If You Invested in Fb Financia (FBK)

FB Financial Corporation (NYSE: FBK) is a bank holding company in the commercial banking industry. According to its public disclosures, FB Financial operates through its wholly owned banking subsidiary, FirstBank, and focuses on commercial and consumer banking services within its regional footprint. The company is classified in the finance and insurance sector and is listed on the New York Stock Exchange under the symbol FBK.

FB Financial reports that it operates in two primary segments: Banking and Mortgage. The Banking segment provides deposit and lending products and services to corporate, commercial and consumer customers. These activities include taking customer deposits and extending loans, which are core activities for a commercial bank. The Mortgage segment includes the servicing of residential mortgage loans and the packaging and securitization of loans to governmental agencies, as described in the company’s profile information.

Through FirstBank, FB Financial indicates that it provides commercial and consumer banking services to clients in select markets in Tennessee, North Alabama and North Georgia. In a later Business Wire release filed as an exhibit in an 8-K, the company states that FB Financial, through FirstBank, operates in Tennessee, Alabama, Kentucky and Georgia and, including the impact of its merger with Southern States Bancshares, has 93 full-service bank branches and approximately $16 billion of total assets as of the date referenced in that release. These details illustrate that FB Financial functions as a regional banking organization with a branch-based model.

The company’s public earnings releases and related Form 8-K filings emphasize its focus on loan and deposit growth, net interest margin performance, and noninterest income, including mortgage banking income. For example, in its third quarter 2025 earnings press release furnished on Form 8-K, FB Financial reports balances for loans held for investment, total deposits, and investment securities, and discusses net interest income and net interest margin. The same release notes that mortgage banking income contributes to noninterest income and that the company tracks measures such as core noninterest income and core noninterest expense, which are presented as non-GAAP financial measures in its financial supplements.

FB Financial’s disclosures also highlight its use of capital management tools. In a Form 8-K dated September 15, 2025, the company reports that its board of directors renewed a stock repurchase plan authorizing the purchase of up to a specified dollar amount of its common stock, with the authorization extending until a stated termination date or until the amount is fully used. In another 8-K dated November 14, 2025, FB Financial describes a share purchase agreement involving the sale of shares by a selling shareholder to institutional investors and a separate share repurchase agreement under which the company agreed to repurchase shares from the same shareholder at a specified purchase price per share, conducted under its repurchase authorization.

Strategic growth through mergers is another theme in FB Financial’s filings and news. On July 1, 2025, the company announced the closing of its merger with Southern States Bancshares, Inc., the parent of Southern States Bank. In that Business Wire release, FB Financial notes that Southern States shareholders received shares of FB Financial common stock based on a fixed exchange ratio and that Southern States’ shares ceased trading after the market closed on June 30, 2025. The release also provides historical asset, loan and deposit figures for both Southern States and FB Financial as of March 31, 2025, and states that, including the impact of the merger, FB Financial has approximately $16 billion in total assets and 93 full-service branches across its footprint.

Subsequent earnings releases furnished on Form 8-K for the second and third quarters of 2025 describe how the Southern States merger affected FB Financial’s balance sheet and operations. The company attributes increases in loans held for investment and deposits in the third quarter of 2025 primarily to the merger and discusses merger and integration costs in its noninterest expense. The releases also reference the company’s efforts to align and optimize both sides of the balance sheet, including investment securities sales, debt redemptions and deposit cost management, as part of its approach to managing net interest margin and capital.

FB Financial’s regulatory filings further describe its regulatory environment. In an 8-K dated December 4, 2025, the company reports that, effective December 2, 2025, FirstBank became a member of the Federal Reserve System. As a result, the Board of Governors of the Federal Reserve System assumed the role as the bank’s primary federal regulator, succeeding the Federal Deposit Insurance Corporation, while the Tennessee Department of Financial Institutions continues to serve as the bank’s primary state regulator. The filing notes that this change in primary federal regulator does not affect customers’ day-to-day experience and that customer deposits remain insured by the Federal Deposit Insurance Corporation to the greatest extent permitted by law.

FB Financial also discloses capital and funding actions in its 8-K filings. For example, in a filing dated September 5, 2025, the company reports that it redeemed all of its outstanding 4.50% fixed-to-floating rate subordinated notes due 2030 at a redemption price equal to 100% of principal plus accrued and unpaid interest, in accordance with the terms of the notes. Earnings releases discuss the impact of such actions on net interest margin and capital ratios, and provide non-GAAP measures such as tangible common equity to tangible assets and adjusted pre-tax, pre-provision net revenue, with reconciliations included in separate financial supplements.

FB Financial’s public communications also describe aspects of its management and governance. An 8-K dated September 18, 2025, reports that the compensation committee of the board approved a realignment of certain management responsibilities, including naming the company’s chief financial officer as chief operating officer in addition to that role and naming a chief credit officer. The filing notes that amended and restated employment agreements were entered into to reflect these new positions and compensation adjustments, and that the full text of the agreements would be filed as exhibits to a subsequent Form 10-Q. In the merger closing press release, the company also announces the appointment of a former Southern States director to FB Financial’s board, describing his business background.

Overall, based on its own descriptions and filings, FB Financial Corporation is a regional bank holding company whose business centers on commercial and consumer banking through FirstBank, with additional activities in mortgage servicing and loan securitization. It emphasizes growth through both organic expansion and acquisitions, such as the Southern States merger, and it reports on capital management, regulatory status, and financial performance through regular earnings releases and SEC filings.

Business Segments

According to the company’s profile information, FB Financial reports two main segments:

• Banking segment – Provides deposit and lending products and services to corporate, commercial and consumer customers. This segment encompasses the core commercial banking activities that generate interest income and fee income from customer relationships.
• Mortgage segment – Includes the servicing of residential mortgage loans and the packaging and securitization of loans to governmental agencies. This segment contributes to noninterest income, and the company’s earnings releases reference mortgage banking income as a component of core noninterest income.

Geographic Footprint

FB Financial’s disclosures indicate that its operations are regionally focused. The company’s profile notes that, through FirstBank, it provides commercial and consumer banking services to clients in select markets in Tennessee, North Alabama and North Georgia. In the Business Wire release furnished in connection with the Southern States merger, FB Financial states that it operates through FirstBank in Tennessee, Alabama, Kentucky and Georgia, and that, including the merger, it has 93 full-service bank branches across its footprint. These statements show that FB Financial concentrates on banking markets in the southeastern United States.

Capital Management and Shareholder Actions

FB Financial’s SEC filings describe several capital management actions:

• In a Form 8-K dated September 15, 2025, the company announces that its board renewed a stock repurchase plan authorizing the repurchase of up to a specified dollar amount of common stock, with the plan intended to comply with Rule 10b-18 under the Exchange Act and terminating on the earlier of a set date or when the maximum amount is repurchased.
• In another Form 8-K dated November 14, 2025, FB Financial reports a share purchase agreement under which a selling shareholder agreed to sell shares of the company’s common stock to institutional investors in a registered direct offering, and a separate share repurchase agreement under which the company agreed to purchase additional shares from the same shareholder at the same purchase price per share, conducted under the existing repurchase authorization.
• In a Form 8-K dated September 5, 2025, the company reports the redemption of its outstanding 4.50% fixed-to-floating rate subordinated notes due 2030 at par plus accrued interest, in accordance with the terms of the notes.

Earnings releases furnished on Form 8-K for the second and third quarters of 2025 also note that the company repurchased shares during those quarters and provide preliminary regulatory capital ratios and tangible common equity measures, indicating that FB Financial monitors and reports its capital position alongside these actions.

Regulatory Framework

FB Financial’s regulatory environment is described in its Form 8-K filings. In the December 4, 2025 filing, the company reports that FirstBank became a member of the Federal Reserve System effective December 2, 2025. As a result, the Board of Governors of the Federal Reserve System became the bank’s primary federal regulator, replacing the Federal Deposit Insurance Corporation in that role, while the Tennessee Department of Financial Institutions remains the primary state regulator. The filing emphasizes that this change does not affect customers’ day-to-day experience and that deposits remain insured by the FDIC to the extent permitted by law.

Mergers and Expansion

FB Financial’s growth strategy includes acquisitions. The company’s July 1, 2025 Business Wire release, also discussed in a Form 8-K, announces the completion of its merger with Southern States Bancshares, Inc. The release states that Southern States shareholders received shares of FB Financial common stock based on a fixed exchange ratio and that Southern States’ shares ceased trading after the market closed on June 30, 2025. The release provides historical financial figures for Southern States and FB Financial as of March 31, 2025, and notes that, including the merger, FB Financial has approximately $16 billion in total assets and 93 full-service branches.

Subsequent earnings releases for the second and third quarters of 2025 explain how the merger affected FB Financial’s financial results. The third quarter 2025 release attributes increases in loans held for investment and deposits primarily to the Southern States merger and notes merger and integration costs in noninterest expense. The second quarter 2025 release mentions that the company expected system conversions related to the transaction to be completed in the third quarter of 2025 and that the merger expanded the company’s size, reach and ability to serve customers and communities.

Management and Governance Highlights

FB Financial’s Form 8-K filings provide insight into its management structure and governance decisions. In a September 18, 2025 filing, the company reports that its compensation committee approved a realignment of certain management responsibilities, including naming its chief financial officer as chief operating officer in addition to that role and naming a chief credit officer. The filing notes that amended and restated employment agreements were executed to reflect these new positions and compensation adjustments, and that the full agreements would be filed as exhibits to a Form 10-Q. In the Southern States merger closing release, FB Financial also announces the appointment of a former Southern States director to its board, describing his business experience and educational background.

Use of Non-GAAP Measures

FB Financial’s earnings releases for the second and third quarters of 2025, furnished on Form 8-K, reference several non-GAAP financial measures, including adjusted net income, adjusted diluted earnings per share, adjusted pre-tax, pre-provision net revenue, core noninterest income, core noninterest expense, core efficiency ratio, and tangible common equity to tangible assets. The releases state that reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in separate financial supplements, which are made available on the company’s investor relations website and furnished as exhibits to the related Form 8-K filings.

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