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Core Insights - FB Financial (FBK) reported a revenue of $173.88 million for the quarter ended September 2025, marking a 94.2% increase year-over-year, with an EPS of $1.07 compared to $0.86 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $168.86 million by 2.97%, and the EPS also surpassed the consensus estimate of $1.03 by 3.88% [1] Financial Performance Metrics - Net Interest Margin was reported at 4%, exceeding the average estimate of 3.8% from three analysts [4] - Core Efficiency Ratio stood at 53.3%, better than the estimated 54.9% from two analysts [4] - Average Earning Assets were $14.87 billion, slightly above the average estimate of $14.82 billion [4] - Net Charge-offs during the period to Average Loans outstanding were 0.1%, matching the average estimate [4] - Mortgage banking income was $13.48 million, slightly below the average estimate of $13.7 million [4] - Total Noninterest income was reported at $26.64 million, lower than the estimated $28.17 million [4] - Net interest income (tax-equivalent basis) was $148.09 million, surpassing the average estimate of $142.07 million [4] - Other Income was $2.12 million, below the average estimate of $3.17 million [4] - Service charges on deposit accounts were $4.05 million, exceeding the average estimate of $3.43 million [4] - Net Interest Income was $147.24 million, higher than the estimated $139.71 million [4] - ATM and interchange fees were reported at $3.39 million, above the average estimate of $2.91 million [4] - Investment services and trust income was $4.23 million, slightly above the average estimate of $4.04 million [4] Stock Performance - FB Financial shares have returned +7.2% over the past month, outperforming the Zacks S&P 500 composite's +1.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported an EPS of $0.43 and an adjusted EPS of $1.07 for Q3 2025, with a tangible book value per share growing at a compounded annual growth rate of 11.8% since the IPO [7][10] - Pre-tax pre-provision net revenue (PPNR) was $64 million, or $81 million on an adjusted basis, with a net interest margin of 3.95% and an efficiency ratio of 63.2% [9][10] - Adjusted return on average assets was 0.58%, or 1.43% on an adjusted basis, and return on tangible common equity was 5.82%, or 14.7% on an adjusted basis [10] Business Line Data and Key Metrics Changes - Net interest income for the quarter was $147.2 million, a 32.2% increase from the prior quarter and a 38.9% increase from the same quarter last year [19] - Non-interest income on an adjusted basis was $27.3 million, up from $25.8 million in the prior quarter, with increases in mortgage banking and investment services [20] - Total non-interest expense was $109.9 million, including $16.1 million in merger and integration costs, with an adjusted core efficiency ratio improving to 53.3% from 56.9% [21][22] Market Data and Key Metrics Changes - The company remains bullish on markets in Tennessee, Alabama, Georgia, Northern Kentucky, and North Carolina, expecting to capitalize on market disruptions due to industry consolidation [12][14] - The company executed a targeted deposit campaign, resulting in approximately $320 million in net new deposit balances, despite a decrease in non-relationship deposits [27] Company Strategy and Development Direction - The company aims for growth through both organic and inorganic means, focusing on contiguous geography and compatible culture for acquisitions [15][64] - The management emphasizes a client-first model and scalable processes to navigate anticipated market disruptions and drive organic growth [14][16] - The company plans to maintain a strong balance sheet to capitalize on growth opportunities and market disruptions [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the loan pipeline, indicating it is as strong as it has been in two years, despite temporary disruptions from the merger [43][44] - The company expects to achieve 50% of deal synergies in the second half of 2025 and 100% in 2026, with a focus on maintaining a strong capital position [21][29] - Management anticipates continued margin expansion and a stable outlook on credit, with a non-performing assets ratio of 0.89% [24][30] Other Important Information - The company completed the merger with Southern States Bancshares on July 1, 2025, and successfully transitioned to operating as a single entity by September 2, 2025 [11] - The company repurchased approximately $24 million of its shares during the quarter [27] Q&A Session Summary Question: Impact of Southern States Bancshares on margin and deposit rates - Management indicated that the Southern States balance sheet added approximately 6 to 8 basis points to the core margin, with expectations of maintaining a margin in the mid-3.80% range despite anticipated rate cuts [38][40] Question: Confidence in loan growth and pipeline - Management expressed confidence in the loan pipeline, noting it is robust and that core deposit growth is essential for sustaining loan growth [43][44] Question: Growth expectations and market opportunities - Management acknowledged the potential for growth from market disruptions and emphasized a balanced approach between organic and inorganic growth strategies [64][78] Question: Capital management and future growth - Management discussed maintaining elevated capital levels to take advantage of growth opportunities while also considering share repurchases [118][120] Question: Expectations for mortgage division performance - Management noted potential upside in the mortgage division with possible rate cuts, emphasizing a focus on purchase loans rather than refinances [100][106]

Financial Performance - The company reported net income of $234 million, or an adjusted net income of $576 million, excluding $44 million in pre-tax merger-related provision and integration expenses[7] - Net revenue was reported as $64 million, with adjusted net revenue reaching $81 million[7] - The company's net interest margin (NIM) expanded to 395%[7] - The efficiency ratio was 632%, but adjusted to 533% after accounting for merger-related adjustments[7] - Return on average assets (ROAA) was 058%, increasing to 143% after adjustments[7] - Return on average tangible common equity (ROATCE) was 582%, adjusted to 147%[7] Merger and Acquisition - The merger with Southern States Bancshares Inc (SSBK) was completed, with systems converted in 3Q, adding $162 billion in assets, $123 billion in loans, and $138 billion in deposits[7] - Deal synergies are ahead of schedule, with 100% expected beginning January 1, 2026[7] Asset Quality and Capital - The allowance for credit losses (ACL) coverage ratio was 150%[7] - Annualized net charge-offs were 005%[7] - Tangible Common Equity to Tangible Assets was 101%[7] - The Common Equity Tier 1 (CET 1) Ratio was 117% and the Total Risk-Based Capital was 135% (preliminary)[7]

Company Performance - FB Financial (FBK) reported quarterly earnings of $1.07 per share, exceeding the Zacks Consensus Estimate of $1.03 per share, and up from $0.86 per share a year ago, representing an earnings surprise of +3.88% [1] - The company posted revenues of $173.88 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.97%, and significantly higher than year-ago revenues of $89.52 million [2] - Over the last four quarters, FB Financial has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance and Outlook - FB Financial shares have increased approximately 9.3% since the beginning of the year, while the S&P 500 has gained 13.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $1.06 on revenues of $171.02 million, and for the current fiscal year, it is $3.83 on revenues of $609.27 million [7] Industry Context - The Zacks Industry Rank indicates that the Banks - Northeast industry is currently in the top 30% of over 250 Zacks industries, suggesting a favorable environment for stocks in this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

[Use of non-GAAP Financial Measures](index=3&type=section&id=Use%20of%20non-GAAP%20Financial%20Measures) This section explains the company's use of non-GAAP financial measures to provide a clearer view of operational performance and financial condition [Non-GAAP Financial Measures Overview](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Overview) The company uses non-GAAP financial measures to clarify operating performance and financial condition, advising against their isolated use - Non-GAAP financial measures, including **adjusted net income**, **adjusted diluted EPS**, **adjusted pre-tax pre-provision net revenue**, **core revenue**, **core noninterest expense**, **core efficiency ratio**, **adjusted return on average assets and equity**, and **tangible assets/equity**, are used to exclude non-core/adjusted income and expense items or the impact of goodwill and other intangibles[3](index=3&type=chunk) - Management uses these non-GAAP measures to analyze performance, financial condition, and operational efficiency, believing they facilitate period-to-period comparisons and provide meaningful indications of operating performance by eliminating non-recurring or non-indicative gains and charges[4](index=4&type=chunk) - Investors are advised that non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP measures, and their calculation methods may differ from those of other companies[4](index=4&type=chunk) [Financial Summary and Key Metrics](index=4&type=section&id=Financial%20Summary%20and%20Key%20Metrics) This section provides a concise overview of the company's financial performance and key metrics for the reported periods [Selected Financial Highlights](index=4&type=section&id=Selected%20Financial%20Highlights) The company's Q3 2025 financial summary highlights significant growth in assets, loans, and deposits, with improved net interest income and NIM, despite an elevated efficiency ratio Selected Balance Sheet Data (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :---------------------------------- | :--------- | :--------- | :--------- | | Cash and cash equivalents | $1,280,033 | $1,165,729 | $951,750 | | Loans HFI | $12,297,600 | $9,874,282 | $9,478,129 | | Total assets | $16,236,459 | $13,354,238 | $12,920,222 | | Total deposits | $13,812,955 | $11,403,470 | $10,976,211 | | Total common shareholders' equity | $1,978,043 | $1,611,130 | $1,562,329 | Selected Statement of Income Data (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :---------------------------------- | :--------- | :--------- | :--------- | | Total interest income | $236,898 | $182,084 | $185,628 | | Total interest expense | $89,658 | $70,669 | $79,611 | | Net interest income | $147,240 | $111,415 | $106,017 | | Total noninterest income (loss) | $26,635 | $(34,552) | $(16,497) | | Total noninterest expense | $109,856 | $81,261 | $76,212 | | Net income applicable to FB Financial Corporation | $23,375 | $2,909 | $10,220 | Selected Ratios | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Net interest margin (NIM) (tax-equivalent basis) | 3.95 % | 3.68 % | 3.55 % | | Efficiency ratio | 63.2 % | 105.7 % | 85.1 % | | Nonperforming assets as a percentage of total assets | 0.89 % | 0.92 % | 0.99 % | | Tangible common equity to tangible assets* | 10.1 % | 10.4 % | 10.4 % | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) This section details the company's consolidated income statement performance for three and nine-month periods, highlighting key revenue and expense trends [Three Months Ended](index=6&type=section&id=Three%20Months%20Ended) Q3 2025 saw significant growth in interest and net interest income, a recovery in noninterest income, and a substantial rise in noninterest expense due to merger costs Consolidated Statements of Income (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | Sep 2025 vs. Jun 2025 (Percent variance) | Sep 2025 vs. Sep 2024 (Percent variance) | | :------------------------------------------ | :--------- | :--------- | :--------- | :--------------------------------------- | :--------------------------------------- | | Total interest income | $236,898 | $182,084 | $185,628 | 30.1 % | 27.6 % | | Net interest income | $147,240 | $111,415 | $106,017 | 32.2 % | 38.9 % | | Total noninterest income (loss) | $26,635 | $(34,552) | $(16,497) | (177.1)% | (261.5)% | | Total noninterest expense | $109,856 | $81,261 | $76,212 | 35.2 % | 44.1 % | | Net income applicable to FB Financial Corporation | $23,375 | $2,909 | $10,220 | 703.5 % | 128.7 % | - Merger and integration costs increased significantly to **$16.06 million** in Sep 2025, up from **$2.73 million** in Jun 2025 and zero in Sep 2024[9](index=9&type=chunk) - Diluted net income per common share rose to **$0.43** in Sep 2025, compared to **$0.06** in Jun 2025 and **$0.22** in Sep 2024[9](index=9&type=chunk) [Nine Months Ended](index=7&type=section&id=Nine%20Months%20Ended) Nine months ended September 2025 saw increased interest and net interest income, but decreased net income due to higher credit loss provisions and noninterest expenses Consolidated Statements of Income (Nine Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Sep 2024 | Sep 2025 vs. Sep 2024 (Percent variance) | | :------------------------------------------ | :--------- | :--------- | :--------------------------------------- | | Total interest income | $598,688 | $539,169 | 11.0 % | | Net interest income | $366,296 | $308,122 | 18.9 % | | Provision for credit losses on loans HFI | $30,761 | $7,648 | 302.2 % | | Total noninterest income | $15,115 | $17,073 | (11.5)% | | Total noninterest expense | $270,666 | $223,725 | 21.0 % | | Net income applicable to FB Financial Corporation | $65,645 | $78,149 | (16.0)% | - Provision for credit losses on loans HFI increased by **302.2%** to **$30.76 million** for the nine months ended Sep 2025 compared to Sep 2024[11](index=11&type=chunk) - Merger and integration costs, which were zero in Sep 2024, amounted to **$19.19 million** for the nine months ended Sep 2025[11](index=11&type=chunk) [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's consolidated balance sheet, detailing asset, liability, and equity changes [Balance Sheet Overview](index=8&type=section&id=Balance%20Sheet%20Overview) September 2025 balance sheet shows substantial growth in total assets, loans, and deposits, with increased goodwill from acquisitions Consolidated Balance Sheets (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | Sep 2025 vs. Jun 2025 (Percent variance) | Sep 2025 vs. Sep 2024 (Percent variance) | | :------------------------------------------ | :--------- | :--------- | :--------- | :--------------------------------------- | :--------------------------------------- | | Total assets | $16,236,459 | $13,354,238 | $12,920,222 | 85.6 % | 25.7 % | | Loans held for investment | $12,297,600 | $9,874,282 | $9,478,129 | 97.4 % | 29.7 % | | Total deposits | $13,812,955 | $11,403,470 | $10,976,211 | 83.8 % | 25.8 % | | Total common shareholders' equity | $1,978,043 | $1,611,130 | $1,562,329 | 90.4 % | 26.6 % | - Goodwill increased from **$242.56 million** in Jun 2025 to **$350.35 million** in Sep 2025, reflecting recent acquisition activities[13](index=13&type=chunk) - Money market and savings deposits showed strong annualized growth of **112.9%** from Jun 2025 to Sep 2025, and **45.6%** from Sep 2024 to Sep 2025[13](index=13&type=chunk) [Average Balance and Interest Yield/Rate Analysis](index=9&type=section&id=Average%20Balance%20and%20Interest%20Yield%2FRate%20Analysis) This section analyzes average balances, interest yields, and rates, providing insights into net interest margin performance [Three Months Ended](index=9&type=section&id=Three%20Months%20Ended) Q3 2025 saw net interest margin improve to **3.95%** due to higher asset yields, a slight increase in deposit costs, and significant loan growth Key Yield/Rate Metrics (Three Months Ended) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :------------------------------------------ | :----------- | :----------- | :----------- | :----------- | :----------- | | Loans HFI average yield | 6.75 % | 6.44 % | 6.41 % | 6.51 % | 6.70 % | | Total interest-earning assets average yield | 6.35 % | 5.99 % | 5.91 % | 6.01 % | 6.20 % | | Total interest-bearing deposits average rate | 3.16 % | 3.10 % | 3.13 % | 3.37 % | 3.58 % | | Net interest margin (NIM) (tax-equivalent basis) | 3.95 % | 3.68 % | 3.55 % | 3.50 % | 3.55 % | | Cost of total deposits | 2.53 % | 2.48 % | 2.54 % | 2.70 % | 2.83 % | - Average balances for Loans HFI increased from **$9.84 billion** in June 2025 to **$12.19 billion** in September 2025[16](index=16&type=chunk) - The interest rate spread improved to **3.14%** in Sep 2025 from **2.86%** in Jun 2025[16](index=16&type=chunk) [Nine Months Ended](index=13&type=section&id=Nine%20Months%20Ended) Nine months ended September 2025 showed improved net interest income and margin, decreased deposit costs, and increased average loans HFI balances Key Yield/Rate Metrics (Nine Months Ended) | Metric | Sep 30, 2025 | Sep 30, 2024 | | :------------------------------------------ | :----------- | :----------- | | Loans HFI average yield | 6.55 % | 6.68 % | | Total interest-earning assets average yield | 6.10 % | 6.13 % | | Total interest-bearing deposits average rate | 3.13 % | 3.53 % | | Net interest income (tax-equivalent basis) | $368,751 | $310,087 | | Net interest margin (NIM) (tax-equivalent basis) | 3.74 % | 3.51 % | | Cost of total deposits | 2.52 % | 2.79 % | - Average balances for Loans HFI increased to **$10.56 billion** for the nine months ended Sep 2025 from **$9.34 billion** in Sep 2024[28](index=28&type=chunk) - The interest rate spread improved to **2.93%** for the nine months ended Sep 2025, up from **2.55%** in the same period last year[28](index=28&type=chunk) [Southern States Bancshares Inc. Opening Balance Sheet (Preliminary)](index=15&type=section&id=Southern%20States%20Bancshares%20Inc.%20Opening%20Balance%20Sheet%20%28Preliminary%29) This section presents the preliminary opening balance sheet for Southern States Bancshares Inc. post-acquisition [Acquisition Balance Sheet](index=15&type=section&id=Acquisition%20Balance%20Sheet) Southern States Bancshares, Inc.'s preliminary acquisition balance sheet shows significant additions to assets, loans, and deposits, with substantial goodwill Southern States Bancshares, Inc. Opening Balance Sheet (Preliminary, In Thousands) | Metric | Amount | | :------------------------------------------ | :------- | | Total assets | $2,938,166 | | Loans, net of fair value adjustments | $2,266,549 | | Deposits | $2,468,530 | | Total liabilities | $2,569,811 | | Goodwill | $107,793 | | Core deposit intangible | $30,820 | | Total consideration | $368,355 | - The acquisition resulted in the recognition of **$107.79 million** in goodwill and **$30.82 million** in core deposit intangible[33](index=33&type=chunk) - The estimated fair values of assets acquired and liabilities assumed are preliminary and subject to change during the measurement period as allowed under ASC 805 - Business Combinations[33](index=33&type=chunk) [Investments and Other Sources of Liquidity](index=16&type=section&id=Investments%20and%20Other%20Sources%20of%20Liquidity) This section details the company's investment securities portfolio and various sources of liquidity [Investment Securities](index=16&type=section&id=Investment%20Securities) September 2025 investment securities totaled **$1.43 billion**, primarily debt securities, showing an improved unrealized loss position Investment Securities, at Fair Value (Dollars in Thousands) | Security Type | Sep 2025 | % | Jun 2025 | % | Sep 2024 | % | | :------------------------------------------ | :--------- | :-- | :--------- | :-- | :--------- | :-- | | U.S. government agency securities | $653,197 | 46 % | $642,264 | 48 % | $516,833 | 33 % | | Mortgage-backed securities - residential | $587,587 | 41 % | $541,343 | 40 % | $879,589 | 56 % | | Total investment securities, at fair value | $1,428,401 | 100 % | $1,337,565 | 100 % | $1,567,922 | 100 % | - Investment securities as a percentage of total assets decreased to **8.80%** in Sep 2025 from **10.0%** in Jun 2025 and **12.1%** in Sep 2024[36](index=36&type=chunk) - Unrealized loss on available-for-sale debt securities improved to **$(55.89) million** in Sep 2025 from **$(63.26) million** in Jun 2025[36](index=36&type=chunk) [Sources of Liquidity](index=16&type=section&id=Sources%20of%20Liquidity) Total on-balance sheet liquidity rose to **$1.89 billion** in September 2025, increasing total available sources of liquidity Sources of Liquidity (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Cash and cash equivalents | $1,280,033 | $1,165,729 | $951,750 | | Unpledged available-for-sale debt securities | $608,716 | $547,354 | $510,538 | | Total on-balance sheet liquidity | $1,890,199 | $1,713,083 | $1,462,288 | | Unsecured borrowing capacity | $4,018,822 | $3,325,751 | $3,199,575 | | Total available sources of liquidity | $7,766,890 | $6,926,145 | $6,689,410 | - On-balance sheet liquidity as a percentage of total assets was **11.6%** in Sep 2025, a decrease from **12.8%** in Jun 2025 but an increase from **11.3%** in Sep 2024[36](index=36&type=chunk) - Total available sources of liquidity increased by **12.1%** from Jun 2025 to Sep 2025 and by **16.1%** from Sep 2024 to Sep 2025[36](index=36&type=chunk) [Loan Portfolio](index=17&type=section&id=Loan%20Portfolio) This section provides an overview of the company's loan portfolio composition and unfunded commitments [Loan Portfolio Composition](index=17&type=section&id=Loan%20Portfolio%20Composition) Total loans HFI grew to **$12.30 billion** in September 2025, with more floating-rate loans and a shift towards Community markets Loan Portfolio (Loans HFI, Dollars in Thousands) | Loan Type | Sep 2025 | % of Total | Jun 2025 | % of Total | Sep 2024 | % of Total | | :------------------------------------------ | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Commercial and industrial | $2,155,105 | 17 % | $1,788,911 | 18 % | $1,688,815 | 18 % | | Construction | $1,195,392 | 10 % | $1,022,678 | 10 % | $1,079,726 | 11 % | | Residential real estate: 1-to-4 family mortgage | $1,852,626 | 15 % | $1,660,696 | 17 % | $1,612,031 | 17 % | | Commercial real estate: Non-owner occupied | $2,890,233 | 24 % | $2,198,689 | 22 % | $2,048,036 | 22 % | | Total loans HFI | $12,297,600 | 100 % | $9,874,282 | 100 % | $9,478,129 | 100 % | - The percentage of loans HFI portfolio with floating interest rates increased to **51.5%** in Sep 2025 from **49.6%** in Jun 2025 and **49.2%** in Sep 2024[39](index=39&type=chunk) - Loans by market showed a shift, with Metropolitan loans decreasing as a percentage of total from **82%** in Jun 2025 to **69%** in Sep 2025, while Community loans increased from **5%** to **21%**[39](index=39&type=chunk) [Unfunded Loan Commitments](index=17&type=section&id=Unfunded%20Loan%20Commitments) Unfunded loan commitments rose to **$3.19 billion** in September 2025, with commercial and industrial loans as the largest category Unfunded Loan Commitments (Dollars in Thousands) | Commitment Type | Sep 2025 | % of Total | Jun 2025 | % of Total | Sep 2024 | % of Total | | :------------------------------------------ | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | Commercial and industrial | $1,451,366 | 46 % | $1,396,533 | 49 % | $1,314,683 | 48 % | | Construction | $731,742 | 23 % | $535,669 | 19 % | $510,157 | 19 % | | Residential line of credit | $808,961 | 25 % | $745,570 | 26 % | $735,928 | 27 % | | Total unfunded loans HFI | $3,190,375 | 100 % | $2,861,685 | 100 % | $2,713,360 | 100 % | - Total unfunded loan commitments increased by **11.5%** from Jun 2025 to Sep 2025 and by **17.6%** from Sep 2024 to Sep 2025[39](index=39&type=chunk) [Asset Quality](index=18&type=section&id=Asset%20Quality) This section assesses the company's asset quality, focusing on credit loss allowance, net charge-offs, and nonperforming assets [Allowance for Credit Losses (ACL) on Loans HFI](index=18&type=section&id=Allowance%20for%20Credit%20Losses%20%28ACL%29%20on%20Loans%20HFI) ACL on loans HFI rose to **$185.0 million** in September 2025, driven by provisions and acquired loan allowance, with the ACL ratio slightly decreasing Allowance for Credit Losses on Loans HFI Roll Forward Summary (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | ACL on loans HFI at the beginning of the period | $148,948 | $150,531 | $155,055 | | Provision for credit losses on loans HFI | $29,957 | $5,746 | $1,856 | | Initial allowance on acquired loans with credit deterioration | $7,518 | — | — | | ACL on loans HFI at the end of the period | $184,993 | $148,948 | $156,260 | | ACL on loans HFI as a percentage of loans HFI | 1.50 % | 1.51 % | 1.65 % | - The provision for credit losses on loans HFI increased significantly to **$29.96 million** in Sep 2025 from **$5.75 million** in Jun 2025[41](index=41&type=chunk) - The initial allowance on acquired loans with credit deterioration contributed **$7.52 million** to the ACL in Sep 2025[41](index=41&type=chunk) [Net Charge-offs](index=18&type=section&id=Net%20Charge-offs) Net charge-offs increased to **$(1.43) million** in September 2025, primarily from consumer and commercial loans, raising the annualized ratio to **0.05%** Net Charge-offs (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Total charge-offs | $(1,709) | $(1,454) | $(915) | | Total recoveries | $279 | $973 | $264 | | Net charge-offs | $(1,430) | $(481) | $(651) | | Annualized net charge-offs as a percentage of average loans HFI | 0.05 % | 0.02 % | 0.03 % | - Annualized net charge-offs as a percentage of average loans HFI increased to **0.05%** in Sep 2025 from **0.02%** in Jun 2025[41](index=41&type=chunk) [Nonperforming Assets](index=18&type=section&id=Nonperforming%20Assets) Total nonperforming assets rose to **$145.20 million** in September 2025, but the ratio to total assets slightly decreased to **0.89%** Nonperforming Assets (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Loans past due 90 days or more and accruing interest | $26,311 | $21,962 | $26,250 | | Nonaccrual loans | $89,448 | $73,950 | $64,585 | | Total nonperforming loans HFI | $115,759 | $95,912 | $90,835 | | Total nonperforming assets | $145,199 | $123,038 | $127,333 | | Total nonperforming assets as a percentage of total assets | 0.89 % | 0.92 % | 0.99 % | - Total nonperforming loans HFI as a percentage of loans HFI was **0.94%** in Sep 2025, a slight decrease from **0.97%** in Jun 2025[41](index=41&type=chunk) - Nonaccrual loans as a percentage of loans HFI increased to **0.73%** in Sep 2025 from **0.75%** in Jun 2025 and **0.68%** in Sep 2024[41](index=41&type=chunk) [Selected Deposit Data](index=19&type=section&id=Selected%20Deposit%20Data) This section details the company's deposit base by market, customer segment, and estimated insurance status [Deposits by Market and Customer Segment](index=19&type=section&id=Deposits%20by%20Market%20and%20Customer%20Segment) Total deposits grew to **$13.81 billion** in September 2025, with a notable shift to Community deposits and Consumer/Commercial segments remaining dominant Deposits by Market (Dollars in Thousands) | Market | Sep 2025 | % | Jun 2025 | % | Sep 2024 | % | | :------------------------------------------ | :--------- | :-- | :--------- | :-- | :--------- | :-- | | Metropolitan | $8,549,817 | 62 % | $8,275,006 | 73 % | $7,794,790 | 71 % | | Community | $4,579,933 | 33 % | $2,436,243 | 21 % | $2,459,641 | 22 % | | Brokered/wholesale | $487,765 | 4 % | $518,719 | 4 % | $519,200 | 5 % | | Total | $13,812,955 | 100 % | $11,403,470 | 100 % | $10,976,211 | 100 % | Deposits by Customer Segment (Dollars in Thousands) | Segment | Sep 2025 | % | Jun 2025 | % | Sep 2024 | % | | :------------------------------------------ | :--------- | :-- | :--------- | :-- | :--------- | :-- | | Consumer | $5,966,458 | 43 % | $4,772,582 | 42 % | $4,676,492 | 43 % | | Commercial | $6,045,418 | 44 % | $4,835,968 | 42 % | $4,886,660 | 45 % | | Public | $1,801,079 | 13 % | $1,794,920 | 16 % | $1,413,059 | 12 % | - Community deposits increased by **88.0%** from Jun 2025 to Sep 2025, reflecting a significant shift in deposit sourcing[44](index=44&type=chunk) [Estimated Insured and Uninsured Deposits](index=19&type=section&id=Estimated%20Insured%20and%20Uninsured%20Deposits) Uninsured and uncollateralized deposits rose to **$3.94 billion** in September 2025, but their percentage of total deposits decreased to **28.5%** Estimated Insured and Uninsured Deposits (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Estimated insured or collateralized deposits | $9,871,337 | $8,418,783 | $7,654,786 | | Estimated uninsured and uncollateralized deposits | $3,941,618 | $2,984,687 | $3,321,425 | | Estimated uninsured and uncollateralized deposits as a % of total deposits | 28.5 % | 26.2 % | 30.3 % | - The percentage of uninsured and uncollateralized deposits to total deposits decreased to **28.5%** in Sep 2025 from **30.3%** in Sep 2024[44](index=44&type=chunk) [Preliminary Capital Ratios](index=20&type=section&id=Preliminary%20Capital%20Ratios) This section outlines the company's preliminary capital ratios, including tangible common equity and regulatory metrics [Computation of Tangible Common Equity to Tangible Assets](index=20&type=section&id=Computation%20of%20Tangible%20Common%20Equity%20to%20Tangible%20Assets) Tangible common equity rose to **$1.59 billion** in September 2025, with the tangible common equity to tangible assets ratio stable at **10.1%** Computation of Tangible Common Equity to Tangible Assets (Dollars in Thousands) | Metric | Sep 30, 2025 | Dec 31, 2024 | | :------------------------------------------ | :----------- | :----------- | | Total Common Shareholders' Equity | $1,978,043 | $1,567,538 | | Goodwill | $350,353 | $242,561 | | Other intangibles | $33,216 | $5,762 | | Tangible Common Equity | $1,594,474 | $1,319,215 | | Total Assets | $16,236,459 | $13,157,482 | | Tangible Assets | $15,852,890 | $12,909,159 | | Tangible Common Equity to Tangible Assets* | 10.1 % | 10.2 % | - The increase in goodwill and other intangibles reflects recent acquisition activities[48](index=48&type=chunk) [Preliminary Regulatory Capital Ratios](index=20&type=section&id=Preliminary%20Regulatory%20Capital%20Ratios) Preliminary regulatory capital ratios, including Common Equity Tier 1 and Total Risk-Based Capital, generally decreased in September 2025, indicating reduced capital buffers Preliminary Regulatory Capital Ratios (Dollars in Thousands) | Metric | Sep 30, 2025 | Dec 31, 2024 | | :------------------------------------------ | :----------- | :----------- | | Common Equity Tier 1 Capital | $1,662,376 | $1,450,722 | | Tier 1 Capital | $1,662,376 | $1,480,722 | | Total Capital | $1,923,686 | $1,721,941 | | Common Equity Tier 1 | 11.7 % | 12.8 % | | Tier 1 Risk-Based | 11.7 % | 13.1 % | | Total Risk-Based | 13.5 % | 15.2 % | | Tier 1 Leverage | 10.7 % | 11.3 % | - Preliminary Total Risk-Weighted Assets increased significantly to **$14.22 billion** in Sep 2025 from **$11.31 billion** in Dec 2024[48](index=48&type=chunk) [Segment Data](index=21&type=section&id=Segment%20Data) This section details the financial performance for the Banking and Mortgage segments [Banking Segment](index=21&type=section&id=Banking%20Segment) The Banking segment saw increased net interest income and pre-tax net contribution recovery, with an improved efficiency ratio despite higher merger costs Banking Segment Performance (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Net interest income | $144,859 | $108,909 | $104,335 | | Provisions for credit losses | $34,070 | $582 | $1,861 | | Merger and integration costs | $16,057 | $2,734 | — | | Pre-tax net contribution (loss) after allocations | $26,898 | $(6,723) | $10,990 | | Efficiency ratio | 61.4 % | 110.0 % | 83.1 % | | Core efficiency ratio* | 50.6 % | 52.8 % | 53.9 % | - Total assets for the Banking segment increased to **$15.60 billion** in Sep 2025 from **$12.74 billion** in Jun 2025[51](index=51&type=chunk) - Merger and integration costs for the Banking segment increased substantially to **$16.06 million** in Sep 2025 from **$2.73 million** in Jun 2025[51](index=51&type=chunk) [Mortgage Segment](index=21&type=section&id=Mortgage%20Segment) The Mortgage segment recovered to a **$2.70 million** pre-tax net contribution in September 2025, driven by increased mortgage banking income and improved efficiency Mortgage Segment Performance (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Net interest income | $2,381 | $2,506 | $1,682 | | Mortgage banking income | $13,484 | $13,029 | $11,553 | | Pre-tax net contribution (loss) after allocations | $2,704 | $(3,012) | $404 | | Efficiency ratio | 80.9 % | 88.9 % | 96.6 % | | Mortgage loan sales | $343,450 | $391,061 | $327,269 | | Mortgage sale margin | 2.69 % | 2.86 % | 2.84 % | - Mortgage banking income increased to **$13.48 million** in Sep 2025 from **$13.03 million** in Jun 2025 and **$11.55 million** in Sep 2024[51](index=51&type=chunk) - The change in fair value of mortgage servicing rights, net of hedging, was a loss of **$(3.39) million** in Sep 2025, an improvement from **$(4.23) million** in Jun 2025[51](index=51&type=chunk) [Non-GAAP Reconciliations](index=22&type=section&id=Non-GAAP%20Reconciliations) This section reconciles GAAP to non-GAAP financial measures, offering adjusted views of income, revenue, and capital ratios [Adjusted Net Income](index=22&type=section&id=Adjusted%20Net%20Income) Q3 2025 adjusted net income significantly increased to **$57.61 million**, excluding non-recurring items like merger costs and initial credit loss provisions Adjusted Net Income (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Income (loss) before income taxes (GAAP) | $29,602 | $(9,735) | $11,394 | | Plus initial provision for credit losses on acquired loans and unfunded commitments | $28,366 | — | — | | Plus merger and integration costs | $16,057 | $2,734 | — | | Adjusted net income (Non-GAAP) | $57,606 | $40,821 | $40,132 | | Adjusted diluted earnings per common share | $1.07 | $0.88 | $0.86 | - For the nine months ended Sep 2025, adjusted net income was **$138.54 million**, compared to **$119.45 million** in Sep 2024[55](index=55&type=chunk) - A non-recurring tax benefit of **$(8.71) million** was recorded during the three months ended June 30, 2025, due to the expiration of the statute of limitations[56](index=56&type=chunk) [Adjusted Pre-Tax Pre-Provision Net Revenue](index=23&type=section&id=Adjusted%20Pre-Tax%20Pre-Provision%20Net%20Revenue) Q3 2025 adjusted pre-tax pre-provision net revenue rose substantially to **$80.98 million**, reflecting improved operational performance before taxes and credit losses Adjusted Pre-Tax Pre-Provision Net Revenue (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Pre-tax pre-provision net revenue (GAAP) | $64,019 | $(4,398) | $13,308 | | Plus merger and integration costs | $16,057 | $2,734 | — | | Adjusted pre-tax pre-provision net revenue (Non-GAAP) | $80,980 | $58,649 | $53,762 | - For the nine months ended Sep 2025, adjusted pre-tax pre-provision net revenue was **$191.76 million**, an increase from **$157.31 million** in Sep 2024[58](index=58&type=chunk) [Adjusted Tangible Net Income](index=23&type=section&id=Adjusted%20Tangible%20Net%20Income) Q3 2025 adjusted tangible net income reached **$59.14 million**, clarifying earnings by adjusting for amortization, non-core gains/losses, and merger costs Adjusted Tangible Net Income (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Income (loss) before income taxes (GAAP) | $29,602 | $(9,735) | $11,394 | | Plus amortization of core deposit and other intangibles | $2,079 | $631 | $719 | | Plus initial provision for credit losses on acquired loans and unfunded commitments | $28,366 | — | — | | Plus merger and integration costs | $16,057 | $2,734 | — | | Adjusted tangible net income (Non-GAAP) | $59,144 | $41,288 | $40,663 | - For the nine months ended Sep 2025, adjusted tangible net income was **$141.03 million**, up from **$121.12 million** in Sep 2024[58](index=58&type=chunk) [Core Efficiency Ratio (Consolidated)](index=24&type=section&id=Core%20Efficiency%20Ratio%20%28Consolidated%29) Consolidated core efficiency ratio improved to **53.3%** in September 2025, indicating enhanced operational efficiency after adjusting for non-core expenses and income Core Efficiency Ratio (Consolidated, Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Total noninterest expense (GAAP) | $109,856 | $81,261 | $76,212 | | Core noninterest expense (Non-GAAP) | $93,529 | $78,527 | $76,212 | | Total revenue (GAAP) | $173,875 | $76,863 | $89,520 | | Core revenue (tax-equivalent basis) (Non-GAAP) | $175,357 | $137,997 | $130,591 | | Efficiency ratio (GAAP) | 63.2% | 105.7% | 85.1% | | Core efficiency ratio (tax equivalent basis) (Non-GAAP) | 53.3% | 56.9% | 58.4% | - The core efficiency ratio for the nine months ended Sep 2025 was **56.4%**, an improvement from **58.2%** in Sep 2024[61](index=61&type=chunk) [Banking Segment Core Efficiency Ratio](index=25&type=section&id=Banking%20Segment%20Core%20Efficiency%20Ratio) Banking segment core efficiency ratio improved to **50.6%** in September 2025, reflecting better cost management relative to core revenue despite increased merger costs Banking Segment Core Efficiency Ratio (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Banking segment noninterest expense (GAAP) | $96,969 | $67,330 | $63,114 | | Banking segment core noninterest expense (Non-GAAP) | $80,642 | $64,596 | $63,114 | | Banking segment total revenue (GAAP) | $157,937 | $61,189 | $75,965 | | Banking segment total core revenue (tax-equivalent basis) (Non-GAAP) | $159,419 | $122,356 | $117,046 | | Banking segment efficiency ratio (GAAP) | 61.4% | 110.0% | 83.1% | | Banking segment core efficiency ratio (tax-equivalent basis) (Non-GAAP) | 50.6% | 52.8% | 53.9% | - The Banking segment's core efficiency ratio for the nine months ended Sep 2025 was **53.0%**, an improvement from **54.0%** in Sep 2024[63](index=63&type=chunk) [Mortgage Segment Core Efficiency Ratio](index=25&type=section&id=Mortgage%20Segment%20Core%20Efficiency%20Ratio) Mortgage segment core efficiency ratio improved to **80.9%** in September 2025, indicating enhanced operational efficiency Mortgage Segment Core Efficiency Ratio (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Mortgage segment noninterest expense (GAAP) | $12,887 | $13,931 | $13,098 | | Mortgage segment core noninterest expense (Non-GAAP) | $12,887 | $13,931 | $13,098 | | Mortgage segment total revenue (GAAP) | $15,938 | $15,674 | $13,555 | | Mortgage segment core total revenue (Non-GAAP) | $15,938 | $15,641 | $13,545 | | Mortgage segment efficiency ratio (GAAP) | 80.9% | 88.9% | 96.6% | | Mortgage segment core efficiency ratio (tax-equivalent basis) (Non-GAAP) | 80.9% | 89.1% | 96.7% | - The Mortgage segment's core efficiency ratio for the nine months ended Sep 2025 was **85.9%**, an improvement from **93.9%** in Sep 2024[64](index=64&type=chunk) [Tangible Assets, Common Equity and Related Measures](index=27&type=section&id=Tangible%20Assets%2C%20Common%20Equity%20and%20Related%20Measures) Tangible assets rose to **$15.85 billion** and tangible common equity to **$1.59 billion** in September 2025, with tangible book value per share at **$29.83** Tangible Assets, Common Equity and Related Measures (Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Total assets (GAAP) | $16,236,459 | $13,354,238 | $12,920,222 | | Tangible assets (Non-GAAP) | $15,852,890 | $13,107,202 | $12,671,212 | | Total common shareholders' equity (GAAP) | $1,978,043 | $1,611,130 | $1,562,329 | | Tangible common equity (Non-GAAP) | $1,594,474 | $1,364,094 | $1,313,319 | | Tangible book value per common share | $29.83 | $29.78 | $28.15 | | Tangible common equity to tangible assets | 10.1% | 10.4% | 10.4% | - Tangible book value per common share increased to **$29.83** in Sep 2025 from **$29.78** in Jun 2025 and **$28.15** in Sep 2024[66](index=66&type=chunk) - Goodwill and other intangibles increased significantly in Sep 2025, reflecting recent acquisition activity[66](index=66&type=chunk) [Adjusted Return on Average Tangible Common Equity and Related Measures](index=28&type=section&id=Adjusted%20Return%20on%20Average%20Tangible%20Common%20Equity%20and%20Related%20Measures) Q3 2025 adjusted return on average tangible common equity increased to **14.7%**, reflecting enhanced profitability relative to tangible equity after non-core adjustments Adjusted Return on Average Tangible Common Equity (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Net income (GAAP) | $23,375 | $2,909 | $10,220 | | Average tangible common equity (Non-GAAP) | $1,592,447 | $1,335,747 | $1,274,241 | | Return on average tangible common equity (GAAP) | 5.82% | 0.87% | 3.19% | | Adjusted tangible net income (Non-GAAP) | $59,144 | $41,288 | $40,663 | | Adjusted return on average tangible common equity (Non-GAAP) | 14.7% | 12.4% | 12.7% | - Adjusted return on average tangible common equity for the nine months ended Sep 2025 was **13.3%**, slightly up from **13.1%** in Sep 2024[69](index=69&type=chunk) [Adjusted Return on Average Assets and Related Measures](index=28&type=section&id=Adjusted%20Return%20on%20Average%20Assets%20and%20Related%20Measures) Q3 2025 adjusted return on average assets increased to **1.43%**, indicating improved asset utilization and profitability after adjusting for non-core items Adjusted Return on Average Assets (Three Months Ended, Dollars in Thousands) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :------------------------------------------ | :--------- | :--------- | :--------- | | Net income (GAAP) | $23,375 | $2,909 | $10,220 | | Average assets (GAAP) | $16,007,788 | $13,032,490 | $12,741,950 | | Return on average assets (GAAP) | 0.58% | 0.09% | 0.32% | | Adjusted net income (Non-GAAP) | $57,606 | $40,821 | $40,132 | | Adjusted return on average assets (Non-GAAP) | 1.43% | 1.26% | 1.25% | - Adjusted pre-tax pre-provision return on average assets for the three months ended Sep 2025 was **2.01%**, an increase from **1.81%** in Jun 2025[69](index=69&type=chunk)

Core Insights - FB Financial Corporation reported a net income of $23.4 million for Q3 2025, a significant increase from $0.06 in the previous quarter and $0.22 in the same quarter last year [1] - Adjusted net income for the company was $57.6 million, translating to $1.07 per diluted common share, compared to $0.88 in the previous quarter and $0.86 in Q3 of the previous year [1] Financial Performance - The net income of $23.4 million represents a substantial growth compared to both the previous quarter and the same quarter last year [1] - The adjusted net income of $57.6 million indicates a positive trend in profitability, with an increase from the previous quarter and year-over-year [1]

Earnings Report - FB Financial Corporation is set to release its third-quarter earnings results on October 14, with analysts expecting earnings of 96 cents per share, an increase from 86 cents per share in the same period last year [1] - The company projects quarterly revenue of $167.75 million, compared to $89.52 million a year earlier [1] Stock Performance - FB Financial shares experienced a decline of 1.8%, closing at $58.13 [2] Analyst Ratings - The consensus rating for FB Financial is "Overweight," with a highest price target of $61.00 and a lowest price target of $31.00, resulting in a consensus price target of $47.36 [3] - Cantor Fitzgerald analyst Dave Rochester initiated coverage with an Overweight rating and a price target of $61 [5] - Keefe, Bruyette & Woods analyst Catherine Mealor upgraded the stock from Market Perform to Outperform, raising the price target from $52 to $58 [5] - Piper Sandler analyst Stephen Scouten maintained an Overweight rating but reduced the price target from $60 to $58 [5] - Stephens & Co. analyst Russell Gunther also maintained an Overweight rating, cutting the price target from $65 to $58 [5]

FB Financial Corporation (NYSE:FBK) will release earnings results for the third quarter, before the opening bell on Tuesday, Oct. 14.Analysts expect the Nashville, Tennessee-based company to report quarterly earnings at 96 cents per share, up from 86 cents per share in the year-ago period. FB Financial projects quarterly revenue of $167.75 million, compared to $89.52 million a year earlier, according to data from Benzinga Pro.On Sept. 24, FB Financial promoted Michael Mettee to dual role of CFO and COO.FB F ...

Core Insights - FB Financial (FBK) is projected to announce quarterly earnings of $1.03 per share, reflecting a year-over-year increase of 19.8% [1] - Revenues are expected to reach $168.86 million, marking an 88.6% increase from the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has remained unchanged over the past 30 days, indicating analysts have not revised their projections [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3] Key Financial Metrics - Analysts project a 'Net Interest Margin' of 3.8%, up from 3.6% a year ago [5] - The estimated 'Core Efficiency Ratio' is 54.9%, a significant improvement from 85.1% reported in the same quarter last year [5] - 'Average Earning Assets' are expected to be $14.82 billion, compared to $11.95 billion in the same quarter of the previous year [5] Income Projections - 'Mortgage banking income' is projected at $13.70 million, up from $11.55 million in the same quarter last year [6] - 'Net interest income (tax-equivalent basis)' is expected to be $142.07 million, compared to $106.63 million a year ago [6] - The consensus estimate for 'Net Interest Income' stands at $139.71 million, an increase from $106.02 million in the same quarter last year [7] Additional Metrics - 'Service charges on deposit accounts' are estimated at $3.43 million, slightly up from $3.38 million a year ago [7] - 'Investment services and trust income' is projected to reach $4.04 million, compared to $3.72 million in the same quarter last year [8] Stock Performance - FB Financial shares have increased by 11.4% in the past month, outperforming the Zacks S&P 500 composite, which rose by 4% [8] - FBK holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [8]