		93		93		93		93				—	%	—	%
Total equity	1,978,136		1,611,223		1,602,055		1,567,631		1,562,422				90.3	%	26.6	%
Total liabilities and shareholders’ equity	$	16,236,459	$	13,354,238	$	13,136,449	$	13,157,482	$	12,920,222			85.6	%	25.7	%


Average Balance and Interest Yield/Rate Analysis

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	September 30, 2025						June 30, 2025
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	12,189,401	$	207,423	6.75	%	$	9,840,932	$	157,964	6.44	%
Mortgage loans held for sale	162,205		2,359		5.77	%	126,072		2,189		6.96	%

Investment securities:
Taxable	1,304,894		14,395		4.38	%	1,534,895		14,661		3.83	%
Tax-exempt(b)	169,523		1,431		3.35	%	167,675		1,401		3.35	%
Total investment securities(b)	1,474,417		15,826		4.26	%	1,702,570		16,062		3.78	%
Federal funds sold and reverse repurchase agreements	331,029		3,966		4.75	%	113,252		1,256		4.45	%
Interest-bearing deposits with other financial institutions	671,634		7,340		4.34	%	426,073		4,733		4.46	%
Restricted equity securities, at cost	36,907		832		8.94	%	35,623		701		7.89	%
Total interest-earning assets(b)	14,865,593		237,746		6.35	%	12,244,522		182,905		5.99	%
Noninterest-earning assets:
Cash and due from banks	139,226						115,717
Allowance for credit losses on loans HFI	(181,973)						(151,586)
Other assets(c)(d)	1,184,942						823,837
Total noninterest-earning assets	1,142,195						787,968
Total assets	$	16,007,788					$	13,032,490
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,331,589	$	12,383	2.11	%	$	2,521,239	$	15,870	2.52	%
Money market	5,561,538		49,019		3.50	%	4,115,987		34,957		3.41	%
Savings deposits	406,787		248		0.24	%	352,307		98		0.11	%
Customer time deposits	1,997,905		18,965		3.77	%	1,404,368		12,454		3.56	%
Brokered and internet time deposits	560,127		5,962		4.22	%	481,686		5,189		4.32	%
Time deposits	2,558,032		24,927		3.87	%	1,886,054		17,643		3.75	%
Total interest-bearing deposits	10,857,946		86,577		3.16	%	8,875,587		68,568		3.10	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	13,144		31		0.94	%	11,107		26		0.94	%
Federal Home Loan Bank advances	15,217		172		4.48	%	23,077		258		4.48	%
Subordinated debt	180,805		2,872		6.30	%	130,851		1,813		5.56	%
Other borrowings	1,168		6		2.04	%	2,294		4		0.70	%
Total other interest-bearing liabilities	210,334		3,081		5.81	%	167,329		2,101		5.04	%
Total interest-bearing liabilities	11,068,280		89,658		3.21	%	9,042,916		70,669		3.13	%
Noninterest-bearing liabilities:
Demand deposits	2,724,898						2,206,305
Other liabilities(d)	236,732						200,077
Total noninterest-bearing liabilities	2,961,630						2,406,382
Total liabilities	14,029,910						11,449,298
Total common shareholders’ equity	1,977,785						1,583,099
Noncontrolling interest	93						93
Total equity	1,977,878						1,583,192
Total liabilities and shareholders’ equity	$	16,007,788					$	13,032,490
Net interest income(b)			$	148,088					$	112,236
Interest rate spread(b)					3.14	%					2.86	%
Net interest margin(b)(e)					3.95	%					3.68	%
Cost of total deposits					2.53	%					2.48	%
Average interest-earning assets to average interest-bearing liabilities					134.3	%					135.4	%
Tax-equivalent adjustment			$	848					$	821
Loans HFI yield components:
Contractual interest rate(b)			$	198,320	6.45	%			$	155,697	6.34	%
Origination and other loan fee income			1,575		0.05	%			1,945		0.08	%
Accretion (amortization) on purchased loans			7,025		0.23	%			(62)		—	%
Nonaccrual interest			503		0.02	%			384		0.02	%

Total loans HFI yield			$	207,423	6.75	%			$	157,964	6.44	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended
	March 31, 2025						December 31, 2024						September 30, 2024
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,621,057	$	152,174	6.41	%	$	9,522,996	$	155,897	6.51	%	$	9,362,937	$	157,751	6.70	%
Mortgage loans held for sale	93,944		1,433		6.19	%	71,569		1,153		6.41	%	66,828		1,102		6.56	%

Investment securities:
Taxable	1,541,868		14,471		3.81	%	1,523,297		15,043		3.93	%	1,487,200		13,943		3.73	%
Tax-exempt(b)	167,958		1,397		3.37	%	168,284		1,400		3.31	%	181,465		1,493		3.27	%
Total investment securities(b)	1,709,826		15,868		3.76	%	1,691,581		16,443		3.87	%	1,668,665		15,436		3.68	%
Federal funds sold and reverse repurchase agreements	123,390		1,374		4.52	%	112,388		1,393		4.93	%	118,715		1,687		5.65	%
Interest-bearing deposits with other financial institutions	811,216		8,902		4.45	%	943,638		11,361		4.79	%	701,666		9,519		5.40	%
Restricted equity securities, at cost	32,493		741		9.25	%	32,773		745		9.04	%	32,919		750		9.06	%
Total interest-earning assets(b)	12,391,926		180,492		5.91	%	12,374,945		186,992		6.01	%	11,951,730		186,245		6.20	%
Noninterest-earning assets:
Cash and due from banks	123,158						117,819						131,308
Allowance for credit losses on loans HFI	(152,234)						(155,022)						(155,665)
Other assets(c)(d)	844,119						856,453						814,577
Total noninterest-earning assets	815,043						819,250						790,220
Total assets	$	13,206,969					$	13,194,195					$	12,741,950
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,840,211	$	18,267	2.61	%	$	2,837,092	$	20,957	2.94	%	$	2,624,046	$	20,998	3.18	%
Money market	4,083,754		34,360		3.41	%	3,880,258		35,044		3.59	%	3,802,818		37,574		3.93	%
Savings deposits	353,865		66		0.08	%	349,912		62		0.07	%	357,165		65		0.07	%
Customer time deposits	1,373,045		12,702		3.75	%	1,402,300		14,114		4.00	%	1,349,986		13,479		3.97	%
Brokered and internet time deposits	443,923		4,854		4.43	%	518,337		5,954		4.57	%	322,667		3,972		4.90	%
Time deposits	1,816,968		17,556		3.92	%	1,920,637		20,068		4.16	%	1,672,653		17,451		4.15	%
Total interest-bearing deposits	9,094,798		70,249		3.13	%	8,987,899		76,131		3.37	%	8,456,682		76,088		3.58	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	11,046		6		0.22	%	14,791		16		0.43	%	21,734		79		1.45	%

Subordinated debt	130,755		1,804		5.60	%	130,658		1,837		5.59	%	130,561		1,900		5.79	%
Other borrowings	1,220		6		1.99	%	1,245		4		1.28	%	125,616		1,544		4.89	%
Total other interest-bearing liabilities	143,021		1,816		5.15	%	146,694		1,857		5.04	%	277,911		3,523		5.04	%
Total interest-bearing liabilities	9,237,819		72,065		3.16	%	9,134,593		77,988		3.40	%	8,734,593		79,611		3.63	%
Noninterest-bearing liabilities:
Demand deposits	2,134,924						2,241,492						2,241,512
Other liabilities(d)	250,175						253,514						242,155
Total noninterest-bearing liabilities	2,385,099						2,495,006						2,483,667
Total liabilities	11,622,918						11,629,599						11,218,260
Total common shareholders’ equity	1,583,958						1,564,503						1,523,597
Noncontrolling interest	93						93						93
Total equity	1,584,051						1,564,596						1,523,690
Total liabilities and shareholders’ equity	$	13,206,969					$	13,194,195					$	12,741,950
Net interest income(b)			$	108,427					$	109,004					$	106,634
Interest rate spread(b)					2.75	%					2.61	%					2.57	%
Net interest margin(b)(e)					3.55	%					3.50	%					3.55	%
Cost of total deposits					2.54	%					2.70	%					2.83	%
Average interest-earning assets to average interest-bearing liabilities					134.1	%					135.5	%					136.8	%
Tax-equivalent adjustment			$	786					$	623					$	617
Loans HFI yield components:
Contractual interest rate(b)			$	149,819	6.31	%			$	153,255	6.40	%			$	155,884	6.62	%
Origination and other loan fee income			1,797		0.08	%			1,859		0.08	%			1,779		0.08	%
Accretion (amortization) on purchased loans			2		—	%			119		—	%			(10)		—	%
Nonaccrual interest			556		0.02	%			664		0.03	%			98		—	%

Total loans HFI yield			$	152,174	6.41	%			$	155,897	6.51	%			$	157,751	6.70	%


Average Balance and Interest Yield/Rate Analysis (continued)

(Unaudited)
(Dollars in Thousands)

	Nine Months Ended
	September 30, 2025						September 30, 2024
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	10,559,871	$	517,561	6.55	%	$	9,337,942	$	466,933	6.68	%
Mortgage loans held for sale	127,657		5,981		6.26	%	65,443		3,333		6.80	%

Investment securities:
Taxable	1,459,685		43,527		3.99	%	1,450,295		35,014		3.22	%
Tax-exempt(b)	168,390		4,229		3.36	%	205,310		5,023		3.27	%
Total investment securities(b)	1,628,075		47,756		3.92	%	1,655,605		40,037		3.23	%
Federal funds sold and reverse repurchase agreements	189,984		6,596		4.64	%	127,365		5,310		5.57	%
Interest-bearing deposits with other financial institutions	635,796		20,975		4.41	%	573,861		23,226		5.41	%
Restricted equity securities, at cost	35,024		2,274		8.68	%	33,486		2,295		9.15	%
Total interest-earning assets(b)	13,176,407		601,143		6.10	%	11,793,702		541,134		6.13	%
Noninterest-earning assets:
Cash and due from banks	126,093						141,220
Allowance for credit losses on loans HFI	(162,040)						(152,675)
Other assets(c)(d)	952,215						786,211
Total noninterest-earning assets	916,268						774,756
Total assets	$	14,092,675					$	12,568,458
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,562,483	$	46,520	2.43	%	$	2,554,739	$	59,088	3.09	%
Money market	4,592,506		118,336		3.45	%	3,810,318		112,031		3.93	%
Savings deposits	371,180		412		0.15	%	368,262		191		0.07	%
Customer time deposits	1,594,062		44,121		3.70	%	1,398,263		41,415		3.96	%
Brokered and internet time deposits	495,671		16,005		4.32	%	195,785		7,489		5.11	%
Time deposits	2,089,733		60,126		3.85	%	1,594,048		48,904		4.10	%
Total interest-bearing deposits	9,615,902		225,394		3.13	%	8,327,367		220,214		3.53	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	11,773		63		0.72	%	23,537		350		1.99	%
Federal Home Loan Bank advances	12,821		430		4.48	%	—		—		—	%
Subordinated debt	147,654		6,489		5.88	%	130,249		5,801		5.95	%
Other borrowings	1,560		16		1.37	%	129,396		4,682		4.83	%
Total other interest-bearing liabilities	173,808		6,998		5.38	%	283,182		10,833		5.11	%
Total interest-bearing liabilities	9,789,710		232,392		3.17	%	8,610,549		231,047		3.58	%
Noninterest-bearing liabilities:
Demand deposits	2,357,537						2,230,271
Other liabilities(d)	228,944						241,535
Total noninterest-bearing liabilities	2,586,481						2,471,806
Total liabilities	12,376,191						11,082,355
Total common shareholders’ equity	1,716,391						1,486,010
Noncontrolling interest	93						93
Total equity	1,716,484						1,486,103
Total liabilities and shareholders’ equity	$	14,092,675					$	12,568,458
Net interest income(b)			$	368,751					$	310,087
Interest rate spread(b)					2.93	%					2.55	%
Net interest margin(b)(e)					3.74	%					3.51	%
Cost of total deposits					2.52	%					2.79	%
Average interest-earning assets to average interest-bearing liabilities					134.6	%					137.0	%
Tax equivalent adjustment			$	2,455					$	1,965
Loans HFI yield components:
Contractual interest rate(b)			$	503,836	6.37	%			$	460,796	6.59	%
Origination and other loan fee income			5,317		0.07	%			4,506		0.06	%
Accretion on purchased loans			6,965		0.09	%			538		0.01	%
Nonaccrual interest			1,443		0.02	%			1,093		0.02	%

Total loans HFI yield			$	517,561	6.55	%			$	466,933	6.68	%


Southern States Bancshares, Inc. Opening Balance Sheet (Preliminary)
As of July 1, 2025
(Unaudited)
(In Thousands)


	As Recorded by FB Financial Corporation (Preliminary)(a)
Assets
Cash and cash equivalents	$	370,474
Investments	38,175
Loans held for sale, at fair value	756

Loans, net of fair value adjustments	2,266,549
Allowance for credit losses on PCD loans	(7,518)
Premises and equipment	37,016


Bank-owned life insurance	39,971
Core deposit intangible	30,820
Goodwill	107,793
Other assets	54,130
Total assets	$	2,938,166

Liabilities
Deposits	$	2,468,530
Borrowings	83,008

Accrued expenses and other liabilities	18,273
Total liabilities	$	2,569,811


Equity and cash consideration
Value of 8,124,241 shares issued as merger consideration	$	368,028

Total cash consideration paid	327
Total consideration	$	368,355





















(a) The above estimated fair values of assets acquired and liabilities assumed are preliminary and are subject to change during the measurement period as allowed under ASC 805 - Business Combinations.


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

	As of
	Sep 2025					Jun 2025					Mar 2025					Dec 2024					Sep 2024
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	653,197		46	%	$	642,264		48	%	$	602,942		38	%	$	563,007		36	%	$	516,833		33	%
Mortgage-backed securities - residential	587,587			41	%	541,343			40	%	816,556			52	%	810,999			53	%	879,589			56	%
Mortgage-backed securities - commercial	10,681			1	%	8,752			1	%	14,828			1	%	14,857			1	%	16,289			1	%
Municipal securities	165,411			12	%	144,228			11	%	145,396			9	%	147,857			10	%	154,229			10	%
Treasury securities	7,080			—	%	—			—	%	—			—	%	299			—	%	—			—	%
Corporate securities	2,995			—	%	978			—	%	998			—	%	989			—	%	982			—	%
Total available-for-sale debt securities	1,426,951			100	%	1,337,565			100	%	1,580,720			100	%	1,538,008			100	%	1,567,922			100	%
Equity securities, at fair value	1,450			—	%	—			—	%	—			—	%	—			—	%	—			—	%
Total investment securities, at fair value	$	1,428,401		100	%	$	1,337,565		100	%	$	1,580,720		100	%	$	1,538,008		100	%	$	1,567,922		100	%
Investment securities to total assets	8.80		%			10.0		%			12.0		%			11.7		%			12.1		%
Unrealized loss on available-for-sale debt securities	(55,890)					(63,262)					(128,173)					(141,389)					(105,157)

Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	1,280,033		68	%	$	1,165,729		68	%	$	794,706		53	%	$	1,042,488		63	%	$	951,750		65	%
Unpledged available-for-sale debt securities	608,716			32	%	547,354			32	%	703,117			47	%	600,965			37	%	510,538			35	%
Equity securities, at fair value	1,450			—	%	—			—	%	—			—	%	—			—	%	—			—	%
Total on-balance sheet liquidity	$	1,890,199		100	%	$	1,713,083		100	%	$	1,497,823		100	%	$	1,643,453		100	%	$	1,462,288		100	%

Available sources of liquidity:
Unsecured borrowing capacity(a)	$	4,018,822		52	%	$	3,325,751		48	%	$	3,369,107		48	%	$	3,318,091		49	%	$	3,199,575		48	%
FHLB remaining borrowing capacity	1,551,283			20	%	1,481,376			21	%	1,476,688			21	%	1,397,905			21	%	1,355,884			20	%
Federal Reserve discount window	2,196,785			28	%	2,119,018			31	%	2,134,448			31	%	2,053,541			30	%	2,133,951			32	%
Total available sources of liquidity	$	7,766,890		100	%	$	6,926,145		100	%	$	6,980,243		100	%	$	6,769,537		100	%	$	6,689,410		100	%

On-balance sheet liquidity as a percentage of total assets	11.6		%			12.8		%			11.4		%			12.5		%			11.3		%
On-balance sheet liquidity as a percentage of total tangible assets*	11.9		%			13.1		%			11.6		%			12.7		%			11.5		%
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated uninsured and uncollateralized deposits(b)	245.0		%			289.5		%			283.4		%			293.8		%			245.4		%


Loan Portfolio

(Unaudited)
(Dollars in Thousands)

	As of
	Sep 2025		% of Total		Jun 2025		% of Total		Mar 2025		% of Total		Dec 2024		% of Total		Sep 2024		% of Total
Loan portfolio
Commercial and industrial	$	2,155,105	17	%	$	1,788,911	18	%	$	1,782,981	18	%	$	1,691,213	18	%	$	1,688,815	18	%
Construction	1,195,392		10	%	1,022,678		10	%	1,022,299		10	%	1,087,732		11	%	1,079,726		11	%
Residential real estate:
1-to-4 family mortgage	1,852,626		15	%	1,660,696		17	%	1,632,574		17	%	1,616,754		17	%	1,612,031		17	%
Residential line of credit	707,303		6	%	641,433		7	%	613,868		6	%	602,475		6	%	591,049		6	%
Multi-family mortgage	736,424		6	%	587,254		6	%	648,326		7	%	653,769		7	%	654,188		7	%
Commercial real estate:
Owner-occupied	2,124,920		17	%	1,370,123		14	%	1,356,007		14	%	1,357,568		14	%	1,324,208		14	%
Non-owner occupied	2,890,233		24	%	2,198,689		22	%	2,153,825		22	%	2,099,129		22	%	2,048,036		22	%
Consumer and other	635,597		5	%	604,498		6	%	561,656		6	%	493,744		5	%	480,076		5	%
Total loans HFI	$	12,297,600	100	%	$	9,874,282	100	%	$	9,771,536	100	%	$	9,602,384	100	%	$	9,478,129	100	%
Percentage of loans HFI portfolio with floating interest rates			51.5	%			49.6	%			49.7	%			49.4	%			49.2	%
Percentage of loans HFI portfolio with floating interest rates that mature after one year			48.0	%			45.2	%			44.4	%			43.5	%			43.6	%

Loans by market
Metropolitan	$	8,426,236	69	%	$	8,083,283	82	%	$	8,045,289	82	%	$	7,934,549	82	%	$	7,795,075	82	%
Community	2,627,421		21	%	538,459		5	%	538,819		6	%	546,987		6	%	565,194		6	%
Specialty lending and other	1,243,943		10	%	1,252,540		13	%	1,187,428		12	%	1,120,848		12	%	1,117,860		12	%
Total	$	12,297,600	100	%	$	9,874,282	100	%	$	9,771,536	100	%	$	9,602,384	100	%	$	9,478,129	100	%

Unfunded loan commitments
Commercial and industrial	$	1,451,366	46	%	$	1,396,533	49	%	$	1,349,491	48	%	$	1,371,413	50	%	$	1,314,683	48	%
Construction	731,742		23	%	535,669		19	%	540,992		19	%	498,133		18	%	510,157		19	%
Residential real estate:
1-to-4 family mortgage	5,581		—	%	3,545		—	%	5,094		—	%	7,299		—	%	3,665		—	%
Residential line of credit	808,961		25	%	745,570		26	%	743,413		27	%	734,031		26	%	735,928		27	%
Multi-family mortgage	6,665		—	%	4,260		—	%	9,586		—	%	12,044		—	%	11,771		—	%
Commercial real estate:
Owner-occupied	96,287		3	%	86,135		3	%	68,566		3	%	78,856		3	%	67,875		3	%
Non-owner occupied	68,293		2	%	67,974		2	%	63,948		2	%	54,898		2	%	51,960		2	%
Consumer and other	21,480		1	%	21,999		1	%	14,547		1	%	13,431		1	%	17,321		1	%
Total unfunded loans HFI	$	3,190,375	100	%	$	2,861,685	100	%	$	2,795,637	100	%	$	2,770,105	100	%	$	2,713,360	100	%


Asset Quality
As of or for the Three Months Ended
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	148,948		$	150,531		$	151,942		$	156,260		$	155,055
Charge-offs	(1,709)			(1,454)			(3,893)			(12,010)			(915)
Recoveries	279			973			576			673			264
Impact of change in accounting estimate for current expected credit losses	—			(6,848)			—			—			—
Provision for credit losses on loans HFI	29,957			5,746			1,906			7,019			1,856
Initial allowance on acquired loans with credit deterioration	7,518			—			—			—			—
Allowance for credit losses on loans HFI at the end of the period	$	184,993		$	148,948		$	150,531		$	151,942		$	156,260
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.50		%	1.51		%	1.54		%	1.58		%	1.65		%

Allowance for credit losses on unfunded commitments	$	17,392		$	12,932		$	6,493		$	6,107		$	6,042
Charge-offs
Commercial and industrial	$	(100)		$	(70)		$	(2,901)		$	(10,921)		$	(90)
Construction	(399)			—			—			(30)			—
Residential real estate:
1-to-4 family mortgage	(322)			(433)			(3)			(144)			(2)
Residential line of credit	—			—			—			—			(53)

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

Consumer and other	(888)			(951)			(972)			(915)			(770)
Total charge-offs	(1,709)			(1,454)			(3,893)			(12,010)			(915)
Recoveries
Commercial and industrial	12			173			42			371			23

Residential real estate:
1-to-4 family mortgage	6			11			9			9			9
Residential line of credit	11			1			—			—			18

Commercial real estate:
Owner occupied	4			9			21			5			12
Non-owner occupied	—			528			1			—			—
Consumer and other	246			251			503			288			202
Total recoveries	279			973			576			673			264
Net charge-offs	$	(1,430)		$	(481)		$	(3,317)		$	(11,337)		$	(651)
Annualized net charge-offs as a percentage of average loans HFI	0.05		%	0.02		%	0.14		%	0.47		%	0.03		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	26,311		$	21,962		$	28,422		$	24,347		$	26,250
Nonaccrual loans	89,448			73,950			48,738			59,358			64,585
Total nonperforming loans HFI	115,759			95,912			77,160			83,705			90,835


Mortgage loans held for sale(a)	21,660			20,977			27,152			31,357			30,537

Other real estate owned	4,466			2,998			3,326			4,409			3,779
Other repossessed assets	3,314			3,151			2,791			2,444			2,182
Total nonperforming assets	$	145,199		$	123,038		$	110,429		$	121,915		$	127,333
Total nonperforming loans HFI as a percentage of loans HFI	0.94		%	0.97		%	0.79		%	0.87		%	0.96		%
Total nonperforming assets as a percentage of total assets	0.89		%	0.92		%	0.84		%	0.93		%	0.99		%
Total nonaccrual loans as a percentage of loans HFI	0.73		%	0.75		%	0.50		%	0.62		%	0.68		%


Selected Deposit Data

(Unaudited)
(Dollars in Thousands)

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





Deposits by market
Metropolitan	$	8,549,817		62	%	$	8,275,006		73	%	$	8,091,921		72	%	$	8,136,849		73	%	$	7,794,790		71	%
Community	4,579,933			33	%	2,436,243			21	%	2,536,165			23	%	2,471,052			22	%	2,459,641			22	%
Brokered/wholesale	487,765			4	%	518,719			4	%	414,428			4	%	469,089			4	%	519,200			5	%
Escrow and other(a)	195,440			1	%	173,502			2	%	159,484			1	%	133,444			1	%	202,580			2	%
Total	$	13,812,955		100	%	$	11,403,470		100	%	$	11,201,998		100	%	$	11,210,434		100	%	$	10,976,211		100	%

Deposits by customer segment
Consumer	$	5,966,458		43	%	$	4,772,582		42	%	$	4,868,544		43	%	$	4,853,609		43	%	$	4,676,492		43	%
Commercial	6,045,418			44	%	4,835,968			42	%	4,695,923			42	%	4,802,105			43	%	4,886,660			45	%
Public	1,801,079			13	%	1,794,920			16	%	1,637,531			15	%	1,554,720			14	%	1,413,059			12	%
Total	$	13,812,955		100	%	$	11,403,470		100	%	$	11,201,998		100	%	$	11,210,434		100	%	$	10,976,211		100	%

Estimated insured or collateralized deposits	$	9,871,337				$	8,418,783				$	8,210,241				$	8,346,796				$	7,654,786





Estimated uninsured and uncollateralized deposits(b)	$	3,941,618				$	2,984,687				$	2,991,757				$	2,863,638				$	3,321,425

Estimated uninsured and uncollateralized deposits as a % of total deposits(b)	28.5		%			26.2		%			26.7		%			25.5		%			30.3		%


Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)


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

Total Common Shareholders' Equity	$	1,978,043		$	1,567,538
Less:
Goodwill	350,353			242,561
Other intangibles	33,216			5,762
Tangible Common Equity	$	1,594,474		$	1,319,215

Total Assets	$	16,236,459		$	13,157,482
Less:
Goodwill	350,353			242,561
Other intangibles	33,216			5,762
Tangible Assets	$	15,852,890		$	12,909,159

Preliminary Total Risk-Weighted Assets	$	14,215,346		$	11,306,312

Total Common Equity to Total Assets	12.2		%	11.9		%
Tangible Common Equity to Tangible Assets*	10.1		%	10.2		%


	September 30, 2025			December 31, 2024
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,662,376		$	1,450,722
Tier 1 Capital	1,662,376			1,480,722
Total Capital	1,923,686			1,721,941

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	11.7		%	12.8		%
Tier 1 Risk-Based	11.7		%	13.1		%
Total Risk-Based	13.5		%	15.2		%
Tier 1 Leverage	10.7		%	11.3		%

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


Segment Data
(Unaudited)
(Dollars in Thousands)

	As of or for the Three Months Ended
	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024
Banking segment
Interest income	$	236,073		$	180,960		$	178,915		$	186,219		$	185,824
Interest expense	91,214			72,051			73,156			79,426			81,489
Net interest income	$	144,859		$	108,909		$	105,759		$	106,793		$	104,335
Provisions for credit losses	34,070			582			2,189			7,133			1,861

Noninterest income (loss)	13,078			(47,720)			10,660			11,311			(28,370)


Salaries, commissions and employee benefits	51,441			38,635			41,469			38,289			39,938
Merger and integration costs	16,057			2,734			401			—			—
Other noninterest expense	29,471			25,961			25,039			22,715			23,176
Pre-tax net contribution (loss) after allocations	$	26,898		$	(6,723)		$	47,321		$	49,967		$	10,990
Total assets	$	15,598,629		$	12,736,830		$	12,490,097		$	12,554,435		$	12,337,135

Efficiency ratio	61.4		%	110.0		%	57.5		%	51.7		%	83.1		%
Core efficiency ratio*	50.6		%	52.8		%	56.5		%	50.1		%	53.9		%
Mortgage segment
Interest income	$	825		$	1,124		$	791		$	150		$	(196)
Interest expense	(1,556)			(1,382)			(1,091)			(1,438)			(1,878)
Net interest income	$	2,381		$	2,506		$	1,882		$	1,588		$	1,682
Provisions for (reversals of) loan losses	347			4,755			103			(49)			53
Mortgage banking income	13,484			13,029			12,426			10,586			11,553
Other noninterest income (loss)	73			139			(54)			100			320


Salaries, commissions and employee benefits	7,769			7,996			6,882			7,143			7,600
Other noninterest expense	5,118			5,935			5,758			5,027			5,498
Pre-tax net contribution (loss) after allocations	$	2,704		$	(3,012)		$	1,511		$	153		$	404
Total assets	$	637,830		$	617,408		$	646,352		$	603,047		$	583,087

Efficiency ratio	80.9		%	88.9		%	88.7		%	99.2		%	96.6		%
Core efficiency ratio*	80.9		%	89.1		%	87.9		%	99.2		%	96.7		%










Interest rate lock commitments volume	$	432,149		$	456,720		$	381,777		$	315,891		$	381,240




Interest rate lock commitments pipeline (period end)	$	128,961		$	127,004		$	118,200		$	65,687		$	105,714




Mortgage loan sales	$	343,450		$	391,061		$	222,805		$	287,291		$	327,269
Gains and fees from origination and sale of mortgage loans held for sale	$	9,237		$	11,200		$	5,602		$	7,788		$	9,279
Net change in fair value of loans held for sale, derivatives, and other	801			(876)			2,816			(96)			(480)
Mortgage servicing income	6,836			6,936			7,077			7,305			7,244
Change in fair value of mortgage servicing rights, net of hedging	(3,390)			(4,231)			(3,069)			(4,411)			(4,490)
Total mortgage banking income	$	13,484		$	13,029		$	12,426		$	10,586		$	11,553
Mortgage sale margin(a)	2.69		%	2.86		%	2.51		%	2.71		%	2.84		%


Non-GAAP Reconciliations

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

	Three Months Ended										Nine Months Ended
Adjusted net income	Sep 2025		Jun 2025		Mar 2025		Dec 2024		Sep 2024		Sep 2025		Sep 2024
Income (loss) before income taxes	$	29,602	$	(9,735)	$	48,832	$	50,120	$	11,394	$	68,699	$	96,550
Less gain (loss) from securities, net	12		(60,549)		16		—		(40,165)		(60,521)		(56,378)
Less (loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(646)		236		(625)		(2,162)		(289)		(1,035)		(5)
Less cash life insurance benefit	—		—		—		—		—		—		2,057

Plus initial provision for credit losses on acquired loans and unfunded commitments	28,366		—		—		—		—		28,366		—
Plus early retirement and severance costs	—		—		—		463		—		—		1,015
Plus loss on lease terminations and other branch closure costs	270		—		—		—		—		270		—
Plus FDIC special assessment	—		—		—		—		—		—		500
Plus merger and integration costs	16,057		2,734		401		—		—		19,192		—

Adjusted pre-tax net income	74,929		53,312		49,842		52,745		51,848		178,083		152,391
Less income tax expense, adjusted for items above(a)	17,323		3,778		9,734		12,910		11,716		30,835		32,945
Plus income tax benefit(b)	—		(8,713)		—		—		—		(8,713)		—
Adjusted net income	$	57,606	$	40,821	$	40,108	$	39,835	$	40,132	$	138,535	$	119,446
Weighted average common share outstanding - fully diluted	53,957,062		46,179,090		47,024,211		46,862,935		46,803,330		49,054,448		46,874,037
Adjusted diluted earnings per common share
Diluted earnings per common share	$	0.43	$	0.06	$	0.84	$	0.81	$	0.22	$	1.34	$	1.67








Adjusted diluted earnings per common share	$	1.07	$	0.88	$	0.85	$	0.85	$	0.86	$	2.82	$	2.55






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


Non-GAAP Reconciliations (continued)

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

	Three Months Ended										Nine Months Ended
Adjusted pre-tax pre-provision net revenue	Sep 2025		Jun 2025		Mar 2025		Dec 2024		Sep 2024		Sep 2025		Sep 2024
Income (loss) before income taxes	$	29,602	$	(9,735)	$	48,832	$	50,120	$	11,394	$	68,699	$	96,550
Plus provisions for credit losses	34,417		5,337		2,292		7,084		1,914		42,046		4,920
Pre-tax pre-provision net revenue	64,019		(4,398)		51,124		57,204		13,308		110,745		101,470
Less gain (loss) from securities, net	12		(60,549)		16		—		(40,165)		(60,521)		(56,378)
Less (loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(646)		236		(625)		(2,162)		(289)		(1,035)		(5)
Less cash life insurance benefit	—		—		—		—		—		—		2,057

Plus early retirement and severance costs	—		—		—		463		—		—		1,015
Plus loss on lease terminations and other branch closure costs	270		—		—		—		—		270		—
Plus FDIC special assessment	—		—		—		—		—		—		500
Plus merger and integration costs	16,057		2,734		401		—		—		19,192		—
Adjusted pre-tax pre-provision net revenue	$	80,980	$	58,649	$	52,134	$	59,829	$	53,762	$	191,763	$	157,311



	Three Months Ended										Nine Months Ended
Adjusted tangible net income	Sep 2025		Jun 2025		Mar 2025		Dec 2024		Sep 2024		Sep 2025		Sep 2024
Income (loss) before income taxes	$	29,602	$	(9,735)	$	48,832	$	50,120	$	11,394	$	68,699	$	96,550
Plus amortization of core deposit and other intangibles	2,079		631		656		687		719		3,366		2,260
Less gain (loss) from securities, net	12		(60,549)		16		—		(40,165)		(60,521)		(56,378)
Less (loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(646)		236		(625)		(2,162)		(289)		(1,035)		(5)
Less cash life insurance benefit	—		—		—		—		—		—		2,057

Plus initial provision for credit losses on acquired loans and unfunded commitments	28,366		—		—		—		—		28,366		—
Plus early retirement and severance costs	—		—		—		463		—		—		1,015
Plus loss on lease terminations and other branch closure costs	270		—		—		—		—		270		—
Plus FDIC special assessment	—		—		—		—		—		—		500
Plus merger and integration costs	16,057		2,734		401		—		—		19,192		—
Less income tax expense, adjusted for items above(a)	17,864		3,942		9,905		13,089		11,904		31,711		33,534
Plus income tax benefit(b)	—		(8,713)		—		—		—		(8,713)		—
Adjusted tangible net income	$	59,144	$	41,288	$	40,593	$	40,343	$	40,663	$	141,025	$	121,117
(a) Adjusted items calculated using the combined marginal tax rate of 26.06% for all periods, excluding nondeductible items for merger and integration costs. (b) Represents a non-recurring tax benefit recorded during the three months ended June 30, 2025 due to the expiration of the statute of limitations with respect to an amended income tax return.


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)









	Three Months Ended															Nine Months Ended
Core efficiency ratio (tax- equivalent basis)	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024			Sep 2025			Sep 2024
Total noninterest expense	$	109,856		$	81,261		$	79,549		$	73,174		$	76,212		$	270,666		$	223,725



Less early retirement and severance costs	—			—			—			463			—			—			1,015
Less loss on lease terminations and other branch closure costs	270			—			—			—			—			270			—
Less FDIC special assessment	—			—			—			—			—			—			500
Less merger and integration costs	16,057			2,734			401			—			—			19,192			—
Core noninterest expense	$	93,529		$	78,527		$	79,148		$	72,711		$	76,212		$	251,204		$	222,210
Net interest income	$	147,240		$	111,415		$	107,641		$	108,381		$	106,017		$	366,296		$	308,122
Net interest income (tax-equivalent basis)	148,088			112,236			108,427			109,004			106,634			368,751			310,087
Total noninterest income (loss)	26,635			(34,552)			23,032			21,997			(16,497)			15,115			17,073
Less gain (loss) from securities, net	12			(60,549)			16			—			(40,165)			(60,521)			(56,378)
Less (loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(646)			236			(625)			(2,162)			(289)			(1,035)			(5)
Less cash life insurance benefit	—			—			—			—			—			—			2,057



Core noninterest income	27,269			25,761			23,641			24,159			23,957			76,671			71,399
Total revenue	$	173,875		$	76,863		$	130,673		$	130,378		$	89,520		$	381,411		$	325,195
Core revenue (tax-equivalent basis)	$	175,357		$	137,997		$	132,068		$	133,163		$	130,591		$	445,422		$	381,486
Efficiency ratio	63.2		%	105.7		%	60.9		%	56.1		%	85.1		%	71.0		%	68.8		%
Core efficiency ratio (tax- equivalent basis)	53.3		%	56.9		%	59.9		%	54.6		%	58.4		%	56.4		%	58.2		%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)

	Three Months Ended															Nine Months Ended
Banking segment core efficiency ratio (tax-equivalent)	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024			Sep 2025			Sep 2024
Banking segment noninterest expense	$	96,969		$	67,330		$	66,909		$	61,004		$	63,114		$	231,208		$	185,486
Less early retirement and severance costs	—			—			—			463			—			—			1,015
Plus loss on lease terminations and other branch closure costs	270			—			—			—			—			270			—
Less FDIC special assessment	—			—			—			—			—			—			500
Less merger and integration costs	16,057			2,734			401			—			—			19,192			—
Banking segment core noninterest expense	$	80,642		$	64,596		$	66,508		$	60,541		$	63,114		$	211,746		$	183,971
Banking segment net interest income	$	144,859		$	108,909		$	105,759		$	106,793		$	104,335		$	359,527		$	303,990
Banking segment net interest income (tax-equivalent basis)	145,707			109,730			106,545			107,416			104,952			361,982			305,955
Banking segment noninterest income (loss)	13,078			(47,720)			10,660			11,311			(28,370)			(23,982)			(19,687)
Less gain (loss) from securities, net	12			(60,549)			16			—			(40,165)			(60,521)			(56,378)


Less cash life insurance benefit	—			—			—			—			—			—			2,057
Less (loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(646)			203			(497)			(2,162)			(299)			(940)			(188)
Banking segment core noninterest income	13,712			12,626			11,141			13,473			12,094			37,479			34,822
Banking segment total revenue	$	157,937		$	61,189		$	116,419		$	118,104		$	75,965		$	335,545		$	284,303
Banking segment total core revenue (tax-equivalent basis)	$	159,419		$	122,356		$	117,686		$	120,889		$	117,046		$	399,461		$	340,777
Banking segment efficiency ratio	61.4		%	110.0		%	57.5		%	51.7		%	83.1		%	68.9		%	65.2		%
Banking segment core efficiency ratio (tax-equivalent basis)	50.6		%	52.8		%	56.5		%	50.1		%	53.9		%	53.0		%	54.0		%





	Three Months Ended															Nine Months Ended
Mortgage segment core efficiency ratio (tax-equivalent)	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024			Sep 2025			Sep 2024
Mortgage segment noninterest expense	$	12,887		$	13,931		$	12,640		$	12,170		$	13,098		$	39,458		$	38,239




Mortgage segment core noninterest expense	$	12,887		$	13,931		$	12,640		$	12,170		$	13,098		$	39,458		$	38,239
Mortgage segment net interest income	$	2,381		$	2,506		$	1,882		$	1,588		$	1,682		$	6,769		$	4,132
Mortgage segment noninterest income	13,557			13,168			12,372			10,686			11,873			39,097			36,760
Less gain (loss) on sales or write- downs of premises and equipment, other real estate owned and other assets, net	—			33			(128)			—			10			(95)			183
Mortgage segment core noninterest income	13,557			13,135			12,500			10,686			11,863			39,192			36,577
Mortgage segment total revenue	$	15,938		$	15,674		$	14,254		$	12,274		$	13,555		$	45,866		$	40,892
Mortgage segment core total revenue	$	15,938		$	15,641		$	14,382		$	12,274		$	13,545		$	45,961		$	40,709
Mortgage segment efficiency ratio	80.9		%	88.9		%	88.7		%	99.2		%	96.6		%	86.0		%	93.5		%
Mortgage segment core efficiency ratio (tax-equivalent basis)	80.9		%	89.1		%	87.9		%	99.2		%	96.7		%	85.9		%	93.9		%


Non-GAAP Reconciliations (continued)

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

	As of
Tangible assets, common equity and related measures	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024
Tangible assets
Total assets	$	16,236,459		$	13,354,238		$	13,136,449		$	13,157,482		$	12,920,222
Less goodwill	350,353			242,561			242,561			242,561			242,561
Less intangibles, net	33,216			4,475			5,106			5,762			6,449
Tangible assets	$	15,852,890		$	13,107,202		$	12,888,782		$	12,909,159		$	12,671,212
Tangible common equity
Total common shareholders’ equity	$	1,978,043		$	1,611,130		$	1,601,962		$	1,567,538		$	1,562,329
Less goodwill	350,353			242,561			242,561			242,561			242,561
Less intangibles, net	33,216			4,475			5,106			5,762			6,449
Tangible common equity	$	1,594,474		$	1,364,094		$	1,354,295		$	1,319,215		$	1,313,319


Common shares outstanding	53,456,522			45,807,689			46,514,547			46,663,120			46,658,019
Book value per common share	$	37.00		$	35.17		$	34.44		$	33.59		$	33.48
Tangible book value per common share	$	29.83		$	29.78		$	29.12		$	28.27		$	28.15

Total common shareholders’ equity to total assets	12.2		%	12.1		%	12.2		%	11.9		%	12.1		%
Tangible common equity to tangible assets	10.1		%	10.4		%	10.5		%	10.2		%	10.4		%
On-balance sheet liquidity:
Cash and cash equivalents	$	1,280,033		$	1,165,729		$	794,706		$	1,042,488		$	951,750
Unpledged securities	608,716			547,354			703,117			600,965			510,538
Equity securities, at fair value	1,450			—			—			—			—
Total on-balance sheet liquidity	$	1,890,199		$	1,713,083		$	1,497,823		$	1,643,453		$	1,462,288
On-balance sheet liquidity as a percentage of total assets	11.6		%	12.8		%	11.4		%	12.5		%	11.3		%
On-balance sheet liquidity as a percentage of total tangible assets	11.9		%	13.1		%	11.6		%	12.7		%	11.5		%


Non-GAAP Reconciliations (continued)

(Unaudited)
(Dollars in Thousands)


	Three Months Ended															Nine Months Ended
Adjusted return on average tangible common equity and related measures	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024			Sep 2025			Sep 2024
Average common shareholders’ equity	$	1,977,785		$	1,583,099		$	1,583,958		$	1,564,503		$	1,523,597		$	1,716,391		$	1,486,010
Less average goodwill	350,355			242,561			242,561			242,561			242,561			278,887			242,561
Less average intangibles, net	34,983			4,791			5,426			6,107			6,795			15,175			7,536
Average tangible common equity	$	1,592,447		$	1,335,747		$	1,335,971		$	1,315,835		$	1,274,241		$	1,422,329		$	1,235,913
Net income	$	23,375		$	2,909		$	39,361		$	37,886		$	10,220		$	65,645		$	78,149
Return on average common equity	4.69		%	0.74		%	10.1		%	9.63		%	2.67		%	5.11		%	7.02		%
Return on average tangible common equity	5.82		%	0.87		%	11.9		%	11.5		%	3.19		%	6.17		%	8.45		%
Adjusted tangible net income	$	59,144		$	41,288		$	40,593		$	40,343		$	40,663		$	141,025		$	121,117
Adjusted return on average tangible common equity	14.7		%	12.4		%	12.3		%	12.2		%	12.7		%	13.3		%	13.1		%












	Three Months Ended															Nine Months Ended
Adjusted return on average assets, common equity and related measures	Sep 2025			Jun 2025			Mar 2025			Dec 2024			Sep 2024			Sep 2025			Sep 2024
Net income	$	23,375		$	2,909		$	39,361		$	37,886		$	10,220		$	65,645		$	78,149
Average assets	16,007,788			13,032,490			13,206,969			13,194,195			12,741,950			14,092,675			12,568,458
Average common equity	1,977,785			1,583,099			1,583,958			1,564,503			1,523,597			1,716,391			1,486,010
Return on average assets	0.58		%	0.09		%	1.21		%	1.14		%	0.32		%	0.62		%	0.83		%
Return on average common equity	4.69		%	0.74		%	10.1		%	9.63		%	2.67		%	5.11		%	7.02		%
Adjusted net income	$	57,606		$	40,821		$	40,108		$	39,835		$	40,132		$	138,535		$	119,446
Adjusted return on average assets	1.43		%	1.26		%	1.23		%	1.20		%	1.25		%	1.31		%	1.27		%
Adjusted return on average common equity	11.6		%	10.3		%	10.3		%	10.1		%	10.5		%	10.8		%	10.7		%













Adjusted pre-tax pre-provision net income	$	80,980		$	58,649		$	52,134		$	59,829		$	53,762		$	191,763		$	157,311
Adjusted pre-tax pre-provision return on average assets	2.01		%	1.81		%	1.60		%	1.80		%	1.68		%	1.82		%	1.67		%


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance and Interest Yield/Rate Analysis			8

Southern States Bancshares Inc. Opening Balance Sheet (Preliminary)			11

Investments and Other Sources of Liquidity			12

Loan Portfolio			13

Asset Quality			14

Selected Deposit Data			15

Preliminary Capital Ratios			16

Segment Data			17

Non-GAAP Reconciliations			18