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FB Financial
FBK
#4349
Rank
$2.67 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$54.63
Share price
0.18%
Change (1 day)
0.37%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. FB Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

FB Financial - 10-Q quarterly report FY2026 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 10-Q
______________________________________________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37875
_____________________________________________________________
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________________________
Tennessee62-1216058
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1221 Broadway, Suite 1300
Nashville, Tennessee
37203
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (615) 564-1212
___________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)  Name of each exchange on which registered
Common Stock, Par Value $1.00 Per ShareFBK  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☐  Smaller 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 30, 2026 was 49,024,297.

1

Table of Contents
Page
PART I.
3
Item 1.
4
4
Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2026 and 2025
5
Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2026 and 2025
6
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three and nine months ended September 30, 2026 and 2025
7
Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2026 and 2025
9
11
Item 2.
54
Item 3.
95
Item 4.
97
PART II.
Item 1.
98
Item 1A.
98
Item 2.
98
Item 5.
98
Item 6.
100
101


2


GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this Quarterly Report on Form 10-Q for the quarter ended September 30, 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.

ACLAllowance for credit lossesFHLBFederal Home Loan Bank
AFSAvailable-for-saleGAAPU.S. generally accepted accounting principles
ALCOAsset Liability Management CommitteeGNMAGovernment National Mortgage Association
ASCAccounting Standards CodificationHFIHeld for investment
ASUAccounting Standards UpdateMSRMortgage servicing rights
BankFirstBank, subsidiary bankNIMNet interest margin
BOLIBank-owned life insuranceOREOOther real estate owned
CECLCurrent expected credit lossesPCDPurchased credit-deteriorated
CompanyFB Financial CorporationPSUPerformance-based restricted stock units
CPRConditional prepayment rateReportForm 10-Q for the quarterly period ended September 30, 2026
CRACommunity Reinvestment ActROAAReturn on average assets
EPSEarnings per shareROAEReturn on average common equity
ESPPEmployee Stock Purchase PlanROATCEReturn on average tangible common equity
EVEEconomic value of equityRSURestricted stock units
FASBFinancial Accounting Standards BoardSECU.S. Securities and Exchange Commission
FDICFederal Deposit Insurance CorporationSOFRSecured overnight financing rate
FDMFinancial difficulty modificationSouthern StatesSouthern States Bancshares, Inc.
Federal ReserveBoard of Governors of the Federal Reserve SystemTDFITennessee Department of Financial Institutions
3
PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
FB Financial Corporation and subsidiaries
Consolidated balance sheets
(Amounts are in thousands, except share and per share amounts) 

September 30,December 31,
2026 (Unaudited)2025 
ASSETS
Cash and due from banks$157,807 $196,213 
Federal funds sold and reverse repurchase agreements
170,399 213,391 
Interest-bearing deposits in financial institutions689,483 746,291 
Cash and cash equivalents1,017,689 1,155,895 
Investments:
Available-for-sale debt securities, at fair value1,538,130 1,459,579 
Equity securities, at fair value5,759 155 
Restricted equity securities, at cost84,168 79,046 
Loans held for sale (includes $225,935 and $172,974 at fair value, respectively)
255,069 201,076 
Loans held for investment13,179,564 12,383,626 
Less: allowance for credit losses on loans HFI193,960 185,983 
Net loans held for investment12,985,604 12,197,643 
Premises and equipment, net178,596 182,370 
Operating lease right-of-use assets46,118 49,249 
Interest receivable60,369 58,565 
Mortgage servicing rights, at fair value150,873 148,795 
Bank-owned life insurance111,893 111,865 
Other real estate owned, net4,655 6,009 
Goodwill350,353 350,353 
Core deposit and other intangibles, net25,870 31,284 
Other assets278,845 268,408 
Total assets$17,093,991 $16,300,292 
LIABILITIES
Deposits
Noninterest-bearing$2,777,111 $2,634,395 
Interest-bearing checking2,610,941 2,651,369 
Money market and savings6,275,388 5,969,640 
Customer time deposits2,375,869 2,028,923 
Brokered and internet time deposits626,687 625,634 
Total deposits14,665,996 13,909,961 
Borrowings265,390 212,764 
Operating lease liabilities56,215 60,556 
Accrued expenses and other liabilities172,651 168,753 
Total liabilities15,160,252 14,352,034 
SHAREHOLDERS’ EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    49,443,360 and 51,752,401 shares issued and outstanding, respectively
49,443 51,752 
Additional paid-in capital954,565 1,082,344 
Retained earnings990,417 846,620 
Accumulated other comprehensive loss, net(60,779)(32,551)
Total FB Financial Corporation common shareholders’ equity1,933,646 1,948,165 
Noncontrolling interest93 93 
Total equity1,933,739 1,948,258 
Total liabilities and shareholders’ equity$17,093,991 $16,300,292 
See the accompanying notes to the consolidated financial statements.
4

FB Financial Corporation and subsidiaries
Consolidated statements of income
(Amounts are in thousands, except per share amounts)
(Unaudited)
5
Three Months Ended September 30,Nine Months Ended September 30,
2026 2025 2026 2025 
Interest income:
Interest and fees on loans$212,308 $209,307 $619,999 $522,189 
Interest on investment securities
Taxable14,289 14,395 41,668 43,527 
Tax-exempt1,067 1,058 3,187 3,127 
Other8,443 12,138 26,041 29,845 
Total interest income236,107 236,898 690,895 598,688 
Interest expense:
Deposits84,406 86,577 241,052 225,394 
Borrowings1,755 3,081 4,960 6,998 
Total interest expense86,161 89,658 246,012 232,392 
Net interest income149,946 147,240 444,883 366,296 
Provision for credit losses on loans HFI1,167 29,957 14,644 30,761 
Provision for (reversal of) credit losses on unfunded commitments257 4,460 (80)11,285 
Net interest income after provision for credit losses148,522 112,823 430,319 324,250 
Noninterest income:
Mortgage banking income9,425 13,484 32,848 38,939 
Investment services and trust income4,931 4,227 13,796 11,860 
Service charges on deposit accounts4,484 4,049 13,328 10,920 
ATM and interchange fees3,262 3,388 9,513 8,943 
(Loss) gain from investment securities, net(241)12 (240)(60,521)
 Loss on sales or write-downs of premises and equipment, other real estate
   owned and other assets, net		(34)(646)(731)(1,035)
Other income2,713 2,121 8,181 6,009 
Total noninterest income24,540 26,635 76,695 15,115 
Noninterest expenses:
Salaries, commissions and employee benefits56,054 59,210 166,734 154,192 
Occupancy and equipment expense7,576 7,539 22,669 20,846 
Advertising3,013 2,453 7,717 7,118 
Data processing 2,562 2,457 7,368 6,931 
Legal and professional fees2,046 1,227 5,908 5,645 
Amortization of core deposit and other intangibles1,741 2,079 5,414 3,366 
Merger and integration costs— 16,057 1,447 19,192 
Other expense23,042 18,834 65,421 53,376 
Total noninterest expense96,034 109,856 282,678 270,666 
Income before income taxes77,028 29,602 224,336 68,699 
Income tax expense16,826 6,227 47,951 3,046 
Net income attributable to FB Financial Corporation and noncontrolling
    interest		60,202 23,375 176,385 65,653 
Net income attributable to noncontrolling interest— — 8 8 
Net income attributable to FB Financial Corporation$60,202 $23,375 $176,377 $65,645 
Earnings per common share:
Basic$1.21 $0.44 $3.46 $1.35 
Diluted1.20 0.43 3.43 1.34 
See the accompanying notes to the consolidated financial statements.
5

FB Financial Corporation and subsidiaries
Consolidated statements of comprehensive income
(Amounts are in thousands)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2026 2025 2026 2025 
Net income attributable to FB Financial Corporation and noncontrolling interest$60,202 $23,375 $176,385 $65,653 
Other comprehensive (loss) income, net of tax:
   Net unrealized (loss) gain in available-for-sale securities, net of tax (benefit)
       expense of $(8,635), $1,839, $(9,663) and $6,518
(25,315)5,533 (28,228)18,448 
   Reclassification adjustment for loss on securities included in net income, net of
       tax benefit of $ —, $—, $ — and $15,775
— — — 44,758 
         Total other comprehensive (loss) income, net of tax(25,315)5,533 (28,228)63,206 
Comprehensive income attributable to FB Financial Corporation and noncontrolling
     interest 		34,887 28,908 148,157 128,859 
Comprehensive income attributable to noncontrolling interest— — 8 8 
Comprehensive income attributable to FB Financial Corporation$34,887 $28,908 $148,149 $128,851 
See the accompanying notes to the consolidated financial statements.
6

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

Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive loss, net		Total common
shareholders’ equity		Noncontrolling interestTotal shareholders’ equity
Balance at June 30, 2025:$45,808 $822,548 $786,785 $(44,011)$1,611,130 $93 $1,611,223 
Net income— — 23,375 — 23,375 — 23,375 
Other comprehensive income, net of
taxes		— — — 5,533 5,533 — 5,533 
Common stock issued in connection
with acquisition of Southern States
Bancshares, Inc. (See Note 2)		8,124 359,904 — — 368,028 — 368,028 
Repurchase of common stock(494)(23,373)— — (23,867)— (23,867)
Stock-based compensation expense1 3,753 — — 3,754 — 3,754 
Restricted stock units vested, net of
taxes		9 (132)— — (123)— (123)
Shares issued under employee stock
purchase plan		9 464 — — 473 — 473 
Dividends declared ($0.19 per share)
— — (10,260)— (10,260)— (10,260)
Balance at September 30, 2025:$53,457 $1,163,164 $799,900 $(38,478)$1,978,043 $93 $1,978,136 
Balance at June 30, 2026:$49,977 $981,194 $940,824 $(35,464)$1,936,531 $93 $1,936,624 
Net income — — 60,202 — 60,202 — 60,202 
Other comprehensive loss, net of
taxes		— — — (25,315)(25,315)— (25,315)
Repurchase of common stock(545)(28,741)— — (29,286)— (29,286)
Stock-based compensation expense1 1,563 — — 1,564 — 1,564 
Restricted stock units vested, net of
taxes		1 (28)— — (27)— (27)
Shares issued under employee stock
purchase plan		9 577 — — 586 — 586 
Dividends declared ($0.21 per share)
— — (10,609)— (10,609)— (10,609)
Balance at September 30, 2026:$49,443 $954,565 $990,417 $(60,779)$1,933,646 $93 $1,933,739 
See the accompanying notes to the consolidated financial statements.


7

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

Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive
loss, net		Total common
shareholders’ equity		Noncontrolling interestTotal shareholders’ equity
Balance at December 31, 2024:$46,663 $860,266 $762,293 $(101,684)$1,567,538 $93 $1,567,631 
Net income — — 65,645 — 65,645 8 65,653 
  Other comprehensive income, net of
taxes		— — — 63,206 63,206 — 63,206 
Common stock issued in connection
with acquisition of Southern States
Bancshares, Inc. (See Note 2)		8,124 359,904 — — 368,028 — 368,028 
  Repurchase of common stock(1,514)(66,499)— — (68,013)— (68,013)
Stock-based compensation expense5 11,562 — — 11,567 — 11,567 
Restricted stock units vested, net of
taxes		129 (2,295)— — (2,166)— (2,166)
Performance-based restricted stock
units vested, net of taxes		33 (654)— — (621)— (621)
   Shares issued under employee stock
purchase plan		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 
Balance at December 31, 2025:$51,752 $1,082,344 $846,620 $(32,551)$1,948,165 $93 $1,948,258 
Net income — — 176,377 — 176,377 8 176,385 
Other comprehensive loss, net of
taxes		— — — (28,228)(28,228)— (28,228)
Repurchase of common stock(2,519)(132,804)— — (135,323)— (135,323)
Stock-based compensation expense5 8,196 — — 8,201 — 8,201 
Restricted stock units vested, net of
taxes		112 (2,263)— — (2,151)— (2,151)
Performance-based restricted stock
units vested, net of taxes		75 (1,985)— — (1,910)— (1,910)
Shares issued under employee stock
purchase plan		18 1,077 — — 1,095 — 1,095 
Dividends declared ($0.63 per share)
— — (32,580)— (32,580)— (32,580)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at September 30, 2026:$49,443 $954,565 $990,417 $(60,779)$1,933,646 $93 $1,933,739 
See the accompanying notes to the consolidated financial statements.

8
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Amounts are in thousands)
(Unaudited)

Nine Months Ended September 30,
2026 2025 
Cash flows from operating activities:
Net income attributable to FB Financial Corporation and noncontrolling interest$176,385 $65,653 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software9,335 8,820 
Amortization of core deposit and other intangibles5,414 3,366 
Amortization of subordinated debt issuance costs and fair value discount, net1,002 556 
Capitalization of mortgage servicing rights(3,232)(2,498)
Net change in fair value of mortgage servicing rights1,154 14,696 
Stock-based compensation expense8,201 11,567 
Provision for credit losses on loans HFI14,644 30,761 
(Reversal of) provision for credit losses on unfunded commitments(80)11,285 
Provision for mortgage loan repurchases526 233 
Accretion of discounts and premiums on acquired loans, net(15,660)(6,965)
Accretion of premiums and discounts on securities, net(2,585)(2,183)
Loss from investment securities, net240 60,521 
Originations of loans held for sale(971,694)(1,012,802)
Proceeds from sale of loans held for sale939,320 989,777 
Gain on sale and change in fair value of loans held for sale(24,365)(28,780)
Net loss on write-downs of premises and equipment, other real estate owned and
   other assets		731 1,035 
Provision for (reversal of) deferred income taxes4,298 (4,910)
Equity method investment loss1,572 1,733 
Earnings on bank-owned life insurance(2,865)(1,589)
Changes in:
Operating lease assets and liabilities, net(1,210)(432)
Other assets and interest receivable(9,001)(8,585)
Accrued expenses and other liabilities(5,946)(28,210)
Net cash provided by operating activities126,184 103,049 
Cash flows from investing activities:
Activity in available-for-sale securities:
Sales— 266,894 
Maturities, prepayments and calls200,233 217,865 
Purchases(304,190)(289,601)
Purchases of equity securities(6,000)— 
Proceeds from sales of equity securities156 1,345 
Net change in loans(791,397)(432,487)
Net purchases of FHLB stock(4,856)(6)
Net purchases of Federal Reserve stock(266)— 
Purchases of premises and equipment(4,837)(7,215)
Proceeds from the sale of premises and equipment— 1,850 
Proceeds from the sale of other real estate owned 6,338 5,071 
Proceeds from the sale of other assets1,818 841 
Proceeds from bank-owned life insurance2,837 690 
Net cash acquired in business combinations— 370,147 
Net cash (used in) provided by investing activities(900,164)135,394 
9
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows (continued)
(Amounts are in thousands)
(Unaudited)
Nine Months Ended September 30,
2026 2025 
Cash flows from financing activities:
Net increase in deposits$756,035 $133,991 
Net (decrease) increase in securities sold under agreements to repurchase and federal
   funds purchased		(72,381)93,987 
Redemptions of subordinated debt— (130,930)
Issuance of subordinated debt, net of issuance costs123,050 — 
Stock-based compensation withholding payments(4,061)(2,787)
Net proceeds from sale of common stock under employee stock purchase program1,095 897 
Repurchase of common stock(135,323)(68,013)
Dividends paid on common stock(32,183)(27,729)
Dividend equivalent payments made upon vesting of equity compensation(450)(306)
Noncontrolling interest distribution(8)(8)
Net cash provided by (used in) financing activities635,774 (898)
Net change in cash and cash equivalents(138,206)237,545 
Cash and cash equivalents at beginning of the period1,155,895 1,042,488 
Cash and cash equivalents at end of the period$1,017,689 $1,280,033 
Supplemental cash flow information:
Interest paid$242,009 $240,014 
Taxes paid, net of refunds13,940 12,393 
Supplemental noncash disclosures:
Transfers from loans HFI to other real estate owned$4,555 $5,272 
Transfers from loans HFI to other assets5,503 4,534 
Transfers from loans HFI to loans held for sale1,549 5,306 
Transfers from loans held for sale to loans HFI5,327 7,481 
Loans HFI provided for sales of other assets1,828 2,074 
Increase (decrease) in rebooked GNMA loans under optional repurchase program1,032 (9,697)
Stock consideration paid in business combination— 368,028 
Trade date payable - securities9,900 25,036 
Dividends declared not paid on restricted stock units and performance stock units397 309 
Right-of-use assets obtained in exchange for operating lease liabilities1,082 6,404 
See the accompanying notes to the consolidated financial statements.

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

Note (1)—Basis of presentation
Overview and presentation
FB Financial Corporation is a financial holding company headquartered in Nashville, Tennessee. The Company operates primarily through its wholly-owned subsidiary bank, FirstBank, and its subsidiaries. As of September 30, 2026, the Bank had 90 full-service branches throughout Tennessee, Alabama, Kentucky and Georgia, and provided commercial and consumer banking services to the Asheville, North Carolina market, where it opened its first full-service branch in October 2026.
The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with U.S. GAAP interim reporting requirements and general banking industry guidelines, and therefore, do not include all information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K.
The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported results of operations for the reporting periods and the related disclosures. Although management’s estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that actual conditions could vary from those anticipated, which could cause the Company’s financial condition and results of operations to vary significantly from those estimates.
Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or shareholders’ equity.
Earnings per common share
Basic EPS excludes dilution and is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under stock-based compensation plans where securities have been granted but are not yet vested and distributable. Diluted EPS is computed by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding for the period, plus an incremental number of common-equivalent shares computed using the treasury stock method.

11
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following is a summary of the basic and diluted earnings per common share calculations for each of the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2026 2025 20262025
Basic earnings per common share:
Earnings available to common shareholders$60,202 $23,375 $176,377 $65,645 
Weighted average basic shares outstanding49,929,920 53,627,997 50,997,576 48,775,217 
Basic earnings per common share$1.21 $0.44 $3.46 $1.35 
Diluted earnings per common share:
Earnings available to common shareholders$60,202 $23,375 $176,377 $65,645 
Weighted average basic shares outstanding49,929,920 53,627,997 50,997,576 48,775,217 
Weighted average diluted shares contingently issuable(1)
356,910 329,065 379,603 279,231 
Weighted average diluted shares outstanding50,286,830 53,957,062 51,377,179 49,054,448 
Diluted earnings per common share$1.20 $0.43 $3.43 $1.34 
(1) Excludes 206 and 1,998 restricted stock units outstanding considered to be antidilutive for the three and nine months ended September 30, 2026, respectively. Excludes 56 restricted stock units outstanding considered to be antidilutive for the nine months ended September 30, 2025. There were no such restricted stock units outstanding for the three months ended September 30, 2025.

Recently adopted accounting standards:
The Company did not adopt any new accounting standards that were not disclosed in the Company's 2025 audited consolidated financial statements included in its Annual Report on Form 10-K.
Newly issued not yet effective accounting standards:
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 adoption of ASU 2025-08 is not expected to have an impact on the Company’s operating results or financial condition, but may impact the Company’s accounting for future purchased loans.
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. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years, with early adoption permitted. The Company enters into economic hedging transactions but currently has no derivatives designated as fair value or cash flow hedges. The Company is evaluating the impact this
12
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
update will have on its consolidated financial statements and related disclosures should it elect to designate hedging relationships in the future.
Subsequent events
The Company has evaluated, for consideration of recognition or disclosure, subsequent events that occurred through the date of issuance of these financial statements. The Company has determined that there were no subsequent events that occurred after September 30, 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
On July 1, 2025, the Company completed its merger with Southern States Bancshares, Inc. and its wholly-owned subsidiary, Southern States Bank, with FB Financial Corporation continuing as the surviving entity. After consolidating duplicative locations, the merger added 13 branches and expanded the Company’s footprint in Alabama and Georgia. The Company transferred consideration of $368,028 through a combination of the issuance of 8,124,241 shares of common stock and payment of $327 in cash to settle outstanding stock options and cash in lieu of fractional shares. As a result of the merger, the Company added total assets of $2,830,374, total loans of $2,267,305 and total deposits of $2,468,530.
The merger with Southern States Bancshares, Inc. was accounted for pursuant to ASC 805, “Business Combinations”. Accordingly, the purchase price of the merger was allocated to the acquired assets and liabilities assumed based on fair values as of July 1, 2025. The excess of the purchase price over the net assets acquired was recorded as goodwill. As of March 31, 2026, the Company finalized its valuation of all assets acquired and liabilities assumed.
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 $1,447 in merger expenses during the nine months ended September 30, 2026 and $16,057 and $19,192 during the three and nine months ended September 30, 2025, respectively, in connection with this transaction. No such expenses were incurred during the three months ended September 30, 2026. 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 activities.
The following table presents an allocation of the consideration to net assets acquired:
Purchase Price:
Net shares issued8,124,241 
Purchase price per share on June 30, 2025$45.30 
Value of stock consideration$368,028 
Cash consideration for outstanding stock options and fractional shares 327 
Total purchase price$368,355 
Fair value of net assets acquired260,563 
Goodwill resulting from merger$107,792 
13
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 fair values of assets acquired and liabilities assumed as of the merger date:
As of July 1, 2025
Southern States Bancshares, Inc.
ASSETS
Cash and cash equivalents $370,474 
Investments38,175 
Loans held for sale, at fair value756 
Loans HFI2,266,549 
Allowance for credit losses on PCD loans(7,518)
Premises and equipment37,016 
Bank-owned life insurance39,971 
Core deposit intangible30,820 
Other assets54,131 
Total assets$2,830,374 
LIABILITIES
Deposits:
Noninterest-bearing $562,479 
Interest-bearing checking102,666 
Money market and savings1,161,832 
Customer time deposits515,120 
Brokered and internet time deposits126,433 
Total deposits2,468,530 
Borrowings83,008 
Accrued expenses and other liabilities18,273 
Total liabilities assumed2,569,811 
Net assets acquired$260,563 
Purchased credit-deteriorated loans
Under the CECL methodology, the Company is required to determine whether purchased loans held for investment have experienced more-than-insignificant deterioration in credit quality since origination, 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 for 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 as of July 1, 2025 related to the Southern States merger.
14
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Pro forma financial information (unaudited)
The results of operations of Southern States have been included in the Company’s consolidated financial statements prospectively beginning on July 1, 2025. The Company has determined it is impractical to disclose stand-alone revenues and earnings for legacy Southern States subsequent to the merger date, due to the merging of certain processes and converting of operational systems during the third quarter of 2025. The following unaudited pro forma condensed consolidated financial information presents the results of operations for the three and nine months ended September 30, 2025, 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 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,
2025 2025 
Net interest income$143,783 $419,954 
Total revenues170,418 426,430 
Net income attributable to FB Financial Corporation41,977 90,846 

15
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (3)—Investment securities
The following tables summarize the amortized cost, allowance for credit losses and fair value of the AFS debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss, net at September 30, 2026 and December 31, 2025:  
September 30, 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$791,979 $893 $(2,885)$— $789,987 
Mortgage-backed securities - residential616,975 12 (48,467)— 568,520 
Mortgage-backed securities - commercial 19,868 — (1,224)— 18,644 
Municipal securities186,216 1 (33,892)— 152,325 
U.S. Treasury securities7,170 — (206)— 6,964 
Corporate securities1,700 — (10)— 1,690 
Total$1,623,908 $906 $(86,684)$— $1,538,130 
December 31, 2025
Amortized costGross unrealized gains Gross unrealized losses Allowance for credit losses on investmentsFair Value
Investment Securities
AFS debt securities
U.S. government agency securities$672,110 $163 $(2,185)$— $670,088 
Mortgage-backed securities - residential631,104 897 (29,681)— 602,320 
Mortgage-backed securities - commercial11,164 — (486)— 10,678 
Municipal securities185,000 683 (17,313)— 168,370 
U.S. Treasury securities7,088 37 — — 7,125 
Corporate securities1,000 — (2)— 998 
Total$1,507,466 $1,780 $(49,667)$— $1,459,579 
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 30, 2026 and December 31, 2025, total accrued interest receivable on AFS debt securities was $5,838 and $5,101, respectively.
AFS debt securities pledged at September 30, 2026 and December 31, 2025 had carrying amounts of $806,647 and $810,579, 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 30, 2026 and December 31, 2025, there were no trade date receivables related to sales settled after period end. At September 30, 2026, there were $9,900 of trade date payables that related to purchases settled after period end. At December 31, 2025, there were no such trade date payables.






16
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at September 30, 2026 and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
September 30, 2026
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized Loss Fair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$69,887 $(2,083)$341,129 $(802)$411,016 $(2,885)
Mortgage-backed securities - residential399,394 (12,446)141,459 (36,021)540,853 (48,467)
Mortgage-backed securities - commercial11,066 (604)7,578 (620)18,644 (1,224)
Municipal securities43,184 (3,150)108,649 (30,742)151,833 (33,892)
U.S. Treasury securities6,964 (206)— — 6,964 (206)
Corporate securities990 (10)— — 990 (10)
Total$531,485 $(18,499)$598,815 $(68,185)$1,130,300 $(86,684)
December 31, 2025
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. government agency securities$274,195 $(500)$275,887 $(1,685)$550,082 $(2,185)
Mortgage-backed securities - residential97,187 (567)207,127 (29,114)304,314 (29,681)
Mortgage-backed securities - commercial1,898 (9)8,780 (477)10,678 (486)
Municipal securities4,012 (2)133,213 (17,311)137,225 (17,313)
Corporate securities— — 998 (2)998 (2)
Total$377,292 $(1,078)$626,005 $(48,589)$1,003,297 $(49,667)
As of September 30, 2026 and December 31, 2025, the Company’s AFS debt securities portfolio consisted of 354 and 324 individual securities, 325 and 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 30, 2026 and December 31, 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 30, 2026 and December 31, 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 30, 2026 or December 31, 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.
17
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The amortized cost and fair value of AFS debt securities by contractual maturity as of September 30, 2026 and December 31, 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,
2026 2025 
Available-for-saleAvailable-for-sale
Amortized costFair ValueAmortized costFair Value
Due in one year or less$645 $640 $205 $204 
Due in one to five years15,064 13,593 12,467 12,474 
Due in five to ten years369,192 361,197 330,850 328,456 
Due in over ten years602,164 575,536 521,676 505,447 
987,065 950,966 865,198 846,581 
Mortgage-backed securities - residential616,975 568,520 631,104 602,320 
Mortgage-backed securities - commercial19,868 18,644 11,164 10,678 
Total AFS debt securities$1,623,908 $1,538,130 $1,507,466 $1,459,579 
Sales and other dispositions of AFS debt securities were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026 2025 2026 2025 
Proceeds from sales$— $440 $— $266,894 
Proceeds from maturities, prepayments and calls67,409 83,204 200,233 217,865 
Gross realized gains— — — 104 
Gross realized losses— — — 60,637 
Equity Securities
Equity securities, at fair value
The Company held $5,759 and $155 in marketable equity securities recorded at fair value as of September 30, 2026 and December 31, 2025, respectively. The change in the fair value of equity securities recorded at fair value resulted in a net loss of $241 and $240 for the three and nine months ended September 30, 2026, respectively. The change in the fair value of equity securities recorded at fair value resulted in a net gain of $12 for both the three and nine months ended September 30, 2025.
Restricted equity securities, at cost
The table below represents the Company’s restricted equity securities held at cost as of September 30, 2026 and December 31, 2025.
September 30,December 31,
20262025
Federal Reserve Bank stock$45,493 $45,227 
FHLB stock37,257 32,401 
First National Banker's Bankshares, Inc. stock1,168 1,168 
Pacific Coast Banker's Bank stock250 250 
Total restricted equity securities, at cost$84,168 $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 $31,260 and $32,038 at September 30, 2026 and December 31, 2025, respectively.
18
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Equity method investment
The Company holds equity securities of a privately held entity which originates manufactured housing loans through utilization of its proprietary technology. As of September 30, 2026 and December 31, 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 $16,039 and $17,611 as of September 30, 2026 and December 31, 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 30, 2026 and December 31, 2025, by class of financing receivable are as follows:
September 30,December 31,
2026 2025 
Commercial and industrial$2,258,655 $2,181,935 
Construction1,177,433 1,188,494 
Residential real estate:
1-to-4 family mortgage2,051,105 1,838,122 
Residential line of credit812,771 741,309 
Multi-family mortgage809,083 745,360 
Commercial real estate:
Owner-occupied2,282,155 2,148,870 
Non-owner occupied3,079,035 2,900,499 
Consumer and other709,327 639,037 
Gross loans13,179,564 12,383,626 
Less: Allowance for credit losses on loans HFI(193,960)(185,983)
Net loans$12,985,604 $12,197,643 
As of September 30, 2026 and December 31, 2025, $1,041,198 and $988,111, respectively, of qualifying residential mortgage loans (including loans held for sale) and $2,855,012 and $2,829,765, 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 30, 2026 and December 31, 2025, qualifying commercial and industrial, construction and consumer loans, of $2,695,429 and $2,879,586, respectively, were pledged to the Federal Reserve under the Borrower-in-Custody program.
The amortized cost of loans HFI on the consolidated balance sheets excludes accrued interest receivable as the Company presents accrued interest receivable separately on the consolidated balance sheets. As of September 30, 2026 and December 31, 2025, accrued interest receivable on loans HFI amounted to $50,887 and $50,140, respectively.
19
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.


















20
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following tables present the credit quality of the Company’s commercial type loan portfolio as of September 30, 2026 and December 31, 2025 and the gross charge-offs for the nine months ended September 30, 2026 and the year ended December 31, 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, 2026
2026 2025 2024 2023 2022 PriorRevolving Loans Amortized Cost BasisTotal
Commercial and industrial
Pass$300,796 $228,635 $148,022 $159,119 $77,284 $118,489 $1,146,637 $2,178,982 
Special Mention209 1,585 2,377 3,987 1,762 2,939 28,804 41,663 
Classified1,625 791 2,457 3,361 1,003 5,686 23,087 38,010 
Total302,630 231,011 152,856 166,467 80,049 127,114 1,198,528 2,258,655 
            Current-period gross
               charge-offs		— 74 54 233 603 862 979 2,805 
Construction
Pass282,690 322,780 127,645 16,782 92,425 77,667 210,763 1,130,752 
Special Mention— 151 360 68 3,128 240 — 3,947 
Classified— 934 338 316 11,169 29,977 — 42,734 
Total282,690 323,865 128,343 17,166 106,722 107,884 210,763 1,177,433 
            Current-period gross
               charge-offs		— — 62 — 253 — — 315 
Residential real estate:
Multi-family mortgage
Pass104,809 37,259 29,625 36,877 235,846 310,692 25,217 780,325 
Special Mention— — — — 8,892 2,797 — 11,689 
Classified— — — — 9,651 7,418 — 17,069 
Total104,809 37,259 29,625 36,877 254,389 320,907 25,217 809,083 
             Current-period gross
                charge-offs		— — — — — — — — 
Commercial real estate:
Owner-occupied
Pass296,586 346,329 297,823 173,329 302,968 656,897 122,517 2,196,449 
Special Mention— 771 1,348 10,058 3,304 14,877 778 31,136 
Classified— 5,570 4,647 4,443 13,085 18,772 8,053 54,570 
Total296,586 352,670 303,818 187,830 319,357 690,546 131,348 2,282,155 
            Current-period gross
              charge-offs		— — — — — — — — 
Non-owner occupied
Pass427,678 300,284 214,287 128,115 643,196 1,181,235 105,789 3,000,584 
Special Mention— — — — 15,438 29,216 — 44,654 
Classified— — 1,440 10,425 3,500 18,432 — 33,797 
Total427,678 300,284 215,727 138,540 662,134 1,228,883 105,789 3,079,035 
             Current-period gross
                charge-offs		— — — — — — — — 
Total commercial loan types
Pass1,412,559 1,235,287 817,402 514,222 1,351,719 2,344,980 1,610,923 9,287,092 
Special Mention209 2,507 4,085 14,113 32,524 50,069 29,582 133,089 
Classified1,625 7,295 8,882 18,545 38,408 80,285 31,140 186,180 
Total$1,414,393 $1,245,089 $830,369 $546,880 $1,422,651 $2,475,334 $1,671,645 $9,606,361 
            Current-period gross
                charge-offs		$— $74 $116 $233 $856 $862 $979 $3,120 
21
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, 2025		2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Commercial and industrial
Pass$272,440 $198,802 $195,571 $99,265 $43,851 $108,067 $1,162,291 $2,080,287 
Special Mention64 1,934 5,223 5,911 1,052 7,634 20,994 42,812 
Classified255 2,138 419 14,972 300 6,981 33,771 58,836 
Total272,759 202,874 201,213 120,148 45,203 122,682 1,217,056 2,181,935 
Current-period gross
               charge-offs
— — 54 — — 2,478 604 3,136 
Construction
Pass343,056 201,130 36,715 171,803 71,877 74,429 221,953 1,120,963 
Special Mention— 396 3,167 9,456 10,108 — — 23,127 
Classified— 152 3,351 21,303 230 5,451 13,917 44,404 
Total343,056 201,678 43,233 202,562 82,215 79,880 235,870 1,188,494 
Current-period gross
               charge-offs
— — — — — 399 — 399 
Residential real estate:
Multi-family mortgage
Pass65,268 34,872 38,022 234,272 196,870 144,904 22,953 737,161 
Special Mention— — — — — — — — 
Classified— — — 569 7,613 17 — 8,199 
Total65,268 34,872 38,022 234,841 204,483 144,921 22,953 745,360 
Current-period gross
               charge-offs
— — — — — — — — 
Commercial real estate:
Owner-occupied
Pass356,246 309,181 199,470 335,067 266,328 517,046 124,340 2,107,678 
Special Mention— 403 4,407 1,351 6,183 14,256 239 26,839 
Classified— 1,622 1,024 7,389 100 3,182 1,036 14,353 
Total356,246 311,206 204,901 343,807 272,611 534,484 125,615 2,148,870 
Current-period gross
               charge-offs
— — — — — 17 — 17 
Non-owner occupied
Pass297,096 237,840 144,572 714,151 558,116 788,545122,713 2,863,033 
Special Mention— 10,341 — 6,135 4,568 6,018— 27,062 
Classified— 1,167 1,008 2,249 4,602 1,378— 10,404 
Total297,096 249,348 145,580 722,535 567,286 795,941 122,713 2,900,499 
Current-period gross
               charge-offs
— — — — — — — — 
Total commercial loan types
Pass1,334,106 981,825 614,350 1,554,558 1,137,042 1,632,991 1,654,250 8,909,122 
Special Mention64 13,074 12,797 22,853 21,911 27,908 21,233 119,840 
Classified255 5,079 5,802 46,482 12,845 17,009 48,724 136,196 
Total$1,334,425 $999,978 $632,949 $1,623,893 $1,171,798 $1,677,908 $1,724,207 $9,165,158 
Current-period gross
               charge-offs
$— $— $54 $— $— $2,894 $604 $3,552 







22
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Credit Quality - 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 ongoing basis dependent upon improvement and deterioration in credit quality. Nonperforming loans include loans that are no longer accruing interest (nonaccrual loans) and loans past due ninety or more days and still accruing interest.
The following tables present the credit quality by classification of the Company’s consumer type loan portfolio as of September 30, 2026 and December 31, 2025 and the gross charge-offs for the nine months ended September 30, 2026 and the year ended December 31, 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, 2026
2026 2025 2024 2023 2022 PriorRevolving Loans Amortized Cost BasisTotal
Residential real estate:
1-to-4 family mortgage
Performing$469,628 $282,424 $183,613 $108,389 $374,000 $601,705 $— $2,019,759 
Nonperforming— 1,956 1,341 2,630 6,065 19,354 — 31,346 
Total469,628 284,380 184,954 111,019 380,065 621,059 — 2,051,105 
          Current-period gross
             charge-offs		— 3 50 60 566 267 — 946 
Residential line of credit
Performing— — — — — — 811,354 811,354 
Nonperforming— — — — — — 1,417 1,417 
Total— — — — — — 812,771 812,771 
          Current-period gross
             charge-offs		— — — — — — 28 28 
Consumer and other
Performing99,519 158,964 136,056 81,744 60,265 143,648 4,174 684,370 
Nonperforming320 5,348 4,629 3,916 1,527 9,216 1 24,957 
       Total99,839 164,312 140,685 85,660 61,792 152,864 4,175 709,327 
           Current-period gross
              charge-offs		1,689 815 408 464 322 597 — 4,295 
Total consumer type loans
Performing569,147 441,388 319,669 190,133 434,265 745,353 815,528 3,515,483 
Nonperforming320 7,304 5,970 6,546 7,592 28,570 1,418 57,720 
        Total$569,467 $448,692 $325,639 $196,679 $441,857 $773,923 $816,946 $3,573,203 
            Current-period gross
             charge-offs		$1,689 $818 $458 $524 $888 $864 $28 $5,269 


23
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, 2025		2025 2024 2023 2022 2021 PriorRevolving Loans Amortized Cost BasisTotal
Residential real estate:
1-to-4 family mortgage
Performing$333,641 $219,642 $154,059 $408,746 $339,076 $350,453 $— $1,805,617 
Nonperforming520 1,063 1,274 10,396 6,853 12,399 — 32,505 
Total334,161 220,705 155,333 419,142 345,929 362,852 — 1,838,122 
Current-period gross
             charge-offs		— — 3 — — 1,123 — 1,126 
Residential line of credit
Performing— — — — — — 739,295 739,295 
Nonperforming— — — — — — 2,014 2,014 
Total— — — — — — 741,309 741,309 
Current-period gross
             charge-offs		— — — — — — — — 
Consumer and other
Performing149,560 153,638 80,874 68,023 30,289 128,726 5,874 616,984 
Nonperforming1,689 4,716 4,006 2,033 3,103 6,505 1 22,053 
Total151,249 158,354 84,880 70,056 33,392 135,231 5,875 639,037 
Current-period gross
              charge-offs		2,101 110 76 104 86 1,715 4 4,196 
Total consumer type loans
Performing483,201 373,280 234,933 476,769 369,365 479,179 745,169 3,161,896 
Nonperforming2,209 5,779 5,280 12,429 9,956 18,904 2,015 56,572 
Total$485,410 $379,059 $240,213 $489,198 $379,321 $498,083 $747,184 $3,218,468 
Current-period gross
             charge-offs		$2,101 $110 $79 $104 $86 $2,838 $4 $5,322 
Nonaccrual and Past Due Loans
The following tables represent an analysis of the aging by class of financing receivable as of September 30, 2026 and December 31, 2025:
September 30, 202630-89 days
past due and accruing
interest		90 days or 
more and accruing
interest 		Nonaccrual
loans		Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$1,657 $650 $20,946 $2,235,402 $2,258,655 
Construction2,575 1,179 29,581 1,144,098 1,177,433 
Residential real estate:
1-to-4 family mortgage26,967 18,924 12,422 1,992,792 2,051,105 
Residential line of credit5,534 258 1,159 805,820 812,771 
Multi-family mortgage— — 7,418 801,665 809,083 
Commercial real estate:
Owner-occupied15,507 — 15,707 2,250,941 2,282,155 
Non-owner occupied6,743 — 22,560 3,049,732 3,079,035 
Consumer and other18,020 10,373 14,584 666,350 709,327 
Total$77,003 $31,384 $124,377 $12,946,800 $13,179,564 
 
24
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
December 31, 202530-89 days
past due and accruing
interest		90 days or 
more and accruing
interest 		Nonaccrual
loans		Loans current on payments and accruing interest Total
Commercial and industrial$3,068 $84 $6,289 $2,172,494 $2,181,935 
Construction2,435 — 34,208 1,151,851 1,188,494 
Residential real estate:
1-to-4 family mortgage28,957 23,742 8,763 1,776,660 1,838,122 
Residential line of credit2,921 799 1,215 736,374 741,309 
Multi-family mortgage2,788 — 8,199 734,373 745,360 
Commercial real estate:
Owner-occupied4,961 — 10,606 2,133,303 2,148,870 
Non-owner occupied1,932 — 4,514 2,894,053 2,900,499 
Consumer and other19,744 8,126 13,927 597,240 639,037 
Total$66,806 $32,751 $87,721 $12,196,348 $12,383,626 
The following tables provide the amortized cost basis of loans on nonaccrual status, as well as any related allowance as of September 30, 2026 and December 31, 2025 by class of financing receivable.
September 30, 2026Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance
Commercial and industrial$13,570 $7,376 
Construction1,653 27,928 
Residential real estate:
1-to-4 family mortgage— 12,422 
Residential line of credit— 1,159 
Multi-family mortgage7,408 10 
Commercial real estate:
Owner-occupied5,935 9,772 
Non-owner occupied9,586 12,974 
Consumer and other— 14,584 
Total$38,152 $86,225 
December 31, 2025
Nonaccrual
with no
related
allowance		Nonaccrual
with
related
allowance
Commercial and industrial$862 $5,427 
Construction14,617 19,591 
Residential real estate:
1-to-4 family mortgage— 8,763 
Residential line of credit— 1,215 
Multi-family mortgage7,613 586 
Commercial real estate:
Owner-occupied1,095 9,511 
Non-owner occupied2,032 2,482 
Consumer and other— 13,927 
Total$26,219 $61,502 




25
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The following presents interest income recognized on nonaccrual loans for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Commercial and industrial$1 $179 $28 $209 
Construction— 365 — 867 
Residential real estate:
1-to-4 family mortgage— 70 4 76 
Residential line of credit14 65 52 96 
Multi-family mortgage— 5 — 171 
Commercial real estate:
Owner-occupied— — 52 8 
Non-owner occupied— 8 35 120 
Consumer and other— 145 7 204 
Total$15 $837 $178 $1,751 
Accrued interest receivable written off as an adjustment to interest income amounted to $1,124 and $1,767 for the three and nine months ended September 30, 2026, respectively, and $549 and $1,890 for the three and nine months ended September 30, 2025, respectively.

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, 2026 and 2025 by type of concession granted that were modified during the three and nine months ended September 30, 2026 and 2025.
26
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Term ExtensionPayment deferralInterest Rate Reduction
Combination(1)
Total% of total class of financing receivables
Three Months Ended September 30, 2026
Commercial and industrial$— $3,531 $— $— $3,531 0.2 %
Construction9,778 — — — 9,778 0.8 %
Residential real estate:
1-to-4 family mortgage1,012 — — — 1,012 — %
Commercial real estate:
Owner-occupied— 6,185 — — 6,185 0.3 %
Total$10,790 $9,716 $— $— $20,506 0.2 %
Nine Months Ended September 30, 2026
Commercial and industrial$8,635 $5,223 $— $— $13,858 0.6 %
Construction23,380 — — — 23,380 2.0 %
Residential real estate:
1-to-4 family mortgage3,039 — — 160 3,199 0.2 %
Multi-family mortgage7,408 — — — 7,408 0.9 %
Commercial real estate:
Owner-occupied— 6,185 — — 6,185 0.3 %
Consumer and other33 — — — 33 — %
Total$42,495 $11,408 $— $160 $54,063 0.4 %
Three Months Ended September 30, 2025
Commercial and industrial$6 $— $— $— $6 — %
Construction787 — — — 787 0.1 %
Commercial real estate:
Owner-occupied244 — — — 244 — %
Non-owner occupied— 4,594 — — 4,594 0.2 %
Total$1,037 $4,594 $— $— $5,631 — %
Nine Months Ended September 30, 2025
Commercial and industrial$152 $— $— $— $152 — %
Construction1,326 — 142 3,305 4,773 0.4 %
Residential real estate:
 1-to-4 family mortgage461 1,832 — — 2,293 0.1 %
Commercial real estate:
Owner-occupied244 — — — 244 — %
Non-owner occupied— 4,594 — — 4,594 0.2 %
Consumer and other— — — 63 63 — %
Total$2,183 $6,426 $142 $3,368 $12,119 0.1 %
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.



27
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 describe the financial effect of the modifications made to borrowers experiencing financial difficulty:
Three Months Ended September 30, 2026Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial—6—%
Construction4——%
Residential real estate:
1-to-4 family mortgage43——%
Commercial real estate:
Owner-occupied—6—%
Nine Months Ended September 30, 2026Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial614—%
Construction9——%
Residential real estate:
1-to-4 family mortgage33—1.76%
Multi-family mortgage12——%
Commercial real estate:
Owner-occupied—6—%
Consumer and other20——%
Three Months Ended September 30, 2025Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial13——%
Construction2——%
Commercial real estate:
Owner-occupied3——%
Non-owner occupied—7—%
Nine Months Ended September 30, 2025Weighted average term extension
(in months)		Weighted average payment deferral
(in months)		Weighted average interest rate reduction
Commercial and industrial35——%
Construction442.50%
Residential real estate:
1-to-4 family mortgage3004—%
Commercial real estate:
Owner-occupied3——%
Non-owner occupied—7—%
Consumer and other13—2.00%

28
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
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 that defaulted during the three and nine months ended September 30, 2026 and 2025 that were previously modified in the prior 12 months.
Term ExtensionPayment deferralInterest Rate Reduction
Combination(1)
Three Months Ended September 30, 2026
Commercial and industrial$54 $2,386 $— $— 
Residential real estate:
1-to-4 family mortgage1,328 938 — — 
Multi-family mortgage7,408 — — — 
Consumer and other— — — 58 
Nine Months Ended September 30, 2026
Commercial and industrial54 2,386 — — 
Residential real estate:
1-to-4 family mortgage1,461 938 — — 
Multi-family mortgage7,408 — — — 
Consumer and other— — — 95 
Three Months Ended September 30, 2025
Residential real estate:
1-to-4 family mortgage— — — 313 
Nine Months Ended September 30, 2025
Construction— — 142 — 
Residential real estate:
1-to-4 family mortgage461 — — 313 
Consumer and other— — — 63 
(1) Includes FDM loans modified with a combination of term extension, payment deferral and interest rate reduction modifications.
At September 30, 2026, the Company had $100 of commitments to lend additional funds to borrowers whose loans were classified as a FDM loan. There were no such commitments as of September 30, 2025.
29
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The tables below depict the performance of loans HFI as of September 30, 2026 and 2025 made to borrowers experiencing financial difficulty that were modified in the prior 12 months.
September 30, 202630-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$— $— $1,684 $14,560 $16,244 
Construction— — 23,380 — 23,380 
Residential real estate:
1-to-4 family mortgage221 827 695 4,165 5,908 
Multi-family mortgage— — 7,408 — 7,408 
Commercial real estate:
Owner-occupied— — — 6,185 6,185 
Consumer and other— — — 135 135 
Total$221 $827 $33,167 $25,045 $59,260 
(1) Loans were on nonaccrual when modified and subsequently classified as FDM.
September 30, 202530-89 days
past due and accruing
interest		90 days or 
more and accruing
interest
Nonaccrual
loans(1)
Loans current
on payments
and accruing
interest 		Total
Commercial and industrial$— $— $— $152 $152 
Construction— — 3,305 1,468 4,773 
Residential real estate:
1-to-4 family mortgage313 — 1,464 1,193 2,970 
Residential line of credit— — — 29 29 
Commercial real estate:
Owner-occupied— — 244 — 244 
Non-owner occupied— — 1,031 3,562 4,593 
Consumer and other— 63 — — 63 
Total$313 $63 $6,044 $6,404 $12,824 
(1) Loans were on nonaccrual when modified and subsequently classified as FDM.
Collateral-Dependent Loans
For collateral-dependent loans, which are loans for which repayment is expected to be provided substantially through the operation or sale of the collateral and for which the borrower is experiencing financial difficulty, the following tables present the loans by class of financing receivable.
September 30, 2026
Type of Collateral
Real EstateLandBusiness AssetsTotal
Commercial and industrial$— $— $26,703 $26,703 
Construction37,573 1,653 — 39,226 
Residential real estate:
1-to-4 family mortgage3,403 — — 3,403 
Residential line of credit430 — — 430 
Multi-family mortgage17,059 — — 17,059 
Commercial real estate:
Owner-occupied40,581 7,018 — 47,599 
Non-owner occupied29,489 — — 29,489 
Total$128,535 $8,671 $26,703 $163,909 
30
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
December 31, 2025
Type of Collateral
Real EstateLandBusiness AssetsTotal
Commercial and industrial$— $— $27,222 $27,222 
Construction35,297 5,497 — 40,794 
Residential real estate:
1-to-4 family mortgage3,488 — — 3,488 
Multi-family mortgage7,613 — — 7,613 
Commercial real estate:
Owner-occupied1,883 8,027 — 9,910 
Non-owner occupied10,171 — — 10,171 
Total$58,452 $13,524 $27,222 $99,198 
Allowance for Credit Losses on Loans HFI
Effective June 30, 2025, the Company changed certain estimation techniques, inputs, and assumptions used to estimate expected credit losses on loan portfolios and unfunded commitments. Following a periodic review of its credit loss estimation process, the Company adopted a discounted cash flow methodology, adjusted for current conditions and reasonable and supportable forecasts, for all loan segments except consumer and other loans, which utilize the weighted average remaining maturity methodology. The same methodologies are used to estimate expected credit losses on off- balance sheet commitments. Additional information regarding these changes is included in 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, 2025.
The Company performed evaluations within its updated qualitative framework, assessing for information not otherwise captured in the 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.
31
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 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, 2026 and 2025:
Commercial
and industrial 		Construction1-to-4
family
residential
mortgage 		Residential
line of credit 		Multi-family
residential
mortgage 		Commercial
real estate
owner
occupied 		Commercial
real estate
non-owner
occupied 		Consumer
and other 		Total
Three Months Ended September 30, 2026
Beginning balance -
June 30, 2026
$26,275 $27,457 $33,846 $10,186 $11,566 $19,961 $42,003 $22,716 $194,010 
Loans charged-off— — (120)(5)— — — (1,749)(1,874)
Recoveries of loans
previously charged-off
28 — 15 1 — 10 — 603 657 
(Reversal of) provision for
   credit losses on loans
   HFI		(472)(685)2,282 (185)159 (433)(51)552 1,167 
Ending balance -
September 30, 2026
$25,831 $26,772 $36,023 $9,997 $11,725 $19,538 $41,952 $22,122 $193,960 
Nine Months Ended September 30, 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(2,805)(315)(946)(28)— — — (4,295)(8,389)
Recoveries of loans
previously charged-off
277 27 81 2 — 39 — 1,296 1,722 
Provision for (reversal of)
    credit losses on loans
    HFI		4,229 1,427 3,670 (566)(535)(2,110)5,717 2,812 14,644 
Ending balance -
September 30, 2026
$25,831 $26,772 $36,023 $9,997 $11,725 $19,538 $41,952 $22,122 $193,960 
Commercial
and industrial 		Construction1-to-4
family
residential
mortgage 		Residential
line of credit 		Multi-family
residential
mortgage 		Commercial
real estate
owner
occupied 		Commercial
real estate
non-owner
occupied 		Consumer
and other 		Total
Three Months Ended September 30, 2025
Beginning balance -
June 30, 2025
$20,271 $21,848 $30,262 $8,671 $10,894 $11,939 $26,303 $18,760 $148,948 
Initial allowance on loans
  purchased with
  deteriorated credit quality		1,959 298 64 31 159 1,515 3,418 74 7,518 
Loans charged-off(100)(399)(322)— — — — (888)(1,709)
Recoveries of loans
previously charged-off
12 — 6 11 — 4 — 246 279 
Provision for (reversal of)
    credit losses on loans
    HFI		3,933 6,110 3,049 1,745 762 6,902 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 loans
previously charged-off
227 — 26 12 — 34 529 1,000 1,828 
Impact of change in
    accounting estimate for
    current expected credit
    losses		3,504 (4,705)2,717 (3,428)258 (1,074)(1,747)(2,373)(6,848)
Provision for credit losses
  on loans HFI		6,789 965 5,670 2,891 886 7,909 6,342 6,157 37,609 
Ending balance -
   September 30, 2025		$26,075 $27,857 $33,059 $10,458 $11,815 $20,360 $34,073 $21,296 $184,993 
32
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (5)—Other real estate owned
The amount reported as other real estate owned includes property acquired through foreclosure in addition to excess facilities held for sale and is carried at the lower of the carrying amount of the underlying loan or the fair value of the real estate less costs to sell. The following table summarizes the other real estate owned for the three and nine months ended September 30, 2026 and 2025: 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Balance at beginning of period$5,544 $2,998 $6,009 $4,409 
Transfers from loans963 1,975 4,555 5,272 
Acquired through merger or acquisition— 120 — 120 
Proceeds from sale of other real estate owned(2,218)(659)(6,338)(5,071)
Gain (loss) on sale of other real estate owned366 32 439 (225)
Write-downs and partial liquidations— — (10)(39)
Balance at end of period$4,655 $4,466 $4,655 $4,466 
Included within the other real estate owned balance above, foreclosed residential real estate properties totaled $3,835 and $4,008 as of September 30, 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 $8,889 and $4,732 as of September 30, 2026 and December 31, 2025, respectively.
Note (6)—Leases
As of September 30, 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.
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, 2026 and December 31, 2025:
September 30,December 31,
Classification20262025
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$46,118$49,249
Finance leasesPremises and equipment, net9521,035
Total right-of-use assets$47,070$50,284
Lease liabilities:
Operating leasesOperating lease liabilities$56,215$60,556
Finance leasesBorrowings 1,0501,127
Total lease liabilities $57,265$61,683
Weighted average remaining lease term (in years) -
    operating		10.510.9
Weighted average remaining lease term (in years) -
    finance		8.619.35
Weighted average discount rate - operating3.74 %3.68 %
Weighted average discount rate - finance1.76 %1.76 %
33
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The components of total lease expense included in the consolidated statements of income were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
Classification2026 2025 2026 2025 
Operating lease costs:
Amortization of right-of-use assetOccupancy and equipment$1,942 $2,023 $5,740 $5,846 
Short-term lease costOccupancy and equipment85 70 224 229 
Variable lease costOccupancy and equipment317 333 1,179 1,302 
Loss (gain) on lease terminationsOccupancy and equipment— 265 (42)265 
Finance lease costs:
Interest on lease liabilitiesInterest expense on borrowings4 6 14 16 
Amortization of right-of-use assetOccupancy and equipment28 28 83 83 
Sublease income Occupancy and equipment(205)(214)(622)(634)
Total lease cost$2,171 $2,511 $6,576 $7,107 
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.
A maturity analysis of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of September 30, 2026 is as follows:
OperatingFinance
Leases Lease
September 30, 2027$8,870 $125 
September 30, 20288,077 127 
September 30, 20297,042 128 
September 30, 20306,431 130 
September 30, 20316,416 132 
Thereafter32,161 490 
     Total undiscounted future minimum lease payments68,997 1,132 
Less: imputed interest(12,782)(82)
     Lease liabilities$56,215 $1,050 
34
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (7)—Mortgage servicing rights
Changes in the Company’s mortgage servicing rights were as follows for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
202620252026 2025 
Carrying value at beginning of period$145,374 $153,464 $148,795 $162,038 
Capitalization679 849 3,232 2,498 
Change in fair value:
    Due to payoffs/paydowns
(2,848)(3,438)(9,510)(9,703)
    Due to change in valuation inputs or assumptions7,668 (1,035)8,356 (4,993)
        Carrying value at end of period$150,873 $149,840 $150,873 $149,840 
The following table summarizes servicing income and expense, which are included in mortgage banking income and other noninterest expense, respectively, in the consolidated statements of income for the three and nine months ended September 30, 2026 and 2025: 
Three Months Ended September 30,Nine Months Ended September 30,
202620252026 2025 
Servicing income:
   Servicing income$6,452 $6,836 $19,526 $20,849 
   Change in fair value of mortgage servicing rights4,820 (4,473)(1,154)(14,696)
   Change in fair value of derivative hedging instruments(8,298)1,083 (9,889)4,006 
Total servicing income
2,974 3,446 8,483 10,159 
Servicing expenses2,225 1,409 5,563 4,974 
          Net servicing income
$749 $2,037 $2,920 $5,185 
Data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s mortgage servicing rights as of September 30, 2026 and December 31, 2025 are as follows: 
September 30,December 31,
20262025
Unpaid principal balance of mortgage loans sold and serviced for others$9,106,646 $9,588,948 
Weighted-average prepayment speed (CPR)5.37%6.38%
Estimated impact on fair value of a 10% increase$(3,506)$(4,026)
Estimated impact on fair value of a 20% increase$(6,824)$(7,812)
Discount rate11.2%9.68%
Estimated impact on fair value of a 100 bp increase$(6,895)$(6,986)
Estimated impact on fair value of a 200 bp increase$(13,222)$(13,390)
Weighted-average coupon interest rate3.71%3.67%
Weighted-average servicing fee (basis points)2727
Weighted-average remaining maturity (in months)339338
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 11, “Derivatives” for additional information on these derivative instruments.
As of September 30, 2026 and December 31, 2025, the Company held mortgage escrow deposits totaling $122,872 and $69,055, respectively, related to loans sold with servicing retained.
35
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (8)—Borrowings
The Company has access to various sources of funds that allow for management of interest rate exposure and liquidity. The following table summarizes the Company's outstanding borrowings and weighted average interest rates as of September 30, 2026 and December 31, 2025:
Outstanding BalanceWeighted Average Interest Rate
September 30,December 31,September 30,December 31,
2026 2025 2026 2025 
Securities sold under agreements to repurchase
    and federal funds purchased 		$27,484 $99,865 3.18 %4.01 %
Subordinated debt, net207,722 83,670 5.94 %5.01 %
Other borrowings30,184 29,229 0.06 %0.07 %
            Total$265,390 $212,764 
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 $7,484 and $9,865 as of September 30, 2026 and December 31, 2025, respectively. The weighted average interest rate of the Company's securities sold under agreements to repurchase was 0.20% as of both September 30, 2026 and December 31, 2025. 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. The aggregate total borrowing capacity under these lines amounted to $405,000 as of both September 30, 2026 and December 31, 2025. Borrowings against these lines, which are classified as federal funds purchased, totaled $20,000 and $90,000 with a weighted average rate of 4.30% and 4.43% as of September 30, 2026 and December 31, 2025, respectively.
Information concerning securities sold under agreements to repurchase and federal funds purchased as of or for the nine months ended September 30, 2026 and as of or for the year ended December 31, 2025 is summarized as follows:
September 30, 2026December 31, 2025
Balance at period-end$27,484 $99,865 
Average daily balance during the period10,895 11,950 
Average interest rate during the period0.66 %0.79 %
Maximum month-end balance during the period$95,498 $107,486 
Weighted average interest rate at period-end3.18 %4.01 %
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, 2026 and December 31, 2025 had total borrowing capacity of $2,308,281 and $2,214,796, respectively. As of September 30, 2026 and December 31, 2025, the Company had qualifying loans pledged as collateral securing these lines amounting to $3,896,210 and $3,817,876, respectively. There were no FHLB advances outstanding as of September 30, 2026 or December 31, 2025.
Information concerning FHLB advances as of or for the nine months ended September 30, 2026 and as of or for the year ended December 31, 2025 is shown within the table below.
September 30, 2026December 31, 2025
Balance at period-end$— $— 
Average daily balance during the period3,663 9,589 
Average interest rate during the period3.87 %4.36 %
Maximum month-end balance during the period$125,000 $100,000 
Weighted average interest rate at period-end— %— %
36
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Subordinated Debt
During the year ended December 31, 2025, the Company redeemed $30,930 of junior subordinated debentures and $100,000 of 10-year fixed-to-floating rate subordinated notes 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.
During September 2026, the Company issued $125,000 aggregate principal amount of 6.625% fixed-to-floating rate subordinated notes.
Further details regarding the Company’s subordinated debt as of September 30, 2026 are provided below.
Name Year establishedMaturity Call dateTotal debt outstanding Interest rate Coupon structure
October 2036 Subordinated Debt(1)
202610/01/203610/01/2031$125,000 6.625%
Semiannual fixed(2)
February 2032 Subordinated Debt(1)(3)
202202/07/203203/30/202747,500 3.50%
Quarterly fixed(2)
October 2032 Subordinated Debt(1)(3)
202210/26/2032
12/30/2027
40,000 7.00%
Quarterly fixed(2)
December 2031 Subordinated Debt(1)(3)
202112/22/2031
12/31/2026
5,000 3.50%
Quarterly fixed(2)
           Unamortized debt issuance costs and unamortized fair value marks(9,778)
     Total subordinated debt, net$207,722 
(1) The Company classifies the subordinated debt, net of applicable unamortized debt issuance costs and fair value marks on acquired debt, as Tier 2
    capital, subject to a 20% annual phaseout during the final five years before maturity.
(2) Beginning on each respective call date, the coupon rate converts to 3M SOFR plus a spread of 205 basis points, 205 basis points, 306 basis
   points and 242 basis points for the October 2036, February 2032, October 2032 and December 2031 subordinated issues, respectively, through the
   end of the term of each debenture.
(3) These notes were acquired in the Southern States merger on July 1, 2025.
Other Borrowings
As of September 30, 2026 and December 31, 2025, other borrowings included a finance lease liability amounting to $1,050 and $1,127, respectively. Additionally, as of September 30, 2026 and December 31, 2025, the Company recorded $29,134 and $28,102, respectively, of optional repurchase commitments of government guaranteed GNMA loans that meet certain defined delinquency rates under their contractual terms that were eligible for optional repurchase and recorded in both loans held for sale and other borrowings. See Note 6, “Leases” and Note 12, “Fair value of financial instruments” for additional information regarding the Company's finance lease and guaranteed GNMA loans eligible for repurchase, respectively.
Other borrowings may periodically include borrowings from the Federal Reserve's Discount Window or other borrowing programs available to the Company as an additional source of short-term liquidity. As of September 30, 2026 and December 31, 2025, there were no such other borrowings outstanding.
Further information concerning borrowings from the Federal Reserve's Discount Window or other borrowings as of or for the nine months ended September 30, 2026 and as of or for the year ended December 31, 2025 is shown within the table below.
September 30, 2026December 31, 2025
Balance at period-end$— $— 
Average daily balance during the period5,128 2,329 
Average interest rate during the period3.75 %4.06 %
Maximum month-end balance during the period$100,000 $— 
Weighted average interest rate at period-end— %— %
Under the Company’s Borrower‑in‑Custody arrangement, the Company is permitted to pledge qualifying loans as collateral while retaining possession of the loan documentation. As of September 30, 2026 and December 31, 2025, the Company had pledged loan collateral totaling $2,695,429 and $2,879,586, respectively, to the Federal Reserve under the Borrower-in-Custody program, resulting in total borrowing capacity of $2,070,119 and $2,268,599, respectively.
37
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (9)—Income taxes
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 and nine months ended September 30, 2026:
Three Months Ended September 30,Nine Months Ended September 30,
2026 2026 
Federal taxes calculated at statutory rate$16,176 21.0 %$47,111 21.0 %
Increase (decrease) resulting from:
State taxes, net of federal benefit(1)
1,809 2.2 %5,796 2.6 %
State tax credits, net of federal benefit(1)
(590)(0.8)%(2,267)(1.0)%
New markets tax credit(160)(0.2)%(480)(0.2)%
Energy credits(938)(1.2)%(2,813)(1.2)%
Nondeductible/nontaxable items:
Municipal interest income, net of interest disallowance(467)(0.6)%(1,290)(0.6)%
Section 162(m) limitation123 0.2 %1,396 0.6 %
Other nondeductible/nontaxable items(101)(0.1)%14 — %
Other974 1.3 %484 0.2 %
Income tax expense, as reported$16,826 21.8 %$47,951 21.4 %
(1) The State of Tennessee represents more than 50% of total state taxes and state tax credits.
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 and nine months ended September 30, 2025:
Three Months Ended September 30,Nine Months Ended September 30,
2025 2025 
Federal taxes calculated at statutory rate$6,217 21.0 %$14,427 21.0 %
Increase (decrease) resulting from:
State taxes, net of federal benefit125 0.4 %372 0.5 %
Benefit from stock-based compensation(29)(0.1)%(408)(0.6)%
Municipal interest income, net of interest disallowance(408)(1.4)%(1,221)(1.8)%
Bank-owned life insurance(151)(0.5)%(334)(0.5)%
Section 162(m) limitation110 0.4 %795 1.2 %
Expiration of the statute of limitations— — %(8,713)(12.7)%
Interest on refunds— — %(2,591)(3.8)%
Other363 1.2 %719 1.1 %
Income tax expense, as reported$6,227 21.0 %$3,046 4.4 %
For the nine months ended September 30, 2025, a one-time gross tax benefit of $10,713 was recognized due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest.
Note (10)—Commitments and contingencies
Commitments to extend credit and letters of credit
The Company issues certain financial instruments to meet customer financing needs, including loan commitments, credit lines and letters of credit. The agreements associated with these types of unfunded loan commitments provide credit or support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates.
The same credit and underwriting policies the Company uses to evaluate and underwrite loans are also used to originate unfunded loan commitments, including obtaining collateral at exercise of the commitment. These unfunded loan commitments are only recorded in the consolidated financial statements when drawn upon and many expire without being used. The Company’s maximum off-balance sheet exposure to credit loss from these unfunded loan commitments is represented by the contractual amount of these instruments.
38
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
September 30,December 31,
2026 2025 
Commitments to extend credit, excluding interest rate lock commitments$3,492,740 $3,198,502 
Letters of credit53,016 61,610 
Balance at end of period$3,545,756 $3,260,112 
As of September 30, 2026 and December 31, 2025, unfunded loan commitments included above with floating interest rates totaled $3,197,677 and $3,012,819, respectively.
Effective June 30, 2025, the Company adopted a discounted cash flow methodology, adjusted for current conditions and reasonable and supportable forecasts, to estimate expected credit losses for all loan segments except consumer and other loans, which utilize the weighted average remaining maturity methodology. Additional information regarding these changes is included in 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, 2025.
As part of the credit loss process, the Company estimates expected credit losses on its unfunded loan commitments under the CECL methodology. When applying this methodology, the Company considers the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions.
The table below presents activity within the allowance for credit losses on unfunded loan commitments included in accrued expenses and other liabilities on the Company’s consolidated balance sheets.
Three Months Ended September 30,Nine Months Ended September 30,
2026 20252026 2025 
Balance at beginning of period$15,859 $12,932 $16,196 $6,107 
Provision for credit losses on unfunded commitments
    acquired in business combination		— 3,243 — 3,243 
Impact of change in accounting estimate for current
    expected credit losses		— — — 6,452 
Provision for (reversal of) credit losses on unfunded
    commitments		257 1,217 (80)1,590 
Balance at end of period$16,116 $17,392 $16,116 $17,392 
Loan repurchases or indemnifications
In connection with the sale of mortgage loans to third-party private investors or government sponsored agencies, the Company makes representations and warranties as to the propriety of its origination activities, which are typical and customary to these types of transactions. Occasionally, investors require the Company to repurchase loans sold to them or otherwise indemnify the investor against certain losses under the terms of the warranties. When the Company is required to repurchase the loans, the loans are recorded at fair value in loans HFI. The total principal amount of loans repurchased or indemnified for was $783 and $2,147 for the three and nine months ended September 30, 2026, respectively, and $2,576 and $5,827 for the three and nine months ended September 30, 2025, respectively.
At September 30, 2026 and December 31, 2025, the Company had $938 and $696, respectively, of reserves associated with potential losses on loans previously sold included in accrued expenses and other liabilities on the Company’s consolidated balance sheets.
Legal Proceedings
Various legal claims arise from time to time in the normal course of business, which, in the opinion of management, will not have a material effect on the Company’s consolidated financial statements.
39
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Note (11)—Derivatives
The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure as well as interest rate exposure for its customers. Derivative financial instruments are included in the consolidated balance sheets line item other assets or accrued expenses and other liabilities at fair value in accordance with ASC 815, “Derivatives and Hedging.” See Note 1, “Basis of presentation and summary of significant accounting policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on the Company’s accounting policies related to derivative instruments and hedging activities.
As of September 30, 2026 and December 31, 2025, the Company did not have any derivatives designated as fair value or cash flow hedges.
Derivatives not designated as hedging instruments
Derivatives not designated under hedge accounting rules include those that are entered into as either economic hedges as part of the Company’s overall risk management strategy or to facilitate client needs. Economic hedges are those that are not designated as a fair value or cash flow hedge for accounting purposes but are necessary to economically manage the risk exposure associated with the assets and liabilities of the Company.
The Company enters into derivative instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with customer contracts, the Company enters into an offsetting derivative contract. The Company manages its credit risk, or potential risk of default by its commercial customers through credit limit approval and monitoring procedures.
The Company enters into interest rate-lock commitments on residential loan commitments that will be held for resale. These are considered derivative instruments with no hedge accounting designation, and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Gains and losses arising from changes in the valuation of the interest rate-lock commitments are recognized currently in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.
The Company also enters into forwards, futures and option contracts to economically hedge the change in fair value of mortgage servicing rights. Gains and losses associated with these instruments are included in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.
The following tables provide details on the Company’s non-designated derivative financial instruments as of the dates presented:
September 30, 2026
Notional AmountAssetLiability
  Interest rate contracts$657,204 $28,771 $28,777 
  Forward commitments287,000 6,493 — 
  Interest rate-lock commitments83,316 422 — 
  Futures contracts158,500 — 3,061 
    Total$1,186,020 $35,686 $31,838 
December 31, 2025
Notional AmountAssetLiability
  Interest rate contracts$654,705 $23,020 $23,080 
  Forward commitments240,500 — 168 
  Interest rate-lock commitments86,586 1,296 — 
  Futures contracts185,000 — 261 
    Total$1,166,791 $24,316 $23,509 
40
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
(Losses) gains included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026 2025 2026 2025 
Included in mortgage banking income:
  Interest rate lock commitments$(1,425)$(350)$(874)$1,325 
  Forward commitments6,244 (1,237)6,826 (1,560)
  Futures contracts(6,611)517 (7,649)2,648 
    Total$(1,792)$(1,070)$(1,697)$2,413 
Netting of Derivative Instruments
Certain financial instruments, including derivatives, may be subject to master netting arrangements with counterparties. However, the Company does not offset derivative assets and liabilities on the consolidated balance sheets, as it has not established a legally enforceable right of offset.
The following table presents the Company’s gross derivative assets and liabilities recognized on the consolidated balance sheets and the potential effect of offsetting under master netting arrangements, including collateral pledged, for disclosure purposes only. Collateral is reflected only to the extent it would offset a derivative liability position.
Gross amounts not offset on the consolidated balance sheets
Gross amounts recognizedGross amounts offset on the consolidated balance sheetsNet amounts presented on the consolidated balance sheetsFinancial instrumentsFinancial collateral pledgedNet Amount
September 30, 2026
Derivative financial assets$28,750 $— $28,750 $28 $— $28,722 
Derivative financial liabilities$833 $— $833 $28 $805 $— 
December 31, 2025
Derivative financial assets$17,348 $— $17,348 $5,824 $— $11,524 
Derivative financial liabilities$7,696 $— $7,696 $5,824 $1,872 $— 
Collateral Requirements
Most derivative contracts are secured by collateral. Accordingly, pursuant to the interest rate agreements with derivative counterparties, the Company may be required to accept or post collateral with these derivative counterparties. As of September 30, 2026 and December 31, 2025, the Company had collateral posted of $35,829 and $30,675, respectively, against its obligations under these agreements. Cash pledged as collateral on derivative contracts is recorded in other assets on the consolidated balance sheets.
Note (12)—Fair value of financial instruments
ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a framework for measuring the fair value of assets and liabilities according to a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs derived from management's estimate of the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances.
41
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The hierarchy is broken down into the following three levels, based on the reliability of inputs:
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.
Level 3: Significant unobservable inputs for assets or liabilities that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the assets or liabilities.
The Company records the fair values of financial assets and liabilities on a recurring and nonrecurring basis using the following methods and assumptions:
Investment securities
Investment securities are recorded at fair value on a recurring basis. Fair values for securities are based on quoted market prices, where available. If available, these securities are classified as Level 1. If quoted prices are not available, fair values are based on quoted market prices of similar instruments or are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the pricing relationship or correlation among other benchmark quoted securities. Investment securities valued using quoted market prices of similar instruments or that are valued using matrix pricing are classified as Level 2.
Loans held for sale
Mortgage loans held for sale are carried at fair value determined using current secondary market prices for loans with similar characteristics, that is, using Level 2 inputs.
Derivatives
The fair value of the Company’s interest rate swap agreements to facilitate customer transactions is based on fair values obtained from entities that engage in interest rate swap activity and reflects projected future cash flows and interest rates. The fair value of interest rate lock commitments associated with the mortgage pipeline is based on fees currently charged to enter into similar agreements, and for fixed‑rate commitments, also reflects the difference between current market interest rates and the committed rates. The fair values of the Company’s derivatives are determined using pricing models that incorporate observable market inputs. These financial instruments are classified as Level 2.
OREO
OREO is comprised of properties obtained in partial or total satisfaction of loan obligations and excess land and facilities held for sale. OREO acquired in settlement of indebtedness is recorded at the lower of the carrying amount of the loan or the fair value of the real estate less costs to sell. Fair value is determined on a nonrecurring basis based on appraisals by qualified licensed appraisers and is adjusted for management’s estimates of costs to sell and holding period discounts. OREO valuations are classified as Level 3.
Mortgage servicing rights
MSRs are carried at fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. As such, MSRs are considered Level 3.
Collateral- dependent loans
Collateral-dependent loans are loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. Collateral-dependent loans are classified as Level 3.

42
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The balances and levels of the assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025 are presented in the following tables:
At September 30, 2026Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Financial assets:
AFS debt securities:
U.S. government agency securities$— $789,987 $— $789,987 
Mortgage-backed securities - residential— 568,520 — 568,520 
Mortgage-backed securities - commercial— 18,644 — 18,644 
Municipal securities— 152,325 — 152,325 
U.S. Treasury securities— 6,964 — 6,964 
Corporate securities— 1,690 — 1,690 
Equity securities, at fair value5,759 — — 5,759 
Total securities$5,759 $1,538,130 $— $1,543,889 
Loans held for sale, at fair value$— $225,935 $— $225,935 
Mortgage servicing rights— — 150,873 150,873 
Derivatives— 35,686 — 35,686 
Financial liabilities:
Derivatives— 31,838 — 31,838 
At December 31, 2025Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Financial assets:
AFS debt securities:
U.S. government agency securities$— $670,088 $— $670,088 
Mortgage-backed securities - residential— 602,320 — 602,320 
Mortgage-backed securities - commercial— 10,678 — 10,678 
Municipal securities — 168,370 — 168,370 
U.S. Treasury securities— 7,125 — 7,125 
Corporate securities— 998 — 998 
Equity securities, at fair value— 155 — 155 
Total securities$— $1,459,734 $— $1,459,734 
Loans held for sale, at fair value$— $172,974 $— $172,974 
Mortgage servicing rights— — 148,795 148,795 
Derivatives— 24,316 — 24,316 
Financial liabilities:
Derivatives— 23,509 — 23,509 
43
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The balances and levels of the assets measured at fair value on a nonrecurring basis as of September 30, 2026 and December 31, 2025 are presented in the following tables: 
September 30, 2026Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2) 		Significant unobservable
inputs
(level 3) 		Total
Nonrecurring valuations:
Financial assets:
Other real estate owned$— $— $3,480 $3,480 
Collateral-dependent net loans held for
   investment:
Commercial and industrial$— $— $3,217 $3,217 
Construction— — 21,511 21,511 
Residential real estate:
1-to-4 family mortgage— — 262 262 
   Multi-family mortgage— — 2,113 2,113 
Commercial real estate:
Owner-occupied— — 5,479 5,479 
Non-owner occupied— — 9,770 9,770 
Total collateral-dependent loans$— $— $42,352 $42,352 
 
December 31, 2025Quoted prices
in active
markets for
identical assets
(liabilities)
(level 1)		Significant
other
observable
inputs
(level 2)		Significant unobservable
inputs
(level 3)		Total
Nonrecurring valuations:
Other real estate owned$— $— $4,757 $4,757 
Collateral-dependent net loans held for
    investment:
Commercial and industrial$— $— $1,538 $1,538 
Construction— — 18,281 18,281 
Residential real estate:
1-to-4 family mortgage— — 287 287 
Commercial real estate:
Owner-occupied— — 5,479 5,479 
Non-owner occupied— — 640 640 
Total collateral-dependent loans$— $— $26,225 $26,225 



44
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The significant unobservable inputs (Level 3) used in the valuation and changes in fair value associated with the Company’s mortgage servicing rights for the three and nine months ended September 30, 2026 and 2025 are detailed at Note 7, “Mortgage servicing rights.”
The following tables present information as of September 30, 2026 and December 31, 2025 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
September 30, 2026
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs		Range of
inputs
Collateral-dependent net loans
   held for investment:
Commercial and industrial$3,217 Appraised valueDiscount for costs to sell
0%-28%
Construction21,511 Appraised valueDiscount for costs to sell
10%-18%
Residential real estate:
1-to-4 family mortgage262 Appraised valueDiscount for costs to sell
10%-10%
Multi-family mortgage2,113 Appraised valueDiscount for costs to sell
10%-10%
Commercial real estate:
Owner-occupied5,479 Appraised valueDiscount for costs to sell
10%-10%
Non-owner occupied9,770 Appraised valueDiscount for costs to sell
10%-12%
Other real estate owned$3,480 Appraised valueDiscount for costs to sell
0%-10%
December 31, 2025
Financial instrumentFair ValueValuation techniqueSignificant 
unobservable inputs		Range of
inputs
Collateral-dependent net loans
   held for investment:
Commercial and industrial$1,538 Appraised valueDiscount for costs to sell
10%-10%
Construction18,281 Appraised valueDiscount for costs to sell
10%-22%
Residential real estate:
1-to-4 family mortgage287 Appraised valueDiscount for costs to sell
10%-10%
Commercial real estate:
Owner-occupied5,479 Appraised valueDiscount for costs to sell
10%-10%
Non-owner occupied640 Appraised valueDiscount for costs to sell
11%-11%
Other real estate owned$4,757 Appraised valueDiscount for costs to sell
0%-10%

Fair value for collateral-dependent loans is determined based on the estimated value of the collateral securing the loans, less estimated selling costs and closing costs related to liquidation of the collateral. For loans secured by real estate, the fair value is determined based on appraisals performed by qualified appraisers and reviewed by qualified personnel. For non-real estate collateral, fair value is determined based on various sources, including third-party asset valuation and internally determined values based on cost adjusted or other judgmentally determined factors. Collateral-dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on changes in market conditions from the time of valuation and management’s knowledge of the borrower and borrower’s business. As of September 30, 2026 and December 31, 2025, total amortized cost of collateral-dependent loans measured on a nonrecurring basis amounted to $52,011 and $29,057, respectively. The allowance for credit losses is calculated as the amount for which the loan’s amortized cost basis exceeds fair value.
Other real estate owned acquired in settlement of indebtedness is recorded at fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Any write-downs based on the asset’s fair value at the date of foreclosure are charged to the allowance for credit losses.
Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the lending administrative department reviews the assumptions and approaches utilized in the appraisal as well as the overall
45
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
resulting fair value in comparison with independent data sources such as recent market data or industry wide statistics. Collateral-dependent loans for which repayment is expected through the sale of equipment, such as farm equipment, automobiles, and aircraft, are generally valued based on public source pricing or subscription services while more complex assets are valued through leveraging brokers who have expertise in the collateral involved.
Fair value option
The following table summarizes the Company’s loans held for sale as of the dates presented:
September 30,December 31,
20262025
Loans held for sale under a fair value option:
  Mortgage loans held for sale$225,935 $172,974 
Loans held for sale not accounted for under a fair value option:
  Mortgage loans held for sale - guaranteed GNMA repurchase option29,134 28,102 
               Total loans held for sale$255,069 $201,076 
Mortgage loans held for sale
Net losses of $6,726 and $7,976 resulting from fair value changes of mortgage loans held for sale were recorded in income during the three and nine months ended September 30, 2026, respectively, compared to net gains of $405 and $2,233 during the three and nine months ended September 30, 2025, respectively. The Company also recognized fair value changes on derivative instruments used to hedge market-related risk associated with these mortgage loans. When combined with the fair value changes of the underlying loans, the total resulted in net losses of $1,717 and $1,730 for the three and nine months ended September 30, 2026, respectively, compared to net gains of $801 and $2,741 for the three and nine months ended September 30, 2025, respectively.
The change in fair value of mortgage loans held for sale and the related derivative instruments are recorded in mortgage banking income in the consolidated statements of income. Election of the fair value option allows the Company to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value.
The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these mortgage loans held for sale, valuation adjustments attributable to instrument-specific credit risk are nominal.
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of September 30, 2026 and December 31, 2025: 
September 30,December 31,
20262025
Aggregate fair value$225,935 $172,974 
Aggregate unpaid principal balance229,629 168,692 
     Difference$(3,694)$4,282 
46
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 contains the estimated fair values and the related carrying values of the Company’s financial instruments. Non-financial instruments are excluded from the table below.
 Fair Value
September 30, 2026Carrying amount Level 1Level 2Level 3Total
Financial assets:
Cash and cash equivalents$1,017,689 $1,017,689 $— $— $1,017,689 
Investment securities1,543,889 5,759 1,538,130 — 1,543,889 
Net loans HFI12,985,604 — — 12,884,630 12,884,630 
Loans held for sale, at fair value225,935 — 225,935 — 225,935 
Interest receivable60,369 605 8,877 50,887 60,369 
Mortgage servicing rights150,873 — — 150,873 150,873 
Derivatives35,686 — 35,686 — 35,686 
Financial liabilities:
Deposits:
Without stated maturities$11,663,440 $11,663,440 $— $— $11,663,440 
With stated maturities3,002,556 — 2,997,977 — 2,997,977 
Securities sold under agreements to repurchase
     and federal funds purchased		27,484 27,484 — — 27,484 
Subordinated debt, net207,722 — — 210,287 210,287 
Interest payable24,550 3,160 21,229 161 24,550 
Derivatives31,838 — 31,838 — 31,838 
 Fair Value
December 31, 2025Carrying amount Level 1Level 2Level 3Total
Financial assets:
Cash and cash equivalents$1,155,895 $1,155,895 $— $— $1,155,895 
Investment securities1,459,734 — 1,459,734 — 1,459,734 
Net loans HFI12,197,643 — — 12,155,340 12,155,340 
Loans held for sale, at fair value172,974 — 172,974 — 172,974 
Interest receivable58,565 463 7,962 50,140 58,565 
Mortgage servicing rights148,795 — — 148,795 148,795 
Derivatives24,316 — 24,316 — 24,316 
Financial liabilities:
Deposits:
Without stated maturities$11,255,404 $11,255,404 $— $— $11,255,404 
With stated maturities2,654,557 — 2,655,532 — 2,655,532 
Securities sold under agreements to
repurchase and federal funds purchased
99,865 99,865 — — 99,865 
Subordinated debt, net83,670 — — 88,281 88,281 
Interest payable21,549 3,677 17,872 — 21,549 
Derivatives23,509 — 23,509 — 23,509 

Note (13)—Segment reporting
The Company and the Bank are engaged in the business of banking and provide a full range of financial services to its customers. The Company determines reportable segments based on the significance of the segment’s operating results to the overall Company, the products and services offered, customer characteristics, processes and service delivery of the segments and the regular financial performance review and allocation of resources by the Chief Executive Officer, the Company’s chief operating decision maker. The Company has identified two distinct reportable segments—Banking and Mortgage. The Company’s primary segment is Banking, which provides a full range of deposit and lending products and services to corporate, commercial and consumer customers. The Company also originates conforming residential mortgage loans through its Mortgage segment, whose activities include the servicing of residential mortgage loans and securitization of loans to third-party private investors or government sponsored agencies.
47
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The chief operating decision maker uses income before income taxes as the measure of segment profit or loss to assess the performance of and allocate resources to each segment. Interest income provides the primary revenue in the Banking segment, and mortgage banking income provides the primary revenue in the Mortgage segment. Interest expense, provision for credit losses, salaries, commissions, employee benefits and merger and integration costs provide the significant expenses in the Banking segment, and salaries, commissions and employee benefits provide the significant expenses in the Mortgage segment. These figures are regularly provided to the chief operating decision maker and are monitored through budget-to-actual variance review.
The Company assigns a transfer rate to allocate net interest income to products and business segments. Through this process, the Company formulates a loan funding charge and a deposit funding credit for its entire loan and deposit portfolios. The intent of the transfer rate methodology is to transfer interest rate risk among the segments and allow management to better measure the net interest margin contribution of its products and business segments. Changes in management structure or allocation methodologies and procedures result in changes in reported segment financial data. Prior period results have been adjusted to conform to the current methodology.
The following tables present selected financial information with respect to the Company’s reportable segments for the three and nine months ended September 30, 2026 and 2025.
Three Months Ended September 30, 2026BankingMortgageConsolidated
Interest income$233,558 $2,549 $236,107 
Interest expense87,434 (1,273)86,161 
Net interest income146,124 3,822 149,946 
Provisions for credit losses981 443 1,424 
Net interest income after provision for credit losses145,143 3,379 148,522 
Mortgage banking income— 9,425 9,425 
Other noninterest income15,027 88 15,115 
Total noninterest income15,027 9,513 24,540 
Salaries, commissions and employee benefits48,912 7,142 56,054 
Depreciation and amortization 3,103 10 3,113 
Amortization of intangibles1,741 — 1,741 
Other noninterest expense(1)
28,731 6,395 35,126 
Total noninterest expense82,487 13,547 96,034 
Income before income taxes$77,683 $(655)$77,028 
Income tax expense16,826 
Net income attributable to FB Financial Corporation and noncontrolling
   interest		60,202 
Net income attributable to noncontrolling interest— 
Net income attributable to FB Financial Corporation$60,202 
Total assets$16,232,445 $861,546 $17,093,991 
Goodwill350,353 — 350,353 
(1) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.

48
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, 2026
Banking(2)
MortgageConsolidated
Interest income$683,957 $6,938 $690,895 
Interest expense249,279 (3,267)246,012 
Net interest income434,678 10,205 444,883 
Provisions for credit losses 12,107 2,457 14,564 
Net interest income after provision for credit losses422,571 7,748 430,319 
Mortgage banking income— 32,848 32,848 
Other noninterest income43,392 455 43,847 
Total noninterest income43,392 33,303 76,695 
Salaries, commissions and employee benefits144,793 21,941 166,734 
Merger and integration costs1,447 — 1,447 
Depreciation and amortization9,304 31 9,335 
Amortization of intangibles5,414 — 5,414 
Other noninterest expense(1)
82,224 17,524 99,748 
Total noninterest expense243,182 39,496 282,678 
Income before income taxes$222,781 $1,555 $224,336 
Income tax expense47,951 
Net income attributable to FB Financial Corporation and noncontrolling
interest
176,385 
Net income attributable to noncontrolling interest(2)
8 
Net income attributable to FB Financial Corporation$176,377 
Total assets$16,232,445 $861,546 $17,093,991 
Goodwill350,353 — 350,353 
(1) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(2) Banking segment includes noncontrolling interest.

Three Months Ended September 30, 2025BankingMortgageConsolidated
Interest income$236,073 $825 $236,898 
Interest expense91,214 (1,556)89,658 
Net interest income144,859 2,381 147,240 
Provisions for credit losses34,070 347 34,417 
Net interest income after provision for credit losses110,789 2,034 112,823 
Mortgage banking income— 13,484 13,484 
Other noninterest income13,078 73 13,151 
Total noninterest income13,078 13,557 26,635 
Salaries, commissions and employee benefits51,441 7,769 59,210 
Merger and integration costs16,057 — 16,057 
Depreciation and amortization3,167 18 3,185 
Amortization of intangibles2,079 — 2,079 
Other noninterest expense(1)
24,225 5,100 29,325 
Total noninterest expense96,969 12,887 109,856 
Income before income taxes$26,898 $2,704 $29,602 
Income tax expense6,227 
Net income attributable to FB Financial Corporation and noncontrolling
   interest		23,375 
Net income attributable to noncontrolling interest— 
Net income attributable to FB Financial Corporation$23,375 
Total assets$15,598,629 $637,830 $16,236,459 
Goodwill 350,353 — 350,353 
(1) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.

49
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Nine Months Ended September 30, 2025
Banking(2)
MortgageConsolidated
Interest income$595,948 $2,740 $598,688 
Interest expense236,421 (4,029)232,392 
Net interest income359,527 6,769 366,296 
Provisions for credit losses 36,841 5,205 42,046 
Net interest income after provision for credit losses322,686 1,564 324,250 
Mortgage banking income— 38,939 38,939 
Other noninterest income(23,982)158 (23,824)
Total noninterest income(23,982)39,097 15,115 
Salaries, commissions and employee benefits131,545 22,647 154,192 
Merger and integration costs19,192 — 19,192 
Depreciation and amortization8,759 61 8,820 
Amortization of intangibles3,366 — 3,366 
Other noninterest expense(1)
68,346 16,750 85,096 
Total noninterest expense231,208 39,458 270,666 
Income before income taxes$67,496 $1,203 $68,699 
Income tax expense3,046 
Net income attributable to FB Financial Corporation and noncontrolling
interest
65,653 
Net income attributable to noncontrolling interest(2)
8 
Net income attributable to FB Financial Corporation$65,645 
Total assets$15,598,629 $637,830 $16,236,459 
Goodwill350,353 — 350,353 
(1) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(2) Banking segment includes noncontrolling interest.


Note (14)—Minimum capital requirements
Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.
Under regulatory guidance for non-advanced approach institutions, the Bank and Company are required to maintain minimum capital ratios as outlined in the table below. Minimum risk-based capital adequacy ratios below include a capital conservation buffer of 2.50%. As of September 30, 2026 and December 31, 2025, the Bank and Company met all capital adequacy requirements to which they are subject. Additionally, under U.S. Basel III Capital Rules, the Bank and Company opted out of including accumulated other comprehensive income in regulatory capital.
50
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
Actual and required capital amounts and ratios are included below as of the dates indicated.
September 30, 2026
ActualMinimum Requirement for Capital Adequacy with
Capital Buffer		To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio
Total capital (to risk-weighted assets)
FB Financial Corporation$2,041,720 13.6 %$1,577,202 10.5 %N/AN/A
FirstBank1,992,455 13.3 %1,574,939 10.5 %$1,499,942 10.0 %
Tier 1 capital (to risk-weighted assets)
FB Financial Corporation$1,645,994 11.0 %$1,276,782 8.5 %N/AN/A
FirstBank1,804,717 12.0 %1,274,950 8.5 %$1,199,953 8.0 %
Common equity tier 1 capital
   (to risk-weighted assets)
FB Financial Corporation$1,645,994 11.0 %$1,051,468 7.0 %N/AN/A
FirstBank1,804,717 12.0 %1,049,959 7.0 %$974,962 6.5 %
Tier 1 capital (to average assets)
FB Financial Corporation$1,645,994 10.0 %$657,268 4.0 %N/AN/A
FirstBank1,804,717 11.0 %655,843 4.0 %$819,804 5.0 %
December 31, 2025ActualMinimum Requirement for Capital Adequacy with
Capital Buffer		To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio
Total capital (to risk-weighted assets)
FB Financial Corporation$1,888,051 13.2 %$1,496,600 10.5 %N/AN/A
FirstBank1,830,102 12.9 %1,484,360 10.5 %$1,413,676 10.0 %
Tier 1 capital (to risk-weighted assets)
FB Financial Corporation$1,625,952 11.4 %$1,211,534 8.5 %N/AN/A
FirstBank1,653,113 11.7 %1,201,625 8.5 %$1,130,941 8.0 %
Common equity tier 1 capital
(to risk-weighted assets)
FB Financial Corporation$1,625,952 11.4 %$997,734 7.0 %N/AN/A
FirstBank1,653,113 11.7 %989,573 7.0 %$918,889 6.5 %
Tier 1 capital (to average assets)
FB Financial Corporation$1,625,952 10.3 %$633,378 4.0 %N/AN/A
FirstBank1,653,113 10.5 %631,928 4.0 %$789,910 5.0 %
Note (15)—Stock-based compensation
Restricted Stock Units
The Company grants RSUs under compensation arrangements for the benefit of certain employees, executive officers and directors. RSU grants are subject to time-based vesting with associated compensation recognized on a straight-line basis based on the grant date fair value of the awards. The total number of RSUs granted represents the number of awards eligible to vest based upon the service conditions set forth in the grant agreements.
The following table summarizes changes in RSUs for the nine months ended September 30, 2026:
Restricted Stock
Units
Outstanding		Weighted
Average Grant
Date
Fair Value
Balance at beginning of period (unvested)322,294 $42.78 
Granted157,862 57.13 
Vested(152,610)40.73 
Forfeited(12,781)45.40 
Balance at end of period (unvested)314,765 $50.86 
The total fair value of RSUs vested and released was $71 and $6,216 for the three and nine months ended September 30, 2026, respectively, and $345 and $6,275 for the three and nine months ended September 30, 2025, respectively.
51
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
The compensation cost related to these grants and vesting of RSUs was $1,810 and $6,611 for the three and nine months ended September 30, 2026, respectively, and $1,747 and $6,343 for the three and nine months ended September 30, 2025, respectively. This includes amounts paid related to director grants and compensation elected to be settled in stock amounting to $313 and $858 during the three and nine months ended September 30, 2026, respectively, and $256 and $730 during the three and nine months ended September 30, 2025, respectively.
As of September 30, 2026, there was $9,335 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 1.95 years. During the three months ended June 30, 2026, a new stock-based compensation plan became effective which increased the total number of shares available for issuance. As of September 30, 2026, there were 1,778,646 shares available for issuance under the Company's plan.
As of September 30, 2026 and December 31, 2025, there was $292 and $335, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared that are payable upon vesting and distribution of the underlying RSUs.
Performance-Based Restricted Stock Units
The Company awards PSUs to certain employees and executive officers. Under the terms of the awards, the number of units that will vest and convert to shares of common stock will be based on the Company’s achievement of certain performance metrics over a fixed three-year performance period. The number of shares issued upon vesting can range from 0% to 200% of the PSUs granted.
PSU performance factors are based on the Company’s achievement of core return on average tangible common equity over the performance period relative to a predefined peer group as well as the Company’s adjusted tangible book value over the performance period.
The following table summarizes information about the changes in PSUs as of and for the nine months ended September 30, 2026:
Performance-Based Restricted Stock Units Outstanding(1)
Weighted
Average Grant
Date
Fair Value
Balance at beginning of period (unvested)240,891 $40.24 
Granted69,079 58.18 
Performance adjustment (2)
35,737 37.17 
Vested(107,228)37.17 
Forfeited or expired(7,658)43.57 
Balance at end of period (unvested)230,821 $46.45 
(1) PSUs are presented in the table above assuming targets are met and the awards pay out at 100%.
(2) The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.
The following table summarizes data related to the Company’s outstanding PSUs as of September 30, 2026:
Grant YearGrant PricePerformance PeriodPSUs Outstanding
2024$35.60 2024 to 202692,504
2025$49.33 2025 to 202770,013
2026$58.18 2026 to 202868,304
Compensation expense for PSUs is estimated each period based on the fair value of the Company’s stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the performance period of the awards. For the three and nine months ended September 30, 2026, the Company recorded compensation benefit related to PSUs of $246 and compensation expense of $1,590, respectively, and compensation expense of $2,007 and $5,224 for the three and nine months ended September 30, 2025, respectively.
As of September 30, 2026, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $12,655, and the weighted average remaining performance period over which the cost could be recognized was 1.86 years. As of September 30, 2026 and December 31, 2025, there was $288 and $298, respectively, accrued in accrued
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FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Dollar amounts are in thousands, except share and per share amounts)
(Unaudited)
expenses and other liabilities related to dividend equivalent units declared that are payable upon vesting and distribution of the underlying PSUs.
Employee Stock Purchase Plan
The Company maintains an employee stock purchase plan under which employees, through payroll deductions, are able to purchase shares of Company common stock. The employee purchase price is 95% of the lower of the market price at the beginning or end of each six month offering period. The maximum number of shares issuable during any offering period is 200,000 shares, limited to 725 shares for each participating employee. There were 9,491 and 18,115 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $532 and $945, during the three and nine months ended September 30, 2026, respectively. There were 9,274 and 17,435 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $450 and $790, during the three and nine months ended September 30, 2025, respectively. As of September 30, 2026, there were 2,236,814 shares available for issuance under the ESPP.
Note (16)—Related party transactions
Loans
The Bank has made loans to executive officers, directors, and significant shareholders of the Company and their related interests and expects to continue to make loans to related parties in the ordinary course of business, in compliance with regulatory requirements.
An analysis of loans to executive officers, directors and significant shareholders of the Bank and their related interests is presented below:
Loans outstanding at January 1, 2026$45,165 
New loans and advances21,362 
Change in related party status(4,226)
Repayments(5,323)
Loans outstanding at September 30, 2026$56,978 
Unfunded commitments to executive officers, directors and significant shareholders and their related interests totaled $28,438 and $47,182 at September 30, 2026 and December 31, 2025, respectively.
Deposits
The Bank held deposits from related parties totaling $141,207 and $406,258 as of September 30, 2026 and December 31, 2025, respectively.
Leases
The Bank leases office space from entities owned by related parties under varying terms. Lease expense for these properties totaled $47 and $250 for the three and nine months ended September 30, 2026, respectively, and $101 and $301 for the three and nine months ended September 30, 2025, respectively.
Aviation lease
Through a wholly-owned subsidiary, FBK Aviation, LLC, the Company owns and maintains an aircraft. FBK Aviation, LLC maintains non-exclusive aircraft leases with entities owned by certain directors. The Company recognized income of $14 and $84 for the three and nine months ended September 30, 2026, respectively, and $18 and $43 for the three and nine months ended September 30, 2025, respectively, under these agreements.
Equity investment in preferred stock and master loan purchase agreement
The Company holds an equity investment in a privately held entity which originates manufactured housing loans through utilization of its proprietary technology. As a result of the investment, the Company holds two board seats on the entity’s board of directors. The Company also has a master loan purchase agreement with the entity to purchase up to $250,000 in manufactured housing loan production over an initial five-year term. Under this agreement, the Company purchased $5,765 and $25,611 of loans for the three and nine months ended September 30, 2026, respectively, and purchased $17,770 and $45,780 of loans for the three and nine months ended September 30, 2025, respectively. As of September 30, 2026 and December 31, 2025, the amortized cost of these loans HFI amounted to $158,331 and $142,532, respectively. See Note 3, “Investment securities,” for additional information on this investment.
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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following is a discussion of our financial condition as of September 30, 2026 and December 31, 2025, and our results of operations for the three and nine months ended September 30, 2026 and 2025, and should be read in conjunction with our audited consolidated financial statements set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, that was filed with the SEC on February 26, 2026, and with the accompanying unaudited notes to the condensed consolidated financial statements set forth in this Report.
Forward-Looking Statements
Certain statements contained in this Report that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent the Company’s current expectations, plans or forecasts of its or its business segments’ future results, which may include, among other measures, revenue, liquidity, net interest income, other income, provision for credit losses, expenses, operating leverage, effective tax rate, efficiency ratio, capital measures, deposits and assets, as well as strategy, future business and economic conditions more generally, and other future matters. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management’s current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the U.S. economy generally, (2) changes or the lack of changes in government interest rate policies and the associated impact on the Company’s business, net interest margin, funding costs, and mortgage operations, (3) increased competition for loans and deposits and the Company’s ability to sustain loan and deposit growth, (4) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, the impact of interest rates on the value of the Company’s investment securities portfolio, or the adequacy of the Company’s allowance for credit losses, (5) any deterioration in commercial real estate market fundamentals, (6) the Company’s ability to identify potential candidates for, consummate, and achieve synergies from acquisitions, including risks that cost savings and other synergies from completed or future acquisitions may not be realized (or may be less than or delayed from expectations), challenges in integrating acquired businesses, disruptions to customer, employee, or other relationships, diversion of management attention, and the ability to effectively manage larger or more complex operations post-transaction, (7) the Company’s ability to manage any unexpected outflows of uninsured deposits and to avoid selling investment securities or other assets at an unfavorable time or at a loss, (8) the Company’s ability to successfully execute its various business strategies, including its investments in talent and growth initiatives and the effect of those investments on expenses and operating leverage, (9) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, and changes in accounting standards, (10) the effectiveness of the Company’s controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (11) the Company’s dependence on information technology systems of third-party service providers and the risk of systems failures, interruptions, or breaches of security, (12) the impact, extent and timing of technological changes, including the adoption and use of artificial intelligence and other emerging technologies, (13) concentrations of credit or deposit exposure, (14) the impact of natural disasters, pandemics, acts or escalation of war or acts of terrorism, or other catastrophic events, (15) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, (16) the Company’s ability to attract and retain key employees in a competitive labor market, (17) the Company’s ability to access capital and liquidity on terms acceptable to the Company, to effectively
54

deploy capital, including the proceeds of its recent subordinated debt issuance, and the amount and timing of any future share repurchases, (18) changes to the Company’s preliminary regulatory capital ratios as they are finalized, and/or (19) general competitive, economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in any of the Company’s subsequent filings with the SEC. Many of these factors are beyond the Company’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Report, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.
The Company qualifies all forward-looking statements by these cautionary statements.
Critical accounting policies
Our financial statements are prepared in accordance with GAAP and general practices within the banking industry. Within our financial statements, certain financial information contains approximate measurements of financial effects of transactions and impacts at the consolidated balance sheet dates and our results of operations for the reporting periods. We monitor the status of proposed and newly issued accounting standards to evaluate the impact on our financial condition and results of operations. Our accounting policies, including the impact of any newly issued accounting standards if applicable, are discussed in further detail in Note 1, “Basis of presentation and summary of significant accounting policies,” in the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
55

Financial highlights
The following table presents certain selected historical consolidated statements of income and balance sheets data and key performance indicators and other measures as of the dates or for the periods indicated. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period.
As of or for the three months ended
As of or for the nine months ended
As of or for the year ended
September 30,September 30,December 31,
(dollars in thousands, except share data)2026 2025 2026 2025 2025 
Selected Balance Sheet Data
Cash and cash equivalents$1,017,689 $1,280,033 $1,017,689 $1,280,033 $1,155,895 
Investment securities, at fair value1,543,889 1,428,401 1,543,889 1,428,401 1,459,734 
Loans held for sale255,069 167,449 255,069 167,449 201,076 
Loans HFI13,179,564 12,297,600 13,179,564 12,297,600 12,383,626 
Allowance for credit losses on loans HFI(193,960)(184,993)(193,960)(184,993)(185,983)
Total assets17,093,991 16,236,459 17,093,991 16,236,459 16,300,292 
Interest-bearing deposits (non-brokered)11,262,198 10,634,555 11,262,198 10,634,555 10,649,932 
Brokered deposits626,687 487,765 626,687 487,765 625,634 
Noninterest-bearing deposits2,777,111 2,690,635 2,777,111 2,690,635 2,634,395 
Total deposits14,665,996 13,812,955 14,665,996 13,812,955 13,909,961 
Borrowings265,390 213,638 265,390 213,638 212,764 
Allowance for credit losses on unfunded
   commitments		16,116 17,392 16,116 17,392 16,196 
Total common shareholders’ equity1,933,646 1,978,043 1,933,646 1,978,043 1,948,165 
Selected Statement of Income Data
Total interest income$236,107 $236,898 $690,895 $598,688 $833,926 
Total interest expense86,161 89,658 246,012 232,392 317,826 
Net interest income149,946 147,240 444,883 366,296 516,100 
Provisions for credit losses1,424 34,417 14,564 42,046 43,278 
Total noninterest income 24,540 26,635 76,695 15,115 43,910 
Total noninterest expense96,034 109,856 282,678 270,666 378,214 
Income before income taxes77,028 29,602 224,336 68,699 138,518 
Income tax expense16,826 6,227 47,951 3,046 15,880 
Net income attributable to noncontrolling
    interest		— — 8 8 16 
Net income attributable to FB Financial
    Corporation 		$60,202 $23,375 $176,377 $65,645 $122,622 
Net interest income (tax-equivalent basis)$150,807 $148,088 $447,369 $368,751 $519,393 
Per Common Share
Basic net income$1.21 $0.44 $3.46 $1.35 $2.47 
Diluted net income1.20 0.43 3.43 1.34 2.45 
Book value39.11 37.00 39.11 37.00 37.64 
Tangible book value(1)
31.50 29.83 31.50 29.83 30.27 
Cash dividends declared0.21 0.19 0.63 0.57 0.76 
Selected Ratios
Return on average:
Assets1.43 %0.58 %1.43 %0.62 %0.84 %
Common shareholders’ equity12.2 %4.69 %12.0 %5.11 %6.90 %
Tangible common equity(1)
15.2 %5.82 %14.8 %6.17 %8.40 %
Efficiency ratio55.0 %63.2 %54.2 %71.0 %67.5 %
Adjusted efficiency ratio (tax-equivalent
    basis)(1)
54.3 %53.3 %53.5 %56.4 %56.4 %
Loans HFI to deposit ratio89.9 %89.0 %89.9 %89.0 %89.0 %
Noninterest-bearing deposits to total deposits 18.9 %19.5 %18.9 %19.5 %18.9 %
Net interest margin (tax-equivalent basis)3.83 %3.95 %3.90 %3.74 %3.81 %
Yield on interest-earning assets6.02 %6.35 %6.05 %6.10 %6.14 %
Cost of interest-bearing liabilities2.91 %3.21 %2.86 %3.17 %3.13 %
Cost of total deposits2.32 %2.53 %2.28 %2.52 %2.49 %
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As of or for the three months endedAs of or for the nine months endedAs of or for the year ended
September 30,September 30,December 31,
2026 2025 2026 2025 2025 
Credit Quality Ratios
Allowance for credit losses on loans HFI as a
   percentage of loans HFI		1.47 %1.50 %1.47 %1.50 %1.50 %
Annualized net charge-offs as a percentage
    of average loans HFI		(0.04)%(0.05)%(0.07)%(0.07)%(0.06)%
Nonperforming loans HFI as a percentage of
    loans HFI		1.18 %0.94 %1.18 %0.94 %0.97 %
Nonperforming assets as a percentage of
    total assets(2)
1.13 %0.89 %1.13 %0.89 %0.97 %
Capital Ratios (Company)
Total common shareholders’ equity to assets11.3 %12.2 %11.3 %12.2 %12.0 %
Tangible common equity to tangible assets(1)
9.32 %10.1 %9.32 %10.1 %9.84 %
Tier 1 leverage10.0 %10.6 %10.0 %10.6 %10.3 %
Tier 1 risk-based capital11.0 %11.7 %11.0 %11.7 %11.4 %
Total risk-based capital13.6 %13.6 %13.6 %13.6 %13.2 %
Common Equity Tier 111.0 %11.7 %11.0 %11.7 %11.4 %
(1)Non-GAAP financial measure; See "GAAP reconciliation and management explanation of non-GAAP financial measures” and non-GAAP reconciliations herein.
(2)Includes $29.1 million, $21.7 million, and $28.1 million of optional rights to repurchase delinquent GNMA loans as of September 30, 2026, September 30, 2025 and December 31, 2025, respectively.

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





57


The following table presents a reconciliation of our adjusted efficiency ratio (tax-equivalent basis) to our efficiency ratio for the periods below:
(dollars in thousands)Three Months Ended September 30,Nine Months Ended September 30,Year Ended December 31,
2026 2025 2026 2025 2025 
Adjusted efficiency ratio (tax-equivalent
    basis)
Total noninterest expense$96,034 $109,856 $282,678 $270,666 $378,214 
Less early retirement and severance costs— — — — 1,395 
Less loan subservicer transition costs719 — 719 — — 
Less loss (gain) on lease terminations and
   other branch closure costs		— 270 (37)270 282 
Less charitable contribution to FirstBank
    Foundation		— — — — 1,130 
Less merger and integration costs— 16,057 1,447 19,192 23,803 
Adjusted noninterest expense$95,315 $93,529 $280,549 $251,204 $351,604 
Net interest income$149,946 $147,240 $444,883 $366,296 $516,100 
Net interest income (tax-equivalent basis)150,807 148,088 447,369 368,751 519,393 
Total noninterest income 24,540 26,635 76,695 15,115 43,910 
Less (loss) gain from securities, net(241)12 (240)(60,521)(60,457)
Less loss on sales or write-downs of
   premises and equipment, other real estate
   owned and other assets		(34)(646)(731)(1,035)(1,166)
Less cash life insurance benefit— — 763 — 1,148 
Adjusted noninterest income$24,815 $27,269 $76,903 $76,671 $104,385 
Total revenue$174,486 $173,875 $521,578 $381,411 $560,010 
Adjusted revenue (tax-equivalent basis)$175,622 $175,357 $524,272 $445,422 $623,778 
Efficiency ratio 55.0 %63.2 %54.2 %71.0 %67.5 %
Adjusted efficiency ratio (tax-equivalent
    basis)		54.3 %53.3 %53.5 %56.4 %56.4 %
Tangible book value per common share and tangible common equity to tangible assets
Tangible book value per common share and tangible common equity to tangible assets are non-GAAP measures that exclude the impact of goodwill and other intangibles used by management to evaluate capital adequacy. Because intangible assets, such as goodwill and other intangibles, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our capital position to other companies. The most directly comparable financial measures calculated in accordance with GAAP are book value per common share and total common shareholders’ equity to total assets.
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The following table presents, as of the dates set forth below, tangible common equity compared with total common shareholders’ equity, tangible book value per common share compared with our book value per common share and tangible common equity to tangible assets compared to total common shareholders’ equity to total assets:
September 30,
December 31,
(dollars in thousands, except share data)2026 2025 2025 
Tangible assets
Total assets$17,093,991 $16,236,459 $16,300,292 
Adjustments:
Goodwill(350,353)(350,353)(350,353)
Intangibles, net(25,870)(33,216)(31,284)
Tangible assets$16,717,768 $15,852,890 $15,918,655 
Tangible common equity
Total common shareholders’ equity$1,933,646 $1,978,043 $1,948,165 
Adjustments:
Goodwill(350,353)(350,353)(350,353)
Intangibles, net(25,870)(33,216)(31,284)
Tangible common equity$1,557,423 $1,594,474 $1,566,528 
Common shares outstanding49,443,360 53,456,522 51,752,401 
Book value per common share$39.11 $37.00 $37.64 
Tangible book value per common share$31.50 $29.83 $30.27 
Total common shareholders’ equity to total assets11.3 %12.2 %12.0 %
Tangible common equity to tangible assets9.32 %10.1 %9.84 %
Return on average tangible common equity
Return on average tangible common equity is a non-GAAP measure that uses average shareholders’ equity and excludes the impact of goodwill and other intangibles. This measurement is used by management to provide a depiction of our profitability without being impacted by intangible assets, as intangible assets are not directly managed to generate earnings. The most directly comparable financial measure calculated in accordance with GAAP is return on average common shareholders' equity.
The following table presents, for the periods set forth below, reconciliations of total average tangible common equity to average shareholders’ equity and return on average tangible common equity to return on average shareholders’ equity:
Three Months Ended September 30,Nine Months Ended September 30,Year Ended December 31,
(dollars in thousands)2026 2025 2026 2025 2025 
Return on average tangible common equity
Total average common shareholders’ equity$1,951,116 $1,977,785 $1,968,010 $1,716,391 $1,776,945 
Adjustments:
Average goodwill(350,353)(350,355)(350,353)(278,887)(296,901)
Average intangibles, net(26,782)(34,983)(28,589)(15,175)(19,492)
Average tangible common equity$1,573,981 $1,592,447 $1,589,068 $1,422,329 $1,460,552 
Net income attributable to FB Financial
    Corporation		$60,202 $23,375 $176,377 $65,645 $122,622 
Return on average common shareholders’
    equity		12.2 %4.69 %12.0 %5.11 %6.90 %
Return on average tangible common equity15.2 %5.82 %14.8 %6.17 %8.40 %
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Company overview
We are a financial holding company headquartered in Nashville, Tennessee. We operate primarily through our wholly-owned subsidiary bank, FirstBank, and its subsidiaries. FirstBank provides a comprehensive suite of commercial and consumer banking services to clients in select markets in Tennessee, Alabama, Kentucky, North Carolina and Georgia. As of September 30, 2026, our footprint included 90 full-service branches serving markets across Tennessee, including Nashville, Chattanooga, Knoxville, Memphis, and Jackson in addition to Bowling Green, Kentucky, Columbus and Newnan, Georgia and Birmingham, Anniston, Huntsville, and Auburn, Alabama. Subsequent to quarter-end, we opened our first full-service branch in Asheville, North Carolina in October 2026. Additionally, our banking services extend to community markets throughout our footprint. FirstBank also provides retail mortgage banking services utilizing its bank branch network and mortgage banking offices strategically located throughout the southeastern United States.
We operate through two segments, Banking and Mortgage. We generate the majority of our revenue in our Banking segment from interest on loans and investments, loan-related fees, trust and investment services and deposit-related fees. Our primary source of funding for our loans is customer deposits; however, we have other sources of funds including unsecured credit lines, brokered CDs, and other borrowings. We generate most of our revenue in our Mortgage segment from origination fees and gains on sales in the secondary mortgage loan market, as well as from mortgage servicing revenues.
Mergers and acquisitions
Southern States Bancshares, Inc.
On July 1, 2025, the Company completed its merger with Southern States Bancshares, Inc. and its wholly-owned subsidiary, Southern States Bank, with FB Financial Corporation continuing as the surviving entity. This merger strengthened the Company’s presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company’s footprint further into Alabama and Georgia. The Company acquired total assets of $2.83 billion, total loans of $2.27 billion and assumed total deposits of $2.47 billion. Under the terms of the agreement, each outstanding share of Southern States common stock was converted into the right to receive 0.80 shares of the Company’s stock. Additionally, fractional shares and outstanding stock options were settled in cash. As a result, total consideration paid was $368.4 million based on the Company’s closing stock price of $45.30 per share on June 30, 2025. The merger resulted in additional goodwill of $107.8 million being recorded based on fair value estimates of total net assets acquired and liabilities assumed in the transaction.
Overview of recent financial performance
Results of operations
Three months ended September 30, 2026 compared to the three months ended September 30, 2025
We recognized net income of $60.2 million during the three months ended September 30, 2026 compared to $23.4 million for the three months ended September 30, 2025. Diluted earnings per common share were $1.20 and $0.43 for the three months ended September 30, 2026 and 2025, respectively. Our net income represented a ROAA of 1.43% and 0.58% for the three months ended September 30, 2026 and 2025, respectively, and a ROAE of 12.2% and 4.69% for the same periods. Our ROATCE for the three months ended September 30, 2026 and 2025 was 15.2% and 5.82%, respectively. See “GAAP reconciliation and management explanation of non-GAAP financial measures” in this Report for a discussion of tangible common equity and return on average tangible common equity.
Net interest income increased to $149.9 million for the three months ended September 30, 2026 compared with $147.2 million for the three months ended September 30, 2025. Our net interest margin, on a tax-equivalent basis, decreased to 3.83% for the three months ended September 30, 2026 as compared to 3.95% for the three months ended September 30, 2025. Net interest income increased as growth in average interest-earning assets and lower funding costs more than offset the impact of lower earning asset yields. Net interest margin decreased as the impact of lower earning asset yields more than offset the benefit of declining deposit and borrowing costs.
Provision for credit losses of $1.4 million was recognized for the three months ended September 30, 2026 compared with $34.4 million for the three months ended September 30, 2025. The decrease was primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million during the three months ended September 30, 2025. Refer to Note 2, "Mergers and acquisitions" in this Report for further discussion around the merger with Southern States.
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Noninterest income for the three months ended September 30, 2026 decreased by $2.1 million to $24.5 million, compared to $26.6 million for the three months ended September 30, 2025. The decrease was driven by a $4.1 million decrease in mortgage banking income due to lower mortgage origination and sale volumes, as well as a decrease in the net change in fair value of loans held for sale and related derivatives. The decline was partially offset by increases in investment services and trust income, other income, and service charges on deposit accounts, as well as lower losses on sales or write-downs of premises and equipment, other real estate owned and other assets.
Noninterest expense decreased to $96.0 million for the three months ended September 30, 2026, compared with $109.9 million for the three months ended September 30, 2025. The decrease in noninterest expense was primarily driven by $16.1 million of merger and integration costs related to the Southern States merger recognized during the three months ended September 30, 2025, as well as a $3.2 million decrease in salaries, commissions and employee benefits. The decrease was partially offset by a $4.2 million increase in other expense, reflecting a $1.0 million increase in subservicer fees, of which $0.7 million was associated with the transition to a new mortgage subservicer, and increases across several expense categories, such as franchise taxes, regulatory costs and software license and maintenance fees.
Income tax expense for the three months ended September 30, 2026 was $16.8 million compared to $6.2 million for the three months ended September 30, 2025. The increase was primarily attributable to the increase in income before income taxes.
Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025
Our net income increased during the nine months ended September 30, 2026 to $176.4 million from $65.7 million for the nine months ended September 30, 2025. Diluted earnings per common share were $3.43 and $1.34 for the nine months ended September 30, 2026 and 2025, respectively. Our net income represented a ROAA of 1.43% and 0.62% for the nine months ended September 30, 2026 and 2025, respectively, and a ROAE of 12.0% and 5.11% for the same periods. Our ROATCE for the nine months ended September 30, 2026 and 2025 was 14.8% and 6.17%, respectively. See “GAAP reconciliation and management explanation of non-GAAP financial measures” in this Report for a discussion of tangible common equity and return on average tangible common equity.
During the nine months ended September 30, 2026, our net interest income increased to $444.9 million from $366.3 million for the nine months ended September 30, 2025. Our net interest margin, on a tax-equivalent basis, increased to 3.90% for the nine months ended September 30, 2026 as compared to 3.74% for the nine months ended September 30, 2025. The increase in net interest income and net interest margin, on a tax-equivalent basis, was driven by a $92.2 million increase in interest income, primarily from higher average loans HFI resulting from the Southern States merger and continued loan growth, partially offset by a $13.6 million increase in interest expense. The increase in net interest margin reflected a 31 basis point decline in the cost of interest-bearing liabilities, which outpaced the 5 basis point decline in the yield on interest-earning assets.
Provision for credit losses of $14.6 million was recognized for the nine months ended September 30, 2026 compared with $42.0 million for the nine months ended September 30, 2025, primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million recognized during the nine months ended September 30, 2025.
Noninterest income for the nine months ended September 30, 2026 increased by $61.6 million to $76.7 million, compared to $15.1 million for the prior year period. The increase in noninterest income was primarily attributable to the $60.5 million net loss on investment securities recognized from the sale of $266.9 million of AFS debt securities during the nine months ended September 30, 2025. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Noninterest expense increased to $282.7 million for the nine months ended September 30, 2026, compared with $270.7 million for the nine months ended September 30, 2025. Salaries, commissions and employee benefits increased $12.5 million reflecting the addition of Southern States personnel and higher bonus and commissions, partially offset by higher deferred salary costs related to loan originations during the period and lower performance-based equity compensation. Other expense increased $12.0 million, primarily due to higher franchise tax expense, software license and maintenance fees, regulatory costs, card transaction fees, contributions and dues, subservicer fees and broad-based increases across several expense categories. The increase was partially offset by a $17.7 million decrease in merger and integration costs recognized related to the Southern States merger.
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Income tax expense for the nine months ended September 30, 2026 was $48.0 million compared to $3.0 million for the nine months ended September 30, 2025. The increase primarily reflects higher income before income taxes in the current period, as the prior period included the income tax effect of a $60.5 million loss on sale of AFS debt securities and a one-time gross tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest for the nine months ended September 30, 2025.
Business segment highlights
We operate our business in two business segments: Banking and Mortgage. See Note 13, “Segment reporting” in the notes to our consolidated financial statements contained herein for a description of these business segments.
Banking
Three months ended September 30, 2026 compared to three months ended September 30, 2025
The Banking segment contributed $77.7 million of income before taxes for the current period as compared to $26.9 million for the previous period. Net interest income totaled $146.1 million during the three months ended September 30, 2026 compared to $144.9 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $1.0 million of provision expense during the current period as compared to $34.1 million during the previous period. The decrease was primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million recognized in the previous period. The Banking segment recorded noninterest income of $15.0 million in the current period as compared to $13.1 million in the previous period. Noninterest expense decreased to $82.5 million for the current period compared to $97.0 million for the previous period primarily due to the decrease in merger and integration costs associated with the Southern States merger and salaries, commissions and employee benefits, partially offset by an increase in other expense, including franchise tax expense and modest increases across several expense categories, such as regulatory costs and software license and maintenance fees.

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Mortgage
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Activity in our Mortgage segment resulted in a loss before income taxes of $0.7 million for the current period, as compared to income before income taxes of $2.7 million in the prior period. Net interest income was $3.8 million for the current period and $2.4 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $0.4 million during the current period compared to $0.3 million during the prior period. Mortgage banking income decreased $4.1 million to $9.4 million during the current period compared to $13.5 million in the prior period.
The components of mortgage banking income for the three months ended September 30, 2026 and 2025 were as follows:
Three Months Ended September 30,
(dollars in thousands)2026 2025 
Mortgage banking income
Gains and fees from origination and sale of mortgage
   loans held for sale		$8,168 $9,237 
Net change in fair value of loans held for sale and derivatives(1,717)801 
Change in fair value on MSRs, net of hedging(3,478)(3,390)
Mortgage servicing income6,452 6,836 
Total mortgage banking income$9,425 $13,484 
Interest rate lock commitment volume$330,303 $432,149 
Interest rate lock commitment volume by purpose (%):
Purchase86.3 %79.2 %
Refinance13.7 %20.8 %
Mortgage sales$230,476 $343,450 
Mortgage sale margin3.54 %2.69 %
Closing volume$299,392 $370,287 
Outstanding principal balance of mortgage loans serviced$9,106,646 $9,716,824 
Noninterest expense for the three months ended September 30, 2026 and 2025 was $13.5 million and $12.9 million, respectively.
Banking
Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025
The Banking segment contributed $222.8 million of income before taxes for the current period as compared to $67.5 million for the previous period. Net interest income totaled $434.7 million during the nine months ended September 30, 2026 compared to $359.5 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $12.1 million of provision expense during the current period as compared to $36.8 million during the previous period. Similar to above, the decrease was primarily due to the initial provision for credit losses on acquired loans and unfunded commitments from the Southern States merger of $28.4 million recognized in the previous period. The Banking segment recorded noninterest income of $43.4 million in the current period as compared to a loss of $24.0 million in the previous period. The increase was mainly attributable to a $60.5 million net loss on investment securities recognized in the previous period from the sale of $266.9 million of AFS debt securities. Noninterest expense increased to $243.2 million for the current period compared to $231.2 million for the previous period, primarily due to increases in salaries, commissions and employee benefits, amortization of core deposit intangibles and occupancy, reflecting in part the impact of the Southern States merger. The increase also reflected higher franchise tax expense, software license and maintenance fees and broad-based increases across several expense categories, including regulatory costs, card transaction fees, contributions and dues, and subservicer fees, partially offset by a $17.7 million decrease in merger and integration costs.
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Mortgage
Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025
Activity in our Mortgage segment resulted in income before income taxes of $1.6 million for the current period, as compared to $1.2 million in the prior period. Net interest income was $10.2 million for the current period and $6.8 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $2.5 million during the current period compared to $5.2 million of provision expense during the prior period. The decrease in the provision primarily reflects the impact of the change in the CECL loss estimation methodology, which notably impacted the Company's reserves on 100% financed 1-to-4 mortgages during the previous period. Mortgage banking income decreased $6.1 million to $32.8 million during the current period compared to $38.9 million in the prior period.
The components of mortgage banking income for the nine months ended September 30, 2026 and 2025 were as follows:
Nine Months Ended September 30,
(dollars in thousands)2026 2025 
Mortgage banking income
Gains and fees from origination and sale of mortgage
   loans held for sale		$26,095 $26,039 
Net change in fair value of loans held for sale and derivatives(1,730)2,741 
Change in fair value on MSRs, net of hedging(11,043)(10,690)
Mortgage servicing income19,526 20,849 
Total mortgage banking income$32,848 $38,939 
Interest rate lock commitment volume$1,256,074 $1,270,646 
Interest rate lock commitment volume by purpose (%):
Purchase82.0 %84.4 %
Refinance18.0 %15.6 %
Mortgage sales$903,005 $957,316 
Mortgage sale margin2.89 %2.72 %
Closing volume$971,694 $1,012,802 
Outstanding principal balance of mortgage loans serviced$9,106,646 $9,716,824 
Noninterest expense for both the nine months ended September 30, 2026 and 2025 was $39.5 million.
Results of operations
Throughout the following discussion of our operating results, we present our net interest income, net interest margin and adjusted efficiency ratio on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of net interest income from certain qualifying loans and investments.
Our tax-exempt income is converted to a tax-equivalent basis by adjusting for the combined federal and blended state statutory income tax rate of 26.06% for the three and nine months ended September 30, 2026 and 2025.
Net interest income
Net interest income is the primary component of our earnings and represents the difference, or spread, between interest and fee income generated from earning assets and the interest expense paid on deposits and borrowed funds. Net interest income and margin are shaped by fluctuations in interest rates as well as changes in volume and mix of earning assets and interest-bearing liabilities.
During the three months ended September 30, 2026, yields increased across the U.S. Treasury curve, steepening modestly as longer-term interest rates increased more than short-term rates amid persistent inflation and higher energy prices. During the nine months ended September 30, 2026, yields increased significantly across the curve, led by maturities of two to five years, which rose more than both the ten-year and thirty-year maturities, as market expectations shifted from additional rate cuts to rate increases by the Federal Reserve, resulting in a flatter curve between the two-year and ten-year maturities. In contrast, during the three and nine months ended September 30, 2025, yields on the U.S. Treasury curve declined but generally maintained the same overall shape as market expectations increased for additional rate cuts by the Federal Reserve. The Federal Funds Target Rate range was 3.75% - 4.00% and 4.00% - 4.25% as of September 30, 2026 and September 30, 2025, respectively. In September 2026, the Federal Reserve raised the target range by 25 basis points, its first increase since 2023.
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Three months ended September 30, 2026 compared to three months ended September 30, 2025
Net interest income increased to $150.8 million for the three months ended September 30, 2026 as compared to $148.1 million for the three months ended September 30, 2025. Net interest margin was 3.83% for the three months ended September 30, 2026 compared to 3.95% for the three months ended September 30, 2025. Net interest income increased as growth in average interest-earning assets and lower funding costs more than offset the impact of lower earning asset yields. Net interest margin declined as the yield on interest-earning assets decreased 33 basis points to 6.02%, outpacing the 30 basis point decrease in the cost of interest-bearing liabilities to 2.91%.
Interest income was $237.0 million for the three months ended September 30, 2026, compared to $237.7 million for the three months ended September 30, 2025, a decrease of $0.8 million, which was primarily driven by lower yields on interest-earning assets reflecting lower interest rates compared to the prior period, partially offset by growth in average interest-earning assets, most notably loans HFI.
Interest income on loans HFI increased $2.6 million to $210.0 million for the three months ended September 30, 2026 from $207.4 million for the three months ended September 30, 2025 due to growth in average loan balances. The yield on loans HFI was 6.42% for the three months ended September 30, 2026, down 33 basis points from the three months ended September 30, 2025, reflecting a 24 basis point decline in the contractual rate and a 10 basis point decline in accretion on purchased loans.
The components of our loan yield for the three months ended September 30, 2026 and 2025 were as follows:
Three Months Ended September 30,
2026 2025 
(dollars in thousands)Interest
income		Average
yield		Interest
income		Average
yield
Loans HFI yield components:
Contractual interest rate on loans HFI(1)
$203,083 6.21 %$198,320 6.45 %
Origination and other loan fee income2,397 0.07 %1,575 0.05 %
 Accretion on purchased loans4,314 0.13 %7,025 0.23 %
Nonaccrual interest collections181 0.01 %503 0.02 %
Total loans HFI yield$209,975 6.42 %$207,423 6.75 %
(1) Includes tax-equivalent adjustment using combined federal and blended state statutory tax rate of 26.06%.
Accretion on purchased loans contributed 11 and 19 basis points to the NIM for the three months ended September 30, 2026 and 2025, respectively, as a result of the Southern States merger.
Interest expense was $86.2 million for the three months ended September 30, 2026, a decrease of $3.5 million as compared to the three months ended September 30, 2025, driven by a decrease in the rate paid on interest-bearing liabilities to 2.91% from 3.21%, partially offset by an increase in the average balance of interest-bearing liabilities. These changes were primarily attributable to lower interest rates compared to the prior year and management's continued focus on managing funding costs.
Interest expense on interest-bearing deposit accounts totaled $84.4 million for the three months ended September 30, 2026, a $2.2 million decrease from the $86.6 million recognized for the three months ended September 30, 2025. The decrease in interest expense was largely due to lower rates paid on most interest-bearing deposit categories, most notably money market deposits, reflecting lower interest rates and management's focus on managing deposit costs. Higher average balances in customer time deposits, interest-bearing checking, savings and brokered and internet time deposit accounts, as well as a higher rate paid on savings deposits, partially offset the benefit of lower deposit pricing. Total cost of interest-bearing deposits was 2.88% for the three months ended September 30, 2026 compared to 3.16% for the three months ended September 30, 2025.
Interest expense on subordinated debt totaled $1.7 million for the three months ended September 30, 2026, compared to $2.9 million for the three months ended September 30, 2025. The decrease was primarily attributable to lower average subordinated debt balances following the redemption of $130.9 million of subordinated notes and junior subordinated debentures in September 2025, partially offset by higher average rate paid on subordinated debt.
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Average balance and interest yield/rate analysis
The table below shows the average balances, income and expense and yield and rates of each of our interest-earning assets and interest-bearing liabilities on a tax-equivalent basis, if applicable, for the periods indicated.
Three Months Ended September 30,
20262025
(dollars in thousands)Average
balances 		Interest
income/
expense		Average
yield/
rate		Average
balances 		Interest
income/
expense		Average
yield/
rate
Interest-earning assets:
Loans HFI (1)(2)
$12,977,638 $209,975 6.42 %$12,189,401 $207,423 6.75 %
Mortgage loans held for sale180,736 2,818 6.19 %162,205 2,359 5.77 %
Investment securities:
Taxable1,448,672 14,289 3.91 %1,304,894 14,395 4.38 %
Tax-exempt(2)
168,393 1,443 3.40 %169,523 1,431 3.35 %
Total investment securities(2)
1,617,065 15,732 3.86 %1,474,417 15,826 4.26 %
Federal funds sold and reverse repurchase agreements
189,911 1,869 3.90 %331,029 3,966 4.75 %
Interest-bearing deposits with other financial institutions578,439 5,403 3.71 %671,634 7,340 4.34 %
Restricted equity securities, at cost84,193 1,171 5.52 %36,907 832 8.94 %
Total interest-earning assets(2)
15,627,982 236,968 6.02 %14,865,593 237,746 6.35 %
Noninterest-earning assets:
Cash and due from banks137,957 139,226 
Allowance for credit losses on loans HFI(194,674)(181,973)
Other assets (3)(4)
1,164,512 1,184,942 
Total noninterest-earning assets1,107,795 1,142,195 
Total assets$16,735,777 $16,007,788 
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking$2,513,622 $11,834 1.87 %$2,331,589 $12,383 2.11 %
Money market deposits5,579,134 43,295 3.08 %5,561,538 49,019 3.50 %
Savings deposits524,702 1,446 1.09 %406,787 248 0.24 %
Customer time deposits2,371,348 21,443 3.59 %1,997,905 18,965 3.77 %
Brokered and internet time deposits630,325 6,388 4.02 %560,127 5,962 4.22 %
Time deposits3,001,673 27,831 3.68 %2,558,032 24,927 3.87 %
Total interest-bearing deposits11,619,131 84,406 2.88 %10,857,946 86,577 3.16 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds
   purchased		9,481 20 0.84 %13,144 31 0.94 %
Federal Home Loan Bank advances5,163 65 4.99 %15,217 172 4.48 %
Subordinated debt93,866 1,664 7.03 %180,805 2,872 6.30 %
Other borrowings1,066 6 2.23 %1,168 6 2.04 %
Total other interest-bearing liabilities109,576 1,755 6.35 %210,334 3,081 5.81 %
Total interest-bearing liabilities11,728,707 86,161 2.91 %11,068,280 89,658 3.21 %
Noninterest-bearing liabilities:
Demand deposits2,798,442 2,724,898 
Other liabilities(4)
257,419 236,732 
Total noninterest-bearing liabilities3,055,861 2,961,630 
Total liabilities14,784,568 14,029,910 
FB Financial Corporation common shareholders’ equity1,951,116 1,977,785 
Noncontrolling interest93 93 
         Shareholders’ equity1,951,209 1,977,878 
Total liabilities and shareholders’ equity$16,735,777 $16,007,788 
Net interest income (tax-equivalent basis)(2)
$150,807 $148,088 
Interest rate spread (tax-equivalent basis)(2)
3.11 %3.14 %
Net interest margin (tax-equivalent basis)(2)(5)
3.83 %3.95 %
Cost of total deposits2.32 %2.53 %
Average interest-earning assets to average interest-bearing liabilities133.2 %134.3 %
(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).
(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-
     equivalent basis. The net taxable-equivalent adjustment amounts included were $0.9 million and $0.8 million for the three months ended September 30, 2026 and 2025, respectively.
(3) Includes average net unrealized losses on investment securities available for sale of $59.6 million and $64.8 million for the three months ended September 30, 2026 and 2025, respectively.
(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria of $31.0 million and $21.6 million
      for the three months ended September 30, 2026 and 2025, respectively.
(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest-earning assets.


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Yield/rate and volume analysis
The table below presents the components of the changes in net interest income for the three months ended September 30, 2026 and 2025. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.
Three months ended September 30, 2026 compared to three months ended September 30, 2025 due to changes in
(dollars in thousands)VolumeYield/rateNet increase
(decrease)
Interest-earning assets:
Loans HFI(1)(2)
$12,753 $(10,201)$2,552 
Loans held for sale - mortgage289 170 459 
Investment securities:
Taxable1,418 (1,524)(106)
     Tax-exempt(2)
(10)22 12 
Federal funds sold and reverse repurchase agreements
(1,389)(708)(2,097)
Interest-bearing deposits with other financial institutions(871)(1,066)(1,937)
Restricted equity securities, at cost658 (319)339 
Total interest income(2)
12,848 (13,626)(778)
Interest-bearing liabilities:
Interest-bearing checking deposits857 (1,406)(549)
Money market deposits137 (5,861)(5,724)
Savings deposits325 873 1,198 
Customer time deposits3,377 (899)2,478 
Brokered and internet time deposits711 (285)426 
Securities sold under agreements to repurchase and federal funds
   purchased		(8)(3)(11)
Federal Home Loan Bank advances(127)20 (107)
Subordinated debt(1,541)333 (1,208)
Other borrowings(1)1 — 
Total interest expense3,730 (7,227)(3,497)
Change in net interest income(2)
$9,118 $(6,399)$2,719 
(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).
(2) Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent
      adjustment amounts included were $0.9 million and $0.8 million for the three months ended September 30, 2026 and 2025, respectively.
Nine months ended September 30, 2026 compared to the nine months ended September 30, 2025
Net interest income increased $78.6 million to $447.4 million for the nine months ended September 30, 2026 as compared to $368.8 million for the nine months ended September 30, 2025. Net interest margin was 3.90% for the nine months ended September 30, 2026 compared to 3.74% for the nine months ended September 30, 2025. Net interest income reflected growth in average earning assets, most notably loans HFI, resulting from the Southern States merger and continued loan growth, while the increase in net interest margin was primarily driven by lower funding costs, including a decline in the average cost of interest-bearing deposits, partially offset by lower yields on earning assets.
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Interest income was $693.4 million for the nine months ended September 30, 2026, compared to $601.1 million for the nine months ended September 30, 2025, an increase of $92.2 million. The increase in interest income was primarily attributable to loans HFI, which increased $95.3 million to $612.9 million for the nine months ended September 30, 2026 from $517.6 million for the nine months ended September 30, 2025. The increase was driven by higher average balances of loans HFI, reflecting the Southern States merger and continued loan growth. The yield on loans HFI decreased 8 basis points to 6.47% for the nine months ended September 30, 2026 from 6.55% for the nine months ended September 30, 2025, as lower market interest rates were partially offset by accretion income on purchased loans.
The components of our loan yield for the nine months ended September 30, 2026 and 2025 were as follows:
Nine Months Ended September 30,
2026 2025 
(dollars in thousands)Interest
income		Average
yield		Interest
income		Average
yield
Loans HFI yield components:
Contractual interest rate on loans HFI(1)
$588,960 6.21 %$503,836 6.37 %
Origination and other loan fee income7,134 0.08 %5,317 0.07 %
Accretion on purchased loans15,660 0.17 %6,965 0.09 %
Nonaccrual interest collections1,129 0.01 %1,443 0.02 %
Total loans HFI yield$612,883 6.47 %$517,561 6.55 %
(1)Includes tax-equivalent adjustment using the combined federal and blended state statutory income tax rate of 26.06%.
Accretion on purchased loans contributed 14 and 7 basis points to the NIM for the nine months ended September 30, 2026 and 2025, respectively, as a result of the Southern States merger.
Interest expense was $246.0 million for the nine months ended September 30, 2026, an increase of $13.6 million as compared to $232.4 million for the nine months ended September 30, 2025. The increase was primarily attributable to higher average balances of interest-bearing deposits resulting from the Southern States merger and continued deposit growth, partially offset by lower rates paid on interest-bearing deposits and other interest-bearing liabilities.
Interest expense on interest-bearing deposit accounts totaled $241.1 million for the nine months ended September 30, 2026, an increase of $15.7 million from the prior year, largely due to higher average balances, particularly in money market deposits and customer time deposits, partially offset by lower rates paid on those deposits. The average rate paid on interest-bearing deposits was 2.83% for the nine months ended September 30, 2026 compared to 3.13% for the nine months ended September 30, 2025.
Interest expense on subordinated debt totaled $4.6 million for the nine months ended September 30, 2026, compared to $6.5 million for the nine months ended September 30, 2025. The decrease was primarily attributable to lower average subordinated debt balances following the redemption of $130.9 million of subordinated notes and junior subordinated debentures in September 2025. The decrease was partially offset by a higher average rate paid on subordinated debt.
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Average balance and interest yield/rate analysis
The table below shows the average balances, income and expense and yield and rates of each of our interest-earning assets and interest-bearing liabilities on a tax-equivalent basis, if applicable, for the periods indicated.
Nine Months Ended September 30,
2026 2025 
(dollars in thousands)Average balancesInterest
income/
expense		Average
yield/
rate		Average balancesInterest
income/
expense		Average
yield/
rate
Interest-earning assets:
Loans HFI (1)(2)
$12,670,173 $612,883 6.47 %$10,559,871 $517,561 6.55 %
Mortgage loans held for sale185,961 8,479 6.10 %127,657 5,981 6.26 %
Investment securities:
Taxable1,411,298 41,668 3.95 %1,459,685 43,527 3.99 %
Tax-exempt (2)
168,730 4,310 3.42 %168,390 4,229 3.36 %
Total investment securities (2)
1,580,028 45,978 3.89 %1,628,075 47,756 3.92 %
Federal funds sold and reverse repurchase agreements199,022 5,864 3.94 %189,984 6,596 4.64 %
Interest-bearing deposits with other financial institutions606,923 16,746 3.69 %635,796 20,975 4.41 %
Restricted equity securities, at cost81,865 3,431 5.60 %35,024 2,274 8.68 %
Total interest-earning assets (2)
15,323,972 693,381 6.05 %13,176,407 601,143 6.10 %
Noninterest-earning assets:
Cash and due from banks142,077 126,093 
Allowance for credit losses on loans HFI(190,096)(162,040)
Other assets (3)(4)
1,168,484 952,215 
Total noninterest-earning assets1,120,465 916,268 
Total assets$16,444,437 $14,092,675 
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking$2,556,088 $35,783 1.87 %$2,562,483 $46,520 2.43 %
Money market deposits5,452,631 122,429 3.00 %4,592,506 118,336 3.45 %
Savings deposits487,951 3,137 0.86 %371,180 412 0.15 %
Customer time deposits2,266,458 61,053 3.60 %1,594,062 44,121 3.70 %
Brokered and internet time deposits620,316 18,650 4.02 %495,671 16,005 4.32 %
Time deposits2,886,774 79,703 3.69 %2,089,733 60,126 3.85 %
Total interest-bearing deposits11,383,444 241,052 2.83 %9,615,902 225,394 3.13 %
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased10,895 54 0.66 %11,773 63 0.72 %
Federal Home Loan Bank advances3,663 106 3.87 %12,821 430 4.48 %
Subordinated debt87,306 4,641 7.11 %147,654 6,489 5.88 %
Other borrowings 6,220 159 3.42 %1,560 16 1.37 %
Total other interest-bearing liabilities108,084 4,960 6.14 %173,808 6,998 5.38 %
Total interest-bearing liabilities11,491,528 246,012 2.86 %9,789,710 232,392 3.17 %
Noninterest-bearing liabilities:
Demand deposits2,725,024 2,357,537 
Other liabilities(4)
259,782 228,944 
Total noninterest-bearing liabilities2,984,806 2,586,481 
Total liabilities14,476,334 12,376,191 
FB Financial Corporation common shareholders’ equity1,968,010 1,716,391 
Noncontrolling interest93 93 
         Shareholders’ equity1,968,103 1,716,484 
Total liabilities and shareholders’ equity$16,444,437 $14,092,675 
Net interest income (tax-equivalent basis)(2)
$447,369 $368,751 
Interest rate spread (tax-equivalent basis)(2)
3.19 %2.93 %
Net interest margin (tax-equivalent basis) (2)(5)
3.90 %3.74 %
Cost of total deposits2.28 %2.52 %
Average interest-earning assets to average interest-bearing liabilities133.4 %134.6 %
(1)Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).
(2)Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-
equivalent basis. The net tax-equivalent adjustment amounts included in income were $2.5 million for both the nine months ended September 30, 2026 and 2025.
(3)Includes average net unrealized losses on investment securities available for sale of $51.4 million and $108.4 million for the nine months ended September 30, 2026 and 2025, respectively.
(4)Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria of $32.0 million and $25.8 million for the nine months ended September 30, 2026 and 2025, respectively.
(5)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest-earning assets.

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Yield/rate and volume analysis
The table below presents the components of the changes in net interest income for the nine months ended September 30, 2026 and 2025. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025 due to changes in
(dollars in thousands)VolumeYield/rateNet increase
(decrease)
Interest-earning assets:
Loans HFI(1)(2)
$102,080 $(6,758)$95,322 
Loans held for sale - mortgage2,658 (160)2,498 
Investment securities:
   Taxable(1,429)(430)(1,859)
   Tax-exempt(2)
9 72 81 
Federal funds sold and reverse repurchase agreements
266 (998)(732)
Interest-bearing deposits with other financial institutions(797)(3,432)(4,229)
Restricted equity securities, at cost1,963 (806)1,157 
Total interest income(2)
104,750 (12,512)92,238 
Interest-bearing liabilities:
Interest-bearing checking deposits(90)(10,647)(10,737)
Money market deposits19,313 (15,220)4,093 
Savings deposits751 1,974 2,725 
Customer time deposits18,113 (1,181)16,932 
Brokered and internet time deposits3,747 (1,102)2,645 
Securities sold under agreements to repurchase and federal funds
   purchased		(4)(5)(9)
Federal Home Loan Bank advances(265)(59)(324)
Subordinated debt(3,208)1,360 (1,848)
Other borrowings119 24 143 
Total interest expense38,476 (24,856)13,620 
Change in net interest income(2)
$66,274 $12,344 $78,618 
(1)Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).
(2)Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent adjustment amounts included were $2.5 million for both the nine months ended September 30, 2026 and 2025.

Provision for credit losses
The provision for credit losses charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for credit losses at an appropriate level under the current expected credit loss model. The determination of the amount of the allowance is complex and involves a high degree of judgment and subjectivity.
Our allowance for credit losses calculation as of September 30, 2026 resulted from management’s best estimate of losses over the life of loans and unfunded commitments in our portfolio in accordance with the CECL approach.
Beginning with June 30, 2025, we began to utilize the discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, to estimate the expected credit losses of our loan segments, except consumer and other loans, which utilize the weighted average remaining maturity loss rate technique. See Note 1, “Basis of presentation and summary of significant accounting policies” in our Annual Report on Form 10-K for the year ended December 31, 2025, for further discussion on the change in estimate.
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The discounted cash flow was calibrated using a regression analysis that relates one or more economic variables to our historical default rates and those of selected peer banks for each loan segment. We determined that national unemployment, national housing price index, national commercial real estate index and prime rates were the key economic variables that were most correlated to our historical loss performance and that of our peer banks. Reasonable and supportable forecasts of these economic indicators are utilized within the discounted cash flow to estimate expected credit losses for each loan segment. Current and forecast economic conditions, including those affecting these and other economic variables or macroeconomic conditions, such as global conflicts or tariffs, may continue to lead to increased volatility in our calculated level of allowance for credit losses.
Three months ended September 30, 2026 compared to three months ended September 30, 2025
We recognized a provision for credit losses on loans HFI of $1.2 million for the three months ended September 30, 2026, compared to a provision for credit losses of $30.0 million for the three months ended September 30, 2025. The provision expense for the three months ended September 30, 2026 was primarily driven by loan growth, partially offset by improvements in macroeconomic forecast assumptions used in the model. The prior year period included a $25.1 million initial provision on non-PCD acquired loans HFI from the Southern States merger, with the remaining expense driven by increased loan balances and a decline in the national home price index forecast assumption.
We also estimate expected credit losses on off-balance sheet loan commitments that are not accounted for as derivatives. When applying the CECL methodology to estimate expected credit loss, we consider the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions. We recorded a provision for credit losses on unfunded commitments of $0.3 million and $4.5 million for the three months ended September 30, 2026 and 2025, respectively. The prior year period provision was due largely to the initial provision on acquired unfunded commitments from the Southern States merger of $3.2 million.
During the three months ended September 30, 2026 and 2025, we determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the three months ended September 30, 2026 and 2025.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
We recognized a provision for credit losses on loans HFI for the nine months ended September 30, 2026 and 2025 of $14.6 million and $30.8 million, respectively. The provision expense for the nine months ended September 30, 2026 was primarily driven by loan growth, a less favorable macroeconomic forecast, and reserves on individually evaluated loans. The prior year period included a $25.1 million initial provision on non-PCD acquired loans HFI from the Southern States merger, as well as provision expense related to changes in loan balances and forecast inputs, partially offset by a $6.8 million reduction from the impact of the change in the CECL loss estimation methodology. See further discussion under the subheading "Allowance for credit losses."
We recorded a reversal of credit losses on unfunded commitments of $0.1 million and provision expense of $11.3 million for the nine months ended September 30, 2026 and 2025, respectively. The decrease was primarily attributable to the prior year period, which included a $6.5 million reserve increase from the change in the CECL loss estimation methodology and a $3.2 million initial provision for acquired unfunded commitments associated with the Southern States merger.
During the nine months ended September 30, 2026 and 2025, we determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the nine months ended September 30, 2026 and 2025.
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Noninterest income
The following table sets forth the components of noninterest income for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026 2025 2026 2025 
Mortgage banking income$9,425 $13,484 $32,848 $38,939 
Investment services and trust income4,931 4,227 13,796 11,860 
Service charges on deposit accounts4,484 4,049 13,328 10,920 
ATM and interchange fees3,262 3,388 9,513 8,943 
(Loss) gain from investment securities, net(241)12 (240)(60,521)
Loss on sales or write-downs of premises and equipment, other real estate owned and other assets(34)(646)(731)(1,035)
Other income2,713 2,121 8,181 6,009 
Total noninterest income $24,540 $26,635 $76,695 $15,115 
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Noninterest income amounted to $24.5 million for the three months ended September 30, 2026, a decrease of $2.1 million, as compared to $26.6 million for the three months ended September 30, 2025. The decrease in noninterest income was due to a decrease in mortgage banking income partially offset by increases in investment services and trust income, other income and service charges on deposit accounts, as well as lower losses on sales or write-downs of premises and equipment, other real estate owned and other assets.
Mortgage banking income includes origination fees, gains and losses on the sale of mortgage loans, changes in fair value of mortgage loans and related derivatives, as well as mortgage servicing income, which includes the change in fair value of MSRs and related derivatives. Mortgage banking income was $9.4 million for the three months ended September 30, 2026, a decrease of $4.1 million compared to the prior period. The decrease was primarily due to lower gains and fees from the origination and sale of mortgage loans held for sale and a decrease in the net change in fair value of loans held for sale and related derivatives.
Investment services and trust income is comprised of wealth management fees and trust and insurance income. This caption increased $0.7 million during the three months ended September 30, 2026 to $4.9 million as compared to $4.2 million during the three months ended September 30, 2025.
Service charges on deposit accounts include overdraft fees, account analysis fees and other customer transaction-related service charges. Service charges on deposit accounts increased $0.4 million during the three months ended September 30, 2026 to $4.5 million as compared to $4.0 million during the three months ended September 30, 2025.
ATM and interchange fees represent income related to customers’ utilization of their debit cards and interchange income. ATM and interchange fees were $3.3 million for the three months ended September 30, 2026, compared to $3.4 million for the three months ended September 30, 2025.
Net loss from investment securities was $241 thousand for the three months ended September 30, 2026 compared to a net gain of $12 thousand for the three months ended September 30, 2025.
Net loss on sales or write-downs of premises and equipment, other real estate owned and other assets was $34 thousand for the three months ended September 30, 2026 compared to $0.6 million for the three months ended September 30, 2025.
Other income is comprised of income recognized that does not typically fit into income categories and includes components such as BOLI income, swap fees, and equity investments income. Other income increased $0.6 million to $2.7 million during the three months ended September 30, 2026 as compared to $2.1 million during the three months ended September 30, 2025.
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Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Noninterest income amounted to $76.7 million for the nine months ended September 30, 2026, an increase of $61.6 million, as compared to $15.1 million for the nine months ended September 30, 2025. Excluding the recognition of the $60.5 million of net loss from investment securities sales recognized during the nine months ended September 30, 2025, noninterest income was $75.6 million for the nine months ended September 30, 2025.
Mortgage banking income was $32.8 million for the nine months ended September 30, 2026, a decrease of $6.1 million compared to the prior period. The decrease primarily reflects declines in the net change in fair value of loans held for sale and related derivatives and in the change in fair value on MSRs, net of hedging, as well as lower mortgage servicing income.
Investment services and trust income increased $1.9 million during the nine months ended September 30, 2026 to $13.8 million as compared to $11.9 million during the nine months ended September 30, 2025. This growth was driven primarily by higher fees resulting from increased assets under management in existing accounts.
Service charges on deposit accounts increased $2.4 million during the nine months ended September 30, 2026 to $13.3 million as compared to $10.9 million during the nine months ended September 30, 2025. The increase was primarily due to the increase in deposit accounts from the Southern States merger.
ATM and interchange fees were $9.5 million for the nine months ended September 30, 2026, compared to $8.9 million for the nine months ended September 30, 2025.
Net loss from investment securities was $240 thousand for the nine months ended September 30, 2026 compared to $60.5 million for the nine months ended September 30, 2025. The net loss from investment securities during the nine months ended September 30, 2025 was the result of management's election to sell $266.9 million of AFS debt securities. Refer to the section “Other earning assets” for additional information on the sale of the AFS debt securities.
Net loss on sales or write-downs of premises and equipment, other real estate owned and other assets improved by $0.3 million for the nine months ended September 30, 2026.
Other income increased $2.2 million to $8.2 million during the nine months ended September 30, 2026 as compared to $6.0 million during the nine months ended September 30, 2025. This increase reflects higher BOLI income of $1.3 million, largely due to $0.8 million of death benefit proceeds recognized during the nine months ended September 30, 2026.
Noninterest expense
The following table sets forth the components of noninterest expense for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands)2026 2025 2026 2025 
Salaries, commissions and employee benefits$56,054 $59,210 $166,734 $154,192 
Occupancy and equipment expense7,576 7,539 22,669 20,846 
Advertising3,013 2,453 7,717 7,118 
Data processing 2,562 2,457 7,368 6,931 
Legal and professional fees2,046 1,227 5,908 5,645 
Amortization of core deposit and other intangibles1,741 2,079 5,414 3,366 
Merger and integration costs— 16,057 1,447 19,192 
Other expense23,042 18,834 65,421 53,376 
Total noninterest expense$96,034 $109,856 $282,678 $270,666 
Three months ended September 30, 2026 compared to three months ended September 30, 2025
Noninterest expense decreased by $13.8 million, or 12.6%, during the three months ended September 30, 2026 to $96.0 million as compared to $109.9 million in the three months ended September 30, 2025. The decrease in noninterest expense was primarily driven by merger and integration costs associated with the Southern States merger recognized in the prior year and a decrease in salaries, commissions and employee benefits, partially offset by increases in other expense and legal and professional fees.
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Salaries, commissions and employee benefits expense is comprised of salaries and wages in addition to other employee benefit costs and represents the largest component of noninterest expense. For the three months ended September 30, 2026, salaries, commissions and employee benefits expense decreased $3.2 million, to $56.1 million as compared to $59.2 million for the three months ended September 30, 2025. The decrease was primarily driven by higher deferred salary costs related to loan originations during the period and lower performance-based compensation compared to the three months ended September 30, 2025.
Occupancy and equipment expense includes occupancy, depreciation and equipment expense. Occupancy and equipment expense of $7.6 million and $7.5 million was recognized for the three months ended September 30, 2026 and 2025, respectively.
Advertising includes expenses related to sponsorships, advertising, marketing, customer relations and business development and public relations. During the three months ended September 30, 2026, advertising expense increased $0.6 million to $3.0 million compared to $2.5 million during the three months ended September 30, 2025.
Data processing is comprised of all third-party core operating system and processing charges as well as payroll processing. Data processing fees were $2.6 million for the three months ended September 30, 2026, compared to $2.5 million for the three months ended September 30, 2025.
Legal and professional fees represent fees incurred for the various support functions, which include legal, consulting, outsourcing and other professional related fees. Legal and professional fees were $2.0 million and $1.2 million for the three months ended September 30, 2026 and 2025, respectively.
Amortization of core deposit and other intangibles was $1.7 million for the three months ended September 30, 2026, compared to $2.1 million for the three months ended September 30, 2025.
Merger and integration costs include costs associated with the merger, integration and conversion of business combinations. Merger and integration costs were $16.1 million for the three months ended September 30, 2025. These costs primarily include legal and other professional fees, severance and other employee-related costs, and costs associated with branch consolidation, conversion and integration activities. There were no such costs for the three months ended September 30, 2026.
Other expense is comprised of expense that does not typically fit into other expense categories and includes mortgage servicing expenses, regulatory fees and deposit insurance assessments, software license and maintenance fees and various other miscellaneous expenses. Other expense increased $4.2 million during the three months ended September 30, 2026 to $23.0 million compared to $18.8 million during the three months ended September 30, 2025. The increase was driven by a $1.0 million increase in subservicer fees, of which $0.7 million was associated with the transition to a new mortgage subservicer, and broad-based increases across a range of expense categories, including franchise taxes, regulatory costs and software license and maintenance fees.
Nine months ended September 30, 2026 compared to nine months ended September 30, 2025
Noninterest expense increased by $12.0 million, or 4.4%, during the nine months ended September 30, 2026 to $282.7 million as compared to $270.7 million in the nine months ended September 30, 2025. The increase in noninterest expense was attributable to increases in salaries, commissions and employee benefits, amortization of core deposit intangible and other intangibles, occupancy and other noninterest expense partially offset by a decrease in merger and integration costs associated with the Southern States merger.
Salaries, commissions and employee benefits expense increased $12.5 million, or 8.1%, to $166.7 million for the nine months ended September 30, 2026 as compared to $154.2 million for the nine months ended September 30, 2025. Higher salaries and benefit costs related to the Southern States merger, together with increased bonus and commissions, contributed to the increase. These increases were partially offset by deferred salary costs related to loan originations during the current period and lower performance-based equity compensation.
Occupancy and equipment expense of $22.7 million and $20.8 million was recognized for the nine months ended September 30, 2026 and 2025, respectively. The increase was driven by the expansion of our branch network in connection with the Southern States merger.
Advertising expense was $7.7 million and $7.1 million for the nine months ended September 30, 2026 and 2025, respectively.
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Data processing fees were $7.4 million for the nine months ended September 30, 2026, compared to $6.9 million for the nine months ended September 30, 2025.
Legal and professional fees were $5.9 million and $5.6 million for the nine months ended September 30, 2026 and 2025, respectively.
Amortization of core deposit and other intangibles was $5.4 million for the nine months ended September 30, 2026, compared to $3.4 million for the nine months ended September 30, 2025. The increase primarily reflects a full nine months of amortization of the core deposit intangible assumed in the Southern States merger, which totaled $4.2 million for the nine months ended September 30, 2026, compared to $1.5 million for the prior year, which included only one quarter of amortization following the July 1, 2025 merger.
Merger and integration costs were $1.4 million for the nine months ended September 30, 2026 associated with the merger with Southern States compared to $19.2 million for the nine months ended September 30, 2025. These costs primarily include legal and other professional fees, severance and other employee-related costs, and costs associated with branch consolidation, conversion and integration activities.
Other expense increased $12.0 million during the nine months ended September 30, 2026 to $65.4 million compared to $53.4 million during the nine months ended September 30, 2025. The increase was attributable to a $2.7 million increase in franchise tax expense, a $2.2 million increase in software license and maintenance fees, and broad-based increases across several expense categories, including regulatory costs, card transaction fees, contributions and dues, and subservicer fees.
Efficiency ratio
The efficiency ratio is one measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense by the sum of net interest income and noninterest income. For an adjusted efficiency ratio, we exclude certain gains, losses and expenses we do not consider core to our business.
Our efficiency ratio was 55.0% and 54.2% for the three and nine months ended September 30, 2026, respectively, and 63.2% and 71.0% for the three and nine months ended September 30, 2025, respectively. Our adjusted efficiency ratio, on a tax-equivalent basis, was 54.3% and 53.5% for the three and nine months ended September 30, 2026, respectively, and 53.3% and 56.4% for the three and nine months ended September 30, 2025, respectively. See “GAAP reconciliation and management explanation of non-GAAP financial measures” in this Report for a discussion of the adjusted efficiency ratio.
Income taxes
Income tax expense was $16.8 million and $48.0 million for the three and nine months ended September 30, 2026, respectively, compared to $6.2 million and $3.0 million for the three and nine months ended September 30, 2025, respectively. This represents effective tax rates of 21.8% and 21.4% for the three and nine months ended September 30, 2026, respectively, and 21.0% and 4.4% for the three and nine months ended September 30, 2025, respectively. The primary differences from the enacted federal statutory rate are applicable state income taxes, tax credits, and certain non‑deductible expenses, including limitations under Section 162(m). For the nine months ended September 30, 2025, income tax expense includes the income tax effect of a $60.5 million loss on sale of AFS debt securities and a one-time gross tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest. Additionally, income tax expense for the three and nine months ended September 30, 2026 reflects a reduction of $0.9 million and $2.8 million, respectively, related to transferable tax credits that will be applied to 2026 income taxes. Refer to Note 9 “Income taxes” in the notes to the consolidated financial statements for additional information regarding our income tax expense and effective tax rates.
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Financial condition
The following discussion of our financial condition compares balances as of September 30, 2026 and December 31, 2025.
Loan portfolio
The following table sets forth the balance and associated percentage of each class of financing receivable in our loan portfolio as of the dates indicated:
September 30,December 31,
2026 2025 
(dollars in thousands)CommittedAmount Outstanding% of total outstandingCommittedAmount Outstanding% of total outstanding
Loan Type:
Commercial and industrial
$3,804,946 $2,258,655 17 %$3,646,142 $2,181,935 18 %
Construction1,988,941 1,177,433 9 %1,893,275 1,188,494 10 %
Residential real estate:
1-to-4 family mortgage2,065,352 2,051,105 16 %1,855,064 1,838,122 15 %
Residential line of credit1,672,214 812,771 6 %1,569,351 741,309 6 %
Multi-family mortgage816,169 809,083 6 %752,058 745,360 6 %
Commercial real estate:
Owner-occupied2,402,423 2,282,155 17 %2,241,135 2,148,870 17 %
Non-owner occupied3,174,139 3,079,035 23 %2,965,536 2,900,499 23 %
Consumer and other748,120 709,327 6 %659,567 639,037 5 %
Total loans$16,672,304 $13,179,564 100 %$15,582,128 $12,383,626 100 %
Our loans HFI portfolio is our most significant earning asset, comprising 77.1% and 76.0% of our total assets at September 30, 2026 and December 31, 2025, respectively. Our strategy is to grow our loan portfolio by originating quality commercial and consumer type loans that comply with our credit policies and that produce revenues consistent with our financial objectives. Our overall lending approach is primarily focused on providing credit to our customers directly in the markets we serve. However, we also participate in loan syndications and participations from other banks (collectively, “participated loans”). As of September 30, 2026 and December 31, 2025, loans HFI included approximately $377.5 million and $433.2 million, respectively, related to participated loans.
We also sell loan participations to unaffiliated third parties as part of our credit risk management and balance sheet management strategy. During the three months ended September 30, 2026 and 2025, we sold $7.4 million and $10.0 million of loan participations, respectively. During the nine months ended September 30, 2026 and 2025, we sold $13.9 million and $13.5 million of loan participations, respectively. All loans, whether or not we act as a participant, are underwritten to the same standards as all other loans we originate. We believe our loan portfolio is well-balanced, which provides us with the opportunity to grow while monitoring our loan concentrations.
Loan concentrations are considered to exist when there are amounts loaned to a number of borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. Our lending activity is heavily concentrated in the geographic market areas we serve, with the highest concentration in Tennessee. This geographic concentration subjects our loan portfolio to the general economic conditions within the state. The risks created by this concentration have been considered by management in the determination of the appropriateness of the allowance for credit losses on loans HFI. As of September 30, 2026 and December 31, 2025, there were no concentrations of loans exceeding 10% of total loans other than our geographic exposure to Tennessee, Alabama and Georgia, as well as the categories of loans disclosed in the table above. We believe our loan portfolio is diversified relative to industry concentrations across the various loan portfolio categories. For additional details related to the concentrations within our loan portfolio, refer to the industry classification and collateral property type concentration tables detailed later in this section.
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Banking regulators have established guidelines of less than 100% of Tier 1 capital plus allowance for credit losses in construction lending and less than 300% of Tier 1 capital plus allowance for credit losses in commercial real estate lending that management monitors as part of the risk management process. The construction concentration ratio is a percentage of the outstanding construction and land development loans to total Tier 1 capital plus allowance for credit losses. The commercial real estate concentration ratio is a percentage of the outstanding balance of non-owner occupied commercial real estate, multi-family, and construction and land development loans to Tier 1 capital plus allowance for credit losses. Management strives to operate within the thresholds set forth above. When our ratios are in excess of one or both of these guidelines, banking regulators generally require an increased level of monitoring in these lending areas by management.
The table below shows concentration ratios for the Bank and Company as of September 30, 2026 and December 31, 2025.
As a percentage (%) of Tier 1 capital plus allowance for credit losses
FirstBankFB Financial Corporation
September 30, 2026
Construction58.9 %64.0 %
Commercial real estate254.4 %276.3 %
December 31, 2025
Construction64.6 %65.6 %
Commercial real estate264.5 %268.4 %
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Loan categories:
The principal categories of our loans held for investment portfolio are discussed below:
Commercial and industrial loans.
Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans which are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets.
Construction loans.
Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.
1-to-4 family mortgage loans.
Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program. 100% financed mortgage loans are further evaluated separately from the 1-to-4 family mortgage pool due to high initial loan-to-value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment is primarily dependent upon the cash flow of the borrower and the value of the property.
Residential line of credit loans.
Our residential line of credit loans include junior liens and consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral.
Multi-family residential loans.
Our multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral.
Commercial real estate owner-occupied loans.
Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.
Commercial real estate non-owner occupied loans.
Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multi-family properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with rental income from such property or the funds received from the sale or refinancing of the property.
Consumer and other loans. 
Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. These manufactured housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.
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As part of our lending policy and risk management activities, we track lending exposure of commercial and industrial and owner-occupied commercial real estate by industry classification (as defined by the North American Industry Classification System) and type to identify potential risks associated with industry concentrations and determine whether such risks could lead to additional credit loss exposure. The table below provides a summary of our commercial and industrial and owner-occupied commercial real estate portfolios by industry classification.
September 30, 2026
(dollars in thousands)CommittedAmount Outstanding
Nonperforming(1)
Commercial and industrial
Real estate rental and leasing$550,612 $319,870 $500 
Construction515,833 197,790 597 
Finance and insurance490,668 354,757 928 
Manufacturing373,230 243,814 13,171 
Wholesale trade318,059 196,290 574 
Professional, scientific and technical services212,427 123,241 80 
Retail trade148,511 108,410 31 
Educational services147,865 23,002 — 
Transportation and warehousing146,373 131,275 1,790 
Information143,871 90,181 — 
Arts, entertainment and recreation124,566 74,857 112 
Administrative and support and waste management and
     remediation services		113,257 91,386 2,008 
Other services (except public administration)106,946 83,992 563 
Accommodation and food services99,996 74,069 476 
Health care and social assistance96,764 51,535 334 
Management of companies and enterprises57,360 42,110 — 
Other 158,608 52,076 432 
Total $3,804,946 $2,258,655 $21,596 
Commercial real estate owner-occupied
Retail trade$451,328 $439,246 $— 
Manufacturing301,257 293,020 649 
Other services (except public administration)300,789 285,736 3,651 
Real estate rental and leasing285,981 272,451 1,747 
Health care and social assistance222,102 212,625 391 
Accommodation and food services200,201 199,385 1,318 
Construction109,744 90,454 — 
Wholesale trade106,948 98,240 — 
Transportation and warehousing106,545 93,506 62 
Arts, entertainment and recreation80,760 78,056 — 
Professional, scientific and technical services61,427 59,862 2,126 
Agriculture, forestry, fishing and hunting52,226 46,217 817 
Educational services31,815 31,257 497 
Administrative and support and waste management and
   remediation services		30,077 28,733 434 
Management of companies and enterprises20,207 14,936 — 
Finance and insurance19,480 17,154 2,668 
Other 21,536 21,277 1,347 
Total $2,402,423 $2,282,155 $15,707 
(1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 or more days past due on which interest continues to accrue.
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Additionally, we track our lending exposure of non-owner occupied commercial real estate and construction by collateral property type to identify potential risks associated with collateral types and determine whether such risks could lead to additional credit loss exposure. The table below provides a summary of our non-owner occupied commercial real estate and construction loan portfolios by collateral property type.
September 30, 2026
(dollars in thousands)CommittedAmount Outstanding
Nonperforming(1)
Commercial real estate non-owner occupied
Warehouse and industrial$714,734 $687,428 $2,316 
Retail611,346 600,336 11,808 
Hotel527,685 526,146 — 
Office503,750 489,283 6,056 
Assisted living and special care facilities204,094 202,354 — 
Self-storage144,324 142,836 104 
Land-manufactured housing143,171 130,821 129 
Restaurants, bars and event venues60,834 51,143 1,008 
Healthcare facility55,312 55,277 — 
Convenience store and gas station46,141 45,543 — 
Recreation, sports and entertainment21,646 20,744 — 
Other141,102 127,124 1,139 
Total $3,174,139 $3,079,035 $22,560 
Construction
Consumer:
Construction$238,113 $147,053 $16,204 
Land90,214 83,025 1,149 
Commercial:
Land286,355 231,823 1,683 
Multi-family206,288 102,926 — 
Retail116,198 76,078 — 
Recreation, sports and entertainment69,640 18,272 — 
Special care facility66,571 3,719 — 
Self-storage60,990 27,089 — 
Healthcare58,234 32,895 — 
Hotel45,289 17,675 — 
Office31,351 23,551 — 
Convenience store and gas station18,737 10,510 — 
Car wash11,073 6,790 — 
 Other83,073 37,573 — 
Residential Development:
Construction473,423 268,847 11,127 
Land104,400 61,075 — 
Lots28,992 28,532 597 
Total $1,988,941 $1,177,433 $30,760 
(1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 or more days past due on which interest continues to accrue.

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Loan maturity and sensitivities
The following table presents the contractual maturities of our loan portfolio as of September 30, 2026. Loans with scheduled maturities are reported in the maturity category in which the payment is due. Demand loans with no stated maturity and overdrafts are reported in the “due in 1 year or less” category. Loans that have adjustable rates are shown as amortizing to final maturity rather than when the interest rates are next subject to change. The tables do not include prepayment assumptions or scheduled repayments.
September 30, 2026
Loan type (dollars in thousands)Maturing in one
year or less		Maturing in one
to five years		Maturing in
five to fifteen years		Maturing after
fifteen years		Total
Commercial and industrial$893,022 $1,055,354 $307,601 $2,678 $2,258,655 
Construction487,407 516,833 142,793 30,400 1,177,433 
Residential real estate:
1-to-4 family mortgage190,793 547,242 162,750 1,150,320 2,051,105 
Residential line of credit87,509 181,258 544,004 — 812,771 
Multi-family mortgage331,157 320,865 149,917 7,144 809,083 
Commercial real estate:
Owner-occupied345,054 1,209,283 482,057 245,761 2,282,155 
Non-owner occupied605,470 1,793,504 595,593 84,468 3,079,035 
Consumer and other35,616 104,270 153,299 416,142 709,327 
Total ($)$2,976,028 $5,728,609 $2,538,014 $1,936,913 $13,179,564 
Total (%)22.6 %43.4 %19.3 %14.7 %100.0 %
For loans due after one year, the following table presents the interest rate composition for loans outstanding as of September 30, 2026.
September 30, 2026
Loan type (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
Commercial and industrial$542,305 $823,328 $1,365,633 
Construction160,614 529,412 690,026 
Residential real estate:
1-to-4 family mortgage1,294,458 565,854 1,860,312 
Residential line of credit4,619 720,643 725,262 
Multi-family mortgage216,453 261,473 477,926 
Commercial real estate:
Owner-occupied1,146,431 790,670 1,937,101 
Non-owner occupied1,060,483 1,413,082 2,473,565 
Consumer and other598,963 74,748 673,711 
Total ($)$5,024,326 $5,179,210 $10,203,536 
Total (%)49.2 %50.8 %100.0 %
The following table presents the contractual maturities of our loan portfolio segregated into fixed and floating interest rate loans as of September 30, 2026.
September 30, 2026
Contractual maturity (dollars in thousands)Fixed
interest rate		Floating
interest rate		Total
One year or less$1,218,733$1,757,295$2,976,028
One to five years2,759,5382,969,0715,728,609
Five to fifteen years1,006,7951,531,2192,538,014
Over fifteen years1,257,993678,9201,936,913
Total ($)$6,243,059$6,936,505$13,179,564
Total (%)47.4 %52.6 %100.0 %


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Asset quality
In order to operate with a sound risk profile, we focus on originating loans that we believe to be of high quality. We have established loan approval policies and procedures to assist us in maintaining the overall quality of our loan portfolio. When delinquencies in our loans exist, we rigorously monitor the levels of such delinquencies for any negative or adverse trends. From time to time, we may modify loans to extend the term or make other concessions, including interest rate reduction, a term extension, principal forgiveness, payment deferral, or a combination thereof, to help a borrower with a deteriorating financial condition stay current on their loan and to avoid foreclosure. Furthermore, we are committed to collecting on all of our loans. This practice leads to higher recoveries in the long term.
Nonperforming assets
Our nonperforming assets consist of nonperforming loans, other real estate owned and other repossessed non-earning assets. As of September 30, 2026 and December 31, 2025, we had $193.8 million and $158.1 million, respectively, in nonperforming assets. Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 or more days past due on which interest continues to accrue. Accrued interest receivable written off as an adjustment to interest income amounted to $1.1 million and $0.5 million for the three months ended September 30, 2026 and 2025, respectively, and $1.8 million and $1.9 million for the nine months ended September 30, 2026 and 2025, respectively. Additionally, we had net interest recoveries on nonperforming assets previously charged off of $0.2 million and $0.5 million, respectively, for the three months ended September 30, 2026 and 2025, and $1.1 million and $1.4 million for the nine months ended September 30, 2026 and 2025, respectively.
Nonperforming loans HFI increased by $35.3 million to $155.8 million as of September 30, 2026 compared to $120.5 million as of December 31, 2025. The increase primarily reflected higher nonperforming balances in the commercial real estate and commercial and industrial portfolios, including one significant relationship in each portfolio that migrated to nonperforming status during the current period. These increases were partially offset by decreases within the construction and 1-to-4 family mortgage portfolios. The increase in nonperforming loans also contributed to higher classified loan balances during the period.
As of September 30, 2026 and December 31, 2025, we had $29.1 million and $28.1 million, respectively, of delinquent GNMA optional repurchase loans previously sold included on our consolidated balance sheets in loans held for sale. These are considered nonperforming assets as we do not earn any interest on the unexercised option to repurchase these loans. The following table provides details of our nonperforming assets, the ratio of such loans and other nonperforming assets to total assets, and certain other related information as of the dates presented:
September 30,December 31,
(dollars in thousands)2026 20252025 
Loan Type:
Commercial and industrial$21,596 $6,926 $6,373 
Construction30,760 31,368 34,208 
Residential real estate:
1-to-4 family mortgage31,346 29,445 32,505 
Residential line of credit1,417 2,342 2,014 
Multi-family mortgage7,418 9,325 8,199 
Commercial real estate:
Owner-occupied15,707 11,000 10,606 
Non-owner occupied22,560 5,649 4,514 
Consumer and other24,957 19,704 22,053 
Total nonperforming loans HFI$155,761 $115,759 $120,472 
Mortgage loans held for sale(1)
29,134 21,660 28,102 
Other real estate owned4,655 4,466 6,009 
Other repossessed assets4,277 3,314 3,564 
Total nonperforming assets$193,827 $145,199 $158,147 
Nonperforming loans HFI as a percentage of total loans HFI1.18 %0.94 %0.97 %
Nonperforming assets as a percentage of total assets1.13 %0.89 %0.97 %
Nonaccrual loans HFI as a percentage of loans HFI0.94 %0.73 %0.71 %
(1) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria.
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We have evaluated our loans HFI classified as nonperforming and believe all nonperforming loans have been adequately reserved for in the allowance for credit losses on loans HFI as of September 30, 2026 and December 31, 2025. Management also continually monitors past due loans for potential credit quality deterioration. Loans not considered nonperforming include loans 30-89 days past due that continue to accrue interest amounting to $77.0 million at September 30, 2026 as compared to $66.8 million at December 31, 2025. The increase from December 31, 2025 to September 30, 2026 was primarily due to increases within our commercial real estate portfolios and residential lines of credit partially offset by decreases in our multi-family, 1-to-4 family mortgages, consumer and other, and commercial and industrial portfolios.
Allowance for credit losses
The allowance for credit losses represents the portion of the loan’s amortized cost basis that we do not expect to collect due to credit losses over the loan’s life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. Loan losses are charged against the allowance when we believe the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for credit losses is based on the loan’s amortized cost basis, excluding accrued interest receivable, as we promptly charge off uncollectible accrued interest receivable.
Effective June 30, 2025, we changed certain estimation techniques, inputs, and assumptions used to estimate expected credit losses on loan portfolios and unfunded commitments. Following a periodic review of our credit loss estimation process, we adopted a discounted cash flow methodology, adjusted for current conditions and reasonable and supportable forecasts, for all loan segments except consumer and other loans, which continue to utilize the weighted average remaining maturity methodology. The same methodologies are used to estimate expected credit losses on off-balance sheet commitments. Additional information regarding these changes is included in Note 1, “Basis of presentation and summary of significant accounting policies,” to our Annual Report on Form 10-K for the year ended December 31, 2025.
The following table presents the allocation of the allowance for credit losses by loan HFI category as well as the ratio of loans by loan category compared to the total loans HFI portfolio as of the dates indicated: 
September 30,December 31,
20262025
(dollars in thousands)AmountACL
as a % of loans HFI category		% of
loans to total loans HFI		AmountACL
as a % of loans HFI category		% of
loans to total loans HFI
Loan Type:
Commercial and industrial$25,831 1.14 %17 %$24,130 1.11 %18 %
Construction26,772 2.27 %9 %25,633 2.16 %10 %
Residential real estate:
   1-to-4 family mortgage36,023 1.76 %16 %33,218 1.81 %15 %
   Residential line of credit9,997 1.23 %6 %10,589 1.43 %6 %
   Multi-family mortgage11,725 1.45 %6 %12,260 1.64 %6 %
Commercial real estate:
   Owner-occupied19,538 0.86 %17 %21,609 1.01 %17 %
   Non-owner occupied41,952 1.36 %23 %36,235 1.25 %23 %
Consumer and other22,122 3.12 %6 %22,309 3.49 %5 %
    Total allowance for credit losses on loans HFI$193,960 1.47 %100 %$185,983 1.50 %100 %
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The following table summarizes activity in our allowance for credit losses on loans HFI during the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,Year Ended
December 31,
(dollars in thousands)2026 2025 2026 2025 2025 
Allowance for credit losses on loans HFI at beginning
    of period		$194,010 $148,948 $185,983 $151,942 $151,942 
Initial allowance for credit losses on loans purchased with
   credit deterioration		— 7,518 — 7,518 7,518 
Charge-offs:
Commercial and industrial— (100)(2,805)(3,071)(3,136)
Construction— (399)(315)(399)(399)
Residential real estate:
1-to-4 family mortgage(120)(322)(946)(758)(1,126)
Residential line of credit(5)— (28)— — 
Commercial real estate:
Owner-occupied— — — (17)(17)
Consumer and other(1,749)(888)(4,295)(2,811)(4,196)
Total charge-offs$(1,874)$(1,709)$(8,389)$(7,056)$(8,874)
Recoveries:
Commercial and industrial$28 $12 $277 $227 $386 
Construction— — 27 — — 
Residential real estate:
1-to-4 family mortgage15 6 81 26 39 
Residential line of credit1 11 2 12 12 
Commercial real estate:
Owner-occupied10 4 39 34 42 
Non-owner occupied— — — 529 529 
Consumer and other603 246 1,296 1,000 1,200 
Total recoveries$657 $279 $1,722 $1,828 $2,208 
Net charge-offs(1,217)(1,430)(6,667)(5,228)(6,666)
Impact of change in accounting estimate for current expected
    credit losses(1)
— — — (6,848)(6,848)
Provision for credit losses on loans HFI(1)
1,167 29,957 14,644 37,609 40,037 
Allowance for credit losses on loans HFI at the end of period$193,960 $184,993 $193,960 $184,993 $185,983 
Ratio of net charge-offs during the period to average loans
     outstanding during the period		(0.04)%(0.05)%(0.07)%(0.07)%(0.06)%
Allowance for credit losses on loans HFI as a percentage of
   loans 		1.47 %1.50 %1.47 %1.50 %1.50 %
Allowance for credit losses on loans HFI as a percentage of
   nonaccrual loans HFI		155.9 %206.8 %155.9 %206.8 %212.0 %
Allowance for credit losses on loans HFI as a percentage of
   nonperforming loans 		124.5 %159.8 %124.5 %159.8 %154.4 %
(1) Includes the impact of changes to estimation techniques, inputs and assumptions used to estimate credit losses during the year ended December 31, 2025. See Note 1, “Basis of presentation and summary of significant accounting policies” in our Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion on the change in estimate.
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The following table details our (reversal of) provision for credit losses on loans HFI and net recoveries (charge-offs) to average loans HFI outstanding by loan category during the periods indicated:
 (Reversal of) provision for credit losses on loans HFI(1)
Net recoveries (charge-offs) Average loans HFIRatio of net (charge-offs) recoveries to average loans HFI
(dollars in thousands)
Three Months Ended September 30, 2026
Commercial and industrial$(472)$28 $2,237,056 — %
Construction(685)— 1,181,811 — %
Residential real estate:
1-to-4 family mortgage2,282 (105)1,964,787 (0.02)%
Residential line of credit(185)(4)804,989 — %
Multi-family mortgage159 — 774,847 — %
Commercial real estate:
Owner-occupied(433)10 2,255,053 — %
Non-owner occupied(51)— 3,010,019 — %
Consumer and other552 (1,146)749,076 (0.61)%
Total$1,167 $(1,217)$12,977,638 (0.04)%
Three Months Ended September 30, 2025
Commercial and industrial$3,933 $(88)$2,126,229 (0.02)%
Construction6,110 (399)1,210,516 (0.13)%
Residential real estate:
1-to-4 family mortgage3,049 (316)1,842,331 (0.07)%
Residential line of credit1,745 11 691,276 0.01 %
Multi-family mortgage762 — 716,327 — %
Commercial real estate:
Owner-occupied6,902 4 2,087,903 — %
Non-owner occupied4,352 — 2,866,100 — %
Consumer and other3,104 (642)648,719 (0.39)%
Total$29,957 $(1,430)$12,189,401 (0.05)%
Nine Months Ended September 30, 2026
Commercial and industrial$4,229 $(2,528)$2,222,899 (0.15)%
Construction1,427 (288)1,173,860 (0.03)%
Residential real estate:
1-to-4 family mortgage3,670 (865)1,886,064 (0.06)%
Residential line of credit(566)(26)779,190 — %
Multi-family mortgage(535)— 755,694 — %
Commercial real estate:
Owner-occupied(2,110)39 2,205,284 — %
Non-owner occupied5,717 — 2,924,872 — %
Consumer and other2,812 (2,999)722,310 (0.56)%
Total$14,644 $(6,667)$12,670,173 (0.07)%
Nine Months Ended September 30, 2025
Commercial and industrial$10,293 $(2,844)$1,865,170 (0.20)%
Construction(3,740)(399)1,101,647 (0.05)%
Residential real estate:
1-to-4 family mortgage8,387 (732)1,701,709 (0.06)%
Residential line of credit(537)12 640,541 — %
Multi-family mortgage1,144 — 662,196 — %
Commercial real estate:
Owner-occupied6,835 17 1,600,407 — %
Non-owner occupied4,595 529 2,381,324 0.03 %
Consumer and other3,784 (1,811)606,877 (0.40)%
Total$30,761 $(5,228)$10,559,871 (0.07)%
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 Provision for (reversal of) credit losses on loans HFI(1)
Net (charge-offs) recoveriesAverage loans HFIRatio of net (charge-offs) recoveries to average loans HFI
(dollars in thousands)
Year Ended December 31, 2025
Commercial and industrial$8,254 $(2,750)$1,939,663 (0.14)%
Construction(5,964)(399)1,123,085 (0.04)%
Residential real estate:
1-to-4 family mortgage8,901 (1,087)1,736,885 (0.06)%
Residential line of credit(406)12 662,550 — %
Multi-family mortgage1,589 — 680,205 — %
Commercial real estate:
Owner-occupied8,076 25 1,730,888 — %
Non-owner occupied6,757 529 2,519,175 0.02 %
Consumer and other5,982 (2,996)623,411 (0.48)%
Total$33,189 $(6,666)$11,015,862 (0.06)%
(1) Includes the impact of changes to estimation techniques, inputs and assumptions used to estimate credit losses during the year ended December 31, 2025. See Note 1, “Basis of presentation and summary of significant accounting policies” in our Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion on the change in estimate.
The ACL on loans HFI was $194.0 million and $186.0 million and represented 1.47% and 1.50% of loans HFI as of September 30, 2026 and December 31, 2025, respectively. For further information related to the change in the ACL, refer to the “Provision for credit losses” section herein and Note 4, “Loans and allowance for credit losses on loans HFI” in the notes to our consolidated financial statements.
Our ratio of total nonperforming loans HFI as a percentage of total loans HFI increased by 21 basis points to 1.18% as of September 30, 2026 compared to December 31, 2025 primarily due to increases in nonperforming loans within the commercial real estate and commercial and industrial portfolios, reflecting the migration of one significant relationship in each portfolio to nonperforming status during the current period. These increases were partially offset by decreases in the construction and 1-to-4 family mortgage portfolios. The increase in nonperforming loans also contributed to higher classified loan balances during the period. The relationships contributing to the increase were evaluated in accordance with our allowance for credit losses methodology, including consideration of collateral values and expected credit losses, where appropriate.
For the three months ended September 30, 2026, we experienced net charge-offs of $1.2 million, or 0.04% of average loans HFI, compared to net charge-offs of $1.4 million, or 0.05% for the three months ended September 30, 2025. For the nine months ended September 30, 2026, we experienced net charge-offs of $6.7 million, or 0.07% of average loans HFI, compared to net charge-offs of $5.2 million, or 0.07% for the nine months ended September 30, 2025. We also maintain an allowance for credit losses on unfunded commitments in other liabilities, which decreased to $16.1 million as of September 30, 2026 from $16.2 million as of December 31, 2025 primarily due to changes in segment‑level reserve rates and shifts in the mix of available commitments across calculation segments.
Loans held for sale
As of September 30, 2026, mortgage loans held for sale consisted of $225.9 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $29.1 million of GNMA optional repurchase loans. This compares to $173.0 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $28.1 million of GNMA optional repurchase loans as of December 31, 2025.
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Other earning assets
Securities purchased under agreements to resell (“reverse repurchase agreements”)
We enter into agreements with certain customers to purchase investment securities under agreements to resell at specific dates in the future. This investment deploys some of our unused liquidity position into an instrument that improves the return on those funds. Securities purchased under agreements to resell totaled $57.7 million and $45.8 million at September 30, 2026 and December 31, 2025, respectively.
Federal funds sold
Federal funds sold may fluctuate from period to period depending upon our liquidity position at the time and our strategy for deploying liquidity. Federal funds sold totaled $112.7 million and $167.5 million at September 30, 2026 and December 31, 2025, respectively.
AFS debt securities portfolio
Our investment portfolio objectives include maximizing total return after other primary objectives are achieved such as, but not limited to, providing liquidity, capital preservation, and pledging collateral for certain deposit types, various lines of credit and other borrowings. The investment objectives guide the portfolio allocation among security types, maturities, and other attributes.
The fair value of our AFS debt securities portfolio was $1.54 billion and $1.46 billion as of September 30, 2026 and December 31, 2025, respectively. Included in the fair value of AFS debt securities were net unrealized losses of $85.8 million and $47.9 million as of September 30, 2026 and December 31, 2025, respectively. Current net unrealized losses are driven by prevailing interest rate levels versus interest rate levels when many of the bonds were purchased.
During the three and nine months ended September 30, 2026, we purchased $117.6 million and $314.1 million of AFS debt securities, respectively. There were no AFS debt securities sold during the three and nine months ended September 30, 2026. Maturities, prepayments and calls of AFS debt securities totaled $67.4 million and $200.2 million for the three and nine months ended September 30, 2026, respectively.
During the three and nine months ended September 30, 2025, we acquired $31.9 million of AFS debt securities through the merger with Southern States. During the three months ended September 30, 2025, we sold $0.4 million of AFS debt securities. During the same period, maturities, prepayments and calls of AFS debt securities totaled $83.2 million and purchases totaled $132.8 million. During the nine months ended September 30, 2025, we sold $266.9 million of AFS debt securities with a weighted average yield of 1.63%. The securities sold resulted in a net loss on securities of $60.5 million. We used the proceeds from this transaction to redeem outstanding subordinated and trust preferred debt, as well as originate higher yielding loans. During the same period, maturities, prepayments and calls of AFS debt securities totaled $217.9 million and purchases totaled $314.6 million.
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The following table sets forth the fair value, scheduled maturities and weighted average yields for our AFS debt securities portfolio as of the dates indicated below:
September 30,
December 31,
2026 2025 
(dollars in thousands)Fair value% of total investment securities
Weighted average yield (1)
Fair value% of total investment securities
Weighted average yield (1)
U.S. government agency securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years— — %— %— — %— %
Maturing in five to ten years315,721 20.5 %4.20 %284,641 19.5 %4.50 %
Maturing after ten years474,266 30.8 %4.20 %385,447 26.4 %4.65 %
Total U.S. government agency securities789,987 51.3 %4.20 %670,088 45.9 %4.59 %
Mortgage-backed securities - residential and commercial:
Maturing within one year— — %— %— — %— %
Maturing in one to five years2,103 0.1 %5.22 %2,192 0.2 %7.52 %
Maturing in five to ten years46,871 3.0 %4.10 %44,058 3.0 %4.06 %
Maturing after ten years538,190 35.1 %3.74 %566,748 38.8 %3.89 %
Total mortgage-backed securities - residential and commercial587,164 38.2 %3.77 %612,998 42.0 %3.89 %
Municipal securities:
Maturing within one year640 — %4.09 %204 — %2.81 %
Maturing in one to five years6,629 0.4 %3.89 %5,673 0.4 %3.82 %
Maturing in five to ten years44,486 2.9 %3.40 %42,493 2.9 %3.53 %
Maturing after ten years100,570 6.6 %3.16 %120,000 8.2 %3.03 %
Total municipal securities152,325 9.9 %3.26 %168,370 11.5 %3.18 %
U.S. Treasury securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years6,964 0.5 %3.73 %5,803 0.4 %3.71 %
Maturing in five to ten years— — %— %1,322 0.1 %3.81 %
Maturing after ten years— — %— %— — %— %
Total U.S. Treasury securities6,964 0.5 %3.73 %7,125 0.5 %3.73 %
Corporate securities:
Maturing within one year— — %— %— — %— %
Maturing in one to five years— — %— %998 0.1 %6.76 %
Maturing in five to ten years990 0.1 %6.93 %— — %— %
Maturing after ten years700 — %7.25 %— — %— %
Total corporate securities1,690 0.1 %7.06 %998 0.1 %6.76 %
          Total AFS debt securities$1,538,130 100.0 %3.95 %$1,459,579 100.0 %4.13 %
(1)Yields on a tax-equivalent basis.

Equity securities
As of September 30, 2026 and December 31, 2025, we had $5.8 million and $0.2 million, respectively, in marketable equity securities recorded at fair value that consisted of CRA mutual funds. The change in the fair value of equity securities recorded at fair value resulted in a net loss of $241 thousand and $240 thousand for the three and nine months ended September 30, 2026, respectively. The change in the fair value of equity securities recorded at fair value resulted in a net gain of $12 thousand for both the three and nine months ended September 30, 2025.




88

Deposits
Deposits represent the Bank’s primary source of funding. We continue to focus on growing core customer deposits through our relationship driven banking philosophy, community-focused marketing programs and our treasury management services.
Total deposits increased to $14.67 billion as of September 30, 2026 from $13.91 billion as of December 31, 2025. Noninterest‑bearing deposits rose to $2.78 billion from $2.63 billion. Interest‑bearing deposits increased to $11.89 billion from $11.28 billion.
Within interest‑bearing categories, our checking balances were $2.61 billion and $2.65 billion at September 30, 2026 and December 31, 2025, respectively. Money market and savings balances increased by $305.7 million from December 31, 2025, reflecting our continued focus on core customer deposit growth primarily driven by the addition of several large commercial relationships. Customer time deposits increased by $346.9 million from December 31, 2025 driven by a $150.0 million short-term public funds time deposit and new and existing customer growth into targeted maturity tenors. Brokered and internet time deposits remained stable during the period.
We also experienced a decrease in the cost of interest‑bearing deposits, reflecting a lower interest rate environment. Average deposit balances by type, together with the average rates per period are reflected in the average balance sheet amounts, interest paid, and rate analysis tables included in this management’s discussion and analysis under the subheading “Results of operations” discussion.
Our deposit base may include certain deposits from related parties as disclosed within Note 16, “Related party transactions” in the notes to our consolidated financial statements included in this Report.

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The following table sets forth the distribution by type of our deposit accounts as of the dates indicated:
September 30,December 31,
2026 2025 
(dollars in thousands)Amount% of total deposits
Average rate(1)
Amount% of total deposits
Average rate(1)
Deposit Type
Noninterest-bearing demand$2,777,111 19%—%$2,634,395 19%—%
Interest-bearing checking2,610,941 18%1.87%2,651,369 19%2.31%
Money market5,737,253 39%3.00%5,541,144 40%3.39%
Savings deposits538,135 4%0.86%428,496 3%0.22%
Customer time deposits2,375,869 16%3.60%2,028,923 15%3.71%
Brokered and internet time deposits626,687 4%4.02%625,634 4%4.25%
Total deposits$14,665,996 100%2.28%$13,909,961 100%2.49%
Customer Time Deposits(2)
0.00-1.00%$38,479 2%$81,752 4%
1.01-2.00%54,495 2%55,299 3%
2.01-3.00%253,898 11%225,090 11%
3.01-4.00%1,758,007 74%949,539 47%
4.01-5.00%270,990 11%716,099 35%
Above 5.00%— —%1,144 —%
Total customer time deposits$2,375,869 100%$2,028,923 100%
Brokered and Internet Time Deposits(2)
0.00-1.00%$— —%$— —%
1.01-2.00%— —%— —%
2.01-3.00%— —%— —%
3.01-4.00%571,545 91%574,468 92%
4.01-5.00%55,142 9%51,166 8%
Above 5.00%— —%— —%
Total brokered and internet time deposits$626,687 100%$625,634 100%
Total time deposits$3,002,556 $2,654,557 
(1) Average rates presented for the nine months ended September 30, 2026 and the year ended December 31, 2025, respectively.
(2) Based on rates presented as of period-end.
Further details related to our deposit customer base are presented below as of the dates indicated:
September 30,December 31,
2026 2025 
(dollars in thousands)Amount% of total deposits Amount% of total deposits
Deposits by customer segment(1)
Consumer$6,173,567 42%$6,063,015 44%
Commercial6,822,469 47%6,162,221 44%
Public1,669,960 11%1,684,725 12%
Total deposits$14,665,996 100%$13,909,961 100%
(1) Segments are determined based on the customer account level.







90

The tables below set forth maturity information on time deposits as of September 30, 2026, categorized by balances $250 thousand or less and greater than $250 thousand, exceeding FDIC insurance limits:
(dollars in thousands)AmountWeighted average interest rate at period end
Time deposits of $250 or less    
Months to maturity:
Three or less$576,779 3.65 %
Over Three to Six600,058 3.68 %
Over Six to Twelve296,636 3.32 %
Over Twelve547,879 3.69 %
Total$2,021,352 3.62 %
Time deposits of greater than $250
Months to maturity:
Three or less$389,880 3.83 %
Over Three to Six300,437 3.77 %
Over Six to Twelve107,300 3.50 %
Over Twelve183,587 3.74 %
Total$981,204 3.76 %
Uninsured deposits are defined as the portion of deposit accounts in U.S. federally insured depository institutions that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes. Collateralized deposits are included within our total uninsured deposits.
Further details related to our estimated insured or collateralized deposits and uninsured and uncollateralized deposits are presented below as of the dates indicated:
September 30,December 31,
2026 2025 
Estimated insured or collateralized deposits(1)
$10,289,614 $9,825,599 
Estimated uninsured and uncollateralized deposits(1)
$4,376,382 $4,084,362 
Estimated uninsured and uncollateralized deposits as a % of total deposits(1)
29.8 %29.4 %
Estimated uninsured deposits(2)
$6,059,921 $5,777,547 
(1) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
(2) Amounts are shown on an unconsolidated basis consistent with regulatory reporting requirements.

Borrowed funds
Deposits are the primary source of funds for our lending activities and general business purposes. However, we also fund our operations through other channels, including obtaining advances from the FHLB, borrowings from the Federal Reserve’s Discount Window or one-off borrowing programs, purchasing federal funds and engaging in overnight borrowing with correspondent banks, or entering into client repurchase agreements. We use these sources of funds as part of our asset liability management process to control our long-term interest rate risk exposure, even if it may increase our short-term cost of funds.
Our level of short-term borrowings fluctuates daily based on funding needs, the sources of funds to meet those needs, and the overall interest rate environment and cost of public funds.
Securities sold under agreements to repurchase and federal funds purchased
We enter into agreements with certain customers to sell certain securities under agreements to repurchase the security the following day. These agreements are made to provide customers with comprehensive treasury management products as a short-term return for their excess funds. Securities sold under agreements to repurchase totaled $7.5 million and $9.9 million at September 30, 2026 and December 31, 2025, respectively.
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We also maintain lines with certain correspondent banks that provide borrowing capacity in the form of federal funds purchased. Federal funds purchased are short-term borrowings that typically mature within one to fourteen days. Borrowings against these lines, which are classified as federal funds purchased, totaled $20.0 million and $90.0 million as of September 30, 2026 and December 31, 2025, respectively.
FHLB advances
As a member of the FHLB system, we may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, we maintain a line of credit that as of September 30, 2026 and December 31, 2025 had total borrowing capacity of $2.31 billion and $2.21 billion, respectively. As of September 30, 2026 and December 31, 2025, we had qualifying loans pledged as collateral securing these lines amounting to $3.90 billion and $3.82 billion, respectively. There were no FHLB advances outstanding as of September 30, 2026 or December 31, 2025.
Subordinated debt
During the year ended December 31, 2025, we redeemed $30.9 million of junior subordinated debentures and $100.0 million of ten-year fixed-to-floating rate subordinated notes at the principal amount plus accrued interest, in accordance with the terms of the notes.
On July 1, 2025, we assumed three separate fixed-to-floating rate subordinated notes in connection with our merger with Southern States with a principal balance totaling $92.5 million.
During September 2026, we issued $125.0 million aggregate principal amount of 6.625% fixed-to-floating rate subordinated notes.
Further details regarding our subordinated debt as of September 30, 2026 are provided below.
(dollars in thousands)Year establishedMaturity Call dateTotal debt outstanding Interest rate Coupon structure
October 2036 Subordinated Debt(1)
202610/01/203610/01/2031$125,000 6.625%
Semiannual fixed(2)
February 2032 Subordinated Debt(1)(3)
202202/07/203203/30/202747,500 3.50%
Quarterly fixed(2)
October 2032 Subordinated Debt(1)(3)
202210/26/2032
12/30/2027
40,000 7.00%
Quarterly fixed(2)
December 2031 Subordinated Debt(1)(3)
202112/22/2031
12/31/2026
5,000 3.50%
Quarterly fixed(2)
      Unamortized debt issuance costs and unamortized fair value marks(9,778)
        Total subordinated debt, net$207,722 
(1) We classify the subordinated debt, net of applicable unamortized debt issuance costs and fair value marks on acquired debt, as Tier 2 capital, subject to a 20% annual
    phaseout during the final five years before maturity
(2) Beginning on each respective call date, the coupon rate converts to 3M SOFR plus a spread of 205 basis points, 205 basis points, 306 basis points and 242 basis points
    for the October 2036, February 2032, October 2032 and December 2031 subordinated issues, respectively, through the end of the term of each debenture.
(3) These notes were acquired in the Southern States merger on July 1, 2025.


Other borrowings
Other borrowings include our finance lease liability totaling $1.1 million as of both September 30, 2026 and December 31, 2025. Additionally, other borrowings include optional rights to repurchase GNMA loans previously sold that meet certain defined delinquency criteria and are eligible for repurchase totaling $29.1 million and $28.1 million as of September 30, 2026 and December 31, 2025, respectively. See Note 6, “Leases” and Note 12, “Fair value of financial instruments” within the notes to our consolidated financial statements herein for additional information regarding our finance lease and optional rights to repurchase GNMA loans, respectively.
Other borrowings may periodically include borrowings from the Federal Reserve’s Discount Window or other borrowing programs available to us as an additional source of short-term liquidity. As of September 30, 2026 and December 31, 2025, there were no such other borrowings outstanding. Under our Borrower‑in‑Custody arrangement, we are permitted to pledge qualifying loans as collateral while retaining possession of the loan documentation. As of September 30, 2026 and December 31, 2025, we had pledged loan collateral totaling $2.70 billion and $2.88 billion, respectively, to the Federal Reserve under the Borrower-in-Custody program, resulting in total borrowing capacity of $2.07 billion and $2.27 billion, respectively.
92

Liquidity and capital resources
We are expected to maintain adequate liquidity at the Bank to meet the cash flow requirements of clients who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs. Our Liquidity Policy is intended to cause the Bank to maintain adequate liquidity and, therefore, enhance our ability to raise funds to support asset growth, meet deposit withdrawals and lending needs and otherwise sustain our operations. We accomplish this through management of the maturities of our interest-earning assets and interest-bearing liabilities. We believe that our present position is adequate to meet our current and future liquidity needs.
We continuously monitor our liquidity position to ensure that assets and liabilities are managed in a manner that will meet all of our short-term and long-term cash requirements. We manage our liquidity position to meet the daily cash flow needs of clients, while maintaining an appropriate balance between assets and liabilities to optimize our net interest margin. We also monitor our liquidity requirements in light of interest rate trends, changes in the economy and the scheduled maturity and interest rate sensitivity of the investment and loan portfolios and deposits.
As part of our liquidity management strategy, we focus on minimizing our costs of liquidity and attempt to decrease these costs by growing our noninterest-bearing and other low-cost deposits, while replacing higher cost funding sources. While we do not control the types of deposit instruments our clients choose, we do influence those choices with the rates and the deposit specials we offer. Increasing interest rates generally attracts customers to higher cost interest-bearing deposit products as they seek to maximize their yield.
Our investment portfolio is another alternative for meeting liquidity needs. These assets generally have readily available markets that offer conversions to cash as needed. AFS debt securities within our investment portfolio are typically used to secure government, public, trust and other deposits and as collateral for short-term borrowings, letters of credit and derivative instruments. As of September 30, 2026 and December 31, 2025, we had pledged securities with carrying values of $806.6 million and $810.6 million, respectively.
Additional sources of liquidity include federal funds purchased, repurchase agreements, FHLB borrowings, Federal Reserve Discount Window borrowings and lines of credit. Interest is charged at the prevailing market rate on federal funds purchased, repurchase agreements and FHLB advances, and at the Federal Reserve’s primary credit rate for Discount Window borrowings.
Overnight advances obtained from the FHLB are used primarily to meet day to day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no FHLB advances outstanding as of September 30, 2026 or December 31, 2025. As of September 30, 2026 and December 31, 2025, we had the ability to borrow $2.31 billion and $2.21 billion, respectively, of which $2.29 billion and $2.21 billion, respectively, remained available.
Short‑term borrowings from the Federal Reserve’s Discount Window serve as an additional contingent source of liquidity. We access the Discount Window through our Borrower‑in‑Custody collateral arrangement, which permits the Bank to pledge qualifying loans while retaining custody of the underlying loan documentation. There were no Federal Reserve Discount Window borrowings outstanding as of September 30, 2026 or December 31, 2025. As of September 30, 2026 and December 31, 2025, we had borrowing capacity of $2.07 billion and $2.27 billion, respectively, under the Discount Window Borrower‑in‑Custody program, all of which remained available.
We also maintained unsecured lines of credit with other commercial banks totaling $405.0 million as of both September 30, 2026 and December 31, 2025. These are unsecured, uncommitted lines of credit typically maturing at various times within the next twelve months. Borrowings against these lines, which are classified as federal funds purchased, totaled $20.0 million and $90.0 million as of September 30, 2026 and December 31, 2025, respectively. As of both September 30, 2026 and December 31, 2025, we also had $50.0 million available through the IntraFi network, which allows us to offer banking customers access to FDIC insurance protection on deposits through our Bank which exceed FDIC insurance limits.
93

Our current on-balance sheet liquidity and available sources of liquidity are summarized in the table below:
September 30,December 31,
(dollars in thousands)2026 2025 
Current on-balance sheet liquidity:
   Cash and cash equivalents$1,017,689 $1,155,895 
   Unpledged AFS debt securities731,483 649,000 
   Equity securities, at fair value5,759 155 
Total on-balance sheet liquidity$1,754,931 $1,805,050 
Available sources of liquidity:
   Unsecured borrowing capacity(1)
$4,210,357 $3,915,314 
   FHLB remaining borrowing capacity2,290,109 2,214,796 
   Federal Reserve discount window2,070,119 2,268,599 
Total available sources of liquidity$8,570,585 $8,398,709 
On-balance sheet liquidity as a percentage of total assets10.3 %11.1 %
On-balance sheet liquidity and available sources of liquidity as a percentage of estimated
     uninsured and uncollateralized deposits(2)
235.9 %249.8 %
(1)Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.
(2)Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.
The Company also maintains the ability to access capital markets to meet its liquidity needs. The Company may utilize various methods to raise capital, including through the sale of common stock, preferred stock, debt securities, warrants, rights, or other securities. Specific terms and prices would be determined at the time of any such offering. In the past, the Company has utilized capital markets to generate liquidity in the form of common stock and subordinated debt primarily for the purpose of funding acquisitions.
The Company is a corporation separate and apart from the Bank and, therefore, it must provide for its own liquidity. The Company’s main source of funding is dividends declared and paid by the Bank to the Company. Statutory and regulatory limitations exist that affect the ability of the Bank to pay dividends to the Company. Management believes that these limitations will not impact the Company’s ability to meet its ongoing short-term cash obligations. For additional information regarding dividend restrictions, see the “Item 1. Business - Supervision and regulation,” “Item 1A. Risk Factors - Risks related to our business” and “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Dividends,” each of which is set forth in our Annual Report on Form 10-K for the year ended December 31, 2025.
Due to state banking laws and the Federal Reserve's Regulation H, the Bank may not declare dividends in any calendar year in an amount exceeding the total of its net income for that year combined with its retained net income of the preceding two years, without the prior approval of the TDFI and/or Federal Reserve. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. Dividends paid by the Bank to the holding company were made in accordance with applicable state banking laws and the Federal Reserve’s Regulation H. During the three and nine months ended September 30, 2026, there were $39.3 million and $165.7 million in cash dividends approved by the board for payment from the Bank to the holding company. During the three and nine months ended September 30, 2025, there were $40.7 million and $102.8 million in cash dividends approved by the board for payment from the Bank to the holding company. Subsequent to September 30, 2026, the Board approved an additional dividend of $115.2 million to be paid during the fourth quarter of 2026. In addition, during the three and nine months ended September 30, 2026, the Company contributed to the Bank $123.3 million of the proceeds from its issuance of subordinated notes, net of the underwriting discount, as a capital contribution.
During the three and nine months ended September 30, 2026, the Company declared shareholder dividends of $0.21 per share, or $10.6 million and $0.63 per share, or $32.6 million, respectively. During the three and nine months ended September 30, 2025, the Company declared shareholder dividends of $0.19 per share, or $10.3 million and $0.57 per share, or $28.0 million, respectively. Subsequent to September 30, 2026, the Company declared a quarterly dividend in the amount of $0.21 per share, payable on November 24, 2026, to shareholders of record as of November 10, 2026.

94

Shareholders’ equity and capital management
Our total shareholders’ equity was $1.93 billion and $1.95 billion as of September 30, 2026 and December 31, 2025, respectively. The decrease in shareholders’ equity was primarily attributable to stock repurchases of $135.3 million, dividends declared of $32.6 million and other comprehensive loss of $28.2 million. This decrease was partially offset by net income of $176.4 million. Book value per common share was $39.11 as of September 30, 2026 and $37.64 as of December 31, 2025.
Our capital management consists of providing adequate equity to support our current and future operations. We are subject to various regulatory capital requirements administered by state and federal banking agencies, including the TDFI, Federal Reserve and the FDIC. Failure to meet minimum capital requirements may prompt certain actions by regulators that, if undertaken, could have a direct material adverse effect on our financial condition and results of operations. The Federal Reserve and the FDIC have issued guidelines governing the levels of capital that banks must maintain. As of September 30, 2026 and December 31, 2025, we met all capital adequacy requirements to which we were subject. See additional discussion regarding our capital adequacy and ratios within Note 14, “Minimum capital requirements” in the notes to our consolidated financial statements contained herein.
September 30, 2026FB Financial CorporationFirstBank

To be Well-Capitalized(1)
Total risk-based capital ratio13.6 %13.3 %10.0 %
Tier 1 risk-based capital ratio11.0 %12.0 %8.0 %
Common equity tier 1 ratio11.0 %12.0 %6.5 %
Tier 1 leverage ratio10.0 %11.0 %5.0 %
(1) Applicable to Bank level capital.
Capital ratios are well above regulatory requirements for well-capitalized institutions. Management uses risk-based capital ratios in its analysis of the measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company.
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest rate sensitivity
Our market risk arises primarily from interest rate risk inherent in the normal course of lending and deposit-taking activities. Management believes that our ability to successfully respond to changes in interest rates will have a significant impact on our financial results. To that end, management actively monitors and manages our interest rate risk exposure.
The ALCO, which is authorized by our Board of Directors, monitors our interest rate sensitivity and makes decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital in either a rising or declining interest rate environment. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.
We monitor the impact of changes in interest rates on our net interest income and economic value of equity using rate shock analysis. Net interest income simulations measure the short-term earnings exposure from changes in market rates of interest in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time. A decrease in EVE due to a specified rate change indicates a decline in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet. For purposes of calculating EVE, a zero percent floor is assumed on interest rates.
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The following analysis depicts the estimated impact on net interest income and EVE of immediate changes in interest rates at the specified levels for the periods presented:
Percentage change in:
Net interest income (1)
Change in interest ratesSeptember 30,December 31,
(in basis points)2026 2025 
+40011.9 %11.7 %
+3009.67 %9.50 %
+2006.79 %6.57 %
+1003.52 %3.40 %
-100(3.64)%(3.48)%
-200(6.73)%(6.63)%
-300(8.77)%(8.90)%
Percentage change in:
Economic value of equity (2)
Change in interest ratesSeptember 30,December 31,
(in basis points)2026 2025 
+400(15.7)%(14.8)%
+300(11.8)%(11.2)%
+200(7.20)%(6.84)%
+100(3.19)%(3.03)%
-1002.27 %2.13 %
-2003.72 %3.27 %
-3004.78 %3.35 %
(1)The percentage change represents the projected net interest income for 12 months on a static balance sheet in the various rate scenarios compared to the projected net interest income in a static interest rate environment.
(2)The percentage change represents the projected EVE in the various rate scenarios compared to the projected EVE in a static interest rate environment.
The results for the net interest income simulations as of September 30, 2026 and December 31, 2025 resulted in an asset sensitive position. The primary influence of our asset sensitivity is the floating rate structure in many of our loans held for investment as well as the composition of our liabilities which is primarily customer deposits. Our floating-rate loan portfolio is indexed to market rates and the timing and magnitude of loan and deposit repricing varies in proportion to market rate fluctuations. We actively monitor and perform stress tests on our deposit betas as part of our overall management of interest rate risk. This requires the use of various assumptions based on historical relationships of these variables in reaching any conclusion. Since these correlations are based on competitive pricing in the market, we anticipate that our future results will likely be different from the scenario results presented above and such differences could be material.
The preceding measures assume no change in the size or asset/liability compositions of the balance sheet. Thus, the measures do not reflect any actions the ALCO may undertake in response to such changes in interest rates. The scenarios assume instantaneous movements in interest rates in increments up to 400 basis points and down to 300 basis points. As interest rates are adjusted over a period of time, it is our strategy to proactively change the volume and mix of our balance sheet in order to mitigate our interest rate risk. The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions regarding characteristics of new business and the behavior of existing positions. These business assumptions are based upon our experience, business plans and published industry experience. Key assumptions employed in the model include asset prepayment speeds, competitive factors, the relative price sensitivity of certain assets and liabilities and the expected life of non-maturity deposits. Because these assumptions are inherently uncertain, actual results may differ from simulated results.
We may utilize derivative financial instruments as part of an ongoing effort to mitigate interest rate risk exposure to interest rate fluctuations and facilitate the needs of our customers. For more information about our derivative financial instruments, see Note 11, “Derivatives” in the notes to our consolidated financial statements. 


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ITEM 4 — CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
An evaluation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this Report was carried out under the supervision and with the participation of the Company’s Chief Executive Officer, Chief Financial Officer and other members of the Company’s senior management. The Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Report, the Company’s disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is: (i) accumulated and communicated to the Company’s management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
Changes in Internal Control over Financial Reporting
The Company does not expect that its disclosure controls and procedures and internal control over financial reporting will prevent all errors and fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1—LEGAL PROCEEDINGS
Various legal proceedings to which we or our subsidiaries are party arise from time to time in the normal course of business. As of the date of this Report, there are no material pending legal proceedings to which we or any of our subsidiaries is a party or of which any of our or our subsidiaries’ properties are subject.
ITEM 1A—RISK FACTORS
There have been no material changes to the risk factors set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 2—UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information about repurchases of common stock by the Company during the quarter ended September 30, 2026:
Period(a)
Total number of shares purchased
(b)
Average price paid per share(1)
(c)
Total number of shares purchased as part of publicly announced plans or programs
(d)
Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs(1)
July 1 - July 31— $— — $90,797,873 
August 1 - August 31— — — 90,797,873 
September 1 - September 30545,214 53.71 545,214 61,514,429 
Total545,214 $53.71 545,214 $61,514,429 
(1) Amounts are inclusive of commissions, fees and excise tax related to the stock repurchases.
On April 27, 2026, the Company announced that its board of directors approved a new stock repurchase program (the “2026 Repurchase Plan”) pursuant to which the Company may purchase up to $175 million in shares of the Company’s issued and outstanding common stock. The 2026 Repurchase Plan will terminate either on the date on which the maximum dollar amount is repurchased under the new repurchase plan or on June 30, 2027, whichever date occurs earlier. Under the 2026 Repurchase Plan, shares may be repurchased on the open market, in privately negotiated transactions, or otherwise, including through plans complying with Rule 10b5-1 or Rule 10b-18 under the Exchange Act.
ITEM 5 — OTHER INFORMATION
Rule 10b5-1 Trading Plans
During the quarter ended September 30, 2026, none of the Company’s directors or executive officers adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
Retention Equity Award
On October 30, 2026, the Compensation Committee of the Board of Directors of FB Financial Corporation (the “Company”) unanimously approved a retention equity award to Christopher Holmes and Michael Mettee, the Company’s President & Chief Executive Officer and Chief Financial & Operating Officer respectively, consisting of a performance share unit award with a target grant date value of $4,100,000 and $2,500,000 (the “Retention PSU Award”) respectively. The Retention PSU Awards will vest in January 2032 based on the Company’s total shareholder return relative to the Company's Comparator Group over the performance period beginning January 1, 2027 and ending December 31, 2031, subject to Mr. Holmes and Mr. Mettee’s continued employment with the Company through the end of the performance period. The retention equity award is intended to support the long-term retention of Mr. Holmes and Mr. Mettee and was developed after consideration of input from the Committee’s independent compensation consultant.
In the event Mr. Holmes or Mr. Mettee’s employment terminates due to death or Disability (as defined in the applicable award agreement), the Retention PSU Award will vest on a prorated basis based on actual performance through the date
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of termination. In the event of a Change in Control (“CIC”) (as defined in the applicable award agreement), the Retention PSU Award will convert into time-based restricted stock units based on the greater of (i) target performance or (ii) actual performance measured through the CIC. The converted restricted stock units will vest on the earlier of (a) the end of the original performance period or (b) a qualifying termination of employment following the CIC. In the event of any other termination of employment, the unvested portion of the Retention PSU Award will be forfeited.
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ITEM 6—EXHIBITS
The exhibits listed on the accompanying Exhibit Index are filed, furnished or incorporated by reference (as stated therein) as part of this Report.
EXHIBIT INDEX
Exhibit NumberDescription
Agreement and Plan of Merger, dated as of March 31, 2025, by and between FB Financial Corporation and Southern States Bancshares, Inc. (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K (File No. 001-37875) filed on March 31, 2025)
Amended and Restated Charter, as amended for SEC filing purposes only (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-37875) filed on February 25, 2025)
Amended and Restated Bylaws of FB Financial Corporation (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-37875) filed on November 14, 2016)
Registration Rights Agreement by and between FB Financial Corporation and James W. Ayers, dated September 15, 2016 (incorporated by reference as Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-37875) filed on November 14, 2016)
Subordinated Indenture, dated as of September 24, 2026, between FB Financial Corporation and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-37875) filed on September 24, 2026)
First Supplemental Indenture, dated as of September 24, 2026, between FB Financial Corporation and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 001-37875) filed on September 24, 2026)
Form of 6.625% Fixed-to-Floating Rate Subordinated Note due 2036 (included in Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 001-37875) filed on September 24, 2026, and incorporated herein by reference)
Rule 13a-14(a) Certification of Chief Executive Officer*
Rule 13a-14(a) Certification of Chief Financial Officer*
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer**
101.INSInline XBRL Instance Document*
101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*Filed herewith.
**Furnished herewith.
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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
FB Financial Corporation
/s/ Michael M. Mettee
November 2, 2026
Michael M. Mettee
Chief Financial Officer & Chief Operating Officer
(Principal Financial Officer)
/s/ Lynn J. Joyce
November 2, 2026
Lynn J. Joyce
Chief Accounting Officer
(Principal Accounting Officer)

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