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FB Financial (NYSE: FBK) posts strong Q1 2026 growth with EPS $1.10 and solid credit

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

FB Financial Corporation reported strong first-quarter 2026 results, with net income of $57.5 million and diluted EPS of $1.10, up from $0.84 a year ago. Adjusted diluted EPS was $1.12. Total revenue rose to $172.3 million, supported by higher net interest income and stable noninterest income.

Loans held for investment reached $12.50 billion and deposits were $14.08 billion, both rising more than 25% year over year, while net interest margin improved to 3.94%. Credit quality remained solid, with annualized net charge-offs at 0.11% and nonperforming assets at 0.98% of total assets. Capital stayed strong, including a common equity Tier 1 ratio of 11.5% and tangible common equity to tangible assets of 9.91%, even after repurchasing 426,983 shares.

Positive

  • Earnings and revenue growth: Q1 2026 net income rose to $57.5 million and diluted EPS to $1.10, with total revenue up 31.9% year over year to $172.3 million.
  • Improving efficiency and margins: The adjusted efficiency ratio improved to 54.3% from 59.9% a year ago, while net interest margin expanded to 3.94% from 3.55%.
  • Strong credit and capital profile: Allowance for credit losses on loans HFI remained at 1.49% of loans, nonperforming assets were 0.98% of total assets, and the common equity Tier 1 ratio stood at 11.5%.

Negative

  • None.

Insights

FB Financial posts robust Q1 growth with strong credit and capital.

FB Financial delivered solid Q1 2026 performance: net income of $57.5 million and diluted EPS of $1.10, up from $0.84 a year earlier. Total revenue reached $172.3 million, a 31.9% year-over-year increase, driven mainly by higher net interest income.

Balance sheet growth was healthy but measured. Loans held for investment rose to $12.50 billion, and deposits to $14.08 billion, both more than 25% above Q1 2025. Net interest margin improved to 3.94%, helped by lower deposit costs as the cost of total deposits declined to 2.27%.

Asset quality indicators remained reassuring. Annualized net charge-offs were just 0.11% of average loans HFI, nonperforming assets were 0.98% of total assets, and the allowance for credit losses on loans HFI held at 1.49% of loans. Capital ratios stayed strong, including a common equity Tier 1 ratio of 11.5% and total risk-based capital of 13.4%, while tangible book value per share increased to $31.00.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net income $57.5M Q1 2026 net income applicable to FB Financial Corporation
Diluted EPS $1.10 Q1 2026 diluted earnings per common share
Total revenue $172.3M Q1 2026 total revenue, up 31.9% year over year
Loans held for investment $12.50B Loans HFI outstanding as of March 31, 2026
Total deposits $14.08B Deposits outstanding as of March 31, 2026
Net interest margin 3.94% Q1 2026 NIM on a tax-equivalent basis
Return on average assets 1.43% Q1 2026 ROAA
CET1 ratio 11.5% Preliminary consolidated common equity Tier 1 ratio at March 31, 2026
Net interest margin financial
"Net interest margin (“NIM”) was 3.94% for the first quarter of 2026"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Allowance for credit losses financial
"the Company had an allowance for credit losses on loans HFI of $186.3 million"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Nonperforming assets financial
"Nonperforming assets as a percentage of total assets were relatively stable at 0.98%"
Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.
Tangible common equity financial
"tangible common equity to tangible assets ratio* of 9.91%"
Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.
Adjusted efficiency ratio financial
"the Company’s adjusted efficiency ratio*1was 54.3%"
A measure of how well a company converts its income into profit after removing unusual or one-time items that can distort results; it is calculated by dividing recurring operating costs by recurring revenue, with adjustments to exclude irregular charges or gains. Investors use it like a household budget that removes a rare emergency expense to see true spending efficiency — a lower adjusted efficiency ratio generally signals better cost control and higher underlying profitability.
Common equity Tier 1 financial
"preliminary common equity tier 1 ratio of 11.5%"
Common Equity Tier 1 is the highest-quality capital a bank holds—mainly common shares and retained profits—that acts as the primary cushion against losses. Investors use the CET1 level and ratio to judge a bank’s financial strength and regulatory standing: a bigger cushion means the bank is better able to absorb shocks, sustain payouts and borrow cheaply, much like an emergency fund for a household.
Total revenue $172.3M +31.9% YoY
Net income $57.5M +46.1% YoY
Diluted EPS $1.10 +31.0% YoY
Net interest margin 3.94% +0.39 pts YoY

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did FBK perform financially in Q1 2026?
FB Financial reported net income of $57.5 million and diluted EPS of $1.10 in Q1 2026. Total revenue reached $172.3 million, up 31.9% year over year, reflecting stronger net interest income and solid noninterest income contributions.

What were FBK’s key balance sheet figures for Q1 2026?
At March 31, 2026, FB Financial had $16.47 billion in total assets, $12.50 billion in loans held for investment, and $14.08 billion in total deposits. Noninterest-bearing deposits were $2.66 billion, and the loans-to-deposits ratio was 88.8%.

How did FBK’s net interest margin and deposit costs change in Q1 2026?
Net interest margin on a tax-equivalent basis was 3.94% in Q1 2026, up from 3.55% a year earlier. The cost of total deposits decreased to 2.27% from 2.54%, reflecting lower funding costs after prior federal funds rate reductions.

What was FBK’s credit quality like in Q1 2026?
Credit quality remained sound. Annualized net charge-offs were 0.11% of average loans HFI, nonperforming loans were 0.96% of total loans HFI, and nonperforming assets were 0.98% of total assets. The allowance for credit losses on loans HFI was 1.49%.

How strong is FBK’s capital position after Q1 2026?
FB Financial reported a common equity Tier 1 ratio of 11.5%, total risk-based capital ratio of 13.4%, and tangible common equity to tangible assets of 9.91%. Book value per common share was $38.39, and tangible book value per share was $31.00.

Did FBK repurchase any shares during Q1 2026?
Yes. FB Financial repurchased 426,983 shares during the first quarter of 2026. Despite these repurchases, total common shareholders’ equity increased to $1.97 billion, and tangible book value per common share rose to $31.00.
false000164974900016497492026-04-132026-04-13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
   
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 13, 2026
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Tennessee 001-37875 62-1216058
(State or other jurisdiction
of incorporation)		 (Commission File Number) (IRS Employer
Identification Number)
1221 Broadway, Suite 1300
Nashville, Tennessee 37203
(Address of principal executive offices) (Zip Code)

(615) 564-1212
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueFBKNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  

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. ☐




Item 2.02. Results of Operations and Financial Condition.

On April 13, 2026, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the first quarter ended March 31, 2026 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 to this current report on Form 8-K (this “Report”).

Item 7.01. Regulation FD Disclosure.

On April 14, 2026, FB Financial will host a conference call to discuss financial results for the quarter ended March 31, 2026.

On April 13, 2026, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the first quarter ended March 31, 2026 (the “Financial Supplement”) and an earnings release presentation (the “Earnings Presentation”) containing additional information about FB Financial’s financial results for the quarter ended March 31, 2026.

Copies of the Financial Supplement and the Earnings Presentation are furnished as Exhibit 99.2 and Exhibit 99.3, respectively, to this Report.

The information contained in this Report, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit NumberDescription of Exhibit
99.1
Earnings Release issued April 13, 2026
99.2
Financial Supplement for the quarter ended March 31, 2026
99.3
Earnings Presentation dated April 14, 2026
104Cover Page Interactive Data File (formatted as inline XBRL document)


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 FB FINANCIAL CORPORATION
   
   
 By:/s/ Michael M. Mettee
  Michael M. Mettee
  Chief Financial Officer & Chief Operating Officer
  (Principal Financial Officer)
Date: April 13, 2026
  



fb_suppa01a.jpg
FB Financial Corporation Reports First Quarter 2026 Financial Results
Reports Q1 Diluted EPS of $1.10, Adjusted Diluted EPS* of $1.12

NASHVILLE, TENNESSEE—April 13, 2026—FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $57.5 million, or $1.10 per diluted common share, for the first quarter of 2026, compared to $1.07 in the previous quarter and $0.84 in the first quarter of last year. Adjusted net income* was $58.3 million, or $1.12 per diluted common share, compared to $1.16 in the previous quarter and $0.85 in the first quarter of last year.
The Company ended the first quarter of 2026 with loans held for investment (“HFI”) of $12.50 billion compared to $12.38 billion at the end of the previous quarter and $9.77 billion at the end of the first quarter of last year. Deposits were $14.08 billion as of March 31, 2026, compared to $13.91 billion as of December 31, 2025, and $11.20 billion as of March 31, 2025. Net interest margin (“NIM”) was 3.94% for the first quarter of 2026, compared to 3.98% in the prior quarter and 3.55% in the first quarter of 2025. The Company ended the quarter with book value per common share of $38.39 and tangible book value per common share* of $31.00.
President and Chief Executive Officer, Christopher T. Holmes stated, “We began the year with a recognition that speaks directly to who we are, being named the top bank for customer satisfaction and trust in the South Central Region by J.D. Power. That honor reinforces our customer-focused model and validates a cornerstone of how we measure success. We also delivered solid financial results in the quarter, with strong returns and loan and deposit growth that gained momentum in the back half of the period. When you have the highest level of endorsement from your customers about their satisfaction and you combine that with top-tier financial performance and one of the best geographies in the country, we believe we have a very compelling formula for creating value for our shareholders today and over the long term.”
Annualized
(dollars in thousands, except share data)Mar 2026Dec 2025Mar 2025Mar 26/ Dec 25
% Change		Mar 26 / Mar 25
% Change
Balance Sheet Highlights
     Investment securities, at fair value$1,498,547 $1,459,734 $1,580,720 10.8 %(5.20)%
     Loans held for sale231,359 201,076 172,770 61.1 %33.9 %
     Loans HFI12,503,815 12,383,626 9,771,536 3.94 %28.0 %
     Allowance for credit losses on loans HFI(186,324)(185,983)(150,531)0.74 %23.8 %
     Total assets16,468,439 16,300,292 13,136,449 4.18 %25.4 %
     Interest-bearing deposits (non-brokered)10,838,139 10,649,932 8,623,636 7.17 %25.7 %
     Brokered deposits574,216 625,634 414,428 (33.3)%38.6 %
     Noninterest-bearing deposits2,664,480 2,634,395 2,163,934 4.63 %23.1 %
     Total deposits14,076,835 13,909,961 11,201,998 4.87 %25.7 %
     Borrowings213,188 212,764 168,944 0.81 %26.2 %
     Allowance for credit losses on unfunded
         commitments		15,398 16,196 6,493 (20.0)%137.1 %
     Total common shareholders’ equity1,973,873 1,948,165 1,601,962 5.35 %23.2 %
Book value per common share$38.39 $37.64 $34.44 8.08 %11.5 %
Tangible book value per common share*$31.00 $30.27 $29.12 9.78 %6.46 %
Total common shareholders’ equity to total assets12.0 %12.0 %12.2 %
Tangible common equity to tangible assets*9.91 %9.84 %10.5 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2026 Financial Supplement.
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FB Financial Corporation
First Quarter 2026 Results
Page 2
Three Months Ended
(dollars in thousands, except share data)Mar 2026Dec 2025Mar 2025
Statement of Income Highlights
Net interest income$145,965 $149,804 $107,641 
      NIM (tax-equivalent basis)3.94 %3.98 %3.55 %
Noninterest income$26,375 $28,795 $23,032 
     Loss on sales or write-downs of premises and equipment, other real estate
         owned and other assets, net		$(320)$(131)$(625)
     Cash life insurance benefit $763 $1,148 $— 
Total revenue$172,340 $178,599 $130,673 
Noninterest expense$95,164 $107,548 $79,549 
Severance costs$— $1,395 $— 
Loss on lease terminations and other branch closure costs$5 $12 $— 
Certain nonrecurring charitable contributions$— $1,130 $— 
Merger and integration costs$1,447 $4,611 $401 
Efficiency ratio 55.2 %60.2 %60.9 %
      Adjusted efficiency ratio*54.3 %56.3 %59.9 %
Pre-tax, pre-provision net revenue$77,176 $71,051 $51,124 
Adjusted pre-tax, pre-provision net revenue*$78,184 $77,118 $52,134 
Provisions for credit losses$3,024 $1,232 $2,292 
Net charge-offs ratio0.11 %0.05 %0.14 %
Net income applicable to FB Financial Corporation$57,526 $56,977 $39,361 
Diluted earnings per common share$1.10 $1.07 $0.84 
       Effective tax rate22.4 %18.4 %19.4 %
Adjusted net income*$58,271 $61,494 $40,108 
Adjusted diluted earnings per common share*$1.12 $1.16 $0.85 
Weighted average number of shares outstanding - fully diluted52,203,469 53,074,753 47,024,211 
Returns on average:
     Return on average total assets (“ROAA”)
1.43 %1.40 %1.21 %
         Adjusted*1.45 %1.51 %1.23 %
     Return on average shareholders’ equity11.9 %11.6 %10.1 %
     Return on average tangible common equity (“ROATCE”)*
14.7 %14.4 %11.9 %
Adjusted*15.3 %15.9 %12.3 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2026 Financial Supplement.
Balance Sheet and Net Interest Margin
The Company reported loans HFI of $12.50 billion at the end of the first quarter of 2026, compared to $12.38 billion at the end of the prior quarter. The contractual yield on loans HFI decreased to 6.22% for the first quarter of 2026 from 6.34% for the previous quarter. Net growth in loans was attributable to increases of $57.3 million in commercial and industrial loans, $32.7 million in consumer and other loans, $25.1 million in commercial real estate loans and $16.5 million in residential real estate loans offset by a $11.4 million decline in construction loans.
The Company reported total deposits of $14.08 billion at the end of the first quarter compared to $13.91 billion at the end of the fourth quarter of 2025. Total cost of deposits decreased to 2.27% during the first quarter compared to 2.40% in the fourth quarter of 2025. The cost of interest-bearing deposits decreased to 2.80% from 2.99% in the previous quarter. Lower costs were driven primarily by the continued pass‑through of prior federal funds rate reductions, reducing indexed deposit costs and lowering rates across the broader interest‑bearing deposit base. Noninterest-bearing deposits were $2.66 billion at the end of the quarter compared to $2.63 billion at the end of the fourth quarter of 2025.
The Company reported net interest income on a tax-equivalent basis of $146.8 million for the first quarter of 2026, down from $150.6 million in the prior quarter. NIM decreased to 3.94% for the first quarter of 2026 from 3.98% for the previous quarter, driven primarily by lower yields on interest‑earning assets following the late fourth quarter of 2025 federal funds rate reduction, partially offset by lower funding costs. Net accretion from purchase accounting adjustments impacted margin by 17 basis points in the first quarter of 2026.
Holmes continued, “We had measured balance sheet growth in the first quarter, led by broad-based loan production and continued deposit expansion. While asset yields moderated following recent rate cuts, disciplined pricing and lower funding costs helped offset that pressure. Our deposit mix and repricing momentum position us well as we move through the year, and we remain focused on consistent, profitable growth.”
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FB Financial Corporation
First Quarter 2026 Results
Page 3
Noninterest Income
Adjusted noninterest income* was $25.9 million for the first quarter of 2026, compared to $27.7 million and $23.6 million for the prior quarter and first quarter of 2025, respectively.
Mortgage banking income was $12.3 million in the first quarter of 2026, compared to $13.5 million in the prior quarter and $12.4 million in the first quarter of 2025.
Noninterest Expense
Adjusted noninterest expense* during the first quarter of 2026 was $93.7 million compared to $100.4 million for the prior quarter and $79.1 million for the first quarter of 2025. The decrease reflects lower performance‑based compensation in the first quarter, as incentive expense was elevated in the fourth quarter due to higher levels of performance-based compensation. During the first quarter of 2026, the Company’s adjusted efficiency ratio*1was 54.3%, compared to 56.3% in the previous quarter and 59.9% in the first quarter of 2025.
Chief Financial Officer Michael Mettee commented, “We continued to build operating leverage in the first quarter as expense levels normalized and efficiency improved. Incentive and personnel costs returned to expected levels following elevated fourth quarter expense related to long‑term equity incentives. As volumes grow and we continue to focus on operating scale, we are well positioned to drive incremental profitability and stronger returns over time.”
Credit Quality
In the first quarter, the Company recorded provision expense of $3.8 million related to loans HFI and a provision reversal of $0.8 million associated with unfunded loan commitments. At the end of the first quarter of 2026, the Company had an allowance for credit losses on loans HFI of $186.3 million, representing 1.49% of loans HFI compared to $186.0 million, or 1.50% of loans HFI, at the end of the prior quarter.
The Company had net charge-offs of $3.5 million in the first quarter of 2026, representing annualized net charge-offs of 0.11% of average loans HFI, compared to 0.05% in the prior quarter and 0.14% in the first quarter of 2025.
The Company’s nonperforming loans HFI as a percentage of total loans HFI decreased slightly to 0.96% as of the end of the first quarter of 2026, compared to 0.97% in the prior quarter and 0.79% in the first quarter of 2025. Nonperforming assets as a percentage of total assets were relatively stable at 0.98% as of the end of the first quarter of 2026, compared to 0.97% at the end of the prior quarter and 0.84% as of the end of the first quarter of 2025.
Holmes commented, “Our credit quality remained sound during the quarter, supported by stable asset quality metrics. While net charge‑offs increased modestly, they remain at relatively low levels and consistent with our expectations. We ended the quarter with an allowance for credit losses that reflects the risk profile of the portfolio given the current economic outlook and our proactive approach to risk management as we continue to support growth.”
Capital
The Company maintained its strong capital position in the first quarter, resulting in a preliminary total risk-based capital ratio of 13.4%, preliminary common equity tier 1 ratio of 11.5% and tangible common equity to tangible assets ratio* of 9.91%. The Company repurchased 426,983 shares during the quarter.
Holmes continued, “We ended the quarter with a strong capital position, highlighted by tangible common equity of 9.91%, which provides us significant capital flexibility. That strength allows us to support organic growth, pursue strategic opportunities, and return capital to shareholders through share repurchases when appropriate. We are committed to deploying capital in ways that create long‑term value while maintaining a prudent risk profile.”
Summary
Holmes finalized, “The first quarter marked a solid start to the year, with a reassuring vote of confidence from our clients, disciplined balance sheet growth, improving efficiency, stable credit quality, and a solid capital position. Looking forward, we see active pipelines across our markets and remain optimistic about economic conditions in our footprint. With multiple avenues for growth and capital deployment, we are confident in our ability to continue delivering top‑tier returns for our shareholders.”
*Non-GAAP financial measure;1A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2026 Financial Supplement.

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FB Financial Corporation
First Quarter 2026 Results
Page 4
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss the Company’s financial results on April 14, 2026, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 8131060) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through April 21, 2026, by dialing 1-855-669-9658 and entering confirmation code 1063916.
A live online broadcast of the Company’s quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=4Tu7dtR8. An online replay will be available on the Company’s website approximately two hours after the conclusion of the call and will remain available for 12 months.
ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank, in Tennessee, Kentucky, Alabama, and Georgia. FB Financial Corporation has approximately $16.5 billion in total assets and operates 90 full-service bank branches across its footprint.
MEDIA CONTACT:
FINANCIAL CONTACT:
Keith HancockMichael Mettee
404-310-2368615-435-0952
keith.hancock@firstbankonline.commmettee@firstbankonline.com
www.firstbankonline.com
investorrelations@firstbankonline.com
SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION
Investors are encouraged to review this Earnings Release in conjunction with the First Quarter 2026 Financial Supplement and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the First Quarter 2026 Financial Supplement and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on April 13, 2026.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Earnings Release 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. 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) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from acquisitions, including risks that cost savings and other synergies from completed or future mergers may not be realized (or may be less than or delayed from expectations), challenges in integrating acquired businesses, disruptions to customer, employee, or other relationships, diversion of management attention, and the ability to effectively manage larger or more complex operations post-transaction; (7) 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, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments,
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FB Financial Corporation
First Quarter 2026 Results
Page 5
(10) 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, (11) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (12) the impact, extent and timing of technological changes, (13) concentrations of credit or deposit exposure, (14) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (15) 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 (16) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, 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 Earnings Release, 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.
GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES
This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated adjusted revenue, consolidated adjusted and segment noninterest expense and consolidated adjusted noninterest income, consolidated adjusted efficiency ratio (tax-equivalent basis), and adjusted return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be adjusted in nature. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.
The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-adjusted gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures.
A reconciliation of these measures to the most directly comparable GAAP financial measures is included in the Company’s First Quarter 2026 Financial Supplement, which is available at https://investors.firstbankonline.com.
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FB Financial Corporation
First Quarter 2026 Results
Page 6
Financial Summary and Key Metrics
(Unaudited)
(dollars in thousands, except share data)
As of or for the Three Months Ended
Mar 2026Dec 2025Mar 2025
Selected Balance Sheet Data
Cash and cash equivalents$1,157,763 $1,155,895 $794,706 
Investment securities, at fair value1,498,547 1,459,734 1,580,720 
Loans held for sale231,359 201,076 172,770 
Loans HFI12,503,815 12,383,626 9,771,536 
Allowance for credit losses on loans HFI(186,324)(185,983)(150,531)
Total assets16,468,439 16,300,292 13,136,449 
Interest-bearing deposits (non-brokered)10,838,139 10,649,932 8,623,636 
Brokered deposits574,216 625,634 414,428 
Noninterest-bearing deposits2,664,480 2,634,395 2,163,934 
Total deposits14,076,835 13,909,961 11,201,998 
Borrowings213,188 212,764 168,944 
Allowance for credit losses on unfunded commitments15,398 16,196 6,493 
Total common shareholders’ equity1,973,873 1,948,165 1,601,962 
Selected Statement of Income Data
Total interest income$225,350 $235,238 $179,706 
Total interest expense79,385 85,434 72,065 
Net interest income145,965 149,804 107,641 
Total noninterest income 26,375 28,795 23,032 
Total noninterest expense95,164 107,548 79,549 
Earnings before income taxes and provisions for credit losses77,176 71,051 51,124 
Provisions for credit losses3,024 1,232 2,292 
Income tax expense 16,626 12,834 9,471 
Net income applicable to noncontrolling interest— 8 — 
Net income applicable to FB Financial Corporation$57,526 $56,977 $39,361 
Net interest income (tax-equivalent basis)$146,774 $150,642 $108,427 
Adjusted net income*$58,271 $61,494 $40,108 
Adjusted pre-tax, pre-provision net revenue*$78,184 $77,118 $52,134 
Per Common Share
Diluted net income$1.10 $1.07 $0.84 
Adjusted diluted net income*1.12 1.16 0.85 
Book value38.39 37.64 34.44 
Tangible book value*31.00 30.27 29.12 
Weighted average number of shares outstanding - fully diluted52,203,469 53,074,753 47,024,211 
Period-end number of shares 51,418,024 51,752,401 46,514,547 
Selected Ratios
Return on average:
Assets1.43 %1.40 %1.21 %
Shareholders’ equity11.9 %11.6 %10.1 %
Tangible common equity*14.7 %14.4 %11.9 %
Efficiency ratio 55.2 %60.2 %60.9 %
Adjusted efficiency ratio (tax-equivalent basis)*54.3 %56.3 %59.9 %
Loans HFI to deposit ratio88.8 %89.0 %87.2 %
Noninterest-bearing deposits to total deposits 18.9 %18.9 %19.3 %
Net interest margin (tax-equivalent basis)3.94 %3.98 %3.55 %
Yield on interest-earning assets6.07 %6.23 %5.91 %
Cost of interest-bearing liabilities2.83 %3.02 %3.16 %
Cost of total deposits2.27 %2.40 %2.54 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.49 %1.50 %1.54 %
Annualized net charge-offs as a percentage of average loans HFI0.11 %0.05 %0.14 %
Nonperforming loans HFI as a percentage of loans HFI0.96 %0.97 %0.79 %
Nonperforming assets as a percentage of total assets
0.98 %0.97 %0.84 %
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets12.0 %12.0 %12.2 %
Tangible common equity to tangible assets*9.91 %9.84 %10.5 %
Tier 1 leverage10.4 %10.3 %11.4 %
Tier 1 risk-based capital
11.5 %11.4 %13.1 %
Total risk-based capital
13.4 %13.2 %15.2 %
Common equity Tier 1
11.5 %11.4 %12.8 %
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company’s First Quarter 2026 Financial Supplement.
-END-




















logoa07a.jpg

 
 
First Quarter 2026
Financial Supplement



TABLE OF CONTENTS
 
 Page
  
Financial Summary and Key Metrics
4
  
Consolidated Statements of Income
5
 
Consolidated Balance Sheets
6
 
Average Balance and Interest Yield/Rate Analysis
7
 
Investments and Other Sources of Liquidity
9
  
Loan Portfolio
10
  
Asset Quality
11
 
Selected Deposit Data
 12
 
Preliminary Capital Ratios
13
  
Segment Data
14
 
Non-GAAP Reconciliations
15



Use of non-GAAP Financial Measures
 
This Financial Supplement contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment adjusted revenue, consolidated and segment adjusted noninterest expense and adjusted noninterest income, consolidated and segment adjusted efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be adjusted in nature. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.
The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-adjusted gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Financial Supplement for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)
As of or for the Three Months Ended
Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Selected Balance Sheet Data
Cash and cash equivalents$1,157,763 $1,155,895 $1,280,033 $1,165,729 $794,706 
Investment securities, at fair value1,498,547 1,459,734 1,428,401 1,337,565 1,580,720 
Loans held for sale231,359 201,076 167,449 144,212 172,770 
Loans HFI12,503,815 12,383,626 12,297,600 9,874,282 9,771,536 
Allowance for credit losses on loans HFI(186,324)(185,983)(184,993)(148,948)(150,531)
Total assets16,468,439 16,300,292 16,236,459 13,354,238 13,136,449 
Interest-bearing deposits (non-brokered)10,838,139 10,649,932 10,634,555 8,692,848 8,623,636 
Brokered deposits574,216 625,634 487,765 518,719 414,428 
Noninterest-bearing deposits2,664,480 2,634,395 2,690,635 2,191,903 2,163,934 
Total deposits14,076,835 13,909,961 13,812,955 11,403,470 11,201,998 
Borrowings213,188 212,764 213,638 164,485 168,944 
Allowance for credit losses on unfunded commitments15,398 16,196 17,392 12,932 6,493 
Total common shareholders' equity1,973,873 1,948,165 1,978,043 1,611,130 1,601,962 
Selected Statement of Income Data
Total interest income$225,350 $235,238 $236,898 $182,084 $179,706 
Total interest expense79,385 85,434 89,658 70,669 72,065 
Net interest income145,965 149,804 147,240 111,415 107,641 
Total noninterest income (loss)26,375 28,795 26,635 (34,552)23,032 
Total noninterest expense95,164 107,548 109,856 81,261 79,549 
Earnings (losses) before income taxes and provisions for credit
   losses		77,176 71,051 64,019 (4,398)51,124 
Provisions for credit losses3,024 1,232 34,417 5,337 2,292 
Income tax expense (benefit)16,626 12,834 6,227 (12,652)9,471 
Net income applicable to noncontrolling interest— 8 — 8 — 
Net income applicable to FB Financial Corporation$57,526 $56,977 $23,375 $2,909 $39,361 
Net interest income (tax-equivalent basis)$146,774 $150,642 $148,088 $112,236 $108,427 
Adjusted net income*$58,271 $61,494 $57,606 $40,821 $40,108 
Adjusted pre-tax, pre-provision net revenue*$78,184 $77,118 $80,980 $58,649 $52,134 
Per Common Share
Diluted net income$1.10 $1.07 $0.43 $0.06 $0.84 
Adjusted diluted net income*1.12 1.16 1.07 0.88 0.85 
Book value38.39 37.64 37.00 35.17 34.44 
Tangible book value*31.00 30.27 29.83 29.78 29.12 
Weighted average number of shares outstanding - fully diluted52,203,469 53,074,753 53,957,062 46,179,090 47,024,211 
Period-end number of shares 51,418,024 51,752,401 53,456,522 45,807,689 46,514,547 
Selected Ratios
Return on average:
Assets1.43 %1.40 %0.58 %0.09 %1.21 %
Shareholders’ equity11.9 %11.6 %4.69 %0.74 %10.1 %
Tangible common equity*14.7 %14.4 %5.82 %0.87 %11.9 %
Efficiency ratio 55.2 %60.2 %63.2 %105.7 %60.9 %
Adjusted efficiency ratio (tax-equivalent basis)*54.3 %56.3 %53.3 %56.9 %59.9 %
Loans HFI to deposit ratio88.8 %89.0 %89.0 %86.6 %87.2 %
Noninterest-bearing deposits to total deposits 18.9 %18.9 %19.5 %19.2 %19.3 %
Net interest margin (NIM) (tax-equivalent basis)3.94 %3.98 %3.95 %3.68 %3.55 %
Yield on interest-earning assets6.07 %6.23 %6.35 %5.99 %5.91 %
Cost of interest-bearing liabilities2.83 %3.02 %3.21 %3.13 %3.16 %
Cost of total deposits2.27 %2.40 %2.53 %2.48 %2.54 %
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI1.49 %1.50 %1.50 %1.51 %1.54 %
Annualized net charge-offs as a percentage of average loans HFI0.11 %0.05 %0.05 %0.02 %0.14 %
Nonperforming loans HFI as a percentage of loans HFI0.96 %0.97 %0.94 %0.97 %0.79 %
Nonperforming assets as a percentage of total assets0.98 %0.97 %0.89 %0.92 %0.84 %
Preliminary Capital Ratios (consolidated)
Total common shareholders’ equity to assets12.0 %12.0 %12.2 %12.1 %12.2 %
Tangible common equity to tangible assets*9.91 %9.84 %10.1 %10.4 %10.5 %
Tier 1 leverage10.4 %10.3 %10.6 %11.3 %11.4 %
Tier 1 risk-based capital 11.5 %11.4 %11.7 %12.6 %13.1 %
Total risk-based capital 13.4 %13.2 %13.6 %14.7 %15.2 %
Common equity Tier 1 11.5 %11.4 %11.7 %12.3 %12.8 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.
FB Financial Corporation
4

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
  Mar 2026Mar 2026
  vs.vs.
 Three Months EndedDec 2025Mar 2025
Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Percent variance Percent variance
Interest income:
Interest and fees on loans$201,257 $209,734 $209,307 $159,697 $153,185 (4.04)%31.4 %
Interest on investment securities
Taxable13,575 14,380 14,395 14,661 14,471 (5.60)%(6.19)%
Tax-exempt1,054 1,058 1,058 1,036 1,033 (0.38)%2.03 %
Other9,464 10,066 12,138 6,690 11,017 (5.98)%(14.1)%
Total interest income225,350 235,238 236,898 182,084 179,706 (4.20)%25.4 %
Interest expense:
Deposits77,878 83,813 86,577 68,568 70,249 (7.08)%10.9 %
Borrowings1,507 1,621 3,081 2,101 1,816 (7.03)%(17.0)%
Total interest expense79,385 85,434 89,658 70,669 72,065 (7.08)%10.2 %
Net interest income145,965 149,804 147,240 111,415 107,641 (2.56)%35.6 %
Provision for (reversal of) credit losses on loans HFI3,822 2,428 29,957 (1,102)1,906 57.4 %100.5 %
(Reversal of) provision for credit losses on unfunded
   commitments		(798)(1,196)4,460 6,439 386 (33.3)%(306.7)%
Net interest income after provisions for credit
   losses		142,941 148,572 112,823 106,078 105,349 (3.79)%35.7 %
Noninterest income:
Mortgage banking income12,253 13,505 13,484 13,029 12,426 (9.27)%(1.39)%
Service charges on deposit accounts4,376 4,184 4,049 3,392 3,479 4.59 %25.8 %
Investment services and trust income4,348 4,473 4,227 3,922 3,711 (2.79)%17.2 %
ATM and interchange fees2,977 3,146 3,388 2,878 2,677 (5.37)%11.2 %
Gain (loss) from securities, net1 64 12 (60,549)16 (98.4)%(93.8)%
(Loss) gain on sales or write-downs of premises and
   equipment, other real estate owned and other assets, net
(320)(131)(646)236 (625)144.3 %(48.8)%
Other income2,740 3,554 2,121 2,540 1,348 (22.9)%103.3 %
Total noninterest income (loss)26,375 28,795 26,635 (34,552)23,032 (8.40)%14.5 %
Total revenue172,340 178,599 173,875 76,863 130,673 (3.50)%31.9 %
Noninterest expenses:
Salaries, commissions and employee benefits57,348 63,529 59,210 46,631 48,351 (9.73)%18.6 %
Occupancy and equipment expense7,476 7,239 7,539 6,710 6,597 3.27 %13.3 %
Data processing 2,454 2,809 2,457 2,161 2,313 (12.6)%6.10 %
Advertising2,148 2,464 2,453 2,178 2,487 (12.8)%(13.6)%
Legal and professional fees1,980 2,503 1,227 2,426 1,992 (20.9)%(0.60)%
Amortization of core deposits and other intangibles1,869 1,932 2,079 631 656 (3.26)%184.9 %
Merger and integration costs1,447 4,611 16,057 2,734 401 (68.6)%260.8 %
Other expense20,442 22,461 18,834 17,790 16,752 (8.99)%22.0 %
Total noninterest expense95,164 107,548 109,856 81,261 79,549 (11.5)%19.6 %
Income (loss) before income taxes74,152 69,819 29,602 (9,735)48,832 6.21 %51.9 %
Income tax expense (benefit) 16,626 12,834 6,227 (12,652)9,471 29.5 %75.5 %
Net income applicable to FB Financial
Corporation and noncontrolling interest
57,526 56,985 23,375 2,917 39,361 0.95 %46.1 %
Net income applicable to noncontrolling interest— 8 — 8 — (100.0)%— %
Net income applicable to FB Financial
Corporation
$57,526 $56,977 $23,375 $2,909 $39,361 0.96 %46.1 %
Weighted average common shares outstanding:  
Basic51,724,458 52,621,950 53,627,997 45,946,428 46,674,698 (1.71)%10.8 %
Fully diluted52,203,469 53,074,753 53,957,062 46,179,090 47,024,211 (1.64)%11.0 %
Earnings per common share:  
Basic$1.11 $1.08 $0.44 $0.06 $0.84 2.78 %32.1 %
Fully diluted1.10 1.07 0.43 0.06 0.84 2.80 %31.0 %
Fully diluted - adjusted*1.12 1.16 1.07 0.88 0.85 (3.45)%31.8 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures”and Non-GAAP reconciliations herein.




FB Financial Corporation
5

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
  Annualized 
  Mar 2026Mar 2026
  vs.vs.
As ofDec 2025Mar 2025
Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Percent variance Percent variance
ASSETS
Cash and due from banks$159,883 $196,213 $154,286 $143,317 $149,607 (75.1)%6.87 %
Federal funds sold and reverse repurchase agreements
199,009 213,391 283,451 352,124 109,982 (27.3)%80.9 %
Interest-bearing deposits in financial institutions798,871 746,291 842,296 670,288 535,117 28.6 %49.3 %
Cash and cash equivalents1,157,763 1,155,895 1,280,033 1,165,729 794,706 0.66 %45.7 %
Investments:
Available-for-sale debt securities, at fair value1,498,547 1,459,579 1,426,951 1,337,565 1,580,720 10.8 %(5.20)%
Equity securities, at fair value— 155 1,450 — — (100.0)%— %
Restricted equity securities, at cost79,458 79,046 36,231 33,626 32,234 2.11 %146.5 %
Loans held for sale231,359 201,076 167,449 144,212 172,770 61.1 %33.9 %
Loans held for investment12,503,815 12,383,626 12,297,600 9,874,282 9,771,536 3.94 %28.0 %
Less: allowance for credit losses on loans HFI186,324 185,983 184,993 148,948 150,531 0.74 %23.8 %
Net loans held for investment12,317,491 12,197,643 12,112,607 9,725,334 9,621,005 3.98 %28.0 %
Premises and equipment, net181,268 182,370 183,595 147,243 146,272 (2.45)%23.9 %
Other real estate owned, net6,449 6,009 4,466 2,998 3,326 29.7 %93.9 %
Operating lease right-of-use assets48,223 49,249 51,035 47,764 47,381 (8.45)%1.78 %
Interest receivable59,837 58,565 60,755 50,386 51,268 8.81 %16.7 %
Mortgage servicing rights, at fair value147,344 148,795 149,840 153,464 156,379 (3.95)%(5.78)%
Goodwill350,353 350,353 350,353 242,561 242,561 — %44.4 %
Core deposit and other intangibles, net29,415 31,284 33,216 4,475 5,106 (24.2)%476.1 %
Bank-owned life insurance110,484 111,865 113,374 72,686 72,400 (5.01)%52.6 %
Other assets250,448 268,408 265,104 226,195 210,321 (27.1)%19.1 %
Total assets$16,468,439 $16,300,292 $16,236,459 $13,354,238 $13,136,449 4.18 %25.4 %
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing$2,664,480 $2,634,395 $2,690,635 $2,191,903 $2,163,934 4.63 %23.1 %
Interest-bearing checking2,642,713 2,651,369 2,458,625 2,325,551 2,776,958 (1.32)%(4.83)%
Money market and savings5,886,370 5,969,640 5,968,094 4,645,552 4,482,908 (5.66)%31.3 %
Customer time deposits2,309,056 2,028,923 2,206,790 1,721,745 1,363,770 56.0 %69.3 %
Brokered and internet time deposits574,216 625,634 488,811 518,719 414,428 (33.3)%38.6 %
Total deposits14,076,835 13,909,961 13,812,955 11,403,470 11,201,998 4.87 %25.7 %
Borrowings213,188 212,764 213,638 164,485 168,944 0.81 %26.2 %
Operating lease liabilities59,106 60,556 62,664 59,289 59,174 (9.71)%(0.11)%
Accrued expenses and other liabilities145,344 168,753 169,066 115,771 104,278 (56.3)%39.4 %
Total liabilities14,494,473 14,352,034 14,258,323 11,743,015 11,534,394 4.02 %25.7 %
Shareholders’ equity:
Common stock, $1 par value51,418 51,752 53,457 45,808 46,515 (2.62)%10.5 %
Additional paid-in capital1,064,619 1,082,344 1,163,164 822,548 854,715 (6.64)%24.6 %
Retained earnings893,095 846,620 799,900 786,785 792,685 22.3 %12.7 %
Accumulated other comprehensive loss, net(35,259)(32,551)(38,478)(44,011)(91,953)33.7 %(61.7)%
Total common shareholders’ equity1,973,873 1,948,165 1,978,043 1,611,130 1,601,962 5.35 %23.2 %
Noncontrolling interest93 93 93 93 93 — %— %
Total equity1,973,966 1,948,258 1,978,136 1,611,223 1,602,055 5.35 %23.2 %
Total liabilities and shareholders’ equity$16,468,439 $16,300,292 $16,236,459 $13,354,238 $13,136,449 4.18 %25.4 %

FB Financial Corporation
6

Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 March 31, 2026December 31, 2025
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:      
Loans HFI(a)(b)
$12,415,278 $199,145 6.51 %$12,368,964 $207,140 6.64 %
Mortgage loans held for sale171,452 2,550 6.03 %169,422 3,059 7.16 %
Investment securities:
Taxable1,378,627 13,575 3.99 %1,346,232 14,380 4.24 %
Tax-exempt(b)
168,658 1,425 3.43 %169,355 1,431 3.35 %
Total investment securities(b)
1,547,285 15,000 3.93 %1,515,587 15,811 4.14 %
Federal funds sold and reverse repurchase agreements207,809 2,021 3.94 %238,393 2,426 4.04 %
Interest-bearing deposits with other financial institutions698,672 6,337 3.68 %693,612 6,800 3.89 %
Restricted equity securities, at cost79,257 1,106 5.66 %49,029 840 6.80 %
Total interest-earning assets(b)
15,119,753 226,159 6.07 %15,035,007 236,076 6.23 %
Noninterest-earning assets: 
Cash and due from banks147,305 137,536 
Allowance for credit losses on loans HFI(188,214)(185,526)
Other assets(c)(d)
1,179,428 1,164,178 
Total noninterest-earning assets1,138,519 1,116,188 
Total assets$16,258,272 $16,151,195 
Interest-bearing liabilities:
Interest-bearing deposits: 
Interest-bearing checking$2,628,330 $12,348 1.91 %$2,379,679 $11,538 1.92 %
Money market5,471,973 39,871 2.96 %5,609,158 46,018 3.25 %
Savings deposits447,380 656 0.59 %417,110 419 0.40 %
Customer time deposits2,116,914 19,000 3.64 %2,088,577 19,561 3.72 %
Brokered and internet time deposits604,764 6,003 4.03 %608,136 6,277 4.10 %
       Time deposits2,721,678 25,003 3.73 %2,696,713 25,838 3.80 %
Total interest-bearing deposits11,269,361 77,878 2.80 %11,102,660 83,813 2.99 %
Other interest-bearing liabilities: 
Securities sold under agreements to repurchase and federal funds purchased12,554 16 0.52 %12,473 31 0.99 %
Federal Home Loan Bank advances— — — %— — — %
Subordinated debt83,798 1,486 7.19 %83,458 1,491 7.09 %
Other borrowings1,118 5 1.81 %9,296 99 4.23 %
Total other interest-bearing liabilities97,470 1,507 6.27 %105,227 1,621 6.11 %
Total interest-bearing liabilities11,366,831 79,385 2.83 %11,207,887 85,434 3.02 %
Noninterest-bearing liabilities: 
Demand deposits2,652,462 2,733,207 
Other liabilities(d)
273,009 253,375 
Total noninterest-bearing liabilities2,925,471 2,986,582 
Total liabilities14,292,302 14,194,469 
Total common shareholders’ equity1,965,877 1,956,633 
Noncontrolling interest93 93 
Total equity1,965,970 1,956,726 
Total liabilities and shareholders’ equity$16,258,272 $16,151,195 
Net interest income(b)
 $146,774 $150,642 
Interest rate spread(b)
  3.24 %3.21 %
Net interest margin(b)(e)
  3.94 %3.98 %
Cost of total deposits  2.27 %2.40 %
Average interest-earning assets to average interest-bearing liabilities  133.0 %134.1 %
Tax-equivalent adjustment $809 $838 
Loans HFI yield components:  
    Contractual interest rate(b)
 $190,529 6.22 %$197,683 6.34 %
    Origination and other loan fee income 2,148 0.07 %2,633 0.08 %
    Accretion on purchased loans 6,297 0.21 %6,406 0.21 %
    Nonaccrual interest 171 0.01 %418 0.01 %
          Total loans HFI yield $199,145 6.51 %$207,140 6.64 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined federal and blended state statutory income tax rate of 26.06%..
(c) Includes average net unrealized losses on investment securities available for sale of $43,443 and $51,415 for the three months ended March 31, 2026 and December 31, 2025, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $31,982 and 23,208 for the three months ended March 31, 2026 and December 31, 2025, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.


FB Financial Corporation
7

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
 September 30, 2025June 30, 2025March 31, 2025
 Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate		Average
balances		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:   
Loans HFI(a)(b)
$12,189,401 $207,423 6.75 %$9,840,932 $157,964 6.44 %$9,621,057 $152,174 6.41 %
Mortgage loans held for sale162,205 2,359 5.77 %126,072 2,189 6.96 %93,944 1,433 6.19 %
Investment securities:
Taxable1,304,894 14,395 4.38 %1,534,895 14,661 3.83 %1,541,868 14,471 3.81 %
Tax-exempt(b)
169,523 1,431 3.35 %167,675 1,401 3.35 %167,958 1,397 3.37 %
Total investment securities(b)
1,474,417 15,826 4.26 %1,702,570 16,062 3.78 %1,709,826 15,868 3.76 %
Federal funds sold and reverse repurchase   agreements331,029 3,966 4.75 %113,252 1,256 4.45 %123,390 1,374 4.52 %
Interest-bearing deposits with other financial institutions671,634 7,340 4.34 %426,073 4,733 4.46 %811,216 8,902 4.45 %
Restricted equity securities, at cost36,907 832 8.94 %35,623 701 7.89 %32,493 741 9.25 %
Total interest-earning assets(b)
14,865,593 237,746 6.35 %12,244,522 182,905 5.99 %12,391,926 180,492 5.91 %
Noninterest-earning assets:
Cash and due from banks139,226 115,717 123,158 
Allowance for credit losses on loans HFI(181,973)(151,586)(152,234)
Other assets(c)(d)
1,184,942 823,837 844,119 
Total noninterest-earning assets1,142,195 787,968 815,043 
Total assets$16,007,788 $13,032,490 $13,206,969 
Interest-bearing liabilities:
Interest-bearing deposits:
    Interest-bearing checking$2,331,589 $12,383 2.11 %$2,521,239 $15,870 2.52 %$2,840,211 $18,267 2.61 %
    Money market5,561,538 49,019 3.50 %4,115,987 34,957 3.41 %4,083,754 34,360 3.41 %
    Savings deposits406,787 248 0.24 %352,307 98 0.11 %353,865 66 0.08 %
    Customer time deposits1,997,905 18,965 3.77 %1,404,368 12,454 3.56 %1,373,045 12,702 3.75 %
    Brokered and internet time deposits560,127 5,962 4.22 %481,686 5,189 4.32 %443,923 4,854 4.43 %
       Time deposits2,558,03224,9273.87 %1,886,054 17,643 3.75 %1,816,968 17,556 3.92 %
Total interest-bearing deposits10,857,94686,5773.16 %8,875,587 68,568 3.10 %9,094,798 70,249 3.13 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased13,144 31 0.94 %11,107 26 0.94 %11,046 6 0.22 %
  Federal Home Loan Bank advances15,217 172 4.48 %23,077 258 4.48 %— — — %
  Subordinated debt180,805 2,872 6.30 %130,851 1,813 5.56 %130,755 1,804 5.60 %
  Other borrowings1,168 6 2.04 %2,294 4 0.70 %1,220 6 1.99 %
Total other interest-bearing liabilities210,334 3,081 5.81 %167,329 2,101 5.04 %143,021 1,816 5.15 %
Total interest-bearing liabilities11,068,280 89,658 3.21 %9,042,916 70,669 3.13 %9,237,819 72,065 3.16 %
Noninterest-bearing liabilities:
Demand deposits2,724,898 2,206,305 2,134,924 
Other liabilities(d)
236,732 200,077 250,175 
Total noninterest-bearing liabilities2,961,630 2,406,382 2,385,099 
Total liabilities14,029,910 11,449,298 11,622,918 
Total common shareholders’ equity1,977,785 1,583,099 1,583,958 
Noncontrolling interest93 93 93 
Total equity1,977,878 1,583,192 1,584,051 
Total liabilities and shareholders’ equity$16,007,788 $13,032,490 $13,206,969 
Net interest income(b)
$148,088 $112,236 $108,427 
Interest rate spread(b)
3.14 %2.86 %2.75 %
Net interest margin(b)(e)
3.95 %3.68 %3.55 %
Cost of total deposits2.53 %2.48 %2.54 %
Average interest-earning assets to average interest-bearing liabilities134.3 %135.4 %134.1 %
Tax-equivalent adjustment$848 $821 $786 
Loans HFI yield components:
    Contractual interest rate(b)
$198,320 6.45 %$155,697 6.34 %$149,819 6.31 %
    Origination and other loan fee income1,575 0.05 %1,945 0.08 %1,797 0.08 %
    Accretion (amortization) on purchased loans7,025 0.23 %(62)— %2 — %
    Nonaccrual interest503 0.02 %384 0.02 %556 0.02 %
          Total loans HFI yield$207,423 6.75 %$157,964 6.44 %$152,174 6.41 %
(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances.
(b) Includes tax-equivalent adjustment using combined federal and blended state statutory income tax rate of 26.06%.
(c) Includes average net unrealized losses on investment securities available for sale of $64,781, $128,818 and $132,262 for the three months ended September 30, 2025, June 30, 2025 and
March 31, 2025, respectively.
(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $21,645, $25,159
and $30,731 for the three months ended September 30, 2025, June 30, 2025 and March 31, 2025, respectively.
(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation
8

Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)
 As of
Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Investment securities, at fair value
Available-for-sale debt securities:  
  U.S. government agency securities$713,910 48 %$670,088 46 %$653,197 46 %$642,264 48 %$602,942 38 %
  Mortgage-backed securities - residential599,180 40 %602,320 41 %587,587 41 %541,343 40 %816,556 52 %
  Mortgage-backed securities - commercial10,632 1 %10,678 1 %10,681 1 %8,752 1 %14,828 1 %
  Municipal securities166,033 11 %168,370 12 %165,411 12 %144,228 11 %145,396 9 %
  Treasury securities7,092 — %7,125 — %7,080 — %— — %— — %
  Corporate securities1,700 — %998 — %2,995 — %978 — %998 — %
Total available-for-sale debt securities1,498,547 100 %1,459,579 100 %1,426,951 100 %1,337,565 100 %1,580,720 100 %
Equity securities, at fair value — — %155 — %1,450 — %— — %— — %
Total investment securities, at fair value $1,498,547 100 %$1,459,734 100 %$1,428,401 100 %$1,337,565 100 %$1,580,720 100 %
Investment securities to total assets9.10 % 8.96 %8.80 %10.0 %12.0 %
Unrealized loss on available-for-sale debt securities(51,495)(47,887)(55,890)(63,262)(128,173)
Sources of liquidity
Current on-balance sheet:
  Cash and cash equivalents$1,157,76365 %$1,155,89564 %$1,280,03368 %$1,165,72968 %$794,70653 %
  Unpledged available-for-sale debt securities637,18235 %649,00036 %608,71632 %547,35432 %703,11747 %
  Equity securities, at fair value—— %155— %1,450 — %— — %—— %
Total on-balance sheet liquidity$1,794,945100 %$1,805,050100 %$1,890,199 100 %$1,713,083 100 %$1,497,823 100 %
Available sources of liquidity:
  Unsecured borrowing capacity(a)
$4,021,984 47 %$3,915,314 47 %$4,018,822 52 %$3,325,751 48 %$3,369,107 48 %
   FHLB remaining borrowing capacity2,213,25126 %2,214,79626 %1,551,28320 %1,481,37621 %1,476,68821 %
   Federal Reserve discount window2,319,52127 %2,268,59927 %2,196,78528 %2,119,01831 %2,134,44831 %
Total available sources of liquidity$8,554,756 100 %$8,398,709 100 %$7,766,890 100 %$6,926,145 100 %$6,980,243 100 %
On-balance sheet liquidity as a
    percentage of total assets		10.9 %11.1 %11.6 %12.8 %11.4 %
On-balance sheet liquidity as a
    percentage of total tangible assets*		11.2 %11.3 %11.9 %13.1 %11.6 %
On-balance sheet liquidity and available
    sources of liquidity as a percentage of
    estimated uninsured and
    uncollateralized deposits(b)
255.0 %264.8 %245.0 %289.5 %283.4 %
(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.
(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.


FB Financial Corporation
9

Loan Portfolio
(Unaudited)
(Dollars in Thousands)
 As of
 Mar 2026% of Total Dec 2025% of TotalSep 2025% of TotalJun 2025% of TotalMar 2025% of Total
Loan portfolio  
Commercial and industrial $2,239,228 18 %$2,181,935 18 %$2,155,105 17 %$1,788,911 18 %$1,782,981 18 %
Construction1,177,082 9 %1,188,494 10 %1,195,392 10 %1,022,678 10 %1,022,299 10 %
Residential real estate: 
1-to-4 family mortgage1,856,308 15 %1,838,122 15 %1,852,626 15 %1,660,696 17 %1,632,574 17 %
Residential line of credit768,190 6 %741,309 6 %707,303 6 %641,433 7 %613,868 6 %
Multi-family mortgage716,795 6 %745,360 6 %736,424 6 %587,254 6 %648,326 7 %
Commercial real estate: 
Owner-occupied2,204,731 18 %2,148,870 17 %2,124,920 17 %1,370,123 14 %1,356,007 14 %
Non-owner occupied2,869,759 23 %2,900,499 23 %2,890,233 24 %2,198,689 22 %2,153,825 22 %
Consumer and other671,722 5 %639,037 5 %635,597 5 %604,498 6 %561,656 6 %
Total loans HFI$12,503,815 100 %$12,383,626 100 %$12,297,600 100 %$9,874,282 100 %$9,771,536 100 %
Percentage of loans HFI portfolio with
    floating interest rates		52.3 %52.2 %51.5 %49.6 %49.7 %
Percentage of loans HFI portfolio with
  floating interest rates that mature after
  one year		49.0 %49.3 %48.0 %45.2 %44.4 %
Loans by market(a)
Metropolitan$5,642,300 45 %$5,812,055 47 %$5,828,109 48 %$4,964,113 50 %$5,005,392 51 %
Community3,055,745 25 %2,893,961 23 %2,876,244 23 %1,380,561 14 %1,367,412 14 %
Specialty lending and other3,805,770 30 %3,677,610 30 %3,593,247 29 %3,529,608 36 %3,398,732 35 %
Total$12,503,815 100 %$12,383,626 100 %$12,297,600 100 %$9,874,282 100 %$9,771,536 100 %
Unfunded loan commitments
Commercial and industrial $1,465,835 45 %$1,464,207 45 %$1,451,366 46 %$1,396,533 49 %$1,349,491 48 %
Construction730,199 23 %704,781 22 %731,742 23 %535,669 19 %540,992 19 %
Residential real estate:
1-to-4 family mortgage14,427 — %16,942 1 %5,581 — %3,545 — %5,094 — %
Residential line of credit837,761 26 %828,042 26 %808,961 25 %745,570 26 %743,413 27 %
Multi-family mortgage8,145 —%6,698 —%6,665 —%4,260 —%9,586 —%
Commercial real estate:
Owner-occupied97,430 3 %92,265 3 %96,287 3 %86,135 3 %68,566 3 %
Non-owner occupied59,417 2 %65,037 2 %68,293 2 %67,974 2 %63,948 2 %
Consumer and other23,763 1 %20,530 1 %21,480 1 %21,999 1 %14,547 1 %
Total unfunded loans HFI$3,236,977 100 %$3,198,502 100 %$3,190,375 100 %$2,861,685 100 %$2,795,637 100 %
(a) Prior period amounts have been recast to reflect updated definitions of market categories.
FB Financial Corporation
10

Asset Quality
As of or for the Three Months Ended
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
 Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period$185,983 $184,993 $148,948 $150,531 $151,942 
Charge-offs(4,033)(1,818)(1,709)(1,454)(3,893)
Recoveries552 380 279 973 576 
Impact of change in accounting estimate for current expected credit losses— — — (6,848)— 
Provision for credit losses on loans HFI3,822 2,428 29,957 5,746 1,906 
Initial allowance on acquired loans with credit deterioration— — 7,518 — — 
Allowance for credit losses on loans HFI at the end of the period$186,324 $185,983 $184,993 $148,948 $150,531 
Allowance for credit losses on loans HFI as a percentage of loans HFI1.49 %1.50 %1.50 %1.51 %1.54 %
Allowance for credit losses on unfunded commitments$15,398 $16,196 $17,392 $12,932 $6,493 
Charge-offs
Commercial and industrial$(2,168)$(65)$(100)$(70)$(2,901)
Construction(204)— (399)— — 
Residential real estate:
1-to-4 family mortgage(405)(368)(322)(433)(3)
Residential line of credit(23)— — — — 
Commercial real estate:
Owner occupied— — — — (17)
Consumer and other(1,233)(1,385)(888)(951)(972)
Total charge-offs(4,033)(1,818)(1,709)(1,454)(3,893)
Recoveries
Commercial and industrial101 159 12 173 42 
Construction25 — — — — 
Residential real estate:
1-to-4 family mortgage8 13 6 11 9 
Residential line of credit— — 11 1 — 
Commercial real estate:
Owner occupied13 8 4 9 21 
Non-owner occupied— — — 528 1 
Consumer and other405 200 246 251 503 
Total recoveries552 380 279 973 576 
Net charge-offs$(3,481)$(1,438)$(1,430)$(481)$(3,317)
Annualized net charge-offs as a percentage of average loans HFI0.11 %0.05 %0.05 %0.02 %0.14 %
Nonperforming assets
Loans past due 90 days or more and accruing interest$27,185 $32,751 $26,311 $21,962 $28,422 
Nonaccrual loans92,289 87,721 89,448 73,950 48,738 
Total nonperforming loans HFI
119,474 120,472 115,759 95,912 77,160 
Mortgage loans held for sale(a)
32,590 28,102 21,660 20,977 27,152 
Other real estate owned6,449 6,009 4,466 2,998 3,326 
Other repossessed assets3,518 3,564 3,314 3,151 2,791 
Total nonperforming assets$162,031 $158,147 $145,199 $123,038 $110,429 
Total nonperforming loans HFI as a percentage of loans HFI0.96 %0.97 %0.94 %0.97%0.79%
Total nonperforming assets as a percentage of total assets
0.98 %0.97 %0.89 %0.92%0.84%
Total nonaccrual loans as a percentage of loans HFI0.74 %0.71 %0.73 %0.75%0.50%
(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.

FB Financial Corporation
11

 Selected Deposit Data
(Unaudited)
(Dollars in Thousands)
 As of
Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Deposits by market(a)
Metropolitan$6,304,30745 %$6,020,09543 %$5,766,85642 %$5,359,97447 %$5,390,43448 %
Community6,741,45248 %6,926,89750 %6,822,73649 %4,713,63742 %4,819,66543 %
Brokered/wholesale574,2164 %625,6345 %487,7654 %518,7194 %414,4284 %
Escrow and other(b)
456,8603 %337,3352 %735,5985 %811,1407 %577,4715 %
Total$14,076,835100 %$13,909,961100 %$13,812,955100 %$11,403,470100 %$11,201,998100 %
Deposits by customer
    segment
Consumer$6,060,11543 %$6,063,01544 %$5,966,45843 %$4,772,58242 %$4,868,54443 %
Commercial 6,155,87444 %6,162,22144 %6,045,41844 %4,835,96842 %4,695,92342 %
Public1,860,84613 %1,684,72512 %1,801,07913 %1,794,92016 %1,637,53115 %
Total$14,076,835100 %$13,909,961100 %$13,812,955100 %$11,403,470100 %$11,201,998100 %
Estimated insured or
   collateralized deposits		$10,017,773$9,825,599$9,871,337$8,418,783$8,210,241
Estimated uninsured
   and uncollateralized
   deposits(c)
$4,059,062$4,084,362$3,941,618$2,984,687$2,991,757
Estimated uninsured and
   uncollateralized deposits
    as a % of total
    deposits(c)
28.8 %29.4 %28.5 %26.2 %26.7 %
(a) Prior period amounts have been recast to reflect updated definitions of market categories.
(b) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.
(c) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.



FB Financial Corporation
12

Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)
Computation of Tangible Common Equity to Tangible Assets:March 31, 2026December 31, 2025
Total Common Shareholders' Equity$1,973,873 $1,948,165 
Less:
    Goodwill350,353 350,353 
    Other intangibles29,415 31,284 
Tangible Common Equity$1,594,105 $1,566,528 
Total Assets$16,468,439 $16,300,292 
Less:
    Goodwill350,353 350,353 
    Other intangibles29,415 31,284 
Tangible Assets$16,088,671 $15,918,655 
Preliminary Total Risk-Weighted Assets$14,362,816 $14,253,337 
Total Common Equity to Total Assets12.0 %12.0 %
Tangible Common Equity to Tangible Assets*9.91 %9.84 %
 March 31, 2026December 31, 2025
Preliminary Regulatory Capital: 
    Common Equity Tier 1 Capital$1,656,459 $1,625,952 
    Tier 1 Capital1,656,459 1,625,952 
    Total Capital1,920,244 1,888,051 
Preliminary Regulatory Capital Ratios: 
    Common Equity Tier 1 11.5 %11.4 %
    Tier 1 Risk-Based11.5 %11.4 %
    Total Risk-Based 13.4 %13.2 %
    Tier 1 Leverage10.4 %10.3 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
FB Financial Corporation
13

 
Segment Data
(Unaudited)
(Dollars in Thousands)
 As of or for the Three Months Ended
Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Banking segment
Interest income$223,418 $233,202 $236,073 $180,960 $178,915 
Interest expense80,296 86,637 91,214 72,051 73,156 
Net interest income$143,122 $146,565 $144,859 $108,909 $105,759 
Provisions for credit losses1,987 796 34,070 582 2,189 
Noninterest income (loss)13,962 15,207 13,078 (47,720)10,660 
Salaries, commissions and employee benefits49,364 55,928 51,441 38,635 41,469 
Merger and integration costs1,447 4,611 16,057 2,734 401 
Other noninterest expense30,765 33,017 29,471 25,961 25,039 
Pre-tax net contribution (loss) after allocations$73,521 $67,420 $26,898 $(6,723)$47,321 
Total assets$15,703,248 $15,623,962 $15,598,629 $12,736,830 $12,490,097 
Efficiency ratio51.9 %57.8 %61.4 %110.0 %57.5 %
Adjusted efficiency ratio*50.9 %53.5 %50.6 %52.8 %56.5 %
Mortgage segment
Interest income$1,932 $2,036 $825 $1,124 $791 
Interest expense(911)(1,203)(1,556)(1,382)(1,091)
Net interest income$2,843 $3,239 $2,381 $2,506 $1,882 
Provisions for loan losses1,037 436 347 4,755 103 
Mortgage banking income12,253 13,505 13,484 13,029 12,426 
Other noninterest income (loss)160 83 73 139 (54)
Salaries, commissions and employee benefits7,984 7,601 7,769 7,996 6,882 
Other noninterest expense5,604 6,391 5,118 5,935 5,758 
Pre-tax net contribution (loss) after allocations$631 $2,399 $2,704 $(3,012)$1,511 
Total assets $765,191 $676,330 $637,830 $617,408 $646,352 
Efficiency ratio89.1 %83.2 %80.9 %88.9 %88.7 %
Adjusted efficiency ratio*89.6 %83.2 %80.9 %89.1 %87.9 %
Interest rate lock commitments volume$490,265 $385,516 $432,149 $456,720 $381,777 
Interest rate lock commitments pipeline (period end)$133,669 $86,586 $128,961 $127,004 $118,200 
Mortgage loan sales$295,123 $336,085 $343,450 $391,061 $222,805 
Gains and fees from origination and sale of mortgage loans held for sale$8,517 $9,976 $9,237 $11,200 $5,602 
Net change in fair value of loans held for sale, derivatives, and other1,008 (57)801 (876)2,816 
Mortgage servicing income6,580 6,668 6,836 6,936 7,077 
Change in fair value of mortgage servicing rights, net of hedging(3,852)(3,082)(3,390)(4,231)(3,069)
Total mortgage banking income$12,253 $13,505 $13,484 $13,029 $12,426 
Mortgage sale margin(a)
2.89 %2.97 %2.69 %2.86 %2.51 %
*Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein.
(a) Calculated by dividing gains and fees from origination and sale of mortgage loans held for sale by total mortgage sales.
FB Financial Corporation
14

Non-GAAP Reconciliations
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months Ended
Adjusted net incomeMar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Income (loss) before income taxes$74,152 $69,819 $29,602 $(9,735)$48,832 
Less gain (loss) from securities, net1 64 12 (60,549)16 
Less (loss) gain on sales or write-downs of premises and equipment, other real estate
   owned and other assets, net		(320)(131)(646)236 (625)
Less cash life insurance benefit763 1,148 — — — 
Plus initial provision for credit losses on acquired
    loans and unfunded commitments		— — 28,366 — — 
Plus early retirement and severance costs— 1,395 — — — 
Plus loss on lease terminations and other branch
    closure costs		5 12 270 — — 
Plus certain nonrecurring charitable contributions— 1,130 — — — 
Plus merger and integration costs1,447 4,611 16,057 2,734 401 
Adjusted pre-tax net income75,160 75,886 74,929 53,312 49,842 
Less income tax expense, adjusted for items
   above(a)
16,889 14,392 17,323 3,778 9,734 
Plus income tax benefit(b)
— — — (8,713)— 
Adjusted net income$58,271 $61,494 $57,606 $40,821 $40,108 
Weighted average common shares outstanding - fully
     diluted		52,203,469 53,074,753 53,957,062 46,179,090 47,024,211 
Adjusted diluted earnings per common share
Diluted earnings per common share$1.10 $1.07 $0.43 $0.06 $0.84 
Adjusted diluted earnings per common share $1.12 $1.16 $1.07 $0.88 $0.85 
(a) Adjusted items calculated using the combined federal and blended state statutory income tax rate of 26.06% for all periods, excluding nondeductible items for merger and integration costs
(b) Represents a non-recurring tax benefit recorded during the three months ended June 30, 2025 due to the expiration of the statute of limitations with respect to an amended income tax return.















FB Financial Corporation
15

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
Three Months Ended
Adjusted pre-tax pre-provision net revenueMar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Income (loss) before income taxes$74,152 $69,819 $29,602 $(9,735)$48,832 
Plus provisions for credit losses3,024 1,232 34,417 5,337 2,292 
Pre-tax pre-provision net revenue77,176 71,051 64,019 (4,398)51,124 
Less gain (loss) from securities, net1 64 12 (60,549)16 
Less (loss) gain on sales or write-downs of
    premises and equipment, other real estate
    owned and other assets, net		(320)(131)(646)236 (625)
Less cash life insurance benefit763 1,148 — — — 
Plus early retirement and severance costs— 1,395 — — — 
Plus loss on lease terminations and other branch
   closure costs		5 12 270 — — 
Plus certain nonrecurring charitable contributions— 1,130 — — — 
Plus merger and integration costs1,447 4,611 16,057 2,734 401 
Adjusted pre-tax pre-provision net revenue$78,184 $77,118 $80,980 $58,649 $52,134 
 
Three Months Ended
Adjusted tangible net incomeMar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Income (loss) before income taxes$74,152 $69,819 $29,602 $(9,735)$48,832 
Plus amortization of core deposit and other
   intangibles		1,869 1,932 2,079 631 656 
Less gain (loss) from securities, net1 64 12 (60,549)16 
Less (loss) gain on sales or write-downs of
     premises and equipment, other real estate
     owned and other assets, net		(320)(131)(646)236 (625)
Less cash life insurance benefit763 1,148 — — — 
Plus initial provision for credit losses on acquired
    loans and unfunded commitments		— — 28,366 — — 
Plus early retirement and severance costs— 1,395 — — — 
Plus loss on lease terminations and other branch
   closure costs		5 12 270 — — 
Plus certain nonrecurring charitable contributions— 1,130 — — — 
Plus merger and integration costs1,447 4,611 16,057 2,734 401 
Less income tax expense, adjusted for items
    above(a)
17,376 14,895 17,864 3,942 9,905 
Plus income tax benefit(b)
— — — (8,713)— 
Adjusted tangible net income$59,653 $62,923 $59,144 $41,288 $40,593 
(a) Adjusted items calculated using the combined federal and blended state statutory income tax rate of 26.06% for all periods, excluding nondeductible items for merger and integration costs.
(b) Represents a non-recurring tax benefit recorded during the three months ended June 30, 2025 due to the expiration of the statute of limitations with respect to an amended income tax return.
FB Financial Corporation
16

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Adjusted efficiency ratio (tax-
    equivalent basis)		Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Total noninterest expense$95,164 $107,548 $109,856 $81,261 $79,549 
Less early retirement and severance costs— 1,395 — — — 
Less loss on lease terminations and other branch
    closure costs		5 12 270 — — 
Less certain nonrecurring charitable contributions— 1,130 — — — 
Less merger and integration costs1,447 4,611 16,057 2,734 401 
Adjusted noninterest expense$93,712 $100,400 $93,529 $78,527 $79,148 
Net interest income$145,965 $149,804 $147,240 $111,415 $107,641 
Net interest income (tax-equivalent basis)146,774 150,642 148,088 112,236 108,427 
Total noninterest income (loss)26,375 28,795 26,635 (34,552)23,032 
Less gain (loss) from securities, net1 64 12 (60,549)16 
Less (loss) gain on sales or write-downs of
   premises and equipment, other real estate owned
    and other assets, net		(320)(131)(646)236 (625)
Less cash life insurance benefit763 1,148 — — — 
Adjusted noninterest income25,931 27,714 27,269 25,761 23,641 
Total revenue$172,340 $178,599 $173,875 $76,863 $130,673 
Adjusted revenue (tax-equivalent basis)$172,705 $178,356 $175,357 $137,997 $132,068 
Efficiency ratio55.2%60.2%63.2%105.7%60.9%
Adjusted efficiency ratio (tax-equivalent basis)54.3%56.3%53.3%56.9%59.9%
FB Financial Corporation
17

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Banking segment adjusted efficiency ratio (tax-
    equivalent)		Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Banking segment noninterest expense$81,576 $93,556 $96,969 $67,330 $66,909 
Less early retirement and severance costs— 1,395 — — — 
Less loss on lease terminations and other branch
    closure costs		5 12 270 — — 
Less certain nonrecurring charitable contributions— 1,130 — — — 
Less merger and integration costs1,447 4,611 16,057 2,734 401 
Banking segment adjusted noninterest expense$80,124 $86,408 $80,642 $64,596 $66,508 
Banking segment net interest income $143,122 $146,565 $144,859 $108,909 $105,759 
Banking segment net interest income (tax-equivalent
    basis)		143,931 147,403 145,707 109,730 106,545 
Banking segment noninterest income (loss)13,962 15,207 13,078 (47,720)10,660 
Less gain (loss) from securities, net1 64 12 (60,549)16 
Less cash life insurance benefit763 1,148 — — — 
Less loss on sales or write-downs of
    premises and equipment, other real estate owned
    and other assets, net		(409)(131)(646)203 (497)
Banking segment adjusted noninterest income13,607 14,126 13,712 12,626 11,141 
Banking segment total revenue$157,084 $161,772 $157,937 $61,189 $116,419 
Banking segment total adjusted revenue (tax-
     equivalent basis)		$157,538 $161,529 $159,419 $122,356 $117,686 
Banking segment efficiency ratio 51.9%57.8%61.4%110.0%57.5%
Banking segment adjusted efficiency ratio (tax-
     equivalent basis)		50.9%53.5%50.6%52.8%56.5%
FB Financial Corporation
18

Non-GAAP Reconciliations (continued)
Unaudited
(Dollars in Thousands)
Three Months Ended
Mortgage segment adjusted efficiency ratio (tax-
      equivalent)		Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Mortgage segment noninterest expense$13,588 $13,992 $12,887 $13,931 $12,640 
Mortgage segment adjusted noninterest expense$13,588 $13,992 $12,887 $13,931 $12,640 
Mortgage segment net interest income$2,843 $3,239 $2,381 $2,506 $1,882 
Mortgage segment noninterest income12,413 13,588 13,557 13,168 12,372 
Less gain (loss) on sales or write-downs of
    premises and equipment, other real estate owned
    and other assets, net		89 — — 33 (128)
Mortgage segment adjusted noninterest income12,324 13,588 13,557 13,135 12,500 
Mortgage segment total revenue$15,256 $16,827 $15,938 $15,674 $14,254 
Mortgage segment adjusted total revenue$15,167 $16,827 $15,938 $15,641 $14,382 
Mortgage segment efficiency ratio 89.1%83.2%80.9%88.9%88.7%
Mortgage segment adjusted efficiency ratio (tax-
     equivalent basis)		89.6%83.2%80.9%89.1%87.9%
FB Financial Corporation
19

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
As of
Tangible assets, common equity and related
     measures		Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Tangible assets
Total assets$16,468,439 $16,300,292 $16,236,459 $13,354,238 $13,136,449 
Less goodwill350,353 350,353 350,353 242,561 242,561 
Less intangibles, net29,415 31,284 33,216 4,475 5,106 
Tangible assets$16,088,671 $15,918,655 $15,852,890 $13,107,202 $12,888,782 
Tangible common equity
Total common shareholders’ equity$1,973,873 $1,948,165 $1,978,043 $1,611,130 $1,601,962 
Less goodwill350,353 350,353 350,353 242,561 242,561 
Less intangibles, net29,415 31,284 33,216 4,475 5,106 
Tangible common equity$1,594,105 $1,566,528 $1,594,474 $1,364,094 $1,354,295 
Common shares outstanding51,418,024 51,752,401 53,456,522 45,807,689 46,514,547 
Book value per common share$38.39 $37.64 $37.00 $35.17 $34.44 
Tangible book value per common share$31.00 $30.27 $29.83 $29.78 $29.12 
Total common shareholders’ equity to total assets12.0%12.0%12.2%12.1%12.2%
Tangible common equity to tangible assets9.91%9.84%10.1%10.4%10.5%
On-balance sheet liquidity:
Cash and cash equivalents$1,157,763 $1,155,895 $1,280,033 $1,165,729 $794,706 
Unpledged securities637,182 649,000 608,716 547,354 703,117 
Equity securities, at fair value— 155 1,450 — — 
Total on-balance sheet liquidity$1,794,945 $1,805,050 $1,890,199 $1,713,083 $1,497,823 
On-balance sheet liquidity as a percentage of total
     assets		10.9%11.1%11.6%12.8%11.4%
On-balance sheet liquidity as a percentage of total
      tangible assets		11.2%11.3%11.9%13.1%11.6%
FB Financial Corporation
20

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
 Three Months Ended
Adjusted return on average tangible common
     equity and related measures		Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Average common shareholders’ equity$1,965,877$1,956,633$1,977,785$1,583,099$1,583,958
Less average goodwill350,353350,353350,355242,561242,561
Less average intangibles, net30,39432,30134,9834,7915,426
Average tangible common equity$1,585,130$1,573,979$1,592,447$1,335,747$1,335,971
Net income$57,526$56,977$23,375$2,909$39,361
Return on average common equity11.9%11.6%4.69%0.74%10.1%
Return on average tangible common equity14.7%14.4%5.82%0.87%11.9%
Adjusted tangible net income$59,653$62,923$59,144$41,288$40,593
Adjusted return on average tangible common equity15.3%15.9%14.7%12.4%12.3%

Three Months Ended
Adjusted return on average assets, common equity and related measuresMar 2026Dec 2025Sep 2025Jun 2025Mar 2025
Net income $57,526$56,977$23,375$2,909$39,361
Average assets16,258,27216,151,19516,007,78813,032,49013,206,969
Average common equity1,965,8771,956,6331,977,7851,583,0991,583,958
Return on average assets1.43%1.40%0.58%0.09%1.21%
Return on average common equity11.9%11.6%4.69%0.74%10.1%
Adjusted net income$58,271$61,494$57,606$40,821$40,108
Adjusted return on average assets1.45%1.51%1.43%1.26%1.23%
Adjusted return on average common equity12.0%12.5%11.6%10.3%10.3%
Adjusted pre-tax pre-provision net income$78,184$77,118$80,980$58,649$52,134
Adjusted pre-tax pre-provision return on average
     assets		1.95%1.89%2.01%1.81%1.60%
FB Financial Corporation
21
April 14, 2026 2026 First Quarter Earnings Presentation

 

1 Forward–looking statements Certain statements contained in this Presentation 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. 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) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from acquisitions, including risks that cost savings and other synergies from completed or future mergers may not be realized (or may be less than or delayed from expectations), challenges in integrating acquired businesses, disruptions to customer, employee, or other relationships, diversion of management attention, and the ability to effectively manage larger or more complex operations post- transaction; (7) 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, (8) the Company’s ability to successfully execute its various business strategies, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (10) 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, (11) the Company’s dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (12) the impact, extent and timing of technological changes, (13) concentrations of credit or deposit exposure, (14) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (15) 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 (16) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward- looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, 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 Presentation, 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.

 

2 Use of non-GAAP financial measures This Presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted pre-tax pre-provision net revenue, consolidated and segment adjusted revenue, consolidated and segment adjusted noninterest expense and adjusted noninterest income, consolidated and segment adjusted efficiency ratio (tax-equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be adjusted in nature. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, return on average tangible common equity, and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-adjusted gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non- GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Presentation for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

 

3 FirstBank receives JD Power award FirstBank ranked #1 for Retail Banking Customer Satisfaction in the South Central Region This award highlights FirstBank’s core values by ranking the Company as #1 in …. Trust People About the award: • JD Power 2026 Retail Banking Satisfaction StudySM • Feedback received from +100,000 retail banking customers across the U.S. • Measures satisfaction across multiple core dimensions of the banking experience • For JD Power 2026 award information, visit jdpower.com/awards “For our customers’ feedback to result in us ranking #1 is a significant honor. It demonstrates that our approach of pairing the latest in financial products and capabilities with a century of hometown heart truly sets the FirstBank experience apart.” Christopher Holmes, President and CEO

 

4 1Q 2026 Results 1 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. Key highlights Earnings • Net income of $57.5 million or $58.3 million (adjusted)1 • Softer revenue on the shorter quarter & full impact of prior quarter rate cuts • Lower expenses drive increased operating leverage • Pre-tax pre-provision net revenue up ~8.5% or ~1.4% (adjusted)1 • Returns remain strong  ROATCE1 14.7% or 15.3% (adjusted)1 Balance Sheet • Loans HFI balances up ~4% annualized • Deposit balances up ~5% annualized • Momentum building with pipeline growth back half of 1Q Credit • ACL coverage ratio of 1.49% • Annualized net charge-offs of 0.11% Capital • Opportunistic share repurchase activity driven by late-quarter market volatility • Capital position remains strong – • Tangible Common Equity to Tangible Assets1 of 9.91% • CET 1 Ratio 11.5% and Total Risk-Based Capital 13.4% (preliminary) Reported Adjusted1 Diluted earnings per common share $ 1.10 $ 1.12 Pre-Tax Pre-Provision Net Revenue ($mm) $ 77.2 $ 78.2 Net interest margin (tax-equivalent basis) 3.94% 3.94% Efficiency Ratio 55.2% 54.3% Return on average assets 1.43% 1.45% Return on average tangible common equity1 14.7% 15.3%

 

5 1Q 2026 Earnings Quarter ended $ Change from $ in thousands, except per share data 1Q26 4Q25 1Q25 4Q25 1Q25 Total Revenue 172,340 178,599 130,673 (6,259) 41,667 Provision for credit losses 3,024 1,232 2,292 1,792 732 Noninterest Expense 95,164 107,548 79,549 (12,384) 15,615 Pre-tax income 74,152 69,819 48,832 4,333 25,320 Income tax expense 16,626 12,834 9,471 3,792 7,155 Noncontrolling Interest - 8 - (8) - Net income 57,526 56,977 39,361 549 18,165 Total non-gaap adjustments1 745 4,517 747 (3,772) (2) Adjusted net income2 58,271 61,494 40,108 (3,223) 18,163 Diluted earnings per share $ 1.10 $ 1.07 $ 0.84 $ 0.03 $ 0.26 Adjusted diluted earnings per share2 $ 1.12 $ 1.16 $ 0.85 ($ 0.04) $ 0.27 Non-GAAP Reconciliation $ in thousands 1Q26 Income before income taxes 74,152 Plus merger and integration costs 1,447 Less cash life insurance benefit 763 Less loss on sales or write-downs of premises and equipment, other real estate owned and other assets, net (320) Plus other items, net 4 Less income tax expense, adj for items above 16,889 Adjusted Net Income2 58,271 Net Income 57,526 Total non-gaap adjustments1 745 1 Non-GAAP financial measure; Represents the aggregate total of items that comprise the difference between Net Income and Adjusted Net Income. See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. • Pre-tax income up ~6% in 1Q 26 • Fewer days in the quarter drives a seasonal decline in Net Interest Income (NII) • Higher provision expense due to reserve build back on balance sheet growth and economic uncertainty • Expenses decreased in the quarter – • Lower personnel costs including moderating performance-based incentive expense • Lower merger and integration costs – no future costs expected from SSBK transaction

 

6 Driving shareholder value ¹ Non-GAAP financial measure; See “Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 1Q26 calculation is preliminary and subject to change. $2.57 $2.48 $2.45 $1.10 $3.01 $3.40 $3.99 $1.12 2023 2024 2025 2026 YTD Earnings per share Adjusted earnings per share Earnings per Share $14 $14 $20 $22 $25 $27 $30 $28 $31 $34 $38 $38 $12 $12 $15 $17 $19 $22 $25 $23 $26 $28 $30 $31 3Q16 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 26 BVPS TBVPS 15.2% 14.7% 13.6% 13.2% 13.4% 1Q25 2Q25 3Q25 4Q25 1Q26 0.79% 0.97% 0.94% 0.97% 0.96% 1Q25 2Q25 3Q25 4Q25 1Q26 $52.1 $58.6 $81.0 $77.1 $78.2 1Q25 2Q25 3Q25 4Q25 1Q 26 Book Value per Share Total RBC Ratio2 NPLs / Total Loans HFIAdjusted ROATCE1Adjusted PPNR1 (in millions) 1 1 $1,354 $1,364 $1,594 $1,567 $1,594 12.3% 12.4% 14.7% 15.9% 15.3% 1Q25 2Q25 3Q25 4Q25 1Q 26 Tangible Common Equity Adj ROATCE11

 

7 Net Interest Margin $108.4 $112.2 $148.1 $150.6 $146.8 3.55% 3.68% 3.95% 3.98% 3.94% 1Q25 2Q25 3Q25 4Q25 1Q26 FTE NII / NIM Trend ($ millions) Net Interest Income (NII) Net Interest Margin (NIM) Highlights Net Interest Income Rollforward ($ in thousands) 4Q25 Net Interest Income 150,642 Impact of loan & deposit rate changes 81 Impact of loan volume changes 771 Impact of deposit volume changes (657) Impact of rate & volume change on cash (668) Impact of day count (3,257) Impact of all other changes (139) 1Q26 Net Interest Income 146,774 • NII lower in the quarter driven by day count and the first full quarter’s impact of 4Q benchmark interest rate cuts • Net interest margin (NIM) impacted by lower loan yields and the larger balance sheet • Accretion on purchased loans contributed ~$6.3 million or 17 bps to NIM in 1Q

 

8 Noninterest Income & Expense $79.5 $107.5 $95.2 60.9% 60.2% 55.2% 1Q25 4Q25 1Q26 Noninterest Expense ($ millions) Noninterest Expense Efficiency Ratio $79.1 $100.4 $93.7 59.9% 56.3% 54.3% 1Q25 4Q25 1Q26 Adj. Noninterest Expense ($ millions) Adj. Noninterest Expense Adj. Efficiency Ratio $23.0 $28.8 $26.4 $23.6 $27.7 $25.9 1Q25 4Q25 1Q26 Noninterest Income ($ millions) Noninterest Income Adj. Noninterest Income Highlights 1 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 1 1 1 Noninterest income: • Day count impacts core fees such as mortgage, atm/interchange, etc. • Mortgage income down ~$1.3 mm, partially due to increased market volatility and uncertainty • Decrease in BOLI income of ~$400k, as 4Q included a non-recurring benefit payment • Service charges and swap fees up during the quarter Noninterest expense: • Personnel costs down with a return to normalized incentive levels • Lower merger & integration costs in the period – with no further costs expected • Decreases also noted in Legal & Professional, Data Processing, and Marketing

 

9 Loans HFI $9.77 $9.87 $12.30 $12.38 $12.50 6.41% 6.44% 6.75% 6.64% 6.51% 1Q 25 2Q25 3Q25 4Q25 1Q26 Loans HFI / Total Yield ($ billions) Loans HFI Total Loan HFI Yield 1-4 family 15% 1-4 family HELOC 6% Multifamily 6% C&D 9% CRE 23% C&I 36% Other 5% Portfolio Mix $12.5 Billion 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. Note: Loan yield shown above includes a tax-equivalent adjustment using combined federal and blended state statutory income tax rate of 26.06%. 1 2 • Ending Loan HFI balances were $12.5 billion, up $120 million in the quarter or ~4% annualized • Key growth categories include – • Commercial & Industrial loans up $57mm • CRE Owner-Occupied loans up $56mm • Resi Mortgage loans & HELOCs up $18mm and $27mm, respectively • Lower loan yields a result of repricing of variable rate loans into lower overall benchmark interest rates during the period

 

10 Office 17% Retail 20% Hotel 18% Warehouse/Industrial 20% Land-Manufactured Housing 4% Self Storage 5% Healthcare Facility 2% Assisted Living Facility 6% Other 8% Residential Development 33% Commercial 35% Consumer 23% Multifamily 9% Construction 25% Land 5% Lots 3% Diversified loan portfolio CRE2 exposure by type Note: Data as of March 31, 2026. 1 C&I includes owner-occupied CRE. 2 Excludes owner-occupied CRE. 3Includes certain “assignment of catalog” lending which pertains to a security interest in a borrower’s intellectual property, at FirstBank this most notably applies to music catalogs. C&D exposure by type C&I1 Exposure by Industry ($ millions) Industry C&I CRE-OO Total % of Total Real estate rental and leasing $313 $269 $582 13% Retail trade 115 406 521 12% Manufacturing 251 258 509 12% Other services (except public administration) 76 274 350 8% Finance and insurance 307 18 325 7% Health care and social assistance 54 227 281 6% Wholesale trade 183 94 277 6% Accommodation and food services 74 198 272 6% Construction 174 90 264 6% Information3 181 13 194 4% Transportation and warehousing 104 87 191 4% Professional, scientific and technical services 118 65 183 4% Arts, entertainment and recreation 64 64 128 3% Administrative and support and waste management and remediation services 73 37 110 3% Other 152 105 257 6% Total $2,239 $2,205 $4,444 100% Land 18% Office 3% Other 14% Construction 15% Land 8%

 

11 Nashville 39% Memphis 6%Knoxville 3% Huntsville 6% Birmingham 14% Chattanooga 1% Other 10% Communities 21% Class A 21% Class B 44% Class C 12% Under $2 Million 23% Office exposure Geographic exposure Note: Data as of March 31, 2026. Data is only non-owner occupied CRE & C&D loans. Data excludes medical office buildings. Credit detail by class Class Outstanding ($mm) Avg. Balance ($mm) Wtd. Avg. LTV Wtd. Avg Occupancy Class A > $2 million $108.4 $7.2 57.5% 93.0% Class B > $2 million 227.7 5.6 63.5% 80.3% Class C > $2 million 64.9 5.9 64.3% 83.5% Total > $2 million $401.0 $6.0 62.0% 84.3% Total < $2 million 121.4 0.6 N/A N/A Total Office $522.4 $1.9 N/A N/A Exposure by class • Office loans as of 1Q26 – • Represent ~4% of total Loans HFI population • 99% of portfolio is pass rated and current • 16% of portfolio matures by year-end 2026 • 52% fixed rate & 48% floating rate • Continuous monitoring of office loans greater than $2 million shows minimal concerns • Projects generally characterized by 25-30% cash equity requirement, loan to value maximums of 70%-75% at origination, and requests for guarantors

 

12 Valuable deposit base Cost of deposits 19.3% 19.2% 19.5% 18.9% 18.9% 2.54% 2.48% 2.53% 2.40% 2.27% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 1Q25 2Q25 3Q25 4Q25 1Q26 Noninterest-bearing as % of total deposits Cost of total deposits (%) Deposits by customer segment ($billions) • Deposit balances ended at $14.1 billion, up $167 million or ~5% annualized • Customer deposits up ~3% annualized – led by growth in CDs, Savings, and seasonal Public Funds • 4Q deposit repricing drove decline in cost of funds and led to declines in rate-sensitive money market balances Highlights Noninterest -bearing checking 19% Interest- bearing checking 19% Money market & savings 42% Time 20% 38% Checking accounts 1Q26 Deposit composition $4.9 $4.8 $6.0 $6.1 $6.1 $4.7 $4.8 $6.0 $6.2 $6.1 $1.6 $1.8 $1.8 $1.7 $1.9 $11.2 $11.4 $13.8 $14.0 $14.1 1Q25 2Q25 3Q25 4Q25 1Q26 Consumer Commercial Public Total

 

13 Asset Quality Metrics 0.63% 0.76% 0.76% 0.80% 0.78% 0.21% 0.16% 0.13% 0.17% 0.20% 0.84% 0.92% 0.89% 0.97% 0.98% 1Q25 2Q25 3Q25 4Q25 1Q26 Nonperforming Assets / Total Assets Other NPAs Optional GNMA repurchase • Higher charge-off levels during the quarter a result of unique borrower situations, not broader economic themes • Underlying credit quality remains solid with stable nonperforming loan and asset ratios • Reserve levels remain adequate and relatively stable $150.5 $148.9 $185.0 $186.0 $186.3 1.54% 1.51% 1.50% 1.50% 1.49% 1Q25 2Q25 3Q25 4Q25 1Q26 Allowance for Credit Losses & Coverage Ratio ($ millions) ACL ACL Coverage Ratio 13Q25 provision expense includes the impact of day one provision for non-PCD acquired loans and unfunded commitments. 2Includes other real estate owned and repossessed assets–see page 13 of the 1Q26 Financial Supplement. Highlights 2 $2,292 $5,337 $34,417 $1,232 $3,024 0.14% 0.02% 0.05% 0.05% 0.11% 1Q25 2Q25 3Q25 4Q25 1Q26 Provision for Credit Losses & Net Charge Offs ($ thousands) Provision for Credit Losses NCO Ratio (ann.) 1

 

14 1.54% 0.87% 1.31% 0.89% 2.51% 1.76% 1.60% 1.82% 3.59% 1.50% 1.11% 1.25% 1.01% 2.16% 1.64% 1.81% 1.43% 3.49% 1.49% 1.14% 1.22% 1.00% 2.34% 1.45% 1.79% 1.37% 3.29% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 1Q25 4Q25 1Q26 Allowance Modeling & Reserve Allocation ACL on loans HFI / Loans HFI by category • In 1Q equities and broader markets were noticeably more volatile due to geopolitical events and a sharp increase in oil prices • Economic forecasts include consideration of these events at varying levels • Certain macro economic forecast variables were still improved compared to the 4Q outlook • 1.49% ACL coverage ratio at period end Key forecast inputs1 2Q26 3Q26 4Q26 1Q27 National Unemployment Rate 4.5 4.5 4.5 4.5 CRE Price Index 1.4 1.4 1.4 1.4 National Housing Price Index 0.15 0.69 0.23 -0.01 Prime Rate 6.1 5.9 5.6 5.6 1 Source: Moody’s “March 2026 U.S. Macroeconomic Outlook Baseline Scenario”, with the exception of the National Housing Price Index which also incorporates components of the Mortgage Bankers Association Mortgage Finance Forecast.

 

15 Capital & Liquidity Simple Capital Structure Common Equity Tier 1 Capital 86% Subordinated Notes 5% Tier 2 ACL 9% Total regulatory capital: $1,920 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. 2 1Q26 calculation is preliminary and subject to change. 3 Includes capacity from internal policy and does not include loans held at the REIT that could be pledged for additional capacity. On-balance sheet liquidity ($mm) $1,498 $1,713 $1,890 $1,805 $1,795 11.6% 13.1% 11.9% 11.3% 11.2% 1Q25 2Q25 3Q25 4Q25 1Q26 On-balance sheet liquidity On-balance sheet liquidity / tangible assets Capital Position 1Q25 4Q25 1Q26 Shareholder’s Equity/Assets 12.2% 12.0% 12.0% TCE/TA1 10.5% 9.84% 9.91% Common Equity Tier 12 12.8% 11.4% 11.5% Tier 1 Risk-Based2 13.1% 11.4% 11.5% Total Risk-Based2 15.2% 13.2% 13.4% AOCI Adjusted Ratios:1,2 Adj. Common Equity Tier 1 11.3% Adj. Total Risk-Based 13.2% 1 • Capital and liquidity levels remain strong and well- above required regulatory thresholds • Executed ~$22 million in share buy backs in 1Q 26 • Securities portfolio makes up 9% of total assets and does not include any HTM securities • 1Q26 available sources of liquidity – • $1.8 billion on-balance sheet • $8.6 billion total other sources3

 

16 Mortgage results 2.51% 2.86% 2.69% 2.97% 2.89% 1Q25 2Q25 3Q25 4Q25 1Q26 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin $329 $402 $342 $279 $366 $53 $55 $90 $107 $124 $382 $457 $432 $386 $490 1Q25 2Q25 3Q25 4Q25 1Q26 Purchase Refinance Highlights Mortgage Banking Segment ($ thousands) 1Q25 4Q25 1Q26 Total Revenue $ 14,254 $ 16,827 $ 15,256 Provision for loan losses 103 436 1,037 Noninterest expense 12,640 13,992 13,588 Pre-tax net contribution after allocations 1,511 2,399 631 Total Assets 646,352 676,330 765,191 Efficiency Ratio 88.7% 83.2% 89.1% Core Efficiency Ratio1 87.9% 83.2% 89.6% 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures” and Non-GAAP reconciliations herein. • Mortgage segment pre-tax net contribution of $631 thousand • Rate lock activity up in the quarter including ~$134 million in pipeline at quarter end • Economic uncertainty set in during the back half of the quarter slowing deal flow and close timelines, leading to lower segment revenue

 

17 Appendix

 

18 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

 

19 GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share

 

20 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue

 

21 GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue

 

22 GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income

 

23 GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income

 

24 GAAP reconciliations and use of non-GAAP financial measures Adjusted total risk-based capital

 

25 GAAP reconciliations and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis)

 

26 GAAP reconciliations and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis)

 

27 GAAP reconciliations and use of non-GAAP financial measures Banking segment core efficiency ratio (tax-equivalent basis)

 

28 GAAP reconciliations and use of non-GAAP financial measures Mortgage segment core efficiency ratio (tax-equivalent basis)

 

29 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures

 

30 GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures

 

31 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures

 

32 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures

 

33 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets, common equity and related measures

 

34 GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets, common equity and related measures

 

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