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FB Financial
FBK
#4106
Rank
$2.77 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$51.94
Share price
0.80%
Change (1 day)
12.96%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. FB Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

FB Financial - 10-Q quarterly report FY2025 Q1


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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 March 31, 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 April 30, 2025 was 45,952,178.
1

Table of Contents
Page
PART I.
3
Item 1.
4
4
Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2025 and 2024
5
Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2025 and 2024
6
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three months ended March 31, 2025 and 2024
7
Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
8
10
Item 2.
44
Item 3.
77
Item 4.
79
PART II.
Item 1.
80
Item 1A.
80
Item 2.
80
Item 5.
80
Item 6.
81
82


2

PART I
GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this Quarterly Report on Form 10-Q for the quarter ended March 31, 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 lossesFederal ReserveBoard of Governors of the Federal Reserve System
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 March 31, 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 StatesSouthern States Bancshares, Inc.
FDMFinancial Difficulty ModificationTDFITennessee Department of Financial Institutions
3

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

 March 31,December 31,
 2025 (Unaudited)2024 
ASSETS  
Cash and due from banks$149,607 $120,153 
Federal funds sold and reverse repurchase agreements
109,982 125,825 
Interest-bearing deposits in financial institutions535,117 796,510 
Cash and cash equivalents794,706 1,042,488 
Investments:
Available-for-sale debt securities, at fair value1,580,720 1,538,008 
Federal Home Loan Bank stock, at cost32,234 32,749 
Loans held for sale (includes $145,618 and $95,403 at fair value, respectively)
172,770 126,760 
Loans held for investment9,771,536 9,602,384 
Less: allowance for credit losses on loans HFI150,531 151,942 
Net loans held for investment9,621,005 9,450,442 
Premises and equipment, net146,272 148,899 
Operating lease right-of-use assets47,381 47,963 
Interest receivable51,268 49,611 
Mortgage servicing rights, at fair value156,379 162,038 
Bank-owned life insurance72,400 72,504 
Other real estate owned, net3,326 4,409 
Goodwill242,561 242,561 
Core deposit and other intangibles, net5,106 5,762 
Other assets210,321 233,288 
Total assets$13,136,449 $13,157,482 
LIABILITIES
Deposits
Noninterest-bearing$2,163,934 $2,116,232 
Interest-bearing checking2,776,958 2,906,425 
Money market and savings4,482,908 4,338,483 
Customer time deposits1,363,770 1,380,205 
Brokered and internet time deposits414,428 469,089 
Total deposits11,201,998 11,210,434 
Borrowings168,944 176,789 
Operating lease liabilities59,174 60,024 
Accrued expenses and other liabilities104,278 142,604 
Total liabilities11,534,394 11,589,851 
SHAREHOLDERS’ EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    46,514,547 and 46,663,120 shares issued and outstanding, respectively
46,515 46,663 
Additional paid-in capital854,715 860,266 
Retained earnings792,685 762,293 
Accumulated other comprehensive loss, net(91,953)(101,684)
Total FB Financial Corporation common shareholders’ equity1,601,962 1,567,538 
Noncontrolling interest93 93 
Total equity1,602,055 1,567,631 
Total liabilities and shareholders’ equity$13,136,449 $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 March 31,
 2025 2024 
Interest income:  
Interest and fees on loans$153,185 $155,606 
Interest on investment securities
Taxable14,471 9,105 
Tax-exempt1,033 1,442 
Other11,017 9,975 
Total interest income179,706 176,128 
Interest expense:
Deposits70,249 72,625 
Borrowings1,816 4,013 
Total interest expense72,065 76,638 
Net interest income107,641 99,490 
Provision for credit losses on loans HFI1,906 1,852 
Provision for (reversal of) credit losses on unfunded commitments386 (1,070)
Net interest income after provision for credit losses105,349 98,708 
Noninterest income:
Mortgage banking income12,426 12,585 
Investment services and trust income3,711 3,230 
Service charges on deposit accounts3,479 3,141 
ATM and interchange fees2,677 2,944 
Gain (loss) from investment securities, net16 (16,213)
(Loss) gain on sales or write-downs of premises and equipment, other real estate
     owned and other assets, net		(625)565 
Other income1,348 1,710 
Total noninterest income23,032 7,962 
Noninterest expenses:
Salaries, commissions and employee benefits48,351 44,618 
Occupancy and equipment expense6,597 6,614 
Advertising2,487 1,171 
Data processing 2,313 2,408 
Legal and professional fees1,992 1,919 
Amortization of core deposit and other intangibles656 789 
Merger and integration costs401 — 
Other expense16,752 14,901 
Total noninterest expense79,549 72,420 
Income before income taxes48,832 34,250 
Income tax expense9,471 6,300 
Net income applicable to FB Financial Corporation and noncontrolling
    interest		39,361 27,950 
Net income applicable to noncontrolling interest— — 
Net income applicable to FB Financial Corporation$39,361 $27,950 
Earnings per common share:
Basic$0.84 $0.60 
Diluted0.84 0.59 
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 March 31,
 2025 2024 
Net income$39,361 $27,950 
Other comprehensive income, net of tax:
   Net unrealized gain (loss) in available-for-sale securities, net of tax expense (benefit) of $3,489
       and $(3,432)
9,743 (9,573)
   Reclassification adjustment for (gain) loss on securities included in net income, net of tax
       (expense) benefit of $(4) and $4,225
(12)11,988 
   Net unrealized loss in hedging activities, net of tax benefit of $62
— (174)
         Total other comprehensive income, net of tax9,731 2,241 
Comprehensive income applicable to FB Financial Corporation and noncontrolling interest 49,092 30,191 
Comprehensive income applicable to noncontrolling interest— — 
Comprehensive income applicable to FB Financial Corporation$49,092 $30,191 
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 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		— — 27,950 — 27,950 — 27,950 
  Other comprehensive income, net of
taxes		— — — 2,241 2,241 — 2,241 
Stock-based compensation expense1 2,819 — — 2,820 — 2,820 
Restricted stock units vested, net of
taxes		11 (292)— — (281)— (281)
Performance-based restricted stock
units vested, net of taxes		25 (370)— — (345)— (345)
   Shares issued under employee stock
purchase program		11 388 — — 399 — 399 
   Dividends declared ($0.17 per share)
— — (8,052)— (8,052)— (8,052)
Balance at March 31, 2024:$46,897 $866,803 $698,310 $(132,484)$1,479,526 $93 $1,479,619 
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		— — 39,361 — 39,361 — 39,361 
Other comprehensive income, net of
taxes		— — — 9,731 9,731 — 9,731 
Repurchase of common stock(209)(9,683)— — (9,892)— (9,892)
Stock-based compensation expense1 4,830 — — 4,831 — 4,831 
Restricted stock units vested, net of
taxes		19 (460)— — (441)— (441)
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 ($0.19 per share)
— (8,969)— (8,969)— (8,969)
Balance at March 31, 2025:$46,515 $854,715 $792,685 $(91,953)$1,601,962 $93 $1,602,055 
See the accompanying notes to the consolidated financial statements.

7
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Amounts are in thousands)
(Unaudited)
Three Months Ended March 31,
2025 2024 
Cash flows from operating activities:
Net income applicable to FB Financial Corporation and noncontrolling interest$39,361 $27,950 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software2,767 2,841 
Amortization of core deposit and other intangibles656 789 
Amortization of issuance costs on subordinated debt 97 96 
Capitalization of mortgage servicing rights(421)(1,131)
Net change in fair value of mortgage servicing rights6,080 (294)
Stock-based compensation expense4,831 2,820 
Provision for credit losses on loans HFI1,906 1,852 
Provision for (reversal of) credit losses on unfunded commitments386 (1,070)
Provision for mortgage loan repurchases18 50 
Accretion of discounts and premiums on acquired loans, net(2)(387)
(Accretion) amortization of premiums and discounts on securities, net(609)1,356 
(Gain) loss from investment securities, net(16)16,213 
Originations of loans held for sale(271,383)(258,352)
Proceeds from sale of loans held for sale229,175 251,548 
Gain on sale and change in fair value of loans held for sale(8,418)(8,279)
Net loss (gain) on write-downs of premises and equipment, other real estate
    owned and other assets		625 (565)
Provision for deferred income taxes5,100 207 
Equity method investment loss495 — 
Earnings on bank-owned life insurance(446)(431)
Changes in:
Operating lease assets and liabilities, net(268)(207)
Other assets and interest receivable12,314 (665)
Accrued expenses and other liabilities(38,706)1,927 
Net cash (used in) provided by operating activities(16,458)36,268 
Cash flows from investing activities:
Activity in available-for-sale securities:
Sales— 207,882 
Maturities, prepayments and calls74,860 66,627 
Purchases(103,731)(281,579)
Net change in loans(174,919)117,904 
Net sales of FHLB stock515 242 
Purchases of premises and equipment(1,663)(1,620)
Proceeds from the sale of premises and equipment1,831 137 
Proceeds from the sale of other real estate owned 2,668 389 
Proceeds from the sale of other assets243 161 
Proceeds from bank-owned life insurance550 — 
Net cash (used in) provided by investing activities(199,646)110,143 
Cash flows from financing activities:
Net decrease in deposits(8,436)(47,856)
Net decrease in securities sold under agreements to repurchase and
  federal funds purchased		(3,712)(30,535)
Stock-based compensation withholding payments(1,062)(626)
Net proceeds from sale of common stock under employee stock purchase program424 399 
Repurchase of common stock(9,892)— 
Dividends paid on common stock(8,865)(7,965)
Dividend equivalent payments made upon vesting of equity compensation(135)(30)
Net cash used in financing activities(31,678)(86,613)
Net change in cash and cash equivalents(247,782)59,798 
Cash and cash equivalents at beginning of the period1,042,488 810,932 
Cash and cash equivalents at end of the period$794,706 $870,730 
8
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows (continued)
(Amounts are in thousands)
(Unaudited)
Three Months Ended March 31,
2025 2024 
Supplemental cash flow information:
Interest paid$77,434 $74,943 
Taxes (refunded) paid, net(8,761)277 
Supplemental noncash disclosures:
Transfers from loans to other real estate owned$2,067 $753 
Transfers from loans to other assets1,471 1,031 
Transfers from loans to loans held for sale968 167 
Transfers from loans held for sale to loans1,379 40 
Loans provided for sales of other assets675 65 
Decrease in rebooked GNMA loans under optional repurchase program(4,205)(353)
Dividends declared not paid on restricted stock units and performance stock units104 87 
Right-of-use assets obtained in exchange for operating lease liabilities301 — 
See the accompanying notes to the consolidated financial statements.

9
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 March 31, 2025, the Bank had 77 full-service branches throughout Tennessee, Alabama, Kentucky and North Georgia, and provided commercial and consumer banking services to the Asheville, North Carolina market. The Bank also operates a mortgage business with office locations across the Southeast, which primarily originates loans to be sold to third party private investors or government sponsored agencies in the secondary 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 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 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.
Recently announced acquisition
On March 31, 2025, the Company announced it has entered into an agreement and plan of merger (the “Merger Agreement”) for the acquisition of Southern States Bancshares, Inc., the parent company of Southern States Bank. As of March 31, 2025, Southern States had approximately $2,851,145 of total assets, $2,261,272 of total loans and $2,425,631 of deposits.
In connection with the Merger Agreement, Southern States will be merged into the Company and immediately following, Southern States Bank will merge into FirstBank. The Merger Agreement has been approved by the Board of Directors of each company. The transaction is subject to regulatory approvals, approval by the Company’s and Southern States’ shareholders and certain other customary closing conditions. The transaction is anticipated to close in the third quarter of 2025.
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.

10
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 March 31,
 20252024
Basic earnings per common share:
Earnings available to common shareholders$39,361 $27,950 
Weighted average basic shares outstanding46,674,698 46,874,882 
Basic earnings per common share$0.84 $0.60 
Diluted earnings per common share:
Earnings available to common shareholders$39,361 $27,950 
Weighted average basic shares outstanding46,674,698 46,874,882 
Weighted average diluted shares contingently issuable(1)
349,513 123,991 
Weighted average diluted shares outstanding47,024,211 46,998,873 
Diluted earnings per common share$0.84 $0.59 
(1) Excludes 2,949 restricted stock units outstanding considered to be antidilutive for the three months ended March 31, 2024. There were no such units for the three months ended March 31, 2025.
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 the 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. The Company does not currently hold or facilitate transactions with crypto-assets; however, the Company would 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. The Company is evaluating the impact this will have 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
11
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
the notes to the 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.
Subsequent events
The Company has evaluated, for consideration of recognition or disclosure, subsequent events that occurred through the date of issuance of these financial statements. The Company has determined that there were no subsequent events that occurred after March 31, 2025, but prior to the issuance of these financial statements that would have a material impact on the Company’s consolidated financial statements.
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 March 31, 2025 and December 31, 2024:  
March 31, 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$604,416 $417 $(1,891)$— $602,942 
Mortgage-backed securities - residential917,760 147 (101,351)— 816,556 
Mortgage-backed securities - commercial 15,724 — (896)— 14,828 
Municipal securities169,993 26 (24,623)— 145,396 
Corporate securities1,000 — (2)— 998 
Total$1,708,893 $590 $(128,763)$— $1,580,720 
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 March 31, 2025 and December 31, 2024, total accrued interest receivable on AFS debt securities was $5,208 and $6,401, respectively.
AFS debt securities pledged at March 31, 2025 and December 31, 2024 had carrying amounts of $877,603 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.
AFS debt securities transactions are recorded as of the trade date. At March 31, 2025 and December 31, 2024, there were no trade date receivables nor payables that related to sales or purchases settled after period end.
12
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 show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
March 31, 2025
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$463,989 $(1,603)$30,129 $(288)$494,118 $(1,891)
Mortgage-backed securities - residential206,838 (3,976)441,419 (97,375)648,257 (101,351)
Mortgage-backed securities - commercial2,216 (12)12,612 (884)14,828 (896)
Municipal securities33,641 (2,951)107,585 (21,672)141,226 (24,623)
Corporate securities— — 998 (2)998 (2)
Total$706,684 $(8,542)$592,743 $(120,221)$1,299,427 $(128,763)
 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 March 31, 2025 and December 31, 2024, the Company’s AFS debt securities portfolio consisted of 277 and 271 individual securities, 251 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 March 31, 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 March 31, 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 March 31, 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.
13
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 March 31, 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.
March 31,December 31,
 2025 2024 
 Available-for-saleAvailable-for-sale
 Amortized costFair ValueAmortized costFair Value
Due in one year or less$305 $304 $849 $847 
Due in one to five years5,267 5,207 4,186 4,600 
Due in five to ten years247,933 245,040 225,954 222,943 
Due in over ten years521,904 498,785 504,560 483,762 
775,409 749,336 735,549 712,152 
Mortgage-backed securities - residential917,760 816,556 927,883 810,999 
Mortgage-backed securities - commercial15,724 14,828 15,965 14,857 
Total AFS debt securities$1,708,893 $1,580,720 $1,679,397 $1,538,008 
Sales and other dispositions of AFS debt securities were as follows:
 Three Months Ended March 31,
 2025 2024 
Proceeds from sales$— $207,882 
Proceeds from maturities, prepayments and calls74,860 66,627 
Gross realized gains16 90 
Gross realized losses— 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 $23,923 and $23,459 at March 31, 2025 and December 31, 2024, respectively. Additionally, the Company had $32,234 and $32,749 of FHLB stock carried at cost at March 31, 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 March 31, 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 $19,475 and $19,970 as of March 31, 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.

14
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 March 31, 2025 and December 31, 2024, by class of financing receivable are as follows:
 March 31,December 31,
 2025 2024 
Commercial and industrial$1,782,981 $1,691,213 
Construction1,022,299 1,087,732 
Residential real estate:
1-to-4 family mortgage1,632,574 1,616,754 
Residential line of credit613,868 602,475 
Multi-family mortgage648,326 653,769 
Commercial real estate:
Owner-occupied1,356,007 1,357,568 
Non-owner occupied2,153,825 2,099,129 
Consumer and other561,656 493,744 
Gross loans9,771,536 9,602,384 
Less: Allowance for credit losses on loans HFI(150,531)(151,942)
Net loans$9,621,005 $9,450,442 
As of March 31, 2025 and December 31, 2024, $996,088 and $988,177, respectively, of qualifying residential mortgage loans (including loans held for sale) and $1,707,868 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 March 31, 2025 and December 31, 2024, qualifying commercial and industrial, construction and consumer loans, of $2,658,942 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 March 31, 2025 and December 31, 2024, accrued interest receivable on loans HFI amounted to $43,380 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.

15
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 March 31, 2025 and December 31, 2024 and the gross charge-offs for the three months ended March 31, 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 three months
    ended March 31, 2025
2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Commercial and industrial
Pass$104,642 $194,223 $172,248 $113,893 $49,312 $125,115 $947,922 $1,707,355 
Special Mention— 2,038 2,202 6,297 168 1,284 24,376 36,365 
Classified152 — 104 17,224 2,431 6,517 12,833 39,261 
Total104,794 196,261 174,554 137,414 51,911 132,916 985,131 1,782,981 
            Current-period gross
               charge-offs		— — 54 — — 2,245 602 2,901 
Construction
Pass44,178 205,719 89,629 279,129 89,330 75,327 187,408 970,720 
Special Mention— — 383 14,969 389 576 — 16,317 
Classified— — — 12,559 281 8,335 14,087 35,262 
Total44,178 205,719 90,012 306,657 90,000 84,238 201,495 1,022,299 
            Current-period gross
               charge-offs		— — — — — — — — 
Residential real estate:
Multi-family mortgage
Pass12,865 17,142 3,781 227,362 233,578 120,593 23,128 638,449 
Special Mention— — — — — — — — 
Classified— — — — 9,856 21 — 9,877 
Total12,865 17,142 3,781 227,362 243,434 120,614 23,128 648,326 
             Current-period gross
                charge-offs		— — — — — — — — 
Commercial real estate:
Owner occupied
Pass35,831 180,824 102,166 250,386 208,625 462,157 93,943 1,333,932 
Special Mention— — — 1,162 1,745 6,091 — 8,998 
Classified— — — 6,045 972 5,639 421 13,077 
Total35,831 180,824 102,166 257,593 211,342 473,887 94,364 1,356,007 
            Current-period gross
              charge-offs		— — — — — 17 — 17 
Non-owner occupied
Pass60,465 197,654 41,688 515,372 448,797 787,681 78,862 2,130,519 
Special Mention— — 4,817 — 935 10,233 — 15,985 
Classified— — — — — 7,321 — 7,321 
Total60,465 197,654 46,505 515,372 449,732 805,235 78,862 2,153,825 
             Current-period gross
                charge-offs		— — — — — — — — 
Total commercial loan types
Pass257,981 795,562 409,512 1,386,142 1,029,642 1,570,873 1,331,263 6,780,975 
Special Mention— 2,038 7,402 22,428 3,237 18,184 24,376 77,665 
Classified152 — 104 35,828 13,540 27,833 27,341 104,798 
Total$258,133 $797,600 $417,018 $1,444,398 $1,046,419 $1,616,890 $1,382,980 $6,963,438 
            Current-period gross
                charge-offs		$— $— $54 $— $— $2,262 $602 $2,918 
16
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 







17
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 March 31, 2025 and December 31, 2024 and the gross charge-offs for the three months ended March 31, 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 three months
    ended March 31, 2025
2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Residential real estate:
1-to-4 family mortgage
Performing$70,029 $214,285 $158,079 $433,883 $347,820 $383,899 $— $1,607,995 
Nonperforming— 43 368 7,058 7,373 9,737 — 24,579 
Total70,029 214,328 158,447 440,941 355,193 393,636 — 1,632,574 
          Current-period gross
             charge-offs		— — 3 — — — — 3 
Residential line of credit
Performing— — — — — — 611,665 611,665 
Nonperforming— — — — — — 2,203 2,203 
Total— — — — — — 613,868 613,868 
          Current-period gross
             charge-offs		— — — — — — — — 
Consumer and other
Performing36,971 161,239 94,914 77,682 34,207 139,633 616 545,262 
Nonperforming— 1,898 2,829 1,740 2,581 7,345 1 16,394 
       Total36,971 163,137 97,743 79,422 36,788 146,978 617 561,656 
           Current-period gross
              charge-offs		385 185 76 103 86 135 2 972 
Total consumer type loans
Performing107,000 375,524 252,993 511,565 382,027 523,532 612,281 2,764,922 
Nonperforming— 1,941 3,197 8,798 9,954 17,082 2,204 43,176 
        Total$107,000 $377,465 $256,190 $520,363 $391,981 $540,614 $614,485 $2,808,098 
            Current-period gross
             charge-offs		$385 $185 $79 $103 $86 $135 $2 $975 


18
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 March 31, 2025 and December 31, 2024:
March 31, 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$2,257 $4,592 $4,163 $1,771,969 $1,782,981 
Construction1,858 26 10,364 1,010,051 1,022,299 
Residential real estate:
1-to-4 family mortgage20,775 15,372 9,207 1,587,220 1,632,574 
Residential line of credit2,338 658 1,545 609,327 613,868 
Multi-family mortgage— — 21 648,305 648,326 
Commercial real estate:
Owner occupied230 — 8,643 1,347,134 1,356,007 
Non-owner occupied320 3,512 2,663 2,147,330 2,153,825 
Consumer and other14,096 4,262 12,132 531,166 561,656 
Total$41,874 $28,422 $48,738 $9,652,502 $9,771,536 
 
19
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 non-accrual status, as well as any related allowance as of March 31, 2025 and December 31, 2024 by class of financing receivable.
March 31, 2025Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance		Related
allowance
Commercial and industrial$2,128 $2,035 $138 
Construction1,654 8,710 390 
Residential real estate:
1-to-4 family mortgage— 9,207 183 
Residential line of credit— 1,545 28 
Multi-family mortgage— 21 3 
Commercial real estate:
Owner occupied6,041 2,602 205 
Non-owner occupied2,224 439 91 
Consumer and other— 12,132 634 
Total$12,047 $36,691 $1,672 
December 31, 2024
Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance		Related
allowance
Commercial and industrial$5,294 $4,367 $2,177 
Construction1,653 9,262 1,383 
Residential real estate:
1-to-4 family mortgage1,562 11,063 211 
Residential line of credit148 1,389 26 
Multi-family mortgage— 21 1 
Commercial real estate:
Owner occupied6,415 3,136 137 
Non-owner occupied2,224 443 6 
Consumer and other— 12,381 646 
Total$17,296 $42,062 $4,587 





20
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 months ended March 31, 2025 and 2024:
Three Months Ended March 31,
20252024
Commercial and industrial$3 $224 
Construction6 61 
Residential real estate:
1-to-4 family mortgage— — 
Residential line of credit7 16 
Multi-family mortgage— — 
Commercial real estate:
Owner occupied8 49 
Non-owner occupied— 35 
Consumer and other4 — 
Total$28 $385 

Accrued interest receivable written off as an adjustment to interest income amounted to $287 and $201 for the three months ended March 31, 2025 and 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 March 31, 2025 and 2024 by class of financing receivable and type of concession granted that were modified during the three months ended March 31, 2025 and 2024.
Three months ended
March 31, 2025		Term extensionInterest rate reductionInterest rate reduction and term extensionTotal% of total class of financing receivables
Commercial and
    industrial		$152 $— $— $152 — %
Construction539 — — 539 0.1 %
Residential real estate:
1-to-4 family mortgage— — 85 85 — %
Commercial real estate:
Owner occupied— 143 — 143 — %
Consumer and other— — 63 63 — %
     Total$691 $143 $148 $982 — %



21
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
March 31, 2024		Term extensionPayment deferral and term extensionTotal% of total class of financing receivables
Construction$— $14,316 $14,316 1.1 %
Commercial real estate:
Non-owner occupied10,351 — 10,351 0.5 %
Consumer and other22 — 22 — %
     Total$10,373 $14,316 $24,689 0.3 %
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
Three months ended
     March 31, 2025		Weighted average term extension
(in months)		Weighted average interest rate reduction
Commercial and industrial36—%
Construction6—%
Residential real estate:
1-to-4 family mortgage622.25%
Commercial real estate:
Owner occupied—2.50%
Consumer and other132.00%
Three months ended
     March 31, 2024		Weighted average term extension
(in months)		Weighted average payment deferral
(in months)
Construction63
Commercial real estate:
Non-owner occupied6—
Consumer and other42—
During the three months ended March 31, 2025, consumer and other loans of $14 defaulted that were previously modified in the prior 12 months by receiving a term extension. In addition, during the three months ended March 31, 2025, 1-to-4 family mortgage residential real estate loans of $626 defaulted that were previously modified in the prior 12 months by receiving a combination of payment deferral and term extension. No financing receivables modified in the preceding twelve months had a payment default during the three months ended March 31, 2024. For FDM loans, a subsequent payment default is defined as the earlier of the FDM loans being placed on non-accrual status or reaching 30 days past due with respect to principal and/or interest payments. At March 31, 2025 and December 31, 2024, the Company did not have any material commitments to lend additional funds to borrowers whose loans were classified as an FDM loans.
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The tables below depict the performance of loans HFI as of March 31, 2025 and 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months.
22
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
March 31, 202530-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$— $— $2,128 $152 $2,280 
Construction— — 2,008 539 2,547 
Residential real estate:
1-to-4 family mortgage367 — — 2,098 2,465 
Residential line of credit— — — 28 28 
Commercial real estate:
Owner-occupied— — — 143 143 
Consumer and other14 — — 159 173 
Total$381 $— $4,136 $3,119 $7,636 
(1) Loans were on non-accrual when modified and subsequently classified as FDM.
March 31, 202430-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$— $— $179 $— $179 
Construction— — — 14,316 14,316 
Residential real estate:
1-to-4 family mortgage— — 65 — 65 
Commercial real estate:
Non-owner occupied— — — 10,351 10,351 
Consumer and other— — — 22 22 
Total$— $— $244 $24,689 $24,933 
(1) Loans were on non-accrual when modified and subsequently classified as FDM.
Collateral-Dependent Loans
For collateral-dependent loans, or those loans for which repayment is expected to be provided substantially through the operation or sale of collateral, where the borrower is also experiencing financial difficulty, the following tables present the loans by class of financing receivable.
March 31, 2025
Type of Collateral
Real EstateFarmlandBusiness AssetsTotal
Commercial and industrial$— $— $2,540 $2,540 
Construction25,189 1,654 — 26,843 
Residential real estate:
1-to-4 family mortgage281 — — 281 
Multi-family mortgage9,856 — — 9,856 
Commercial real estate:
Owner occupied— 6,041 — 6,041 
Non-owner occupied6,883 — — 6,883 
Total$42,209 $7,695 $2,540 $52,444 
23
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
December 31, 2024
Type of Collateral
Real EstateFarmlandBusiness AssetsTotal
Commercial and industrial$— $— $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
The Company performed evaluations within its established qualitative framework, assessing the impact of the current economic outlook, including unemployment and gross domestic product, as well as macroeconomic events which may impact our loan portfolio, such as supply chain concerns, global conflicts, and possible tariffs. All qualitative adjustments are applied at the pool or segment level based on the perceived risk. Segments may be identified using credit quality ratings, loan-to-value, collateral type and purpose. The decrease in the allowance for credit losses on loans HFI as of March 31, 2025 compared with December 31, 2024 is primarily the result of charge-offs during the quarter, slightly improved economic forecast assumptions and reductions in exposure to construction lending.
The following tables provide the changes in the allowance for credit losses on loans HFI by class of financing receivable for the three months ended March 31, 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 March 31, 2025
Beginning balance -
December 31, 2024
$16,667 $31,698 $25,340 $10,952 $10,512 $11,993 $25,531 $19,249 $151,942 
Provision for (reversal of)
    credit losses on loans
    HFI		1,713 (6,046)854 244 904 77 2,787 1,373 1,906 
Recoveries of loans
previously charged-off
42 — 9 — — 21 1 503 576 
Loans charged-off(2,901)— (3)— — (17)— (972)(3,893)
Ending balance -
March 31, 2025
$15,521 $25,652 $26,200 $11,196 $11,416 $12,074 $28,319 $20,153 $150,531 
 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 March 31, 2024 
Beginning balance -
December 31, 2023
$19,599 $35,372 $26,505 $9,468 $8,842 $10,653 $22,965 $16,922 $150,326 
(Reversal of) provision for
    credit losses on loans
    HFI		(2,298)2,028 (433)470 131 56 984 914 1,852 
Recoveries of loans
previously charged-off
14 — 56 — — 40 — 306 416 
Loans charged-off(43)(92)— (20)— — — (772)(927)
Ending balance -
   March 31, 2024		$17,272 $37,308 $26,128 $9,918 $8,973 $10,749 $23,949 $17,370 $151,667 

24
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 months ended March 31, 2025 and 2024: 
Three Months Ended March 31,
 20252024
Balance at beginning of period$4,409 $3,192 
Transfers from loans2,067 753 
Proceeds from sale of other real estate owned(2,668)(389)
(Loss) gain on sale of other real estate owned(482)57 
Balance at end of period$3,326 $3,613 
Included within the other real estate owned balance above, foreclosed residential real estate properties totaled $1,797 and $2,880 as of March 31, 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 $5,777 and $7,652 as of March 31, 2025 and December 31, 2024, respectively.
Note (5)—Leases
As of March 31, 2025, the Company was the lessee in 48 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.
Information related to the Company’s leases is presented below as of March 31, 2025 and December 31, 2024:
March 31,December 31,
Classification20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$47,381$47,963
Finance leasesPremises and equipment, net1,1181,145
Total right-of-use assets$48,499$49,108
Lease liabilities:
Operating leasesOperating lease liabilities$59,174$60,024
Finance leasesBorrowings 1,2041,229
Total lease liabilities $60,378$61,253
Weighted average remaining lease term (in years) -
    operating		10.911.0
Weighted average remaining lease term (in years) -
    finance		10.110.4
Weighted average discount rate - operating3.49 %3.47 %
Weighted average discount rate - finance1.76 %1.76 %
25
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The components of total lease expense included in the consolidated statements of income were as follows:
Three Months Ended March 31,
Classification2025 2024 
Operating lease costs:
Amortization of right-of-use assetOccupancy and equipment$1,878 $1,927 
Short-term lease costOccupancy and equipment85 97 
Variable lease costOccupancy and equipment494 336 
Finance lease costs:
Interest on lease liabilitiesInterest expense on borrowings5 6 
Amortization of right-of-use assetOccupancy and equipment28 28 
Sublease income Occupancy and equipment(205)(172)
Total lease cost$2,285 $2,222 
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 March 31, 2025 is as follows:
OperatingFinance
Leases Lease
Lease payments due:
March 31, 2026$8,516 $122 
March 31, 20278,386 124 
March 31, 20287,784 126 
March 31, 20296,807 127 
March 31, 20305,917 129 
Thereafter34,845 688 
     Total undiscounted future minimum lease payments72,255 1,316 
Less: imputed interest(13,081)(112)
     Lease liabilities$59,174 $1,204 
26
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 months ended March 31, 2025 and 2024:
Three Months Ended March 31,
 2025 2024 
Carrying value at beginning of period$162,038 $164,249 
Capitalization421 1,131 
Change in fair value:
    Due to payoffs/paydowns
(3,111)(2,724)
    Due to change in valuation inputs or assumptions(2,969)3,018 
        Carrying value at end of period$156,379 $165,674 
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 months ended March 31, 2025 and 2024: 
 Three Months Ended March 31,
 2025 2024 
   Servicing income$7,077 $7,347 
   Change in fair value of mortgage servicing rights(6,080)294 
   Change in fair value of derivative hedging instruments3,011 (3,335)
Servicing income
4,008 4,306 
Servicing expenses1,722 1,947 
          Net servicing income
$2,286 $2,359 
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 March 31, 2025 and December 31, 2024 are as follows: 
 March 31,December 31,
 20252024
Unpaid principal balance of mortgage loans sold and serviced for others$10,061,485 $10,235,048 
Weighted-average prepayment speed (CPR)6.40 %6.04 %
Estimated impact on fair value of a 10% increase$(4,317)$(4,213)
Estimated impact on fair value of a 20% increase$(8,361)$(8,168)
Discount rate9.79 %10.18 %
Estimated impact on fair value of a 100 bp increase$(7,294)$(7,515)
Estimated impact on fair value of a 200 bp increase$(13,976)$(14,397)
Weighted-average coupon interest rate3.59 %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 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 March 31, 2025 and December 31, 2024, the Company held mortgage escrow deposits totaling $93,956 and $68,995, respectively, related to loans sold with servicing retained.
27
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 months ended March 31, 2025 and 2024:
 Three Months Ended March 31,
 2025 2024 
Federal taxes calculated at statutory rate$10,255 21.0 %$7,192 21.0 %
  Increase (decrease) resulting from:
State taxes, net of federal benefit459 0.9 %133 0.4 %
(Benefit) expense from stock-based compensation(133)(0.3)%55 0.2 %
Municipal interest income, net of interest disallowance(396)(0.8)%(373)(1.1)%
Bank-owned life insurance(94)(0.2)%(90)(0.3)%
Section 162(m) limitation586 1.2 %160 0.5 %
Other(1,206)(2.4)%(777)(2.3)%
Income tax expense, as reported$9,471 19.4 %$6,300 18.4 %
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.
March 31,December 31,
 2025 2024 
Commitments to extend credit, excluding interest rate lock commitments$2,795,637 $2,770,105 
Letters of credit64,459 69,855 
Balance at end of period$2,860,096 $2,839,960 
As of March 31, 2025 and December 31, 2024, unfunded loan commitments included above with floating interest rates totaled $2,631,883 and $2,573,218, respectively.
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 March 31,
2025 2024 
Balance at beginning of period$6,107 $8,770 
 Provision for (reversal of) credit losses on unfunded commitments386 (1,070)
Balance at end of period$6,493 $7,700 
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
28
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 $1,233 and $2,078 for the three months ended March 31, 2025 and 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 March 31,
 2025 2024 
Balance at beginning of period$697 $899 
Provision for loan repurchases or indemnifications18 50 
Losses on loans repurchased or indemnified(56)(19)
Balance at end of period$659 $930 
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 sheet line items 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 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 March 31, 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 three months ended March 31, 2024.
During the three months ended March 31, 2024, the Company had $1,843 of amortization expense in interest expense on deposits related to terminated fair value hedges and $645 of expense included in interest expense on borrowings related to fair value hedges.
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 March 31, 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 three months ended March 31, 2024.
29
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The Company’s consolidated statements of income included income of $247 for the three months ended March 31, 2024 in interest expense on borrowings related to these cash flow hedges. 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 months ended March 31, 2024, the Company had a $174 loss recognized in other comprehensive income, net of tax benefit of $62, for derivative instruments designated as cash flow hedges. No such activity was recorded during the three months ended March 31, 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.
The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
March 31, 2025
Notional AmountAssetLiability
  Interest rate contracts$528,367 $24,081 $24,144 
  Forward commitments204,000 — 428 
  Interest rate-lock commitments118,200 2,069 — 
  Futures contracts214,500 — 49 
    Total$1,065,067 $26,150 $24,621 
 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 March 31,
 2025 2024 
Included in mortgage banking income:
  Interest rate lock commitments$1,421 $869 
  Forward commitments(209)100 
  Futures contracts2,311 (2,997)
    Total$3,523 $(2,028)
30
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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
March 31, 2025
Derivative financial assets$21,872 $— $21,872 $2,260 $— $19,612 
Derivative financial liabilities$8,754 $— $8,754 $2,260 $6,494 $— 
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 $— 
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 March 31, 2025 and December 31, 2024, the Company had collateral posted of $23,737 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.
31
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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.
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.

32
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 March 31, 2025 and December 31, 2024 are presented in the following tables:
At March 31, 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$— $602,942 $— $602,942 
Mortgage-backed securities - residential— 816,556 — 816,556 
Mortgage-backed securities - commercial— 14,828 — 14,828 
Municipal securities— 145,396 — 145,396 
Corporate securities— 998 — 998 
Total securities$— $1,580,720 $— $1,580,720 
Loans held for sale, at fair value$— $145,618 $— $145,618 
Mortgage servicing rights— — 156,379 156,379 
Derivatives— 26,150 — 26,150 
Financial Liabilities:
Derivatives— 24,621 — 24,621 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $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 











33
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 March 31, 2025 and December 31, 2024 are presented in the following tables: 
At March 31, 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$— $— $231 $231 
Collateral-dependent net loans held for
   investment:
Commercial and industrial— — 348 348 
Construction— — 24,373 24,373 
Residential real estate:
1-to-4 family mortgage— — 277 277 
   Multifamily— — 8,987 8,987 
Commercial real estate:
Non-owner occupied— — 2,810 2,810 
Total collateral-dependent loans$— $— $36,795 $36,795 
 
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 













34
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 months ended March 31, 2025 and 2024 are detailed at Note 6, “Mortgage servicing rights.”
The following tables present information as of March 31, 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:
March 31, 2025
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs		Range of
inputs
Collateral-dependent net loans
   held for investment		$36,795 Valuation of collateralDiscount for comparable sales
10%
Other real estate owned$231 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%
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 March 31, 2025 and December 31, 2024, total amortized cost of collateral-dependent loans measured on a nonrecurring basis amounted to $39,250 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.
35
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Fair value option
The following table summarizes the Company’s loans held for sale as of the dates presented:
March 31,December 31,
20252024
Loans held for sale under a fair value option:
  Mortgage loans held for sale145,618 95,403 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option27,152 31,357 
               Total loans held for sale$172,770 $126,760 
Mortgage loans held for sale
Net gains of $2,201 and $203 resulting from fair value changes of mortgage loans were recorded in income during the three months ended March 31, 2025 and 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 gains of $2,816 and $1,821 for the three months ended March 31, 2025 and 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.
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 March 31, 2025 and December 31, 2024: 
March 31,December 31,
20252024
Aggregate fair value$145,618 $95,403 
Aggregate unpaid principal balance141,932 93,918 
     Difference$3,686 $1,485 














36
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 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
March 31, 2025Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$794,706 $794,706 $— $— $794,706 
Investment securities1,580,720 — 1,580,720 — 1,580,720 
Net loans held for investment9,621,005 — — 9,443,311 9,443,311 
Loans held for sale, at fair value145,618 — 145,618 — 145,618 
Interest receivable51,268 879 7,009 43,380 51,268 
Mortgage servicing rights156,379 — — 156,379 156,379 
Derivatives26,150 — 26,150 — 26,150 
Financial liabilities: 
Deposits: 
Without stated maturities$9,423,800 $9,423,800 $— $— $9,423,800 
With stated maturities1,778,198 — 1,774,652 — 1,774,652 
Securities sold under agreements to
repurchase and federal funds purchased
9,787 9,787 — — 9,787 
Subordinated debt, net130,801 — — 127,531 127,531 
Interest payable18,813 3,640 14,798 375 18,813 
Derivatives24,621 — 24,621 — 24,621 
 
 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 








37
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, and salaries, commissions and employee benefits 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 months ended March 31, 2025 and 2024.
Three Months Ended March 31, 2025BankingMortgageConsolidated
Interest income$178,915 $791 $179,706 
Interest expense73,156 (1,091)72,065 
Net interest income105,759 1,882 107,641 
Provisions for credit losses 2,189 103 2,292 
Net interest income after provision for credit losses103,570 1,779 105,349 
Mortgage banking income— 15,495 15,495 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (3,069)(3,069)
Other noninterest income (loss)10,660 (54)10,606 
Total noninterest income10,660 12,372 23,032 
Salaries, commissions and employee benefits41,469 6,882 48,351 
Depreciation and amortization2,743 24 2,767 
Amortization of intangibles656 — 656 
Other noninterest expense(2)
22,041 5,734 27,775 
Total noninterest expense66,909 12,640 79,549 
Income before income taxes$47,321 $1,511 $48,832 
Income tax expense9,471 
Net income applicable to FB Financial Corporation and noncontrolling
interest
39,361 
Net income applicable to noncontrolling interest— 
Net income applicable to FB Financial Corporation$39,361 
Total assets$12,490,097 $646,352 $13,136,449 
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 for Banking includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Other noninterest expense for Mortgage includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees, servicing expenses and other expenses.
38
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 March 31, 2024BankingMortgageConsolidated
Interest income$176,420 $(292)$176,128 
Interest expense77,958 (1,320)76,638 
Net interest income98,462 1,028 99,490 
Provisions for (reversals of) credit losses 838 (56)782 
Net interest income after provision for credit losses97,624 1,084 98,708 
Mortgage banking income— 15,626 15,626 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (3,041)(3,041)
Other noninterest (loss) income(4,794)171 (4,623)
Total noninterest (loss) income(4,794)12,756 7,962 
Salaries, commissions and employee benefits37,790 6,828 44,618 
Depreciation and amortization2,708 133 2,841 
Amortization of intangibles789 — 789 
Other noninterest expense(2)
18,908 5,264 24,172 
Total noninterest expense60,195 12,225 72,420 
Income before income taxes$32,635 $1,615 $34,250 
Income tax expense6,300 
Net income applicable to FB Financial Corporation and noncontrolling
interest
27,950 
Net income applicable to noncontrolling interest— 
Net income applicable to FB Financial Corporation$27,950 
Total assets$11,979,904 $568,416 $12,548,320 
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 for Banking includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Other noninterest expense for Mortgage includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees, servicing expenses and other expenses.









































39
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 March 31, 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.
Actual and required capital amounts and ratios are included below as of the dates indicated.

March 31, 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$1,739,703 15.2 %$1,202,607 10.5 %N/AN/A
FirstBank1,677,611 14.8 %1,191,615 10.5 %$1,134,871 10.0 %
Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation$1,496,448 13.1 %$973,539 8.5 %N/AN/A
FirstBank1,435,648 12.7 %964,640 8.5 %$907,897 8.0 %
Common Equity Tier 1 Capital
   (to risk-weighted assets)
FB Financial Corporation$1,466,448 12.8 %$801,738 7.0 %N/AN/A
FirstBank1,435,648 12.7 %794,410 7.0 %$737,666 6.5 %
Tier 1 Capital (to average assets)
FB Financial Corporation$1,496,448 11.4 %$523,095 4.0 %N/AN/A
FirstBank1,435,648 11.0 %521,397 4.0 %$651,746 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: December 31, 2024 represents the final year of the 5-year CECL adoption phase out with 25% of the initial impact of CECL adoption being adjusted out of regulatory capital calculations.
40
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 three months ended March 31, 2025:
 Restricted Stock
Units
Outstanding		Weighted
Average Grant
Date
Fair Value
Balance at beginning of period (unvested)345,436 $36.71 
Granted121,249 49.34 
Vested(20,285)36.02 
Forfeited(945)37.11 
Balance at end of period (unvested)445,455 $40.18 
The total fair value of RSUs vested and released was $731 and $668 for the three months ended March 31, 2025 and 2024, respectively.
The compensation cost related to the grants and vesting of RSUs was $2,906 and $2,706 for the three months ended March 31, 2025 and 2024, respectively. This includes amounts paid related to grants and compensation for directors elected to be settled in stock amounting to $243 and $199 for the three months ended March 31, 2025 and 2024, respectively.
As of March 31, 2025, there was $9,871 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 2.18 years. Additionally, as of March 31, 2025, there were 1,299,540 shares available for issuance under the Company’s stock compensation plans. As of March 31, 2025 and December 31, 2024, there was $363 and $344, respectively, accrued in 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.







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 information about the changes in PSUs as of and for the three months ended March 31, 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 
Balance at end of period (unvested)248,801 $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 in shares ultimately awarded due to performance attainment above or below target.
The following table summarizes data related to the Company’s outstanding PSUs as of March 31, 2025:
Grant YearGrant PricePerformance PeriodPSUs Outstanding
2022$37.17 2023 to 202574,682
2023$35.60 2024 to 202698,790
2024$49.33 2025 to 202775,329
The Company recorded compensation cost $1,925 and $114 for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $16,179, and the weighted average remaining performance period over which the cost could be recognized was 2.28 years. As of March 31, 2025 and December 31, 2024, there was $167 and $217, respectively, accrued in 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 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 three months ended March 31, 2025 and 2024, respectively. As of March 31, 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 advances1,863 
Change in related party status— 
Repayments(287)
Loans outstanding at March 31, 2025$32,982 
Unfunded commitments to management, executive officers, the directors, and significant shareholders and their related interests totaled $27,282 and $14,510 at March 31, 2025 and December 31, 2024, respectively.


42
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 $262,237 and $282,963 as of March 31, 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 $102 and $90 for the three months ended March 31, 2025 and 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 $19 and $24 during the three months ended March 31, 2025 and 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 $9,494 and $9,225 of loans for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, the amortized cost of these loans HFI amounted to $95,093 and $86,890, respectively. See Note 2, “Investment securities”, for additional information on this investment.






















43

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 March 31, 2025 and December 31, 2024, and our results of operations for the three months ended March 31, 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 proposed merger of Southern States Bancshares, Inc. (“Southern States”) with the Company (the “Proposed Merger”) and expectations with regard to the benefits of the Proposed 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 Proposed Merger, including (a) the risk that the cost savings and any revenue synergies from the Proposed Merger is less than or different from expectations, (b) disruption from the Proposed Merger with customer, supplier, or employee relationships, (c) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and Plan of Merger by and between the Company and Southern States, (d) the failure to obtain necessary regulatory approvals for the Proposed Merger, (e) the failure to obtain the approval of the Company’s and Southern States’ shareholders in connection with the Proposed Merger, (f) the possibility that the costs, fees, expenses and charges related to the Proposed Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (g) the failure of the conditions to the Proposed Merger to be satisfied, (h) 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, (i) the diversion of management time on merger-related issues, (j) the ability of the Company to effectively manage the larger and more complex operations of the combined company following the Proposed Merger, (k) the risks associated with the Company’s pursuit of future acquisitions, (l) the risk of expansion into new geographic or product markets, (m) reputational risk and the reaction of the parties’ customers to the Proposed Merger, (n) the Company’s ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, (o) the risk of potential litigation or regulatory action related to the Proposed Merger, and (p) general competitive, economic, political, and market conditions, (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
44

attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (12) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (13) the impact, extent and timing of technological changes, (14) concentrations of credit or deposit exposure, (15) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (16) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (17) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this 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 sheet 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.

45

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 year-ended
March 31,December 31,
(dollars in thousands, except share data)2025 2024 2024 
Selected Balance Sheet Data
Cash and cash equivalents$794,706 $870,730 $1,042,488 
Investment securities, at fair value1,580,720 1,464,682 1,538,008 
Loans held for sale172,770 82,704 126,760 
Loans HFI9,771,536 9,288,909 9,602,384 
Allowance for credit losses on loans HFI(150,531)(151,667)(151,942)
Total assets13,136,449 12,548,320 13,157,482 
Interest-bearing deposits (non-brokered)8,623,636 8,191,962 8,625,113 
Brokered deposits414,428 130,845 469,089 
Noninterest-bearing deposits2,163,934 2,182,121 2,116,232 
Total deposits11,201,998 10,504,928 11,210,434 
Borrowings168,944 360,821 176,789 
Allowance for credit losses on unfunded commitments6,493 7,700 6,107 
Total common shareholders’ equity1,601,962 1,479,526 1,567,538 
Selected Statement of Income Data
Total interest income$179,706 $176,128 $725,538 
Total interest expense72,065 76,638 309,035 
Net interest income107,641 99,490 416,503 
Provisions for credit losses2,292 782 12,004 
Total noninterest income23,032 7,962 39,070 
Total noninterest expense79,549 72,420 296,899 
Income before income taxes48,832 34,250 146,670 
Income tax expense9,471 6,300 30,619 
Net income applicable to noncontrolling interest— — 16 
Net income applicable to FB Financial Corporation $39,361 $27,950 $116,035 
Net interest income (tax-equivalent basis)$108,427 $100,199 $419,091 
Per Common Share
Basic net income$0.84 $0.60 $2.48 
Diluted net income0.84 0.59 2.48 
Book value(1)
34.44 31.55 33.59 
Tangible book value(2)
29.12 26.21 28.27 
Cash dividends declared0.19 0.17 0.68 
Selected Ratios
Return on average:
Assets(3)
1.21 %0.89 %0.91 %
Common shareholders’ equity(3)
10.1 %7.70 %7.71 %
Tangible common equity(2)
11.9 %9.29 %9.24 %
Efficiency ratio60.9 %67.4 %65.2 %
Core efficiency ratio (tax-equivalent basis)(2)
59.9 %58.1 %57.3 %
Loans HFI to deposit ratio87.2 %88.4 %85.7 %
Noninterest-bearing deposits to total deposits 19.3 %20.8 %18.9 %
Net interest margin (tax-equivalent basis)3.55 %3.42 %3.51 %
Yield on interest-earning assets5.91 %6.03 %6.10 %
Cost of interest-bearing liabilities3.16 %3.56 %3.53 %
Cost of total deposits2.54 %2.76 %2.76 %
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As of or for the three months endedAs of or for the year ended
March 31,December 31,
2025 2024 2024 
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.54 %1.63 %1.58 %
Annualized net charge-offs as a percentage of average loans HFI(0.14)%(0.02)%(0.14)%
Nonperforming loans HFI as a percentage of loans HFI0.79 %0.73 %0.87 %
Nonperforming assets as a percentage of total assets(4)
0.84 %0.75 %0.93 %
Capital Ratios (Company)
Total common shareholders’ equity to assets12.2 %11.8 %11.9 %
Tangible common equity to tangible assets(2)
10.5 %9.99 %10.2 %
Tier 1 leverage11.4 %11.3 %11.3 %
Tier 1 risk-based capital13.1 %12.8 %13.1 %
Total risk-based capital15.2 %15.0 %15.2 %
Common Equity Tier 112.8 %12.6 %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 $27.2 million, $20.9 million and $31.4 million of optional rights to repurchase delinquent GNMA loans as of March 31, 2025, March 31, 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 March 31,Year Ended December 31,
2025 2024 2024 
Core efficiency ratio (tax-equivalent basis)
Total noninterest expense$79,549 $72,420 $296,899 
Less early retirement and severance costs— — 1,478 
Less FDIC special assessment— 500 500 
Less merger and integration costs401 — — 
Core noninterest expense$79,148 $71,920 $294,921 
Net interest income$107,641 $99,490 $416,503 
Net interest income (tax-equivalent basis)108,427 100,199 419,091 
Total noninterest income23,032 7,962 39,070 
Less gain (loss) from securities, net16 (16,213)(56,378)
Less (loss) gain on sales or write-downs of
    other real estate owned and other assets		(625)565 (2,167)
Less cash life insurance benefit— — 2,057 
Core noninterest income$23,641 $23,610 $95,558 
Total revenue$130,673 $107,452 $455,573 
Core revenue (tax-equivalent basis)$132,068 $123,809 $514,649 
Efficiency ratio 60.9 %67.4 %65.2 %
Core efficiency ratio (tax-equivalent basis)59.9 %58.1 %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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March 31,
December 31,
(dollars in thousands, except share data)2025 2024 2024 
Tangible assets
Total assets$13,136,449 $12,548,320 $13,157,482 
Adjustments:
Goodwill(242,561)(242,561)(242,561)
Intangibles, net(5,106)(7,920)(5,762)
Tangible assets$12,888,782 $12,297,839 $12,909,159 
Tangible common equity
Total common shareholders’ equity$1,601,962 $1,479,526 $1,567,538 
Adjustments:
Goodwill(242,561)(242,561)(242,561)
Intangibles, net(5,106)(7,920)(5,762)
Tangible common equity$1,354,295 $1,229,045 $1,319,215 
Common shares outstanding46,514,547 46,897,378 46,663,120 
Book value per common share$34.44 $31.55 $33.59 
Tangible book value per common share$29.12 $26.21 $28.27 
Total common shareholders’ equity to total assets12.2 %11.8 %11.9 %
Tangible common equity to tangible assets10.5 %9.99 %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 March 31,Year Ended December 31,
(dollars in thousands)2025 2024 2024 
Return on average tangible common equity
Total average common shareholders’ equity$1,583,958 $1,460,736 $1,505,739 
Adjustments:
Average goodwill(242,561)(242,561)(242,561)
Average intangibles, net(5,426)(8,299)(7,177)
Average tangible common equity$1,335,971 $1,209,876 $1,256,001 
Net income applicable to FB Financial Corporation$39,361 $27,950 $116,035 
Return on average common shareholders’ equity10.1 %7.70 %7.71 %
Return on average tangible common equity11.9 %9.29 %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 North Georgia. As of March 31, 2025, our footprint included 77 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.
Overview of recent financial performance
Results of operations
Three months ended March 31, 2025 compared to three months ended March 31, 2024
Our net income increased during the three months ended March 31, 2025 to $39.4 million from $28.0 million for the three months ended March 31, 2024. Diluted earnings per common share were $0.84 and $0.59 for the three months ended March 31, 2025 and 2024, respectively. Our net income represented a ROAA of 1.21% and 0.89% for the three months ended March 31, 2025 and 2024, respectively, and a ROAE of 10.1% and 7.70% for the same periods. Our ROATCE for the three months ended March 31, 2025 and 2024 were 11.9% and 9.29%, 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 $107.6 million for the three months ended March 31, 2025 compared with $99.5 million for the three months ended March 31, 2024. Net interest income for the three months ended March 31, 2025 reflected our efforts to balance the growth of our asset and deposit bases while managing the impact of interest rates. Our net interest margin, on a tax-equivalent basis, increased to 3.55% for the three months ended March 31, 2025 as compared to 3.42% for the three months ended March 31, 2024.
Provision for credit losses of $2.3 million was recognized for the three months ended March 31, 2025 and $0.8 million for the period ended March 31, 2024. The increase was primarily due to charge-off activity and increases in unfunded commitments.
Noninterest income for the three months ended March 31, 2025 increased by $15.1 million to $23.0 million, compared to $8.0 million for the three months ended March 31, 2024. The increase was primarily driven by the recognition of a $16.2 million net loss on investment securities stemming from the sale of $207.9 million of AFS debt securities during the three months ended March 31, 2024. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Noninterest expense increased to $79.5 million for the three months ended March 31, 2025, compared with $72.4 million for the three months ended March 31, 2024. The increase in noninterest expense is due to increases in salaries, commissions and employee benefits of $3.7 million, advertising of $1.3 million and other noninterest expense of $1.9 million, including a $1.0 million increase in technology and platform fees and a franchise tax benefit of $0.2 million recognized during the three months ended March 31, 2024.
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 March 31, 2025 compared to the three months ended March 31, 2024
The Banking segment contributed $47.3 million of income before taxes for the current period as compared to $32.6 million for the previous period. Net interest income totaled $105.8 million during the three months ended March 31, 2025 compared to $98.5 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $2.2 million of provision expense during the current period as compared to $0.8 million during the previous period. The Banking segment recorded noninterest income of $10.7 million in the current period as compared to a $4.8 million loss in the previous period. This increase was mainly attributable 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 $66.9 million for the current period compared to $60.2 million for the for the previous period due primarily to an increase in salaries and benefits, advertising, technology and platform fees, merger and integration costs and a minor franchise tax benefit recognized in the previous period.
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Mortgage
Three months ended March 31, 2025 compared to the three months ended March 31, 2024
The Mortgage segment contributed $1.5 million of income before taxes for the current period, as compared to $1.6 million of income before taxes in the prior period. Net interest income was $1.9 million for the current period and $1.0 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $0.1 million during the current period compared to a reversal of $0.1 million of provision expense during the prior period. Mortgage banking income remained relatively stable between periods at $12.4 million and $12.6 million in the current and prior periods, respectively.
The components of mortgage banking income for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
(dollars in thousands)2025 2024 
Mortgage banking income  
Gains and fees from origination and sale of mortgage
   loans held for sale		$5,602 $6,458 
Net change in fair value of loans held for sale and derivatives2,816 1,821 
Change in fair value on MSRs, net of hedging(3,069)(3,041)
Mortgage servicing income7,077 7,347 
Total mortgage banking income$12,426 $12,585 
Interest rate lock commitment volume$381,777 $377,166 
Interest rate lock commitment volume by purpose (%):
Purchase86.1 %84.9 %
Refinance13.9 %15.1 %
Mortgage sales$222,805 $243,461 
Mortgage sale margin2.51 %2.65 %
Closing volume$271,383 $258,352 
Outstanding principal balance of mortgage loans serviced$10,061,485 $10,651,075 
Noninterest expense for the current and prior periods were $12.6 million and $12.2 million, respectively. This increase is reflective of an increase in 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 months ended March 31, 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 months ended March 31, 2025, the U.S. Treasury yield curve fell in intermediate and longer-term maturities given uncertainty around tariffs and economic growth. In contrast, during the three months ended March 31, 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 March 31, 2025 and March 31, 2024, respectively.
Net interest income increased $8.2 million to $108.4 million for the three months ended March 31, 2025 as compared to $100.2 million for the three months ended March 31, 2024. Net interest margin was 3.55% for the three months ended March 31, 2025 compared to 3.42% for the three months ended March 31, 2024. The increases in net interest income and net interest margin were primarily driven by decreases in interest expense paid on interest-bearing deposits and increases in interest income on investment securities and interest-bearing deposits with other financial institutions.
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Interest income recognized on loans HFI decreased $2.8 million to $152.2 million for the three months ended March 31, 2025 from $155.0 million for the three months ended March 31, 2024. This decrease was attributable to a decline in the overall yield on loans HFI, partially offset by an increase in average balances. The yield on loans HFI decreased 23 basis points to 6.41% for the three months ended March 31, 2025 from 6.64% for the three months ended March 31, 2024.
The components of our loan yield for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
2025 2024 
(dollars in thousands)Interest
income		Average
yield		Interest
income		Average
yield
Loans HFI yield components:
Contractual interest rate on loans HFI(1)
$149,819 6.31 %$152,875 6.55 %
Origination and other loan fee income1,797 0.08 %1,436 0.06 %
Accretion on purchased loans2 — %387 0.02 %
Nonaccrual interest collections556 0.02 %258 0.01 %
Total loans HFI yield$152,174 6.41 %$154,956 6.64 %
(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.
Interest income on investment securities increased $4.8 million to $15.9 million for the three months ended March 31, 2025 from $11.1 million for the three months ended March 31, 2024. The increase was attributable to the increase in yield on these investments from the recent portfolio restructuring transactions. The yield on investment securities was 3.76% for the three months ended March 31, 2025, an increase of 105 basis points from 2.71% for the three months ended March 31, 2024.
Interest income on deposits with other financial institutions increased $1.8 million to $8.9 million for the three months ended March 31, 2025 from $7.1 million for the three months ended March 31, 2024. This increase is primarily volume driven as average balances increased to $811.2 million for the three months ended March 31, 2025 from $530.4 million for the three months ended March 31, 2024.
Interest expense was $72.1 million for the three months ended March 31, 2025, a decrease of $4.6 million as compared to $76.6 million for the three months ended March 31, 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 $70.2 million for the three months ended March 31, 2025, a $2.4 million decrease from the $72.6 million recognized for the three months ended March 31, 2024. The decline in interest expense on interest-bearing deposit accounts was led by declines in money market and customer time deposits which decreased $3.2 million and $1.4 million, respectively, for the three months ended March 31, 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 $3.0 million for the three months ended March 31, 2025 to the same period in the previous year, due to an increase in the average balances outstanding as we took advantage of favorable relative terms available and issued brokered deposits towards the end of 2024. The average rate paid on interest-bearing deposits was 3.13% for the three months ended March 31, 2025 compared to 3.49% for the three months ended March 31, 2024.
Interest expense recognized on other borrowings decreased $1.6 million to $6 thousand for the three months ended March 31, 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 March 31,
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)
$9,621,057 $152,174 6.41 %$9,386,794 $154,956 6.64 %
Mortgage loans held for sale93,944 1,433 6.19 %48,566 851 7.05 %
Investment securities:
Taxable1,541,868 14,471 3.81 %1,399,237 9,105 2.62 %
Tax-exempt (2)
167,958 1,397 3.37 %241,379 1,950 3.25 %
Total investment securities (2)
1,709,826 15,868 3.76 %1,640,616 11,055 2.71 %
Federal funds sold and reverse repurchase agreements123,390 1,374 4.52 %155,380 2,126 5.50 %
Interest-bearing deposits with other financial institutions811,216 8,902 4.45 %530,390 7,066 5.36 %
FHLB stock32,493 741 9.25 %34,051 783 9.25 %
Total interest-earning assets (2)
12,391,926 180,492 5.91 %11,795,797 176,837 6.03 %
Noninterest-earning assets:
Cash and due from banks123,158 167,732 
Allowance for credit losses on loans HFI(152,234)(150,605)
Other assets (3)(4)
844,119 777,155 
Total noninterest-earning assets815,043 794,282 
Total assets$13,206,969 $12,590,079 
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking$2,840,211 $18,267 2.61 %$2,539,084 $19,016 3.01 %
Money market deposits4,083,754 34,360 3.41 %3,849,080 37,570 3.93 %
Savings deposits353,865 66 0.08 %377,963 62 0.07 %
Customer time deposits1,373,045 12,702 3.75 %1,457,377 14,124 3.90 %
Brokered and internet time deposits443,923 4,854 4.43 %140,292 1,853 5.31 %
Time deposits1,816,968 17,556 3.92 %1,597,669 15,977 4.02 %
Total interest-bearing deposits9,094,798 70,249 3.13 %8,363,796 72,625 3.49 %
Other interest-bearing liabilities:
Securities sold under agreements to
   repurchase and federal funds purchased		11,046 6 0.22 %24,219 149 2.47 %
Subordinated debt130,755 1,804 5.60 %129,718 2,286 7.09 %
Other borrowings 1,220 6 1.99 %131,318 1,578 4.83 %
Total other interest-bearing liabilities143,021 1,816 5.15 %285,255 4,013 5.66 %
Total interest-bearing liabilities9,237,819 72,065 3.16 %8,649,051 76,638 3.56 %
Noninterest-bearing liabilities:
Demand deposits2,134,924 2,227,175 
Other liabilities(4)
250,175 253,024 
Total noninterest-bearing liabilities2,385,099 2,480,199 
Total liabilities11,622,918 11,129,250 
FB Financial Corporation common
   shareholders’ equity		1,583,958 1,460,736 
Noncontrolling interest93 93 
         Shareholders’ equity1,584,051 1,460,829 
Total liabilities and shareholders’ equity$13,206,969 $12,590,079 
Net interest income (tax-equivalent basis)(2)
$108,427 $100,199 
Interest rate spread (tax-equivalent basis)(2)
2.75 %2.47 %
Net interest margin (tax-equivalent basis) (2)(5)
3.55 %3.42 %
Cost of total deposits2.54 %2.76 %
Average interest-earning assets to average
     interest-bearing liabilities		134.1 %136.4 %
(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 a U.S. federal income tax rate and, where applicable, state income tax to increase tax-exempt interest income to a tax-equivalent basis. The net tax-equivalent adjustment amounts included in income were $0.8 million and $0.7 million for three months ended March 31, 2025 and 2024, respectively.
(3)Includes average net unrealized losses on investment securities available for sale of $132.3 million and $194.1 million for the three months ended March 31, 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 $30.7 million and $20.8 million for the three months ended March 31, 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.






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Yield/rate and volume analysis
The tables below present the components of the changes in net interest income for the three months ended March 31, 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 March 31, 2025 compared to three months ended March 31, 2024 due to changes in
(dollars in thousands)VolumeYield/rateNet increase
(decrease)
Interest-earning assets:
Loans HFI(1)(2)
$3,705 $(6,487)$(2,782)
Loans held for sale - mortgage692 (110)582 
Investment securities:
   Taxable1,339 4,027 5,366 
   Tax-exempt(2)
(611)58 (553)
Federal funds sold and reverse repurchase agreements
(356)(396)(752)
Interest-bearing deposits with other financial institutions3,082 (1,246)1,836 
FHLB stock(36)(6)(42)
Total interest income(2)
7,815 (4,160)3,655 
Interest-bearing liabilities:
Interest-bearing checking deposits1,937 (2,686)(749)
Money market deposits1,975 (5,185)(3,210)
Savings deposits(4)8 4 
Customer time deposits(780)(642)(1,422)
Brokered and internet time deposits3,320 (319)3,001 
Securities sold under agreements to repurchase and federal funds
   purchased		(7)(136)(143)
Subordinated debt14 (496)(482)
Other borrowings(640)(932)(1,572)
Total interest expense5,815 (10,388)(4,573)
Change in net interest income(2)
$2,000 $6,228 $8,228 
(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 $0.8 million and $0.7 million for the three months ended March 31, 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. 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.
Our allowance for credit losses calculation as of March 31, 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. Our calculation as of March 31, 2025 included economic forecasts for unemployment, gross domestic product, as well as other macroeconomic events which may impact our loan portfolio, such as supply chain concerns, global conflicts and possible tariffs. These factors may continue to lead to increased volatility in forecasted macroeconomic variables, a key input to our calculated level of allowance for credit losses.
We recognized a provision for credit losses on loans HFI for both the three months ended March 31, 2025 and 2024 of $1.9 million. The current period provision on loans HFI is due to growth in loan balances in most categories and charge-off
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activity offset by notable decreases in multi-family and construction lending and slight improvement in economic forecasts. For the three months ended March 31, 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 $0.4 million and a reversal of $1.1 million for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the increase in provision for credit losses on unfunded commitments was driven by an increase in outstanding construction commitments partially offset by a broader decrease of outstanding commitment balances across other categories from year end balances. The increase in construction unfunded commitments was attributable to reduced utilization of existing construction lines which caused an increase in the available commitment in these relationships. The reversal of provision for credit losses on unfunded commitments for the three months ended March 31, 2024 is primarily due to management's concentrated effort to reduce unfunded loan commitments during the period including a $135.3 million decrease in our construction category as these projects moved to permanent financing for the three months ended March 31, 2024. As such, this resulted in a $1.0 million decrease in required ACL related to the unfunded commitments in our construction portfolio for the three months ended March 31, 2024.
During the three months ended March 31, 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 March 31, 2025 and 2024.
Noninterest income
The following table sets forth the components of noninterest income for the periods indicated:
 Three Months Ended March 31,
(dollars in thousands)2025 2024 
Mortgage banking income$12,426 $12,585 
Investment services and trust income3,711 3,230 
Service charges on deposit accounts3,479 3,141 
ATM and interchange fees2,677 2,944 
Gain (loss) from investment securities, net16 (16,213)
(Loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets(625)565 
Other income1,348 1,710 
Total noninterest income$23,032 $7,962 
Noninterest income amounted to $23.0 million for the three months ended March 31, 2025, an increase of $15.1 million, as compared to $8.0 million for the three months ended March 31, 2024. Excluding the recognition of the $16.2 million of net loss from investment securities sales recognized during the three months ended March 31, 2024, noninterest income declined $1.2 million.
The increase in total noninterest income was driven by the net loss from investment securities during the three months ended March 31, 2024, offset by a net loss on sales or write-downs of premises and equipment, other real estate owned and other assets.
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 $12.4 million for the three months ended March 31, 2025, a decrease of $0.2 million compared to the prior period.
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 March 31, 2025 to $3.7 million as compared to $3.2 million during the three months ended March 31, 2024. The increase is primarily attributable to fees earned from higher assets under management stemming from existing account growth.
Service charges on deposit accounts include overdraft fees, account analysis fees and other customer transaction-related service charges. Service charges on deposit accounts increased $0.3 million during the three months ended March 31, 2025 to $3.5 million as compared to $3.1 million during the three months ended March 31, 2024.
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ATM and interchange fees represent income related to customers' utilization of their debit cards and interchange income. ATM and interchange fees were $2.7 million for the three months ended March 31, 2025, compared to $2.9 million for the three months ended March 31, 2024.
Net loss from investment securities was $16 thousand for the three months ended March 31, 2025 compared to a net loss of $16.2 million for the three months ended March 31, 2024. The net gain from investment securities during the three months ended March 31, 2025 stemmed from gains on called AFS debt securities while the net loss in the prior year primarily related to the sale of $207.9 million of AFS debt securities during that period.
Net loss on sales or write-downs of premises and equipment, other real estate owned and other assets was $0.6 million for the three months ended March 31, 2025 compared to a net gain of $0.6 million for the three months ended March 31, 2024. The loss on sales or write-downs of premises and equipment, other real estate owned and other assets during the three months ended March 31, 2025 is primarily due to a $0.5 million decrease in gain on disposal of fixed assets and a loss of $0.5 million on sale of other real estate owned.
Other income is comprised of income recognized that does not typically fit into one of the other noninterest income categories and includes components such as BOLI income, swap fees, and equity investments income. Other income decreased $0.4 million to $1.3 million during the three months ended March 31, 2025 as compared to $1.7 million during the three months ended March 31, 2024. This decrease was primarily related to a $0.5 million loss associated with our proportionate share of loss of our equity method investment during the three months ended March 31, 2025.
Noninterest expense
The following table sets forth the components of noninterest expense for the periods indicated:
 Three Months Ended March 31,
(dollars in thousands)2025 2024 
Salaries, commissions and employee benefits$48,351 $44,618 
Occupancy and equipment expense6,597 6,614 
Advertising2,487 1,171 
Data processing 2,313 2,408 
Legal and professional fees1,992 1,919 
Amortization of core deposit and other intangibles656 789 
Merger and integration costs401 — 
Other expense16,752 14,901 
Total noninterest expense$79,549 $72,420 
Noninterest expense increased by $7.1 million, or 10%, during the three months ended March 31, 2025 to $79.5 million as compared to $72.4 million in the three months ended March 31, 2024. The increase in noninterest expense was attributable to increases in salaries and employee benefits, advertising, merger and integration costs and other noninterest 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 March 31, 2025, salaries, commissions and employee benefits expense increased $3.7 million, or 8%, to $48.4 million as compared to $44.6 million for the three months ended March 31, 2024. This change was driven by an increase in the overall headcount of the organization, increases in the benefit costs, as well as higher performance-based compensation attributable to positive 2024 financial results.
Occupancy and equipment expense includes occupancy, depreciation and equipment expense. Occupancy and equipment expense of $6.6 million was recognized for both the three months ended March 31, 2025 and 2024.
Data processing is comprised of all third-party core operating system and processing charges as well as payroll processing. Data processing fees were $2.3 million for the three months ended March 31, 2025, compared to $2.4 million for the three months ended March 31, 2024.
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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 $2.0 million and $1.9 million for the three months ended March 31, 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 March 31, 2025, advertising expense increased $1.3 million to $2.5 million compared to $1.2 million during the three months ended March 31, 2024. This increase was primarily attributable to customer marketing campaigns during three months ended March 31, 2025 combined with favorable, volume based marketing rebate activity recorded in the prior year period.
Amortization of core deposit and other intangibles were $0.7 million for the three months ended March 31, 2025, compared to $0.8 million for the three months ended March 31, 2024.
Merger and integration costs were $0.4 million for the three months ended March 31, 2025 associated with the recently announced and proposed merger with Southern States Bancshares, Inc.
Other noninterest expense primarily includes mortgage servicing expenses, regulatory fees and deposit insurance assessments, software license and maintenance fees and various other miscellaneous expenses. Other noninterest expense increased $1.9 million during the three months ended March 31, 2025 to $16.8 million compared to $14.9 million during the three months ended March 31, 2024. The increase was primarily related to technology and platform fee increases, as well as a minor franchise tax benefit recognized in the prior year period.
Efficiency ratio
The efficiency ratio is one measure of productivity in the banking industry. This ratio is a measure of 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. This ratio is calculated by dividing noninterest expense by the sum of net interest income and noninterest income. For a core efficiency ratio, we exclude certain gains, losses and expenses we do not consider core to our business.
Our efficiency ratio was 60.9% and 67.4% for the three months ended March 31, 2025 and 2024, respectively. Our adjusted efficiency ratio, on a tax-equivalent basis, was 59.9% and 58.1% for the three months ended March 31, 2025 and 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 expense was $9.5 million and $6.3 million for the three months ended March 31, 2025 and 2024, respectively. This represents effective tax rates of 19.4% and 18.4% for the three months ended March 31, 2025 and 2024, respectively. The primary differences from the enacted Federal rates are applicable state income taxes and certain expenses that are not deductible, reduced for non-taxable income. Refer to Note 7 “Income taxes” in the notes to the consolidated financial statements for additional information regarding the Company's income tax expense and effective tax rates.
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Financial condition
The following discussion of our financial condition compares balances as of March 31, 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:
March 31,December 31,
 2025 2024 
(dollars in thousands)CommittedAmount Outstanding% of total outstandingCommittedAmount Outstanding% of total outstanding
Loan Type:    
Commercial and industrial
$3,132,472 $1,782,981 18 %$3,062,626 $1,691,213 18 %
Construction1,563,291 1,022,299 10 %1,585,865 1,087,732 11 %
Residential real estate:
1-to-4 family mortgage1,637,668 1,632,574 17 %1,624,053 1,616,754 17 %
Residential line of credit1,357,281 613,868 6 %1,336,506 602,475 6 %
Multi-family mortgage657,912 648,326 7 %665,813 653,769 7 %
Commercial real estate:
Owner-occupied1,424,573 1,356,007 14 %1,436,424 1,357,568 14 %
Non-owner occupied2,217,773 2,153,825 22 %2,154,027 2,099,129 22 %
Consumer and other576,203 561,656 6 %507,175 493,744 5 %
Total loans$12,567,173 $9,771,536 100 %$12,372,489 $9,602,384 100 %
Our loans HFI portfolio is our most significant earning asset, comprising 74.4% and 73.0% of our total assets at March 31, 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 March 31, 2025 and December 31, 2024, loans HFI included approximately $215.9 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 March 31, 2025 and 2024, we sold $1.1 million and $8.0 million in 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 March 31, 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 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
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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 March 31, 2025 and December 31, 2024.
As a percentage (%) of tier 1 capital plus allowance for credit losses
FirstBankFB Financial Corporation
March 31, 2025
Construction64.5 %62.1 %
Commercial real estate243.3 %234.3 %
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 may also include collateralization by inventory, accounts receivable, equipment and personal guarantees.
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, including manufactured homes with real estate, which are both owner-occupied and investor owned. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral.
Residential line of credit loans.
Our residential line of credit loans are primarily revolving, open-end lines of credit secured by 1-to-4 residential properties. Repayment depends primarily upon 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, churches and agricultural based 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, assisted living facilities and agricultural based 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. 
Consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans, manufactured homes (without real estate) 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. Other loans also include 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.
March 31, 2025
(dollars in thousands)CommittedAmount OutstandingNonperforming
Commercial and industrial
Real estate rental and leasing$463,155 $277,699 $412 
Finance and insurance437,963 284,339 — 
Construction376,286 107,843 684 
Manufacturing261,758 174,401 — 
Wholesale trade212,908 118,676 151 
Professional, scientific and technical services207,951 126,803 9 
Information205,910 115,261 — 
Educational services164,028 40,482 — 
Retail trade122,225 87,298 2,347 
Other services (except public administration)120,057 75,280 17 
Administrative and support and waste management and
   remediation services		107,235 68,953 — 
Health care and social assistance96,716 58,714 475 
Transportation and warehousing92,732 84,644 4,142 
Accommodation and food services63,578 55,570 104 
Arts, entertainment and recreation59,394 34,230 — 
Management of companies and enterprises45,007 26,691 — 
Other 95,569 46,097 414 
Total $3,132,472 $1,782,981 $8,755 
Commercial real estate owner-occupied
Real estate rental and leasing$254,516 $239,937 $— 
Other services (except public administration)204,482 198,857 3,476 
Retail trade180,047 174,228 958 
Health care and social assistance124,457 121,372 212 
Manufacturing119,255 116,559 45 
Accommodation and food services108,166 107,337 — 
Wholesale trade81,321 78,448 — 
Construction76,782 67,631 — 
Transportation and warehousing76,280 62,969 — 
Professional, scientific and technical services38,431 37,451 92 
Arts, entertainment and recreation37,975 35,912 — 
Agriculture, forestry, fishing and hunting25,973 23,359 676 
Educational services18,792 18,615 — 
Management of companies and enterprises18,613 16,443 — 
Finance and insurance18,228 16,596 2,668 
Administrative and support and waste management and
   remediation services		15,119 14,188 506 
Other 26,136 26,105 10 
Total $1,424,573 $1,356,007 $8,643 
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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.
March 31, 2025
(dollars in thousands)CommittedAmount OutstandingNonperforming
Commercial real estate non-owner occupied
Retail$491,131 $480,509 $3,512 
Office376,265 364,890 14 
Warehouse and industrial373,005 344,545 — 
Hotel318,830 318,597 2,649 
Assisted living and special care facilities147,418 147,358 — 
Self-storage138,045 137,051 — 
Land-Manufactured housing111,754 109,960 — 
Healthcare facility80,632 80,480 — 
Restaurants, bars and event venues37,410 32,223 — 
Recreation, sports and entertainment35,839 34,714 — 
Other 107,444 103,498 — 
Total $2,217,773 $2,153,825 $6,175 
Construction
Consumer:
Construction$203,041 $134,969 $2,711 
Land40,698 33,761 26 
Commercial:
Land263,219 222,705 1,654 
Multi-family181,743 124,962 — 
Office27,504 17,199 5,999 
Retail23,665 18,314 — 
Recreation, sports and entertainment18,252 8,930 — 
Self-storage12,721 358 — 
Convenience store and gas station8,494 7,274 — 
Car wash3,973 3,973 — 
Other58,871 21,148 — 
Residential Development:
Construction565,339 326,390 — 
Land122,650 69,759 — 
Lots33,121 32,557 — 
Total $1,563,291 $1,022,299 $10,390 




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Loan maturity and sensitivities
The following table presents the contractual maturities of our loan portfolio as of March 31, 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.
March 31, 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$791,429 $828,675 $162,137 $740 $1,782,981 
Construction503,845 466,252 49,585 2,617 1,022,299 
Residential real estate:
1-to-4 family mortgage100,282 506,539 185,193 840,560 1,632,574 
Residential line of credit65,968 107,174 440,726 — 613,868 
Multi-family mortgage91,024 419,012 117,990 20,300 648,326 
Commercial real estate:
Owner-occupied137,535 847,070 358,796 12,606 1,356,007 
Non-owner occupied293,744 1,278,564 572,424 9,093 2,153,825 
Consumer and other35,186 87,568 108,715 330,187 561,656 
Total ($)$2,019,013 $4,540,854 $1,995,566 $1,216,103 $9,771,536 
Total (%)20.7 %46.5 %20.4 %12.4 %100.0 %
For loans due after one year or more, the following table presents the interest rate composition for loans outstanding as of March 31, 2025.
March 31, 2025
Loan type (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
Commercial and industrial$440,654 $550,898 $991,552 
Construction121,123 397,331 518,454 
Residential real estate:
1-to-4 family mortgage1,134,267 398,025 1,532,292 
Residential line of credit4,008 543,892 547,900 
Multi-family mortgage314,729 242,573 557,302 
Commercial real estate:
Owner-occupied842,776 375,696 1,218,472 
Non-owner occupied982,310 877,771 1,860,081 
Consumer and other469,016 57,454 526,470 
Total ($)$4,308,883 $3,443,640 $7,752,523 
Total (%)55.6 %44.4 %100.0 %
The following table presents the contractual maturities of our loan portfolio segregated into fixed and floating interest rate loans as of March 31, 2025.
March 31, 2025
Contractual maturity (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
One year or less$611,020$1,407,993$2,019,013
One to five years2,443,7082,097,1464,540,854
Five to fifteen years979,1031,016,4631,995,566
Over fifteen years886,072330,0311,216,103
Total ($)$4,919,903$4,851,633$9,771,536
Total (%)50.3 %49.7 %100.0 %


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Of the loans shown above with floating interest rates as of March 31, 2025, many have interest rate floors as follows:
Loans with interest rate floors (dollars in thousands)Maturing in one year or less Weighted average level of support (bps) Maturing in one to five years Weighted average level of support (bps) Maturing in five years to fifteen years Weighted average level of support (bps) Maturing after
fifteen years		Weighted average level of support (bps)TotalWeighted average level of support (bps)
Loans with
   current rates
   above floors:
1-25 bps$2,285 25 $15,002 15 $797 3 $— — $18,084 15 
26-50 bps5,637 49 55,617 35 901 50 197 50 62,352 36 
51-75 bps1,911 75 19,757 68 576 75 4,731 69 26,975 69 
76-100 bps19,508 100 50,649 90 10,092 96 1,422 96 81,671 93 
101-200 bps149,104 171 229,472 161 49,917 171 11,048 131 439,541 165 
201-300 bps217,928 274 378,601 257 242,781 275 32,514 271 871,824 267 
301-400 bps351,345 359 325,260 365 326,064 366 42,237 361 1,044,906 363 
401-500 bps275,128 427 271,005 435 169,670 435 208,476 438 924,279 433 
501-600 bps3,636 592 3,304 579 10,848 559 1,344 525 19,132 566 
601 bps and
   above		4,514 1,021 26,055 646 2,527 693 2,229 745 35,325 704 
Total loans with
    current rates
    above floors		$1,030,996 328 $1,374,722 289 $814,173 341 $304,198 393 $3,524,089 321 
Loans at interest
    rate floors
    providing
    support:
1-25 bps$2,384 25 $13,230 20 $381 2 $130 2 $16,125 20 
26-50 bps3,373 50 8,942 31 1,840 27 — — 14,155 35 
51-75 bps232 75 1,894 52 528 68 — — 2,654 57 
76-100 bps900 100 410 77 — — — — 1,310 93 
101-200 bps30 117 240 102 — — — — 270 104 
Total loans at
    interest rate
    floors
    providing
    support		$6,919 49 $24,716 28 $2,749 31 $130 2 $34,514 32 
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 March 31, 2025 and December 31, 2024, we had $110.4 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 $0.3 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively. Additionally, we had net interest recoveries on nonperforming assets previously charged off of $0.6 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively.
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Nonperforming loans HFI decreased by $6.5 million to $77.2 million as of March 31, 2025 compared to $83.7 million as of December 31, 2024. The decrease in nonperforming loans primarily occurred in our 1-to-4 family mortgage residential real estate, commercial and industrial and construction portfolios.
As of March 31, 2025 and December 31, 2024, we had $27.2 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 March 31, 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 $2.8 million and $2.4 million as of March 31, 2025 and December 31, 2024, respectively.
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:
March 31,December 31,
(dollars in thousands)2025 20242024 
Loan Type:  
Commercial and industrial$8,755 $24,643 $10,391 
Construction10,390 5,662 11,453 
Residential real estate:
1-to-4 family mortgage24,579 18,435 27,944 
Residential line of credit2,203 2,209 1,894 
Multi-family mortgage21 31 21 
Commercial real estate:
Owner-occupied8,643 3,069 9,645 
Non-owner occupied6,175 3,250 6,179 
Consumer and other16,394 10,451 16,178 
Total nonperforming loans HFI$77,160 $67,750 $83,705 
Mortgage loans held for sale(1)
27,152 20,876 31,357 
Other real estate owned3,326 3,613 4,409 
Other repossessed assets2,791 1,834 2,444 
Total nonperforming assets$110,429 $94,073 $121,915 
Nonperforming loans HFI as a percentage of total loans HFI0.79 %0.73 %0.87 %
Nonperforming assets as a percentage of total assets0.84 %0.75 %0.93 %
Nonaccrual loans HFI as a percentage of loans HFI0.50 %0.59 %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 March 31, 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 $41.9 million at March 31, 2025 as compared to $47.9 million at December 31, 2024. The decrease from December 31, 2024 to March 31, 2025 primarily occurred within our 1-to-4 family mortgage residential real estate, commercial real estate owner occupied and construction portfolios offset with an increase in our commercial and industrial portfolio.
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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.
We calculate our expected credit loss using a lifetime loss rate methodology. We utilize probability-weighted forecasts, which consider multiple macroeconomic variables that are applicable to each type of loan. 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 methodology.
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: 
March 31,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$15,521 0.87 %$16,667 0.99 %
Construction25,652 2.51 %31,698 2.91 %
Residential real estate:
   1-to-4 family mortgage26,200 1.60 %25,340 1.57 %
   Residential line of credit11,196 1.82 %10,952 1.82 %
   Multi-family mortgage11,416 1.76 %10,512 1.61 %
Commercial real estate:
   Owner-occupied12,074 0.89 %11,993 0.88 %
   Non-owner occupied28,319 1.31 %25,531 1.22 %
Consumer and other20,153 3.59 %19,249 3.90 %
    Total allowance for credit losses on loans HFI$150,531 1.54 %$151,942 1.58 %

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The following table summarizes activity in our allowance for credit losses on loans HFI during the periods indicated:
 Three Months Ended March 31,Year Ended
December 31,
(dollars in thousands)2025 2024 2024 
Allowance for credit losses on loans HFI at beginning of period$151,942 $150,326 $150,326 
Charge-offs:
Commercial and industrial(2,901)(43)(11,080)
Construction— (92)(122)
Residential real estate:
1-to-4 family mortgage(3)— (439)
Residential line of credit— (20)(73)
Commercial real estate:
Owner-occupied(17)— — 
Consumer and other(972)(772)(3,051)
Total charge-offs$(3,893)$(927)$(14,765)
Recoveries:
Commercial and industrial$42 $14 $428 
Residential real estate:
1-to-4 family mortgage9 56 84 
Residential line of credit— — 18 
Commercial real estate:
Owner-occupied21 40 245 
Non-owner occupied1 — — 
Consumer and other503 306 939 
Total recoveries$576 $416 $1,714 
Net charge-offs(3,317)(511)(13,051)
Provision for credit losses on loans HFI1,906 1,852 14,667 
Allowance for credit losses on loans HFI at the end of period$150,531 $151,667 $151,942 
Ratio of net charge-offs during the period to average loans outstanding during the
     period		(0.14)%(0.02)%(0.14)%
Allowance for credit losses on loans HFI as a percentage of loans 1.54 %1.63 %1.58 %
Allowance for credit losses on loans HFI as a percentage of nonaccrual loans HFI308.9 %276.3 %256.0 %
Allowance for credit losses on loans HFI as a percentage of nonperforming loans 195.1 %223.9 %181.5 %

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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 HFINet (charge-offs) recoveriesAverage loans HFIRatio of net (charge-offs) recoveries to average loans HFI
(dollars in thousands)
Three Months Ended March 31, 2025
Commercial and industrial$1,713 $(2,859)$1,680,148 (0.69)%
Construction(6,046)— 1,066,337 — %
Residential real estate:
1-to-4 family mortgage854 6 1,625,880 — %
Residential line of credit244 — 605,413 — %
Multi-family mortgage904 — 632,646 — %
Commercial real estate:
Owner-occupied77 4 1,347,025 — %
Non-owner occupied2,787 1 2,093,165 — %
Consumer and other1,373 (469)570,443 (0.33)%
Total$1,906 $(3,317)$9,621,057 (0.14)%
Three Months Ended March 31, 2024
Commercial and industrial$(2,298)$(29)$1,709,052 (0.01)%
Construction2,028 (92)1,323,850 (0.03)%
Residential real estate:
1-to-4 family mortgage(433)56 1,574,970 0.01 %
Residential line of credit470 (20)533,924 (0.02)%
Multi-family mortgage131 — 614,019 — %
Commercial real estate:
Owner-occupied56 40 1,235,782 0.01 %
Non-owner occupied984 — 1,976,451 — %
Consumer and other914 (466)418,746 (0.45)%
Total$1,852 $(511)$9,386,794 (0.02)%
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)%
The ACL on loans HFI was $150.5 million and $151.9 million and represented 1.54% and 1.58% of loans HFI as of March 31, 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 three months ended March 31, 2025, we experienced net charge-offs of $3.3 million, or 0.14% of average loans HFI, compared to net charge-offs of $0.5 million, or 0.02% for the three months ended March 31, 2024. The increase was driven by a $2.8 million full charge-off of a single commercial and industrial relationship during the three months ended March 31, 2025. Our ratio of total nonperforming loans HFI as a percentage of total loans HFI decreased by 8 basis points to 0.79% as of March 31, 2025 compared to December 31, 2024. See above within this section for further information related to this decrease.
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.
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We also maintain an allowance for credit losses on unfunded commitments in other liabilities, which increased to $6.5 million as of March 31, 2025 from $6.1 million as of December 31, 2024 due to a $25.5 million increase in unfunded loan commitments during the period. Notably, construction unfunded loan commitments increased during the three months ended March 31, 2025 due to reduced utilization on existing revolving lines and a seasonal increase in new projects.
Loans held for sale
Mortgage loans held for sale consisted of $145.6 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $27.2 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.
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 $11.20 billion and $11.21 billion as of March 31, 2025 and December 31, 2024, respectively.
Noninterest-bearing deposits at March 31, 2025 and December 31, 2024 were $2.16 billion and $2.12 billion, respectively which include mortgage escrow deposits which increased to $94.0 million as of March 31, 2025 from $69.0 million as of December 31, 2024.
Our interest-bearing deposits were $9.04 billion and $9.09 billion at March 31, 2025 and December 31, 2024, respectively.
Interest-bearing checking deposits decreased to $2.78 billion at March 31, 2025 as compared to $2.91 billion at December 31, 2024. The decrease was a result of management's effort to manage down higher cost deposits.
Partially offsetting the decrease in interest-bearing checking was our deposits from municipal and governmental entities, also known as public funds, which increased by $82.8 million during the period. The increase in public funds was largely due to seasonal inflows.
Money market and savings deposits accounts increased by $144.4 million from December 31, 2024 primarily due to seasonal factors.
Customer time deposits decreased by $16.4 million from December 31, 2024 which was largely driven by management's decision not to renew certain maturing deposits given the change in market interest rates.
Additionally, brokered and internet time deposits decreased by $54.7 million to $414.4 million as of March 31, 2025 compared to December 31, 2024 as a result of brokered deposits being paid down.
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.

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The following table sets forth the distribution by type of our deposit accounts as of the dates indicated:
March 31,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$2,163,934 19 %— %$2,116,232 19 %— %
Interest-bearing checking2,776,958 25 %2.61 %2,906,425 26 %3.05 %
Money market4,126,348 37 %3.41 %3,986,777 36 %3.84 %
Savings deposits356,560 3 %0.08 %351,706 3 %0.07 %
Customer time deposits1,363,770 12 %3.75 %1,380,205 12 %3.97 %
Brokered and internet time deposits414,428 4 %4.43 %469,089 4 %4.86 %
Total deposits$11,201,998 100 %2.54 %$11,210,434 100 %2.76 %
Customer Time Deposits(2)
0.00-1.00%$80,558 6 %$65,302 5 %
1.01-2.00%57,227 4 %63,582 5 %
2.01-3.00%143,626 11 %74,171 5 %
3.01-4.00%524,302 38 %264,863 19 %
4.01-5.00%535,519 39 %875,916 63 %
Above 5.00%22,538 2 %36,371 3 %
Total customer time deposits$1,363,770 100 %$1,380,205 100 %
Brokered and Internet Time Deposits(2)
0.00-1.00%$— — %$— — %
1.01-2.00%— — %— — %
2.01-3.00%— — %— — %
3.01-4.00%169,088 41 %169,088 36 %
4.01-5.00%199,725 48 %199,888 43 %
Above 5.00%45,615 11 %100,113 21 %
Total brokered and internet time deposits$414,428 100 %$469,089 100 %
Total time deposits$1,778,198 $1,849,294 
(1) Average rates are presented for the three months ended March 31, 2025 and the year ended December 31, 2024, respectively.
(2) Rates are presented as of period-end.

Further details related to our deposit customer base is presented below as of the dates indicated:
March 31,December 31,
2025 2024 
(dollars in thousands)Amount% of total deposits Amount% of total deposits
Deposits by customer segment(1)
Consumer$4,868,544 43 %$4,853,609 43 %
Commercial4,695,923 42 %4,802,105 43 %
Public1,637,531 15 %1,554,720 14 %
Total deposits$11,201,998 100 %$11,210,434 100 %
(1) Segments are determined based on the customer account level.




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The tables below set forth maturity information on time deposits and amounts in excess of the FDIC insurance limit as of March 31, 2025:
(dollars in thousands)AmountWeighted average interest rate at period end
Time deposits of $250 and less    
Months to maturity:
Three or less$420,627 4.14 %
Over Three to Six423,226 3.82 %
Over Six to Twelve227,054 3.29 %
Over Twelve253,697 3.30 %
Total$1,324,604 3.73 %
Time deposits of greater than $250
Months to maturity:
Three or less$171,733 4.35 %
Over Three to Six172,140 3.88 %
Over Six to Twelve66,686 3.48 %
Over Twelve43,035 3.07 %
Total$453,594 3.92 %
Uninsured deposits are defined as the portion of deposit accounts in U.S. offices 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:
March 31,December 31,
2025 2024 
Estimated insured or collateralized deposits(1)
$8,210,241 $8,346,796 
Estimated uninsured and uncollateralized deposits(1)
$2,991,757 $2,863,638 
Estimated uninsured and uncollateralized deposits as a % of total deposits(1)
26.7 %25.5 %
Estimated uninsured deposits(2)
$4,676,572 $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.

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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 $61.8 million and $61.1 million at March 31, 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 $48.2 million and $64.8 million at March 31, 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 $1.58 billion and $1.54 billion as of March 31, 2025 and December 31, 2024, respectively. Included in the fair value of AFS debt securities were net unrealized losses of $128.2 million and $141.4 million as of March 31, 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 months ended March 31, 2025, there were no AFS debt securities sold and we purchased $103.7 million of AFS debt securities. Maturities, prepayments and calls of AFS debt securities totaled $74.9 million for the three months ended March 31, 2025.
During the three months ended March 31, 2024, we sold $207.9 million of AFS debt securities. The sales contributed to a pre-tax 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 in order increase the effective yield of our portfolio. Including the reinvestment of these proceeds, we purchased $281.6 million of AFS debt securities during the three months ended March 31, 2024 and had maturities, prepayments and calls of AFS debt securities which totaled $66.6 million.















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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:
March 31,
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 years226,826 14.3 %4.73 %207,220 13.5 %5.28 %
Maturing after ten years376,116 23.8 %5.03 %355,787 23.1 %5.47 %
Total U.S. government agency securities602,942 38.1 %4.92 %563,007 36.6 %5.40 %
Municipal securities:
Maturing within one year304 — %3.57 %548 — %4.26 %
Maturing in one to five years4,209 0.3 %3.76 %3,611 0.2 %3.56 %
Maturing in five to ten years18,214 1.2 %3.03 %15,723 1.0 %3.06 %
Maturing after ten years122,669 7.8 %2.94 %127,975 8.3 %2.93 %
Total municipal securities145,396 9.3 %2.96 %147,857 9.5 %2.96 %
Mortgage-backed securities - residential and commercial:
Maturing within one year2,218 0.1 %3.48 %2,222 0.1 %3.35 %
Maturing in one to five years313 — %2.12 %343 — %2.16 %
Maturing in five to ten years13,360 0.8 %2.75 %13,424 0.9 %2.73 %
Maturing after ten years815,493 51.6 %3.06 %809,867 52.8 %3.10 %
Total mortgage-backed securities - residential and commercial831,384 52.5 %3.06 %825,856 53.8 %3.09 %
Corporate securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years998 0.1 %7.34 %989 0.1 %7.98 %
Maturing in five to ten years— — %— %— — %— %
Maturing after ten years— — %— %— — %— %
Total corporate securities998 0.1 %7.34 %989 0.1 %7.98 %
          Total AFS debt securities$1,580,720 100.0 %3.76 %$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 may also obtain advances from the FHLB, borrow from the Federal Reserve’s Discount Window, one-off borrowing programs from the Federal Reserve, purchase federal funds and engage in overnight borrowing with correspondent banks, or enter into client repurchase agreements. We also 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 $9.8 million and $13.5 million at March 31, 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 March 31, 2025 or December 31, 2024.
FHLB short-term 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 March 31, 2025 and December 31, 2024 had total borrowing capacity of $1.48 billion and $1.40 billion, respectively. As of March 31, 2025 and December 31, 2024, we had qualifying loans pledged as collateral securing these lines amounting to $2.70 billion and $2.61 billion, respectively. There were no FHLB advances outstanding as of March 31, 2025 or December 31, 2024.
Subordinated debt
During the year ended December 31, 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, during the year ended December 31, 2020, we placed $100.0 million of ten year fixed-to-floating rate subordinated notes, maturing September 1, 2030.
Further information related to our subordinated debt as of March 31, 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(129)
        Total subordinated debt, net$130,801 
(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 March 31, 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 $27.2 million and $31.4 million as of March 31, 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 March 31, 2025 and December 31, 2024, we had pledged securities with carrying values of $877.6 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 March 31, 2025 or December 31, 2024. As of March 31, 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 March 31, 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 March 31, 2025 or December 31, 2024. As of both March 31, 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:
March 31,December 31,
(dollars in thousands)2025 2024 
Current on-balance sheet liquidity:
   Cash and cash equivalents$794,706 $1,042,488 
   Unpledged AFS debt securities703,117 600,965 
Total on-balance sheet liquidity$1,497,823 $1,643,453 
Available sources of liquidity:
   Unsecured borrowing capacity(1)
$3,369,107 $3,318,091 
   FHLB remaining borrowing capacity1,476,688 1,397,905 
   Federal Reserve discount window2,134,448 2,053,541 
Total available sources of liquidity$6,980,243 $6,769,537 
On-balance sheet liquidity as a percentage of total assets11.4 %12.5 %
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated
     uninsured and uncollateralized deposits(2)
283.4 %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 March 31, 2025 and December 31, 2024, $139.5 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 months ended March 31, 2025, there were $9.8 million in cash dividends approved by the board for payment from the Bank to the holding company. During the three months ended March 31, 2024, there were $8.5 million in cash dividends approved by the board for payment from the Bank to the holding company. None of these required approval from the TDFI. Subsequent to March 31, 2025, the Board approved a dividend from the Bank to the holding company to be paid in the second quarter for $52.3 million that also did not require approval from the TDFI.
During the three months ended March 31, 2025, the Company declared shareholder dividends of $0.19 per share, or $9.0 million. During the three months ended March 31, 2024, the Company declared shareholder dividends of $0.17 per share, or $8.1 million. Subsequent to March 31, 2025, the Company declared a quarterly dividend in the amount of $0.19 per share, payable on May 27, 2025, to stockholders of record as of May 13, 2025.
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Shareholders’ equity and capital management
Our total shareholders’ equity was $1.60 billion and $1.57 billion as of March 31, 2025 and December 31, 2024, respectively. The increase in shareholders’ equity was primarily attributable to net income of $39.4 million and $9.7 million in net unrealized gains in AFS debt securities, net of tax expenses. This increase was partially off-set by dividends declared of $9.0 million and stock repurchases of $9.9 million. Book value per common share was $34.44 as of March 31, 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 March 31, 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.
March 31, 2025FB Financial CorporationFirstBank

To be Well-Capitalized(1)
Total risk-based capital15.2 %14.8 %10.0 %
Tier 1 risk-based capital13.1 %12.7 %8.0 %
Common Equity Tier 1 ratio12.8 %12.7 %6.5 %
Tier 1 leverage11.4 %11.0 %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.



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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 ratesMarch 31,December 31,
(in basis points)2025 2024 
+4009.78 %10.4 %
+3007.97 %8.39 %
+2005.53 %5.78 %
+1002.88 %2.97 %
-100(3.05)%(2.87)%
-200(6.11)%(6.06)%
 Percentage change in:
Economic value of equity (2)
Change in interest ratesMarch 31,December 31,
(in basis points)2025 2024 
+400(12.4)%(14.5)%
+300(10.5)%(12.3)%
+200(6.72)%(7.92)%
+100(3.14)%(3.80)%
-1002.53 %3.08 %
-2004.23 %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 March 31, 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. 

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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 March 31, 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.
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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 March 31, 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)
January 1 - January 31— $— — $87,300,693 
February 1 - February 28— — — 87,300,693 
March 1 - March 31208,680 47.40 208,680 77,408,942 
Total208,680 $47.40 208,680 $77,408,942 
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 March 31, 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.”
80

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
Agreement and Plan of Merger, dated as of March 31, 2025, by and between FB Financial Corporation and Southern States Bancshares, Inc. (incorporated by reference to Exhibit 2.1 the Company's Current Report on Form 8-K (File No. 001-37875) filed on March 31, 2025)
Amended and Restated Charter, as amended for SEC filing purposes only (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-37875) filed on February 25, 2025)
Amended and Restated Bylaws of FB Financial Corporation (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-37875) filed on November 14, 2016)
Registration Rights Agreement by and between FB Financial Corporation and James W. Ayers, dated September 15, 2016 (incorporated by reference as Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-37875) filed on November 14, 2016)
Rule 13a-14(a) Certification of Chief Executive Officer*
Rule 13a-14(a) Certification of Chief Financial Officer*
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer**
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.
81

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
May 5, 2025
Michael M. Mettee
Chief Financial Officer
(Principal Financial Officer)
/s/ Jonathan Pennington
May 5, 2025
Jonathan Pennington
Chief Accounting Officer
(Principal Accounting Officer)

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