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FB Financial
FBK
#4078
Rank
$2.85 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$53.41
Share price
1.48%
Change (1 day)
28.54%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. FB Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

FB Financial - 10-Q quarterly report FY2025 Q3


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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 September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37875
_____________________________________________________________
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________________________
Tennessee62-1216058
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1221 Broadway, Suite 1300
Nashville, Tennessee
37203
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (615) 564-1212
___________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)  Name of each exchange on which registered 
Common Stock, Par Value $1.00 Per Share FBK  New York Stock Exchange 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒  Accelerated filer ☐
Non-accelerated filer ☐  Small reporting company ☐
Emerging growth company ☐    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of registrant’s Common Stock outstanding as of October 31, 2025 was 53,462,482.
1

Table of Contents
Page
PART I.
3
Item 1.
4
4
Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024
5
Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024
6
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three and nine months ended September 30, 2025 and 2024
7
Consolidated Statements of Cash Flows (Unaudited) for the three and nine months ended September 30, 2025 and 2024
9
11
Item 2.
58
Item 3.
100
Item 4.
102
PART II.
Item 1.
103
Item 1A.
103
Item 2.
103
Item 5.
103
Item 6.
104
106


2

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

ACLAllowance for credit lossesFHLBFederal Home Loan Bank
AFSAvailable-for-saleGAAPU.S. generally accepted accounting principles
ALCOAsset Liability Management CommitteeGNMAGovernment National Mortgage Association
ASCAccounting Standard CodificationHFIHeld for investment
ASUAccounting Standard UpdateNIMNet interest margin
BankFirstBank, subsidiary bankOREOOther real estate owned
BOLIBank-owned life insurancePCDPurchased credit-deteriorated
CECLCurrent expected credit lossesPSUPerformance-based restricted stock units
CompanyFB Financial CorporationReportForm 10-Q for the quarterly period ended September 30, 2025
CPRConditional prepayment rateROAAReturn on average assets
ESPPEmployee Stock Purchase PlanROAEReturn on average common equity
EVEEconomic value of equityROATCEReturn on average tangible common equity
FASBFinancial Accounting Standards BoardRSURestricted stock units
FDICFederal Deposit Insurance CorporationSECU.S. Securities and Exchange Commission
FDMFinancial difficulty modificationSOFRSecured overnight financing rate
Federal ReserveBoard of Governors of the Federal Reserve SystemSouthern States
Southern States Bancshares, Inc.
FFIECFederal Financial Institutions Examination CouncilTDFITennessee Department of Financial Institutions
3

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

 September 30,December 31,
 2025 (Unaudited)2024 
ASSETS  
Cash and due from banks$154,286 $120,153 
Federal funds sold and reverse repurchase agreements
283,451 125,825 
Interest-bearing deposits in financial institutions842,296 796,510 
Cash and cash equivalents1,280,033 1,042,488 
Investments:
Available-for-sale debt securities, at fair value1,426,951 1,538,008 
Equity securities, at fair value1,450 — 
Restricted equity securities, at cost36,231 32,749 
Loans held for sale (includes $145,789 and $95,403 at fair value, respectively)
167,449 126,760 
Loans held for investment12,297,600 9,602,384 
Less: allowance for credit losses on loans HFI184,993 151,942 
Net loans held for investment12,112,607 9,450,442 
Premises and equipment, net183,595 148,899 
Operating lease right-of-use assets51,035 47,963 
Interest receivable60,755 49,611 
Mortgage servicing rights, at fair value149,840 162,038 
Bank-owned life insurance113,374 72,504 
Other real estate owned, net4,466 4,409 
Goodwill350,353 242,561 
Core deposit and other intangibles, net33,216 5,762 
Other assets265,104 233,288 
Total assets$16,236,459 $13,157,482 
LIABILITIES
Deposits
Noninterest-bearing$2,690,635 $2,116,232 
Interest-bearing checking2,458,625 2,906,425 
Money market and savings5,968,094 4,338,483 
Customer time deposits2,206,790 1,380,205 
Brokered and internet time deposits488,811 469,089 
Total deposits13,812,955 11,210,434 
Borrowings213,638 176,789 
Operating lease liabilities62,664 60,024 
Accrued expenses and other liabilities169,066 142,604 
Total liabilities14,258,323 11,589,851 
SHAREHOLDERS’ EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    53,456,522 and 46,663,120 shares issued and outstanding, respectively
53,457 46,663 
Additional paid-in capital1,163,164 860,266 
Retained earnings799,900 762,293 
Accumulated other comprehensive loss, net(38,478)(101,684)
Total FB Financial Corporation common shareholders’ equity1,978,043 1,567,538 
Noncontrolling interest93 93 
Total equity1,978,136 1,567,631 
Total liabilities and shareholders’ equity$16,236,459 $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 September 30,Nine Months Ended September 30,
 2025 2024 2025 2024 
Interest income:  
Interest and fees on loans$209,307 $158,625 $522,189 $469,610 
Interest on investment securities
Taxable14,395 13,943 43,527 35,014 
Tax-exempt1,058 1,104 3,127 3,714 
Other12,138 11,956 29,845 30,831 
Total interest income236,898 185,628 598,688 539,169 
Interest expense:
Deposits86,577 76,088 225,394 220,214 
Borrowings3,081 3,523 6,998 10,833 
Total interest expense89,658 79,611 232,392 231,047 
Net interest income147,240 106,017 366,296 308,122 
Provision for credit losses on loans HFI29,957 1,856 30,761 7,648 
Provision for (reversal of) credit losses on unfunded commitments4,460 58 11,285 (2,728)
Net interest income after provision for credit losses112,823 104,103 324,250 303,202 
Noninterest income:
Mortgage banking income13,484 11,553 38,939 36,048 
Investment services and trust income4,227 3,721 11,860 10,338 
Service charges on deposit accounts4,049 3,378 10,920 9,686 
ATM and interchange fees3,388 2,840 8,943 8,598 
Gain (loss) from investment securities, net12 (40,165)(60,521)(56,378)
Loss on sales or write-downs of premises and equipment, other real estate
     owned and other assets, net		(646)(289)(1,035)(5)
Other income2,121 2,465 6,009 8,786 
Total noninterest income (loss)26,635 (16,497)15,115 17,073 
Noninterest expenses:
Salaries, commissions and employee benefits59,210 47,538 154,192 138,381 
Merger and integration costs16,057 — 19,192 — 
Occupancy and equipment expense7,539 6,640 20,846 19,582 
Data processing 2,457 2,486 6,931 7,180 
Advertising2,453 1,947 7,118 4,977 
Amortization of core deposit and other intangibles2,079 719 3,366 2,260 
Legal and professional fees1,227 1,900 5,645 5,798 
Other expense18,834 14,982 53,376 45,547 
Total noninterest expense109,856 76,212 270,666 223,725 
Income before income taxes29,602 11,394 68,699 96,550 
Income tax expense6,227 1,174 3,046 18,393 
Net income applicable to FB Financial Corporation and
   noncontrolling interest		23,375 10,220 65,653 78,157 
Net income applicable to noncontrolling interest— — 8 8 
Net income applicable to FB Financial Corporation$23,375 $10,220 $65,645 $78,149 
Earnings per common share:
Basic$0.44 $0.22 $1.35 $1.67 
Diluted0.43 0.22 1.34 1.67 
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 September 30,Nine Months Ended September 30,
 2025 2024 2025 2024 
Net income$23,375 $10,220 $65,653 $78,157 
Other comprehensive income, net of tax:
   Net unrealized gain in available-for-sale securities, net of tax expense
       of $1,839, $9,621, $6,518 and $6,674
5,533 27,265 18,448 18,597 
   Reclassification adjustment for loss on securities included in net income,
       net of tax benefit of $—, $10,467, $15,775 and $14,692
— 29,698 44,758 41,686 
   Net unrealized loss in hedging activities, net of tax benefit of $— , $21, $— and
       $151
— (59)— (428)
         Total other comprehensive income, net of tax5,533 56,904 63,206 59,855 
Comprehensive income applicable to FB Financial Corporation and noncontrolling
     interest 		28,908 67,124 128,859 138,012 
Comprehensive income applicable to noncontrolling interest— — 8 8 
Comprehensive income applicable to FB Financial Corporation$28,908 $67,124 $128,851 $138,004 
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 June 30, 2024:$46,643 $855,391 $730,242 $(131,774)$1,500,502 $93 $1,500,595 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 10,220 — 10,220 — 10,220 
Other comprehensive income, net of
taxes		— — — 56,904 56,904 — 56,904 
Stock-based compensation expense1 2,350 — — 2,351 — 2,351 
Restricted stock units vested, net of
taxes		4 (108)— — (104)— (104)
   Shares issued under employee stock
purchase program		10 473 — — 483 — 483 
Dividends declared ($0.17 per share)
— — (8,027)— (8,027)— (8,027)
Balance at September 30, 2024$46,658 $858,106 $732,435 $(74,870)$1,562,329 $93 $1,562,422 
Balance at June 30, 2025:$45,808 $822,548 $786,785 $(44,011)$1,611,130 $93 $1,611,223 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 23,375 — 23,375 — 23,375 
Other comprehensive income, net of
taxes		— — — 5,533 5,533 — 5,533 
Common stock issued in connection
with acquisition of Southern States
Bancshares, Inc. (See Note 2)		8,124 359,904 — — 368,028 — 368,028 
Repurchase of common stock(494)(23,373)— — (23,867)— (23,867)
Stock-based compensation expense1 3,753 — — 3,754 — 3,754 
Restricted stock units vested, net of
taxes		9 (132)— — (123)— (123)
Shares issued under employee stock
purchase program		9 464 — — 473 — 473 
Dividends declared ($0.19 per share)
— — (10,260)— (10,260)— (10,260)
Balance at September 30, 2025:$53,457 $1,163,164 $799,900 $(38,478)$1,978,043 $93 $1,978,136 


7

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

Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive loss, net		Total common
shareholders’ equity		Noncontrolling interestTotal shareholders’ equity
Balance at December 31, 2023:$46,849 $864,258 $678,412 $(134,725)$1,454,794 $93 $1,454,887 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 78,149 — 78,149 8 78,157 
  Other comprehensive income, net of
taxes		— — — 59,855 59,855 — 59,855 
  Repurchase of common stock(353)(12,346)— — (12,699)— (12,699)
Stock-based compensation expense5 7,256 — — 7,261 — 7,261 
Restricted stock units vested, net of
taxes		106 (1,549)— — (1,443)— (1,443)
Performance-based restricted stock
units vested, net of taxes		30 (374)— — (344)— (344)
   Shares issued under employee stock
purchase program		21 861 — — 882 — 882 
   Dividends declared ($0.51 per share)
— — (24,126)— (24,126)— (24,126)
   Noncontrolling interest distribution— — — — — (8)(8)
Balance at September 30, 2024:$46,658 $858,106 $732,435 $(74,870)$1,562,329 $93 $1,562,422 
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		— — 65,645 — 65,645 8 65,653 
Other comprehensive income, net of
taxes		— — — 63,206 63,206 — 63,206 
Common stock issued in connection
with acquisition of Southern States
Bancshares, Inc. (See Note 2)		8,124 359,904 — — 368,028 — 368,028 
Repurchase of common stock(1,514)(66,499)— — (68,013)— (68,013)
Stock-based compensation expense5 11,562 — — 11,567 — 11,567 
Restricted stock units vested, net of
taxes		129 (2,295)— — (2,166)— (2,166)
Performance-based restricted stock
units vested, net of taxes		33 (654)— — (621)— (621)
Shares issued under employee stock
purchase program		17 880 — — 897 — 897 
Dividends declared ($0.57 per share)
— — (28,038)— (28,038)— (28,038)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at September 30, 2025:$53,457 $1,163,164 $799,900 $(38,478)$1,978,043 $93 $1,978,136 
See the accompanying notes to the consolidated financial statements.

8
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Amounts are in thousands)
(Unaudited)
Nine Months Ended September 30,
2025 2024 
Cash flows from operating activities:
Net income applicable to FB Financial Corporation and noncontrolling interest$65,653 $78,157 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software8,820 8,957 
Amortization of core deposit and other intangibles3,366 2,260 
Amortization of subordinated debt issuance costs and fair value premium, net556 290 
Capitalization of mortgage servicing rights(2,498)(4,067)
Net change in fair value of mortgage servicing rights14,696 11,219 
Stock-based compensation expense11,567 7,261 
Provision for credit losses on loans HFI30,761 7,648 
Provision for (reversal of) credit losses on unfunded commitments11,285 (2,728)
Provision for mortgage loan repurchases233 200 
Accretion of discounts and premiums on acquired loans, net(6,965)(538)
(Accretion) amortization of premiums and discounts on securities, net(2,183)2,787 
Loss from investment securities, net60,521 56,378 
Originations of loans held for sale(1,012,802)(913,315)
Proceeds from sale of loans held for sale989,777 911,650 
Gain on sale and change in fair value of loans held for sale(28,780)(26,008)
Net loss on write-downs of premises and equipment, other real estate owned and
    other assets		1,035 5 
Provision for deferred income taxes(4,910)(3,895)
Equity method investment loss1,733 — 
Earnings on bank-owned life insurance(1,589)(3,296)
Changes in:
Operating lease assets and liabilities, net(432)(1,110)
Other assets and interest receivable(8,585)(12,170)
Accrued expenses and other liabilities(28,210)4,985 
Net cash provided by operating activities103,049 124,670 
Cash flows from investing activities:
Activity in available-for-sale securities:
Sales266,894 526,076 
Maturities, prepayments and calls217,865 224,070 
Purchases(289,601)(823,976)
Proceeds from sales of equity securities1,345 — 
Net change in loans(432,487)(73,631)
Net (purchases) redemptions of FHLB stock(6)1,331 
Purchases of premises and equipment(7,215)(4,977)
Proceeds from the sale of premises and equipment1,850 489 
Proceeds from the sale of other real estate owned 5,071 1,846 
Purchase of equity method securities— (10,000)
Proceeds from the sale of other assets841 898 
Proceeds from bank-owned life insurance690 7,272 
Net cash acquired in business combinations370,147 — 
Net cash provided by (used in) investing activities135,394 (150,602)
Cash flows from financing activities:
Net increase in deposits133,991 423,427 
Net increase (decrease) in securities sold under agreements to repurchase and federal
   funds purchased		93,987 (89,056)
Repayment of Bank Term Funding Program borrowings— (130,000)
Redemptions on subordinated debt(130,930)— 
Stock-based compensation withholding payments(2,787)(1,787)
Net proceeds from sale of common stock under employee stock purchase program897 882 
Repurchase of common stock(68,013)(12,699)
Dividends paid on common stock(27,729)(23,847)
Dividend equivalent payments made upon vesting of equity compensation(306)(162)
Noncontrolling interest distribution(8)(8)
Net cash (used in) provided by financing activities(898)166,750 
Net change in cash and cash equivalents237,545 140,818 
Cash and cash equivalents at beginning of the period1,042,488 810,932 
Cash and cash equivalents at end of the period$1,280,033 $951,750 
9
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows (continued)
(Amounts are in thousands)
(Unaudited)
Nine Months Ended September 30,
2025 2024 
Supplemental cash flow information:
Interest paid$240,014 $229,275 
Taxes paid, net12,393 34,173 
Supplemental noncash disclosures:
Transfers from loans HFI to other real estate owned$5,272 $2,400 
Transfers from loans HFI to other assets4,534 3,316 
Transfers from loans HFI to loans held for sale5,306 167 
Transfers from loans held for sale to loans HFI7,481 1,850 
Loans HFI provided for sales of other assets2,074 924 
(Decrease) increase in rebooked GNMA loans under optional repurchase program(9,697)9,308 
Stock consideration paid in business combination368,028 — 
Trade date payable - securities25,036 — 
Trade date receivable - securities— 365 
Dividends declared not paid on restricted stock units and performance stock units309 279 
Right-of-use assets obtained in exchange for operating lease liabilities6,404 3,925 
See the accompanying notes to the consolidated financial statements.

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

Note (1)—Basis of presentation
Overview and presentation
FB Financial Corporation is a financial holding company headquartered in Nashville, Tennessee. The Company operates primarily through its wholly-owned subsidiary bank, FirstBank and its subsidiaries. As of September 30, 2025, the Bank had 91 full-service branches throughout Tennessee, Alabama, Kentucky and Georgia, and provided commercial and consumer banking services to the Asheville, North Carolina market.
The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with U.S. GAAP interim reporting requirements and general banking industry guidelines, and therefore, do not include all information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K.
The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported results of operations for the reporting periods and the related disclosures. Although management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that actual conditions could vary from those anticipated, which could cause the Company’s financial condition and results of operations to vary significantly from those estimates.
Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or shareholders’ equity.
Earnings per common share
Basic EPS excludes dilution and is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under stock-based compensation plans where securities have been granted but are not yet vested and distributable. Diluted EPS is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding for the period, plus an incremental number of common-equivalent shares computed using the treasury stock method.

11
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following is a summary of the basic and diluted earnings per common share calculations for each of the periods presented:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025 2024 20252024
Basic earnings per common share:
Earnings available to common shareholders$23,375 $10,220 $65,645 $78,149 
Weighted average basic shares outstanding53,627,997 46,650,563 48,775,217 46,762,213 
Basic earnings per common share$0.44 $0.22 $1.35 $1.67 
Diluted earnings per common share:
Earnings available to common shareholders$23,375 $10,220 $65,645 $78,149 
Weighted average basic shares outstanding53,627,997 46,650,563 48,775,217 46,762,213 
Weighted average diluted shares contingently issuable(1)
329,065 152,767 279,231 111,824 
Weighted average diluted shares outstanding53,957,062 46,803,330 49,054,448 46,874,037 
Diluted earnings per common share$0.43 $0.22 $1.34 $1.67 
(1) Excludes 56 restricted stock units outstanding considered to be antidilutive for the nine months ended September 30, 2025 and 4 and 904 restricted stock units outstanding considered to be antidilutive for the three and nine months ended September 30, 2024, respectively. There were no such restricted units outstanding for the three months ended September 30, 2025.

Recently modified accounting polices:
During the nine months ended September 30, 2025, the Company modified the below referenced existing accounting policies around changes to the estimation techniques and certain related inputs and assumptions used in estimating its expected credit losses on its loan portfolios and unfunded commitments. These changes represent a change in accounting estimate under ASC 250, “Accounting Changes and Error Corrections”, are applied prospectively in the period of change and did not have a material effect on the Company’s consolidated financial statements.
(A) Allowance for credit losses
The allowance for credit losses represents the portion of the loan’s amortized cost basis that the Company does not expect to collect due to credit losses over the loan’s life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.
The allowance for credit losses is based on the loan's amortized cost basis, excluding accrued interest receivable, as the Company promptly charges off uncollectible accrued interest receivable. Management’s determination of the appropriateness of the allowance is based on periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors, including macroeconomic forecasts and historical loss rates. The Company’s estimates of credit losses incorporate forward-looking macroeconomic projections throughout the reasonable and supportable forecast period and the subsequent historical reversion at the macroeconomic variable input level. The contractual term of the loan is adjusted for estimated prepayments based on market information and the Company’s prepayment history is incorporated in the estimate of the life of a loan. In the future, the Company may update information and forecasts that may cause significant changes in the estimate in those future quarters.
Prior to June 30, 2025, the Company calculated its expected credit loss estimate using a lifetime loss rate methodology. The Company utilized probability-weighted forecasts, which considered multiple macroeconomic variables from Moody’s that were applicable to each type of loan. Refer to Note 1, “Basis of presentation and summary of significant accounting policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion regarding ACL methodology.
Following a periodic review of its credit loss estimation process, the Company concluded that a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, is a more preferred approach for estimating the expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. The applicable CECL estimation technique is used to estimate the expected credit loss for off-balance sheet commitments for each loan segment. As part of the updates to estimation techniques, management updated certain related inputs and assumptions used to estimate the expected credit loss. The Company determined that the use of the updated estimate techniques and related inputs
12
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to the Company’s historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.
The changes in the estimation techniques and certain related inputs and assumptions used in the determination of the Company’s expected credit losses on its loan portfolio and unfunded commitments did not have a material impact to the Company’s operating results and financial condition. The provision for credit losses for the nine months ended September 30, 2025, reflects this change in estimate and is accounted for prospectively. CECL estimates, similar to the Company’s other significant estimates, utilize inputs and assumptions that are subject to inherent estimation uncertainties and the Company may update inputs and assumptions based on portfolio composition, performance data, economic forecasts or other CECL components, consistent with the requirements of ASC 326, that may cause significant changes in CECL estimates in the future periods.
The discounted cash flow estimation technique pairs loan-level contractual term information including maturity date, payment amount and interest rate with pool level assumptions such as default rates, severity rates and prepayment speeds to estimate expected cash flows for the pool. The Company continues to utilize Moody’s forecast inputs to forecast losses during the reasonable and supportable period and reversion period that provided the strongest correlation to the Company and its peers’ historical losses. Examples of these forecast inputs include national unemployment, national housing price index, national commercial real estate index and prime rates. All significant model assumptions are recalibrated at least annually and approved by the ACL Committee.
For calculation purposes, the Company disaggregates the portfolio utilizing segmentation based primarily on FFIEC Call report segmentation, specifically following call code loan categorization. Portfolio segments may consist of multiple call codes or subsets of call codes where specific risk characteristics can be identified and segregated for modeling purposes. The primary portfolio segments include:
Commercial and industrial loans. Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes the Company’s farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets.
Construction loans. Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on the Company’s assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.
1-4 family mortgage loans. The Company’s residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes the Company’s manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.
Residential line of credit loans. The Company’s residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral.
Multi-family residential loans. The Company’s multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral.
Commercial real estate owner-occupied loans. The Company’s commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices,
13
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.
Commercial real estate non-owner occupied loans. The Company’s commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.
Consumer and other loans. The Company’s consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. These manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.
The discounted cash flow models estimate the net present value and is compared to the amortized cost of the pool with the resulting difference between the net present value and amortized cost as the initial modeled quantitative expected credit loss estimate for such pools.
The Company considers the need to qualitatively adjust its modeled quantitative expected credit loss estimate for information not otherwise captured in the model loss estimation process. These qualitative factor adjustments may increase or decrease the Company’s estimate of expected credit losses. The Company considers the qualitative factors that are relevant to the institution as of the reporting date, which may include, but are not limited to: levels of and trends in delinquencies and performance of loans; levels of and trends in write-offs and recoveries collected; trends in volume and terms of loans; effects of any changes in reasonable and supportable economic forecasts; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and expertise; available relevant information sources that contradict the Company’s own forecast; effects of changes in prepayment expectations or other factors affecting assessments of loan contractual terms; industry conditions; and effects of changes in credit concentrations.
A loan may require an individual evaluation when it is placed on nonaccrual status or no longer exhibits similar risk characteristics. These risk characteristics may include payment performance, internal or external credit scores, collateral type, effective interest rate or term among others. A loan is deemed collateral-dependent when the borrower is experiencing financial difficulty and the repayment is expected to be primarily through sale or operation of the collateral. The allowance for credit losses for collateral-dependent loans as well as loans where foreclosure is probable is calculated as the amount for which the amortized cost basis exceeds fair value of the underlying collateral. Fair value is determined based on appraisals performed by qualified appraisers and reviewed by qualified personnel. In cases where repayment is to be provided substantially through the sale of collateral, the Company reduces the fair value by the estimated costs to sell.
The Company evaluates all loan modifications according to the accounting guidance for loan refinancing and modifications to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. The Company derecognizes the existing loan and accounts for the modified loan as a new loan if the effective yield on the modified loan is at least equal to the effective yield for comparable loans with similar collection risks and the modifications to the original loan are more than minor. If a loan modification does not meet these conditions, it extends the existing loan’s amortized cost basis and accounts for the modified loan as a continuation of the existing loan. Substantially all of its loan modifications involving borrowers experiencing financial difficulty are accounted for as a continuation of the existing loan.
See Note 4, “Loans and allowance for credit losses” for additional details related to the Company's allowance for credit losses.
(B) Off-balance sheet financial instruments
Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to
14
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded, unless considered derivatives.
For loan commitments that are not accounted for as derivatives and when the obligation is not unconditionally cancellable by the Company, the Company applies the CECL methodology to estimate the expected credit loss for off-balance sheet commitments. The estimate of expected credit losses for off-balance sheet credit commitments is recognized as a liability. When the loan is funded, an allowance for expected credit losses is estimated for that loan using the CECL methodology, and the liability for off-balance sheet commitments is reduced. When applying the CECL methodology to estimate the expected credit loss, the Company considers the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions.
See Note 11, “Commitments and contingencies” for additional details related to the Company's off-balance sheet financial instruments.
Recently adopted accounting standards:
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker, a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the chief operating decision maker when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280, “Segment Reporting,” to be included in interim periods. The Company adopted this standard effective December 31, 2024, for annual financial statements and subsequent interim periods beginning in 2025, and retrospectively updated its disclosures. Refer to Note 12 for further information. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.
In December 2023, the FASB issued ASU 2023-08, “Intangibles – Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” This update requires entities to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and reflect changes from remeasurement in net income. Additionally, an entity that receives crypto assets as noncash consideration in the ordinary course of business and converts them nearly immediately into cash is required to classify those cash receipts as cash flows from operating activities. Lastly, the update requires entities to provide interim and annual disclosures about the types of crypto assets they hold and any changes in their holdings of crypto assets. This guidance became effective January 1, 2025. Currently, the Company does not hold or facilitate transactions with crypto assets; however, if circumstances change the Company will evaluate any crypto asset activities and the applicable consolidated financial statement and disclosure requirements in accordance with the guidance.
Newly issued not yet effective accounting standards:
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This ASU requires disclosures of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. While the Company continues to evaluate the impact, ASU 2023-09 is not expected to have a material impact on the Company’s income tax disclosures.
In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This update is intended to provide investors more detailed disclosures around specific types of expenses. This ASU requires certain details for expenses presented on the face of the consolidated statements of income as well as selling expenses to be presented in the notes to the consolidated financial statements. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is evaluating the impact this will have on the Company's consolidated financial statements and related disclosures.
15
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Subsequent events
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 September 30, 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)—Mergers and acquisitions:
The merger with Southern States Bancshares, Inc. was accounted for pursuant to ASC 805, “Business Combinations”. Accordingly, the purchase price of the merger was allocated to the acquired assets and liabilities assumed based on estimated fair values as of July 1, 2025. The excess of the purchase price over the net assets acquired was recorded as goodwill.
Effective July 1, 2025, the Company completed its merger with Southern States Bancshares, Inc. and its wholly-owned subsidiary, Southern States Bank, with FB Financial Corporation continuing as the surviving entity. After consolidating duplicative locations, the merger added 13 branches and expanded the Company’s footprint in Alabama and Georgia. Under the terms of the agreement, the Company acquired total assets of $2,830,374, total loans of $2,267,305 and assumed total deposits of $2,468,530. The Company transferred consideration of $368,028 through a combination of the issuance of 8,124,241 shares of common stock and payment of $327 in cash to settle outstanding stock options and cash in lieu of fractional shares.
The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As such, goodwill recorded in connection with the Southern States merger is not final and subject to change if additional information becomes available during the measurement period. Additionally, the final goodwill calculation may be impacted by the completion of the final tax return for Southern States, along with the review of certain contracts acquired or assumed. Preliminary goodwill of $107,792 was recorded in connection with the transaction. The goodwill is not deductible for income tax purposes. Goodwill is included in the Banking segment as substantially all of the operations resulting from the merger with Southern States are in alignment with the Company’s banking business.
The Company recognized a core deposit intangible of $30,820 and is amortizing the intangible asset over its estimated useful life of 10 years using the sum of years digits method.
The Company incurred $16,057 and $19,192 in merger expenses during the three and nine months ended September 30, 2025, respectively, in connection with this transaction. These expenses are primarily comprised of legal and professional fees, severance and other employee-related costs, costs associated with branch consolidation and integration costs. Additional merger-related and integration costs will be expensed in future periods as incurred.
The following table presents an allocation of the consideration to net assets acquired:
Purchase Price:
Net shares issued8,124,241 
Purchase price per share on June 30, 2025$45.30 
Value of stock consideration$368,028 
Cash consideration for outstanding stock options and fractional shares 327 
Total purchase price$368,355 
Fair value of net assets acquired260,563 
Goodwill resulting from merger$107,792 



16
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Net assets acquired
The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the merger date:
As of July 1, 2025
Southern States Bancshares, Inc.
ASSETS
Cash and cash equivalents $370,474 
Investments38,175 
Loans held for sale, at fair value756 
Loans HFI2,266,549 
Allowance for credit losses on PCD loans(7,518)
Premises and equipment37,016 
Bank-owned life insurance39,971 
Core deposit intangible30,820 
Other assets54,131 
Total assets$2,830,374 
LIABILITIES
Deposits:
Noninterest-bearing $562,479 
Interest-bearing checking102,666 
Money market and savings1,161,832 
Customer time deposits515,120 
Brokered and internet time deposits126,433 
Total deposits2,468,530 
Borrowings83,008 
Accrued expenses and other liabilities18,273 
Total liabilities assumed2,569,811 
Net assets acquired$260,563 
Purchased credit-deteriorated loans
Under the CECL methodology, the Company is required to determine whether purchased loans held for investment have experienced more-than-insignificant deterioration in credit quality since origination, a PCD loan. Loans that have experienced this level of deterioration in credit quality are subject to special accounting at initial recognition and measurement. The Company initially measures the amortized cost of a PCD loan by adding the acquisition date estimate of expected credit losses to the loan’s purchase price (i.e. the “gross up” approach). There is no provision for credit loss recognized upon acquisition of a PCD loan because the initial allowance is established through gross-up of the loans’ amortized cost.
The Company determined that 17.0% of the Southern States loan portfolio had more-than-insignificant deterioration in credit quality since origination as of the merger date. These PCD loans were primarily loans that were either delinquent, in nonaccrual status or otherwise exhibited signs of credit deterioration prior to the merger.
As of July 1, 2025
Southern States Bancshares, Inc.
Purchased credit-deteriorated loans
Principal balance$402,735 
Allowance for credit losses at acquisition(7,518)
Net discount attributable to other factors(10,381)
Loans purchased credit-deteriorated fair value$384,836 
Loans recognized through acquisition that have not experienced more-than-insignificant credit deterioration since origination (non-PCD loans) are initially recognized at the purchase price. Expected credit losses are measured under CECL through the provision for credit losses. The Company recorded provisions for credit losses in the amounts of $25,123 as of July 1, 2025 in the statement of income related to estimated credit losses on non-PCD loans from Southern States. Additionally, the Company estimates expected credit losses on off-balance sheet loan commitments that are not
17
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
accounted for as derivatives. The Company recorded an increase in provision for credit losses on unfunded commitments of $3,243.
Pro forma financial information (unaudited)
The results of operations of Southern States have been included in the Company’s consolidated financial statements prospectively beginning on July 1, 2025. The Company has determined it is impractical to disclose stand-alone revenues and earnings for legacy Southern States subsequent to the merger date, due to the merging of certain processes and converting of operational systems during the third quarter of 2025. The following unaudited pro forma condensed consolidated financial information presents the results of operations for the three and nine months ended September 30, 2025 and 2024, as though the Southern States merger had been completed as of January 1, 2024. The unaudited pro forma information combines the historical results of Southern States with the Company’s previously reported financial results, applies the impact of purchase accounting adjustments from the merger, as well as subsequent recognition of those purchase accounting adjustments, such as accretion from purchased loans, amortization from purchased deposits and debt and amortization of certain acquired intangible assets as if the merger was completed as of January 1, 2024, and excludes $28,366 of initial provision expense for credit losses on acquired loans and unfunded commitments from the third quarter of 2025 and instead includes such expenses in the first quarter of 2024. Merger expenses are reflected in the period in which they were incurred. The pro forma information presented below are hypothetical and is not intended to be indicative of the results of operations that would have occurred had the transaction been effective as of the assumed date. Additionally, these results do not include any effect of cost-saving or revenue-enhancing strategies.
Three Months Ended September 30,Nine Months Ended September 30,
2025 2024 2025 2024 
Net interest income$143,783 $134,597 $419,954 $389,691 
Total revenues170,418 119,857 426,430 410,887 
Net income applicable to FB Financial Corporation41,977 19,716 90,846 88,578 

18
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (3)—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 September 30, 2025 and December 31, 2024:  
September 30, 2025
 Amortized cost Gross unrealized gains Gross unrealized losses Allowance for credit losses on investments Fair Value
Investment Securities    
AFS debt securities  
U.S. government agency securities$656,685 $31 $(3,519)$— $653,197 
Mortgage-backed securities - residential619,439 511 (32,363)— 587,587 
Mortgage-backed securities - commercial 11,201 8 (528)— 10,681 
Municipal securities185,472 480 (20,541)— 165,411 
U.S. Treasury securities7,061 19 — — 7,080 
Corporate securities2,983 17 (5)— 2,995 
Total$1,482,841 $1,066 $(56,956)$— $1,426,951 
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 as the Company has elected to present accrued interest receivable separately on the consolidated balance sheets. As of September 30, 2025 and December 31, 2024, total accrued interest receivable on AFS debt securities was $5,246 and $6,401, respectively.
AFS debt securities pledged at September 30, 2025 and December 31, 2024 had carrying amounts of $818,235 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 both September 30, 2025 and December 31, 2024, there were no trade date receivables related to sales settled after period end. At September 30, 2025, there were $25,036 of trade date payables that related to purchases settled after period end. At December 31, 2024, there were no such trade date payables.





19
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at September 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
September 30, 2025
 Less than 12 months12 months or moreTotal
 Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$547,360 $(2,712)$71,347 $(807)$618,707 $(3,519)
Mortgage-backed securities - residential191,440 (1,976)165,468 (30,387)356,908 (32,363)
Mortgage-backed securities - commercial— — 8,795 (528)8,795 (528)
Municipal securities5,050 (25)135,571 (20,516)140,621 (20,541)
Corporate securities— — 995 (5)995 (5)
Total$743,850 $(4,713)$382,176 $(52,243)$1,126,026 $(56,956)
 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 September 30, 2025 and December 31, 2024, the Company’s AFS debt securities portfolio consisted of 322 and 271 individual securities, 214 and 248 of which were in an unrealized loss position, respectively.
The Company has historically not recorded any credit losses in AFS debt securities as 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. Municipal debt securities with market values below amortized cost at September 30, 2025 and December 31, 2024 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these municipal 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 September 30, 2025 and December 31, 2024, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Further, it is not likely that the Company will be required to sell these securities before recovery of their amortized cost basis. Therefore, no allowance for credit losses was recognized on AFS debt securities as of September 30, 2025 or December 31, 2024. Periodically, AFS debt securities may be sold, or the composition of the portfolio realigned to improve yields, quality or marketability, or to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or preparing for anticipated changes in market interest rates.
20
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 September 30, 2025 and December 31, 2024 are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30,December 31,
 2025 2024 
 Available-for-saleAvailable-for-sale
 Amortized costFair ValueAmortized costFair Value
Due in one year or less$205 $203 $849 $847 
Due in one to five years14,433 14,445 4,186 4,600 
Due in five to ten years346,312 342,997 225,954 222,943 
Due in over ten years491,251 471,038 504,560 483,762 
852,201 828,683 735,549 712,152 
Mortgage-backed securities - residential619,439 587,587 927,883 810,999 
Mortgage-backed securities - commercial11,201 10,681 15,965 14,857 
Total AFS debt securities$1,482,841 $1,426,951 $1,679,397 $1,538,008 
Sales and other dispositions of AFS debt securities were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025 2024 2025 2024 
Proceeds from sales$440 $318,194 $266,894 $526,076 
Proceeds from maturities, prepayments and calls83,204 89,834 217,865 224,070 
Gross realized gains— — 104 90 
Gross realized losses— 40,165 60,637 56,468 
Equity Securities
Equity securities, at fair value
As of September 30, 2025, the Company held $1,450 in marketable equity securities recorded at fair value. There was no such securities as of December 31, 2024.
The change in the fair value of equity securities recorded at fair value resulted in a net gain of $12 for both the three and nine months ended September 30, 2025. There was no such amounts recognized for the three and nine months ended September 30, 2024.
Restricted equity securities, at cost
The table below represents the Company’s restricted equity securities held at cost as of September 30, 2025 and December 31, 2024.
 September 30,December 31,
 20252024
FHLB stock$34,813 $32,749 
First National Banker's Bankshares, Inc. stock1,168 — 
Pacific Coast Banker's Bank stock250 — 
Total restricted equity securities, at cost$36,231 $32,749 
Equity securities without readily determinable market value
The Company held equity securities without a readily determinable market value included in other assets on the consolidated balance sheets with carrying amounts of $28,703 and $23,459 at September 30, 2025 and December 31, 2024, respectively.



21
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 September 30, 2025 and December 31, 2024, the Company has the ability to exercise significant influence over this entity and therefore accounts for these equity securities under the equity method. Under this method, the carrying value of the investment is adjusted to reflect the Company’s proportionate share of the investee's profit or loss. This investment is reported in other assets on the consolidated balance sheets with carrying amounts of $18,237 and $19,970 as of September 30, 2025 and December 31, 2024, respectively. The Company’s investment includes a basis difference of $17,103, which is accounted for as equity method goodwill.
Note (4)—Loans and allowance for credit losses on loans HFI
Loans outstanding as of September 30, 2025 and December 31, 2024, by class of financing receivable are as follows:
 September 30,December 31,
 2025 2024 
Commercial and industrial$2,155,105 $1,691,213 
Construction1,195,392 1,087,732 
Residential real estate:
1-to-4 family mortgage1,852,626 1,616,754 
Residential line of credit707,303 602,475 
Multi-family mortgage736,424 653,769 
Commercial real estate:
Owner-occupied2,124,920 1,357,568 
Non-owner occupied2,890,233 2,099,129 
Consumer and other635,597 493,744 
Gross loans12,297,600 9,602,384 
Less: Allowance for credit losses on loans HFI(184,993)(151,942)
Net loans$12,112,607 $9,450,442 
As of September 30, 2025 and December 31, 2024, $946,552 and $988,177, respectively, of qualifying residential mortgage loans (including loans held for sale) and $1,762,269 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 September 30, 2025 and December 31, 2024, qualifying commercial and industrial, construction and consumer loans, of $2,777,841 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 consolidated balance sheets. As of September 30, 2025 and December 31, 2024, accrued interest receivable on loans HFI amounted to $52,549 and $40,970, respectively.


22
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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.


















23
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 September 30, 2025 and December 31, 2024 and the gross charge-offs for the nine months ended September 30, 2025 and the year ended December 31, 2024 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.
As of and for the nine months
    ended September 30, 2025
2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Commercial and industrial
Pass$262,123 $287,681 $240,254 $144,729 $57,647 $203,087 $861,567 $2,057,088 
Special Mention2,023 2,205 5,311 13,784 1,075 15,697 5,996 46,091 
Classified452 2,199 7,210 28,853 284 4,470 8,458 51,926 
Total264,598 292,085 252,775 187,366 59,006 223,254 876,021 2,155,105 
            Current-period gross
               charge-offs		— — 54 — — 2,413 604 3,071 
Construction
Pass251,643 233,754 77,666 260,663 114,563 179,489 91 1,117,869 
Special Mention— 1,067 3,304 17,698 10,129 4,162 — 36,360 
Classified— 153 2,916 18,284 243 19,567 — 41,163 
Total251,643 234,974 83,886 296,645 124,935 203,218 91 1,195,392 
            Current-period gross
               charge-offs		— — — — — — 399 399 
Residential real estate:
Multi-family mortgage
Pass36,254 36,045 38,514 246,213 208,116 161,957 — 727,099 
Special Mention— — — — — — — — 
Classified— — — 592 8,715 18 — 9,325 
Total36,254 36,045 38,514 246,805 216,831 161,975 — 736,424 
             Current-period gross
                charge-offs		— — — — — — — — 
Commercial real estate:
Owner occupied
Pass258,439 320,426 216,259 355,833 291,000 561,544 80,743 2,084,244 
Special Mention— 408 4,491 1,369 6,229 14,691 290 27,478 
Classified— — 427 7,938 120 4,713 — 13,198 
Total258,439 320,834 221,177 365,140 297,349 580,948 81,033 2,124,920 
            Current-period gross
              charge-offs		— — — — — 17 — 17 
Non-owner occupied
Pass194,723 238,750 126,491 678,639 536,518 846,729 230,228 2,852,078 
Special Mention— — 4,783 8,410 4,559 10,054 — 27,806 
Classified— — 1,008 — 4,594 4,747 — 10,349 
Total194,723 238,750 132,282 687,049 545,671 861,530 230,228 2,890,233 
             Current-period gross
                charge-offs		— — — — — — — — 
Total commercial loan types
Pass1,003,182 1,116,656 699,184 1,686,077 1,207,844 1,952,806 1,172,629 8,838,378 
Special Mention2,023 3,680 17,889 41,261 21,992 44,604 6,286 137,735 
Classified452 2,352 11,561 55,667 13,956 33,515 8,458 125,961 
Total$1,005,657 $1,122,688 $728,634 $1,783,005 $1,243,792 $2,030,925 $1,187,373 $9,102,074 
            Current-period gross
                charge-offs		$— $— $54 $— $— $2,430 $1,003 $3,487 
24
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 







25
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 of the Company’s consumer type loan portfolio as of September 30, 2025 and December 31, 2024 and the gross charge-offs for the nine months ended September 30, 2025 and the year ended December 31, 2024 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.
As of and for the nine months
    ended September 30, 2025
2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Residential real estate:
1-to-4 family mortgage
Performing$271,131 $229,222 $169,347 $430,061 $347,851 $375,569 $— $1,823,181 
Nonperforming330 920 2,378 8,800 5,974 11,043 — 29,445 
Total271,461 230,142 171,725 438,861 353,825 386,612 — 1,852,626 
          Current-period gross
             charge-offs		— — 4 — — 754 — 758 
Residential line of credit
Performing— — — — — — 704,961 704,961 
Nonperforming— — — — — — 2,342 2,342 
Total— — — — — — 707,303 707,303 
          Current-period gross
             charge-offs		— — — — — — — — 
Consumer and other
Performing134,005 159,677 85,141 72,047 31,276 133,392 355 615,893 
Nonperforming523 3,674 3,733 1,815 3,083 6,876 — 19,704 
       Total134,528 163,351 88,874 73,862 34,359 140,268 355 635,597 
           Current-period gross
              charge-offs		1,434 118 76 104 86 989 4 2,811 
Total consumer type loans
Performing405,136 388,899 254,488 502,108 379,127 508,961 705,316 3,144,035 
Nonperforming853 4,594 6,111 10,615 9,057 17,919 2,342 51,491 
        Total$405,989 $393,493 $260,599 $512,723 $388,184 $526,880 $707,658 $3,195,526 
            Current-period gross
             charge-offs		$1,434 $118 $80 $104 $86 $1,743 $4 $3,569 


26
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 September 30, 2025 and December 31, 2024:
September 30, 202530-89 days
past due and accruing
interest		90 days or 
more and accruing
interest 		Nonaccrual
loans		Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$975 $20 $6,906 $2,147,204 $2,155,105 
Construction5,132 415 30,953 1,158,892 1,195,392 
Residential real estate:
1-to-4 family mortgage24,132 18,159 11,286 1,799,049 1,852,626 
Residential line of credit1,930 496 1,846 703,031 707,303 
Multi-family mortgage— — 9,325 727,099 736,424 
Commercial real estate:
Owner occupied1,875 361 10,639 2,112,045 2,124,920 
Non-owner occupied3,676 — 5,649 2,880,908 2,890,233 
Consumer and other16,909 6,860 12,844 598,984 635,597 
Total$54,629 $26,311 $89,448 $12,127,212 $12,297,600 
 
27
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
December 31, 202430-89 days
past due and accruing
interest		90 days or 
more and accruing
interest 		Nonaccrual
loans		Loans current on payments and accruing interest Total
Commercial and industrial$1,204 $730 $9,661 $1,679,618 $1,691,213 
Construction3,288 538 10,915 1,072,991 1,087,732 
Residential real estate:
1-to-4 family mortgage24,376 15,319 12,625 1,564,434 1,616,754 
Residential line of credit2,302 357 1,537 598,279 602,475 
Multi-family mortgage979 — 21 652,769 653,769 
Commercial real estate:
Owner occupied1,996 94 9,551 1,345,927 1,357,568 
Non-owner occupied— 3,512 2,667 2,092,950 2,099,129 
Consumer and other13,710 3,797 12,381 463,856 493,744 
Total$47,855 $24,347 $59,358 $9,470,824 $9,602,384 
The following tables provide the amortized cost basis of loans on nonaccrual status, as well as any related allowance as of September 30, 2025 and December 31, 2024 by class of financing receivable.
September 30, 2025Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance
Commercial and industrial$1,173 $5,733 
Construction13,449 17,504 
Residential real estate:
1-to-4 family mortgage— 11,286 
Residential line of credit— 1,846 
Multi-family mortgage8,715 610 
Commercial real estate:
Owner occupied7,137 3,502 
Non-owner occupied5,414 235 
Consumer and other— 12,844 
Total$35,888 $53,560 
December 31, 2024
Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance
Commercial and industrial$5,294 $4,367 
Construction1,653 9,262 
Residential real estate:
1-to-4 family mortgage1,562 11,063 
Residential line of credit148 1,389 
Multi-family mortgage— 21 
Commercial real estate:
Owner occupied6,415 3,136 
Non-owner occupied2,224 443 
Consumer and other— 12,381 
Total$17,296 $42,062 





28
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following presents interest income recognized on nonaccrual loans for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Commercial and industrial$179 $46 $209 $615 
Construction365 308 867 448 
Residential real estate:
1-to-4 family mortgage70 6 76 40 
Residential line of credit65 1 96 40 
Multi-family mortgage5 — 171 1 
Commercial real estate:
Owner occupied— — 8 124 
Non-owner occupied8 — 120 89 
Consumer and other145 — 204 — 
Total$837 $361 $1,751 $1,357 
Accrued interest receivable written off as an adjustment to interest income amounted to $549 and $1,890 for the three and nine months ended September 30, 2025, respectively, and $128 and $536 for the three and nine months ended September 30, 2024, respectively.
























29
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 table presents the amortized cost of FDM loans as of September 30, 2025 and 2024 by type of concession granted that were modified during the three and nine months ended September 30, 2025 and 2024.

Term ExtensionPayment deferralInterest Rate Reduction
Combination(1)
Total% of total class of financing receivables
Three Months Ended September 30, 2025
Commercial and industrial$6 $— $— $— $6 — %
Construction787 — — — 787 0.1 %
Commercial real estate:
Owner occupied244 — — — 244 — %
Non-owner occupied— 4,594 — — 4,594 0.2 %
Total$1,037 $4,594 $— $— $5,631 — %
Nine Months Ended September 30, 2025
Commercial and industrial$152 $— $— $— $152 — %
Construction1,326 — 142 3,305 4,773 0.4 %
Residential real estate:
1-to-4 family mortgage461 1,832 — — 2,293 0.1 %
Commercial real estate:
Owner occupied244 — — — 244 — %
Non-owner occupied— 4,594 — — 4,594 0.2 %
Consumer and other— — — 63 63 — %
Total$2,183 $6,426 $142 $3,368 $12,119 0.1 %
Three Months Ended September 30, 2024
Commercial and industrial$— $— $— $7,038 $7,038 0.4 %
Construction— — — 1,713 1,713 0.2 %
Total$— $— $— $8,751 $8,751 0.1 %
Nine Months Ended September 30, 2024
Commercial and industrial$— $— $— $7,038 $7,038 0.4 %
Construction— — — 15,908 15,908 1.5 %
Consumer and other38 — — 97 135 — %
Total$38 $— $— $23,043 $23,081 0.2 %
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.




30
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 describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
Three Months Ended September 30, 2025Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial13——%
Construction2——%
Commercial real estate:
Owner occupied3——%
Non-owner occupied—7—%
Nine months ended September 30, 2025Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial35——%
Construction442.50%
Residential real estate:
1-to-4 family mortgage3004—%
Commercial real estate:
Owner occupied3——%
Non-owner occupied—7—
Consumer and other13—2.00%
Three Months Ended September 30, 2024Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial1212—%
Construction36050.10%
Nine Months Ended September 30, 2024Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial1212—%
Construction4430.10%
Consumer and other25—1.49%
For FDM loans, a subsequent payment default is defined as the earlier of the FDM loans being placed on nonaccrual status or reaching 30 days past due with respect to principal and/or interest payments. The following tables depict loans defaulted that were previously modified in the prior 12 months:
Three Months Ended September 30, 2025Term ExtensionPayment deferralInterest Rate Reduction
Combination(1)
Residential real estate:
1-to-4 family mortgage$— $— $— $313 
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.


31
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Nine Months Ended September 30, 2025Term ExtensionPayment deferralInterest Rate Reduction
Combination(1)
Construction$— $— $142 $— 
Residential real estate:
1-to-4 family mortgage461 — — 313 
Consumer and other— — — 63 
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.
During the three and nine months ended September 30, 2024, consumer and other loans of $32 defaulted that were previously modified in the prior 12 months by receiving a term extension. At September 30, 2025 and December 31, 2024, the Company did not have any material commitments to lend additional funds to borrowers whose loans were classified as a FDM loan.
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The tables below depict the performance of loans HFI as of September 30, 2025 and 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months.
September 30, 202530-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$— $— $— $152 $152 
Construction— — 3,305 1,468 4,773 
Residential real estate:
1-to-4 family mortgage313 — 1,464 1,193 2,970 
Residential line of credit— — — 29 29 
Commercial real estate:
Owner-occupied— — 244 — 244 
Non-owner occupied— — 1,031 3,562 4,593 
Consumer and other— 63 — — 63 
Total$313 $63 $6,044 $6,404 $12,824 
(1) Loans were on nonaccrual when modified and subsequently classified as FDM.
September 30, 202430-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$— $— $7,038 $— $7,038 
Construction— — 1,713 14,195 15,908 
Residential real estate:
1-to-4 family mortgage— — 22 — 22 
Consumer and other32 — — 104 136 
Total$32 $— $8,773 $14,299 $23,104 
(1) Loans were on nonaccrual when modified and subsequently classified as FDM.






32
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Collateral-Dependent Loans
For collateral-dependent loans, or those loans for which repayment is expected to be provided substantially through the operation or sale of collateral, where the borrower is also experiencing financial difficulty, the following tables present the loans by class of financing receivable.
September 30, 2025
Type of Collateral
Real EstateLandBusiness AssetsTotal
Commercial and industrial$1,303 $— $23,630 $24,933 
Construction30,001 1,653 — 31,654 
Residential real estate:
1-to-4 family mortgage3,925 — — 3,925 
Multi-family mortgage8,715 — — 8,715 
Commercial real estate:
Owner occupied1,096 6,041 1,664 8,801 
Non-owner occupied16,048 — — 16,048 
Total$61,088 $7,694 $25,294 $94,076 
December 31, 2024
Type of Collateral
Real EstateLandBusiness AssetsTotal
Commercial and industrial$— $— $8,492 $8,492 
Construction22,047 1,653 — 23,700 
Residential real estate:
1-to-4 family mortgage1,843 — — 1,843 
Residential line of credit148 — — 148 
Multi-family mortgage9,919 — — 9,919 
Commercial real estate:
Owner occupied— 6,415 — 6,415 
Non-owner occupied6,886 — — 6,886 
Total$40,843 $8,068 $8,492 $57,403 
Allowance for Credit Losses on Loans HFI
Beginning on June 30, 2025, the Company made changes to the estimation techniques and certain related inputs and assumptions used in estimating its expected credit losses on its loan portfolios and unfunded commitments. Prior to the changes, the Company primarily used a lifetime loss rate model to determine the allowance for credit losses. Following a periodic review of its credit loss estimation process, the Company concluded that a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, is a more preferred approach for estimating expected credit losses of its loan segments, except consumer and other loans, which utilize the weighted average remaining maturity loss rate technique. The applicable CECL estimation technique is used to estimate the expected credit loss for off-balance sheet commitments for each loan segment. As part of the updates to estimation techniques, management updated certain related inputs and assumptions used to estimate the expected credit loss. The Company determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to the Company’s historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.
The changes in the estimation techniques and certain related inputs and assumptions used in the determination of the Company’s expected credit losses on its loan portfolio and unfunded commitments did not have a material impact to the Company’s operating results and financial condition. The provision for credit losses for the nine months ended September 30, 2025, reflects this change in estimate and is accounted for prospectively after the transition date. Refer to Note 1, “Basis of presentation” in the consolidated financial statements for further specific information on the changes.
33
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The Company performed evaluations within its updated qualitative framework, assessing for information not otherwise captured in model loss estimation process. The Company considers the qualitative factors that are relevant to the institution as of the reporting date, which may include, but are not limited to: levels of and trends in delinquencies and performance of loans; levels of and trends in write-offs and recoveries collected; trends in volume and terms of loans; effects of any changes in reasonable and supportable economic forecasts; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and expertise; available relevant information sources that contradict the Company’s own forecast; effects of changes in prepayment expectations or other factors affecting assessments of loan contractual terms; industry conditions; and effects of changes in credit concentrations.
As a result of the Southern States merger, the Company recorded a total increase of $32,641 in the allowance for credit losses on loans as of the July 1, 2025 merger date. This included $7,518 of allowance for credit losses on acquired PCD loans, which was established through acquisition accounting adjustments using the gross-up method, whereby the initial allowance is added to the fair value of the loan to determine its amortized cost. Additionally, $25,123 of allowance for credit losses was established on acquired non-PCD loans through provision expense recognized in the post-combination financial statements for the three and nine months ended September 30, 2025. See Note 2, “Mergers and acquisitions” for additional details related to allowance associated with acquired loan portfolio.
The following tables provide the changes in the allowance for credit losses on loans HFI by class of financing receivable for the three and nine months ended September 30, 2025 and 2024:
 Commercial
and industrial 		Construction1-to-4
family
residential
mortgage 		Residential
line of credit 		Multi-family
residential
mortgage 		Commercial
real estate
owner
occupied 		Commercial
real estate
non-owner
occupied 		Consumer
and other 		Total
Three Months Ended September 30, 2025
Beginning balance -
June 30, 2025
$20,271 $21,848 $30,262 $8,671 $10,894 $11,939 $26,303 $18,760 $148,948 
Initial allowance on loans
  purchased with
  deteriorated credit quality		1,959 298 64 31 159 1,515 3,418 74 7,518 
Loans charged off(100)(399)(322)— — — — (888)(1,709)
Recoveries of loans
previously charged-off
12 — 6 11 — 4 — 246 279 
Provision for credit losses
   on loans HFI		3,933 6,110 3,049 1,745 762 6,902 04,352 3,104 29,957 
Ending balance -
September 30, 2025
$26,075 $27,857 $33,059 $10,458 $11,815 $20,360 $34,073 $21,296 $184,993 
Nine Months Ended September 30, 2025
Beginning balance -
December 31, 2024
$16,667 $31,698 $25,340 $10,952 $10,512 $11,993 $25,531 $19,249 $151,942 
Initial allowance on loans
   purchased with
   deteriorated credit quality		1,959 298 64 31 159 1,515 3,418 74 7,518 
Loans charged-off(3,071)(399)(758)— — (17)— (2,811)(7,056)
Recoveries of loans
previously charged-off
227 — 26 12 — 34 529 1,000 1,828 
Impact of change in
    accounting estimate for
    current expected credit
    losses		3,504 (4,705)2,717 (3,428)258 (1,074)(1,747)(2,373)(6,848)
Provision for credit losses
   on loans HFI		6,789 965 5,670 2,891 886 7,909 6,342 6,157 37,609 
Ending balance -
September 30, 2025
$26,075 $27,857 $33,059 $10,458 $11,815 $20,360 $34,073 $21,296 $184,993 
34
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
 Commercial
and industrial 		Construction1-to-4
family
residential
mortgage 		Residential
line of credit 		Multi-family
residential
mortgage 		Commercial
real estate
owner
occupied 		Commercial
real estate
non-owner
occupied 		Consumer
and other 		Total
Three Months Ended September 30, 2024
Beginning balance -
June 30, 2024
$22,530 $34,170 $25,631 $10,097 $8,810 $11,312 $24,543 $17,962 $155,055 
Loans charged off(90)— (2)(53)— — — (770)(915)
Recoveries of loans
previously charged-off
23 — 9 18 — 12 — 202 264 
Provision for (reversal of)
    credit losses on loans
    HFI		1,670 (3,612)341 662 834 243 98 1,620 1,856 
Ending balance -
September 30, 2024
$24,133 $30,558 $25,979 $10,724 $9,644 $11,567 $24,641 $19,014 $156,260 
Nine Months Ended September 30, 2024 
Beginning balance -
December 31, 2023
$19,599 $35,372 $26,505 $9,468 $8,842 $10,653 $22,965 $16,922 $150,326 
Loans charged-off(159)(92)(295)(73)— — — (2,136)(2,755)
Recoveries of loans
previously charged-off
57 — 75 18 — 240 — 651 1,041 
Provision for (reversal of)
    credit losses on loans
    HFI		4,636 (4,722)(306)1,311 802 674 1,676 3,577 7,648 
Ending balance -
  September 30, 2024		$24,133 $30,558 $25,979 $10,724 $9,644 $11,567 $24,641 $19,014 $156,260 
Note (5)—Other real estate owned
The amount reported as other real estate owned includes property acquired through foreclosure in addition to excess facilities held for sale and is carried at the lower of the carrying amount of the underlying loan or the fair value of the real estate less costs to sell. The following table summarizes the other real estate owned for the three and nine months ended September 30, 2025 and 2024: 
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Balance at beginning of period$2,998 $4,173 $4,409 $3,192 
Transfers from loans1,975 — 5,272 2,400 
Acquired through merger or acquisition120 — 120 — 
Proceeds from sale of other real estate owned(659)(412)(5,071)(1,846)
Gain (loss) on sale of other real estate owned32 18 (225)33 
Write-downs and partial liquidations— — (39)— 
Balance at end of period$4,466 $3,779 $4,466 $3,779 
Included within the other real estate owned balance above, foreclosed residential real estate properties totaled $1,877 and $2,880 as of September 30, 2025 and December 31, 2024, respectively.
The recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $7,568 and $7,652 as of September 30, 2025 and December 31, 2024, respectively.
35
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (6)—Goodwill and intangible assets
Goodwill represents the excess of the cost of a business combination over the fair value of the net assets acquired.
Goodwill
Balance at December 31, 2024242,561 
Addition from merger with Southern States (See Note 2)107,792 
Balance at September 30, 2025$350,353 
The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or more frequently, if an event occurs or circumstances change which indicate that the fair value of a reporting unit is below its carrying amount. Impairment is the condition that exists when the carrying amount of the reporting unit exceeds the fair value of that reporting unit. The Company performed a qualitative assessment as of October 1, 2024 and determined it was more likely than not the fair value of the reporting units exceeded its carrying value, including goodwill. As such, no impairment of goodwill was recorded. No events of circumstances since the October 1, 2024 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.
Core deposit and other intangibles include core deposit intangibles and a customer base trust intangible. The composition of core deposit and other intangibles, which excludes fully amortized intangibles, as of September 30, 2025 and December 31, 2024 is as follows:
 Core deposit and other intangibles
 Gross Carrying Amount Accumulated Amortization Net Carrying Amount
September 30, 2025   
Core deposit intangible$90,655 $(57,732)$32,923 
Customer base trust intangible1,600 (1,307)293 
Total core deposit and other intangibles$92,255 $(59,039)$33,216 
December 31, 2024
Core deposit intangible$59,835 $(54,486)$5,349 
Customer base trust intangible1,600 (1,187)413 
Total core deposit and other intangibles$61,435 $(55,673)$5,762 
Amortization of core deposit and other intangibles totaled $2,079 and $3,366 for the three and nine months ended September 30, 2025, respectively, and $719 and $2,260 for the three and nine months ended September 30, 2024, respectively.
During the third quarter of 2025, the Company recorded $30,820 of core deposit intangibles resulting from the Southern States merger. See Note 2, “Mergers and acquisitions” for additional information regarding this transaction.
The estimated aggregate future years amortization expense of core deposit and other intangibles is as follows:
Remaining 2025$1,934 
20267,089 
20275,996 
20284,877 
20293,904 
20303,112 
Thereafter6,304 
 $33,216 


36
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (7)—Leases
As of September 30, 2025, the Company was the lessee in 50 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 September 30, 2025 and December 31, 2024:
September 30,December 31,
Classification20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$51,035$47,963
Finance leasesPremises and equipment, net1,0631,145
Total right-of-use assets$52,098$49,108
Lease liabilities:
Operating leasesOperating lease liabilities$62,664$60,024
Finance leasesBorrowings 1,1541,229
Total lease liabilities $63,818$61,253
Weighted average remaining lease term (in years) -
    operating		11.011.0
Weighted average remaining lease term (in years) -
    finance		9.610.4
Weighted average discount rate - operating3.68 %3.47 %
Weighted average discount rate - finance1.76 %1.76 %
The components of total lease expense included in the consolidated statements of income were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
Classification2025 2024 2025 2024 
Operating lease costs:
Amortization of right-of-use assetOccupancy and equipment$2,023 $1,362 $5,846 $5,048 
Short-term lease costOccupancy and equipment70 96 229 282 
Variable lease costOccupancy and equipment333 321 1,302 1,024 
Loss on lease terminationsOccupancy and equipment265 — 265 — 
Finance lease costs:
Interest on lease liabilitiesInterest expense on borrowings6 6 16 17 
Amortization of right-of-use assetOccupancy and equipment28 28 83 83 
Sublease income Occupancy and equipment(214)(96)(634)(407)
Total lease cost$2,511 $1,717 $7,107 $6,047 
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.
37
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
A maturity analysis of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of September 30, 2025 is as follows:
OperatingFinance
Leases Lease
September 30, 2026$2,317 $31 
September 30, 20279,127 123 
September 30, 20288,658 125 
September 30, 20297,744 127 
September 30, 20306,718 129 
Thereafter42,864 721 
     Total undiscounted future minimum lease payments77,428 1,256 
Less: imputed interest(14,764)(102)
     Lease liabilities$62,664 $1,154 
Note (8)—Mortgage servicing rights
Changes in the Company’s mortgage servicing rights were as follows for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
 202520242025 2024 
Carrying value at beginning of period$153,464 $164,505 $162,038 $164,249 
Capitalization849 1,418 2,498 4,067 
Change in fair value:
    Due to payoffs/paydowns
(3,438)(3,518)(9,703)(10,067)
    Due to change in valuation inputs or assumptions(1,035)(5,308)(4,993)(1,152)
        Carrying value at end of period$149,840 $157,097 $149,840 $157,097 
The following table summarizes servicing income and expense, which are included in mortgage banking income and other noninterest expense, respectively, in the consolidated statements of income for the three and nine months ended September 30, 2025 and 2024: 
 Three Months Ended September 30,Nine Months Ended September 30,
 202520242025 2024 
   Servicing income$6,836 $7,244 $20,849 $21,907 
   Change in fair value of mortgage servicing rights(4,473)(8,826)(14,696)(11,219)
   Change in fair value of derivative hedging instruments1,083 4,336 4,006 (648)
Servicing income
3,446 2,754 10,159 10,040 
Servicing expenses1,409 1,732 4,974 5,612 
          Net servicing income
$2,037 $1,022 $5,185 $4,428 

38
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 September 30, 2025 and December 31, 2024 are as follows: 
 September 30,December 31,
 20252024
Unpaid principal balance of mortgage loans sold and serviced for others$9,716,824 $10,235,048 
Weighted-average prepayment speed (CPR)6.51%6.04%
Estimated impact on fair value of a 10% increase$(4,133)$(4,213)
Estimated impact on fair value of a 20% increase$(7,972)$(8,168)
Discount rate9.65%10.2%
Estimated impact on fair value of a 100 bp increase$(7,000)$(7,515)
Estimated impact on fair value of a 200 bp increase$(13,416)$(14,397)
Weighted-average coupon interest rate3.64%3.59%
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)337336
The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the mortgage servicing rights is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by the Company, which were not included in the above sensitivities, would serve to offset the estimated impacts to fair value included in the table above. See Note 12, “Derivatives” for additional information on these derivative instruments.
As of September 30, 2025 and December 31, 2024, the Company held mortgage escrow deposits totaling $131,588 and $68,995, respectively, related to loans sold with servicing retained.
Note (9)—Borrowings
The Company has access to various sources of funds that allow for management of interest rate exposure and liquidity. The following table summarizes the Company's outstanding borrowings and weighted average interest rates as of September 30, 2025 and December 31, 2024:
Outstanding BalanceWeighted Average Interest Rate
September 30,December 31,September 30,December 31,
2025 2024 2025 2024 
Securities sold under agreements to repurchase
    and federal funds purchased 		$107,486 $13,499 4.23 %0.20 %
Subordinated debt, net83,338 130,704 5.01 %5.28 %
Other borrowings22,814 32,586 0.09 %0.07 %
            Total$213,638 $176,789 
Securities sold under agreements to repurchase and federal funds purchased
Securities sold under agreements to repurchase are financing arrangements that mature daily. Securities sold under agreements to repurchase totaled $12,486 and $13,499 as of September 30, 2025 and December 31, 2024, respectively. The weighted average interest rate of the Company's securities sold under agreements to repurchase was 0.17% and 0.20% as of September 30, 2025 and December 31, 2024, respectively. The fair value of securities pledged to secure repurchase agreements may decline. The Company manages this risk by having a policy to pledge securities valued at 100% of the outstanding balance of repurchase agreements.
The Bank maintains 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 fourteen days. As of September 30, 2025 and December 31, 2024, the aggregate total borrowing capacity under these lines amounted to $405,000 and $370,000, respectively. As of September 30, 2025, borrowings against these lines, which are classified as federal funds purchased, totaled $95,000 with a weighted average rate of 4.77%. There were no such borrowings outstanding as of December 31, 2024.
39
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Information concerning securities sold under agreement to repurchase and federal funds purchased as of or for the nine months ended September 30, 2025 and year ended December 31, 2024 is summarized as follows:
September 30, 2025December 31, 2024
Balance at period-end$107,486 $13,499 
Average daily balance during the period11,773 21,339 
Average interest rate during the period0.72 %1.72 %
Maximum month-end balance during the period$107,486 $78,228 
Weighted average interest rate at period-end4.23 %0.20 %
Federal Home Loan Bank Advances
As a member of the FHLB, the Company may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, the Company maintains a line of credit that as of September 30, 2025 and December 31, 2024 had total borrowing capacity of $1,551,283 and $1,397,905, respectively. As of September 30, 2025 and December 31, 2024, the Company had qualifying loans pledged as collateral securing these lines amounting to $2,708,821 and $2,608,687, respectively. There were no FHLB advances outstanding as of September 30, 2025 or December 31, 2024.
Information concerning FHLB advances as of or for the nine months ended September 30, 2025 within the table below. There were no FHLB advances outstanding as of or for the year ended December 31, 2024.
September 30, 2025
Balance at period-end$— 
Average daily balance during the period12,821 
Average interest rate during the period4.48 %
Maximum month-end balance during the period$100,000 
Weighted average interest rate at period-end— %
Subordinated Debt
Prior to September 30, 2025, the Company had issued junior subordinated debentures through two separate trusts which issued floating rate trust preferred securities to external investors. The trusts were created for the sole purpose of issuing 30-year capital trust preferred securities to fund the purchase of the junior subordinated debentures. In September 2025, the Company redeemed notes related to these trusts at the principal amount plus accrued and unpaid interest pursuant to the terms of the debentures. As a result of this redemption, the Company redeemed $30,930 of junior subordinated debentures.
Separately, during September 2025, the Bank redeemed $100,000 of ten-year fixed-to-floating rate subordinated notes. This redemption was executed at the principal amount plus accrued interest, in accordance with the terms of the notes.
On July 1, 2025, the Company assumed three separate fixed-to-floating rate subordinated notes in connection with its merger with Southern States with a principal balance totaling $92,500. As of September 30, 2025, no other subordinated debt remained outstanding apart from the debt assumed through this business combination.










40
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Further details regarding our subordinated debt as of September 30, 2025 are provided below.
Name Year establishedMaturity Call dateTotal debt outstanding Interest rate Coupon structure
February 2032 Subordinated Debt(1)
202202/07/203202/07/2027$47,500 3.50%
Quarterly fixed(2)
October 2032 Subordinated Debt(1)
202210/26/2032
10/26/2027
40,000 7.00%
Quarterly fixed(2)
December 2031 Subordinated Debt(1)
202112/22/2031
12/31/2026
5,000 3.50%
Quarterly fixed(2)
     Unamortized fair value marks(9,162)
     Total subordinated debt, net$83,338 
(1) The Company classifies the issuance, net of unamortized fair value marks, as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.
(2) Beginning on each respective call date, the coupon structure migrates to 3M SOFR plus a spread of 205 basis points, 306 basis points and 242 basis points for the February 2032, October 2032 and December 2031 subordinated issues, respectively, through the end of the term of each debenture.
Other Borrowings
As of September 30, 2025 and December 31, 2024, other borrowings included a finance lease liability amounting to $1,154 and $1,229, respectively. Additionally, as of September 30, 2025 and December 31, 2024, the Company recorded $21,660 and $31,357, respectively, of optional repurchase commitments of government guaranteed GNMA loans that meet certain defined delinquency rates under their contractual terms that were eligible for optional repurchase and recorded in both loans held for sale and other borrowings.
See Note 7, “Leases” and Note 13, “Fair Value of financial instruments” for additional information regarding the Company's finance lease and guaranteed GNMA loans eligible for repurchase, respectively.
Note (10)—Income taxes
The following table presents a reconciliation of income taxes for the three and nine months ended September 30, 2025 and 2024:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025 2024 2025 2024 
Federal taxes calculated
    at statutory rate		$6,217 21.0 %$2,392 21.0 %$14,427 21.0 %$20,275 21.0 %
  Increase (decrease)
     resulting from:
State taxes, net of federal
   benefit		125 0.4 %(986)(8.7)%372 0.5 %(776)(0.8)%
(Benefit) expense from
  stock-based compensation		(29)(0.1)%(1)— %(408)(0.6)%75 0.1 %
Municipal interest
    income, net of interest
    disallowance		(408)(1.4)%(313)(2.7)%(1,221)(1.8)%(1,014)(1.1)%
Bank-owned life insurance(151)(0.5)%(81)(0.7)%(334)(0.5)%(692)(0.7)%
Section 162(m) limitation110 0.4 %43 0.4 %795 1.2 %247 0.3 %
Expiration of the statute of
   limitations(1)
— — %— — %(8,713)(12.7)%— — %
Interest on refunds(1)
— — %— — %(2,591)(3.8)%— — %
Other363 1.2 %120 1.0 %719 1.1 %278 0.3 %
Income tax expense, as
   reported		$6,227 21.0 %$1,174 10.3 %$3,046 4.4 %$18,393 19.1 %
(1) For the nine months ended September 30, 2025, a one-time tax benefit of $10,713 was recognized due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest.
On July 4, 2025, new tax legislation referred to as the One Big Beautiful Bill Act was enacted into law by the federal government. The tax provisions of the One Big Beautiful Bill Act did not have a material impact on our income tax expense. The retroactive extension of bonus depreciation has afforded the Company additional income tax deductions for 2025, reducing the anticipated income taxes payable for 2025.
41
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (11)—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.
September 30,December 31,
 2025 2024 
Commitments to extend credit, excluding interest rate lock commitments$3,190,375 $2,770,105 
Letters of credit66,586 69,855 
Balance at end of period$3,256,961 $2,839,960 
As of September 30, 2025 and December 31, 2024, unfunded loan commitments included above with floating interest rates totaled $2,988,878 and $2,573,218, respectively.
Beginning on June 30, 2025, a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, was utilized to estimate the expected credit losses of its loan segments, except consumer and other loans, which utilize the weighted average remaining maturity loss rate technique. The Company determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses. See “Note 1, “Basis of presentation” for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses for the nine months ended September 30, 2025 and did not have a material impact to the Company's operating results and financial condition.
As part of the credit loss process, the Company estimates expected credit losses on its unfunded loan commitments under the CECL methodology. When applying this methodology, the Company considers the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions.
The table below presents activity within the allowance for credit losses on unfunded loan commitments included in accrued expenses and other liabilities on the Company’s consolidated balance sheets:
Three Months Ended September 30,Nine Months Ended September 30,
2025 20242025 2024 
Balance at beginning of period$12,932 $5,984 $6,107 $8,770 
Provision for credit losses on unfunded commitments
    acquired in business combination		3,243 — 3,243 — 
Impact of change in accounting estimate for current
    expected credit losses		— — 6,452 — 
Provision for (reversal of) credit losses on unfunded
    commitments		1,217 58 1,590 (2,728)
Balance at end of period$17,392 $6,042 $17,392 $6,042 
Loan repurchases or indemnifications
In connection with the sale of mortgage loans to third-party private investors or government sponsored agencies, the Company makes representations and warranties as to the propriety of its origination activities, which are typical and customary to these types of transactions. Occasionally, investors require the Company to repurchase loans sold to them or otherwise indemnify the investor against certain losses under the terms of the warranties. When the Company is required to repurchase the loans, the loans are recorded at fair value in loans HFI. The total principal amount of loans
42
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
repurchased or indemnified for was $2,576 and $5,827 for the three and nine months ended September 30, 2025, respectively and $1,382 and $4,893 for the three and nine months ended September 30, 2024, respectively.
At September 30, 2025 and December 31, 2024, the Company had $740 and $697, respectively, of reserves associated with potential losses on loans previously sold included in accrued expenses and other liabilities on the Company's consolidated balance sheets.
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 (12)—Derivatives
The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure as well as interest rate exposure for its customers. Derivative financial instruments are included in the consolidated balance sheets line item other assets or other liabilities at fair value in accordance with ASC 815, “Derivatives and Hedging.” See Note 1, “Basis of presentation and summary of significant accounting policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on the Company’s accounting policies related to derivative instruments and hedging activities.
Derivatives designated as fair value hedges
The Company periodically enters into fair value hedging relationships using interest rates swaps to mitigate the Company’s exposure to losses in market value as interest rates change. Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps that relate to pricing of specific balance sheet assets and liabilities. Interest rate swaps generally involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date. The critical terms of the interest 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 September 30, 2025 and December 31, 2024, the Company did not hold any interest rate swaps designated as fair value hedges. The Company did hold interest rate swaps designated as fair value hedges for a period of time during the nine months ended September 30, 2024.
During the three and nine months ended September 30, 2024, the Company had $993 and $4,588, respectively, of amortization expense in interest expense on deposits related to terminated fair value hedges. During the nine months ended September 30, 2024, there was $645 of expense included in interest expense on borrowings related to fair value hedges. There was no such expense for the three months ended September 30, 2024.
Derivatives designated as cash flow hedges
The Company periodically enters into cash flow hedging relationships using interest rate swaps to mitigate the exposure to the variability in future cash flows or other forecast transactions associated with its floating rate assets and liabilities. The Company uses interest rate swap agreements to hedge the repricing characteristics of its floating rate subordinated debt. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Any initial and ongoing assessment of expected hedge effectiveness is based on regression analysis. The ongoing periodic measures of hedge ineffectiveness are based on the expected change in cash flows of the hedged item caused by changes in the benchmark interest rate.
At both September 30, 2025 and December 31, 2024, the Company did not have any interest rate swaps that were designated as cash flow hedges. The Company did hold interest rate swaps designated as cash flow hedges during the nine months ended September 30, 2024.
The Company’s consolidated statements of income included a loss of $5 and a gain of $517 for the three and nine months ended September 30, 2024 in interest expense on borrowings related to these cash flow hedges, respectively. The cash flow hedges were highly effective during this period and as a result qualified for hedge accounting treatment. As such, no amounts were reclassified from accumulated other comprehensive loss into earnings as a result of hedge ineffectiveness during the period.
43
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
For the three and nine months ended September 30, 2024, the Company had a loss of $59 and $428, respectively, in other comprehensive income, net of tax benefit of $21 and $151, respectively, for derivative instruments designated as cash flow hedges. No such activity was recorded during the three and nine months ended September 30, 2025.
Derivatives not designated as hedging instruments
Derivatives not designated under hedge accounting rules include those that are entered into as either economic hedges as part of the Company’s overall risk management strategy or to facilitate client needs. Economic hedges are those that are not designated as a fair value or cash flow hedge for accounting purposes but are necessary to economically manage the risk exposure associated with the assets and liabilities of the Company.
The Company enters into derivative instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with customer contracts, the Company enters into an offsetting derivative contract. The Company manages its credit risk, or potential risk of default by its commercial customers through credit limit approval and monitoring procedures.
The Company enters into interest rate-lock commitments on residential loan commitments that will be held for resale. These are considered derivative instruments with no hedge accounting designation, and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Gains and losses arising from changes in the valuation of the interest rate-lock commitments are recognized currently in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.
The Company also enters into forwards, futures and option contracts to economically hedge the change in fair value of mortgage servicing rights. Gains and losses associated with these instruments are included in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.
The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
September 30, 2025
Notional AmountAssetLiability
  Interest rate contracts$683,218 $26,588 $26,640 
  Forward commitments275,000 — 630 
  Interest rate-lock commitments128,961 1,972 — 
  Futures contracts187,500 — 1,144 
    Total$1,274,679 $28,560 $28,414 
 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 






44
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
(Losses) gains included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
 2025 2024 2025 2024 
Included in mortgage banking income:
  Interest rate lock commitments$(350)$18 $1,325 $194 
  Forward commitments(1,237)(1,549)(1,560)(1,115)
  Futures contracts517 3,612 2,648 (787)
    Total$(1,070)$2,081 $2,413 $(1,708)
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
September 30, 2025
Derivative financial assets$20,625 $— $20,625 $6,135 $— $14,490 
Derivative financial liabilities$11,078 $— $11,078 $6,135 $4,943 $— 
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 are secured by collateral. Accordingly, pursuant to the interest rate agreements with derivative counterparties, the Company may be required to accept or post collateral with these derivative counterparties. As of September 30, 2025 and December 31, 2024, the Company had collateral posted of $29,765 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 (13)—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
45
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances.
The hierarchy is broken down into the following three levels, based on the reliability of inputs:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs for assets or liabilities that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the assets or liabilities.
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.

46
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 September 30, 2025 and December 31, 2024 are presented in the following tables:
At September 30, 2025Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $653,197 $— $653,197 
Mortgage-backed securities - residential— 587,587 — 587,587 
Mortgage-backed securities - commercial— 10,681 — 10,681 
Municipal securities— 165,411 — 165,411 
U.S. Treasury securities— 7,080 — 7,080 
Corporate securities— 2,995 — 2,995 
Equity securities, at fair value— 1,450 — 1,450 
Total securities$— $1,428,401 $— $1,428,401 
Loans held for sale, at fair value$— $145,789 $— $145,789 
Mortgage servicing rights— — 149,840 149,840 
Derivatives— 28,560 — 28,560 
Financial Liabilities:
Derivatives— 28,414 — 28,414 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Recurring valuations:    
Financial assets:     
AFS debt securities:    
U.S. government agency securities$— $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 










47
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 September 30, 2025 and December 31, 2024 are presented in the following tables: 
At September 30, 2025Quoted prices
in active
markets for
identical assets
(liabilities
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Nonrecurring valuations:    
Financial assets:    
Other real estate owned$— $— $3,076 $3,076 
Collateral-dependent net loans held for
   investment:
Commercial and industrial— — 1,513 1,513 
Construction— — 16,326 16,326 
Residential real estate:
1-to-4 family mortgage— — 1,728 1,728 
Commercial real estate:
Non-owner occupied— — 5,930 5,930 
Total collateral-dependent loans$— $— $25,497 $25,497 
 
At December 31, 2024Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2)		Significant unobservable
inputs
(level 3)		Total
Nonrecurring valuations:    
Financial assets:    
Other real estate owned$— $— $2,873 $2,873 
Collateral-dependent net loans held for
    investment:
Commercial and industrial$— $— $694 $694 
Construction— — 20,818 20,818 
Residential real estate:
   Multifamily— — 9,000 9,000 
Total collateral-dependent loans$— $— $30,512 $30,512 
The significant unobservable inputs (Level 3) used in the valuation and changes in fair value associated with the Company’s mortgage servicing rights for the three and nine months ended September 30, 2025 and 2024 are detailed at Note 8, “Mortgage servicing rights.”
The following tables present information as of September 30, 2025 and December 31, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
September 30, 2025
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs		Range of
inputs
Collateral-dependent net loans
   held for investment		$25,497 Valuation of collateralDiscount for comparable sales
10%-23%
Other real estate owned$3,076 Appraised value of property less costs to sellDiscount for costs to sell
0%-10%
48
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
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 September 30, 2025 and December 31, 2024, total amortized cost of collateral-dependent loans measured on a nonrecurring basis amounted to $26,333 and $34,712, respectively. The allowance for credit losses is calculated as the amount for which the loan’s amortized cost basis exceeds fair value.
Other real estate owned acquired in settlement of indebtedness is recorded at fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Any write-downs based on the asset’s fair value at the date of foreclosure are charged to the allowance for credit losses.
Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the lending administrative department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry wide statistics. Collateral-dependent loans that are dependent on recovery through sale of equipment, such as farm equipment, automobiles and aircrafts are generally valued based on public source pricing or subscription services while more complex assets are valued through leveraging brokers who have expertise in the collateral involved.
Fair value option
The following table summarizes the Company’s loans held for sale as of the dates presented:
September 30,December 31,
20252024
Loans held for sale under a fair value option:
  Mortgage loans held for sale145,789 95,403 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option21,660 31,357 
               Total loans held for sale$167,449 $126,760 
Mortgage loans held for sale
Net gains of $405 and $2,233 resulting from fair value changes of mortgage loans held for sale were recorded in income during the three and nine months ended September 30, 2025, respectively, compared to net losses of $241 and net gains of $315 during the three and nine months ended September 30, 2024, respectively. These gains and losses do 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 gain of $801 and $2,741 for the three and nine months ended September 30, 2025, respectively, compared to a net loss of $480 and a net gain of $1,337 during the three and nine months ended September 30, 2024, respectively. The change in fair value of mortgage loans held for sale and the related derivative instruments are recorded in mortgage banking income in the consolidated statements of income. Election of the fair value option allows the Company to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value.
The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these mortgage loans held for sale, valuation adjustments attributable to instrument-specific credit risk is nominal.
49
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of September 30, 2025 and December 31, 2024: 
September 30,December 31,
20252024
Aggregate fair value$145,789 $95,403 
Aggregate unpaid principal balance142,071 93,918 
     Difference$3,718 $1,485 
The following table contains the estimated fair values and the related carrying values of the Company’s financial instruments. Non-financial instruments are excluded from the table below.
 
 Fair Value
September 30, 2025Carrying amount Level 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$1,280,033 $1,280,033 $— $— $1,280,033 
Investment securities1,428,401 — 1,428,401 — 1,428,401 
Net loans HFI12,112,607 — — 12,017,272 12,017,272 
Loans held for sale, at fair value145,789 — 145,789 — 145,789 
Interest receivable60,755 822 7,384 52,549 60,755 
Mortgage servicing rights149,840 — — 149,840 149,840 
Derivatives28,560 — 28,560 — 28,560 
Financial liabilities: 
Deposits: 
Without stated maturities$11,117,354 $11,117,354 $— $— $11,117,354 
With stated maturities2,695,601 — 2,693,758 — 2,693,758 
Securities sold under agreements to
repurchase and federal funds purchased
107,486 107,486 — — 107,486 
Subordinated debt, net83,338 — — 85,504 85,504 
Interest payable16,560 3,847 12,713 — 16,560 
Derivatives28,414 — 28,414 — 28,414 
 
 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 HFI9,450,442 — — 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 
50
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (14)—Segment reporting
The Company and the Bank are engaged in the business of banking and provide a full range of financial services to its customers. The Company determines reportable segments based on the significance of the segment’s operating results to the overall Company, the products and services offered, customer characteristics, processes and service delivery of the segments and the regular financial performance review and allocation of resources by the Chief Executive Officer, the Company’s chief operating decision maker. The Company has identified two distinct reportable segments—Banking and Mortgage. The Company’s primary segment is Banking, which provides a full range of deposit and lending products and services to corporate, commercial and consumer customers. The Company also originates conforming residential mortgage loans through its Mortgage segment, whose activities include the servicing of residential mortgage loans and securitization of loans to third party private investors or government sponsored agencies.
The chief operating decision maker uses income before income taxes as the measure of segment profit or loss to assess the performance of and allocate resources to each segment. Interest income provides the primary revenue in the Banking segment, and mortgage banking income provides the primary revenue in the Mortgage segment. Interest expense, provision for credit losses, salaries, commissions and employee benefits and merger and integration costs provide the significant expenses in the Banking segment, and salaries, commissions and employee benefits provide the significant expenses in the Mortgage segment. These figures are regularly provided to the chief operating decision maker and are monitored through budget-to-actual variance review.
The Company assigns a transfer rate to allocate net interest income to products and business segments. Through this process, the Company formulates a loan funding charge and a deposit funding credit for its entire loan and deposit portfolios. The intent of the transfer rate methodology is to transfer interest rate risk among the segments and allow management to better measure the net interest margin contribution of its products and business segments. Changes in management structure or allocation methodologies and procedures result in changes in reported segment financial data. Prior period results have been adjusted to conform to the current methodology.
The following tables present selected financial information with respect to the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30, 2025BankingMortgageConsolidated
Interest income$236,073 $825 $236,898 
Interest expense91,214 (1,556)89,658 
Net interest income144,859 2,381 147,240 
Provisions for credit losses 34,070 347 34,417 
Net interest income after provision for credit losses110,789 2,034 112,823 
Mortgage banking income— 16,874 16,874 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (3,390)(3,390)
Other noninterest income13,078 73 13,151 
Total noninterest income13,078 13,557 26,635 
Salaries, commissions and employee benefits51,441 7,769 59,210 
Merger and integration costs16,057 — 16,057 
Depreciation and amortization3,167 18 3,185 
Amortization of intangibles2,079 — 2,079 
Other noninterest expense(2)
24,225 5,100 29,325 
Total noninterest expense96,969 12,887 109,856 
Income before income taxes$26,898 $2,704 $29,602 
Income tax expense6,227 
Net income applicable to FB Financial Corporation and noncontrolling
interest
23,375 
Net income applicable to noncontrolling interest— 
Net income applicable to FB Financial Corporation$23,375 
Total assets$15,598,629 $637,830 $16,236,459 
Goodwill350,353 — 350,353 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.

51
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Nine Months Ended September 30, 2025
Banking(3)
MortgageConsolidated
Interest income$595,948 $2,740 $598,688 
Interest expense236,421 (4,029)232,392 
Net interest income359,527 6,769 366,296 
Provisions for credit losses 36,841 5,205 42,046 
Net interest income after provision for credit losses322,686 1,564 324,250 
Mortgage banking income— 49,629 49,629 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (10,690)(10,690)
Other noninterest (loss) income(23,982)158 (23,824)
Total noninterest (loss) income(23,982)39,097 15,115 
Salaries, commissions and employee benefits131,545 22,647 154,192 
Merger and integration costs19,192 — 19,192 
Depreciation and amortization8,759 61 8,820 
Amortization of intangibles3,366 — 3,366 
Other noninterest expense(2)
68,346 16,750 85,096 
Total noninterest expense231,208 39,458 270,666 
Income before income taxes$67,496 $1,203 $68,699 
Income tax expense3,046 
Net income applicable to FB Financial Corporation and noncontrolling
interest
65,653 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$65,645 
Total assets$15,598,629 $637,830 $16,236,459 
Goodwill350,353 — 350,353 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.

Three Months Ended September 30, 2024BankingMortgageConsolidated
Interest income$185,824 $(196)$185,628 
Interest expense81,489 (1,878)79,611 
Net interest income104,335 1,682 106,017 
Provisions for credit losses 1,861 53 1,914 
Net interest income after provision for credit losses102,474 1,629 104,103 
Mortgage banking income— 16,043 16,043 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (4,490)(4,490)
Other noninterest (loss) income(28,370)320 (28,050)
Total noninterest income(28,370)11,873 (16,497)
Salaries, commissions and employee benefits39,938 7,600 47,538 
Depreciation and amortization3,141 114 3,255 
Amortization of intangibles719 — 719 
Other noninterest expense(2)
19,316 5,384 24,700 
Total noninterest expense63,114 13,098 76,212 
Income before income taxes$10,990 $404 $11,394 
Income tax expense1,174 
Net income applicable to FB Financial Corporation and noncontrolling
interest
10,220 
Net income applicable to noncontrolling interest— 
Net income applicable to FB Financial Corporation$10,220 
Total assets$12,337,135 $583,087 $12,920,222 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.


52
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Nine Months Ended September 30, 2024
Banking(3)
MortgageConsolidated
Interest income$539,814 $(645)$539,169 
Interest expense235,824 (4,777)231,047 
Net interest income303,990 4,132 308,122 
Provisions for (reversals of) credit losses 5,131 (211)4,920 
Net interest income after provision for credit losses298,859 4,343 303,202 
Mortgage banking income— 47,915 47,915 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (11,867)(11,867)
Other noninterest (loss) income(19,687)712 (18,975)
Total noninterest income(19,687)36,760 17,073 
Salaries, commissions and employee benefits116,521 21,860 138,381 
Depreciation and amortization8,594 363 8,957 
Amortization of intangibles2,260 — 2,260 
Other noninterest expense(2)
58,111 16,016 74,127 
Total noninterest expense185,486 38,239 223,725 
Income before income taxes$93,686 $2,864 $96,550 
Income tax expense18,393 
Net income applicable to FB Financial Corporation and noncontrolling
interest
78,157 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$78,149 
Total assets$12,337,135 $583,087 $12,920,222 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.
Note (15)—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 September 30, 2025 and December 31, 2024, the Bank and Company met all capital adequacy requirements to which they are subject. Additionally, under U.S. Basel III Capital Rules, the Bank and Company opted out of including accumulated other comprehensive income in regulatory capital.
53
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Actual and required capital amounts and ratios are included below as of the dates indicated.
September 30, 2025
ActualMinimum Requirement for Capital Adequacy with
Capital Buffer		To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio
Total Capital (to risk-weighted assets)      
FB Financial Corporation$1,923,161 13.6 %$1,488,143 10.5 %N/AN/A
FirstBank1,863,890 13.3 %1,475,854 10.5 %$1,405,575 10.0 %
Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation$1,662,376 11.7 %$1,204,687 8.5 %N/AN/A
FirstBank1,687,888 12.0 %1,194,739 8.5 %$1,124,460 8.0 %
Common Equity Tier 1 Capital
   (to risk-weighted assets)
FB Financial Corporation$1,662,376 11.7 %$992,095 7.0 %N/AN/A
FirstBank1,687,888 12.0 %983,903 7.0 %$913,624 6.5 %
Tier 1 Capital (to average assets)
FB Financial Corporation$1,662,376 10.6 %$628,731 4.0 %N/AN/A
FirstBank1,687,888 10.8 %626,042 4.0 %$782,552 5.0 %
December 31, 2024(1)
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$1,721,941 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 %
(1) The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.
Note (16)—Employee benefit plans
401(k) plan
The Company sponsors a defined contribution plan which covers substantially all employees and allows participating employees to contribute the maximum amount of their eligible salary subject to certain limits based on the federal tax laws. The Company has an employer match of 50% of the first 6% of an employee’s salary with any such contributions vesting ratably over a three-year period. Matching employer contributions totaled $1,478 and $3,691 for the three and nine months ended September 30, 2025, respectively and $760 and $2,526 for the three and nine months ended September 30, 2024, respectively.
Acquired supplemental retirement plans
Historically, the Company has maintained nonqualified supplemental retirement plans for certain former employees assumed through acquisitions. In connection with the Southern States merger, the Company assumed additional nonqualified supplemental retirement plans, similar to those previously maintained. As of September 30, 2025 and December 31, 2024, accrued expenses and other liabilities on the consolidated balance sheets included post-retirement benefits payable of $12,722 and $2,328, respectively, related to these plans. For the three and nine months ended September 30, 2025 and 2024, the expense related to these plans and payments to the participants were not meaningful.
54
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)

Related to the nonqualified supplemental retirement plan obligations, the Company maintains BOLI policies covering these individuals and annuity contracts to satisfy the underlying obligation, all acquired through past acquisitions. At September 30, 2025 and December 31, 2024, cash surrender value of BOLI was $113,374 and $72,504, respectively. Income related to these policies (net of related insurance premium expense) amounted to $717 and $1,589 for the three and nine months ended September 30, 2025, respectively, and $385 and $3,296 for the three and nine months ended September 30, 2024, respectively. At September 30, 2025, the annuity contracts held had a contract value of $16,644 included in other assets. There were no such annuity contracts at December 31, 2024. Income related to these annuity contracts recorded in other income was not meaningful for the three and nine months ended September 30, 2025. There was no such income recorded for three and nine months ended September 30, 2024.
Note (17)—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 nine months ended September 30, 2025:
 Restricted Stock
Units
Outstanding		Weighted
Average Grant
Date
Fair Value
Balance at beginning of period (unvested)345,436 $36.71 
Granted170,614 48.27 
Vested(166,583)37.67 
Forfeited(11,676)40.54 
Balance at end of period (unvested)337,791 $41.94 
The total fair value of RSUs vested and released was $345 and $6,275 for the three and nine months ended September 30, 2025, respectively, and $207 and $5,496 for the three and nine months ended September 30, 2024, respectively.
The compensation cost related to these grants and vesting of RSUs was $1,747 and $6,343 for the three and nine months ended September 30, 2025, respectively, and $1,744 and $5,741 for the three and nine months ended September 30, 2024, respectively. These amounts include RSU grants made to directors and director compensation to be settled in stock amounting to $256 and $730 during the three and nine months ended September 30, 2025, respectively, and $237 and $584 for the three and nine months ended September 30, 2024, respectively.
As of September 30, 2025, there was $8,426 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 1.79 years. Additionally, as of September 30, 2025, there were 1,186,133 shares available for issuance under the Company’s stock compensation plans. As of September 30, 2025 and December 31, 2024, there was $308 and $344, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared which is 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 are 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 are based on a combination of the same metric discussed above as well as the Company’s adjusted tangible book value over the performance period.
55
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)

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.
The following table summarizes information about the changes in PSUs as of and for the nine months ended September 30, 2025:
Performance Stock
Units
Outstanding(1)
Weighted
Average Grant
Date
Fair Value
Balance at beginning of period (unvested)223,393 $38.06 
Granted75,329 49.33 
Performance adjustment (2)
348 44.09 
Vested(50,269)44.09 
Forfeited or expired(4,909)39.71 
Balance at end of period (unvested)243,892 $40.24 
(1) PSUs are presented in the table above assuming targets are met and the awards pay out at 100%.
(2) The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.
The following table summarizes data related to the Company’s outstanding PSUs as of September 30, 2025:
Grant YearGrant PricePerformance PeriodPSUs Outstanding
2023$37.17 2023 to 202572,595
2024$35.60 2024 to 202697,200
2025$49.33 2025 to 202774,097
The Company recorded compensation cost of $2,007 and $5,224 for the for the three and nine months ended September 30, 2025, respectively, and $607 and $1,520 for the three and nine months ended September 30, 2024 respectively. As of September 30, 2025, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $12,490, and the weighted average remaining performance period over which the cost could be recognized was 2.00 years. As of September 30, 2025 and December 31, 2024, there was $256 and $217, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared which is 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 at the beginning or end of each six month 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 9,274 and 11,256 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $450 and $473, during the three months ended September 30, 2025 and 2024, respectively. There were 17,435 and 21,862 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $790 and $861, during the nine months ended September 30, 2025 and 2024, respectively.


56
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)

Note (18)—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 advances20,991 
Change in related party status— 
Repayments(11,411)
Loans outstanding at September 30, 2025$40,986 
Unfunded commitments to management, executive officers, the directors, and significant shareholders and their related interests totaled $55,374 and $14,510 at September 30, 2025 and December 31, 2024, respectively.
Deposits
The Bank held deposits from related parties totaling $405,630 and $282,963 as of September 30, 2025 and December 31, 2024, respectively.
Leases
The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. Lease expense for these properties totaled $101 and $301 for the three and nine months ended September 30, 2025, respectively, and $100 and $311 for the three and nine months ended September 30, 2024, respectively.
Aviation lease
Through a wholly-owned subsidiary, FBK Aviation, LLC, the Company owns and maintains an aircraft. FBK Aviation, LLC maintains non-exclusive aircraft leases with entities owned by certain directors. The Company recognized income of $18 and $43 for the three and nine months ended September 30, 2025, respectively, and $3 and $46 for the three and nine months ended September 30, 2024, respectively, under these agreements.
Equity investment in preferred stock and master loan purchase agreement
The Company holds an equity investment in a privately held entity which originates manufactured housing loans through utilization of its proprietary developed technology. As a result of the investment, the Company holds two board seats on the entity’s board of directors. The Company also has a master loan purchase agreement with the entity to purchase up to $250,000 in manufactured housing loan production over an initial five-year term. Under this agreement, the Company purchased $17,770 and $45,780 of loans for the three and nine months ended September 30, 2025, respectively, and purchased $16,970 and $43,776 of loans for the three and nine months ended September 30, 2024. As of September 30, 2025 and December 31, 2024, the amortized cost of these loans HFI amounted to $128,042 and $86,890, respectively. See Note 3, “Investment securities”, for additional information on this investment.









57

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 September 30, 2025 and December 31, 2024, and our results of operations for the three and nine months ended September 30, 2025 and 2024, and should be read in conjunction with our audited consolidated financial statements set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, that was filed with the SEC on February 25, 2025, and with the accompanying unaudited notes to the condensed consolidated financial statements set forth in this Report.
Forward-looking statements
Certain statements contained in this Report that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company’s future plans, results, strategies, and expectations, including expectations around changing economic markets and statements regarding the merger of Southern States Bancshares, Inc. (“Southern States”) with the Company (the “Merger”) and expectations with regard to the benefits of the Merger. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management’s current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) risks associated with the Merger, including (a) the risk that the cost savings and any revenue synergies from the Merger is less than or different from expectations, (b) disruption from the Merger with customer, supplier, or employee relationships,(c) the possibility that the costs, fees, expenses and charges related to the Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (d) the risks related to the integration of the combined businesses, including the risk that the integration will be materially delayed or will be more costly or difficult than expected, (e) the diversion of management time on merger-related issues, (f) the ability of the Company to effectively manage the larger and more complex operations of the combined company following the Merger, (g) the risk of expansion into new geographic or product markets, (h) reputational risk and the reaction of the parties’ customers to the Merger, (i) the Company’s ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (j) the risk of potential litigation or regulatory action related to the Merger, (7) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from, other potential future acquisitions, (8) the Company’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (9) the Company’s ability to successfully execute its various business strategies, (10) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (11) the effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (12) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (13) the impact, extent and timing of technological changes, (14) concentrations of credit or deposit exposure, (15) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (16) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (17) general competitive,
58

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 consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and general practices within the banking industry. A summary of our accounting policies is included in “Item 8. Financial Statements and Supplementary Data - Note 1, Basis of presentation and summary of significant accounting policies” of our Annual Report on Form 10-K for the year ended December 31, 2024. Any material updates to these policies since the Annual Report are described in Note 1, “Basis of presentation,” within this Report. Certain of these policies require management to apply significant judgment and estimates, which can have a material impact on the carrying value of certain assets and liabilities.
Business combinations
We account for mergers and acquisitions using the acquisition method, which requires identifiable assets acquired and liabilities assumed to be recorded at fair value. Fair value determinations involve significant judgment and are based on valuation methodologies that incorporate management’s assumptions regarding future cash flows, discount rates, balance attrition, and other relevant factor. We engaged with third-party specialists to assist in developing these estimates, particularly when observable market inputs are limited. Use of different assumptions could have a significant impact on the fair value of assets acquired and liabilities assumed and on our overall financial results.
For additional information regarding critical accounting estimates, refer to “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical accounting estimates” of our Annual Report on Form 10-K for the year ended December 31, 2024.
59

Financial highlights
The following table presents certain selected historical consolidated statements of income and balance sheets 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 nine months endedAs of or for the year-ended
September 30,September 30,December 31,
(dollars in thousands, except share data)2025 2024 2025 2024 2024 
Selected Balance Sheet Data
Cash and cash equivalents$1,280,033 $951,750 $1,280,033 $951,750 $1,042,488 
Investment securities, at fair value1,428,401 1,567,922 1,428,401 1,567,922 1,538,008 
Loans held for sale167,449 103,145 167,449 103,145 126,760 
Loans HFI12,297,600 9,478,129 12,297,600 9,478,129 9,602,384 
Allowance for credit losses on loans HFI(184,993)(156,260)(184,993)(156,260)(151,942)
Total assets16,236,459 12,920,222 16,236,459 12,920,222 13,157,482 
Interest-bearing deposits (non-brokered)10,634,555 8,230,867 10,634,555 8,230,867 8,625,113 
Brokered deposits487,765 519,200 487,765 519,200 469,089 
Noninterest-bearing deposits2,690,635 2,226,144 2,690,635 2,226,144 2,116,232 
Total deposits13,812,955 10,976,211 13,812,955 10,976,211 11,210,434 
Borrowings213,638 182,107 213,638 182,107 176,789 
Allowance for credit losses on unfunded
   commitments		17,392 6,042 17,392 6,042 6,107 
Total common shareholders’ equity1,978,043 1,562,329 1,978,043 1,562,329 1,567,538 
Selected Statement of Income Data
Total interest income$236,898 $185,628 $598,688 $539,169 $725,538 
Total interest expense89,658 79,611 232,392 231,047 309,035 
Net interest income147,240 106,017 366,296 308,122 416,503 
Provisions for credit losses34,417 1,914 42,046 4,920 12,004 
Total noninterest income (loss)26,635 (16,497)15,115 17,073 39,070 
Total noninterest expense109,856 76,212 270,666 223,725 296,899 
Income before income taxes29,602 11,394 68,699 96,550 146,670 
Income tax expense 6,227 1,174 3,046 18,393 30,619 
Net income applicable to noncontrolling
    interest		— — 8 8 16 
Net income applicable to FB Financial
    Corporation 		$23,375 $10,220 $65,645 $78,149 $116,035 
Net interest income (tax-equivalent basis)$148,088 $106,634 $368,751 $310,087 $419,091 
Per Common Share
Basic net income$0.44 $0.22 $1.35 $1.67 $2.48 
Diluted net income0.43 0.22 1.34 1.67 2.48 
Book value37.00 33.48 37.00 33.48 33.59 
Tangible book value(1)
29.83 28.15 29.83 28.15 28.27 
Cash dividends declared0.19 0.17 0.57 0.51 0.68 
Selected Ratios
Return on average:
Assets0.58 %0.32 %0.62 %0.83 %0.91 %
Common shareholders’ equity4.69 %2.67 %5.11 %7.02 %7.71 %
Tangible common equity(1)
5.82 %3.19 %6.17 %8.45 %9.24 %
Efficiency ratio63.2 %85.1 %71.0 %68.8 %65.2 %
Core efficiency ratio (tax-equivalent basis)(1)
53.3 %58.4 %56.4 %58.2 %57.3 %
Loans HFI to deposit ratio89.0 %86.4 %89.0 %86.4 %85.7 %
Noninterest-bearing deposits to total deposits 19.5 %20.3 %19.5 %20.3 %18.9 %
Net interest margin (tax-equivalent basis)3.95 %3.55 %3.74 %3.51 %3.51 %
Yield on interest-earning assets6.35 %6.20 %6.10 %6.13 %6.10 %
Cost of interest-bearing liabilities3.21 %3.63 %3.17 %3.58 %3.53 %
Cost of total deposits2.53 %2.83 %2.52 %2.79 %2.76 %
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As of or for the three months endedAs of or for the nine months endedAs of or for the year ended
September 30,September 30,December 31,
2025 2024 2025 2024 2024 
Credit Quality Ratios
Allowance for credit losses on loans HFI as a
   percentage of loans HFI		1.50 %1.65 %1.50 %1.65 %1.58 %
Annualized net charge-offs as a percentage
    of average loans HFI		(0.05)%(0.03)%(0.07)%(0.02)%(0.14)%
Nonperforming loans HFI as a percentage of
   loans HFI		0.94 %0.96 %0.94 %0.96 %0.87 %
Nonperforming assets as a percentage of
    total assets(2)
0.89 %0.99 %0.89 %0.99 %0.93 %
Capital Ratios (Company)
Total common shareholders’ equity to assets12.2 %12.1 %12.2 %12.1 %11.9 %
Tangible common equity to tangible assets(1)
10.1 %10.4 %10.1 %10.4 %10.2 %
Tier 1 leverage10.6 %11.5 %10.6 %11.5 %11.3 %
Tier 1 risk-based capital11.7 %13.0 %11.7 %13.0 %13.1 %
Total risk-based capital13.6 %15.1 %13.6 %15.1 %15.2 %
Common Equity Tier 111.7 %12.7 %11.7 %12.7 %12.8 %
(1)Non-GAAP financial measure; See "GAAP reconciliation and management explanation of non-GAAP financial measures” and non-GAAP reconciliations herein.
(2)Includes $21.7 million, $30.5 million and $31.4 million of optional rights to repurchase delinquent GNMA loans as of September 30, 2025, September 30, 2024 and December 31, 2024, respectively.

GAAP reconciliation and management explanation of non-GAAP financial measures
We identify certain financial measures discussed in this Report as being “non-GAAP financial measures.” The non-GAAP financial measures presented in this Report are adjusted efficiency ratio (tax-equivalent basis), tangible book value per common share, tangible common equity to tangible assets and return on average tangible common equity.
In accordance with the SEC’s rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our consolidated statements of income, balance sheets or statements of cash flows. The non-GAAP financial measures that we discuss in this Report should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in our selected historical consolidated financial data may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures we have discussed in our selected historical consolidated financial data when comparing such non-GAAP financial measures. The following reconciliation tables provide a more detailed analysis of these, and reconciliation for, each of non-GAAP financial measures.
Core efficiency ratio (tax-equivalent basis)
The core efficiency ratio (tax-equivalent basis) is a non-GAAP measure that excludes certain gains, losses and other selected items. Our management uses this measure in its analysis of our performance. Our management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. The most directly comparable financial measure calculated in accordance with GAAP is the efficiency ratio.






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The following table presents a reconciliation of our core efficiency ratio (tax-equivalent basis) to our efficiency ratio for the periods below:
(dollars in thousands)Three Months Ended September 30,Nine Months Ended September 30,Year Ended December 31,
2025 2024 2025 2024 2024 
Core efficiency ratio (tax-equivalent basis)
Total noninterest expense$109,856 $76,212 $270,666 $223,725 $296,899 
Less early retirement and severance costs— — — 1,015 1,478 
Less loss on lease terminations and other
   branch closure costs		270 — 270 — — 
Less FDIC special assessment— — — 500 500 
Less merger and integration costs16,057 — 19,192 — — 
Core noninterest expense$93,529 $76,212 $251,204 $222,210 $294,921 
Net interest income$147,240 $106,017 $366,296 $308,122 $416,503 
Net interest income (tax-equivalent basis)148,088 106,634 368,751 310,087 419,091 
Total noninterest income (loss)26,635 (16,497)15,115 17,073 39,070 
Less gain (loss) from securities, net12 (40,165)(60,521)(56,378)(56,378)
Less loss on sales or write-downs of
    other real estate owned and other assets		(646)(289)(1,035)(5)(2,167)
Less cash life insurance benefit— — — 2,057 2,057 
Core noninterest income$27,269 $23,957 $76,671 $71,399 $95,558 
Total revenue$173,875 $89,520 $381,411 $325,195 $455,573 
Core revenue (tax-equivalent basis)$175,357 $130,591 $445,422 $381,486 $514,649 
Efficiency ratio 63.2 %85.1 %71.0 %68.8 %65.2 %
Core efficiency ratio (tax-equivalent basis)53.3 %58.4 %56.4 %58.2 %57.3 %
Tangible book value per common share and tangible common equity to tangible assets
Tangible book value per common share and tangible common equity to tangible assets are non-GAAP measures that exclude the impact of goodwill and other intangibles used by management to evaluate capital adequacy. Because intangible assets, such as goodwill and other intangibles, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our capital position to other companies. The most directly comparable financial measure calculated in accordance with GAAP is book value per common share and our total shareholders’ equity to total assets.
The following table presents, as of the dates set forth below, tangible common equity compared with total common shareholders’ equity, tangible book value per common share compared with our book value per common share and common equity to tangible assets compared to total common shareholders’ equity to total assets:
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September 30,
December 31,
(dollars in thousands, except share data)2025 2024 2024 
Tangible assets
Total assets$16,236,459 $12,920,222 $13,157,482 
Adjustments:
Goodwill(350,353)(242,561)(242,561)
Intangibles, net(33,216)(6,449)(5,762)
Tangible assets$15,852,890 $12,671,212 $12,909,159 
Tangible common equity
Total common shareholders’ equity$1,978,043 $1,562,329 $1,567,538 
Adjustments:
Goodwill(350,353)(242,561)(242,561)
Intangibles, net(33,216)(6,449)(5,762)
Tangible common equity$1,594,474 $1,313,319 $1,319,215 
Common shares outstanding53,456,522 46,658,019 46,663,120 
Book value per common share$37.00 $33.48 $33.59 
Tangible book value per common share$29.83 $28.15 $28.27 
Total common shareholders’ equity to total assets12.2 %12.1 %11.9 %
Tangible common equity to tangible assets10.1 %10.4 %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 September 30,Nine Months Ended September 30,Year Ended December 31,
(dollars in thousands)2025 2024 2025 2024 2024 
Return on average tangible common equity
Total average common shareholders’ equity$1,977,785 $1,523,597 $1,716,391 $1,486,010 $1,505,739 
Adjustments:
Average goodwill(350,355)(242,561)(278,887)(242,561)(242,561)
Average intangibles, net(34,983)(6,795)(15,175)(7,536)(7,177)
Average tangible common equity$1,592,447 $1,274,241 $1,422,329 $1,235,913 $1,256,001 
Net income applicable to FB Financial
    Corporation		$23,375 $10,220 $65,645 $78,149 $116,035 
Return on average common shareholders’
    equity		4.69 %2.67 %5.11 %7.02 %7.71 %
Return on average tangible common equity5.82 %3.19 %6.17 %8.45 %9.24 %
Company overview
We are a financial holding company headquartered in Nashville, Tennessee. We operate primarily through our wholly-owned subsidiary bank, FirstBank, and its subsidiaries. FirstBank provides a comprehensive suite of commercial and consumer banking services to clients in select markets in Tennessee, Alabama, Kentucky, North Carolina and Georgia. As of September 30, 2025, our footprint included 91 full-service branches serving markets across Tennessee, including Nashville, Chattanooga, Knoxville, Memphis, and Jackson in addition to Bowling Green, Kentucky, Columbus and Newnan, Georgia and Birmingham, Anniston, Huntsville, and Auburn, Alabama. Additionally, our banking services extend to community markets throughout our footprint. FirstBank also provides retail mortgage banking services utilizing its bank branch network and mortgage banking offices strategically located throughout the southeastern United States.
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We operate through two segments, Banking and Mortgage. We generate most of our revenue in our Banking segment from interest on loans and investments, loan-related fees, trust and investment services and deposit-related fees. Our primary source of funding for our loans is customer deposits, however we have other sources of funds including unsecured credit lines, brokered CDs, and other borrowings. We generate most of our revenue in our Mortgage segment from origination fees and gains on sales in the secondary mortgage loan market, as well as from mortgage servicing revenues.
Mergers and acquisitions
Southern States Bancshares, Inc.
On July 1, 2025, the Company completed its merger with Southern States Bancshares, Inc. and its wholly-owned subsidiary, Southern States Bank, with FB Financial Corporation continuing as the surviving entity. This merger strengthens the Company’s presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company’s footprint further into Alabama and Georgia. The Company acquired total assets of $2.83 billion, total loans of $2.27 billion and assumed total deposits of $2.47 billion. Under the terms of the agreement, each outstanding share of Southern States common stock was converted into the right to receive 0.80 shares of the Company’s stock. Additionally, fractional shares and outstanding stock options were settled in cash. As a result, total consideration paid was $368.4 million based on the Company’s closing stock price of $45.30 per share on June 30, 2025. The merger resulted in additional goodwill of $107.8 million being recorded based on preliminary fair value estimates of total net assets acquired and liabilities assumed in the transaction.
Overview of recent financial performance
Results of operations
Three months ended September 30, 2025 compared to three months ended September 30, 2024
We recognized net income of $23.4 million during the three months ended September 30, 2025 compared to $10.2 million for the three months ended September 30, 2024. Diluted earnings per common share were $0.43 and $0.22 for the three months ended September 30, 2025 and 2024, respectively. Our net income represented a ROAA of 0.58% and 0.32% for the three months ended September 30, 2025 and 2024, respectively, and a ROAE of 4.69% and 2.67% for the same periods. Our ROATCE for the three months ended September 30, 2025 and 2024 were 5.82% and 3.19%, 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 $147.2 million for the three months ended September 30, 2025 compared with $106.0 million for the three months ended September 30, 2024. Our net interest margin, on a tax-equivalent basis, increased to 3.95% for the three months ended September 30, 2025 as compared to 3.55% for the three months ended September 30, 2024. Net interest income for the three months ended September 30, 2025 reflected increases in average balances on loans HFI primarily as a result of the merger with Southern States and decreases in rates paid on interest-bearing deposits.
Provision for credit losses of $34.4 million was recognized for the three months ended September 30, 2025 and $1.9 million for the three months ended September 30, 2024. The increase was primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million and changes in loan balances and forecast assumptions. Refer to Note 2, "Mergers and acquisitions" in this Report for further discussion around the merger with Southern States.
Noninterest income for the three months ended September 30, 2025 increased by $43.1 million to income of $26.6 million, compared to a loss of $16.5 million for the three months ended September 30, 2024. The increase was primarily driven by the recognition of a $40.2 million net loss on investment securities stemming from the sale of $318.5 million AFS debt securities during the three months ended September 30, 2024. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Noninterest expense increased to $109.9 million for the three months ended September 30, 2025, compared with $76.2 million for the three months ended September 30, 2024. The increase in noninterest expense was driven by a $11.7 million increase in salaries, commissions and employee benefits due to increased headcount resulting from the Southern States merger, combined with increase in performance-based compensation driven by improvement in the Company's performance metrics, $16.1 million in merger and integration costs associated with our merger with Southern States and an increase in other noninterest expense of $3.9 million.
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Income tax expense for the three months ended September 30, 2025 was $6.2 million compared to $1.2 million for the three months ended September 30, 2024. The change reflects the income tax effect of a $40.2 million loss on sale of AFS debt securities for the three months ended September 30, 2024.
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Our net income decreased during the nine months ended September 30, 2025 to $65.7 million from $78.2 million for the nine months ended September 30, 2024. Diluted earnings per common share was $1.34 and $1.67 for the nine months ended September 30, 2025 and 2024, respectively. Our net income represented a ROAA of 0.62% and 0.83% for the nine months ended September 30, 2025 and 2024, respectively, and a ROAE of 5.11% and 7.02% for the same periods. Our ratio of ROATCE for the nine months ended September 30, 2025 and 2024 was 6.17% and 8.45%, respectively.
During the nine months ended September 30, 2025, our net interest income increased to $366.3 million from $308.1 million for the nine months ended September 30, 2024. Our net interest margin, on a tax-equivalent basis, increased to 3.74% for the nine months ended September 30, 2025 as compared to 3.51% for the nine months ended September 30, 2024. The increase in net interest margin was primarily driven by increases in interest income on loans HFI primarily due to the merger with Southern States and investment securities, partially offset by increases in interest expense paid on interest-bearing deposits and other borrowings.
Provision for credit losses of $42.0 million was recognized for the nine months ended September 30, 2025 and $4.9 million for the nine months ended September 30, 2024. The increase was primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million and regular changes in loan balances and forecast inputs.
Noninterest income for the nine months ended September 30, 2025 decreased by $2.0 million to $15.1 million, compared to $17.1 million for the prior year period. The decrease in noninterest income was primarily driven by the recognition of a $60.5 million net loss on investment securities stemming from the sale of $266.9 million of AFS debt securities during the nine months ended September 30, 2025 compared to a net loss of $56.4 million from the sale of $526.4 million of AFS debt securities during the nine months ended September 30, 2024. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Noninterest expense increased to $270.7 million for the nine months ended September 30, 2025, compared with $223.7 million for the nine months ended September 30, 2024. The increase in noninterest expense was reflective of an increase in merger and integration costs of $19.2 million, salaries, commissions and benefits of $15.8 million, advertising expense of $2.1 million and other expense of $7.8 million including technology and platform fee increases and modest increases across a range of other expense categories.
Income tax expense for the nine months ended September 30, 2025 was $3.0 million compared to $18.4 million for the nine months ended September 30, 2024. The change reflects the income tax effect of a $60.5 million loss on sale of AFS debt securities, as well as a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest for the for the nine months ended September 30, 2025. Income tax expense for the nine months ended September 30, 2024, included the income tax effect of a $56.4 million loss on sale of AFS debt securities.
Business segment highlights
We operate our business in two business segments: Banking and Mortgage. See Note 14, “Segment reporting” in the notes to our consolidated financial statements contained herein for a description of these business segments.
Banking
Three months ended September 30, 2025 compared to three months ended September 30, 2024
The Banking segment contributed $26.9 million of income before taxes for the current period as compared to $11.0 million for the previous period. Net interest income totaled $144.9 million during the three months ended September 30, 2025 compared to $104.3 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $34.1 million of provision expense during the current period as compared to $1.9 million during the previous period. The increase was primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million. The Banking segment recorded noninterest income of $13.1 million in the current period as compared to a loss of $28.4 million in the previous period. This increase was mainly attributable to a net loss on investment securities of $40.2 million from the sale of $318.5 million AFS debt securities during the three months ended September 30, 2024. Noninterest expense increased to $97.0 million for the
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current period compared to $63.1 million for the for the previous period primarily due to merger and integration costs associated with our merger with Southern States and salaries, commissions and employee benefits expenses. Additionally, we recognized modest increases across a range of other expense categories. Additionally, a franchise tax benefit was recognized in the previous period.
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
The Banking segment contributed $67.5 million of income before taxes for the current period as compared to $93.7 million for the previous period. Net interest income totaled $359.5 million during the nine months ended September 30, 2025 compared to $304.0 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $36.8 million of provision expense during the current period as compared to $5.1 million during the previous period. As noted above, the increase was primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million. The Banking segment recorded noninterest loss of $24.0 million in the current period as compared to income of $19.7 million in the previous period. Similar to above, this decrease was mainly attributable to a net loss on investment securities of $60.5 million from the sale of $266.9 million AFS debt securities during the nine months ended September 30, 2025 compared to a net loss on investment securities of $56.4 million from the sale of $526.4 million AFS debt securities during the previous period. Noninterest expense increased to $231.2 million for the current period compared to $185.5 million for the for the previous period due primarily to an increase in salaries and benefits, merger and integration costs associated with the Southern States merger, advertising, technology and platform fees and modest increases across a range of other expense categories. Additionally, a franchise tax benefit was recognized in the previous period.
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Mortgage
Three months ended September 30, 2025 compared to three months ended September 30, 2024
Activity in our Mortgage segment resulted in income before income taxes of $2.7 million for the current period, as compared to $0.4 million in the prior period. Net interest income was $2.4 million for the current period and $1.7 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $0.3 million during the current period compared to $0.1 million during the prior period. Mortgage banking income increased $1.9 million to $13.5 million during the current period compared to $11.6 million in the prior period.
The components of mortgage banking income for the three months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,
(dollars in thousands)2025 2024 
Mortgage banking income
Gains and fees from origination and sale of mortgage
   loans held for sale		$9,237 $9,279 
Net change in fair value of loans held for sale and derivatives801 (480)
Change in fair value on MSRs, net of hedging(3,390)(4,490)
Mortgage servicing income6,836 7,244 
Total mortgage banking income$13,484 $11,553 
Interest rate lock commitment volume$432,149 $381,240 
Interest rate lock commitment volume by purpose (%):
Purchase79.2 %82.5 %
Refinance20.8 %17.5 %
Mortgage sales$343,450 $327,270 
Mortgage sale margin2.69 %2.84 %
Closing volume$370,287 $317,502 
Outstanding principal balance of mortgage loans serviced$9,716,824 $10,402,118 
Noninterest expense for the three months ended September 30, 2025 and 2024 was $12.9 million and $13.1 million, respectively.
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Activity in our Mortgage segment resulted income before income taxes of $1.2 million for the current period, as compared to $2.9 million of income before taxes in the prior period. Net interest income was $6.8 million for the current period and $4.1 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $5.2 million during the current period compared to a reversal of $0.2 million of provision expense during the prior period. The increase in provisions for credit losses was due to a change in the CECL loss estimation methodology, which notably impacted the Company's reserves on 100% financed 1-to-4 mortgages, as well as a notable change in forecasts associated with home prices which impacted mortgage reserves more broadly. Mortgage banking income increased $2.9 million to $38.9 million during the current period compared to $36.0 million in the prior period.
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The components of mortgage banking income for the nine months ended September 30, 2025 and 2024 were as follows:
Nine Months Ended September 30,
(dollars in thousands)2025 2024 
Mortgage banking income  
Gains and fees from origination and sale of mortgage
   loans held for sale		$26,039 $24,671 
Net change in fair value of loans held for sale and derivatives2,741 1,337 
Change in fair value on MSRs, net of hedging(10,690)(11,867)
Mortgage servicing income20,849 21,907 
Total mortgage banking income$38,939 $36,048 
Interest rate lock commitment volume$1,270,646 $1,143,603 
Interest rate lock commitment volume by purpose (%):
Purchase84.4 %84.8 %
Refinance15.6 %15.2 %
Mortgage sales$957,316 $885,775 
Mortgage sale margin2.72 %2.79 %
Closing volume$1,012,802 $913,315 
Outstanding principal balance of mortgage loans serviced$9,716,824 $10,402,118 
Noninterest expense for the nine months ended September 30, 2025 and 2024 was $39.5 million and $38.2 million, respectively.
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 qualifying loans and investments.
Our tax-exempt income is converted to a tax-equivalent basis by adjusting for the combined federal and blended state statutory income tax rate of 26.06% for the three and nine months ended September 30, 2025 and 2024.
Net interest income
Net interest income is the principle component of our earnings and represents the difference, or spread, between interest and fee income generated from earning assets and the interest expense paid on deposits and borrowed funds. Net interest income and margin are shaped by fluctuations in interest rates as well as changes in volume and mix of earning assets and interest-bearing liabilities.
During the three and nine months ended September 30, 2025, yields on the U.S. Treasury curve declined but generally maintained the same overall shape as market expectations increased for additional rate cuts by the Federal Reserve. In contrast, during the three and nine months ended September 30, 2024, the yield curve remained inverted, consistent with tighter monetary policy and elevated short-term interest rates. The Federal Funds Target Rate range was 4.00% - 4.25% and 4.75% - 5.00% as of September 30, 2025 and September 30, 2024, respectively. During the Federal Open Market Committee’s October 29, 2025 meeting, the federal funds rate was lowered 25 basis points.
Three months ended September 30, 2025 compared to three months ended September 30, 2024
Net interest income increased to $148.1 million for the three months ended September 30, 2025 as compared to $106.6 million for the three months ended September 30, 2024. Net interest margin was 3.95% for the three months ended September 30, 2025 compared to 3.55% for the three months ended September 30, 2024. The increase in net interest income and net interest margin reflects a $51.5 million increase in interest income, partially offset by a $10.0 million increase in interest expense.
Interest income was $237.7 million for the three months ended September 30, 2025, compared to $186.2 million for the three months ended September 30, 2024, an increase of $51.5 million, which was primarily driven by an increase in volume of interest earning assets, most notably loans HFI due to the Southern States merger, and a modest increase in yields.
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Interest income on loans HFI increased $49.7 million to $207.4 million for the three months ended September 30, 2025 from $157.8 million for the three months ended September 30, 2024 due to increased volume and higher yields stemming from the Southern States merger, including accretion on those recently purchased loans. The yield on loans HFI was 6.75% for the three months ended September 30, 2025, up 5 basis points from the three months ended September 30, 2024.
The components of our loan yield for the three months ended September 30, 2025 and 2024 were as follows:
Three Months Ended September 30,
2025 2024 
(dollars in thousands)Interest
income		Average
yield		Interest
income		Average
yield
Loan HFI yield components:
Contractual interest rate on loans HFI(1)
$198,320 6.45 %$155,884 6.62 %
Origination and other loan fee income1,575 0.05 %1,779 0.08 %
 Accretion (amortization) on purchased loans7,025 0.23 %(10)— %
Nonaccrual interest collections503 0.02 %98 — %
Total loan HFI yield$207,423 6.75 %$157,751 6.70 %
(1) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.
Accretion on purchased loans contributed 19 basis points to the NIM for the three months ended September 30, 2025 as a result of the Southern States merger. There was no impact of accretion on purchased loans to the NIM for the three months ended September 30, 2024.
Interest expense was $89.7 million for the three months ended September 30, 2025, an increase of $10.0 million as compared to the three months ended September 30, 2024, which was driven by a combination of higher average balance of interest-bearing liabilities, somewhat offset by a decrease in the rate paid on interest-bearing liabilities. These changes were primarily attributable to the merger with Southern States, but also impacted by management's deposit strategy.
Interest expense on interest-bearing deposit accounts totaled $86.6 million for the three months ended September 30, 2025, a $10.5 million increase from the $76.1 million recognized for the three months ended September 30, 2024. The increase in interest expense caused by the merger with Southern States increased the average balance of most of the deposit categories. The increase in interest expense caused by increases in average balances were partially offset by decreases in the rate paid on most interest-bearing deposit categories, led by interest-bearing checking. The decrease in the rate paid on interest-bearing deposit balances was due to a combination of the Southern States merger and strategic efforts by management to more effectively manage rates paid on deposits. Total cost of interest-bearing deposits was 3.16% for the three months ended September 30, 2025 compared to 3.58% for the three months ended September 30, 2024 as interest rates decrease.
Interest expense recognized on other borrowings decreased $1.5 million for the three months ended September 30, 2025 due to the repayment of the Bank Term Funding Program which was paid off during the third quarter 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 September 30,
20252024
(dollars in thousands)Average
balances 		Interest
income/
expense		Average
yield/
rate		Average
balances 		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:
Loans HFI (1)(2)
$12,189,401 $207,423 6.75 %$9,362,937 $157,751 6.70 %
Mortgage loans held for sale162,205 2,359 5.77 %66,828 1,102 6.56 %
Investment securities:
Taxable1,304,894 14,395 4.38 %1,487,200 13,943 3.73 %
Tax-exempt(2)
169,523 1,431 3.35 %181,465 1,493 3.27 %
Total investment securities(2)
1,474,417 15,826 4.26 %1,668,665 15,436 3.68 %
Federal funds sold and reverse repurchase agreements
331,029 3,966 4.75 %118,715 1,687 5.65 %
Interest-bearing deposits with other financial institutions671,634 7,340 4.34 %701,666 9,519 5.40 %
FHLB stock36,907 832 8.94 %32,919 750 9.06 %
Total interest-earning assets(2)
14,865,593 237,746 6.35 %11,951,730 186,245 6.20 %
Noninterest-earning assets:
Cash and due from banks139,226 131,308 
Allowance for credit losses on loans HFI(181,973)(155,665)
Other assets (3)(4)
1,184,942 814,577 
Total noninterest-earning assets1,142,195 790,220 
Total assets$16,007,788 $12,741,950 
Interest-bearing liabilities:
Interest bearing deposits:
Interest-bearing checking$2,331,589 $12,383 2.11 %$2,624,046 $20,998 3.18 %
Money market deposits5,561,538 49,019 3.50 %3,802,818 37,574 3.93 %
Savings deposits406,787 248 0.24 %357,165 65 0.07 %
Customer time deposits1,997,905 18,965 3.77 %1,349,986 13,479 3.97 %
Brokered and internet time deposits560,127 5,962 4.22 %322,667 3,972 4.90 %
Time deposits2,558,032 24,927 3.87 %1,672,653 17,451 4.15 %
Total interest-bearing deposits10,857,946 86,577 3.16 %8,456,682 76,088 3.58 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds
   purchased		13,144 31 0.94 %21,734 79 1.45 %
Federal Home Loan Bank advances15,217 172 4.48 %— — — %
Subordinated debt180,805 2,872 6.30 %130,561 1,900 5.79 %
Other borrowings1,168 6 2.04 %125,616 1,544 4.89 %
Total other interest-bearing liabilities210,334 3,081 5.81 %277,911 3,523 5.04 %
Total Interest-bearing liabilities11,068,280 89,658 3.21 %8,734,593 79,611 3.63 %
Noninterest-bearing liabilities:
Demand deposits2,724,898 2,241,512 
Other liabilities(4)
236,732 242,155 
Total noninterest-bearing liabilities2,961,630 2,483,667 
Total liabilities14,029,910 11,218,260 
FB Financial Corporation common shareholders’ equity1,977,785 1,523,597 
Noncontrolling interest93 93 
         Shareholders’ equity1,977,878 1,523,690 
Total liabilities and shareholders’ equity$16,007,788 $12,741,950 
Net interest income (tax-equivalent basis)(2)
$148,088 $106,634 
Interest rate spread (tax-equivalent basis)(2)
3.14 %2.57 %
Net interest margin (tax-equivalent basis)(2)(5)
3.95 %3.55 %
Cost of total deposits2.53 %2.83 %
Average interest-earning assets to average interest-bearing liabilities134.3 %136.8 %
(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).
(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-
     equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended September 30, 2025 and 2024, respectively.
(3) Includes average net unrealized losses on investment securities available for sale of $64.8 million and $153.8 million for the three months ended September 30, 2025 and 2024, respectively.
(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $21.6 million and $25.5 million
      for the three months ended September 30, 2025 and 2024, respectively.
(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


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Yield/rate and volume analysis
The table below presents the components of the changes in net interest income for the three months ended September 30, 2025 and 2024. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.
Three months ended September 30, 2025 compared to three months ended September 30, 2024 due to changes in
(dollars in thousands)VolumeYield/rateNet increase
(decrease)
Interest-earning assets:
Loans held for investment(1)(2)
$48,097 $1,575 $49,672 
Loans held for sale - mortgage1,387 (130)1,257 
Investment securities:
Taxable(2,011)2,463 452 
Tax Exempt(2)
(101)39 (62)
Federal funds sold and reverse repurchase agreements
2,544 (265)2,279 
Interest-bearing deposits with other financial institutions(328)(1,851)(2,179)
FHLB stock90 (8)82 
Total interest income(2)
49,678 1,823 51,501 
Interest-bearing liabilities:
Interest-bearing checking(1,553)(7,062)(8,615)
Money market deposits15,501 (4,056)11,445 
Savings deposits30 153 183 
Customer time deposits6,150 (664)5,486 
Brokered and internet time deposits2,528 (538)1,990 
Securities sold under agreements to repurchase and federal funds
   purchased		(20)(28)(48)
Federal Home Loan Bank advances172 — 172 
Subordinated debt798 174 972 
Other borrowings(639)(899)(1,538)
Total interest expense22,967 (12,920)10,047 
Change in net interest income(2)
$26,711 $14,743 $41,454 
(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).
(2) Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent
      adjustment amounts included was $0.8 million and $0.6 million the three months ended September 30, 2025 and 2024, respectively.
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Net interest income increased $58.7 million to $368.8 million for the nine months ended September 30, 2025 as compared to $310.1 million for the nine months ended September 30, 2024. Net interest margin was 3.74% for the nine months ended September 30, 2025 compared to 3.51% for the nine months ended September 30, 2024. The increases in net interest income and net interest margin were primarily driven by increases in interest income on loans HFI and investment securities.
Interest income was $601.1 million for the nine months ended September 30, 2025, compared to $541.1 million for the nine months ended September 30, 2024, an increase of $60.0 million, which was primarily driven by an increase in volume of interest earning assets, most notably loans HFI due to the merger with Southern States, partially offset by a decrease in yields due to lower interest rates.
Interest income recognized on loans HFI increased $50.6 million to $517.6 million for the nine months ended September 30, 2025 from $466.9 million for the nine months ended September 30, 2024. This increase was attributable to
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an increase in average balances of loans HFI as a result of the Southern States merger, partially offset by a decline in the overall yield on loans HFI due to lower interest rates. The yield on loans HFI decreased 13 basis points to 6.55% for the nine months ended September 30, 2025 from 6.68% for the nine months ended September 30, 2024.
The components of our loan yield for the nine months ended September 30, 2025 and 2024 were as follows:
Nine Months Ended September 30,
2025 2024 
(dollars in thousands)Interest
income		Average
yield		Interest
income		Average
yield
Loans HFI yield components:
Contractual interest rate on loans HFI(1)
$503,836 6.37 %$460,796 6.59 %
Origination and other loan fee income5,317 0.07 %4,506 0.06 %
Accretion on purchased loans6,965 0.09 %538 0.01 %
Nonaccrual interest collections1,443 0.02 %1,093 0.02 %
Total loans HFI yield$517,561 6.55 %$466,933 6.68 %
(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.
Accretion on purchased loans contributed 7 basis points to the NIM for the nine months ended September 30, 2025 as a result of the Southern States merger. There was no impact of accretion on purchased loans to the NIM for the nine months ended September 30, 2024.
Interest income on investment securities increased $7.7 million to $47.8 million for the nine months ended September 30, 2025 from $40.0 million for the nine months ended September 30, 2024. The increase was attributable to the increase in yield stemming from portfolio restructuring transactions in prior quarters and years. The yield on investment securities was 3.92% and 3.23% for the nine months ended September 30, 2025 and 2024, respectively, an increase of 69 basis points.
Interest expense was $232.4 million for the nine months ended September 30, 2025, an increase of $1.3 million as compared to $231.0 million for the nine months ended September 30, 2024. This impact was driven by increases in average balances on interest-bearing deposit accounts due to the Southern States merger, mostly offset by declines in the rate paid on interest-bearing deposit accounts and other borrowings.
Interest expense on interest-bearing deposit accounts totaled $225.4 million for the nine months ended September 30, 2025, a $5.2 million increase from the $220.2 million recognized for the nine months ended September 30, 2024. The increase in interest expense on interest-bearing deposit accounts was largely driven by an increase in the average balance of most deposit categories, most notably money market deposit balances, mostly offset by decreases in the rate paid on across deposit categories. The increases in average balances were largely attributable to the Southern States merger, as well as our proactive liquidity management strategy and customer deposit campaign which added both balances and reduction in rate paid on those balances. The average rate paid on interest-bearing deposits was 3.13% for the nine months ended September 30, 2025 compared to 3.53% for the nine months ended September 30, 2024.
Interest expense recognized on other borrowings decreased $4.7 million for the nine months ended September 30, 2025 due to the repayment of the Bank Term Funding Program which was paid off during the third quarter 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.
Nine Months Ended September 30,
2025 2024 
(dollars in thousands)Average balancesInterest
income/
expense		Average
yield/
rate		Average balancesInterest
income/
expense		Average
yield/
rate
Interest-earning assets:
Loans HFI (1)(2)
$10,559,871 $517,561 6.55 %$9,337,942 $466,933 6.68 %
Mortgage loans held for sale127,657 5,981 6.26 %65,443 3,333 6.80 %
Investment securities:
Taxable1,459,685 43,527 3.99 %1,450,295 35,014 3.22 %
Tax-exempt (2)
168,390 4,229 3.36 %205,310 5,023 3.27 %
Total investment securities (2)
1,628,075 47,756 3.92 %1,655,605 40,037 3.23 %
Federal funds sold and reverse repurchase agreements189,984 6,596 4.64 %127,365 5,310 5.57 %
Interest-bearing deposits with other financial institutions635,796 20,975 4.41 %573,861 23,226 5.41 %
FHLB stock35,024 2,274 8.68 %33,486 2,295 9.15 %
Total interest-earning assets (2)
13,176,407 601,143 6.10 %11,793,702 541,134 6.13 %
Noninterest-earning assets:
Cash and due from banks126,093 141,220 
Allowance for credit losses on loans HFI(162,040)(152,675)
Other assets (3)(4)
952,215 786,211 
Total noninterest-earning assets916,268 774,756 
Total assets$14,092,675 $12,568,458 
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking$2,562,483 $46,520 2.43 %$2,554,739 $59,088 3.09 %
Money market deposits4,592,506 118,336 3.45 %3,810,318 112,031 3.93 %
Savings deposits371,180 412 0.15 %368,262 191 0.07 %
Customer time deposits1,594,062 44,121 3.70 %1,398,263 41,415 3.96 %
Brokered and internet time deposits495,671 16,005 4.32 %195,785 7,489 5.11 %
Time deposits2,089,733 60,126 3.85 %1,594,048 48,904 4.10 %
Total interest-bearing deposits9,615,902 225,394 3.13 %8,327,367 220,214 3.53 %
Other interest-bearing liabilities:
Securities sold under agreements to
   repurchase and federal funds purchased		11,773 63 0.72 %23,537 350 1.99 %
Federal Home Loan Bank advances12,821 430 4.48 %— — — %
Subordinated debt147,654 6,489 5.88 %130,249 5,801 5.95 %
Other borrowings 1,560 16 1.37 %129,396 4,682 4.83 %
Total other interest-bearing liabilities173,808 6,998 5.38 %283,182 10,833 5.11 %
Total interest-bearing liabilities9,789,710 232,392 3.17 %8,610,549 231,047 3.58 %
Noninterest-bearing liabilities:
Demand deposits2,357,537 2,230,271 
Other liabilities(4)
228,944 241,535 
Total noninterest-bearing liabilities2,586,481 2,471,806 
Total liabilities12,376,191 11,082,355 
FB Financial Corporation common
   shareholders’ equity		1,716,391 1,486,010 
Noncontrolling interest93 93 
         Shareholders’ equity1,716,484 1,486,103 
Total liabilities and shareholders’ equity$14,092,675 $12,568,458 
Net interest income (tax-equivalent basis)(2)
$368,751 $310,087 
Interest rate spread (tax-equivalent basis)(2)
2.93 %2.55 %
Net interest margin (tax-equivalent basis) (2)(5)
3.74 %3.51 %
Cost of total deposits2.52 %2.79 %
Average interest-earning assets to average
     interest-bearing liabilities		134.6 %137.0 %
(1)Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(2)Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-
equivalent basis. to increase tax-exempt interest income to a tax-equivalent basis. The net tax-equivalent adjustment amounts included in income were $2.5 million and $2.0 million for nine months
ended September 30, 2025 and 2024, respectively.
(3)Includes average net unrealized losses on investment securities available for sale of $108.4 million and $181.9 million for the nine months ended September 30, 2025 and 2024, respectively.
(4)Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria of $25.8 million and $22.3 million for the nine months ended September 30, 2025 and 2024, respectively.
(5)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total earning assets.




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Yield/rate and volume analysis
The tables below present the components of the changes in net interest income for the nine months ended September 30, 2025 and 2024. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024 due to changes in
(dollars in thousands)VolumeYield/rateNet increase
(decrease)
Interest-earning assets:
Loans HFI(1)(2)
$59,889 $(9,261)$50,628 
Loans held for sale - mortgage2,915 (267)2,648 
Investment securities:
   Taxable280 8,233 8,513 
   Tax-exempt(2)
(927)133 (794)
Federal funds sold and reverse repurchase agreements
2,174 (888)1,286 
Interest-bearing deposits with other financial institutions2,043 (4,294)(2,251)
FHLB stock100 (121)(21)
Total interest income(2)
66,474 (6,465)60,009 
Interest-bearing liabilities:
Interest-bearing checking deposits141 (12,709)(12,568)
Money market deposits20,155 (13,850)6,305 
Savings deposits3 218 221 
Customer time deposits5,419 (2,713)2,706 
Brokered and internet time deposits9,683 (1,167)8,516 
Securities sold under agreements to repurchase and federal funds
   purchased		(63)(224)(287)
Federal Home Loan Bank advances430 — 430 
Subordinated debt765 (77)688 
Other borrowings(1,311)(3,355)(4,666)
Total interest expense35,222 (33,877)1,345 
Change in net interest income(2)
$31,252 $27,412 $58,664 
(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 $2.5 million and $2.0 million for the nine months ended September 30, 2025 and 2024, respectively.
Provision for credit losses
The provision for credit losses charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for credit losses at an appropriate level under the current expected credit loss model. The determination of the amount of the allowance is complex and involves a high degree of judgment and subjectivity.
Our allowance for credit losses calculation as of September 30, 2025 resulted from management’s best estimate of losses over the life of loans and unfunded commitments in our portfolio in accordance with the CECL approach.
Beginning on June 30, 2025, we utilize the discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, to estimate the expected credit losses of its loan segments, except consumer and other loans, which utilizes the weighted average remaining maturity loss rate technique. We determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly
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calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.
These changes represent a change in accounting estimate under ASC 250, “Accounting Changes and Error Corrections”, and, accordingly, is applied prospectively in the period of change and did not have a material effect on the Company’s financial statements. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate.
The discounted cash flow was calibrated using a regression analysis that relates one or more economic variables to our historical default rates and selected peer banks for each loan segment. We determined that national unemployment, national housing price index, national commercial real estate index and prime rates were the key economic variables that were most correlated to our historical loss performance and our peer banks. Reasonable and supportable forecasts of these economic indicators are utilized within the discounted cash flow to estimate expected credit losses for each loan segment. Current and forecast economic conditions, including those affecting these and other economic variables or macroeconomic conditions, such as global conflicts or tariffs, may continue to lead to increased volatility in our calculated level of allowance for credit losses.
Prior to the changes described above, our estimates for credit losses calculation utilized lifetime loss rate model and included economic forecasts for unemployment, gross domestic product, as well as other macroeconomic events which may impact our loan portfolio. Refer to Note 1, “Basis of presentation and summary of significant accounting policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion regarding ACL methodology.
Three months ended September 30, 2025 compared to three months ended September 30, 2024
We recognized a provision expense for credit losses on loans HFI of $30.0 million and $1.9 million for the three months ended September 30, 2025 and 2024, respectively. The provision expense for credit losses on loans HFI for the three months ended September 30, 2025 was driven by the initial provision on acquired loans HFI from the Southern States merger of $25.1 million with changes in loan balances and forecast assumptions driving the remaining expense. For the three months ended September 30, 2024, the decrease in our provision for credit losses on loans HFI was primarily due to reductions in balances outstanding for construction loans offset by growth in other classes of financing receivable in our loan portfolio.
We also estimate expected credit losses on off-balance sheet loan commitments that are not accounted for as derivatives. When applying the CECL methodology to estimate expected credit loss, we consider the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions. We recorded a provision expense for credit losses on unfunded commitments of $4.5 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively. The provision expense was due largely to the initial provision on acquired unfunded commitments from the Southern States merger of $3.2 million. For three months ended September 30, 2024, the provision is due to a decrease in our unfunded commitments during the period, namely in our construction portfolio. Commitments increased in commercial and industrial and residential real estate line of credit portfolios offset by reductions in construction and commercial real estate.
During the three months ended September 30, 2025 and 2024 it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the three months ended September 30, 2025 and 2024.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
We recognized a provision for credit losses on loans HFI for the nine months ended September 30, 2025 and 2024 of $30.8 million and $7.6 million, respectively. The current period provision on loans HFI was driven by a $25.1 million initial provision on acquired loans HFI from the Southern States merger and regular changes in loan balances and forecast inputs offset by a $6.8 million reduction from the impact of the change in the CECL loss estimation methodology. For the nine months ended September 30, 2024, the provision on loans HFI was due to growth in loan balances for most loan categories offset by significant decreases in construction lending.
We recorded a provision for credit losses on unfunded commitments of $11.3 million and a reversal of $2.7 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, the increase in provision for credit losses on unfunded commitments was due largely to the $6.5 million impact of the change in the CECL loss estimation methodology combined with $3.2 million for the initial provision on acquired unfunded commitments associated with the Southern States merger. The reversal of provision for credit losses on unfunded
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commitments for the nine months ended September 30, 2024 was primarily due to management's concentrated effort to reduce unfunded loan commitments during the period.
During the nine months ended September 30, 2025 and 2024, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the nine months ended September 30, 2025 and 2024.
Noninterest income
The following table sets forth the components of noninterest income for the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025 2024 2025 2024 
Mortgage banking income$13,484 $11,553 $38,939 $36,048 
Investment services and trust income4,227 3,721 11,860 10,338 
Service charges on deposit accounts4,049 3,378 10,920 9,686 
ATM and interchange fees3,388 2,840 8,943 8,598 
Gain (loss) from investment securities, net12 (40,165)(60,521)(56,378)
Loss on sales or write-downs of premises and equipment, other real estate owned and other assets(646)(289)(1,035)(5)
Other income2,121 2,465 6,009 8,786 
Total noninterest income (loss)$26,635 $(16,497)$15,115 $17,073 
Three months ended September 30, 2025 compared to three months ended September 30, 2024
Noninterest income amounted to $26.6 million for the three months ended September 30, 2025, an increase of $43.1 million, as compared to a $16.5 million loss for the three months ended September 30, 2024. The increase in noninterest income was driven by the net loss from investment securities during the three months ended September 30, 2024. Excluding the recognition of the $40.2 million of net loss from investment securities sales recognized during the three months ended September 30, 2024, noninterest income was $23.7 million for the three months ended September 30, 2024.
Mortgage banking income includes origination fees, gains and losses on the sale of mortgage loans, changes in fair value of mortgage loans and related derivatives, as well as mortgage servicing income, which includes the change in fair value of MSRs and related derivatives. Mortgage banking income was $13.5 million for the three months ended September 30, 2025, an increase of $1.9 million compared to the prior period. The increase was driven by positive fair value changes of $1.3 million from the prior period. This was impacted by the increase in interest rate lock volume of $50.9 million, or 13.4% during the current period over the same period in the prior year.
Investment services and trust income is comprised of wealth management fees and trust and insurance income. This caption increased $0.5 million during the three months ended September 30, 2025 to $4.2 million as compared to $3.7 million during the three months ended September 30, 2024.
Service charges on deposit accounts include overdraft fees, account analysis fees and other customer transaction-related service charges. Service charges on deposit accounts increased $0.7 million during the three months ended September 30, 2025 to $4.0 million as compared to $3.4 million during the three months ended September 30, 2024.
ATM and interchange fees represent income related to customers' utilization of their debit cards and interchange income. ATM and interchange fees were $3.4 million for the three months ended September 30, 2025, compared to $2.8 million for the three months ended September 30, 2024.
Net gain from investment securities was $12 thousand for the three months ended September 30, 2025 compared to a net loss of $40.2 million for the three months ended September 30, 2024. The net loss from investment securities during the three months ended September 30, 2024 was the result of management's election to sell $318.5 million of AFS debt securities. Refer to the section “Other earnings assets” for additional information on the sale of the AFS debt securities.
Net loss on sales or write-downs of premises and equipment, other real estate owned and other assets was $0.6 million for the three months ended September 30, 2025 compared to $0.3 million for the three months ended September 30, 2024.
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Other income is comprised of income recognized that does not typically fit into income categories and includes components such as BOLI income, swap fees, and equity investments income. Other income decreased $0.3 million to $2.1 million during the three months ended September 30, 2025 as compared to $2.5 million during the three months ended September 30, 2024. This decrease was primarily due to a $0.6 million loss associated with our proportionate share of loss on our equity method investment during the three months ended September 30, 2025.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
Noninterest income amounted to $15.1 million for the nine months ended September 30, 2025, a decrease of $2.0 million, as compared to income of $17.1 million for the nine months ended September 30, 2024. Excluding the recognition of the $60.5 million and $56.4 million of net loss from investment securities sales recognized during the nine months ended September 30, 2025 and 2024, respectively, noninterest income was $75.6 million and $73.5 million for the nine months ended September 30, 2025 and 2024, respectively.
Mortgage banking income was $38.9 million for the nine months ended September 30, 2025, an increase of $2.9 million compared to the prior period. The increase includes an increase from gains on sale and related fair value changes of $2.8 million to $28.8 million in the current period compared to $26.0 million in the prior period. This was impacted by the increase in interest rate lock volume of $127.0 million, or 11.1% during the current period over the same period in the prior year.
Investment services and trust income increased $1.5 million during the nine months ended September 30, 2025 to $11.9 million as compared to $10.3 million during the nine months ended September 30, 2024. The increase was primarily attributable to fees earned from higher assets under management stemming from existing account growth.
Service charges on deposit accounts increased $1.2 million during the nine months ended September 30, 2025 to $10.9 million as compared to $9.7 million during the nine months ended September 30, 2024.
ATM and interchange fees were $8.9 million for the nine months ended September 30, 2025, compared to $8.6 million for the nine months ended September 30, 2024.
Net loss from investment securities was $60.5 million for the nine months ended September 30, 2025 compared to $56.4 million for the nine months ended September 30, 2024. The net loss from investment securities during the nine months ended September 30, 2025 was the result of management's election to sell $266.9 million of AFS debt securities compared to $526.4 million of AFS debt securities sold during the prior year period. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Net loss on sales or write-downs of premises and equipment, other real estate owned and other assets increased $1.0 million for the nine months ended September 30, 2025.
Other income decreased $2.8 million to $6.0 million during the nine months ended September 30, 2025 as compared to $8.8 million during the nine months ended September 30, 2024. This decrease was driven by a $1.7 million loss associated with our proportionate share of loss on our equity method investment during the nine months ended September 30, 2025 and a $2.1 million increase in BOLI income recognized during the nine months ended September 30, 2024, resulting from proceeds from payment of death benefits. The decrease was partially offset by a $0.8 million increase in owned property lease income during the nine months ended September 30, 2025.
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Noninterest expense
The following table sets forth the components of noninterest expense for the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2025 2024 2025 2024 
Salaries, commissions and employee benefits$59,210 $47,538 $154,192 $138,381 
Merger and integration costs16,057 — 19,192 — 
Occupancy and equipment expense7,539 6,640 20,846 19,582 
Data processing 2,457 2,486 6,931 7,180 
Advertising2,453 1,947 7,118 4,977 
Amortization of core deposit and other intangibles2,079 719 3,366 2,260 
Legal and professional fees1,227 1,900 5,645 5,798 
Other expense18,834 14,982 53,376 45,547 
Total noninterest expense$109,856 $76,212 $270,666 $223,725 
Three months ended September 30, 2025 compared to three months ended September 30, 2024
Noninterest expense increased by $33.6 million, or 44.1%, during the three months ended September 30, 2025 to $109.9 million as compared to $76.2 million in the three months ended September 30, 2024. The increase in noninterest expense was driven by increases in merger and integration costs associated with the Southern States merger, salaries and employee benefits and other expense.
Salaries, commissions and employee benefits expense is comprised of salaries and wages in addition to other employee benefit costs and represents the largest component of noninterest expense. For the three months ended September 30, 2025, salaries and employee benefits expense increased $11.7 million, to $59.2 million as compared to $47.5 million for the three months ended September 30, 2024. This change was driven by increases in the salaries and benefit costs due to increased headcount resulting from the Southern States merger, combined with increases in performance-based compensation resulting from improvements in the Company's performance metrics.
Merger and integration costs include costs associated with the merger, integration and conversion of business combinations. Merger and integration costs were $16.1 million for the three months ended September 30, 2025. These costs primarily include legal and other professional fees, severance and other employee-related costs, costs associated with branch consolidation and integration costs of the Southern States merger.
Occupancy and equipment expense includes occupancy, depreciation and equipment expense. Occupancy and equipment expense of $7.5 million and $6.6 million was recognized for the three months ended September 30, 2025 and 2024, respectively. The increase was primarily due to the expansion of our branch network in connection with the Southern States merger.
Data processing is comprised of all third-party core operating system and processing charges as well as payroll processing. Data processing fees were $2.5 million for both the three months ended September 30, 2025 and 2024.
Advertising includes expenses related to sponsorships, advertising, marketing, customer relations and business development and public relations. During the three months ended September 30, 2025, advertising expense increased $0.5 million to $2.5 million compared to $1.9 million during the three months ended September 30, 2024.
Amortization of core deposit and other intangibles were $2.1 million for the three months ended September 30, 2025, compared to $0.7 million for the three months ended September 30, 2024. The increase was primarily due to $1.5 million of amortization associated with the core deposit intangible assumed with the merger of Southern States.
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 $1.2 million and $1.9 million for the three months ended September 30, 2025 and 2024, respectively.
Other expense is comprised of expense that does not typically fit into other expense categories and includes mortgage servicing expenses, regulatory fees and deposit insurance assessments, software license and maintenance fees and various other miscellaneous expenses. Other expense increased $3.9 million during the three months ended September 30, 2025 to $18.8 million compared to $15.0 million during the three months ended September 30, 2024. The
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increase was primarily driven by modest increases across a range of expense categories, including technology and platform fees, software license and maintenance fees, card transaction fees, servicing fees and other operating expenses. No single category accounted for a significant portion of the overall increase. Additionally, a franchise tax benefit was recognized in the prior year period.
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024
Noninterest expense increased by $47.0 million, or 21.0%, during the nine months ended September 30, 2025 to $270.7 million as compared to $223.7 million in the nine months ended September 30, 2024. The increase in noninterest expense was attributable to increases in merger and integration costs associated with the Southern States merger, salaries and employee benefits and other noninterest expense.
Salaries, commissions and employee benefits expense increased $15.8 million, or 11.4%, to $154.2 million for the nine months ended September 30, 2025 as compared to $138.4 million for the nine months ended September 30, 2024. This change was driven by increases in the salaries and benefit costs due to increased headcount resulting from the Southern States merger, combined with an increase in performance-based compensation driven by improvement in the Company's performance metrics.
Merger and integration costs were $19.2 million for the nine months ended September 30, 2025 associated with the merger with Southern States. These costs primarily include legal and professional fees, severance and other employee-related costs, costs associated with branch consolidation and integration costs.
Occupancy and equipment expense of $20.8 million and $19.6 million was recognized for the nine months ended September 30, 2025 and 2024. The increase was driven by the expansion of our branch network in connection with the Southern States merger.
Data processing fees were $6.9 million for the nine months ended September 30, 2025, compared to $7.2 million for the nine months ended September 30, 2024.
Advertising expense increased $2.1 million to $7.1 million during the nine months ended September 30, 2025 compared to $5.0 million during the nine months ended September 30, 2024. This increase was primarily attributable to customer marketing campaigns during nine months ended September 30, 2025 combined with favorable, volume based marketing rebate activity recorded in the prior year period.
Amortization of core deposit and other intangibles were $3.4 million for the nine months ended September 30, 2025, compared to $2.3 million for the nine months ended September 30, 2024. The increase was primarily due to $1.5 million of amortization associated with the core deposit intangible assumed with the merger of Southern States.
Legal and professional fees were $5.6 million and $5.8 million for the nine months ended September 30, 2025 and 2024, respectively.
Other noninterest expense increased $7.8 million during the nine months ended September 30, 2025 to $53.4 million compared to $45.5 million during the nine months ended September 30, 2024. The increase was primarily related to $1.8 million of technology and platform fee increases and modest increases across a range of other expense categories, including software license and maintenance fees, card transaction fees, servicing fees and other operating expenses. Additionally, a franchise tax benefit was recognized in the prior year period.
Efficiency ratio
The efficiency ratio is one measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense by the sum of net interest income and noninterest income. For an adjusted efficiency ratio, we exclude certain gains, losses and expenses we do not consider core to our business.
Our efficiency ratio was 63.2% and 71.0% for the three and nine months ended September 30, 2025, respectively, and 85.1% and 68.8% for the three and nine months ended September 30, 2024, respectively. Our adjusted efficiency ratio, on a tax-equivalent basis, was 53.3% and 56.4% for the three and nine months ended September 30, 2025, respectively, and 58.4% and 58.2% for the three and nine months ended September 30, 2024, respectively. See “GAAP reconciliation and management explanation of non-GAAP financial measures” in this Report for a discussion of the adjusted efficiency ratio.

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Income taxes
Income tax expense was $6.2 million and $3.0 million for the three and nine months ended September 30, 2025, respectively, and $1.2 million and $18.4 million for the three and nine months ended September 30, 2024, respectively. This represents effective tax rates of 21.0% and 4.4% for the three and nine months ended September 30, 2025, respectively, and 10.3% and 19.1% for the three and nine months ended September 30, 2024, respectively. The primary differences from the enacted rates are applicable state income taxes and certain expenses that are not deductible, reduced for non-taxable income.
For the nine months ended September 30, 2025, income tax expense includes the income tax effect of a $60.5 million loss on sale of AFS debt securities and a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest. There was no one-time tax benefit for the three months ended September 30, 2025. For the three and nine months ended September 30, 2024, income tax expense included the income tax effect of loss on sale of AFS debt securities of $40.2 million and $56.4 million, respectively. Refer to Note 10 “Income taxes” in the notes to the consolidated financial statements for additional information regarding the our income tax benefit/expense and effective tax rates.
Financial condition
The following discussion of our financial condition compares balances as of September 30, 2025 and December 31, 2024.
Loan portfolio
The following table sets forth the balance and associated percentage of each class of financing receivable in our loan portfolio as of the dates indicated:
September 30,December 31,
 2025 2024 
(dollars in thousands)CommittedAmount Outstanding% of total outstandingCommittedAmount Outstanding% of total outstanding
Loan Type:    
Commercial and industrial
$3,606,471 $2,155,105 17 %$3,062,626 $1,691,213 18 %
Construction1,927,134 1,195,392 10 %1,585,865 1,087,732 11 %
Residential real estate:
1-to-4 family mortgage1,858,207 1,852,626 15 %1,624,053 1,616,754 17 %
Residential line of credit1,516,264 707,303 6 %1,336,506 602,475 6 %
Multi-family mortgage743,089 736,424 6 %665,813 653,769 7 %
Commercial real estate:
Owner-occupied2,221,207 2,124,920 17 %1,436,424 1,357,568 14 %
Non-owner occupied2,958,526 2,890,233 24 %2,154,027 2,099,129 22 %
Consumer and other657,077 635,597 5 %507,175 493,744 5 %
Total loans$15,487,975 $12,297,600 100 %$12,372,489 $9,602,384 100 %
Our loans HFI portfolio is our most significant earning asset, comprising 75.7% and 73.0% of our total assets at September 30, 2025 and December 31, 2024, respectively. Our strategy is to grow our loan portfolio by originating quality commercial and consumer type loans that comply with our credit policies and that produce revenues consistent with our financial objectives. Our overall lending approach is primarily focused on providing credit to our customers directly in the markets we serve. However, we also participate in loan syndications and participations from other banks (collectively, “participated loans”). As of September 30, 2025 and December 31, 2024, loans HFI included approximately $429.2 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 September 30, 2025 and 2024, we sold $10.0 million and $7.5 million loan participations, respectively. During the nine months ended September 30, 2025 and 2024, we sold $13.5 million and $24.5 million loan participations, respectively. All loans, whether or not we act as a participant, are underwritten to the same standards as all other loans we originate. We believe our loan portfolio is well-balanced, which provides us with the opportunity to grow while monitoring our loan concentrations.
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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 September 30, 2025 and December 31, 2024, there were no concentrations of loans exceeding 10% of total loans other than our geographic exposure to Tennessee, Alabama and Georgia, 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 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 September 30, 2025 and December 31, 2024.
As a percentage (%) of tier 1 capital plus allowance for credit losses
FirstBankFB Financial Corporation
September 30, 2025
Construction63.8 %64.7 %
Commercial real estate259.0 %262.6 %
December 31, 2024
Construction70.1 %67.1 %
Commercial real estate249.3 %238.5 %
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Loan categories:
The principal categories of our loans held for investment portfolio are discussed below:
Commercial and industrial loans.
Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets.
Construction loans.
Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.
1-to-4 family mortgage loans.
Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.
Residential line of credit loans.
Our residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral.
Multi-family residential loans.
Our multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral.
Commercial real estate owner-occupied loans.
Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.
Commercial real estate non-owner occupied loans.
Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.
Consumer and other loans. 
Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.
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As part of our lending policy and risk management activities, we track lending exposure of commercial and industrial and owner-occupied commercial real estate by industry classification (as defined by the North American Industry Classification System) and type to determine potential risks associated with industry concentrations, and if any risk issues could lead to additional credit loss exposure. The table below provides a summary of our commercial and industrial and owner-occupied commercial real estate portfolios by industry classification.
September 30, 2025
(dollars in thousands)CommittedAmount Outstanding
Nonperforming(1)
Commercial and industrial
Real estate rental and leasing$501,026 $314,190 $311 
Finance and insurance498,952 314,124 — 
Construction443,940 159,973 834 
Manufacturing317,119 230,450 882 
Wholesale trade293,594 174,220 179 
Information256,546 184,435 — 
Professional, scientific and technical services208,950 132,067 9 
Educational services173,503 48,842 — 
Retail trade131,073 89,019 556 
Health care and social assistance106,939 56,495 437 
Administrative and support and waste management and
   remediation services		106,290 78,722 — 
Accommodation and food services104,667 74,978 714 
Other services (except public administration)103,602 66,627 76 
Transportation and warehousing103,070 95,724 2,091 
Arts, entertainment and recreation70,716 43,595 112 
Management of companies and enterprises40,276 25,176 — 
Other146,208 66,468 725 
Total $3,606,471 $2,155,105 $6,926 
Commercial real estate owner-occupied
Real estate rental and leasing$357,338 $342,913 $364 
Retail trade310,318 301,044 — 
Other services (except public administration)286,187 278,739 3,882 
Manufacturing250,839 239,294 160 
Health care and social assistance216,310 211,738 873 
Accommodation and food services153,291 153,229 1,182 
Wholesale trade139,152 134,144 — 
Construction114,390 101,383 — 
Transportation and warehousing83,760 67,326 488 
Professional, scientific and technical services56,186 54,622 90 
Arts, entertainment and recreation45,238 44,625 — 
Administrative and support and waste management and
   remediation services		37,285 34,860 478 
Agriculture, forestry, fishing and hunting35,809 31,902 620 
Management of companies and enterprises22,661 20,691 — 
Educational services22,242 21,491 — 
Finance and insurance19,702 18,465 2,668 
Other70,499 68,454 195 
Total $2,221,207 $2,124,920 $11,000 
(1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 or more days past due on which interest continues to accrue.
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Additionally, we track our lending exposure of non-owner occupied commercial real estate and construction by collateral property type to determine potential risks associated with collateral types, and if any risk issues could lead to additional credit loss exposure. The table below provides a summary of our non-owner occupied commercial real estate and construction loan portfolios by collateral property type.
September 30, 2025
(dollars in thousands)CommittedAmount Outstanding
Nonperforming(1)
Commercial real estate non-owner occupied
Retail$633,994 $621,525 $3,374 
Office542,641 527,202 1,037 
Warehouse and industrial540,997 517,630 — 
Hotel486,082 484,275 — 
Assisted living and special care facilities147,583 145,841 — 
Self-storage144,145 143,292 101 
Land-Manufactured housing120,706 119,032 129 
Healthcare facility71,766 71,695 — 
Restaurants, bars and event venues57,834 52,601 1,008 
Convenience store and gas station50,523 49,874 — 
Other162,255 157,266 — 
Total $2,958,526 $2,890,233 $5,649 
Construction
Consumer:
Construction$248,549 $152,344 $19,615 
Land46,512 40,077 — 
Commercial:
Land317,941 255,050 1,910 
Multi-family154,496 96,156 — 
Hotel76,995 46,644 — 
Retail52,790 26,504 — 
Office39,760 24,249 5,590 
Healthcare Facility38,501 — — 
Self-storage25,940 9,839 — 
Recreation, sports and entertainment23,689 14,059 — 
Other166,743 84,307 351 
Residential Development:
Construction541,045 325,698 3,305 
Land124,452 76,378 — 
Lots69,721 44,087 597 
Total $1,927,134 $1,195,392 $31,368 
1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 days or more past due on which interest continues to accrue.





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Loan maturity and sensitivities
The following table presents the contractual maturities of our loan portfolio as of September 30, 2025. Loans with scheduled maturities are reported in the maturity category in which the payment is due. Demand loans with no stated maturity and overdrafts are reported in the “due in 1 year or less” category. Loans that have adjustable rates are shown as amortizing to final maturity rather than when the interest rates are next subject to change. The tables do not include prepayment assumptions or scheduled repayments.
September 30, 2025
Loan type (dollars in thousands)Maturing in one
year or less		Maturing in one
to five years		Maturing in
five to fifteen years		Maturing after
fifteen years		Total
Commercial and industrial$747,330 $1,210,264 $195,059 $2,452 $2,155,105 
Construction570,486 514,449 74,482 35,975 1,195,392 
Residential real estate:
1-to-4 family mortgage145,828 558,599 207,899 940,300 1,852,626 
Residential line of credit83,147 120,500 503,656 — 707,303 
Multi-family mortgage158,973 406,926 158,879 11,646 736,424 
Commercial real estate:
Owner-occupied231,972 1,155,362 488,200 249,386 2,124,920 
Non-owner occupied400,427 1,728,686 678,649 82,471 2,890,233 
Consumer and other25,743 92,844 134,882 382,128 635,597 
Total ($)$2,363,906 $5,787,630 $2,441,706 $1,704,358 $12,297,600 
Total (%)19.2 %47.1 %19.8 %13.9 %100.0 %
For loans due after one year or more, the following table presents the interest rate composition for loans outstanding as of September 30, 2025.
September 30, 2025
Loan type (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
Commercial and industrial$513,099 $894,676 $1,407,775 
Construction161,569 463,337 624,906 
Residential real estate:
1-to-4 family mortgage1,193,889 512,909 1,706,798 
Residential line of credit4,104 620,052 624,156 
Multi-family mortgage298,531 278,920 577,451 
Commercial real estate:
Owner-occupied1,181,311 711,637 1,892,948 
Non-owner occupied1,276,169 1,213,637 2,489,806 
Consumer and other533,267 76,587 609,854 
Total ($)$5,161,939 $4,771,755 $9,933,694 
Total (%)52.0 %48.0 %100.0 %
The following table presents the contractual maturities of our loan portfolio segregated into fixed and floating interest rate loans as of September 30, 2025.
September 30, 2025
Contractual maturity (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
One year or less$798,861$1,565,045$2,363,906
One to five years3,020,6732,766,9575,787,630
Five to fifteen years1,055,8501,385,8562,441,706
Over fifteen years1,085,416618,9421,704,358
Total ($)$5,960,800$6,336,800$12,297,600
Total (%)48.5 %51.5 %100.0 %


85

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 September 30, 2025 and December 31, 2024, we had $145.2 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 or more days past due on which interest continues to accrue. Accrued interest receivable written off as an adjustment to interest income amounted to $0.5 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $1.9 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively. Additionally, we had net interest recoveries on nonperforming assets previously charged off of $0.5 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, and $1.4 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively.
Nonperforming loans HFI increased by $32.1 million to $115.8 million as of September 30, 2025 compared to $83.7 million as of December 31, 2024. The increase in nonperforming loans primarily occurred in our construction, multi-family and consumer and other portfolios partially offset by a decrease in a our commercial and industrial portfolio.
As of September 30, 2025 and December 31, 2024, we had $21.7 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 September 30, 2025 and December 31, 2024, other real estate owned included $0.1 million of excess land and facilities held for sale resulting from our prior acquisitions. Other repossessed assets also included other repossessed non-real estate amounting to $3.3 million and $2.4 million as of September 30, 2025 and December 31, 2024, respectively.
86

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:
September 30,December 31,
(dollars in thousands)2025 20242024 
Loan Type:  
Commercial and industrial$6,926 $23,058 $10,391 
Construction31,368 11,546 11,453 
Residential real estate:
1-to-4 family mortgage29,445 23,848 27,944 
Residential line of credit2,342 1,558 1,894 
Multi-family mortgage9,325 25 21 
Commercial real estate:
Owner-occupied11,000 8,999 9,645 
Non-owner occupied5,649 6,567 6,179 
Consumer and other19,704 15,234 16,178 
Total nonperforming loans HFI$115,759 $90,835 $83,705 
Mortgage loans held for sale(1)
21,660 30,537 31,357 
Other real estate owned4,466 3,779 4,409 
Other repossessed assets3,314 2,182 2,444 
Total nonperforming assets$145,199 $127,333 $121,915 
Nonperforming loans HFI as a percentage of total loans HFI0.94 %0.96 %0.87 %
Nonperforming assets as a percentage of total assets0.89 %0.99 %0.93 %
Nonaccrual loans HFI as a percentage of loans HFI0.73 %0.68 %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 September 30, 2025 and December 31, 2024. Management also continually monitors past due loans for potential credit quality deterioration. Loans not considered nonperforming include loans 30-89 days past due that continue to accrue interest amounting to $54.6 million at September 30, 2025 as compared to $47.9 million at December 31, 2024. The increase from December 31, 2024 to September 30, 2025 primarily occurred within our non-owner occupied, consumer and other and construction portfolios offset with a decrease in our multi-family portfolio.
Allowance for credit losses
The allowance for credit losses represents the portion of the loan’s amortized cost basis that we do not expect to collect due to credit losses over the loan’s life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. Loan losses are charged against the allowance when we believe the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for credit losses is based on the loan’s amortized cost basis, excluding accrued interest receivable, as we promptly charge off uncollectible accrued interest receivable.
Beginning on June 30, 2025, we utilize the discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, to estimate the expected credit losses of its loan segments, except consumer and other loans, which utilize the weighted average remaining maturity loss rate technique. We determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses for the nine months ended September 30, 2025 and did not have a material impact to our operating results and financial condition.
Prior to June 30, 2025, our estimates for credit losses calculation utilized a lifetime loss rate model. See Note 1, “Basis of presentation and summary of significant accounting policies,” in the notes to our consolidated financial statements in our Annual Report that was filed with the SEC on February 25, 2025, for additional information regarding our estimates prior to June 30, 2025.
87

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: 
September 30,December 31,
20252024
(dollars in thousands)AmountACL
as a % of loans HFI category		AmountACL
as a % of loans HFI category
Loan Type:
Commercial and industrial$26,075 1.21 %$16,667 0.99 %
Construction27,857 2.33 %31,698 2.91 %
Residential real estate:
   1-to-4 family mortgage33,059 1.78 %25,340 1.57 %
   Residential line of credit10,458 1.48 %10,952 1.82 %
   Multi-family mortgage11,815 1.60 %10,512 1.61 %
Commercial real estate:
   Owner-occupied20,360 0.96 %11,993 0.88 %
   Non-owner occupied34,073 1.18 %25,531 1.22 %
Consumer and other21,296 3.35 %19,249 3.90 %
    Total allowance for credit losses on loans HFI$184,993 1.50 %$151,942 1.58 %
88

The following table summarizes activity in our allowance for credit losses on loans HFI during the periods indicated:
 Three Months Ended September 30,Nine Months Ended September 30,Year Ended
December 31,
(dollars in thousands)2025 2024 2025 2024 2024 
Allowance for credit losses on loans HFI at beginning
   of period		$148,948 $155,055 $151,942 $150,326 $150,326 
Initial allowance for credit losses on loans purchased with
    credit deterioration		7,518 — 7,518 — — 
Charge-offs:
Commercial and industrial(100)(90)(3,071)(159)(11,080)
Construction(399)— (399)(92)(122)
Residential real estate:
1-to-4 family mortgage(322)(2)(758)(295)(439)
Residential line of credit— (53)— (73)(73)
Commercial real estate:
Owner-occupied— — (17)— — 
Consumer and other(888)(770)(2,811)(2,136)(3,051)
Total charge-offs$(1,709)$(915)$(7,056)$(2,755)$(14,765)
Recoveries:
Commercial and industrial$12 $23 $227 $57 $428 
Residential real estate:
1-to-4 family mortgage6 9 26 75 84 
Residential line of credit11 18 12 18 18 
Commercial real estate:
Owner-occupied4 12 34 240 245 
Non-owner occupied— — 529 — — 
Consumer and other246 202 1,000 651 939 
Total recoveries$279 $264 $1,828 $1,041 $1,714 
Net charge-offs(1,430)(651)(5,228)(1,714)(13,051)
Impact of change in accounting estimate for current expected
    credit losses(1)
— — (6,848)— — 
Provision for credit losses on loans HFI(1)
29,957 1,856 37,609 7,648 14,667 
Allowance for credit losses on loans HFI at the end of period$184,993 $156,260 $184,993 $156,260 $151,942 
Ratio of net charge-offs during the period to average loans
    outstanding during the period		(0.05)%(0.03)%(0.07)%(0.02)%(0.14)%
Allowance for credit losses on loans HFI as a percentage of
  loans 		1.50 %1.65 %1.50 %1.65 %1.58 %
Allowance for credit losses on loans HFI as a percentage of
   nonaccrual loans HFI		206.8 %241.9 %206.8 %241.9 %256.0 %
Allowance for credit losses on loans HFI as a percentage of
   nonperforming loans 		159.8 %172.0 %159.8 %172.0 %181.5 %
(1) We made certain changes to its estimation techniques and certain related inputs and assumptions in its estimates of credit losses as of June 30, 2025. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses for the nine months ended September 30, 2025 and did not have a material impact to our operating results and financial condition.
89

The following tables details our provision for (reversal of) credit losses on loans HFI and net (charge-offs) recoveries to average loans HFI outstanding by loan category during the periods indicated:
 Provision for (reversal of) credit losses on loans HFI(1)
Net (charge-offs) recoveries Average loans HFIRatio of net (charge-offs) recoveries to average loans HFI
(dollars in thousands)
Three months ended September 30, 2025
Commercial and industrial$3,933 $(88)$2,126,229 (0.02)%
Construction6,110 (399)1,210,516 (0.13)%
Residential real estate:
1-to-4 family mortgage3,049 (316)1,842,331 (0.07)%
Residential line of credit1,745 11 691,276 0.01 %
Multi-family mortgage762 — 716,327 — %
Commercial real estate:
Owner-occupied6,902 4 2,087,903 — %
Non-owner occupied4,352 — 2,866,100 — %
Consumer and other3,104 (642)648,719 (0.39)%
Total$29,957 $(1,430)$12,189,401 (0.05)%
Three months ended September 30, 2024
Commercial and industrial$1,670 $(67)$1,640,508 (0.02)%
Construction(3,612)— 1,143,612 — %
Residential real estate:
1-to-4 family mortgage341 7 1,594,875 — %
Residential line of credit662 (35)573,962 (0.02)%
Multi-family mortgage834 — 617,951 — %
Commercial real estate:
Owner-occupied243 12 1,287,095 — %
Non-owner occupied98 — 2,045,146 — %
Consumer and other1,620 (568)459,788 (0.49)%
Total$1,856 $(651)$9,362,937 (0.03)%
Nine Months Ended September 30, 2025
Commercial and industrial$10,293 $(2,844)$1,865,170 (0.20)%
Construction(3,740)(399)1,101,647 (0.05)%
Residential real estate:
1-to-4 family mortgage8,387 (732)1,701,709 (0.06)%
Residential line of credit(537)12 640,541 — %
Multi-family mortgage1,144 — 662,196 — %
Commercial real estate:
Owner-occupied6,835 17 1,600,407 — %
Non-owner occupied4,595 529 2,381,324 0.03 %
Consumer and other3,784 (1,811)606,877 (0.40)%
Total$30,761 $(5,228)$10,559,871 (0.07)%
Nine Months Ended September 30, 2024
Commercial and industrial$4,636 $(102)$1,646,771 (0.01)%
Construction(4,722)(92)1,231,310 (0.01)%
Residential real estate:
1-to-4 family mortgage(306)(220)1,581,697 (0.02)%
Residential line of credit1,311 (55)554,235 (0.01)%
Multi-family mortgage802 — 621,897 — %
Commercial real estate:
Owner-occupied674 240 1,257,455 0.03 %
Non-owner occupied1,676 — 2,007,605 — %
Consumer and other3,577 (1,485)436,972 (0.45)%
Total$7,648 $(1,714)$9,337,942 (0.02)%
90

 Provision for (reversal of) credit losses on loans HFI(1)
Net (charge-offs) recoveries Average loans HFIRatio of (charge-offs) net recoveries to average loans HFI
(dollars in thousands)
Year Ended December 31, 2024
Commercial and industrial$7,720 $(10,652)$1,655,250 (0.64)%
Construction(3,552)(122)1,199,414 (0.01)%
Residential real estate:
1-to-4 family mortgage(810)(355)1,587,111 (0.02)%
Residential line of credit1,539 (55)562,877 (0.01)%
Multi-family mortgage1,670 — 629,920 — %
Commercial real estate:
Owner occupied1,095 245 1,278,683 0.02 %
Non-owner occupied2,566 — 2,021,677 — %
Consumer and other4,439 (2,112)449,526 (0.47)%
Total$14,667 $(13,051)$9,384,458 (0.14)%
(1) We made certain changes to its estimation techniques and certain related inputs and assumptions in its estimates of credit losses as of June 30, 2025. See “Note 1, “Basis of presentation” in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses for the nine months ended September 30, 2025 and did not have a material impact to our operating results and financial condition.
The ACL on loans HFI was $185.0 million and $151.9 million and represented 1.50% and 1.58% of loans HFI as of September 30, 2025 and December 31, 2024, respectively. For further information related to the change in the ACL refer to “Provision for credit losses” section herein and Note 4, “Loans and allowance for credit losses on loans HFI” in the notes to our consolidated financial statements.
For the three months ended September 30, 2025 and 2024, we experienced net charge-offs of $1.4 million and $0.7 million, respectively, or 0.05% and 0.03% of average loans HFI, respectively. For the nine months ended September 30, 2025, we experienced net charge-offs of $5.2 million, or 0.07% of average loans HFI, compared to net charge-offs of $1.7 million, or 0.02% for the nine months ended September 30, 2024. Our ratio of total nonperforming loans HFI as a percentage of total loans HFI increased by 7 basis points to 0.94% as of September 30, 2025 compared to December 31, 2024 primarily due to increases in nonperforming loans in our construction, multi-family and consumer and other portfolios partially offset by a decrease in a our commercial and industrial portfolio.
We also maintain an allowance for credit losses on unfunded commitments in other liabilities, which increased to $17.4 million as of September 30, 2025 from $6.1 million as of December 31, 2024 due primarily to the change in CECL loss estimation methodology and the initial provision from unfunded commitments acquired in the Southern States merger.
Loans held for sale
Mortgage loans held for sale consisted of $145.8 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $21.7 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.








91

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 $13.81 billion and $11.21 billion as of September 30, 2025 and December 31, 2024, respectively. The increase stemmed from $2.47 billion of deposits assumed in the Southern States merger.
Noninterest-bearing deposits at September 30, 2025 and December 31, 2024 were $2.69 billion and $2.12 billion, respectively. We assumed $562.5 million of noninterest-bearing deposits in the Southern States merger. Additionally, noninterest bearing deposits include mortgage escrow deposits which increased to $131.6 million as of September 30, 2025 from $69.0 million as of December 31, 2024.
Our interest-bearing deposits were $11.12 billion and $9.09 billion at September 30, 2025 and December 31, 2024, respectively. The increase was attributable to $1.91 billion of deposits assumed in the Southern States merger.
Interest-bearing checking deposits decreased to $2.46 billion at September 30, 2025 as compared to $2.91 billion at December 31, 2024. The decrease was the result of management's effort to manage down higher cost deposits.
Money market and savings deposits accounts increased by $1.63 billion million from December 31, 2024 primarily due to the merger with Southern States and a promotional rate campaign targeting new and existing customers and commercial account growth across our footprint.
Customer time deposits increased by $826.6 million from December 31, 2024, driven by the merger with Southern States and a $250.0 million short-term public funds time deposit.
Additionally, brokered and internet time deposits increased by $19.7 million to $488.8 million as of September 30, 2025 compared to December 31, 2024. This growth was a product of our liquidity management strategy.
We have experienced a decrease in our cost of interest-bearing deposits due to a decrease in the interest rate environment. Average deposit balances by type, together with the average rates per period are reflected in the average balance sheet amounts, interest paid, and rate analysis tables included in this management’s discussion and analysis under the subheading “Results of operations” discussion.
Our deposit base may include certain deposits from related parties as disclosed within Note 18, “Related party transactions” in the notes to our consolidated financial statements included in this Report.

92

The following table sets forth the distribution by type of our deposit accounts as of the dates indicated:
September 30,December 31,
2025 2024 
(dollars in thousands)Amount% of total deposits
Average rate(1)
Amount% of total deposits
Average rate(1)
Deposit Type
Noninterest-bearing demand$2,690,635 19%—%$2,116,232 19%—%
Interest-bearing checking2,458,625 18%2.43%2,906,425 26%3.05%
Money market5,557,519 40%3.45%3,986,777 36%3.84%
Savings deposits410,575 3%0.15%351,706 3%0.07%
Customer time deposits2,206,790 16%3.70%1,380,205 12%3.97%
Brokered and internet time deposits488,811 4%4.32%469,089 4%4.86%
Total deposits$13,812,955 100%2.52%$11,210,434 100%2.76%
Customer Time Deposits(2)
0.00-1.00%$95,771 4%$65,302 5%
1.01-2.00%55,467 3%63,582 5%
2.01-3.00%203,240 9%74,171 5%
3.01-4.00%691,525 31%264,863 19%
4.01-5.00%1,157,569 53%875,916 63%
Above 5.00%3,218 —%36,371 3%
Total customer time deposits$2,206,790 100%$1,380,205 100%
Brokered and Internet Time Deposits(2)
0.00-1.00%$— —%$— —%
1.01-2.00%— —%— —%
2.01-3.00%— —%— —%
3.01-4.00%326,909 67%169,088 36%
4.01-5.00%155,956 32%199,888 43%
Above 5.00%5,946 1%100,113 21%
Total brokered and internet time deposits$488,811 100%$469,089 100%
Total time deposits$2,695,601 $1,849,294 
(1) Average rates presented for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.
(2) Based on rates presented as of period-end.

Further details related to our deposit customer base is presented below as of the dates indicated:
September 30,December 31,
2025 2024 
(dollars in thousands)Amount% of total deposits Amount% of total deposits
Deposits by customer segment(1)
Consumer$5,966,458 43%$4,853,609 43%
Commercial6,045,418 44%4,802,105 43%
Public1,801,079 13%1,554,720 14%
Total deposits$13,812,955 100%$11,210,434 100%
(1) Segments are determined based on the customer account level.




93

The tables below set forth maturity information on time deposits and amounts in excess of the FDIC insurance limit as of September 30, 2025:
(dollars in thousands)AmountWeighted average interest rate at period end
Time deposits of $250 and less    
Months to maturity:
Three or less$588,639 3.87 %
Over Three to Six441,555 3.79 %
Over Six to Twelve449,747 3.66 %
Over Twelve277,272 3.25 %
Total$1,757,213 3.70 %
Time deposits of greater than $250
Months to maturity:
Three or less$461,104 4.07 %
Over Three to Six206,989 3.95 %
Over Six to Twelve167,731 3.80 %
Over Twelve102,564 3.38 %
Total$938,388 3.92 %
Uninsured deposits are defined as the portion of deposit accounts in U.S. federally insured depository institutions that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes. Collateralized deposits are included within our total uninsured deposits.
Further details related to our estimated insured or collateralized deposits and uninsured and uncollateralized deposits is presented below as of the dates indicated:
September 30,December 31,
2025 2024 
Estimated insured or collateralized deposits(1)
$9,871,337 $8,346,796 
Estimated uninsured and uncollateralized deposits(1)
$3,941,618 $2,863,638 
Estimated uninsured and uncollateralized deposits as a % of total deposits(1)
28.5 %25.5 %
Estimated uninsured deposits(2)
$5,756,466 $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.

94

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 unused liquidity position into an instrument that improves the return on those funds. Securities purchased under agreements to resell totaled $62.1 million and $61.1 million at September 30, 2025 and December 31, 2024, respectively.
Federal funds sold
Federal funds may fluctuate from period to period depending upon our liquidity position at the time and our strategy for deploying liquidity. Federal funds sold totaled $221.3 million and $64.8 million at September 30, 2025 and December 31, 2024, respectively.
AFS debt securities portfolio
Our investment portfolio objectives include maximizing total return after other primary objectives are achieved such as, but not limited to, providing liquidity, capital preservation, and pledging collateral for certain deposit types, various lines of credit and other borrowings. The investment objectives guide the portfolio allocation among security types, maturities, and other attributes.
The fair value of our AFS debt securities portfolio was $1.43 billion and $1.54 billion as of September 30, 2025 and December 31, 2024, respectively. Included in the fair value of AFS debt securities were net unrealized losses of $55.9 million and $141.4 million as of September 30, 2025 and December 31, 2024, respectively. Current net unrealized losses are driven by prevailing interest rate levels versus interest rate levels when many of the bonds were purchased.
During the three and nine months ended September 30, 2025, we acquired $31.9 million of AFS debt securities through the merger with Southern States.
During the three months ended September 30, 2025, we sold $0.4 million of AFS debt securities. During the same period, maturities, prepayments and calls of AFS debt securities totaled $83.2 million and purchases totaled $132.8 million.
During the nine months ended September 30, 2025, we sold $266.9 million of AFS debt securities million of mortgage-backed AFS debt securities with a weighted average yield of 1.63%. The securities sold resulted in a net loss on securities of $60.5 million. We used the proceeds from this transaction to redeem outstanding subordinated and trust preferred debt, as well as originate higher yielding loans. During the same period, maturities, prepayments and calls of AFS debt securities totaled $217.9 million and purchases totaled $314.6 million.
During the three months ended September 30, 2024, we sold $318.5 million of AFS debt securities with a weighted average yield of 2.25% and reinvested the proceeds of the sales into AFS securities with a weighted average yield of 5.25%. The sales resulted in a loss on securities of $40.2 million. We primarily sold low yielding mortgage-backed securities and municipal securities. Including the reinvestment of these proceeds into higher yielding U.S. government agency and mortgage-backed securities, we purchased $457.4 million of AFS debt securities during the three months ended September 30, 2024. Maturities, prepayments and calls of AFS debt securities totaled $89.9 million for the three months ended September 30, 2024.
During the nine months ended September 30, 2024, we sold $526.4 million of AFS debt securities, resulting in a loss on securities of $56.4 million. We primarily sold fixed rate, deeply discounted mortgage bonds and low yielding municipal bonds and reinvested the proceeds into U.S. government agency AFS debt securities and a blend of fixed and floating rate securities to achieve the best accretion profile for the Bank. Including the reinvestment of these proceeds, we purchased $824.0 million of AFS debt securities during the nine months ended September 30, 2024. Maturities, prepayments and calls of AFS debt securities totaled $224.1 million for the nine months ended September 30, 2024.






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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:
September 30,
December 31,
 2025 2024 
(dollars in thousands)Fair value% of total investment securities
Weighted average yield (1)
Fair value% of total investment securities
Weighted average yield (1)
U.S. government agency securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years— — %— %— — %— %
Maturing in five to ten years301,775 21.1 %4.75 %207,220 13.5 %5.28 %
Maturing after ten years351,422 24.6 %4.92 %355,787 23.1 %5.47 %
Total U.S. government agency securities653,197 45.7 %4.84 %563,007 36.6 %5.40 %
Mortgage-backed securities - residential and commercial:
Maturing within one year1 — %4.92 %2,222 0.1 %3.35 %
Maturing in one to five years2,189 0.2 %7.53 %343 — %2.16 %
Maturing in five to ten years8,810 0.6 %3.13 %13,424 0.9 %2.73 %
Maturing after ten years587,268 41.2 %4.00 %809,867 52.8 %3.10 %
Total mortgage-backed securities - residential and commercial598,268 42.0 %4.00 %825,856 53.8 %3.09 %
Municipal securities:
Maturing within one year203 — %2.81 %548 — %4.26 %
Maturing in one to five years5,681 0.4 %3.82 %3,611 0.2 %3.56 %
Maturing in five to ten years39,911 2.8 %3.56 %15,723 1.0 %3.06 %
Maturing after ten years119,616 8.4 %3.02 %127,975 8.3 %2.93 %
Total municipal securities165,411 11.6 %3.17 %147,857 9.5 %2.96 %
U.S. Treasury securities:
Maturing within one year— — %— %299 — %4.25 %
Maturing in one to five years5,769 0.4 %3.71 %— — %— %
Maturing in five to ten years1,311 0.1 %3.81 %— — %— %
Maturing after ten years— — %— %— — %— %
Total U.S. Treasury securities7,080 0.5 %3.73 %299 — %4.25 %
Corporate securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years2,995 0.2 %6.46 %989 0.1 %7.98 %
Maturing in five to ten years— — %— %— — %— %
Maturing after ten years— — %— %— — %— %
Total corporate securities2,995 0.2 %6.46 %989 0.1 %7.98 %
          Total AFS debt securities$1,426,951 100.0 %4.29 %$1,538,008 100.0 %3.93 %
(1)Yields on a tax-equivalent basis.

Equity securities
As of September 30, 2025, we had $1.5 million in marketable equity securities recorded at fair value that were acquired through our merger with Southern States. The change in the fair value of equity securities recorded at fair value resulted in a net gain of $12 thousand for both the three and nine months ended September 30, 2025.





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Borrowed funds
Deposits are the primary source of funds for our lending activities and general business purposes. However, we also fund our operations through other channels, including obtaining advances from the FHLB, borrowings from the Federal Reserve’s Discount Window or one-off borrowing programs, purchasing federal funds and engaging in overnight borrowing with correspondent banks, or entering into client repurchase agreements. We use these sources of funds as part of our asset liability management process to control our long-term interest rate risk exposure, even if it may increase our short-term cost of funds.
Our level of short-term borrowing can fluctuate on a daily basis depending on funding needs and the sources of funds to satisfy those needs, in addition to the overall interest rate environment and cost of public funds.
Securities sold under agreements to repurchase and federal funds purchased
We enter into agreements with certain customers to sell certain securities under agreements to repurchase the security the following day. These agreements are made to provide customers with comprehensive treasury management products as a short-term return for their excess funds. Securities sold under agreements to repurchase totaled $12.5 million and $13.5 million at September 30, 2025 and December 31, 2024, respectively.
We also maintain lines with certain correspondent banks that provide borrowing capacity in the form of federal funds purchased. Federal funds purchased are short-term borrowings that typically mature within one to fourteen days. Borrowings against these lines, which are classified as federal funds purchased, totaled $95.0 million as of September 30, 2025 with a weighted average rate of 4.77%. There were no such borrowings as of December 31, 2024.
FHLB advances
As a member of the FHLB system, we may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, we maintain a line of credit that as of September 30, 2025 and December 31, 2024 had total borrowing capacity of $1.55 billion and $1.40 billion, respectively. As of September 30, 2025 and December 31, 2024, we had qualifying loans pledged as collateral securing these lines amounting to $2.71 billion and $2.61 billion, respectively. There were no FHLB advances outstanding as of September 30, 2025 or December 31, 2024.
Subordinated debt
Prior to September 30, 2025, we had issued junior subordinated debentures through two separate trusts which issued floating rate trust preferred securities to external investors. The trusts were created for the sole purpose of issuing 30-year capital trust preferred securities to fund the purchase of the junior subordinated debentures. In September 2025, we redeemed notes related to these trusts at the principal amount plus accrued and unpaid interest pursuant to the terms of the debentures. As a result of this redemption, we redeemed $30.9 million of junior subordinated debentures.
Separately, during September 2025, the Bank redeemed $100.0 million of ten-year fixed-to-floating rate subordinated notes. This redemption was executed at the principal amount plus accrued interest, in accordance with the terms of the notes.
On July 1, 2025, we assumed three separate fixed-to-floating rate subordinated notes in connection with our merger with Southern States with a principal balance totaling $92.5 million. As of September 30, 2025, no other subordinated debt remained outstanding apart from the debt assumed through this business combination.
Further details regarding our subordinated debt as of September 30, 2025 are provided below.
(dollars in thousands)Year establishedMaturity Call dateTotal debt outstanding Interest rate Coupon structure
February 2032 Subordinated Debt(1)
202202/07/203202/07/2027$47,500 3.50%
Quarterly fixed(2)
October 2032 Subordinated Debt(1)
202210/26/2032
10/26/2027
40,000 7.00%
Quarterly fixed(2)
December 2031 Subordinated Debt(1)
202112/22/2031
12/31/2026
5,000 3.50%
Quarterly fixed(2)
      Unamortized fair value marks(9,162)
        Total subordinated debt, net$83,338 
(1) The Company classifies the issuance, net of unamortized fair value marks, as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.
(2) Beginning on respective call date, the coupon structure migrates to 3M SOFR plus a spread of 205 basis points, 306 basis points and 242 basis points for the February 2032, October 2032 and December 2031 subordinated issues, respectively, through the end of the term of each debenture.


97

Other borrowings
Other borrowings include our finance lease liability totaling $1.2 million as of both September 30, 2025 and December 31, 2024. Additionally, other borrowings include optional rights to repurchase GNMA loans previously sold that meet certain defined delinquency criteria and are eligible for repurchase totaling $21.7 million and $31.4 million as of September 30, 2025 and December 31, 2024, respectively. See Note 7, “Leases” and Note 13, “Fair value of financial instruments” within the notes to our consolidated financial statements herein for additional information regarding our finance lease and optional rights to repurchase GNMA loans, respectively.
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 September 30, 2025 and December 31, 2024, we had pledged securities with carrying values of $818.2 million and $937.0 million, respectively.
Additional sources of liquidity include federal funds purchased, repurchase agreements, FHLB borrowings and lines of credit. Interest is charged at the prevailing market rate on federal funds purchased, reverse repurchase agreements and FHLB advances. Overnight advances obtained from the FHLB are used primarily to meet day to day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no FHLB advances outstanding as of September 30, 2025 or December 31, 2024. As of September 30, 2025, we had the ability to borrow $1.55 billion through FHLB advances with remaining capacity of $1.55 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 $405.0 million and $370.0 million as of September 30, 2025 and December 31, 2024, respectively. These are unsecured, uncommitted lines of credit typically maturing at various times within the next twelve months. Borrowings against these lines, which are classified as federal funds purchased, totaled $95.0 million as of September 30, 2025. There were no such borrowings as of December 31, 2024. As of both September 30, 2025 and December 31, 2024, we also had $50.0 million available through the IntraFi network, which allows us to offer banking customers access to FDIC insurance protection on deposits through our Bank which exceed FDIC insurance limits.
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Our current on-balance sheet liquidity and available sources of liquidity are summarized in the table below:
September 30,December 31,
(dollars in thousands)2025 2024 
Current on-balance sheet liquidity:
   Cash and cash equivalents$1,280,033 $1,042,488 
   Unpledged AFS debt securities608,716 600,965 
   Equity securities, at fair value1,450 — 
Total on-balance sheet liquidity$1,890,199 $1,643,453 
Available sources of liquidity:
   Unsecured borrowing capacity(1)
$4,018,822 $3,318,091 
   FHLB remaining borrowing capacity1,551,283 1,397,905 
   Federal Reserve discount window2,196,785 2,053,541 
Total available sources of liquidity$7,766,890 $6,769,537 
On-balance sheet liquidity as a percentage of total assets11.6 %12.5 %
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated
     uninsured and uncollateralized deposits(2)
245.0 %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 September 30, 2025 and December 31, 2024, $76.3 million and $185.9 million of the Bank’s retained earnings were available for the payment of dividends without such prior approval. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. During the three and nine months ended September 30, 2025, there were $40.7 million and $102.8 million in cash dividends approved by the board for payment from the Bank to the holding company. During the three and nine months ended September 30, 2024, there were $9.0 million and $37.5 million in cash dividends approved by the board for payment from the Bank to the holding company. Additionally, an asset dividend of an equity security amounting to $1.7 million was paid from the Bank to the holding company during the nine months ended September 30, 2024. None of these required approval from the TDFI. Subsequent to September 30, 2025, the Board approved a dividend from the Bank to the holding company to be paid in the fourth quarter for $10.3 million that also did not require approval from the TDFI.
During the three and nine months ended September 30, 2025, the Company declared shareholder dividends of $0.19 per share, or $10.3 million and $0.57 per share, or $28.0 million, respectively. During the three and nine months ended September 30, 2024, the Company declared shareholder dividends of $0.17 per share, or $8.0 million and 0.51 per share, or $24.1 million, respectively. Subsequent to September 30, 2025, the Company declared a quarterly dividend in the amount of $0.19 per share, payable on November 25, 2025, to stockholders of record as of November 11, 2025.
99

Shareholders’ equity and capital management
Our total shareholders’ equity was $1.98 billion and $1.57 billion as of September 30, 2025 and December 31, 2024, respectively. The increase in shareholders’ equity was primarily attributable to the $368.0 million of common stock issued in connection with our merger with Southern States, net income of $65.6 million and a $44.8 million unrealized loss reclassification adjustment for loss on sale of securities included in net income, net of tax benefit. This increase was partially offset by dividends declared of $28.0 million and stock repurchases of $68.0 million. Book value per common share was $37.00 as of September 30, 2025 and $33.59 as of December 31, 2024.
Our capital management consists of providing adequate equity to support our current and future operations. We are subject to various regulatory capital requirements administered by state and federal banking agencies, including the TDFI, Federal Reserve and the FDIC. Failure to meet minimum capital requirements may prompt certain actions by regulators that, if undertaken, could have a direct material adverse effect on our financial condition and results of operations. The Federal Reserve and the FDIC have issued guidelines governing the levels of capital that banks must maintain. As of September 30, 2025 and December 31, 2024, we met all capital adequacy requirements for which we were subject. See additional discussion regarding our capital adequacy and ratios within Note 15, “Minimum capital requirements” in the notes to our consolidated financial statements contained herein.
September 30, 2025FB Financial CorporationFirstBank

To be Well-Capitalized(1)
Total risk-based capital13.6 %13.3 %10.0 %
Tier 1 risk-based capital11.7 %12.0 %8.0 %
Common Equity Tier 1 ratio11.7 %12.0 %6.5 %
Tier 1 leverage10.6 %10.8 %5.0 %
(1) Applicable to Bank level capital.
Capital ratios are well above regulatory requirements for well-capitalized institutions. Management uses risk-based capital ratios in its analysis of the measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company.
ITEM 3 — Quantitative and Qualitative Disclosures About Market Risk
Interest rate sensitivity
Our market risk arises primarily from interest rate risk inherent in the normal course of lending and deposit-taking activities. Management believes that our ability to successfully respond to changes in interest rates will have a significant impact on our financial results. To that end, management actively monitors and manages our interest rate risk exposure.
The ALCO, which is authorized by our Board of Directors, monitors our interest rate sensitivity and makes decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital in either a rising or declining interest rate environment. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.
We monitor the impact of changes in interest rates on our net interest income and economic value of equity using rate shock analysis. Net interest income simulations measure the short-term earnings exposure from changes in market rates of interest in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time. A decrease in EVE due to a specified rate change indicates a decline in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet. For purposes of calculating EVE, a zero percent floor is assumed on discount factors.


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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 ratesSeptember 30,December 31,
(in basis points)2025 2024 
+40010.3 %10.4 %
+3008.46 %8.39 %
+2005.91 %5.78 %
+1003.08 %2.97 %
-100(3.28)%(2.87)%
-200(6.45)%(6.06)%
 Percentage change in:
Economic value of equity (2)
Change in interest ratesSeptember 30,December 31,
(in basis points)2025 2024 
+400(15.9)%(14.5)%
+300(12.0)%(12.3)%
+200(7.39)%(7.92)%
+100(3.31)%(3.80)%
-1002.40 %3.08 %
-2003.78 %5.17 %
(1)The percentage change represents the projected net interest income for 12 months on a static balance sheet in a stable interest rate environment compared to 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 compared to EVE in the various rate scenarios.
The results for the net interest income simulations as of September 30, 2025 and December 31, 2024 resulted in an asset sensitive position. The primary influence of our asset sensitivity is the floating rate structure in many of our loans held for investment as well as the composition of our liabilities which is primarily customer deposits. Our floating-rate loan portfolio is indexed to market rates and the timing and magnitude of loan and deposit repricing varies in proportion to market rate fluctuations. We actively monitor and perform stress tests on our deposit betas as part of our overall management of interest rate risk. This requires the use of various assumptions based on historical relationships of these variables in reaching any conclusion. Since these correlations are based on competitive pricing in the market, we anticipate that our future results will likely be different from the scenario results presented above and such differences could be material.
The preceding measures assume no change in the size or asset/liability compositions of the balance sheet. Thus, the measures do not reflect any 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 12, “Derivatives” in the notes to our consolidated financial statements. 


101

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 September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
The Company does not expect that its disclosure controls and procedures and internal control over financial reporting will prevent all errors and fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.
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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 September 30, 2025:
Period(a)
Total number of shares purchased
(b)
Average price paid per share(1)
(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
July 1 - July 31(2)
87,321 $49.20 87,321 $38,857,805 
August 1 - August 31(2)
405,922 48.21 405,922 19,288,470 
September 1 - September 30 (3)
— — — 150,000,000 
Total493,243 $48.39 493,243 $150,000,000 
(1) Amounts are inclusive of commissions, fees and excise tax related to the stock repurchases.
(2) 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 repurchase plan was set to expire on January 31, 2026 and replaced by a new repurchase plan on September 15, 2025. The repurchase plan was conducted pursuant to a written plan and intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.
(3) On September 15, 2025, the Company announced that its board of directors authorized a new repurchase program pursuant to which the Company may purchase up to $150 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, 2027, 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 September 30, 2025, none of the Company’s directors or executive officers adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Other Events
On November 5, 2025, the FB Financial Corporation Compensation Committee approved an agreement with Wade Peery, the Company’s Chief Innovations Officer, pursuant to which Mr. Peery’s employment will terminate effective December 31, 2025, and thereafter, he will begin serving in an advisory capacity on innovation and emerging technologies. In connection with this change, Mr. Peery’s amended and restated employment agreement with FB Financial and the Bank, dated as of February 23, 2024 (the “Employment Agreement”), will be terminated, effective December 31, 2025. FB Financial, the Bank and Mr. Peery will enter into a new advisory agreement.
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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)
Indenture, dated February 7, 2022, by and between Southern States Bancshares, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.1 the Company's Current Report on Form 8-K filed on July 8, 2025)
Supplemental Indenture, dated July 1, 2025, by and among Southern States Bancshares, Inc., UMB Bank, N.A. and FB Financial Corporation to Indenture, dated February 7, 2022, by and between Southern States Bancshares, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.2 the Company's Current Report on Form 8-K filed on July 8, 2025)
Form of 3.50% Fixed-to-Floating Rate Subordinated Note due February 7, 2032 (included as Exhibit A-1 and Exhibit A-2 to the Indenture filed as Exhibit 4.2 hereto)
Form of Subordinated Note Purchase Agreement, dated February 7, 2022, by and among Southern States Bancshares, Inc. and each Purchaser (incorporated by reference to Exhibit 4.4 the Company's Current Report on Form 8-K filed on July 8, 2025)
Indenture, dated October 26, 2022, by and between Southern States Bancshares, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.5 the Company's Current Report on Form 8-K filed on July 8, 2025)
Supplemental Indenture, dated July 1, 2025, by and among Southern States Bancshares, Inc., UMB Bank, N.A. and FB Financial Corporation to Indenture, dated October 26, 2022, by and between Southern States Bancshares, Inc. and UMB Bank, N.A., as trustee (incorporated by reference to Exhibit 4.6 the Company's Current Report on Form 8-K filed on July 8, 2025)
Form of 7.00% Fixed-to-Floating Rate Subordinated Note due October 26, 2032 (included as Exhibit A-1 and Exhibit A-2 to the Indenture filed as Exhibit 4.6 hereto)
Form of Subordinated Note Purchase Agreement, dated October 26, 2022, by and among Southern States Bancshares, Inc. and each Purchaser (incorporated by reference to Exhibit 4.8 the Company's Current Report on Form 8-K filed on July 8, 2025)
Form of 3.50% Fixed-to-Floating Rate Subordinated notes due 2031 (incorporated by reference to Exhibit 4.9 the Company's Current Report on Form 8-K filed on July 8, 2025)
Amended and Restated Employment Agreement, dated September 12, 2025, by and among FB Financial Corporation, FirstBank, and Scott J. Tansil*†
Amended and Restated Employment Agreement, dated September 12, 2025, by and among FB Financial Corporation, FirstBank, and Travis K. Edmondson*†
Amended and Restated Employment Agreement, dated September 12, 2025, by and among FB Financial Corporation, FirstBank, and Michael M. Mettee*†
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**
104

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.
†
Represents a management contract or a compensatory plan or arrangement.
105

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
November 7, 2025
Michael M. Mettee
Chief Financial Officer & Chief Operating Officer
(Principal Financial Officer)
/s/ Jonathan Pennington
November 7, 2025
Jonathan Pennington
Chief Accounting Officer
(Principal Accounting Officer)

106

What is the market capitalization of a company?

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