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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________

FORM 10-Q

______________________________________________________________

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

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

For the transition period from ________ to ________

Commission File Number 001-37875

_____________________________________________________________

FB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

______________________________________________________________


Tennessee			62-1216058
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1221 Broadway, Suite 1300 Nashville, Tennessee			37203
(Address of principal executive offices)			(Zip Code)

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

___________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $1.00 Per Share

FBK

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Small reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of registrant’s Common Stock outstanding as of ~~October 31~~ April 30, ~~2025~~2026 was 5351,~~462~~523,~~482~~462.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
	Glossary Of Abbreviations And Acronyms	3
Item 1.	Consolidated Financial Statements	4
	Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025	4
	Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024	5
	Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2026 and 2025	5
	Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2025 and 2024	6
	Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2026 and 2025	6
	Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three and nine months ended September 30, 2025 and 2024	7
	Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three months ended March 31, 2026 and 2025	7
	Consolidated Statements of Cash Flows (Unaudited) for the three and nine months ended September 30, 2025 and 2024	9
	Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025	8
	Condensed Notes to Consolidated Financial Statements (Unaudited)	1110
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operation	5847
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~100~~80
Item 4.	Controls and Procedures	~~102~~82
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	~~103~~83
Item 1A.	Risk Factors	~~103~~83
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~103~~83
Item 5.	Other Information	~~103~~83
Item 6.	Exhibits	~~104~~84
SIGNATURES		~~106~~85

PART I

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

As used in this Quarterly Report on Form 10-Q for the quarter ended ~~September 30~~March 31, ~~2025~~2026 (this “Report”), references to “we,” “our,” “us,” “FB Financial,” or “the Company” refer to FB Financial Corporation, a Tennessee corporation, and our wholly-owned banking subsidiary, FirstBank, a Tennessee state-chartered bank, unless otherwise indicated or the context otherwise requires. References to “Bank” or “FirstBank” refer to FirstBank, our wholly-owned banking subsidiary.

The acronyms and abbreviations identified below are used in the Notes to the consolidated financial statements as well as in the Management’s discussion and analysis of financial condition and results of operations. You may find it helpful to refer to this page as you read this Report.

ACL

Allowance for credit losses

~~FHLB~~GAAP

~~Federal~~U.S. ~~Home~~generally ~~Loan~~accepted ~~Bank~~accounting principles

AFS

Available-for-sale

~~GAAP~~GNMA

~~U.S.~~Government ~~generally~~National ~~accepted~~Mortgage ~~accounting principles~~Association

ALCO

Asset Liability Management Committee

~~GNMA~~HFI

~~Government~~Held ~~National~~for ~~Mortgage Association~~investment

ASC

Accounting Standard Codification

~~HFI~~NIM

~~Held~~Net ~~for~~interest ~~investment~~margin

ASU

Accounting Standard Update

~~NIM~~OREO

~~Net~~Other ~~interest~~real ~~margin~~estate owned

Bank

FirstBank, subsidiary bank

~~OREO~~PCD

~~Other~~Purchased ~~real estate owned~~credit-deteriorated

BOLI

Bank-owned life insurance

~~PCD~~PSU

~~Purchased credit~~Performance-~~deteriorated~~based restricted stock units

CECL

Current expected credit losses

~~PSU~~Report

~~Performance~~Form 10-~~based~~Q ~~restricted~~for ~~stock~~the ~~units~~quarterly period ended March 31, 2026

Company

FB Financial Corporation

~~Report~~ROAA

~~Form~~Return ~~10-Q~~on ~~for~~average ~~the quarterly period ended September 30, 2025~~assets

CPR

Conditional prepayment rate

~~ROAA~~ROAE

Return on average ~~assets~~common equity

ESPP

Employee Stock Purchase Plan

~~ROAE~~ROATCE

Return on average tangible common equity

EVE

Economic value of equity

~~ROATCE~~RSU

~~Return~~Restricted onstock ~~average tangible common equity~~units

FASB

Financial Accounting Standards Board

~~RSU~~SEC

~~Restricted~~U.S. ~~stock~~Securities ~~units~~and Exchange Commission

FDIC

Federal Deposit Insurance Corporation

~~SEC~~SOFR

~~U.S.~~Secured ~~Securities~~overnight ~~and~~financing ~~Exchange Commission~~rate

FDM

Financial difficulty modification

~~SOFR~~Southern States

~~Secured~~Southern ~~overnight~~States ~~financing~~Bancshares, ~~rate~~Inc.

Federal Reserve

Board of Governors of the Federal Reserve System

~~Southern States~~TDFI

~~Southern~~Tennessee ~~States~~Department ~~Bancshares,~~of ~~Inc.~~Financial Institutions

FFIEC

Federal Financial Institutions Examination Council

TDFI

Tennessee Department of Financial Institutions

FHLB

Federal Home Loan Bank

FB Financial Corporation and subsidiaries

Consolidated balance sheets

(Amounts are in thousands except share and per share amounts)

September 30,

December 31,

March 31,

December 31,

2025 (Unaudited)

2024

2026 (Unaudited)

2025

ASSETS

Cash and due from banks

~~154~~159,~~286~~883

~~120~~196,~~153~~213

Federal funds sold and reverse repurchase agreements

~~283~~199,~~451~~009

~~125~~213,~~825~~391

Interest-bearing deposits in financial institutions

~~842~~798,~~296~~871

~~796~~746,~~510~~291

Cash and cash equivalents

1,~~280~~157,~~033~~763

1,~~042~~155,~~488~~895

Investments:

Available-for-sale debt securities, at fair value

1,~~426~~498,~~951~~547

1,~~538~~459,~~008~~579

Equity securities, at fair value

~~1,450~~—

—155

Restricted equity securities, at cost

3679,~~231~~458

3279,~~749~~046

Loans held for sale (includes $145,789 and $95,403 at fair value, respectively)

167,449

126,760

Loans held for sale (includes $198,769 and $172,974 at fair value, respectively)

231,359

201,076

Loans held for investment

12,~~297~~503,~~600~~815

912,~~602~~383,~~384~~626

Less: allowance for credit losses on loans HFI

~~184~~186,~~993~~324

~~151~~185,~~942~~983

Net loans held for investment

12,~~112~~317,~~607~~491

912,~~450~~197,~~442~~643

Premises and equipment, net

~~183~~181,~~595~~268

~~148~~182,~~899~~370

Operating lease right-of-use assets

5148,~~035~~223

4749,~~963~~249

Interest receivable

6059,~~755~~837

4958,~~611~~565

Mortgage servicing rights, at fair value

~~149~~147,~~840~~344

~~162~~148,~~038~~795

Bank-owned life insurance

~~113~~110,~~374~~484

72111,~~504~~865

Other real estate owned, net

46,~~466~~449

46,~~409~~009

Goodwill

350,353

~~242~~350,~~561~~353

Core deposit and other intangibles, net

3329,~~216~~415

531,~~762~~284

Other assets

~~265~~250,~~104~~448

~~233~~268,~~288~~408

Total assets

16,~~236~~468,~~459~~439

1316,~~157~~300,~~482~~292

LIABILITIES

Deposits

Noninterest-bearing

2,~~690~~664,~~635~~480

2,~~116~~634,~~232~~395

Interest-bearing checking

2,~~458~~642,~~625~~713

2,~~906~~651,~~425~~369

Money market and savings

5,~~968~~886,~~094~~370

45,~~338~~969,~~483~~640

Customer time deposits

2,~~206~~309,~~790~~056

12,~~380~~028,~~205~~923

Brokered and internet time deposits

~~488~~574,~~811~~216

~~469~~625,~~089~~634

Total deposits

1314,~~812~~076,~~955~~835

1113,~~210~~909,~~434~~961

Borrowings

213,~~638~~188

~~176~~212,~~789~~764

Operating lease liabilities

6259,~~664~~106

60,~~024~~556

Accrued expenses and other liabilities

~~169~~145,~~066~~344

~~142~~168,~~604~~753

Total liabilities

14,~~258~~494,~~323~~473

1114,~~589~~352,~~851~~034

SHAREHOLDERS’ EQUITY

Common stock, $1 par value per share; 75,000,000 shares authorized; 53,456,522 and 46,663,120 shares issued and outstanding, respectively

53,457

46,663

Common stock, $1 par value per share; 75,000,000 shares authorized; 51,418,024 and 51,752,401 shares issued and outstanding, respectively

51,418

51,752

Additional paid-in capital

1,~~163~~064,~~164~~619

~~860~~1,~~266~~082,344

Retained earnings

~~799~~893,~~900~~095

~~762~~846,~~293~~620

Accumulated other comprehensive loss, net

(3835,~~478~~259)

(~~101~~32,~~684~~551)

Total FB Financial Corporation common shareholders’ equity

1,~~978~~973,~~043~~873

1,~~567~~948,~~538~~165

Noncontrolling interest

Total equity

1,~~978~~973,~~136~~966

1,~~567~~948,~~631~~258

Total liabilities and shareholders’ equity

16,~~236~~468,~~459~~439

1316,~~157~~300,~~482~~292

See the accompanying notes to the consolidated financial statements.

FB Financial Corporation and subsidiaries

Consolidated statements of income

(Amounts are in thousands, except per share amounts)

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2025

2024

2025

2024

2026

2025

Interest income:

Interest and fees on loans

~~209,307~~

~~158,625~~

~~522~~201,~~189~~257

~~469~~153,~~610~~185

Interest on investment securities

Taxable

~~14,395~~

~~13,943~~

4313,~~527~~575

3514,~~014~~471

Tax-exempt

~~1,058~~

~~1,104~~

31,~~127~~054

31,~~714~~033

Other

~~12,138~~

~~11,956~~

299,~~845~~464

3011,~~831~~017

Total interest income

~~236,898~~

~~185,628~~

~~598~~225,~~688~~350

~~539~~179,~~169~~706

Interest expense:

Deposits

~~86,577~~

~~76,088~~

~~225~~77,~~394~~878

~~220~~70,~~214~~249

Borrowings

~~3,081~~

~~3,523~~

61,~~998~~507

101,~~833~~816

Total interest expense

~~89,658~~

~~79,611~~

~~232~~79,~~392~~385

~~231~~72,~~047~~065

Net interest income

~~147,240~~

~~106,017~~

~~366~~145,~~296~~965

~~308~~107,~~122~~641

Provision for credit losses on loans HFI

~~29,957~~

~~1,856~~

303,~~761~~822

71,~~648~~906

Provision for (reversal of) credit losses on unfunded commitments

4,460

11,285

(2,728)

(Reversal of) provision for credit losses on unfunded commitments

(798)

386

Net interest income after provision for credit losses

~~112,823~~

~~104,103~~

~~324~~142,~~250~~941

~~303~~105,~~202~~349

Noninterest income:

Mortgage banking income

~~13,484~~

~~11,553~~

3812,~~939~~253

3612,~~048~~426

Investment services and trust income

4,227

3,721

11,860

10,338

Service charges on deposit accounts

4,376

3,479

Service charges on deposit accounts

4,049

3,378

10,920

9,686

Investment services and trust income

4,348

3,711

ATM and interchange fees

~~3,388~~

~~2,840~~

82,~~943~~977

82,~~598~~677

Gain (loss) from investment securities, net

(40,165)

(60,521)

(56,378)

Gain from investment securities, net

Loss on sales or write-downs of premises and equipment, other real estate owned and other assets, net

~~(646)~~

~~(289)~~

(~~1,035~~320)

(5625)

Other income

~~2,121~~

~~2,465~~

62,~~009~~740

81,~~786~~348

Total noninterest income (loss)

26,635

(16,497)

15,115

17,073

Total noninterest income

26,375

23,032

Noninterest expenses:

Salaries, commissions and employee benefits

~~59,210~~

~~47,538~~

~~154~~57,~~192~~348

~~138~~48,~~381~~351

Merger and integration costs

16,057

—

19,192

—

Occupancy and equipment expense

7,476

6,597

Occupancy and equipment expense

7,539

6,640

20,846

19,582

Data processing

2,454

2,313

Data processing

2,457

2,486

6,931

7,180

Advertising

2,148

2,487

Advertising

2,453

1,947

7,118

4,977

Legal and professional fees

1,980

1,992

Amortization of core deposit and other intangibles

~~2,079~~

~~719~~

31,~~366~~869

~~2,260~~656

Legal and professional fees

1,227

1,900

5,645

5,798

Merger and integration costs

1,447

401

Other expense

~~18,834~~

~~14,982~~

5320,~~376~~442

4516,~~547~~752

Total noninterest expense

~~109,856~~

~~76,212~~

~~270~~95,~~666~~164

~~223~~79,~~725~~549

Income before income taxes

~~29,602~~

~~11,394~~

6874,~~699~~152

9648,~~550~~832

Income tax expense

~~6,227~~

~~1,174~~

316,~~046~~626

189,~~393~~471

Net income applicable to FB Financial Corporation and noncontrolling interest

~~23,375~~

~~10,220~~

6557,~~653~~526

7839,~~157~~361

Net income applicable to noncontrolling interest

—

8—

Net income applicable to FB Financial Corporation

~~23,375~~

~~10,220~~

6557,~~645~~526

7839,~~149~~361

Earnings per common share:

Basic

~~0.44~~

~~0.22~~

1.3511

10.6784

Diluted

~~0.43~~

~~0.22~~

1.3410

10.6784

See the accompanying notes to the consolidated financial statements.

FB Financial Corporation and subsidiaries

Consolidated statements of comprehensive income

(Amounts are in thousands)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Net income	$	23,375	$	10,220	$	65,653	$	78,157
Net income applicable to FB Financial Corporation and noncontrolling interest					$	57,526	$	39,361
Other comprehensive income, net of tax:
Other comprehensive (loss) income, net of tax:
Net unrealized gain in available-for-sale securities, net of tax expense of $1,839, $9,621, $6,518 and $6,674	5,533		27,265		18,448		18,597
Net unrealized (loss) gain in available-for-sale securities, net of tax (benefit) expense of $(900) and $3,489					(2,708)		9,743
Reclassification adjustment for loss on securities included in net income, net of tax benefit of $—, $10,467, $15,775 and $14,692	—		29,698		44,758		41,686
Reclassification adjustment for gain on securities included in net income, net of tax expense of $4					—		(12)
Net unrealized loss in hedging activities, net of tax benefit of $— , $21, $— and $151	—		(59)		—		(428)
Total other comprehensive (loss) income, net of tax					(2,708)		9,731
Total other comprehensive income, net of tax	5,533		56,904		63,206		59,855
Comprehensive income applicable to FB Financial Corporation and noncontrolling interest					54,818		49,092
Comprehensive income applicable to FB Financial Corporation and noncontrolling interest	28,908		67,124		128,859		138,012
Comprehensive income applicable to noncontrolling interest					—		—
Comprehensive income applicable to noncontrolling interest	—		—		8		8
Comprehensive income applicable to FB Financial Corporation					$	54,818	$	49,092
Comprehensive income applicable to FB Financial Corporation	$	28,908	$	67,124	$	128,851	$	138,004

See the accompanying notes to the consolidated financial statements.

FB Financial Corporation and subsidiaries

Consolidated statements of changes in shareholders’ equity

(Amounts are in thousands except per share amounts)

(Unaudited)

	Commonstock		Additionalpaid-incapital		Retainedearnings		Accumulatedothercomprehensive loss, net		Total commonshareholders’ equity		Noncontrolling interest		Total shareholders’ equity
Balance at June 30, 2024:	$	46,643	$	855,391	$	730,242	$	(131,774)	$	1,500,502	$	93	$	1,500,595
Balance at December 31, 2024:	$	46,663	$	860,266	$	762,293	$	(101,684)	$	1,567,538	$	93	$	1,567,631
Net income attributable to FB Financial Corporation and noncontrolling interest	—		—		1039,~~220~~361		—		1039,~~220~~361		—		1039,~~220~~361
Other comprehensive income, net of taxes	—		—		—		569,~~904~~731		569,~~904~~731		—		569,~~904~~731
Stock-based compensation expense	1		2,350		—		—		2,351		—		2,351
Repurchase of common stock	(209)		(9,683)		—		—		(9,892)		—		(9,892)
Restricted stock units vested, net of taxes	4		(108)		—		—		(104)		—		(104)
Stock-based compensation expense	1		4,830		—		—		4,831		—		4,831
Shares issued under employee stock purchase program	10		473		—		—		483		—		483
Restricted stock units vested, net of taxes	19		(460)		—		—		(441)		—		(441)
Dividends declared ($0.17 per share)	—		—		(8,027)		—		(8,027)		—		(8,027)
Performance-based restricted stock units vested, net of taxes	33		(654)		—		—		(621)		—		(621)
Balance at September 30, 2024	$	46,658	$	858,106	$	732,435	$	(74,870)	$	1,562,329	$	93	$	1,562,422
Shares issued under employee stock purchase program	8		416		—		—		424		—		424
Balance at June 30, 2025:	$	45,808	$	822,548	$	786,785	$	(44,011)	$	1,611,130	$	93	$	1,611,223
Dividends declared ($0.19 per share)	—		—		(8,969)		—		(8,969)		—		(8,969)
Net income attributable to FB Financial Corporation and noncontrolling interest	—		—		23,375		—		23,375		—		23,375
Balance at March 31, 2025:	$	46,515	$	854,715	$	792,685	$	(91,953)	$	1,601,962	$	93	$	1,602,055
Other comprehensive income, net of taxes	—		—		—		5,533		5,533		—		5,533
Balance at December 31, 2025:	$	51,752	$	1,082,344	$	846,620	$	(32,551)	$	1,948,165	$	93	$	1,948,258
Common stock issued in connection with acquisition of Southern States Bancshares, Inc. (See Note 2)	8,124		359,904		—		—		368,028		—		368,028
Net income attributable to FB Financial Corporation and noncontrolling interest	—		—		57,526		—		57,526		—		57,526
Repurchase of common stock	(494)		(23,373)		—		—		(23,867)		—		(23,867)
Other comprehensive loss, net of taxes	—		—		—		(2,708)		(2,708)		—		(2,708)
Stock-based compensation expense	1		3,753		—		—		3,754		—		3,754
Repurchase of common stock	(427)		(21,408)		—		—		(21,835)		—		(21,835)
Restricted stock units vested, net of taxes	9		(132)		—		—		(123)		—		(123)
Stock-based compensation expense	1		5,360		—		—		5,361		—		5,361
Shares issued under employee stock purchase program	9		464		—		—		473		—		473
Restricted stock units vested, net of taxes	8		(192)		—		—		(184)		—		(184)
Dividends declared ($0.19 per share)	—		—		(10,260)		—		(10,260)		—		(10,260)
Performance-based restricted stock units vested, net of taxes	75		(1,985)		—		—		(1,910)		—		(1,910)
Balance at September 30, 2025:	$	53,457	$	1,163,164	$	799,900	$	(38,478)	$	1,978,043	$	93	$	1,978,136
Shares issued under employee stock purchase program	9		500		—		—		509		—		509
Dividends declared ($0.21 per share)	—		—		(11,051)		—		(11,051)		—		(11,051)
Noncontrolling interest distribution	—		—		—		—		—		—		—
Balance at March 31, 2026:	$	51,418	$	1,064,619	$	893,095	$	(35,259)	$	1,973,873	$	93	$	1,973,966

See the accompanying notes to the consolidated financial statements.

FB Financial Corporation and subsidiaries

Consolidated statements of changes in shareholders’ equity

(Amounts are in thousands except per share amounts)

(Unaudited)

	Commonstock		Additionalpaid-incapital		Retainedearnings		Accumulatedothercomprehensive loss, net		Total commonshareholders’ equity		Noncontrolling interest		Total shareholders’ equity
Balance at December 31, 2023:	$	46,849	$	864,258	$	678,412	$	(134,725)	$	1,454,794	$	93	$	1,454,887
Net income attributable to FB Financial Corporation and noncontrolling interest	—		—		78,149		—		78,149		8		78,157
Other comprehensive income, net of taxes	—		—		—		59,855		59,855		—		59,855
Repurchase of common stock	(353)		(12,346)		—		—		(12,699)		—		(12,699)
Stock-based compensation expense	5		7,256		—		—		7,261		—		7,261
Restricted stock units vested, net of taxes	106		(1,549)		—		—		(1,443)		—		(1,443)
Performance-based restricted stock units vested, net of taxes	30		(374)		—		—		(344)		—		(344)
Shares issued under employee stock purchase program	21		861		—		—		882		—		882
Dividends declared ($0.51 per share)	—		—		(24,126)		—		(24,126)		—		(24,126)
Noncontrolling interest distribution	—		—		—		—		—		(8)		(8)
Balance at September 30, 2024:	$	46,658	$	858,106	$	732,435	$	(74,870)	$	1,562,329	$	93	$	1,562,422
Balance at December 31, 2024:	$	46,663	$	860,266	$	762,293	$	(101,684)	$	1,567,538	$	93	$	1,567,631
Net income attributable to FB Financial Corporation and noncontrolling interest	—		—		65,645		—		65,645		8		65,653
Other comprehensive income, net of taxes	—		—		—		63,206		63,206		—		63,206
Common stock issued in connection with acquisition of Southern States Bancshares, Inc. (See Note 2)	8,124		359,904		—		—		368,028		—		368,028
Repurchase of common stock	(1,514)		(66,499)		—		—		(68,013)		—		(68,013)
Stock-based compensation expense	5		11,562		—		—		11,567		—		11,567
Restricted stock units vested, net of taxes	129		(2,295)		—		—		(2,166)		—		(2,166)
Performance-based restricted stock units vested, net of taxes	33		(654)		—		—		(621)		—		(621)
Shares issued under employee stock purchase program	17		880		—		—		897		—		897
Dividends declared ($0.57 per share)	—		—		(28,038)		—		(28,038)		—		(28,038)
Noncontrolling interest distribution	—		—		—		—		—		(8)		(8)
Balance at September 30, 2025:	$	53,457	$	1,163,164	$	799,900	$	(38,478)	$	1,978,043	$	93	$	1,978,136

See the accompanying notes to the consolidated financial statements.

FB Financial Corporation and subsidiaries

Consolidated statements of cash flows

(Amounts are in thousands)

(Unaudited)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025		2024
	2026		2025
Cash flows from operating activities:
Net income applicable to FB Financial Corporation and noncontrolling interest	$	6557,~~653~~526	$	7839,~~157~~361
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software	83,~~820~~143		82,~~957~~767
Amortization of core deposit and other intangibles	31,~~366~~869		~~2,260~~656
Amortization of subordinated debt issuance costs and fair value premium, net	~~556~~327		~~290~~97
Capitalization of mortgage servicing rights	(21,~~498~~272)		(~~4,067~~421)
Net change in fair value of mortgage servicing rights	142,~~696~~723		116,~~219~~080
Stock-based compensation expense	115,~~567~~361		74,~~261~~831
Provision for credit losses on loans HFI	303,~~761~~822		71,~~648~~906
Provision for (reversal of) credit losses on unfunded commitments	11,285		(2,728)
(Reversal of) provision for credit losses on unfunded commitments	(798)		386
Provision for mortgage loan repurchases	~~233~~276		~~200~~18
Accretion of discounts and premiums on acquired loans, net	(6,~~965~~297)		(~~538~~2)
(Accretion) amortization of premiums and discounts on securities, net	(2,183)		2,787
Accretion of premiums and discounts on securities, net	(888)		(609)
Loss from investment securities, net	60,521		56,378
Gain from investment securities, net	(1)		(16)
Originations of loans held for sale	(1325,~~012,802~~403)		(~~913~~271,~~315~~383)
Proceeds from sale of loans held for sale	~~989~~307,~~777~~313		~~911~~229,~~650~~175
Gain on sale and change in fair value of loans held for sale	(289,~~780~~525)		(268,~~008~~418)
Net loss on write-downs of premises and equipment, other real estate owned and other assets	~~1,035~~320		5625
Provision for deferred income taxes	(47,~~910)~~125		(35,~~895)~~100
Equity method investment loss	~~1,733~~623		—495
Earnings on bank-owned life insurance	(1,~~589~~456)		(~~3,296~~446)
Changes in:
Operating lease assets and liabilities, net	(~~432~~424)		(~~1,110~~268)
Other assets and interest receivable	(89,~~585)~~210		(12,~~170)~~314
Accrued expenses and other liabilities	(2822,~~210~~561)		4(38,~~985~~706)
Net cash provided by operating activities	103,049		124,670
Net cash provided by (used in) operating activities	31,013		(16,458)
Cash flows from investing activities:
Activity in available-for-sale securities:
Sales	266,894		526,076
Maturities, prepayments and calls	60,126		74,860
Maturities, prepayments and calls	217,865		224,070
Purchases	(101,814)		(103,731)
Purchases	(289,601)		(823,976)
Proceeds from sales of equity securities	156		—
Proceeds from sales of equity securities	1,345		—
Net change in loans	(117,557)		(174,919)
Net change in loans	(432,487)		(73,631)
Net (purchases) redemptions of FHLB stock	(251)		515
Net (purchases) redemptions of FHLB stock	(6)		1,331
Purchases of Federal Reserve stock	(161)		—
Purchases of premises and equipment	(71,~~215~~744)		(41,~~977~~663)
Proceeds from the sale of premises and equipment	~~1,850~~—		~~489~~1,831
Proceeds from the sale of other real estate owned	~~5,071~~871		12,~~846~~668
Purchase of equity method securities	—		(10,000)
Proceeds from the sale of other assets	430		243
Proceeds from the sale of other assets	841		898
Proceeds from bank-owned life insurance	2,837		550
Proceeds from bank-owned life insurance	690		7,272
Net cash used in investing activities	(157,107)		(199,646)
Net cash acquired in business combinations	370,147		—
Net cash provided by (used in) investing activities	135,394		(150,602)
Cash flows from financing activities:
Net increase in deposits	133,991		423,427
Net increase (decrease) in securities sold under agreements to repurchase and federal funds purchased	93,987		(89,056)
Repayment of Bank Term Funding Program borrowings	—		(130,000)
Redemptions on subordinated debt	(130,930)		—
Stock-based compensation withholding payments	(2,787)		(1,787)
Net proceeds from sale of common stock under employee stock purchase program	897		882
Repurchase of common stock	(68,013)		(12,699)
Dividends paid on common stock	(27,729)		(23,847)
Dividend equivalent payments made upon vesting of equity compensation	(306)		(162)
Noncontrolling interest distribution	(8)		(8)
Net cash (used in) provided by financing activities	(898)		166,750
Net change in cash and cash equivalents	237,545		140,818
Cash and cash equivalents at beginning of the period	1,042,488		810,932
Cash and cash equivalents at end of the period	$	1,280,033	$	951,750

FB Financial Corporation and subsidiaries

Consolidated statements of cash flows (continued)

(Amounts are in thousands)

(Unaudited)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025		2024
	2026		2025
Cash flows from financing activities:
Net increase (decrease) in deposits	$	166,874	$	(8,436)
Net decrease in securities sold under agreements to repurchase and federal funds purchased	(4,367)		(3,712)
Stock-based compensation withholding payments	(2,094)		(1,062)
Net proceeds from sale of common stock under employee stock purchase program	509		424
Repurchase of common stock	(21,835)		(9,892)
Dividends paid on common stock	(10,867)		(8,865)
Dividend equivalent payments made upon vesting of equity compensation	(258)		(135)
Net cash provided by (used in) financing activities	127,962		(31,678)
Net change in cash and cash equivalents	1,868		(247,782)
Cash and cash equivalents at beginning of the period	1,155,895		1,042,488
Cash and cash equivalents at end of the period	$	1,157,763	$	794,706
Supplemental cash flow information:
Interest paid	$	~~240~~76,~~014~~823	$	~~229~~77,~~275~~434
Taxes paid, net	12,393		34,173
Taxes paid, net of refunds	234		(8,761)
Supplemental noncash disclosures:
Transfers from loans HFI to other real estate owned	$	51,~~272~~277	$	2,~~400~~067
Transfers from loans HFI to other assets	41,~~534~~163		31,~~316~~471
Transfers from loans HFI to loans held for sale	~~5,306~~—		~~167~~968
Transfers from loans held for sale to loans HFI	71,~~481~~820		1,~~850~~379
Loans HFI provided for sales of other assets	~~2,074~~436		~~924~~675
(Decrease) increase in rebooked GNMA loans under optional repurchase program	(9,697)		9,308
Increase (decrease) in rebooked GNMA loans under optional repurchase program	4,488		(4,205)
Stock consideration paid in business combination	368,028		—
Dividends declared not paid on restricted stock units and performance stock units	184		104
Trade date payable - securities	25,036		—
Right-of-use assets obtained in exchange for operating lease liabilities	364		301
Trade date receivable - securities	—		365
Dividends declared not paid on restricted stock units and performance stock units	309		279
Right-of-use assets obtained in exchange for operating lease liabilities	6,404		3,925

See the accompanying notes to the consolidated financial statements.

109

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Note (1)—Basis of presentation

Overview and presentation

FB Financial Corporation is a financial holding company headquartered in Nashville, Tennessee. The Company operates primarily through its wholly-owned subsidiary bank, FirstBank and its subsidiaries. As of ~~September~~March 3031, ~~2025~~2026, the Bank had 9190 full-service branches throughout Tennessee, Alabama, Kentucky and Georgia, and provided commercial and consumer banking services to the Asheville, North Carolina market.

The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with U.S. GAAP interim reporting requirements and general banking industry guidelines, and therefore, do not include all information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K.

The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported results of operations for the reporting periods and the related disclosures. Although management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that actual conditions could vary from those anticipated, which could cause the Company’s financial condition and results of operations to vary significantly from those estimates.

Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or shareholders’ equity.

Earnings per common share

Basic EPS excludes dilution and is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under stock-based compensation plans where securities have been granted but are not yet vested and distributable. Diluted EPS is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding for the period, plus an incremental number of common-equivalent shares computed using the treasury stock method.

1110

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

The following is a summary of the basic and diluted earnings per common share calculations for each of the periods presented:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2025

2024

2025

2024

2026

2025

Basic earnings per common share:

Earnings available to common shareholders

~~23,375~~

~~10,220~~

6557,~~645~~526

7839,~~149~~361

Weighted average basic shares outstanding

~~53,627,997~~

~~46,650,563~~

4851,~~775~~724,~~217~~458

46,~~762~~674,~~213~~698

Basic earnings per common share

~~0.44~~

~~0.22~~

1.3511

10.6784

Diluted earnings per common share:

Earnings available to common shareholders

~~23,375~~

~~10,220~~

6557,~~645~~526

7839,~~149~~361

Weighted average basic shares outstanding

~~53,627,997~~

~~46,650,563~~

4851,~~775~~724,~~217~~458

46,~~762~~674,~~213~~698

Weighted average diluted shares contingently issuable(1)

~~329,065~~

~~152,767~~

~~279~~479,~~231~~011

~~111~~349,~~824~~513

Weighted average diluted shares outstanding

~~53,957,062~~

~~46,803,330~~

4952,~~054~~203,~~448~~469

4647,~~874~~024,~~037~~211

Diluted earnings per common share

~~0.43~~

~~0.22~~

1.3410

10.6784

(1) Excludes ~~56 restricted stock units outstanding considered to be antidilutive for the nine months ended September 30~~130,037 ~~2025 and 4 and 904~~ restricted stock units outstanding considered to be antidilutive for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024, respectively~~2026. There were no such restricted units outstanding for the three months ended ~~September~~March 3031, 2025.

Recently modified accounting polices:

During the nine months ended September 30, 2025, the Company modified the below referenced existing accounting policies around changes to the estimation techniques and certain related inputs and assumptions used in estimating its expected credit losses on its loan portfolios and unfunded commitments. These changes represent a change in accounting estimate under ASC 250, “Accounting Changes and Error Corrections”, are applied prospectively in the period of change and did not have a material effect on the Company’s consolidated financial statements.

(A) Allowance for credit losses

The allowance for credit losses represents the portion of the loan’s amortized cost basis that the Company does not expect to collect due to credit losses over the loan’s life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

The allowance for credit losses is based on the loan's amortized cost basis, excluding accrued interest receivable, as the Company promptly charges off uncollectible accrued interest receivable. Management’s determination of the appropriateness of the allowance is based on periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors, including macroeconomic forecasts and historical loss rates. The Company’s estimates of credit losses incorporate forward-looking macroeconomic projections throughout the reasonable and supportable forecast period and the subsequent historical reversion at the macroeconomic variable input level. The contractual term of the loan is adjusted for estimated prepayments based on market information and the Company’s prepayment history is incorporated in the estimate of the life of a loan. In the future, the Company may update information and forecasts that may cause significant changes in the estimate in those future quarters.

Prior to June 30, 2025, the Company calculated its expected credit loss estimate using a lifetime loss rate methodology. The Company utilized probability-weighted forecasts, which considered multiple macroeconomic variables from Moody’s that were applicable to each type of loan. Refer to Note 1, “Basis of presentation and summary of significant accounting policies” in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion regarding ACL methodology.

Following a periodic review of its credit loss estimation process, the Company concluded that a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, is a more preferred approach for estimating the expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. The applicable CECL estimation technique is used to estimate the expected credit loss for off-balance sheet commitments for each loan segment. As part of the updates to estimation techniques, management updated certain related inputs and assumptions used to estimate the expected credit loss. The Company determined that the use of the updated estimate techniques and related inputs

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to the Company’s historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.

The changes in the estimation techniques and certain related inputs and assumptions used in the determination of the Company’s expected credit losses on its loan portfolio and unfunded commitments did not have a material impact to the Company’s operating results and financial condition. The provision for credit losses for the nine months ended September 30, 2025, reflects this change in estimate and is accounted for prospectively. CECL estimates, similar to the Company’s other significant estimates, utilize inputs and assumptions that are subject to inherent estimation uncertainties and the Company may update inputs and assumptions based on portfolio composition, performance data, economic forecasts or other CECL components, consistent with the requirements of ASC 326, that may cause significant changes in CECL estimates in the future periods.

The discounted cash flow estimation technique pairs loan-level contractual term information including maturity date, payment amount and interest rate with pool level assumptions such as default rates, severity rates and prepayment speeds to estimate expected cash flows for the pool. The Company continues to utilize Moody’s forecast inputs to forecast losses during the reasonable and supportable period and reversion period that provided the strongest correlation to the Company and its peers’ historical losses. Examples of these forecast inputs include national unemployment, national housing price index, national commercial real estate index and prime rates. All significant model assumptions are recalibrated at least annually and approved by the ACL Committee.

For calculation purposes, the Company disaggregates the portfolio utilizing segmentation based primarily on FFIEC Call report segmentation, specifically following call code loan categorization. Portfolio segments may consist of multiple call codes or subsets of call codes where specific risk characteristics can be identified and segregated for modeling purposes. The primary portfolio segments include:

Commercial and industrial loans. Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes the Company’s farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets.

Construction loans. Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on the Company’s assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.

1-4 family mortgage loans. The Company’s residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes the Company’s manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.

Residential line of credit loans. The Company’s residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral.

Multi-family residential loans. The Company’s multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral.

Commercial real estate owner-occupied loans. The Company’s commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices,

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.

Commercial real estate non-owner occupied loans. The Company’s commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.

Consumer and other loans. The Company’s consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. These manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.

The discounted cash flow models estimate the net present value and is compared to the amortized cost of the pool with the resulting difference between the net present value and amortized cost as the initial modeled quantitative expected credit loss estimate for such pools.

The Company considers the need to qualitatively adjust its modeled quantitative expected credit loss estimate for information not otherwise captured in the model loss estimation process. These qualitative factor adjustments may increase or decrease the Company’s estimate of expected credit losses. The Company considers the qualitative factors that are relevant to the institution as of the reporting date, which may include, but are not limited to: levels of and trends in delinquencies and performance of loans; levels of and trends in write-offs and recoveries collected; trends in volume and terms of loans; effects of any changes in reasonable and supportable economic forecasts; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and expertise; available relevant information sources that contradict the Company’s own forecast; effects of changes in prepayment expectations or other factors affecting assessments of loan contractual terms; industry conditions; and effects of changes in credit concentrations.

A loan may require an individual evaluation when it is placed on nonaccrual status or no longer exhibits similar risk characteristics. These risk characteristics may include payment performance, internal or external credit scores, collateral type, effective interest rate or term among others. A loan is deemed collateral-dependent when the borrower is experiencing financial difficulty and the repayment is expected to be primarily through sale or operation of the collateral. The allowance for credit losses for collateral-dependent loans as well as loans where foreclosure is probable is calculated as the amount for which the amortized cost basis exceeds fair value of the underlying collateral. Fair value is determined based on appraisals performed by qualified appraisers and reviewed by qualified personnel. In cases where repayment is to be provided substantially through the sale of collateral, the Company reduces the fair value by the estimated costs to sell.

The Company evaluates all loan modifications according to the accounting guidance for loan refinancing and modifications to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. The Company derecognizes the existing loan and accounts for the modified loan as a new loan if the effective yield on the modified loan is at least equal to the effective yield for comparable loans with similar collection risks and the modifications to the original loan are more than minor. If a loan modification does not meet these conditions, it extends the existing loan’s amortized cost basis and accounts for the modified loan as a continuation of the existing loan. Substantially all of its loan modifications involving borrowers experiencing financial difficulty are accounted for as a continuation of the existing loan.

See Note 4, “Loans and allowance for credit losses” for additional details related to the Company's allowance for credit losses.

(B) Off-balance sheet financial instruments

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded, unless considered derivatives.

For loan commitments that are not accounted for as derivatives and when the obligation is not unconditionally cancellable by the Company, the Company applies the CECL methodology to estimate the expected credit loss for off-balance sheet commitments. The estimate of expected credit losses for off-balance sheet credit commitments is recognized as a liability. When the loan is funded, an allowance for expected credit losses is estimated for that loan using the CECL methodology, and the liability for off-balance sheet commitments is reduced. When applying the CECL methodology to estimate the expected credit loss, the Company considers the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions.

See Note 11, “Commitments and contingencies” for additional details related to the Company's off-balance sheet financial instruments.

Recently adopted accounting standards:

~~In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.”~~ The ~~amendments~~Company indid ~~this~~not ~~update~~adopt ~~are~~any ~~intended~~new toaccounting ~~improve~~standards ~~reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses~~ that ~~are~~were ~~regularly~~not ~~provided~~disclosed toin the ~~chief operating decision maker, a description of other segment items by reportable segment, and any additional measures of a segment~~Company's ~~profit~~2025 oraudited ~~loss~~consolidated used by the chief operating decision maker when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280, “Segment Reporting,” to be included in interim periods. The Company adopted this standard effective December 31, 2024, for annual financial statements ~~and~~included ~~subsequent interim periods beginning in 2025, and retrospectively updated its disclosures. Refer to Note 12 for further information. The adoption of this standard did not have a material impact~~ on ~~the~~Form ~~Company's consolidated financial statements~~10-K.

In December 2023, the FASB issued ASU 2023-08, “Intangibles – Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” This update requires entities to present crypto assets measured at fair value separately from other intangible assets on the balance sheet and reflect changes from remeasurement in net income. Additionally, an entity that receives crypto assets as noncash consideration in the ordinary course of business and converts them nearly immediately into cash is required to classify those cash receipts as cash flows from operating activities. Lastly, the update requires entities to provide interim and annual disclosures about the types of crypto assets they hold and any changes in their holdings of crypto assets. This guidance became effective January 1, 2025. Currently, the Company does not hold or facilitate transactions with crypto assets; however, if circumstances change the Company will evaluate any crypto asset activities and the applicable consolidated financial statement and disclosure requirements in accordance with the guidance.

Newly issued not yet effective accounting standards:

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This ASU requires disclosures of specific categories and disaggregation of information in the rate reconciliation table. The ASU also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied on a prospective basis. Retrospective application is permitted. While the Company continues to evaluate the impact, ASU 2023-09 is not expected to have a material impact on the Company’s income tax disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This update is intended to provide investors more detailed disclosures around specific types of expenses. This ASU requires certain details for expenses presented on the face of the consolidated statements of income as well as selling expenses to be presented in the notes to the consolidated financial statements. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is evaluating the impact this will have on the Company's consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-08, “Financial Instruments – Credit Losses (Topic 326): Purchased Loans.” Under Topic 326, when loans are purchased the acquirer is required to make a determination as to which loans are PCD and which are non-PCD. PCD loans are then accounted for using the gross-up approach, which requires the recognition of an ACL for the estimate of credit losses at acquisition date by recording an offsetting gross-up adjustment to the purchase price of the acquired financial asset. Under this amendment, the gross-up approach is expanded and applied to non-PCD loans (except credit cards) that are deemed to be seasoned. A purchased seasoned loan is defined as a loan (excluding credit cards) that is acquired without credit deterioration and acquired either through a business combination transaction, or acquired at least 90 days after origination where the acquirer was not involved in the origination of the loan. This update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The amendments are to be applied prospectively to loans that are acquired on or after the initial application date and early adoption is permitted in an interim or annual reporting period. The Company did not early adopt this amendment for the Southern States merger, but may consider early adoption of this update prior to its required effective date.

In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements.” The objective of this update is to more closely align hedge accounting with the economics of an entity’s risk management activities. The update addresses five specific issues with the intent to better reflect hedging strategies with financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. While not currently applicable, as the Company does not have any hedging activity, the Company is evaluating the impact this will have on the Company's consolidated financial statements and related disclosures should hedging activities occur.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Subsequent events

The Company has evaluated, for consideration of recognition or disclosure, subsequent events that occurred through the date of issuance of these financial statements. The Company has determined that there were no subsequent events that occurred after ~~September~~March 3031, ~~2025~~2026, but prior to the issuance of these financial statements that would have a material impact on the Company’s consolidated financial statements.

Note (2)—Mergers and acquisitions:

~~The~~On July 1, 2025, the Company completed its merger with Southern States Bancshares, Inc. ~~was~~and ~~accounted~~its ~~for~~wholly-owned ~~pursuant~~subsidiary, toSouthern ~~ASC~~States ~~805~~Bank, ~~“Business~~with ~~Combinations”.~~FB ~~Accordingly,~~Financial Corporation continuing as the ~~purchase~~surviving ~~price~~entity. ofAfter consolidating duplicative locations, the merger ~~was~~added ~~allocated~~13 tobranches and expanded the ~~acquired~~Company’s ~~assets~~footprint in Alabama and ~~liabilities~~Georgia. ~~assumed~~The ~~based~~Company ontransferred ~~estimated~~consideration ~~fair~~of ~~values~~$368,028 asthrough a combination of ~~July~~the 1issuance of 8,124,241 ~~2025~~shares of common stock and payment of $327 in cash to settle outstanding stock options and cash in lieu of fractional shares. ~~The~~As ~~excess~~a result of the ~~purchase~~merger, ~~price~~the ~~over~~Company ~~the~~added ~~net~~total assets ~~acquired~~of ~~was~~$2,830,374, ~~recorded~~total asloans ~~goodwill~~of $2,267,305 and total deposits of $2,468,530.

~~Effective~~The ~~July 1, 2025, the Company completed its~~ merger with Southern States Bancshares, Inc. ~~and~~was ~~its~~accounted ~~wholly-owned~~for ~~subsidiary,~~pursuant ~~Southern~~to ~~States~~ASC ~~Bank~~805, ~~with~~“Business ~~FB Financial Corporation continuing as the surviving entity~~Combinations”. ~~After consolidating duplicative locations~~Accordingly, the ~~merger~~purchase ~~added~~price 13of ~~branches and expanded~~ the ~~Company’s~~merger ~~footprint~~was inallocated ~~Alabama~~to ~~and Georgia. Under~~ the ~~terms of the agreement, the Company~~ acquired ~~total~~ assets ofand ~~$2,830,374,~~liabilities ~~total~~assumed ~~loans~~based ofon ~~$2,267,305~~fair ~~and~~values ~~assumed~~as ~~total deposits~~ of $2July 1,~~468,530~~ 2025. The ~~Company~~excess ~~transferred consideration~~ of ~~$368,028~~the ~~through~~purchase aprice ~~combination~~over of the ~~issuance~~net ofassets ~~8,124,241~~acquired ~~shares~~was ofrecorded ~~common~~as ~~stock~~goodwill. ~~and~~As ~~payment~~ of ~~$327~~March in31, ~~cash~~2026, tothe ~~settle~~Company ~~outstanding~~finalized ~~stock~~its ~~options~~valuation ~~and~~of ~~cash~~all inassets ~~lieu~~acquired ofand ~~fractional~~liabilities ~~shares~~assumed.

~~The~~Goodwill ~~calculation~~ of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As such, goodwill recorded in connection with the Southern States merger is not final and subject to change if additional information becomes available during the measurement period. Additionally, the final goodwill calculation may be impacted by the completion of the final tax return for Southern States, along with the review of certain contracts acquired or assumed. Preliminary goodwill of $107,792 was recorded in connection with the transaction. The goodwill is not deductible for income tax purposes. Goodwill is included in the Banking segment as substantially all of the operations resulting from the merger with Southern States are in alignment with the Company’s banking business.

The Company recognized a core deposit intangible of $30,820 and is amortizing the intangible asset over its estimated useful life of 10 years using the sum of years digits method.

The Company incurred $161,~~057~~447 ~~and $19,192~~ in merger expenses during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively,~~ in connection with this transaction. These expenses are primarily comprised of legal and professional fees, severance and other employee-related costs, and costs associated with branch consolidation, conversion and integration ~~costs~~activities. Additional merger-related and integration costs will be expensed in future periods as incurred.

The following table presents an allocation of the consideration to net assets acquired:


Purchase Price:
Net shares issued	8,124,241
Purchase price per share on June 30, 2025	$	45.30
Value of stock consideration			$	368,028
Cash consideration for outstanding stock options and fractional shares			327
Total purchase price			$	368,355
Fair value of net assets acquired			260,563
Goodwill resulting from merger			$	107,792

1612

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Net assets acquired

The following table summarizes the ~~preliminary~~ fair values of assets acquired and liabilities assumed as of the merger date:


	As of July 1, 2025
	Southern States Bancshares, Inc.
ASSETS
Cash and cash equivalents	$	370,474
Investments	38,175
Loans held for sale, at fair value	756

Loans HFI	2,266,549
Allowance for credit losses on PCD loans	(7,518)
Premises and equipment	37,016


Bank-owned life insurance	39,971
Core deposit intangible	30,820
Other assets	54,131
Total assets	$	2,830,374
LIABILITIES
Deposits:
Noninterest-bearing	$	562,479
Interest-bearing checking	102,666
Money market and savings	1,161,832
Customer time deposits	515,120
Brokered and internet time deposits	126,433
Total deposits	2,468,530

Borrowings	83,008

Accrued expenses and other liabilities	18,273
Total liabilities assumed	2,569,811

Net assets acquired	$	260,563

Purchased credit-deteriorated loans

Under the CECL methodology, the Company is required to determine whether purchased loans held for investment have experienced more-than-insignificant deterioration in credit quality since origination, and, if so, the loan is classified as a PCD loan. Loans that have experienced this level of deterioration in credit quality are subject to special accounting at initial recognition and measurement. The Company initially measures the amortized cost of a PCD loan by adding the acquisition date estimate of expected credit losses to the loan’s purchase price (i.e. the “gross up” approach). There is no provision for credit loss recognized upon acquisition of a PCD loan because the initial allowance is established through gross-up of the loans’ amortized cost.

The Company determined that 17.0% of the Southern States loan portfolio had more-than-insignificant deterioration in credit quality since origination as of the merger date. These PCD loans were primarily loans that were either delinquent, in nonaccrual status or otherwise exhibited signs of credit deterioration prior to the merger.


	As of July 1, 2025
	Southern States Bancshares, Inc.
Purchased credit-deteriorated loans
Principal balance	$	402,735
Allowance for credit losses at acquisition	(7,518)
Net discount attributable to other factors	(10,381)
Loans purchased credit-deteriorated fair value	$	384,836

Loans recognized through acquisition that have not experienced more-than-insignificant credit deterioration since origination (non-PCD loans) are initially recognized at the purchase price. Expected credit losses are measured under CECL through the provision for credit losses. The Company recorded provisions for credit losses in the amounts of $25,123 as of July 1, 2025 in the statement of income related to estimated credit losses on non-PCD loans from Southern States. Additionally, the Company estimates expected credit losses onfor off-balance sheet loan commitments that are not accounted for as derivatives. The Company recorded an increase in provision for credit losses on unfunded commitments of $3,243.

1713

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

accounted for as derivatives. The Company recorded an increase in provision for credit losses on unfunded commitments of $3,243.

Pro forma financial information (unaudited)

The results of operations of Southern States have been included in the Company’s consolidated financial statements prospectively beginning on July 1, 2025. The Company has determined it is impractical to disclose stand-alone revenues and earnings for legacy Southern States subsequent to the merger date, due to the merging of certain processes and converting of operational systems during the third quarter of 2025. The following unaudited pro forma condensed consolidated financial information presents the results of operations for the three ~~and nine~~ months ended ~~September~~March 3031, 2025 ~~and 2024~~, as though the Southern States merger had been completed as of January 1, 2024. The unaudited pro forma information combines the historical results of Southern States with the Company’s previously reported financial results, applies the impact of purchase accounting adjustments from the merger, as well as subsequent recognition of those purchase accounting adjustments, such as accretion from purchased loans, amortization from purchased deposits and debt and amortization of certain acquired intangible assets as if the merger was completed as of January 1, 2024, and excludes $28,366 of initial provision expense for credit losses on acquired loans and unfunded commitments from the third quarter of 2025 and instead includes such expenses in the first quarter of 2024. Merger expenses are reflected in the period in which they were incurred. The pro forma information presented below ~~are~~is hypothetical and is not intended to be indicative of the results of operations that would have occurred had the transaction been effective as of the assumed date. Additionally, these results do not include any effect of cost-saving or revenue-enhancing strategies.

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

~~2025~~

~~2024~~

~~2025~~

~~2024~~2025

Net interest income

~~143,783~~

~~134,597~~

~~419,954~~

~~389~~135,~~691~~957

Total revenues

~~170,418~~

~~119,857~~

~~426,430~~

~~410~~160,~~887~~642

Net income applicable to FB Financial Corporation

~~41,977~~

~~19,716~~

~~90,846~~

8851,~~578~~247

1814

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Note (3)—Investment securities

The following tables summarize the amortized cost, allowance for credit losses and fair value of the AFS debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss, net at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

September 30, 2025

March 31, 2026

Amortized cost

Gross unrealized gains

Gross unrealized losses

Allowance for credit losses on investments

Fair Value

Investment Securities

AFS debt securities

U.S. government agency securities

~~656~~715,~~685~~014

31384

(31,~~519~~488)

—

~~653~~713,~~197~~910

Mortgage-backed securities - residential

~~619~~629,~~439~~367

~~511~~934

(3231,~~363~~121)

—

~~587~~599,~~587~~180

Mortgage-backed securities - commercial

11,~~201~~153

8—

(~~528~~521)

—

10,~~681~~632

Municipal securities

185,~~472~~693

~~480~~392

(20,~~541~~052)

—

~~165~~166,~~411~~033

U.S. Treasury securities

7,~~061~~115

19—

—(23)

—

7,~~080~~092

Corporate securities

21,~~983~~700

17—

~~(5)~~—

—

21,~~995~~700

Total

1,~~482~~550,~~841~~042

1,~~066~~710

(5653,~~956~~205)

—

1,~~426~~498,~~951~~547

December 31, 2024

December 31, 2025

Amortized cost

Gross unrealized gains

Gross unrealized losses

Allowance for credit losses on investments

Fair Value

Investment Securities

AFS debt securities

U.S. government agency securities

~~564~~672,~~752~~110

~~172~~163

(12,~~917~~185)

—

~~563~~670,~~007~~088

Mortgage-backed securities - residential

~~927~~631,~~883~~104

~~393~~897

(~~117~~29,~~277~~681)

—

~~810~~602,~~999~~320

Mortgage-backed securities - commercial

1511,~~965~~164

—

(~~1,108~~486)

—

1410,~~857~~678

Municipal securities

~~169~~185,~~498~~000

20683

(2117,~~661~~313)

—

~~147~~168,~~857~~370

U.S. Treasury securities

~~299~~7,088

—37

—

~~299~~7,125

Corporate securities

1,000

—

(112)

—

~~989~~998

Total

1,~~679~~507,~~397~~466

~~585~~1,780

(~~141~~49,~~974~~667)

—

1,~~538~~459,~~008~~579

The components of amortized cost for AFS debt securities on the consolidated balance sheets exclude accrued interest receivable as the Company has elected to present accrued interest receivable separately on the consolidated balance sheets. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, total accrued interest receivable on AFS debt securities was $5,~~246~~124 and $65,~~401~~101, respectively.

AFS debt securities pledged at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 had carrying amounts of $~~818~~861,~~235~~365 and $~~937~~810,~~043~~579, respectively, and were pledged to secure public deposits and repurchase agreements.

Within AFS debt securities, there were no aggregate holdings of any single issuer, other than U.S. Government sponsored enterprises, in an amount greater than 10% of shareholders’ equity during any period presented.

AFS debt securities transactions are recorded as of the trade date. At both ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, there were no trade date receivables ~~related~~nor ~~to sales settled after period end. At September 30, 2025, there were $25,036 of trade date~~ payables that related to sales or purchases settled after period end. ~~At December 31, 2024, there were no such trade date payables.~~

1915

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	September 30, 2025
	March 31, 2026
	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. government agency securities	$	~~547~~198,~~360~~900	$	(~~2,712~~285)	$	71268,~~347~~808	$	(~~807~~1,203)	$	~~618~~467,~~707~~708	$	(31,~~519~~488)
Mortgage-backed securities - residential	~~191~~198,~~440~~549		(1,~~976~~517)		~~165~~157,~~468~~299		(3029,~~387~~604)		~~356~~355,~~908~~848		(3231,~~363~~121)
Mortgage-backed securities - commercial	—1,897		—(37)		8,~~795~~735		(~~528~~484)		810,~~795~~632		(~~528~~521)
Municipal securities	522,~~050~~346		(25241)		~~135~~120,~~571~~285		(2019,~~516~~811)		~~140~~142,~~621~~631		(20,~~541~~052)
Corporate securities	—		—		995		(5)		995		(5)
U.S. Treasury securities	7,092		(23)		—		—		7,092		(23)
Total	$	743,850	$	(4,713)	$	382,176	$	(52,243)	$	1,126,026	$	(56,956)
Corporate securities	—		—		—		—		—		—
Total	$	428,784	$	(2,103)	$	555,127	$	(51,102)	$	983,911	$	(53,205)

December 31, 2024

December 31, 2025

Less than 12 months

12 months or more

Total

Fair Value

Gross Unrealized Loss

Fair Value

Gross Unrealized Loss

Fair Value

Gross Unrealized Loss

U.S. government agency securities

~~494~~274,~~885~~195

(~~1,908~~500)

~~714~~275,887

(91,685)

~~495~~550,~~599~~082

(12,~~917~~185)

Mortgage-backed securities - residential

~~209~~97,~~078~~187

(~~8,956~~567)

~~441~~207,~~502~~127

(~~108~~29,~~321~~114)

~~650~~304,~~580~~314

(~~117~~29,~~277~~681)

Mortgage-backed securities - commercial

21,~~222~~898

(199)

128,~~635~~780

(~~1,089~~477)

1410,~~857~~678

(~~1,108~~486)

Municipal securities

344,~~059~~012

(2~~,376~~)

~~110~~133,~~173~~213

(1917,~~285~~311)

~~144~~137,~~232~~225

(2117,~~661~~313)

Corporate securities

—

~~989~~998

(112)

~~989~~998

(112)

Total

~~740~~377,~~244~~292

(131,~~259~~078)

~~566~~626,~~013~~005

(~~128~~48,~~715~~589)

1,~~306~~003,~~257~~297

(~~141~~49,~~974~~667)

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the Company’s AFS debt securities portfolio consisted of ~~322~~330 and ~~271~~324 individual securities, ~~214~~235 and ~~248~~209 of which were in an unrealized loss position, respectively.

The Company has historically not recorded any credit losses in AFS debt securities as the majority of the investment portfolio was either government guaranteed, an issuance of a government sponsored entity or highly rated by major credit rating agencies. Municipal debt securities with market values below amortized cost at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these municipal debt securities continue to make timely principal and interest payments under the contractual terms of the securities and the issuers will continue to be observed as a part of the Company’s ongoing credit monitoring. As such, as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Further, it is not likely that the Company will be required to sell these securities before recovery of their amortized cost basis. Therefore, no allowance for credit losses was recognized on AFS debt securities as of ~~September~~March 3031, ~~2025~~2026 or December 31, ~~2024~~2025. Periodically, AFS debt securities may be sold, or the composition of the portfolio realigned to improve yields, quality or marketability, or to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or preparing for anticipated changes in market interest rates.

2016

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

The amortized cost and fair value of AFS debt securities by contractual maturity as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

September 30,

December 31,

March 31,

December 31,

2025

2024

2026

2025

Available-for-sale

Amortized cost

Fair Value

Amortized cost

Fair Value

Due in one year or less

~~205~~1,388

~~203~~204

~~849~~205

~~847~~204

Due in one to five years

1413,~~433~~015

14,~~445~~144

412,~~186~~467

412,~~600~~474

Due in five to ten years

~~346~~339,~~312~~179

~~342~~335,~~997~~973

~~225~~330,~~954~~850

~~222~~328,~~943~~456

Due in over ten years

~~491~~555,~~251~~940

~~471~~538,~~038~~414

~~504~~521,~~560~~676

~~483~~505,~~762~~447

852,201

828,683

735,549

712,152

909,522

888,735

865,198

846,581

Mortgage-backed securities - residential

~~619~~629,~~439~~367

~~587~~599,~~587~~180

~~927~~631,~~883~~104

~~810~~602,~~999~~320

Mortgage-backed securities - commercial

11,~~201~~153

10,~~681~~632

1511,~~965~~164

1410,~~857~~678

Total AFS debt securities

1,~~482~~550,~~841~~042

1,~~426~~498,~~951~~547

1,~~679~~507,~~397~~466

1,~~538~~459,~~008~~579

Sales and other dispositions of AFS debt securities were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Proceeds from sales	$	~~440~~	$	~~318,194~~	$	~~266,894~~—	$	~~526,076~~—
Proceeds from maturities, prepayments and calls	~~83,204~~		~~89,834~~		~~217~~60,~~865~~126		~~224~~74,~~070~~860
Gross realized gains	—		—		~~104~~—		9016
Gross realized losses	—		~~40,165~~		~~60,637~~—		~~56,468~~—

Equity Securities

Equity securities, at fair value

As of ~~September~~December 3031, 2025, the Company held $~~1,450~~155 in marketable equity securities recorded at fair value. There ~~was~~were no such securities as of ~~December~~March 31, ~~2024~~2026.

The change in the fair value of equity securities recorded at fair value resulted in a net gain of $121 for ~~both~~ the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026. There ~~was~~were no such amounts recognized for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025.

Restricted equity securities, at cost

The table below represents the Company’s restricted equity securities held at cost as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
FHLB stock	$	34,813	$	32,749
Federal Reserve Bank stock	$	45,389	$	45,227
First National Banker's Bankshares, Inc. stock	1,168		—
FHLB stock	32,651		32,401
Pacific Coast Banker's Bank stock	250		—
First National Banker's Bankshares, Inc. stock	1,168		1,168
Total restricted equity securities, at cost	$	36,231	$	32,749
Pacific Coast Banker's Bank stock	250		250
Total restricted equity securities, at cost	$	79,458	$	79,046

Equity securities without readily determinable market value

The Company held equity securities without a readily determinable market value included in other assets on the consolidated balance sheets with carrying amounts of $2829,~~703~~872 and $2332,~~459~~038 at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

2117

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Equity method investment

The Company holds equity securities of a privately held entity which originates manufactured housing loans through utilization of its proprietary technology. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the Company has the ability to exercise significant influence over this entity and therefore accounts for these equity securities under the equity method. Under this method, the carrying value of the investment is adjusted to reflect the Company’s proportionate share of the investee's profit or loss. This investment is reported in other assets on the consolidated balance sheets with carrying amounts of $1816,~~237~~988 and $1917,~~970~~611 as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively. The Company’s investment includes a basis difference of $17,103, which is accounted for as equity method goodwill.

Note (4)—Loans and allowance for credit losses on loans HFI

Loans outstanding as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, by class of financing receivable are as follows:

September 30,

December 31,

March 31,

December 31,

2025

2024

2026

2025

Commercial and industrial

2,~~155~~239,~~105~~228

12,~~691~~181,~~213~~935

Construction

1,~~195~~177,~~392~~082

1,~~087~~188,~~732~~494

Residential real estate:

1-to-4 family mortgage

1,~~852~~856,~~626~~308

1,~~616~~838,~~754~~122

Residential line of credit

~~707~~768,~~303~~190

~~602~~741,~~475~~309

Multi-family mortgage

~~736~~716,~~424~~795

~~653~~745,~~769~~360

Commercial real estate:

Owner-occupied

2,~~124~~204,~~920~~731

12,~~357~~148,~~568~~870

Non-owner occupied

2,~~890~~869,~~233~~759

2,~~099~~900,~~129~~499

Consumer and other

~~635~~671,~~597~~722

~~493~~639,~~744~~037

Gross loans

12,~~297~~503,~~600~~815

912,~~602~~383,~~384~~626

Less: Allowance for credit losses on loans HFI

(~~184~~186,~~993~~324)

(~~151~~185,~~942~~983)

Net loans

12,~~112~~317,~~607~~491

912,~~450~~197,~~442~~643

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, $~~946~~971,~~552~~069 and $988,~~177~~111, respectively, of qualifying residential mortgage loans (including loans held for sale) and $12,~~762~~842,~~269~~848 and $12,~~620~~829,~~510~~765, respectively, of qualifying commercial mortgage loans were pledged to the FHLB system securing advances against the Bank’s line of credit. Additionally, as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, qualifying commercial and industrial, construction and consumer loans, of $2,~~777~~941,~~841~~810 and $2,~~561~~879,~~352~~586, respectively, were pledged to the Federal Reserve under the Borrower-in-Custody program.

The amortized cost of loans HFI on the consolidated balance sheets exclude accrued interest receivable as the Company presents accrued interest receivable separately on the consolidated balance sheets. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, accrued interest receivable on loans HFI amounted to $5251,~~549~~289 and $4050,~~970~~140, respectively.

2218

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Credit Quality - Commercial Type Loans

The Company categorizes commercial loan types into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans that share similar risk characteristics collectively. Loans that do not share similar risk characteristics may be evaluated individually.

The Company uses the following definitions for risk ratings:


			Pass.			Loans rated Pass include those that are adequately collateralized performing loans which management believes do not have conditions that have occurred or may occur that would result in the loan being downgraded into an inferior category. The Pass category also includes commercial loans rated as Watch, which include those that management believes have conditions that have occurred, or may occur, which could result in the loan being downgraded to an inferior category.




			Special Mention.			Loans rated Special Mention are those that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution’s credit position at some future date. Management does not believe there will be a loss of principal or interest. These loans require intensive servicing and may possess more than normal credit risk.




			Classified.			Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.

Risk ratings are updated on an ongoing basis and are subject to change by continuous loan monitoring processes.

2319

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

The following tables present the credit quality of the Company’s commercial type loan portfolio as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 and the gross charge-offs for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and the year ended December 31, ~~2024~~2025 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.

As of and for the nine months ended September 30, 2025

2025

2024

2023

2022

2021

Prior

Revolving Loans Amortized Cost Basis

Total

As of and for the three months ended March 31, 2026

2026

2025

2024

2023

2022

Prior

Revolving Loans Amortized Cost Basis

Total

Commercial and industrial

Pass

~~262~~110,~~123~~356

~~287~~260,~~681~~928

~~240~~173,~~254~~540

~~144~~179,~~729~~701

57103,~~647~~111

~~203~~142,~~087~~737

~~861~~1,~~567~~168,372

2,~~057~~138,~~088~~745

Special Mention

~~2,023~~268

~~2,205~~609

52,~~311~~194

135,~~784~~321

15,~~075~~884

156,~~697~~725

525,~~996~~495

46,~~091~~496

Classified

~~452~~1,459

~~2,199~~193

72,~~210~~110

283,~~853~~152

~~284~~1,241

46,~~470~~495

839,~~458~~337

5153,~~926~~987

Total

~~264~~112,~~598~~083

~~292~~261,~~085~~730

~~252~~177,~~775~~844

~~187~~188,~~366~~174

59110,~~006~~236

~~223~~155,~~254~~957

~~876~~1,~~021~~233,204

2,~~155~~239,~~105~~228

Current-period gross charge-offs

—

—75

5451

—233

—400

~~2,413~~862

~~604~~547

32,~~071~~168

Construction

Pass

~~251~~102,~~643~~684

~~233~~361,~~754~~819

77184,~~666~~327

~~260~~24,~~663~~915

~~114~~113,~~563~~035

~~179~~118,~~489~~928

91215,715

1,~~117~~121,~~869~~423

Special Mention

—

~~1,067~~825

~~3,304~~—

~~17,698~~73

103,~~129~~735

~~4,162~~352

—

364,~~360~~985

Classified

—

~~153~~—

~~2,916~~87

183,~~284~~349

~~243~~17,857

1929,~~567~~381

—

4150,~~163~~674

Total

~~251~~102,~~643~~684

~~234~~362,~~974~~644

83184,~~886~~414

~~296~~28,~~645~~337

~~124~~134,~~935~~627

~~203~~148,~~218~~661

91215,715

1,~~195~~177,~~392~~082

Current-period gross charge-offs

—

—62

—

—142

—

~~399~~—

~~399~~204

Residential real estate:

Multi-family mortgage

Pass

~~36,254~~598

3648,~~045~~688

3829,~~514~~503

~~246~~37,~~213~~430

~~208~~253,~~116~~972

~~161~~313,~~957~~265

—22,882

~~727~~706,~~099~~338

Special Mention

—

Classified

—

~~592~~—

82,~~715~~829

187,628

—

910,~~325~~457

Total

~~36,254~~598

3648,~~045~~688

3829,~~514~~503

~~246~~37,~~805~~430

~~216~~256,~~831~~801

~~161~~320,~~975~~893

—22,882

~~736~~716,~~424~~795

Current-period gross charge-offs

—

Commercial real estate:

Owner occupied

Pass

~~258~~70,~~439~~424

~~320~~355,~~426~~390

~~216~~308,~~259~~695

~~355~~207,~~833~~065

~~291~~328,~~000~~948

~~561~~750,~~544~~646

80117,~~743~~589

2,~~084~~138,~~244~~757

Special Mention

—

~~408~~790

~~4,491~~399

110,~~369~~129

65,~~229~~874

1418,~~691~~356

~~290~~8,036

2743,~~478~~584

Classified

—

~~427~~1,624

74,~~938~~785

~~120~~7,376

47,~~713~~751

—854

1322,~~198~~390

Total

~~258~~70,~~439~~424

~~320~~356,~~834~~180

~~221~~310,~~177~~718

~~365~~221,~~140~~979

~~297~~342,~~349~~198

~~580~~776,~~948~~753

81126,~~033~~479

2,~~124~~204,~~920~~731

Current-period gross charge-offs

—

17—

—

17—

Non-owner occupied

Pass

~~194~~127,~~723~~226

~~238~~293,~~750~~396

~~126~~208,~~491~~696

~~678~~125,~~639~~926

~~536~~681,~~518~~927

~~846~~1,~~729~~254,723

~~230~~121,~~228~~184

2,~~852~~813,078

Special Mention

—

410,~~783~~349

~~8,410~~—

45,~~559~~910

1029,~~054~~920

—

2746,~~806~~179

Classified

—

1,~~008~~171

—1,008

42,~~594~~316

46,~~747~~007

—

10,~~349~~502

Total

~~194~~127,~~723~~226

~~238~~293,~~750~~396

~~132~~220,~~282~~216

~~687~~126,~~049~~934

~~545~~690,~~671~~153

~~861~~1,~~530~~290,650

~~230~~121,~~228~~184

2,~~890~~869,~~233~~759

Current-period gross charge-offs

—

Total commercial loan types

Pass

1411,~~003,182~~288

1,~~116~~320,~~656~~221

~~699~~904,~~184~~761

1575,~~686,077~~037

1,~~207~~480,~~844~~993

12,~~952~~580,~~806~~299

1,~~172~~645,~~629~~742

8,~~838~~918,~~378~~341

Special Mention

~~2,023~~268

32,~~680~~224

1712,~~889~~942

4115,~~261~~523

21,~~992~~403

4455,~~604~~353

633,~~286~~531

~~137~~141,~~735~~244

Classified

~~452~~1,459

~~2,352~~193

114,~~561~~992

5512,~~667~~294

1331,~~956~~619

3357,~~515~~262

840,~~458~~191

~~125~~148,~~961~~010

Total

1413,~~005,657~~015

1,~~122~~322,~~688~~638

~~728~~922,~~634~~695

1602,~~783,005~~854

1,~~243~~534,~~792~~015

2,~~030~~692,~~925~~914

1,~~187~~719,~~373~~464

9,~~102~~207,~~074~~595

Current-period gross charge-offs

—

—75

54113

—233

—542

~~2,430~~862

~~1,003~~547

32,~~487~~372

2420

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

As of and for the year ended December 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving Loans Amortized Cost Basis

Total

As of and for the year ended December 31, 2025

2025

2024

2023

2022

2021

Prior

Revolving Loans Amortized Cost Basis

Total

Commercial and industrial

Pass

~~194~~272,~~185~~440

~~182~~198,~~677~~802

~~130~~195,~~148~~571

5699,~~460~~265

2943,~~735~~851

~~104~~108,~~236~~067

~~909~~1,~~398~~162,291

12,~~606~~080,~~839~~287

Special Mention

~~2,684~~64

21,~~425~~934

75,~~609~~223

~~277~~5,911

~~285~~1,052

27,~~015~~634

2420,~~345~~994

3942,~~640~~812

Classified

—255

~~175~~2,138

~~19,125~~419

414,~~424~~972

~~1,659~~300

6,~~201~~981

1333,~~150~~771

4458,~~734~~836

Total

~~196~~272,~~869~~759

~~185~~202,~~277~~874

~~156~~201,~~882~~213

61120,~~161~~148

3145,~~679~~203

~~112~~122,~~452~~682

~~946~~1,~~893~~217,056

12,~~691~~181,~~213~~935

Current-period gross charge-offs

—

~~116~~—

~~950~~54

~~506~~—

~~1,234~~—

72,478

~~8,267~~604

113,~~080~~136

Construction

Pass

~~190~~343,~~058~~056

~~116~~201,~~122~~130

~~349~~36,~~716~~715

99171,~~225~~803

2771,~~616~~877

5474,~~099~~429

~~199~~221,~~596~~953

1,~~036~~120,~~432~~963

Special Mention

~~156~~—

87396

153,~~432~~167

~~389~~9,456

10,108

~~576~~—

—

1623,~~650~~127

Classified

—

—152

73,~~314~~351

~~290~~21,303

~~8,335~~230

—5,451

1813,~~711~~917

3444,~~650~~404

Total

~~190~~343,~~214~~056

~~116~~201,~~209~~678

~~372~~43,~~462~~233

99202,~~904~~562

3582,~~961~~215

5479,~~675~~880

~~218~~235,~~307~~870

1,~~087~~188,~~732~~494

Current-period gross charge-offs

—

~~122~~—

—

—399

—

~~122~~399

Residential real estate:

Multi-family mortgage

Pass

4065,~~076~~268

334,~~800~~872

~~232~~38,~~415~~022

~~223~~234,~~076~~272

51196,~~948~~870

69144,~~652~~904

2122,~~883~~953

~~642~~737,~~850~~161

Special Mention

—

Classified

—

~~9,919~~569

—7,613

~~1,000~~17

—

108,~~919~~199

Total

4065,~~076~~268

334,~~800~~872

~~232~~38,~~415~~022

~~232~~234,~~995~~841

51204,~~948~~483

70144,~~652~~921

2122,~~883~~953

~~653~~745,~~769~~360

Current-period gross charge-offs

—

Commercial real estate:

Owner occupied

Pass

~~185~~356,~~416~~246

~~103~~309,~~060~~181

~~247~~199,~~049~~470

~~215~~335,~~798~~067

~~102~~266,~~580~~328

~~396~~517,~~288~~046

84124,~~226~~340

12,~~334~~107,~~417~~678

Special Mention

—

—403

14,~~370~~407

21,~~582~~351

—6,183

614,~~133~~256

—239

1026,~~085~~839

Classified

—

—1,622

61,~~324~~024

~~235~~7,389

61100

53,~~371~~182

1,~~075~~036

1314,~~066~~353

Total

~~185~~356,~~416~~246

~~103~~311,~~060~~206

~~254~~204,~~743~~901

~~218~~343,~~615~~807

~~102~~272,~~641~~611

~~407~~534,~~792~~484

85125,~~301~~615

12,~~357~~148,~~568~~870

Current-period gross charge-offs

—

—17

—

—17

Non-owner occupied

Pass

~~198~~297,~~591~~096

36237,~~027~~840

~~526~~144,~~417~~572

~~445~~714,~~598~~151

~~111~~558,~~943~~116

~~689~~788,~~158~~545

58122,~~255~~713

2,~~065~~863,~~989~~033

Special Mention

—

410,~~836~~341

—

16,~~527~~135

—4,568

196,~~311~~018

—

2527,~~674~~062

Classified

—

—1,167

—1,008

~~136~~2,249

—4,602

71,~~330~~378

—

710,~~466~~404

Total

~~198~~297,~~591~~096

40249,~~863~~348

~~526~~145,~~417~~580

~~447~~722,~~261~~535

~~111~~567,~~943~~286

~~715~~795,~~799~~941

58122,~~255~~713

2,~~099~~900,~~129~~499

Current-period gross charge-offs

—

Total commercial loan types

Pass

~~808~~1,~~326~~334,106

~~441~~981,~~686~~825

1614,~~485,745~~350

1,~~040~~554,~~157~~558

~~323~~1,~~822~~137,042

1,~~313~~632,~~433~~991

1,~~273~~654,~~358~~250

68,~~686~~909,~~527~~122

Special Mention

~~2,840~~64

713,~~348~~074

2412,~~411~~797

422,~~775~~853

~~295~~21,911

2827,~~035~~908

2421,~~345~~233

92119,~~049~~840

Classified

—255

~~175~~5,079

325,~~763~~802

1546,~~004~~482

1012,~~055~~845

1917,~~902~~009

3248,~~936~~724

~~110~~136,~~835~~196

Total

~~811~~1,~~166~~334,425

~~449~~999,~~209~~978

1632,~~542,919~~949

1,~~059~~623,~~936~~893

~~334~~1,~~172~~171,798

1,~~361~~677,~~370~~908

1,~~330~~724,~~639~~207

69,~~889~~165,~~411~~158

Current-period gross charge-offs

—$

—

~~116~~$

—

~~1,072~~$

~~506~~$

—

~~1,234~~$

—

2,894

~~8,267~~$

604

~~11,202~~$

3,552

2521

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Credit Quality - Consumer Type Loans

For consumer and residential loan classes, the Company primarily evaluates credit quality based on delinquency and accrual status of the loan, credit documentation and by payment activity. The performing or nonperforming status is updated on an on-going basis dependent upon improvement and deterioration in credit quality. Nonperforming loans include loans that are no longer accruing interest (nonaccrual loans) and loans past due ninety or more days and still accruing interest.

The following tables present the credit quality by classification of the Company’s consumer type loan portfolio as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 and the gross charge-offs for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and the year ended December 31, ~~2024~~2025 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.

As of and for the nine months ended September 30, 2025

2025

2024

2023

2022

2021

Prior

Revolving Loans Amortized Cost Basis

Total

As of and for the three months ended March 31, 2026

2026

2025

2024

2023

2022

Prior

Revolving Loans Amortized Cost Basis

Total

Residential real estate:

1-to-4 family mortgage

Performing

~~271~~119,~~131~~206

~~229~~311,~~222~~546

~~169~~205,~~347~~642

~~430~~132,~~061~~712

~~347~~399,~~851~~282

~~375~~657,~~569~~764

—

1,~~823~~826,~~181~~152

Nonperforming

~~330~~—

~~920~~901

21,~~378~~165

~~8,800~~960

57,~~974~~952

1119,~~043~~178

—

2930,~~445~~156

Total

~~271~~119,~~461~~206

~~230~~312,~~142~~447

~~171~~206,~~725~~807

~~438~~133,~~861~~672

~~353~~407,~~825~~234

~~386~~676,~~612~~942

—

1,~~852~~856,~~626~~308

Current-period gross charge-offs

—

—17

—324

~~754~~58

—

~~758~~405

Residential line of credit

Performing

—

~~704~~766,~~961~~180

Nonperforming

—

2,~~342~~010

Total

—

~~707~~768,~~303~~190

Current-period gross charge-offs

—

—23

Consumer and other

Performing

~~134~~31,~~005~~776

~~159~~170,~~677~~801

85145,~~141~~231

7277,~~047~~806

3165,~~276~~906

~~133~~154,~~392~~208

~~355~~4,944

~~615~~650,~~893~~672

Nonperforming

~~523~~—

32,~~674~~106

34,~~733~~498

13,~~815~~473

31,~~083~~715

69,~~876~~258

—

1921,~~704~~050

Total

~~134~~31,~~528~~776

~~163~~172,~~351~~907

88149,~~874~~729

7381,~~862~~279

3467,~~359~~621

~~140~~163,~~268~~466

~~355~~4,944

~~635~~671,~~597~~722

Current-period gross charge-offs

~~1,434~~202

~~118~~508

76103

~~104~~62

86117

~~989~~241

4—

21,~~811~~233

Total consumer type loans

Performing

~~405~~150,~~136~~982

~~388~~482,~~899~~347

~~254~~350,~~488~~873

~~502~~210,~~108~~518

~~379~~465,~~127~~188

~~508~~811,~~961~~972

~~705~~771,~~316~~124

3,~~144~~243,~~035~~004

Nonperforming

~~853~~—

43,~~594~~007

65,~~111~~663

104,~~615~~433

9,~~057~~667

1728,~~919~~436

2,~~342~~010

5153,~~491~~216

Total

~~405~~150,~~989~~982

~~393~~485,~~493~~354

~~260~~356,~~599~~536

~~512~~214,~~723~~951

~~388~~474,~~184~~855

~~526~~840,~~880~~408

~~707~~773,~~658~~134

3,~~195~~296,~~526~~220

Current-period gross charge-offs

~~1,434~~202

~~118~~508

80109

~~104~~79

86441

~~1,743~~299

423

31,~~569~~661

2622

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

As of and for the year ended December 31, 2024

2024

2023

2022

2021

2020

Prior

Revolving Loans Amortized Cost Basis

Total

As of and for the year ended December 31, 2025

2025

2024

2023

2022

2021

Prior

Revolving Loans Amortized Cost Basis

Total

Residential real estate:

1-to-4 family mortgage

Performing

~~223~~333,~~520~~641

~~165~~219,~~395~~642

~~443~~154,~~372~~059

~~360~~408,~~188~~746

~~129~~339,~~674~~076

~~266~~350,~~661~~453

—

1,~~588~~805,~~810~~617

Nonperforming

27520

~~941~~1,063

71,~~254~~274

610,~~357~~396

46,~~192~~853

912,~~173~~399

—

2732,~~944~~505

Total

~~223~~334,~~547~~161

~~166~~220,~~336~~705

~~450~~155,~~626~~333

~~366~~419,~~545~~142

~~133~~345,~~866~~929

~~275~~362,~~834~~852

—

1,~~616~~838,~~754~~122

Prior-period gross charge-offs

10—

54—

~~150~~3

~~130~~—

67—

281,123

—

~~439~~1,126

Residential line of credit

Performing

—

~~600~~739,~~581~~295

Nonperforming

—

12,~~894~~014

Total

—

~~602~~741,~~475~~309

Prior-period gross charge-offs

—

73—

Consumer and other

Performing

~~139~~149,~~684~~560

93153,~~817~~638

7680,~~286~~874

3568,~~507~~023

2930,~~387~~289

~~102~~128,~~233~~726

~~652~~5,874

~~477~~616,~~566~~984

Nonperforming

1,~~300~~689

14,~~749~~716

14,~~686~~006

32,~~139~~033

23,~~548~~103

56,~~755~~505

1622,~~178~~053

Total

~~140~~151,~~984~~249

95158,~~566~~354

7784,~~972~~880

3870,~~646~~056

3133,~~935~~392

~~107~~135,~~988~~231

~~653~~5,875

~~493~~639,~~744~~037

Prior-period gross charge-offs

12,~~593~~101

~~511~~110

~~302~~76

~~278~~104

6986

~~298~~1,715

—4

34,~~051~~196

Total consumer type loans

Performing

~~363~~483,~~204~~201

~~259~~373,~~212~~280

~~519~~234,~~658~~933

~~395~~476,~~695~~769

~~159~~369,~~061~~365

~~368~~479,~~894~~179

~~601~~745,~~233~~169

23,~~666~~161,~~957~~896

Nonperforming

12,~~327~~209

25,~~690~~779

85,~~940~~280

912,~~496~~429

69,~~740~~956

1418,~~928~~904

12,~~895~~015

4656,~~016~~572

Total

~~364~~485,~~531~~410

~~261~~379,~~902~~059

~~528~~240,~~598~~213

~~405~~489,~~191~~198

~~165~~379,~~801~~321

~~383~~498,~~822~~083

~~603~~747,~~128~~184

23,~~712~~218,~~973~~468

Prior-period gross charge-offs

~~1,603~~$

2,101

~~565~~$

110

~~452~~$

~~408~~$

104

~~136~~$

~~326~~$

2,838

73$

~~3,563~~$

5,322

Nonaccrual and Past Due Loans

The following tables represent an analysis of the aging by class of financing receivable as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025:

September 30, 2025

30-89 dayspast due and accruing interest

90 days or more and accruing interest

Nonaccrualloans

Loans current on payments and accruing interest

Total

March 31, 2026

30-89 dayspast due and accruing interest

90 days or more and accruing interest

Nonaccrualloans

Loans current on payments and accruing interest

Total

Commercial and industrial

~~975~~17,205

20227

6,~~906~~418

2,~~147~~215,~~204~~378

2,~~155~~239,~~105~~228

Construction

513,~~132~~441

~~415~~93

30,~~953~~478

1,~~158~~133,~~892~~070

1,~~195~~177,~~392~~082

Residential real estate:

1-to-4 family mortgage

2427,~~132~~272

1819,~~159~~653

1110,~~286~~503

1,~~799~~798,~~049~~880

1,~~852~~856,~~626~~308

Residential line of credit

12,~~930~~892

~~496~~500

1,~~846~~510

~~703~~763,~~031~~288

~~707~~768,~~303~~190

Multi-family mortgage

—

98,~~325~~178

~~727~~708,~~099~~617

~~736~~716,~~424~~795

Commercial real estate:

Owner occupied

15,~~875~~529

~~361~~113

1014,~~639~~970

2,~~112~~184,~~045~~119

2,~~124~~204,~~920~~731

Non-owner occupied

3,~~676~~305

—

5,~~649~~781

2,~~880~~860,~~908~~673

2,~~890~~869,~~233~~759

Consumer and other

16,~~909~~784

6,~~860~~599

1214,~~844~~451

~~598~~633,~~984~~888

~~635~~671,~~597~~722

Total

5486,~~629~~428

2627,~~311~~185

8992,~~448~~289

12,~~127~~297,~~212~~913

12,~~297~~503,~~600~~815

2723

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

December 31, 2024

30-89 dayspast due and accruing interest

90 days or more and accruing interest

Nonaccrualloans

Loans current on payments and accruing interest

Total

December 31, 2025

30-89 dayspast due and accruing interest

90 days or more and accruing interest

Nonaccrualloans

Loans current on payments and accruing interest

Total

Commercial and industrial

13,~~204~~068

~~730~~84

96,~~661~~289

12,~~679~~172,~~618~~494

12,~~691~~181,~~213~~935

Construction

32,~~288~~435

~~538~~—

1034,~~915~~208

1,~~072~~151,~~991~~851

1,~~087~~188,~~732~~494

Residential real estate:

1-to-4 family mortgage

2428,~~376~~957

1523,~~319~~742

128,~~625~~763

1,~~564~~776,~~434~~660

1,~~616~~838,~~754~~122

Residential line of credit

2,~~302~~921

~~357~~799

1,~~537~~215

~~598~~736,~~279~~374

~~602~~741,~~475~~309

Multi-family mortgage

~~979~~2,788

—

218,199

~~652~~734,~~769~~373

~~653~~745,~~769~~360

Commercial real estate:

Owner occupied

14,~~996~~961

94—

910,~~551~~606

12,~~345~~133,~~927~~303

12,~~357~~148,~~568~~870

Non-owner occupied

—1,932

~~3,512~~—

24,~~667~~514

2,~~092~~894,~~950~~053

2,~~099~~900,~~129~~499

Consumer and other

1319,~~710~~744

38,~~797~~126

1213,~~381~~927

~~463~~597,~~856~~240

~~493~~639,~~744~~037

Total

4766,~~855~~806

2432,~~347~~751

5987,~~358~~721

912,~~470~~196,~~824~~348

912,~~602~~383,~~384~~626

The following tables provide the amortized cost basis of loans on nonaccrual status, as well as any related allowance as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 by class of financing receivable.

September 30, 2025

Nonaccrualwith norelatedallowance

Nonaccrualwithrelatedallowance

March 31, 2026

Nonaccrualwith norelatedallowance

Nonaccrualwithrelatedallowance

Commercial and industrial

~~1,173~~—

56,~~733~~418

Construction

139,~~449~~875

1720,~~504~~603

Residential real estate:

1-to-4 family mortgage

—

1110,~~286~~503

Residential line of credit

—

1,~~846~~510

Multi-family mortgage

87,~~715~~613

~~610~~565

Commercial real estate:

Owner occupied

75,~~137~~396

39,~~502~~574

Non-owner occupied

53,~~414~~204

~~235~~2,577

Consumer and other

—

1214,~~844~~451

Total

3526,~~888~~088

5366,~~560~~201

December 31, 2024

Nonaccrualwith norelatedallowance

Nonaccrualwithrelatedallowance

December 31, 2025

Nonaccrualwith norelatedallowance

Nonaccrualwithrelatedallowance

Commercial and industrial

~~5,294~~862

45,~~367~~427

Construction

114,~~653~~617

919,~~262~~591

Residential real estate:

1-to-4 family mortgage

~~1,562~~—

118,~~063~~763

Residential line of credit

~~148~~—

1,~~389~~215

Multi-family mortgage

—7,613

21586

Commercial real estate:

Owner occupied

61,~~415~~095

39,~~136~~511

Non-owner occupied

2,~~224~~032

~~443~~2,482

Consumer and other

—

1213,~~381~~927

Total

1726,~~296~~219

4261,~~062~~502

2824

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

The following presents interest income recognized on nonaccrual loans for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025:

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Commercial and industrial	$	~~179~~	$	46	$	~~209~~26	$	~~615~~3
Construction	~~365~~		~~308~~		~~867~~—		~~448~~6
Residential real estate:
1-to-4 family mortgage	70		6		764		40—
Residential line of credit	65		1		9622		407
Multi-family mortgage	5		—		~~171~~—		1—
Commercial real estate:
Owner occupied	—		—		852		~~124~~8
Non-owner occupied	8		—		~~120~~13		89—
Consumer and other	~~145~~		—		~~204~~7		—4
Total	$	~~837~~	$	~~361~~	$	~~1,751~~124	$	~~1,357~~28

Accrued interest receivable written off as an adjustment to interest income amounted to $~~549~~245 and $~~1,890~~287 for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively,~~ and ~~$128 and $536 for the three and nine months ended September 30~~2025, ~~2024,~~ respectively.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Loan Modifications to Borrowers Experiencing Financial Difficulty

Occasionally, the Company may make certain modifications of loans to borrowers experiencing financial difficulty. These modifications may be in the form of an interest rate reduction, a term extension, principal forgiveness, payment deferral or a combination thereof. Upon the Company’s determination that a modified loan has subsequently been deemed uncollectible, the portion of the loan deemed uncollectible is charged off against the allowance for credit losses on loans HFI. The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. Tables within this section exclude loans that were paid off or are otherwise no longer in the loan portfolio as of period end.

The following table presents the amortized cost of FDM loans as of September 30, 2025 and 2024 by type of concession granted that were modified during the three and nine months ended September 30, 2025 and 2024. 25

	Term Extension		Payment deferral		Interest Rate Reduction		Combination(1)		Total		% of total class of financing receivables
Three Months Ended September 30, 2025
Commercial and industrial	$	6	$	—	$	—	$	—	$	6	—	%
Construction	787		—		—		—		787		0.1	%
Commercial real estate:
Owner occupied	244		—		—		—		244		—	%
Non-owner occupied	—		4,594		—		—		4,594		0.2	%
Total	$	1,037	$	4,594	$	—	$	—	$	5,631	—	%
Nine Months Ended September 30, 2025
Commercial and industrial	$	152	$	—	$	—	$	—	$	152	—	%
Construction	1,326		—		142		3,305		4,773		0.4	%
Residential real estate:
1-to-4 family mortgage	461		1,832		—		—		2,293		0.1	%
Commercial real estate:
Owner occupied	244		—		—		—		244		—	%
Non-owner occupied	—		4,594		—		—		4,594		0.2	%
Consumer and other	—		—		—		63		63		—	%
Total	$	2,183	$	6,426	$	142	$	3,368	$	12,119	0.1	%
Three Months Ended September 30, 2024
Commercial and industrial	$	—	$	—	$	—	$	7,038	$	7,038	0.4	%
Construction	—		—		—		1,713		1,713		0.2	%
Total	$	—	$	—	$	—	$	8,751	$	8,751	0.1	%
Nine Months Ended September 30, 2024
Commercial and industrial	$	—	$	—	$	—	$	7,038	$	7,038	0.4	%
Construction	—		—		—		15,908		15,908		1.5	%
Consumer and other	38		—		—		97		135		—	%
Total	$	38	$	—	$	—	$	23,043	$	23,081	0.2	%
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

The following table ~~describes~~presents the ~~financial~~amortized ~~effect~~cost of FDM loans as of March 31, 2026 and 2025 by type of concession granted that were modified during the ~~modifications~~three ~~made~~months toended ~~borrowers~~March 31, ~~experiencing~~2026 ~~financial~~and ~~difficulty:~~2025.

Three Months Ended September 30, 2025	Weighted average term extension (in months)		Weighted average payment deferral (in months)		Weighted average interest rate reduction
	Term Extension		Payment deferral		Interest Rate Reduction		Combination(1)		Total		% of total class of financing receivables
Commercial and industrial	13		—		—%
Three Months Ended March 31, 2026
Construction	2		—		—%
Commercial and industrial	$	7,616	$	1,459	$	—	$	649	$	9,724	0.4	%
Commercial real estate:
Construction	13,837		—		—		—		13,837		1.2	%
Owner occupied	3		—		—%
Residential real estate:
Non-owner occupied	—		7		—%
1-to-4 family mortgage	955		—		—		160		1,115		0.1	%
Consumer and other	35		—		—		—		35		—	%
Total	$	22,443	$	1,459	$	—	$	809	$	24,711	0.2	%
Three Months Ended March 31, 2025
Commercial and industrial	$	152	$	—	$	—	$	—	$	152	—	%
Construction	539		—		—		—		539		0.1	%
Residential real estate:
1-to-4 family mortgage	—		—		—		85		85		—	%
Commercial real estate:
Owner occupied	—		143		—		—		143		—	%
Consumer and other	—		—		—		63		63		—	%
Total	$	691	$	143	$	—	$	148	$	982	—	%
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.

Nine months ended September 30, 2025	Weighted average term extension (in months)	Weighted average payment deferral (in months)	Weighted average interest rate reduction
Commercial and industrial	35	—	—%
Construction	4	4	2.50%
Residential real estate:
1-to-4 family mortgage	300	4	—%
Commercial real estate:
Owner occupied	3	—	—%
Non-owner occupied	—	7	—
Consumer and other	13	—	2.00%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty:

Three Months Ended September 30, 2024

Weighted average term extension (in months)

Weighted average payment deferral (in months)

Weighted average interest rate reduction

Three Months Ended March 31, 2026

Weighted average term extension (in months)

Weighted average payment deferral (in months)

Weighted average interest rate reduction

Commercial and industrial

126

1236

—0.50%

Construction

~~360~~12

5—

~~0.10~~—%

Residential real estate:

1-to-4 family mortgage

1.76%

Commercial real estate:

Consumer and other

—

—%

Nine Months Ended September 30, 2024	Weighted average term extension (in months)	Weighted average payment deferral (in months)	Weighted average interest rate reduction
Three Months Ended March 31, 2025	Weighted average term extension (in months)	Weighted average payment deferral (in months)	Weighted average interest rate reduction
Commercial and industrial	1236	12—	—%
Construction	446	3—	~~0.10~~—%
Consumer and other	25	—	1.49%
Residential real estate:
1-to-4 family mortgage	62	—	2.25%
Commercial real estate:
Owner occupied	—	—	2.50%
Consumer and other	13	—	2.00%

For FDM loans, a subsequent payment default is defined as the earlier of the FDM loans being placed on nonaccrual status or reaching 30 days past due with respect to principal and/or interest payments. ~~The following tables depict loans defaulted that were previously modified in the prior 12 months:~~

Three Months Ended September 30, 2025	Term Extension		Payment deferral		Interest Rate Reduction		Combination(1)
Residential real estate:
1-to-4 family mortgage	$	—	$	—	$	—	$	313
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Nine Months Ended September 30, 2025	Term Extension		Payment deferral		Interest Rate Reduction		Combination(1)
Construction	$	—	$	—	$	142	$	—
Residential real estate:
1-to-4 family mortgage	461		—		—		313
Consumer and other	—		—		—		63
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.

The following tables depict loans that defaulted during the three months ended March 31, 2026 that were previously modified in the prior 12 months:

During the three and nine months ended September 30, 2024, consumer and other loans of $32 defaulted that were previously modified in the prior 12 months by receiving a term extension. At September 30, 2025 and December 31, 2024, the Company did not have any material commitments to lend additional funds to borrowers whose loans were classified as a FDM loan.


Three Months Ended March 31, 2026	Term Extension		Payment deferral		Interest Rate Reduction		Combination(1)
Commercial and industrial	$	3	$	1,955	$	—	$	—
Construction	$	—	$	—	$	—	$	3,305
Residential real estate:
1-to-4 family mortgage	1,627		1,137		—		—


Commercial real estate:

Non-owner occupied	—		4,606		—		—
Consumer and other	—		—		—		97
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.

~~The~~During ~~Company~~the ~~closely~~three ~~monitors~~months ~~the~~ended ~~performance~~March 31, of2025, ~~the~~consumer and other loans of $14 defaulted that ~~are~~were previously modified toin ~~borrowers~~the ~~experiencing~~prior ~~financial~~12 ~~difficulty~~months toby ~~understand~~receiving a term extension. In addition, during the ~~effectiveness~~three months ended March 31, 2025, 1-to-4 family mortgage residential real estate loans of ~~its~~$626 ~~modification~~defaulted ~~efforts.~~that ~~The~~were ~~tables~~previously ~~below~~modified ~~depict~~in the ~~performance~~prior of12 ~~loans~~months ~~HFI~~by asreceiving a combination of ~~September~~payment deferral and term extension. At March 3031, ~~2025~~2026 and ~~2024~~2025, ~~made~~the Company did not have any material commitments to ~~borrowers~~lend ~~experiencing~~additional ~~financial~~funds ~~difficulty~~to ~~that~~borrowers ~~were~~whose ~~modified~~loans inwere ~~the~~classified ~~prior~~as ~~twelve~~a ~~months~~FDM loan.

September 30, 2025	30-89 dayspast due and accruing interest		90 days or more and accruing interest		Nonaccrualloans(1)		Loans current on payments and accruing interest		Total
Commercial and industrial	$	—	$	—	$	—	$	152	$	152
Construction	—		—		3,305		1,468		4,773
Residential real estate:
1-to-4 family mortgage	313		—		1,464		1,193		2,970
Residential line of credit	—		—		—		29		29
Commercial real estate:
Owner-occupied	—		—		244		—		244
Non-owner occupied	—		—		1,031		3,562		4,593
Consumer and other	—		63		—		—		63
Total	$	313	$	63	$	6,044	$	6,404	$	12,824

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The tables below depict the performance of loans HFI as of March 31, 2026 and 2025 made to borrowers experiencing financial difficulty that were modified in the prior 12 months.

September 30, 2024	30-89 dayspast due and accruing interest		90 days or more and accruing interest		Nonaccrualloans(1)		Loans current on payments and accruing interest		Total
March 31, 2026	30-89 dayspast due and accruing interest		90 days or more and accruing interest		Nonaccrualloans(1)		Loans current on payments and accruing interest		Total
Commercial and industrial	$	—	$	—	$	71,~~038~~955	$	—11,077	$	713,~~038~~032
Construction	—		—		117,~~713~~142		~~14,195~~—		1517,~~908~~142
Residential real estate:
1-to-4 family mortgage	—2,765		—		22—		—2,087		224,852
Consumer and other	32		—		—		104		136
Commercial real estate:
Total	$	32	$	—	$	8,773	$	14,299	$	23,104
Owner-occupied	—		—		234		—		234
Non-owner occupied	—		—		1,024		3,582		4,606
Consumer and other	—		—		—		141		141
Total	$	2,765	$	—	$	20,355	$	16,887	$	40,007

(1) Loans were on nonaccrual when modified and subsequently classified as FDM.


March 31, 2025	30-89 days past due and accruing interest		90 days or more and accruing interest		Nonaccrual loans(1)		Loans current on payments and accruing interest		Total
Commercial and industrial	$	—	$	—	$	2,128	$	152	$	2,280
Construction	—		—		2,008		539		2,547
Residential real estate:
1-to-4 family mortgage	367		—		—		2,098		2,465
Residential line of credit	—		—		—		28		28

Commercial real estate:
Owner-occupied	—		—		—		143		143

Consumer and other	14		—		—		159		173
Total	$	381	$	—	$	4,136	$	3,119	$	7,636

(1) Loans were on nonaccrual when modified and subsequently classified as FDM.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Collateral-Dependent Loans

For collateral-dependent loans, or those loans for which repayment is expected to be provided substantially through the operation or sale of collateral, where the borrower is also experiencing financial difficulty, the following tables present the loans by class of financing receivable.

September 30, 2025

March 31, 2026

Type of Collateral

Real Estate

Land

Business Assets

Total

Commercial and industrial

~~1,303~~—

—

2329,~~630~~095

2429,~~933~~095

Construction

3044,~~001~~987

1,653

—

3146,~~654~~640

Residential real estate:

1-to-4 family mortgage

3,~~925~~479

—

3,~~925~~479

Multi-family mortgage

89,~~715~~892

—

89,~~715~~892

Commercial real estate:

Owner occupied

110,~~096~~113

67,~~041~~485

~~1,664~~—

817,~~801~~598

Non-owner occupied

1610,~~048~~230

—

1610,~~048~~230

Total

6178,~~088~~701

79,~~694~~138

2529,~~294~~095

94116,~~076~~934

	December 31, 2024
	December 31, 2025
	Type of Collateral
	Real Estate		Land		Business Assets		Total
Commercial and industrial	$	—	$	—	$	827,~~492~~222	$	827,~~492~~222
Construction	2235,~~047~~297		15,~~653~~497		—		2340,~~700~~794
Residential real estate:
1-to-4 family mortgage	13,~~843~~488		—		—		13,~~843~~488
Residential line of credit	148		—		—		148
Multi-family mortgage	7,613		—		—		7,613
Multi-family mortgage	9,919		—		—		9,919
Commercial real estate:
Owner occupied	—1,883		68,~~415~~027		—		69,~~415~~910
Non-owner occupied	610,~~886~~171		—		—		610,~~886~~171
Total	$	4058,~~843~~452	$	813,~~068~~524	$	827,~~492~~222	$	5799,~~403~~198

Allowance for Credit Losses on Loans HFI

Beginning on June 30, 2025, the Company made changes to the estimation techniques and certain related inputs and assumptions used in estimating its expected credit losses on its loan portfolios and unfunded commitments. Prior to the changes, the Company primarily used a lifetime loss rate model to determine the allowance for credit losses. Following a periodic review of its credit loss estimation process, the Company concluded that a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, is a more preferred approach for estimating expected credit losses of its loan segments, except consumer and other loans, which utilize the weighted average remaining maturity loss rate technique. The applicable CECL estimation technique is used to estimate the expected credit loss for off-balance sheet commitments for each loan segment. AsRefer ~~part of the updates~~ to ~~estimation~~Note ~~techniques~~1, ~~management~~“Basis ~~updated~~of ~~certain~~presentation ~~related inputs~~ and ~~assumptions~~summary ~~used~~of tosignificant ~~estimate~~accounting ~~the~~policies” ~~expected~~in ~~credit loss. The Company determined that~~ the ~~use~~consolidated offinancial ~~the~~statements ~~updated~~in ~~estimate techniques and related inputs and assumptions enhances~~ the ~~transparency,~~Company's ~~accuracy~~Annual ~~and~~Report ~~relevance~~on ofForm ~~information~~10-K ~~relating to its allowance~~ for ~~credit losses through~~ the ~~application~~year ofended ~~data~~December ~~and~~31, ~~calculations~~2025, ~~more~~that ~~clearly~~was ~~calibrated~~filed towith the ~~Company’s~~SEC ~~historical~~on ~~experience,~~February ~~the nature of its loan portfolio and unfunded commitments~~26, ~~and~~2026 ~~expectations~~ for ~~future~~further ~~economic~~specific ~~conditions~~information ~~and~~on ~~corresponding~~the ~~expected credit losses~~changes.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

The Company performed evaluations within its updated qualitative framework, assessing for information not otherwise captured in model loss estimation process. The Company considers the qualitative factors that are relevant to the institution as of the reporting date, which may include, but are not limited to: levels of and trends in delinquencies and performance of loans; levels of and trends in write-offs and recoveries collected; trends in volume and terms of loans; effects of any changes in reasonable and supportable economic forecasts; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and expertise; available relevant information sources that contradict the Company’s own forecast; effects of changes in prepayment expectations or other factors affecting assessments of loan contractual terms; industry conditions; and effects of changes in credit concentrations.

As a result of the Southern States merger, the Company recorded a total increase of $32,641 in the allowance for credit losses on loans as of the July 1, 2025 merger date. This included $7,518 of allowance for credit losses on acquired PCD loans, which was established through acquisition accounting adjustments using the gross-up method, whereby the initial allowance is added to the fair value of the loan to determine its amortized cost. Additionally, $25,123 of allowance for credit losses was established on acquired non-PCD loans through provision expense recognized in the post-combination financial statements for the three and nine months ended September 30, 2025. See Note 2, “Mergers and acquisitions” for additional details related to allowance associated with acquired loan portfolio.28

The following tables provide the changes in the allowance for credit losses on loans HFI by class of financing receivable for the three and nine months ended September 30, 2025 and 2024:

	Commercial and industrial		Construction		1-to-4 family residential mortgage		Residential line of credit		Multi-family residential mortgage		Commercial real estate owner occupied			Commercial real estate non-owner occupied		Consumer and other		Total
Three Months Ended September 30, 2025
Beginning balance -June 30, 2025	$	20,271	$	21,848	$	30,262	$	8,671	$	10,894	$	11,939		$	26,303	$	18,760	$	148,948
Initial allowance on loans purchased with deteriorated credit quality	1,959		298		64		31		159		1,515			3,418		74		7,518
Loans charged off	(100)		(399)		(322)		—		—		—			—		(888)		(1,709)
Recoveries of loanspreviously charged-off	12		—		6		11		—		4			—		246		279
Provision for credit losses on loans HFI	3,933		6,110		3,049		1,745		762		6,902		0	4,352		3,104		29,957
Ending balance -September 30, 2025	$	26,075	$	27,857	$	33,059	$	10,458	$	11,815	$	20,360		$	34,073	$	21,296	$	184,993
Nine Months Ended September 30, 2025
Beginning balance -December 31, 2024	$	16,667	$	31,698	$	25,340	$	10,952	$	10,512	$	11,993		$	25,531	$	19,249	$	151,942
Initial allowance on loans purchased with deteriorated credit quality	1,959		298		64		31		159		1,515			3,418		74		7,518
Loans charged-off	(3,071)		(399)		(758)		—		—		(17)			—		(2,811)		(7,056)
Recoveries of loanspreviously charged-off	227		—		26		12		—		34			529		1,000		1,828
Impact of change in accounting estimate for current expected credit losses	3,504		(4,705)		2,717		(3,428)		258		(1,074)			(1,747)		(2,373)		(6,848)
Provision for credit losses on loans HFI	6,789		965		5,670		2,891		886		7,909			6,342		6,157		37,609
Ending balance -September 30, 2025	$	26,075	$	27,857	$	33,059	$	10,458	$	11,815	$	20,360		$	34,073	$	21,296	$	184,993

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

	Commercial and industrial		Construction		1-to-4 familyresidentialmortgage		Residential line of credit		Multi-family residential mortgage		Commercial real estate owner occupied		Commercial real estate non-owner occupied		Consumer and other		Total
Three Months Ended September 30, 2024
Beginning balance -June 30, 2024	$	22,530	$	34,170	$	25,631	$	10,097	$	8,810	$	11,312	$	24,543	$	17,962	$	155,055
Loans charged off	(90)		—		(2)		(53)		—		—		—		(770)		(915)
Recoveries of loanspreviously charged-off	23		—		9		18		—		12		—		202		264
Provision for (reversal of) credit losses on loans HFI	1,670		(3,612)		341		662		834		243		98		1,620		1,856
Ending balance -September 30, 2024	$	24,133	$	30,558	$	25,979	$	10,724	$	9,644	$	11,567	$	24,641	$	19,014	$	156,260
Nine Months Ended September 30, 2024
Beginning balance -December 31, 2023	$	19,599	$	35,372	$	26,505	$	9,468	$	8,842	$	10,653	$	22,965	$	16,922	$	150,326
Loans charged-off	(159)		(92)		(295)		(73)		—		—		—		(2,136)		(2,755)
Recoveries of loanspreviously charged-off	57		—		75		18		—		240		—		651		1,041
Provision for (reversal of) credit losses on loans HFI	4,636		(4,722)		(306)		1,311		802		674		1,676		3,577		7,648
Ending balance - September 30, 2024	$	24,133	$	30,558	$	25,979	$	10,724	$	9,644	$	11,567	$	24,641	$	19,014	$	156,260

The following tables provide the changes in the allowance for credit losses on loans HFI by class of financing receivable for the three months ended March 31, 2026 and 2025:


	Commercial and industrial		Construction		1-to-4 family residential mortgage		Residential line of credit		Multi-family residential mortgage		Commercial real estate owner occupied		Commercial real estate non-owner occupied		Consumer and other		Total








Three Months Ended March 31, 2026
Beginning balance - December 31, 2025	$	24,130	$	25,633	$	33,218	$	10,589	$	12,260	$	21,609	$	36,235	$	22,309	$	185,983

Loans charged-off	(2,168)		(204)		(405)		(23)		—		—		—		(1,233)		(4,033)
Recoveries of loans previously charged-off	101		25		8		—		—		13		—		405		552

Provision for (reversal of) credit losses on loans HFI	3,405		2,069		360		(29)		(1,899)		513		(1,246)		649		3,822
Ending balance - March 31, 2026	$	25,468	$	27,523	$	33,181	$	10,537	$	10,361	$	22,135	$	34,989	$	22,130	$	186,324


	Commercial and industrial		Construction		1-to-4 family residential mortgage		Residential line of credit		Multi-family residential mortgage		Commercial real estate owner occupied		Commercial real estate non-owner occupied		Consumer and other		Total






Three Months Ended March 31, 2025
Beginning balance - December 31, 2024	$	16,667	$	31,698	$	25,340	$	10,952	$	10,512	$	11,993	$	25,531	$	19,249	$	151,942
Loans charged-off	(2,901)		—		(3)		—		—		(17)		—		(972)		(3,893)
Recoveries of loans previously charged-off	42		—		9		—		—		21		1		503		576
Provision for (reversal of) credit losses on loans HFI	1,713		(6,046)		854		244		904		77		2,787		1,373		1,906
Ending balance - March 31, 2025	$	15,521	$	25,652	$	26,200	$	11,196	$	11,416	$	12,074	$	28,319	$	20,153	$	150,531

Note (5)—Other real estate owned

The amount reported as other real estate owned includes property acquired through foreclosure in addition to excess facilities held for sale and is carried at the lower of the carrying amount of the underlying loan or the fair value of the real estate less costs to sell. The following table summarizes the other real estate owned for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025:

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Balance at beginning of period	$	~~2,998~~	$	~~4,173~~	$	46,~~409~~009	$	34,~~192~~409
Transfers from loans	~~1,975~~		—		51,~~272~~277		2,~~400~~067
Acquired through merger or acquisition	120		—		120		—
Proceeds from sale of other real estate owned					(871)		(2,668)
Proceeds from sale of other real estate owned	(659)		(412)		(5,071)		(1,846)
Gain (loss) on sale of other real estate owned					34		(482)
Gain (loss) on sale of other real estate owned	32		18		(225)		33
Balance at end of period					$	6,449	$	3,326
Write-downs and partial liquidations	—		—		(39)		—
Balance at end of period	$	4,466	$	3,779	$	4,466	$	3,779

Included within the other real estate owned balance above, foreclosed residential real estate properties totaled $4,448 and $4,008 as of March 31, 2026 and December 31, 2025, respectively.

The recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $76,~~568~~607 and $74,~~652~~732 as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

35Note (6)—Leases

As of March 31, 2026, the Company was the lessee in 48 operating leases and 1 finance lease of certain branch, mortgage and operations locations with original terms greater than one year.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

~~Note~~management ~~(6)—Goodwill~~is reasonably certain to renew and ~~intangible~~fixed ~~assets~~rent escalations are included in the right-of-use asset and lease liability.

~~Goodwill~~Information ~~represents~~related ~~the~~to ~~excess of~~ the ~~cost~~Company’s ofleases ais ~~business~~presented ~~combination~~below ~~over~~as ~~the fair value~~ of ~~the~~March 31, ~~net~~2026 ~~assets~~and ~~acquired.~~December 31, 2025:

Goodwill
				March 31,			December 31,
Balance at December 31, 2024		242,561
	Classification			2026			2025
Addition from merger with Southern States (See Note 2)		107,792
Right-of-use assets:
Balance at September 30, 2025		$	350,353
Operating leases	Operating lease right-of-use assets			$	48,223		$	49,249
Finance leases	Premises and equipment, net			1,007			1,035
Total right-of-use assets				$	49,230		$	50,284
Lease liabilities:
Operating leases	Operating lease liabilities			$	59,106		$	60,556
Finance leases	Borrowings			1,103			1,127
Total lease liabilities				$	60,209		$	61,683
Weighted average remaining lease term (in years) - operating				10.7			10.9
Weighted average remaining lease term (in years) - finance				9.11			9.35
Weighted average discount rate - operating				3.70		%	3.68		%
Weighted average discount rate - finance				1.76		%	1.76		%

The components of total lease expense included in the consolidated statements of income were as follows:

The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or more frequently, if an event occurs or circumstances change which indicate that the fair value of a reporting unit is below its carrying amount. Impairment is the condition that exists when the carrying amount of the reporting unit exceeds the fair value of that reporting unit. The Company performed a qualitative assessment as of October 1, 2024 and determined it was more likely than not the fair value of the reporting units exceeded its carrying value, including goodwill. As such, no impairment of goodwill was recorded. No events of circumstances since the October 1, 2024 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.


		Three Months Ended March 31,

	Classification		2026		2025
Operating lease costs:
Amortization of right-of-use asset	Occupancy and equipment		$	1,854	$	1,878
Short-term lease cost	Occupancy and equipment		75		85
Variable lease cost	Occupancy and equipment		480		494

Finance lease costs:
Interest on lease liabilities	Interest expense on borrowings		5		5
Amortization of right-of-use asset	Occupancy and equipment		28		28

Sublease income	Occupancy and equipment		(212)		(205)
Total lease cost			$	2,230	$	2,285

Core deposit and other intangibles include core deposit intangibles and a customer base trust intangible. The composition of core deposit and other intangibles, which excludes fully amortized intangibles, as of September 30, 2025 and December 31, 2024 is as follows:

	Core deposit and other intangibles
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
September 30, 2025
Core deposit intangible	$	90,655	$	(57,732)	$	32,923
Customer base trust intangible	1,600		(1,307)		293
Total core deposit and other intangibles	$	92,255	$	(59,039)	$	33,216
December 31, 2024
Core deposit intangible	$	59,835	$	(54,486)	$	5,349
Customer base trust intangible	1,600		(1,187)		413
Total core deposit and other intangibles	$	61,435	$	(55,673)	$	5,762

Amortization of core deposit and other intangibles totaled $2,079 and $3,366 for the three and nine months ended September 30, 2025, respectively, and $719 and $2,260 for the three and nine months ended September 30, 2024, respectively.

During the third quarter of 2025, the Company recorded $30,820 of core deposit intangibles resulting from the Southern States merger. See Note 2, “Mergers and acquisitions” for additional information regarding this transaction.

The estimated aggregate future years amortization expense of core deposit and other intangibles is as follows:

Remaining 2025	$	1,934
2026	7,089
2027	5,996
2028	4,877
2029	3,904
2030	3,112
Thereafter	6,304
	$	33,216

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Note (7)—Leases

As of September 30, 2025, the Company was the lessee in 50 operating leases and 1 finance lease of certain branch, mortgage and operations locations with original terms greater than one year.

Many leases include options to renew, with terms that can extend the lease up to an additional 20 years or more. Certain lease agreements contain provisions to periodically adjust rental payments for inflation. Renewal options that management is reasonably certain to renew and fixed rent escalations are included in the right-of-use asset and lease liability.

Information related to the Company’s leases is presented below as of September 30, 2025 and December 31, 2024:

		September 30,			December 31,
	Classification	2025			2024
Right-of-use assets:
Operating leases	Operating lease right-of-use assets	$	51,035		$	47,963
Finance leases	Premises and equipment, net	1,063			1,145
Total right-of-use assets		$	52,098		$	49,108
Lease liabilities:
Operating leases	Operating lease liabilities	$	62,664		$	60,024
Finance leases	Borrowings	1,154			1,229
Total lease liabilities		$	63,818		$	61,253
Weighted average remaining lease term (in years) - operating		11.0			11.0
Weighted average remaining lease term (in years) - finance		9.6			10.4
Weighted average discount rate - operating		3.68		%	3.47		%
Weighted average discount rate - finance		1.76		%	1.76		%

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	Classification	2025		2024		2025		2024
Operating lease costs:
Amortization of right-of-use asset	Occupancy and equipment	$	2,023	$	1,362	$	5,846	$	5,048
Short-term lease cost	Occupancy and equipment	70		96		229		282
Variable lease cost	Occupancy and equipment	333		321		1,302		1,024
Loss on lease terminations	Occupancy and equipment	265		—		265		—
Finance lease costs:
Interest on lease liabilities	Interest expense on borrowings	6		6		16		17
Amortization of right-of-use asset	Occupancy and equipment	28		28		83		83
Sublease income	Occupancy and equipment	(214)		(96)		(634)		(407)
Total lease cost		$	2,511	$	1,717	$	7,107	$	6,047

The Company does not separate lease and non-lease components and instead elects to account for them as a single lease component. Variable lease cost primarily represents variable payments such as common area maintenance, utilities, and property taxes.

37A maturity analysis of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of March 31, 2026 is as follows:


	Operating		Finance
	Leases		Lease

March 31, 2027	$	6,840	$	93
March 31, 2028	8,646		125
March 31, 2029	7,772		127
March 31, 2030	6,657		129
March 31, 2031	6,251		131
Thereafter	36,614		590
Total undiscounted future minimum lease payments	72,780		1,195
Less: imputed interest	(13,674)		(92)
Lease liabilities	$	59,106	$	1,103

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

ANote ~~maturity~~(7)—Mortgage ~~analysis~~servicing ~~of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of September 30, 2025 is as follows:~~rights

	Operating		Finance
	Leases		Lease
September 30, 2026	$	2,317	$	31
September 30, 2027	9,127		123
September 30, 2028	8,658		125
September 30, 2029	7,744		127
September 30, 2030	6,718		129
Thereafter	42,864		721
Total undiscounted future minimum lease payments	77,428		1,256
Less: imputed interest	(14,764)		(102)
Lease liabilities	$	62,664	$	1,154

Changes in the Company’s mortgage servicing rights were as follows for the three months ended March 31, 2026 and 2025:

Note (8)—Mortgage servicing rights


	Three Months Ended March 31,
		2026		2025


Carrying value at beginning of period		$	148,795	$	162,038
Capitalization		1,272		421





Change in fair value:
Due to payoffs/paydowns		(3,298)		(3,111)
Due to change in valuation inputs or assumptions		575		(2,969)
Carrying value at end of period		$	147,344	$	156,379

~~Changes~~The infollowing ~~the~~table ~~Company’s~~summarizes servicing income and expense, which are included in mortgage ~~servicing~~banking ~~rights~~income ~~were~~and asother ~~follows~~noninterest ~~for~~expense, respectively, in the ~~three~~consolidated ~~and~~statements ~~nine~~of income for the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025:

	Three Months Ended September 30,					Nine Months Ended September 30,
					Three Months Ended March 31,
	2025		2024			2025		2024
						2026		2025
Carrying value at beginning of period	$	153,464	$	164,505		$	162,038	$	164,249
Servicing income						$	6,580	$	7,077
Capitalization	849		1,418			2,498		4,067
Change in fair value of mortgage servicing rights						(2,723)		(6,080)
Change in fair value:
Change in fair value of derivative hedging instruments						(1,129)		3,011
Due to payoffs/paydowns	(3,438)		(3,518)			(9,703)		(10,067)
Servicing income						2,728		4,008
Due to change in valuation inputs or assumptions	(1,035)		(5,308)			(4,993)		(1,152)
Servicing expenses						1,537		1,722
Carrying value at end of period	$	149,840	$	157,097		$	149,840	$	157,097
Net servicing income						$	1,191	$	2,286

~~The~~Data ~~following~~and ~~table~~key ~~summarizes~~economic ~~servicing income and expense~~assumptions, ~~which~~as ~~are~~well ~~included~~as inthe ~~mortgage~~valuation's ~~banking~~sensitivity ~~income~~to ~~and~~interest ~~other~~rate ~~noninterest expense~~fluctuations, ~~respectively,~~related into the ~~consolidated~~Company’s ~~statements~~mortgage ofservicing ~~income~~rights ~~for~~as ~~the~~of ~~three~~March 31, 2026 and ~~nine months ended September~~December 3031, 2025 ~~and~~are ~~2024~~as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	March 31,					December 31,
	2025			2024					2025		2024
	2026					2025
Servicing income	$	6,836		$	7,244				$	20,849	$	21,907
Unpaid principal balance of mortgage loans sold and serviced for others	$	9,455,049				$	9,588,948
Change in fair value of mortgage servicing rights	(4,473)			(8,826)					(14,696)		(11,219)
Weighted-average prepayment speed (CPR)	6.36		%			6.38		%
Change in fair value of derivative hedging instruments	1,083			4,336					4,006		(648)
Estimated impact on fair value of a 10% increase	$	(3,980)				$	(4,026)
Servicing income	3,446			2,754					10,159		10,040
Estimated impact on fair value of a 20% increase	$	(7,720)				$	(7,812)
Servicing expenses	1,409			1,732					4,974		5,612
Discount rate	9.87		%			9.68		%
Net servicing income	$	2,037		$	1,022				$	5,185	$	4,428
Estimated impact on fair value of a 100 bp increase	$	(6,867)				$	(6,986)
Estimated impact on fair value of a 200 bp increase	$	(13,161)				$	(13,390)
Weighted-average coupon interest rate	3.68		%			3.67		%
Weighted-average servicing fee (basis points)	27					27
Weighted-average remaining maturity (in months)	338					338

38The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the mortgage servicing rights is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by the Company, which were not included in the above sensitivities, would serve to offset the estimated impacts to fair value included in the table above. See Note 10, “Derivatives” for additional information on these derivative instruments.

As of March 31, 2026 and December 31, 2025, the Company held mortgage escrow deposits totaling $93,961 and $69,055, respectively, related to loans sold with servicing retained.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

~~Data~~Note ~~and~~(8)—Income key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s mortgage servicing rights as of September 30, 2025 and December 31, 2024 are as follows: taxes

	September 30,			December 31,
	2025			2024
Unpaid principal balance of mortgage loans sold and serviced for others	$	9,716,824		$	10,235,048
Weighted-average prepayment speed (CPR)	6.51		%	6.04		%
Estimated impact on fair value of a 10% increase	$	(4,133)		$	(4,213)
Estimated impact on fair value of a 20% increase	$	(7,972)		$	(8,168)
Discount rate	9.65		%	10.2		%
Estimated impact on fair value of a 100 bp increase	$	(7,000)		$	(7,515)
Estimated impact on fair value of a 200 bp increase	$	(13,416)		$	(14,397)
Weighted-average coupon interest rate	3.64		%	3.59		%
Weighted-average servicing fee (basis points)	27			27
Weighted-average remaining maturity (in months)	337			336

The following table presents a reconciliation of federal income taxes at the statutory federal rate of 21.0% to the Company’s effective tax rates for the three months ended March 31, 2026:

The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the mortgage servicing rights is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by the Company, which were not included in the above sensitivities, would serve to offset the estimated impacts to fair value included in the table above. See Note 12, “Derivatives” for additional information on these derivative instruments.


	Three Months Ended March 31,
		2026
Federal taxes calculated at statutory rate			$	15,572	21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit(1)			2,357		3.2	%
State tax credits, net of federal benefit(1)			(774)		(1.0)	%
New market tax credits			(160)		(0.2)	%
Nondeductible/nontaxable items:
Municipal interest income, net of interest disallowance			(410)		(0.6)	%


Section 162(m) limitation			685		0.9	%
Other			(41)		(0.1)	%
Other			(603)		(0.8)	%
Income tax expense, as reported			$	16,626	22.4	%
(1) State of Tennessee makes up the majority (more than 50%) of the total of state taxes and state tax credits.

AsThe offollowing ~~September 30,~~table ~~2025~~presents ~~and~~a ~~December 31,~~reconciliation ~~2024,~~of federal income taxes at the ~~Company~~statutory ~~held~~federal ~~mortgage~~rate ~~escrow~~of ~~deposits~~21.0% ~~totaling~~to ~~$131,588~~the ~~and~~Company's ~~$68,995,~~effective ~~respectively,~~tax ~~related~~rates tofor ~~loans~~the ~~sold~~three ~~with~~months ~~servicing~~ended ~~retained.~~March 31, 2025:

Note (9)—Borrowings


	Three Months Ended March 31,
		2025
Federal taxes calculated at statutory rate			$	10,255	21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit			459		0.9	%
Benefit from stock-based compensation			(133)		(0.3)	%
Municipal interest income, net of interest disallowance			(396)		(0.8)	%
Bank-owned life insurance			(94)		(0.2)	%
Section 162(m) limitation			586		1.2	%
Other			(1,206)		(2.4)	%
Income tax expense, as reported			$	9,471	19.4	%

~~The~~Note ~~Company~~(9)—Commitments ~~has access to various sources of funds that allow for management of interest rate exposure~~ and ~~liquidity. The following table summarizes the Company's outstanding borrowings and weighted average interest rates as of September 30, 2025 and December 31, 2024:~~contingencies

	Outstanding Balance				Weighted Average Interest Rate
	September 30,		December 31,		September 30,		December 31,
	2025		2024		2025		2024
Securities sold under agreements to repurchase and federal funds purchased	$	107,486	$	13,499	4.23	%	0.20	%
Subordinated debt, net	83,338		130,704		5.01	%	5.28	%
Other borrowings	22,814		32,586		0.09	%	0.07	%
Total	$	213,638	$	176,789

Securities sold under agreements to repurchase and federal funds purchased

Securities sold under agreements to repurchase are financing arrangements that mature daily. Securities sold under agreements to repurchase totaled $12,486 and $13,499 as of September 30, 2025 and December 31, 2024, respectively. The weighted average interest rate of the Company's securities sold under agreements to repurchase was 0.17% and 0.20% as of September 30, 2025 and December 31, 2024, respectively. The fair value of securities pledged to secure repurchase agreements may decline. The Company manages this risk by having a policy to pledge securities valued at 100% of the outstanding balance of repurchase agreements.

The Bank maintains lines with certain correspondent banks that provide borrowing capacity in the form of federal funds purchased. Federal funds purchased are short-term borrowings that typically mature within one to fourteen days. As of September 30, 2025 and December 31, 2024, the aggregate total borrowing capacity under these lines amounted to $405,000 and $370,000, respectively. As of September 30, 2025, borrowings against these lines, which are classified as federal funds purchased, totaled $95,000 with a weighted average rate of 4.77%. There were no such borrowings outstanding as of December 31, 2024.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Information concerning securities sold under agreement to repurchase and federal funds purchased as of or for the nine months ended September 30, 2025 and year ended December 31, 2024 is summarized as follows:

	September 30, 2025			December 31, 2024
Balance at period-end	$	107,486		$	13,499
Average daily balance during the period	11,773			21,339
Average interest rate during the period	0.72		%	1.72		%
Maximum month-end balance during the period	$	107,486		$	78,228
Weighted average interest rate at period-end	4.23		%	0.20		%

Federal Home Loan Bank Advances

As a member of the FHLB, the Company may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, the Company maintains a line of credit that as of September 30, 2025 and December 31, 2024 had total borrowing capacity of $1,551,283 and $1,397,905, respectively. As of September 30, 2025 and December 31, 2024, the Company had qualifying loans pledged as collateral securing these lines amounting to $2,708,821 and $2,608,687, respectively. There were no FHLB advances outstanding as of September 30, 2025 or December 31, 2024.

Information concerning FHLB advances as of or for the nine months ended September 30, 2025 within the table below. There were no FHLB advances outstanding as of or for the year ended December 31, 2024.

	September 30, 2025
Balance at period-end	$	—
Average daily balance during the period	12,821
Average interest rate during the period	4.48		%
Maximum month-end balance during the period	$	100,000
Weighted average interest rate at period-end	—		%

Subordinated Debt

Prior to September 30, 2025, the Company had issued junior subordinated debentures through two separate trusts which issued floating rate trust preferred securities to external investors. The trusts were created for the sole purpose of issuing 30-year capital trust preferred securities to fund the purchase of the junior subordinated debentures. In September 2025, the Company redeemed notes related to these trusts at the principal amount plus accrued and unpaid interest pursuant to the terms of the debentures. As a result of this redemption, the Company redeemed $30,930 of junior subordinated debentures.

Separately, during September 2025, the Bank redeemed $100,000 of ten-year fixed-to-floating rate subordinated notes. This redemption was executed at the principal amount plus accrued interest, in accordance with the terms of the notes.

On July 1, 2025, the Company assumed three separate fixed-to-floating rate subordinated notes in connection with its merger with Southern States with a principal balance totaling $92,500. As of September 30, 2025, no other subordinated debt remained outstanding apart from the debt assumed through this business combination.

FB Financial Corporation and subsidiaries

Notes to consolidated financial statements

(Dollar amounts are in thousands, except share and per share amounts)

(Unaudited)

Further details regarding our subordinated debt as of September 30, 2025 are provided below.

Name

Year established

Maturity

Call date

Total debt outstanding

Interest rate

Coupon structure

February 2032 Subordinated Debt(1)

2022

02/07/2032

02/07/2027

47,500

3.50%

Quarterly fixed(2)

October 2032 Subordinated Debt(1)

2022

10/26/2032

10/26/2027

40,000

7.00%

Quarterly fixed(2)

December 2031 Subordinated Debt(1)

2021

12/22/2031

12/31/2026

5,000

3.50%

Quarterly fixed(2)

Unamortized fair value marks

(9,162)

Total subordinated debt, net

83,338

(1) The Company classifies the issuance, net of unamortized fair value marks, as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.(2) Beginning on each respective call date, the coupon structure migrates to 3M SOFR plus a spread of 205 basis points, 306 basis points and 242 basis points for the February 2032, October 2032 and December 2031 subordinated issues, respectively, through the end of the term of each debenture.

Other Borrowings

As of September 30, 2025 and December 31, 2024, other borrowings included a finance lease liability amounting to $1,154 and $1,229, respectively. Additionally, as of September 30, 2025 and December 31, 2024, the Company recorded $21,660 and $31,357, respectively, of optional repurchase commitments of government guaranteed GNMA loans that meet certain defined delinquency rates under their contractual terms that were eligible for optional repurchase and recorded in both loans held for sale and other borrowings.

See Note 7, “Leases” and Note 13, “Fair Value of financial instruments” for additional information regarding the Company's finance lease and guaranteed GNMA loans eligible for repurchase, respectively.

Note (10)—Income taxes

The following table presents a reconciliation of income taxes for the three and nine months ended September 30, 2025 and 2024:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Federal taxes calculated at statutory rate	$	6,217	21.0	%	$	2,392	21.0	%	$	14,427	21.0	%	$	20,275	21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit	125		0.4	%	(

Filing Compare · FB Financial Corp