Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2025	Jul. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-37875
Entity Registrant Name	FB FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-1216058
Entity Address, Address Line One	1221 Broadway
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	615
Local Phone Number	564-1212
Title of 12(b) Security	Common Stock, Par Value $1.00 Per Share
Trading Symbol	FBK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,848,882
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001649749
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
ASSETS
Cash and due from banks	$ 143,317	$ 120,153
Federal funds sold and reverse repurchase agreements	352,124	125,825
Interest-bearing deposits in financial institutions	670,288	796,510
Cash and cash equivalents	1,165,729	1,042,488
Investments:
Available-for-sale debt securities, at fair value	1,337,565	1,538,008
Federal Home Loan Bank stock, at cost	33,626	32,749
Loans held for sale (includes $123,235 and $95,403 at fair value, respectively)	144,212	126,760
Loans held for investment	9,874,282	9,602,384
Less: allowance for credit losses on loans HFI	148,948	151,942
Net loans held for investment	9,725,334	9,450,442
Premises and equipment, net	147,243	148,899
Operating lease right-of-use assets	47,764	47,963
Interest receivable	50,386	49,611
Mortgage servicing rights, at fair value	153,464	162,038
Bank-owned life insurance	72,686	72,504
Other real estate owned, net	2,998	4,409
Goodwill	242,561	242,561
Core deposit and other intangibles, net	4,475	5,762
Other assets	226,195	233,288
Total assets	13,354,238	13,157,482
Deposits
Noninterest-bearing	2,191,903	2,116,232
Interest-bearing checking	2,325,551	2,906,425
Money market and savings	4,645,552	4,338,483
Customer time deposits	1,721,745	1,380,205
Brokered and internet time deposits	518,719	469,089
Total deposits	11,403,470	11,210,434
Borrowings	164,485	176,789
Operating lease liabilities	59,289	60,024
Accrued expenses and other liabilities	115,771	142,604
Total liabilities	11,743,015	11,589,851
SHAREHOLDERS’ EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized; 45,807,689 and 46,663,120 shares issued and outstanding, respectively	45,808	46,663
Additional paid-in capital	822,548	860,266
Retained earnings	786,785	762,293
Accumulated other comprehensive loss, net	(44,011)	(101,684)
Total FB Financial Corporation common shareholders’ equity	1,611,130	1,567,538
Noncontrolling interest	93	93
Total equity	1,611,223	1,567,631
Total liabilities and shareholders’ equity	$ 13,354,238	$ 13,157,482

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Loans held for sale at fair value	$ 144,212	$ 126,760
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	45,807,689	46,663,120
Common stock, shares outstanding (in shares)	45,807,689	46,663,120
Fair Value
Loans held for sale at fair value	$ 123,235	$ 95,403

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Interest income:
Interest and fees on loans	$ 159,697	$ 155,379	$ 312,882	$ 310,985
Interest on investment securities
Taxable	14,661	11,966	29,132	21,071
Tax-exempt	1,036	1,168	2,069	2,610
Other	6,690	8,900	17,707	18,875
Total interest income	182,084	177,413	361,790	353,541
Interest expense:
Deposits	68,568	71,501	138,817	144,126
Borrowings	2,101	3,297	3,917	7,310
Total interest expense	70,669	74,798	142,734	151,436
Net interest income	111,415	102,615	219,056	202,105
(Reversal of) provision for credit losses on loans HFI	(1,102)	3,940	804	5,792
Provision for (reversal of) credit losses on unfunded commitments	6,439	(1,716)	6,825	(2,786)
Net interest income after provision for credit losses	106,078	100,391	211,427	199,099
Noninterest income:
Loss from investment securities, net	(60,549)	0	(60,533)	(16,213)
Gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets, net	236	(281)	(389)	284
Other income	2,540	4,611	3,888	6,321
Total noninterest (loss) income	(34,552)	25,608	(11,520)	33,570
Noninterest expenses:
Salaries, commissions and employee benefits	46,631	46,225	94,982	90,843
Occupancy and equipment expense	6,710	6,328	13,307	12,942
Merger and integration costs	2,734	0	3,135	0
Legal and professional fees	2,426	1,979	4,418	3,898
Advertising	2,178	1,859	4,665	3,030
Data processing	2,161	2,286	4,474	4,694
Amortization of core deposit and other intangibles	631	752	1,287	1,541
Other expense	17,790	15,664	34,542	30,565
Total noninterest expense	81,261	75,093	160,810	147,513
(Loss) income before income taxes	(9,735)	50,906	39,097	85,156
Income tax (benefit) expense	(12,652)	10,919	(3,181)	17,219
Net income applicable to FB Financial Corporation and noncontrolling interest	2,917	39,987	42,278	67,937
Net income applicable to noncontrolling interest	8	8	8	8
Net income applicable to FB Financial Corporation	$ 2,909	$ 39,979	$ 42,270	$ 67,929
Earnings per common share:
Basic (in dollars per share)	$ 0.06	$ 0.85	$ 0.91	$ 1.45
Diluted (in dollars per share)	$ 0.06	$ 0.85	$ 0.91	$ 1.45
Mortgage banking income
Noninterest income:
Mortgage banking income, investment services and trust income, service charges on deposit accounts, ATM and interchange fees	$ 13,029	$ 11,910	$ 25,455	$ 24,495
Investment services and trust income
Noninterest income:
Mortgage banking income, investment services and trust income, service charges on deposit accounts, ATM and interchange fees	3,922	3,387	7,633	6,617
Service charges on deposit accounts
Noninterest income:
Mortgage banking income, investment services and trust income, service charges on deposit accounts, ATM and interchange fees	3,392	3,167	6,871	6,308
ATM and interchange fees
Noninterest income:
Mortgage banking income, investment services and trust income, service charges on deposit accounts, ATM and interchange fees	$ 2,878	$ 2,814	$ 5,555	$ 5,758

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 2,917	$ 39,987	$ 42,278	$ 67,937
Other comprehensive income, net of tax:
Net unrealized gain (loss) in available-for-sale securities, net of tax expense (benefit) of $1,190, $485, $4,679 and $(2,947)	3,172	905	12,915	(8,668)
Reclassification adjustment for loss on securities included in net income, net of tax benefit of $15,779, $—, $15,775 and $4,225	44,770	0	44,758	11,988
Net unrealized loss in hedging activities, net of tax benefit of $— , $68, $— and $130	0	(195)	0	(369)
Total other comprehensive income, net of tax	47,942	710	57,673	2,951
Comprehensive income applicable to FB Financial Corporation and noncontrolling interest	50,859	40,697	99,951	70,888
Comprehensive income applicable to noncontrolling interest	8	8	8	8
Comprehensive income applicable to FB Financial Corporation	$ 50,851	$ 40,689	$ 99,943	$ 70,880

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net unrealized gain (loss) in available-for-sale securities, net of tax expense	$ 1,190	$ 485	$ 4,679	$ (2,947)
Reclassification adjustment for (gain) loss on securities included in net income, net of tax (expense) benefit	15,779	0	15,775	4,225
Net unrealized loss in hedging activities, tax benefit	$ 0	$ 68	$ 0	$ 130

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Restricted Stock Units	Performance-Based Restricted Stock Units	Total common shareholders’ equity	Total common shareholders’ equity Restricted Stock Units	Total common shareholders’ equity Performance-Based Restricted Stock Units	Common stock	Common stock Restricted Stock Units	Common stock Performance-Based Restricted Stock Units	Additional paid-in capital	Additional paid-in capital Restricted Stock Units	Additional paid-in capital Performance-Based Restricted Stock Units	Retained earnings	Accumulated other comprehensive loss, net	Noncontrolling interest
Beginning balance at Dec. 31, 2023	$ 1,454,887			$ 1,454,794			$ 46,849			$ 864,258			$ 678,412	$ (134,725)	$ 93
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to FB Financial Corporation and noncontrolling interest	67,937			67,929									67,929		8
Other comprehensive income, net of taxes	2,951			2,951										2,951
Repurchase of common stock	(12,699)			(12,699)			(353)			(12,346)
Stock-based compensation expense	4,910			4,910			4			4,906
Restricted stock units and performance-based restricted stock units vested, net of taxes		$ (1,339)	$ (344)		$ (1,339)	$ (344)		$ 102	$ 30		$ (1,441)	$ (374)
Shares issued under employee stock purchase program	399			399			11			388
Dividends declared	(16,099)			(16,099)									(16,099)
Noncontrolling interest distribution	(8)														(8)
Ending balance at Jun. 30, 2024	1,500,595			1,500,502			46,643			855,391			730,242	(131,774)	93
Beginning balance at Mar. 31, 2024	1,479,619			1,479,526			46,897			866,803			698,310	(132,484)	93
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to FB Financial Corporation and noncontrolling interest	39,987			39,979									39,979		8
Other comprehensive income, net of taxes	710			710										710
Repurchase of common stock	(12,699)			(12,699)			(353)			(12,346)
Stock-based compensation expense	2,090			2,090			3			2,087
Restricted stock units and performance-based restricted stock units vested, net of taxes		(1,058)	1		(1,058)	1		91	5		(1,149)	(4)
Dividends declared	(8,047)			(8,047)									(8,047)
Noncontrolling interest distribution	(8)														(8)
Ending balance at Jun. 30, 2024	1,500,595			1,500,502			46,643			855,391			730,242	(131,774)	93
Beginning balance at Dec. 31, 2024	1,567,631			1,567,538			46,663			860,266			762,293	(101,684)	93
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to FB Financial Corporation and noncontrolling interest	42,278			42,270									42,270		8
Other comprehensive income, net of taxes	57,673			57,673										57,673
Repurchase of common stock	(44,146)			(44,146)			(1,020)			(43,126)
Stock-based compensation expense	7,813			7,813			4			7,809
Restricted stock units and performance-based restricted stock units vested, net of taxes		(2,043)	$ (621)		(2,043)	$ (621)		120	$ 33		(2,163)	$ (654)
Shares issued under employee stock purchase program	424			424			8			416
Dividends declared	(17,778)			(17,778)									(17,778)
Noncontrolling interest distribution	(8)														(8)
Ending balance at Jun. 30, 2025	1,611,223			1,611,130			45,808			822,548			786,785	(44,011)	93
Beginning balance at Mar. 31, 2025	1,602,055			1,601,962			46,515			854,715			792,685	(91,953)	93
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to FB Financial Corporation and noncontrolling interest	2,917			2,909									2,909		8
Other comprehensive income, net of taxes	47,942			47,942										47,942
Repurchase of common stock	(34,254)			(34,254)			(811)			(33,443)
Stock-based compensation expense	2,982			2,982			3			2,979
Restricted stock units and performance-based restricted stock units vested, net of taxes		$ (1,602)			$ (1,602)			$ 101			$ (1,703)
Dividends declared	(8,809)			(8,809)									(8,809)
Noncontrolling interest distribution	(8)														(8)
Ending balance at Jun. 30, 2025	$ 1,611,223			$ 1,611,130			$ 45,808			$ 822,548			$ 786,785	$ (44,011)	$ 93

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.19	$ 0.17	$ 0.38	$ 0.34

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income attributable to FB Financial Corporation and noncontrolling interest	$ 42,278	$ 67,937
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software	5,635	5,702
Amortization of core deposit and other intangibles	1,287	1,541
Amortization of issuance costs on subordinated debt	194	193
Capitalization of mortgage servicing rights	(1,649)	(2,649)
Net change in fair value of mortgage servicing rights	10,223	2,393
Stock-based compensation expense	7,813	4,910
Provision for credit losses on loans HFI	804	5,792
Provision for (reversal of) credit losses on unfunded commitments	6,825	(2,786)
Provision for mortgage loan repurchases	95	125
Amortization (accretion) of discounts and premiums on acquired loans, net	60	(548)
(Accretion) amortization of premiums and discounts on securities, net	(1,235)	2,440
Loss from investment securities, net	60,533	16,213
Originations of loans held for sale	(642,515)	(595,813)
Proceeds from sale of loans held for sale	632,634	575,246
Gain on sale and change in fair value of loans held for sale	(18,742)	(17,209)
Net loss (gain) on write-downs of premises and equipment, other real estate owned and other assets	389	(284)
Provision for deferred income taxes	1,332	(47)
Equity method investment loss	1,175	0
Earnings on bank-owned life insurance	(872)	(2,911)
Changes in:
Operating lease assets and liabilities, net	(536)	(539)
Other assets and interest receivable	(16,584)	(1,765)
Accrued expenses and other liabilities	(33,820)	8,950
Net cash provided by operating activities	55,324	66,891
Activity in available-for-sale securities:
Sales	266,454	207,882
Maturities, prepayments and calls	134,661	134,236
Purchases	(181,843)	(366,579)
Net change in loans	(279,745)	94,773
Net purchases of FHLB stock	(877)
Net redemptions of FHLB stock		1,160
Purchases of premises and equipment	(5,069)	(3,861)
Proceeds from the sale of premises and equipment	1,850	287
Proceeds from the sale of other real estate owned	4,412	1,434
Proceeds from the sale of other assets	665	550
Proceeds from bank-owned life insurance	690	0
Net cash (used in) provided by investing activities	(58,802)	69,882
Cash flows from financing activities:
Net increase (decrease) in deposits	193,036	(84,782)
Net decrease in securities sold under agreements to repurchase and federal funds purchased	(2,068)	(31,963)
Stock-based compensation withholding payments	(2,664)	(1,683)
Net proceeds from sale of common stock under employee stock purchase program	424	399
Repurchase of common stock	(44,146)	(12,699)
Dividends paid on common stock	(17,568)	(15,916)
Dividend equivalent payments made upon vesting of equity compensation	(287)	(151)
Noncontrolling interest distribution	(8)	(8)
Net cash provided by (used in) financing activities	126,719	(146,803)
Net change in cash and cash equivalents	123,241	(10,030)
Cash and cash equivalents at beginning of the period	1,042,488	810,932
Cash and cash equivalents at end of the period	1,165,729	800,902
Supplemental cash flow information:
Interest paid	145,025	150,100
Taxes paid, net	11,659	20,134
Supplemental noncash disclosures:
Transfers from loans to other real estate owned	3,297	2,400
Transfers from loans to other assets	2,927	1,831
Transfers from loans to loans held for sale	3,962	167
Transfers from loans held for sale to loans	4,753	40
Loans provided for sales of other assets	1,444	416
(Decrease) increase in rebooked GNMA loans under optional repurchase program	(10,380)	1,125
Dividends declared not paid on restricted stock units and performance stock units	210	183
Right-of-use assets obtained in exchange for operating lease liabilities	$ 2,119	$ 0

Basis of Presentation

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of Presentation

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 June 30, 2025, the Bank had 78 full-service branches throughout Tennessee, Alabama, Kentucky and Georgia, and provided commercial and consumer banking services to the Asheville, North Carolina market.

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

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

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

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

Earnings per common share

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

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024			2025		2024
Basic earnings per common share:


Earnings available to common shareholders	$	2,909	$	39,979		$	42,270	$	67,929
Weighted average basic shares outstanding	45,946,428		46,762,488			46,308,551		46,818,685
Basic earnings per common share	$	0.06	$	0.85		$	0.91	$	1.45
Diluted earnings per common share:
Earnings available to common shareholders	$	2,909	$	39,979		$	42,270	$	67,929
Weighted average basic shares outstanding	45,946,428		46,762,488			46,308,551		46,818,685
Weighted average diluted shares contingently issuable(1)	232,662		82,655			262,297		92,781
Weighted average diluted shares outstanding	46,179,090		46,845,143			46,570,848		46,911,466
Diluted earnings per common share	$	0.06	$	0.85		$	0.91	$	1.45

(1) Excludes 176,589 restricted stock units outstanding considered to be antidilutive for the three months ended June 30, 2025 and 36,507 and 2,412 restricted stock units outstanding considered to be antidilutive for the three and six months ended June 30, 2024, respectively. There were no such restricted units outstanding for the six months ended June 30, 2025.

Recently modified accounting polices:

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

(A) Allowance for credit losses

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See Note 3, “Loans and allowance for credit losses” for additional details related to the Company's allowance for credit losses.

(B) Off-balance sheet financial instruments

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

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

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

See Note 8, “Commitments and contingencies” for additional details related to the Company's off-balance sheet financial instruments.

Recently adopted accounting standards:

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker, a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the chief operating decision maker when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280, “Segment Reporting,” to be included in interim periods. The Company adopted this standard effective December 31, 2024, for annual financial statements and subsequent interim periods beginning in 2025, and retrospectively updated its disclosures. Refer to Note 11 for further information. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

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

Newly issued not yet effective accounting standards:

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

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

Subsequent events

Southern States Bancshares Inc. merger

On March 31, 2025, the Company announced it had entered into an agreement and plan of merger to acquire Southern States Bancshares Inc. and its wholly-owned subsidiary, Southern States Bank, in an all-stock transaction.

On July 1, 2025, the Company completed its acquisition of Southern States. This merger strengthens the Company’s presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company’s footprint further into Alabama and Georgia. At closing, Southern States had $2,871,062 in total assets, loans of $2,319,327 and deposits of $2,469,594. 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 $368,355 based on the Company’s closing stock price of $45.30 per share on June 30, 2025. The Company expects system conversions related to the transaction to be completed in the third quarter of 2025.

Investment Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investment Securities

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 June 30, 2025 and December 31, 2024:


	June 30, 2025
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses on investments		Fair Value
Investment Securities
AFS debt securities
U.S. government agency securities	$	642,433	$	681	$	(850)	$	—	$	642,264
Mortgage-backed securities - residential	577,970		64		(36,691)		—		541,343
Mortgage-backed securities - commercial	9,362		—		(610)		—		8,752
Municipal securities	170,062		43		(25,877)		—		144,228

Corporate securities	1,000		—		(22)		—		978
Total	$	1,400,827	$	788	$	(64,050)	$	—	$	1,337,565


	December 31, 2024
	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses on investments		Fair Value
Investment Securities
AFS debt securities
U.S. government agency securities	$	564,752	$	172	$	(1,917)	$	—	$	563,007
Mortgage-backed securities - residential	927,883		393		(117,277)		—		810,999
Mortgage-backed securities - commercial	15,965		—		(1,108)		—		14,857
Municipal securities	169,498		20		(21,661)		—		147,857
U.S. Treasury securities	299		—		—		—		299
Corporate securities	1,000		—		(11)		—		989
Total	$	1,679,397	$	585	$	(141,974)	$	—	$	1,538,008

The components of amortized cost for AFS debt securities on the consolidated balance sheets exclude accrued interest receivable since the Company elected to present accrued interest receivable separately on the consolidated balance sheets. As of June 30, 2025 and December 31, 2024, total accrued interest receivable on AFS debt securities was $5,379 and $6,401, respectively.

AFS debt securities pledged at June 30, 2025 and December 31, 2024 had carrying amounts of $790,211 and $937,043, 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 June 30, 2025 and December 31, 2024, there were no trade date receivables nor payables that related to sales or purchases settled after period end.

The following tables show gross unrealized losses on AFS debt securities for which an allowance for credit losses has not been recorded at June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:


	June 30, 2025
	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. government agency securities	$	286,027	$	(655)	$	29,559	$	(195)	$	315,586	$	(850)
Mortgage-backed securities - residential	307,687		(3,453)		167,794		(33,238)		475,481		(36,691)
Mortgage-backed securities - commercial	—		—		8,752		(610)		8,752		(610)
Municipal securities	13,341		(333)		126,009		(25,544)		139,350		(25,877)

Corporate securities	—		—		978		(22)		978		(22)
Total	$	607,055	$	(4,441)	$	333,092	$	(59,609)	$	940,147	$	(64,050)


	December 31, 2024
	Less than 12 months				12 months or more				Total
	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
U.S. government agency securities	$	494,885	$	(1,908)	$	714	$	(9)	$	495,599	$	(1,917)
Mortgage-backed securities - residential	209,078		(8,956)		441,502		(108,321)		650,580		(117,277)
Mortgage-backed securities - commercial	2,222		(19)		12,635		(1,089)		14,857		(1,108)
Municipal securities	34,059		(2,376)		110,173		(19,285)		144,232		(21,661)

Corporate securities	—		—		989		(11)		989		(11)
Total	$	740,244	$	(13,259)	$	566,013	$	(128,715)	$	1,306,257	$	(141,974)

As of June 30, 2025 and December 31, 2024, the Company’s AFS debt securities portfolio consisted of 255 and 271 individual securities, 221 and 248 of which were in an unrealized loss position, respectively.

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, and the Company has historically not recorded any credit losses associated with these investments. Municipal debt securities with market values below amortized cost at June 30, 2025 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these AFS 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 June 30, 2025 and December 31, 2024, 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, there was no allowance for credit losses recognized on AFS debt securities as of June 30, 2025 or December 31, 2024. 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.

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2025 and December 31, 2024 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.


	June 30,				December 31,

	2025				2024
	Available-for-sale				Available-for-sale
	Amortized cost		Fair Value		Amortized cost		Fair Value
Due in one year or less	$	200	$	200	$	849	$	847
Due in one to five years	6,255		6,224		4,186		4,600
Due in five to ten years	298,300		296,048		225,954		222,943
Due in over ten years	508,740		484,998		504,560		483,762
	813,495		787,470		735,549		712,152
Mortgage-backed securities - residential	577,970		541,343		927,883		810,999
Mortgage-backed securities - commercial	9,362		8,752		15,965		14,857
Total AFS debt securities	$	1,400,827	$	1,337,565	$	1,679,397	$	1,538,008

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Proceeds from sales	$	266,454	$	—	$	266,454	$	207,882
Proceeds from maturities, prepayments and calls	59,801		67,609		134,661		134,236
Gross realized gains	88		—		104		90
Gross realized losses	60,637		—		60,637		16,303

Equity Securities

The Company has equity securities without a readily determinable market value included in other assets on the consolidated balance sheets with carrying amounts of $25,767 and $23,459 at June 30, 2025 and December 31, 2024, respectively. Additionally, the Company had $33,626 and $32,749 of FHLB stock carried at cost at June 30, 2025 and December 31, 2024, respectively, included separately from the other equity securities discussed above.

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 June 30, 2025 and December 31, 2024, the Company has the ability to exercise significant influence over this entity and therefore accounts for the 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 $18,795 and $19,970 as of June 30, 2025 and December 31, 2024, respectively. The Company's investment includes a basis difference of $17,103, which is accounted for as equity method goodwill.

Loans and Allowance for Credit Losses on Loans HFI

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Loans and Allowance for Credit Losses on Loans HFI

Loans and allowance for credit losses on loans HFI

Loans outstanding as of June 30, 2025 and December 31, 2024, by class of financing receivable are as follows:


	June 30,		December 31,

	2025		2024
Commercial and industrial	$	1,788,911	$	1,691,213
Construction	1,022,678		1,087,732
Residential real estate:
1-to-4 family mortgage	1,660,696		1,616,754
Residential line of credit	641,433		602,475
Multi-family mortgage	587,254		653,769
Commercial real estate:
Owner-occupied	1,370,123		1,357,568
Non-owner occupied	2,198,689		2,099,129
Consumer and other	604,498		493,744
Gross loans	9,874,282		9,602,384
Less: Allowance for credit losses on loans HFI	(148,948)		(151,942)
Net loans	$	9,725,334	$	9,450,442

As of June 30, 2025 and December 31, 2024, $987,320 and $988,177, respectively, of qualifying residential mortgage loans (including loans held for sale) and $1,723,324 and $1,620,510, respectively, of qualifying commercial mortgage loans were pledged to the FHLB system securing advances against the Bank’s line of credit. Additionally, as of June 30, 2025 and December 31, 2024, qualifying commercial and industrial, construction and consumer loans, of $2,692,689 and $2,561,352, respectively, were pledged to the Federal Reserve under the Borrower-in-Custody program.

The amortized cost of loans HFI on the consolidated balance sheets exclude accrued interest receivable as the Company presents accrued interest receivable separately on the balance sheet. As of June 30, 2025 and December 31, 2024, accrued interest receivable on loans HFI amounted to $42,757 and $40,970, respectively.

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.

The following tables present the credit quality of the Company's commercial type loan portfolio as of June 30, 2025 and December 31, 2024 and the gross charge-offs for the six months ended June 30, 2025 and the year ended December 31, 2024 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 six months ended June 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial and industrial
Pass	$	134,434	$	176,807	$	161,399	$	98,991	$	45,240	$	106,721	$	995,651	$	1,719,243
Special Mention	59		1,800		2,193		2,091		136		5,246		27,839		39,364
Classified	149		65		204		15,673		1,697		6,108		6,408		30,304

Total	134,642		178,672		163,796		116,755		47,073		118,075		1,029,898		1,788,911

Current-period gross charge-offs	—		—		54		—		—		2,314		603		2,971
Construction
Pass	105,995		186,906		65,142		249,476		84,739		67,132		204,970		964,360
Special Mention	—		—		780		11,663		39		16		—		12,498
Classified	—		154		2,917		20,410		253		8,064		14,022		45,820

Total	105,995		187,060		68,839		281,549		85,031		75,212		218,992		1,022,678

Current-period gross charge-offs	—		—		—		—		—		—		—		—
Residential real estate:

Multi-family mortgage
Pass	16,921		17,080		3,709		192,237		204,404		118,911		24,410		577,672
Special Mention	—		—		—		—		—		—		—		—
Classified	—		—		—		—		9,564		18		—		9,582

Total	16,921		17,080		3,709		192,237		213,968		118,929		24,410		587,254


Current-period gross charge-offs	—		—		—		—		—		—		—		—
Commercial real estate:
Owner occupied
Pass	87,430		178,509		98,884		245,159		199,869		431,728		102,403		1,343,982
Special Mention	—		—		—		1,152		6,273		6,392		170		13,987
Classified	—		—		—		5,889		265		5,613		387		12,154

Total	87,430		178,509		98,884		252,200		206,407		443,733		102,960		1,370,123

Current-period gross charge-offs	—		—		—		—		—		—		17		17
Non-owner occupied
Pass	106,405		199,184		47,425		500,050		448,941		781,611		94,785		2,178,401
Special Mention	—		—		4,800		—		498		10,151		—		15,449
Classified	—		—		—		—		—		4,839		—		4,839

Total	106,405		199,184		52,225		500,050		449,439		796,601		94,785		2,198,689




Current-period gross charge-offs	—		—		—		—		—		—		—		—
Total commercial loan types
Pass	451,185		758,486		376,559		1,285,913		983,193		1,506,103		1,422,219		6,783,658
Special Mention	59		1,800		7,773		14,906		6,946		21,805		28,009		81,298
Classified	149		219		3,121		41,972		11,779		24,642		20,817		102,699

Total	$	451,393	$	760,505	$	387,453	$	1,342,791	$	1,001,918	$	1,552,550	$	1,471,045	$	6,967,655
Current-period gross charge-offs	$	—	$	—	$	54	$	—	$	—	$	2,314	$	620	$	2,988





As of and for the year ended December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial and industrial
Pass	$	194,185	$	182,677	$	130,148	$	56,460	$	29,735	$	104,236	$	909,398	$	1,606,839
Special Mention	2,684		2,425		7,609		277		285		2,015		24,345		39,640
Classified	—		175		19,125		4,424		1,659		6,201		13,150		44,734

Total	196,869		185,277		156,882		61,161		31,679		112,452		946,893		1,691,213
Current-period gross charge-offs	—		116		950		506		1,234		7		8,267		11,080

Construction
Pass	190,058		116,122		349,716		99,225		27,616		54,099		199,596		1,036,432
Special Mention	156		87		15,432		389		10		576		—		16,650
Classified	—		—		7,314		290		8,335		—		18,711		34,650

Total	190,214		116,209		372,462		99,904		35,961		54,675		218,307		1,087,732
Current-period gross charge-offs	—		—		122		—		—		—		—		122

Residential real estate:

Multi-family mortgage
Pass	40,076		3,800		232,415		223,076		51,948		69,652		21,883		642,850
Special Mention	—		—		—		—		—		—		—		—
Classified	—		—		—		9,919		—		1,000		—		10,919

Total	40,076		3,800		232,415		232,995		51,948		70,652		21,883		653,769
Current-period gross charge-offs	—		—		—		—		—		—		—		—


Commercial real estate:
Owner occupied
Pass	185,416		103,060		247,049		215,798		102,580		396,288		84,226		1,334,417
Special Mention	—		—		1,370		2,582		—		6,133		—		10,085
Classified	—		—		6,324		235		61		5,371		1,075		13,066

Total	185,416		103,060		254,743		218,615		102,641		407,792		85,301		1,357,568
Current-period gross charge-offs	—		—		—		—		—		—		—		—

Non-owner occupied
Pass	198,591		36,027		526,417		445,598		111,943		689,158		58,255		2,065,989
Special Mention	—		4,836		—		1,527		—		19,311		—		25,674
Classified	—		—		—		136		—		7,330		—		7,466

Total	198,591		40,863		526,417		447,261		111,943		715,799		58,255		2,099,129
Current-period gross charge-offs	—		—		—		—		—		—		—		—

Total commercial loan types
Pass	808,326		441,686		1,485,745		1,040,157		323,822		1,313,433		1,273,358		6,686,527
Special Mention	2,840		7,348		24,411		4,775		295		28,035		24,345		92,049
Classified	—		175		32,763		15,004		10,055		19,902		32,936		110,835
Total	$	811,166	$	449,209	$	1,542,919	$	1,059,936	$	334,172	$	1,361,370	$	1,330,639	$	6,889,411
Current-period gross charge-offs	—		116		1,072		506		1,234		7		8,267		11,202

Credit Quality - Consumer Type Loans

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

The following tables present the credit quality by classification (performing or nonperforming) of the Company’s consumer type loan portfolio as of June 30, 2025 and December 31, 2024 and the gross charge-offs for the six months ended June 30, 2025 and the year ended December 31, 2024 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 six months ended June 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total





Residential real estate:
1-to-4 family mortgage
Performing	$	158,292	$	205,150	$	147,513	$	417,939	$	338,939	$	368,099	$	—	$	1,635,932
Nonperforming	—		194		907		8,660		6,218		8,785		—		24,764
Total	158,292		205,344		148,420		426,599		345,157		376,884		—		1,660,696
Current-period gross charge-offs	—		—		3		—		—		433		—		436
Residential line of credit
Performing	—		—		—		—		—		—		639,625		639,625
Nonperforming	—		—		—		—		—		—		1,808		1,808
Total	—		—		—		—		—		—		641,433		641,433
Current-period gross charge-offs	—		—		—		—		—		—		—		—
Consumer and other
Performing	94,565		159,522		90,219		74,564		33,020		135,669		627		588,186
Nonperforming	—		2,424		3,520		1,434		2,613		6,320		1		16,312
Total	94,565		161,946		93,739		75,998		35,633		141,989		628		604,498
Current-period gross charge-offs	998		136		76		104		86		521		2		1,923
Total consumer type loans
Performing	252,857		364,672		237,732		492,503		371,959		503,768		640,252		2,863,743
Nonperforming	—		2,618		4,427		10,094		8,831		15,105		1,809		42,884
Total	$	252,857	$	367,290	$	242,159	$	502,597	$	380,790	$	518,873	$	642,061	$	2,906,627
Current-period gross charge-offs	$	998	$	136	$	79	$	104	$	86	$	954	$	2	$	2,359





As of and for the year ended December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total





Residential real estate:
1-to-4 family mortgage
Performing	$	223,520	$	165,395	$	443,372	$	360,188	$	129,674	$	266,661	$	—	$	1,588,810
Nonperforming	27		941		7,254		6,357		4,192		9,173		—		27,944
Total	223,547		166,336		450,626		366,545		133,866		275,834		—		1,616,754
Prior-period gross charge-offs	10		54		150		130		67		28		—		439
Residential line of credit
Performing	—		—		—		—		—		—		600,581		600,581
Nonperforming	—		—		—		—		—		—		1,894		1,894
Total	—		—		—		—		—		—		602,475		602,475
Prior-period gross charge-offs	—		—		—		—		—		—		73		73
Consumer and other
Performing	139,684		93,817		76,286		35,507		29,387		102,233		652		477,566
Nonperforming	1,300		1,749		1,686		3,139		2,548		5,755		1		16,178
Total	140,984		95,566		77,972		38,646		31,935		107,988		653		493,744
Prior-period gross charge-offs	1,593		511		302		278		69		298		—		3,051
Total consumer type loans
Performing	363,204		259,212		519,658		395,695		159,061		368,894		601,233		2,666,957
Nonperforming	1,327		2,690		8,940		9,496		6,740		14,928		1,895		46,016
Total	$	364,531	$	261,902	$	528,598	$	405,191	$	165,801	$	383,822	$	603,128	$	2,712,973
Prior-period gross charge-offs	1,603		565		452		408		136		326		73		3,563

Nonaccrual and Past Due Loans

The following tables represent an analysis of the aging by class of financing receivable as of June 30, 2025 and December 31, 2024:


June 30, 2025	30-89 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	$	1,127	$	124	$	2,692	$	1,784,968	$	1,788,911
Construction	16,494		154		28,872		977,158		1,022,678
Residential real estate:
1-to-4 family mortgage	22,388		16,385		8,379		1,613,544		1,660,696
Residential line of credit	3,347		700		1,108		636,278		641,433
Multi-family mortgage	—		—		9,582		577,672		587,254
Commercial real estate:
Owner occupied	2,248		46		7,861		1,359,968		1,370,123
Non-owner occupied	—		—		3,697		2,194,992		2,198,689
Consumer and other	18,768		4,553		11,759		569,418		604,498
Total	$	64,372	$	21,962	$	73,950	$	9,713,998	$	9,874,282


December 31, 2024	30-89 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	$	1,204	$	730	$	9,661	$	1,679,618	$	1,691,213
Construction	3,288		538		10,915		1,072,991		1,087,732
Residential real estate:
1-to-4 family mortgage	24,376		15,319		12,625		1,564,434		1,616,754
Residential line of credit	2,302		357		1,537		598,279		602,475
Multi-family mortgage	979		—		21		652,769		653,769
Commercial real estate:
Owner occupied	1,996		94		9,551		1,345,927		1,357,568
Non-owner occupied	—		3,512		2,667		2,092,950		2,099,129
Consumer and other	13,710		3,797		12,381		463,856		493,744
Total	$	47,855	$	24,347	$	59,358	$	9,470,824	$	9,602,384

The following tables provide the amortized cost basis of loans on nonaccrual status, as well as any related allowance as of June 30, 2025 and December 31, 2024 by class of financing receivable.



June 30, 2025	Nonaccrual with no related allowance		Nonaccrual with related allowance
Commercial and industrial	$	364	$	2,328
Construction	10,688		18,184
Residential real estate:
1-to-4 family mortgage	—		8,379
Residential line of credit	—		1,108
Multi-family mortgage	—		9,582
Commercial real estate:
Owner occupied	6,042		1,819
Non-owner occupied	3,457		240
Consumer and other	—		11,759
Total	$	20,551	$	53,399


December 31, 2024	Nonaccrual with no related allowance		Nonaccrual with related allowance

Commercial and industrial	$	5,294	$	4,367
Construction	1,653		9,262
Residential real estate:
1-to-4 family mortgage	1,562		11,063
Residential line of credit	148		1,389
Multi-family mortgage	—		21
Commercial real estate:
Owner occupied	6,415		3,136
Non-owner occupied	2,224		443
Consumer and other	—		12,381
Total	$	17,296	$	42,062

The following presents interest income recognized on nonaccrual loans for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Commercial and industrial	$	27	$	345	$	30	$	569
Construction	496		79		502		140
Residential real estate:
1-to-4 family mortgage	6		34		6		34
Residential line of credit	24		23		31		39
Multi-family mortgage	166		1		166		1
Commercial real estate:
Owner occupied	—		75		8		124
Non-owner occupied	112		54		112		89
Consumer and other	55		—		59		—
Total	$	886	$	611	$	914	$	996

Accrued interest receivable written off as an adjustment to interest income amounted to $1,054 and $1,341 for the three and six months ended June 30, 2025, respectively, and $207 and $408 for the three and six months ended June 30, 2024, 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 tables present the amortized cost of FDM loans as of June 30, 2025 and 2024 by class of financing receivable and type of concession granted that were modified during the three and six months ended June 30, 2025 and 2024.


Three Months Ended June 30, 2025	Payment deferral and term extension		Term Extension		Payment deferral		Total		% of total class of financing receivables
Commercial and industrial	$	100	$	—	$	—	$	100	—	%
Construction	3,305		—		—		3,305		0.3	%
Residential real estate:
1-to-4 family mortgage	—		463		1,833		2,296		0.1	%






Total	$	3,405	$	463	$	1,833	$	5,701	0.1	%


Six Months Ended June 30, 2025	Payment deferral and term extension		Term Extension		Payment deferral		Interest Rate Reduction		Interest Rate Reduction and Term Extension		Total		% of total class of financing receivables
Commercial and industrial	$	100	$	149	$	—	$	—	$	—	$	249	—	%
Construction	3,305		540		—		144		—		3,989		0.4	%
Residential real estate:
1-to-4 family mortgage	—		463		1,833		—		—		2,296		0.1	%





Consumer and other	—		—		—		—		63		63		—	%
Total	$	3,405	$	1,152	$	1,833	$	144	$	63	$	6,597	0.1	%


Three Months Ended June 30, 2024	Term extension		Payment deferral and term extension		Interest rate reduction and term extension		Total		% of total class of financing receivables









Consumer and other	18		—		98		116		—	%
Total	$	18	$	—	$	98	$	116	—	%


Six Months Ended June 30, 2024	Term extension		Payment deferral and term extension		Interest rate reduction and term extension		Total		% of total class of financing receivables

Construction	$	—	$	14,236	$	—	$	14,236	1.2	%




Commercial real estate:

Non-owner occupied	10,351		—		—		10,351		0.5	%
Consumer and other	40		—		98		138		—	%
Total	$	10,391	$	14,236	$	98	$	24,725	0.3	%

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:


Three Months Ended June 30, 2025	Weighted average term extension (in months)	Weighted average payment deferral (in months)
Commercial and industrial	4	4
Construction	4	4
Residential real estate:
1-to-4 family mortgage	300	4


Six months ended June 30, 2025	Weighted average term extension (in months)	Weighted average payment deferral (in months)	Weighted average interest rate reduction
Commercial and industrial	23	4	—%
Construction	4	4	2.50%
Residential real estate:
1-to-4 family mortgage	300	4	—%





Consumer and other	13	—	2.00%

Three Months Ended June 30, 2024

Weighted average term extension
(in months)

Weighted average interest rate reduction

Consumer and other

21

1.49%


Six Months Ended June 30, 2024	Weighted average term extension (in months)	Weighted average payment deferral (in months)	Weighted average interest rate reduction

Construction	6	3	—%




Commercial real estate:

Non-owner occupied	6	—	—
Consumer and other	25	—	1.49%

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. During the six months ended June 30, 2025, consumer and other loans of $63 defaulted that were previously modified in the prior 12 months by receiving a combination of interest rate reduction and term extension. In addition, during the six months ended June 30, 2025, construction loans of $143 defaulted that were previously modified in the prior 12 months by receiving a term extension. No financing receivables modified in the preceding twelve months had a payment default during the three months ended June 30, 2025 nor three and six months ended June 30, 2024. At June 30, 2025 and December 31, 2024, the Company did not have any material commitments to lend additional funds to borrowers whose loans were classified as a FDM loan.

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 June 30, 2025 and 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months.


June 30, 2025	30-89 days past due and accruing interest		90 days or more and accruing interest		Nonaccrual loans(1)		Loans current on payments and accruing interest		Total
Commercial and industrial	$	—	$	—	$	—	$	249	$	249
Construction	—		—		5,312		683		5,995
Residential real estate:
1-to-4 family mortgage	367		—		—		2,609		2,976
Residential line of credit	—		—		—		29		29

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

Consumer and other	—		—		—		62		62
Total	$	367	$	—	$	5,312	$	3,632	$	9,311

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


June 30, 2024	30-89 days past due and accruing interest		90 days or more and accruing interest		Nonaccrual loans(1)		Loans current on payments and accruing interest		Total

Construction	$	—	$	—	$	—	$	14,236	$	14,236
Residential real estate:
1-to-4 family mortgage	—		—		24		—		24


Commercial real estate:

Non-owner occupied	—		—		—		10,351		10,351
Consumer and other	—		—		—		138		138
Total	$	—	$	—	$	24	$	24,725	$	24,749

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

Collateral-Dependent Loans

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


	June 30, 2025
	Type of Collateral
	Real Estate		Land		Business Assets		Total
Commercial and industrial	$	1,462	$	6	$	12	$	1,480
Construction	32,672		7,147		—		39,819
Residential real estate:
1-to-4 family mortgage	1,745		—		—		1,745

Multi-family mortgage	9,564		—		—		9,564
Commercial real estate:
Owner occupied	—		6,042		1,687		7,729
Non-owner occupied	4,599		—		—		4,599

Total	$	50,042	$	13,195	$	1,699	$	64,936


	December 31, 2024
	Type of Collateral
	Real Estate		Land		Business Assets		Total
Commercial and industrial	$	—	$	—	$	8,492	$	8,492
Construction	22,047		1,653		—		23,700
Residential real estate:
1-to-4 family mortgage	1,843		—		—		1,843
Residential line of credit	148		—		—		148
Multi-family mortgage	9,919		—		—		9,919
Commercial real estate:
Owner occupied	—		6,415		—		6,415
Non-owner occupied	6,886		—		—		6,886

Total	$	40,843	$	8,068	$	8,492	$	57,403

Allowance for Credit Losses on Loans HFI

As of June 30, 2025, the Company made changes to the estimation techniques and certain related inputs and assumptions used in estimating its expected credit losses on its loan portfolios and unfunded commitments. Prior to the changes, the Company primarily used a lifetime loss rate model to determine the allowance for credit losses. Following a periodic review of its credit loss estimation process, the Company concluded that a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, is a more preferred approach for estimating expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. The applicable CECL estimation technique is used to estimate the expected credit loss for off-balance sheet commitments for each loan segment. As part of the updates to estimation techniques, management updated certain related inputs and assumptions used to estimate the expected credit loss. The Company determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to the Company’s historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.

The changes in the estimation techniques and certain related inputs and assumptions used in the determination of the Company’s expected credit losses on its loan portfolio and unfunded commitments did not have a material impact to the Company’s operating results and financial condition. The provision for credit losses for the three and six months ended June 30, 2025, reflects this change in estimate and is accounted for prospectively. Refer to Note 1, “Basis of presentation” in the financial statements for further specific information on the changes.

The Company performed evaluations within its updated qualitative framework, assessing for information not otherwise captured in model loss estimation process. The Company considers the qualitative factors that are relevant to the institution as of the reporting date, which may include, but are not limited to: levels of and trends in delinquencies and performance of loans; levels of and trends in write-offs and recoveries collected; trends in volume and terms of loans; effects of any changes in reasonable and supportable economic forecasts; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and expertise; available relevant information sources that contradict the Company’s own forecast; effects of changes in prepayment expectations or other factors affecting assessments of loan contractual terms; industry conditions; and effects of changes in credit concentrations. The decrease in the allowance for credit losses on loans HFI as of June 30, 2025 compared with December 31, 2024 is primarily the result of the change in the CECL loss estimation methodology and net charge-off activity, partially offset by an increase in the provision for credit losses on loans HFI. The increase in the provision for credit losses on HFI was driven primarily by changes in balances of the underlying loan portfolio coupled with changes in the economic forecast assumptions.

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


	Commercial and industrial		Construction		1-to-4 family residential mortgage		Residential line of credit		Multi-family residential mortgage		Commercial real estate owner occupied		Commercial real estate non-owner occupied		Consumer and other		Total
Three Months Ended June 30, 2025
Beginning balance - March 31, 2025	$	15,521	$	25,652	$	26,200	$	11,196	$	11,416	$	12,074	$	28,319	$	20,153	$	150,531
Loans charged off	(70)		—		(433)		—		—		—		—		(951)		(1,454)
Recoveries of loans previously charged-off	173		—		11		1		—		9		528		251		973
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 (reversal of) credit losses on loans HFI	1,143		901		1,767		902		(780)		930		(797)		1,680		5,746
Ending balance - June 30, 2025	$	20,271	$	21,848	$	30,262	$	8,671	$	10,894	$	11,939	$	26,303	$	18,760	$	148,948
Six Months Ended June 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
Loans charged-off	(2,971)		—		(436)		—		—		(17)		—		(1,923)		(5,347)
Recoveries of loans previously charged-off	215		—		20		1		—		30		529		754		1,549
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 (reversal of) credit losses on loans HFI	2,856		(5,145)		2,621		1,146		124		1,007		1,990		3,053		7,652


Ending balance - June 30, 2025	$	20,271	$	21,848	$	30,262	$	8,671	$	10,894	$	11,939	$	26,303	$	18,760	$	148,948


	Commercial and industrial		Construction		1-to-4 family residential mortgage		Residential line of credit		Multi-family residential mortgage		Commercial real estate owner occupied		Commercial real estate non-owner occupied		Consumer and other		Total
Three Months Ended June 30, 2024
Beginning balance - March 31 2024	$	17,272	$	37,308	$	26,128	$	9,918	$	8,973	$	10,749	$	23,949	$	17,370	$	151,667
Loans charged off	(26)		—		(293)		—		—		—		—		(594)		(913)
Recoveries of loans previously charged-off	20		—		10		—		—		188		—		143		361
Provision for (reversal of) credit losses on loans HFI	5,264		(3,138)		(214)		179		(163)		375		594		1,043		3,940
Ending balance - June 30, 2024	$	22,530	$	34,170	$	25,631	$	10,097	$	8,810	$	11,312	$	24,543	$	17,962	$	155,055
Six Months Ended June 30, 2024
Beginning balance - December 31, 2023	$	19,599	$	35,372	$	26,505	$	9,468	$	8,842	$	10,653	$	22,965	$	16,922	$	150,326
Loans charged-off	(69)		(92)		(293)		(20)		—		—		—		(1,366)		(1,840)
Recoveries of loans previously charged-off	34		—		66		—		—		228		—		449		777
Provision for (reversal of) credit losses on loans HFI	2,966		(1,110)		(647)		649		(32)		431		1,578		1,957		5,792
Ending balance - June 30, 2024	$	22,530	$	34,170	$	25,631	$	10,097	$	8,810	$	11,312	$	24,543	$	17,962	$	155,055

Other Real Estate Owned

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Other Real Estate Owned

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 six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Balance at beginning of period	$	3,326	$	3,613	$	4,409	$	3,192
Transfers from loans	1,230		1,647		3,297		2,400



Proceeds from sale of other real estate owned	(1,744)		(1,045)		(4,412)		(1,434)
Gain (loss) on sale of other real estate owned	225		(42)		(257)		15

Write-downs and partial liquidations	(39)		—		(39)		—
Balance at end of period	$	2,998	$	4,173	$	2,998	$	4,173

Included within the other real estate owned balance above, foreclosed residential real estate properties totaled $1,562 and $2,880 as of June 30, 2025 and December 31, 2024, respectively.

The recorded investment in residential mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $4,976 and $7,652 as of June 30, 2025 and December 31, 2024, respectively.

Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

As of June 30, 2025, the Company was the lessee in 47 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 June 30, 2025 and December 31, 2024:


		June 30,			December 31,

	Classification	2025			2024
Right-of-use assets:
Operating leases	Operating lease right-of-use assets	$	47,764		$	47,963
Finance leases	Premises and equipment, net	1,090			1,145
Total right-of-use assets		$	48,854		$	49,108
Lease liabilities:
Operating leases	Operating lease liabilities	$	59,289		$	60,024
Finance leases	Borrowings	1,179			1,229
Total lease liabilities		$	60,468		$	61,253
Weighted average remaining lease term (in years) - operating		10.7			11.0
Weighted average remaining lease term (in years) - finance		9.9			10.4
Weighted average discount rate - operating		3.54		%	3.47		%
Weighted average discount rate - finance		1.76		%	1.76		%

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


		Three Months Ended				Six Months Ended
		June 30,				June 30,
	Classification	2025		2024		2025		2024
Operating lease costs:
Amortization of right-of-use asset	Occupancy and equipment	$	1,945	$	1,759	$	3,823	$	3,686
Short-term lease cost	Occupancy and equipment	74		89		159		186
Variable lease cost	Occupancy and equipment	475		367		969		703


Finance lease costs:
Interest on lease liabilities	Interest expense on borrowings	5		5		10		11
Amortization of right-of-use asset	Occupancy and equipment	28		27		55		55

Sublease income	Occupancy and equipment	(215)		(139)		(420)		(311)
Total lease cost		$	2,312	$	2,108	$	4,596	$	4,330

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 June 30, 2025 is as follows:


	Operating		Finance
	Leases		Lease
Lease payments due:
June 30, 2026	$	4,330	$	61
June 30, 2027	8,660		123
June 30, 2028	8,207		125
June 30, 2029	7,259		127
June 30, 2030	6,264		129
Thereafter	37,636		721
Total undiscounted future minimum lease payments	72,356		1,286
Less: imputed interest	(13,067)		(107)
Lease liabilities	$	59,289	$	1,179

Leases

As of June 30, 2025, the Company was the lessee in 47 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 June 30, 2025 and December 31, 2024:


		June 30,			December 31,

	Classification	2025			2024
Right-of-use assets:
Operating leases	Operating lease right-of-use assets	$	47,764		$	47,963
Finance leases	Premises and equipment, net	1,090			1,145
Total right-of-use assets		$	48,854		$	49,108
Lease liabilities:
Operating leases	Operating lease liabilities	$	59,289		$	60,024
Finance leases	Borrowings	1,179			1,229
Total lease liabilities		$	60,468		$	61,253
Weighted average remaining lease term (in years) - operating		10.7			11.0
Weighted average remaining lease term (in years) - finance		9.9			10.4
Weighted average discount rate - operating		3.54		%	3.47		%
Weighted average discount rate - finance		1.76		%	1.76		%

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


		Three Months Ended				Six Months Ended
		June 30,				June 30,
	Classification	2025		2024		2025		2024
Operating lease costs:
Amortization of right-of-use asset	Occupancy and equipment	$	1,945	$	1,759	$	3,823	$	3,686
Short-term lease cost	Occupancy and equipment	74		89		159		186
Variable lease cost	Occupancy and equipment	475		367		969		703


Finance lease costs:
Interest on lease liabilities	Interest expense on borrowings	5		5		10		11
Amortization of right-of-use asset	Occupancy and equipment	28		27		55		55

Sublease income	Occupancy and equipment	(215)		(139)		(420)		(311)
Total lease cost		$	2,312	$	2,108	$	4,596	$	4,330

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 June 30, 2025 is as follows:


	Operating		Finance
	Leases		Lease
Lease payments due:
June 30, 2026	$	4,330	$	61
June 30, 2027	8,660		123
June 30, 2028	8,207		125
June 30, 2029	7,259		127
June 30, 2030	6,264		129
Thereafter	37,636		721
Total undiscounted future minimum lease payments	72,356		1,286
Less: imputed interest	(13,067)		(107)
Lease liabilities	$	59,289	$	1,179

Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2025

Transfers and Servicing of Financial Assets [Abstract]

Mortgage Servicing Rights

Mortgage servicing rights

Changes in the Company’s mortgage servicing rights were as follows for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024


Carrying value at beginning of period	$	156,379	$	165,674	$	162,038	$	164,249
Capitalization	1,228		1,518		1,649		2,649





Change in fair value:
Due to payoffs/paydowns	(3,154)		(3,825)		(6,265)		(6,549)
Due to change in valuation inputs or assumptions	(989)		1,138		(3,958)		4,156
Carrying value at end of period	$	153,464	$	164,505	$	153,464	$	164,505

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 six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Servicing income	$	6,936	$	7,316	$	14,013	$	14,663
Change in fair value of mortgage servicing rights	(4,143)		(2,687)		(10,223)		(2,393)
Change in fair value of derivative hedging instruments	(88)		(1,649)		2,923		(4,984)
Servicing income	2,705		2,980		6,713		7,286
Servicing expenses	1,843		1,933		3,565		3,880
Net servicing income	$	862	$	1,047	$	3,148	$	3,406

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 June 30, 2025 and December 31, 2024 are as follows:


	June 30,			December 31,

	2025			2024
Unpaid principal balance of mortgage loans sold and serviced for others	$	9,901,599		$	10,235,048
Weighted-average prepayment speed (CPR)	6.43		%	6.04		%
Estimated impact on fair value of a 10% increase	$	(4,266)		$	(4,213)
Estimated impact on fair value of a 20% increase	$	(8,263)		$	(8,168)


Discount rate	9.68		%	10.2		%
Estimated impact on fair value of a 100 bp increase	$	(7,195)		$	(7,515)
Estimated impact on fair value of a 200 bp increase	$	(13,782)		$	(14,397)


Weighted-average coupon interest rate	3.62		%	3.59		%
Weighted-average servicing fee (basis points)	27			27
Weighted-average remaining maturity (in months)	337			336

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 9, “Derivatives” for additional information on these derivative instruments.

As of June 30, 2025 and December 31, 2024, the Company held mortgage escrow deposits totaling $114,704 and $68,995, respectively, related to loans sold with servicing retained.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

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


	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Federal taxes calculated at statutory rate	$	(2,045)	21.0	%	$	10,691	21.0	%	$	8,210	21.0	%	$	17,883	21.0	%
(Decrease) increase resulting from:
State taxes, net of federal benefit	(212)		2.2	%	77		0.1	%	247		0.6	%	210		0.2	%


(Benefit) expense from stock-based compensation	(246)		2.5	%	21		—	%	(379)		(1.0)	%	76		0.1	%
Municipal interest income, net of interest disallowance	(417)		4.3	%	(328)		(0.6)	%	(813)		(2.1)	%	(701)		(0.8)	%
Bank-owned life insurance	(89)		0.9	%	(521)		(1.0)	%	(183)		(0.5)	%	(611)		(0.7)	%


Section 162(m) limitation	99		(1.0)	%	44		0.1	%	685		1.8	%	204		0.2	%
Expiration of the statute of limitations	(8,713)		89.5	%	—		—	%	(8,713)		(22.3)	%	—		—	%
Interest on refunds	(1,645)		16.9	%	—		—	%	(2,591)		(6.6)	%	—		—	%
Other	616		(6.3)	%	935		1.8	%	356		1.0	%	158		0.2	%
Income tax (benefit) expense, as reported	$	(12,652)	130.0	%	$	10,919	21.4	%	$	(3,181)	(8.1)	%	$	17,219	20.2	%

For the three and six months ended June 30, 2025, a one-time 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 type 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.


	June 30,		December 31,

	2025		2024
Commitments to extend credit, excluding interest rate lock commitments	$	2,861,685	$	2,770,105
Letters of credit	62,260		69,855
Balance at end of period	$	2,923,945	$	2,839,960

As of June 30, 2025 and December 31, 2024, unfunded loan commitments included above with floating interest rates totaled $2,665,614 and $2,573,218, respectively.

As of June 30, 2025, a discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, was utilized to estimate the expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. The Company determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses. See “Note 1, “Basis of presentation” for further discussion on the change in estimate. The changes are accounted for as a change in

estimate included in the provision for credit losses and did not have a material impact to the Company's operating results and financial condition.

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Balance at beginning of period	$	6,493	$	7,700	$	6,107	$	8,770


Impact of change in accounting estimate for current expected credit losses	6,452		—		6,452		—
(Reversal of) provision for credit losses on unfunded commitments	(13)		(1,716)		373		(2,786)
Balance at end of period	$	12,932	$	5,984	$	12,932	$	5,984

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 $2,018 and $3,251 for the three and six months ended June 30, 2025, respectively and $1,433 and $3,511 for the three and six months ended June 30, 2024, respectively.

The Company maintains a reserve associated with potential losses on loans previously sold included in accrued expenses and other liabilities on the Company's consolidated balance sheets. The following table summarizes this activity:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Balance at beginning of period	$	659	$	930	$	697	$	899
Provision for loan repurchases or indemnifications	77		75		95		125

Losses on loans repurchased or indemnified	(73)		(194)		(129)		(213)
Balance at end of period	$	663	$	811	$	663	$	811

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.

Derivatives

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 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, 2024 for additional information on the Company’s accounting policies related to derivative instruments and hedging activities.

Derivatives designated as fair value hedges

The Company periodically enters into fair value hedging relationships using interest rates swaps to mitigate the Company’s exposure to losses in market value as interest rates change. Derivative instruments that are used as part of the Company’s interest rate risk management strategy include interest rate swaps that relate to pricing of specific balance sheet assets and liabilities. Interest rate swaps generally involve the exchange of fixed and variable rate interest payments between two parties, based on a common notional principal amount and maturity date. The critical terms of the interest

rate swaps match the terms of the corresponding hedged items. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Any initial and ongoing assessment of expected hedge effectiveness is based on regression analysis.

At both June 30, 2025 and December 31, 2024, the Company did not hold any interest rate swaps designated as fair value hedges. The Company did hold interest rate swaps designated as fair value hedges for a period of time during the six months ended June 30, 2024.

During the three and six months ended June 30, 2024, the Company had $1,752 and $3,595, respectively, of amortization expense in interest expense on deposits related to terminated fair value hedges. During the six months ended June 30, 2024, there was $645 of expense included in interest expense on borrowings related to fair value hedges. There was no such expense for the three months ended June 30, 2024.

Derivatives designated as cash flow hedges

The Company periodically enters into cash flow hedging relationships using interest rate swaps to mitigate the exposure to the variability in future cash flows or other forecast transactions associated with its floating rate assets and liabilities. The Company uses interest rate swap agreements to hedge the repricing characteristics of its floating rate subordinated debt. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Any initial and ongoing assessment of expected hedge effectiveness is based on regression analysis. The ongoing periodic measures of hedge ineffectiveness are based on the expected change in cash flows of the hedged item caused by changes in the benchmark interest rate.

At both June 30, 2025 and December 31, 2024, the Company did not have any interest rate swaps that were designated as cash flow hedges. The Company did hold interest rate swaps designated as cash flow hedges during the six months ended June 30, 2024.

The Company’s consolidated statements of income included income of $275 and $522 for the three and six months ended June 30, 2024 in interest expense on borrowings related to these cash flow hedges, respectively. The cash flow hedges were highly effective during this period and as a result qualified for hedge accounting treatment. As such, no amounts were reclassified from accumulated other comprehensive loss into earnings as a result of hedge ineffectiveness during the period.

For the three and six months ended June 30, 2024, the Company had a loss of $195 and $369, respectively, in other comprehensive income, net of tax benefit of $68 and $130, respectively, for derivative instruments designated as cash flow hedges. No such activity was recorded during the three and six months ended June 30, 2025.

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:


	June 30, 2025
	Notional Amount		Asset		Liability

Interest rate contracts	$	598,390	$	23,135	$	23,194
Forward commitments	236,000		—		638
Interest rate-lock commitments	127,004		2,322		—
Futures contracts	185,000		2,109		—

Total	$	1,146,394	$	27,566	$	23,832


	December 31, 2024
	Notional Amount		Asset		Liability

Interest rate contracts	$	565,152	$	29,298	$	29,377
Forward commitments	140,000		6		—
Interest rate-lock commitments	65,687		647		—
Futures contracts	217,000		—		3,006

Total	$	987,839	$	29,951	$	32,383

Gains (losses) included in the consolidated statements of income related to the Company’s non-designated derivative financial instruments were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Included in mortgage banking income:
Interest rate lock commitments	$	254	$	(693)	$	1,675	$	176
Forward commitments	(114)		334		(323)		434
Futures contracts	(180)		(1,402)		2,131		(4,399)

Total	$	(40)	$	(1,761)	$	3,483	$	(3,789)

Netting of Derivative Instruments

Certain financial instruments, including derivatives, may be eligible for offset on the consolidated balance sheets when the “right of offset” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements, however the Company has not elected to offset such financial instruments on the consolidated balance sheets. The following table presents the Company’s gross derivative positions as recognized on the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:













							Gross amounts not offset on the consolidated balance sheets
	Gross amounts recognized		Gross amounts offset on the consolidated balance sheets		Net amounts presented on the consolidated balance sheets		Financial instruments		Financial collateral pledged		Net Amount
June 30, 2025
Derivative financial assets	$	18,093	$	—	$	18,093	$	5,104	$	—	$	12,989
Derivative financial liabilities	$	10,503	$	—	$	10,503	$	5,104	$	5,399	$	—

December 31, 2024
Derivative financial assets	$	28,379	$	—	$	28,379	$	1,030	$	—	$	27,349
Derivative financial liabilities	$	9,144	$	—	$	9,144	$	1,030	$	8,114	$	—

Collateral Requirements

Most derivative contracts with customers are secured by collateral. Additionally, in accordance with the interest rate agreements with derivative counterparties, the Company may be required to post collateral with these derivative counterparties. As of June 30, 2025 and December 31, 2024, the Company had collateral posted of $24,209 and $20,961, respectively, against its obligations under these agreements. Cash pledged as collateral on derivative contracts is recorded in other assets on the consolidated balance sheets.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair value of financial instruments

FASB 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 that are derived from assumptions based on management’s estimate of assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances.

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 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 are based upon fair values provided from entities that engage in interest rate swap activity and is based upon 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, the difference between current levels of interest rates and the committed rates is also considered. The fair values of the Company's designated cash flow and fair value hedges are determined by calculating the difference between the discounted fixed rate cash flows and the discounted variable rate cash flows. The fair values of both the Company's hedges, including designated cash flow hedges and designated fair value hedges are based on pricing models that utilize 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, based on current information and events, the Company has determined foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral and it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Collateral-dependent loans are classified as Level 3.

The balances and levels of the assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 are presented in the following tables:


At June 30, 2025	Quoted prices in active markets for identical assets (liabilities) (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Total
Recurring valuations:
Financial assets:
AFS debt securities:
U.S. government agency securities	$	—	$	642,264	$	—	$	642,264
Mortgage-backed securities - residential	—		541,343		—		541,343
Mortgage-backed securities - commercial	—		8,752		—		8,752
Municipal securities	—		144,228		—		144,228

Corporate securities	—		978		—		978

Total securities	$	—	$	1,337,565	$	—	$	1,337,565
Loans held for sale, at fair value	$	—	$	123,235	$	—	$	123,235
Mortgage servicing rights	—		—		153,464		153,464
Derivatives	—		27,566		—		27,566
Financial Liabilities:
Derivatives	—		23,832		—		23,832


At December 31, 2024	Quoted prices in active markets for identical assets (liabilities) (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)		Total
Recurring valuations:
Financial assets:
AFS debt securities:
U.S. government agency securities	$	—	$	563,007	$	—	$	563,007
Mortgage-backed securities - residential	—		810,999		—		810,999
Mortgage-backed securities - commercial	—		14,857		—		14,857
Municipal securities	—		147,857		—		147,857
U.S. Treasury securities	—		299		—		299
Corporate securities	—		989		—		989

Total securities	$	—	$	1,538,008	$	—	$	1,538,008
Loans held for sale, at fair value	$	—	$	95,403	$	—	$	95,403
Mortgage servicing rights	—		—		162,038		162,038
Derivatives	—		29,951		—		29,951
Financial Liabilities:
Derivatives	—		32,383		—		32,383

The balances and levels of the assets measured at fair value on a nonrecurring basis as of June 30, 2025 and December 31, 2024 are presented in the following tables:


At June 30, 2025	Quoted 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	$	—	$	—	$	1,602	$	1,602
Collateral-dependent net loans held for investment:

Construction	—		—		16,908		16,908
Residential real estate:


Multifamily	—		—		8,661		8,661




Total collateral-dependent loans	$	—	$	—	$	25,569	$	25,569


At December 31, 2024	Quoted 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	$	—	$	—	$	2,873	$	2,873
Collateral-dependent net loans held for investment:
Commercial and industrial	$	—	$	—	$	694	$	694
Construction	—		—		20,818		20,818
Residential real estate:


Multifamily	—		—		9,000		9,000




Total collateral-dependent loans	$	—	$	—	$	30,512	$	30,512

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 six months ended June 30, 2025 and 2024 are detailed at Note 6, “Mortgage servicing rights.”

The following tables present information as of June 30, 2025 and December 31, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

June 30, 2025

Financial instrument

Fair Value

Valuation technique

Significant
unobservable inputs

Range of
inputs

Collateral-dependent net loans
held for investment

$

25,569

Valuation of collateral

Discount for comparable sales

10%-42%

Other real estate owned

$

1,602

Appraised value of property less costs to sell

Discount for costs to sell

0%-10%

December 31, 2024

Financial instrument

Fair Value

Valuation technique

Significant
unobservable inputs

Range of
inputs

Collateral-dependent net loans
held for investment

$

30,512

Valuation of collateral

Discount for comparable sales

10%-40%

Other real estate owned

$

2,873

Appraised value of property less costs to sell

Discount 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 June 30, 2025 and December 31, 2024, total amortized cost of collateral-dependent loans measured on a nonrecurring basis amounted to $27,059 and $34,712, 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 resulting fair value in comparison with independent data sources such as recent market data or industry wide statistics. Collateral-dependent loans that are dependent on recovery through sale of equipment, such as farm equipment, automobiles and aircrafts 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:


	June 30,		December 31,

	2025		2024
Loans held for sale under a fair value option:


Mortgage loans held for sale	123,235		95,403

Loans held for sale not accounted for under a fair value option:
Mortgage loans held for sale - guaranteed GNMA repurchase option	20,977		31,357
Total loans held for sale	$	144,212	$	126,760

Mortgage loans held for sale

Net losses of $372 and net gains of $1,828 resulting from fair value changes of mortgage loans held for sale were recorded in income during the three and six months ended June 30, 2025, respectively, compared to net gains of $353 and $556 during the three and six months ended June 30, 2024, respectively. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans held for sale. The net change in fair value of these loans held for sale and derivatives resulted in a net loss of $876 and a net gain of $1,940 for the three and six months ended June 30, 2025, respectively, compared to a net loss of $4 and a net gain of $1,817 during the three and six months ended June 30, 2024, 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 is 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 June 30, 2025 and December 31, 2024:


	June 30,		December 31,

	2025		2024
Aggregate fair value	$	123,235	$	95,403
Aggregate unpaid principal balance	119,922		93,918
Difference	$	3,313	$	1,485

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
June 30, 2025	Carrying amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,165,729	$	1,165,729	$	—	$	—	$	1,165,729
Investment securities	1,337,565		—		1,337,565		—		1,337,565
Net loans held for investment	9,725,334		—		—		9,555,265		9,555,265
Loans held for sale, at fair value	123,235		—		123,235		—		123,235
Interest receivable	50,386		304		7,325		42,757		50,386
Mortgage servicing rights	153,464		—		—		153,464		153,464
Derivatives	27,566		—		27,566		—		27,566
Financial liabilities:
Deposits:
Without stated maturities	$	9,163,006	$	9,163,006	$	—	$	—	$	9,163,006
With stated maturities	2,240,464		—		2,235,505		—		2,235,505
Securities sold under agreements to repurchase and federal funds purchased	11,431		11,431		—		—		11,431


Subordinated debt, net	130,898		—		—		128,021		128,021

Interest payable	21,891		3,785		16,606		1,500		21,891
Derivatives	23,832		—		23,832		—		23,832


	Fair Value
December 31, 2024	Carrying amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,042,488	$	1,042,488	$	—	$	—	$	1,042,488
Investment securities	1,538,008		—		1,538,008		—		1,538,008
Net loans held for investment	9,450,442		—		—		9,221,311		9,221,311
Loans held for sale, at fair value	95,403		—		95,403		—		95,403
Interest receivable	49,611		629		8,012		40,970		49,611
Mortgage servicing rights	162,038		—		—		162,038		162,038
Derivatives	29,951		—		29,951		—		29,951
Financial liabilities:
Deposits:
Without stated maturities	$	9,361,140	$	9,361,140	$	—	$	—	$	9,361,140
With stated maturities	1,849,294		—		1,846,989		—		1,846,989
Securities sold under agreements to repurchase and federal funds purchased	13,499		13,499		—		—		13,499

Subordinated debt, net	130,704		—		—		126,684		126,684

Interest payable	24,182		3,759		18,923		1,500		24,182
Derivatives	32,383		—		32,383		—		32,383

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Segment reporting

The Company and the Bank are engaged in the business of banking and provide a full range of financial services. 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.

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 and 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 six months ended June 30, 2025 and 2024.


Three Months Ended June 30, 2025	Banking(3)		Mortgage		Consolidated
Interest income	$	180,960	$	1,124	$	182,084
Interest expense	72,051		(1,382)		70,669
Net interest income	108,909		2,506		111,415
Provisions for credit losses	582		4,755		5,337
Net interest income (loss) after provision for credit losses	108,327		(2,249)		106,078
Mortgage banking income	—		17,260		17,260
Change in fair value of mortgage servicing rights, net of hedging(1)	—		(4,231)		(4,231)
Other noninterest (loss) income	(47,720)		139		(47,581)
Total noninterest (loss) income	(47,720)		13,168		(34,552)
Salaries, commissions and employee benefits	38,635		7,996		46,631
Merger and integration costs	2,734		—		2,734
Depreciation and amortization	2,849		19		2,868
Amortization of intangibles	631		—		631

Other noninterest expense(2)	22,481		5,916		28,397
Total noninterest expense	67,330		13,931		81,261
Loss before income taxes	$	(6,723)	$	(3,012)	$	(9,735)
Income tax benefit					(12,652)
Net income applicable to FB Financial Corporation and noncontrolling interest					2,917
Net income applicable to noncontrolling interest(3)					8
Net income applicable to FB Financial Corporation					$	2,909
Total assets	$	12,736,830	$	617,408	$	13,354,238
Goodwill	242,561		—		242,561

(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.

(2) 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.

(3) Banking segment includes noncontrolling interest.


Six Months Ended June 30, 2025	Banking(3)		Mortgage		Consolidated
Interest income	$	359,875	$	1,915	$	361,790
Interest expense	145,207		(2,473)		142,734
Net interest income	214,668		4,388		219,056
Provisions for credit losses	2,771		4,858		7,629
Net interest income (loss) after provision for credit losses	211,897		(470)		211,427
Mortgage banking income	—		32,755		32,755
Change in fair value of mortgage servicing rights, net of hedging(1)	—		(7,300)		(7,300)
Other noninterest (loss) income	(37,060)		85		(36,975)
Total noninterest (loss) income	(37,060)		25,540		(11,520)
Salaries, commissions and employee benefits	80,104		14,878		94,982
Merger and integration costs	3,135		—		3,135
Depreciation and amortization	5,592		43		5,635
Amortization of intangibles	1,287		—		1,287

Other noninterest expense(2)	44,121		11,650		55,771
Total noninterest expense	134,239		26,571		160,810
Income (loss) before income taxes	$	40,598	$	(1,501)	$	39,097
Income tax benefit					(3,181)
Net income applicable to FB Financial Corporation and noncontrolling interest					42,278
Net income applicable to noncontrolling interest(3)					8
Net income applicable to FB Financial Corporation					$	42,270
Total assets	$	12,736,830	$	617,408	$	13,354,238
Goodwill	242,561		—		242,561

(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.

(2) 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.

(3) Banking segment includes noncontrolling interest.


Three Months Ended June 30, 2024	Banking(3)		Mortgage		Consolidated
Interest income	$	177,570	$	(157)	$	177,413
Interest expense	76,377		(1,579)		74,798
Net interest income	101,193		1,422		102,615
Provisions for (reversals of) credit losses	2,432		(208)		2,224
Net interest income after provision for credit losses	98,761		1,630		100,391
Mortgage banking income	—		16,246		16,246
Change in fair value of mortgage servicing rights, net of hedging(1)	—		(4,336)		(4,336)
Other noninterest income	13,477		221		13,698
Total noninterest income	13,477		12,131		25,608
Salaries, commissions and employee benefits	38,793		7,432		46,225
Depreciation and amortization	2,745		116		2,861
Amortization of intangibles	752		—		752

Other noninterest expense(2)	19,888		5,367		25,255
Total noninterest expense	62,178		12,915		75,093
Income before income taxes	$	50,060	$	846	$	50,906
Income tax expense					10,919


Net income applicable to FB Financial Corporation and noncontrolling interest					39,987
Net income applicable to noncontrolling interest(3)					8
Net income applicable to FB Financial Corporation					$	39,979
Total assets	$	11,947,550	$	587,619	$	12,535,169
Goodwill	242,561		—		242,561

(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.

(2) 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.

(3) Banking segment includes noncontrolling interest.


Six Months Ended June 30, 2024	Banking(3)		Mortgage		Consolidated
Interest income	$	353,990	$	(449)	$	353,541
Interest expense	154,335		(2,899)		151,436
Net interest income	199,655		2,450		202,105
Provisions for (reversals of) credit losses	3,270		(264)		3,006
Net interest income after provision for credit losses	196,385		2,714		199,099
Mortgage banking income	—		31,872		31,872
Change in fair value of mortgage servicing rights, net of hedging(1)	—		(7,377)		(7,377)
Other noninterest income	8,683		392		9,075
Total noninterest income	8,683		24,887		33,570
Salaries, commissions and employee benefits	76,583		14,260		90,843
Depreciation and amortization	5,453		249		5,702
Amortization of intangibles	1,541		—		1,541

Other noninterest expense(2)	38,795		10,632		49,427
Total noninterest expense	122,372		25,141		147,513
Income before income taxes	$	82,696	$	2,460	$	85,156
Income tax expense					17,219


Net income applicable to FB Financial Corporation and noncontrolling interest					67,937
Net income applicable to noncontrolling interest(3)					8
Net income applicable to FB Financial Corporation					$	67,929
Total assets	$	11,947,550	$	587,619	$	12,535,169
Goodwill	242,561		—		242,561

(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.

(2) 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.

(3) Banking segment includes noncontrolling interest.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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+ Details

Minimum Capital Requirements

6 Months Ended

Jun. 30, 2025

Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]

Minimum Capital Requirements

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 June 30, 2025 and December 31, 2024, 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.

Actual and required capital amounts and ratios are included below as of the dates indicated.


June 30, 2025	Actual				Minimum Requirement for Capital Adequacy with Capital Buffer			To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio		Amount		Ratio

Total Capital (to risk-weighted assets)
FB Financial Corporation	$	1,704,465	14.7	%		$	1,217,516	10.5	%	N/A		N/A
FirstBank	1,634,335		14.2	%		1,206,440		10.5	%	$	1,148,990	10.0	%
Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation	$	1,459,289	12.6	%		$	985,608	8.5	%	N/A		N/A
FirstBank	1,390,461		12.1	%		976,642		8.5	%	$	919,192	8.0	%
Common Equity Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation	$	1,429,289	12.3	%		$	811,677	7.0	%	N/A		N/A
FirstBank	1,390,461		12.1	%		804,293		7.0	%	$	746,844	6.5	%
Tier 1 Capital (to average assets)
FB Financial Corporation	$	1,459,289	11.3	%		$	516,088	4.0	%	N/A		N/A
FirstBank	1,390,461		10.8	%		514,782		4.0	%	$	643,478	5.0	%


December 31, 2024	Actual				Minimum Requirement for Capital Adequacy with Capital Buffer			To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions
	Amount		Ratio			Amount		Ratio		Amount		Ratio

Total Capital (to risk-weighted assets)
FB Financial Corporation	$	1,721,941	15.2	%		$	1,187,163	10.5	%	N/A		N/A
FirstBank	1,650,305		14.7	%		1,175,095		10.5	%	$	1,119,138	10.0	%
Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation	$	1,480,722	13.1	%		$	961,037	8.5	%	N/A		N/A
FirstBank	1,410,505		12.6	%		951,267		8.5	%	$	895,310	8.0	%
Common Equity Tier 1 Capital (to risk-weighted assets)
FB Financial Corporation	$	1,450,722	12.8	%		$	791,442	7.0	%	N/A		N/A
FirstBank	1,410,505		12.6	%		783,397		7.0	%	$	727,440	6.5	%
Tier 1 Capital (to average assets)
FB Financial Corporation	$	1,480,722	11.3	%		$	522,557	4.0	%	N/A		N/A
FirstBank	1,410,505		10.8	%		521,538		4.0	%	$	651,923	5.0	%
Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation

Restricted Stock Units

The Company grants RSUs under compensation arrangements for the benefit of certain employees 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 six months ended June 30, 2025:




	Restricted Stock Units Outstanding	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	345,436	$	36.71
Granted	148,306	48.50
Vested	(156,509)	37.89
Forfeited	(3,335)	40.57
Balance at end of period (unvested)	333,898	$	41.37

The total fair value of RSUs vested and released was $5,199 and $5,930 for the three and six months ended June 30, 2025, respectively, and $4,621 and $5,289 for the three and six months ended June 30, 2024, respectively.

The compensation cost related to these grants and vesting of RSUs was $1,690 and $4,596 for the three and six months ended June 30, 2025, respectively, and $1,291 and $3,997 for the three and six months ended June 30, 2024, respectively. This includes amounts paid related to director grants and compensation elected to be settled in stock amounting to $231 and $474 during the three and six months ended June 30, 2025, respectively, and $148 and $347 for the three and six months ended June 30, 2024, respectively.

As of June 30, 2025, there was $9,390 of total unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted-average period of 1.99 years. Additionally, as of June 30, 2025, there were 1,194,694 shares available for issuance under the Company’s stock compensation plans. As of June 30, 2025 and December 31, 2024, there was $270 and $344, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying RSUs.

Performance-Based Restricted Stock Units

The Company awards PSUs to certain employees. 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.

For PSUs granted prior to December 31, 2023, performance factors will be based on the Company’s achievement of core return on average tangible common equity over the performance period relative to a predefined peer group.

For PSUs granted after December 31, 2023, performance factors will be based on a combination of the same metric discussed above as well as the Company’s adjusted tangible book value over the performance period.

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.

The following table summarizes information about the changes in PSUs as of and for the six months ended June 30, 2025:






	Performance Stock Units Outstanding(1)	Weighted Average Grant Date Fair Value
Balance at beginning of period (unvested)	223,393	$	38.06
Granted	75,329	49.33
Performance adjustment (2)	348	44.09
Vested	(50,269)	44.09
Forfeited or expired	(943)	39.86
Balance at end of period (unvested)	247,858	$	40.23
(1) PSUs are presented as outstanding, granted and forfeited 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 June 30, 2025:


Grant Year	Grant Price		Performance Period	PSUs Outstanding
2022	$	37.17	2023 to 2025	74,345
2023	$	35.60	2024 to 2026	98,438
2024	$	49.33	2025 to 2027	75,075

The Company recorded compensation cost of $1,292 and $3,217 for the for the three and six months ended June 30, 2025, respectively, and $799 and $913 for the three and six months ended June 30, 2024 respectively. As of June 30, 2025, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $14,812, and the weighted average remaining performance period over which the cost could be recognized was 2.21 years. As of June 30, 2025 and December 31, 2024, there was $214 and $217, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared to be paid 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 on the first or last day of the 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 no shares issued under the ESPP during the three months ended June 30, 2025 or 2024. There were 8,161 and 10,606 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $340 and $388, during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, there were 2,264,203 shares available for issuance under the ESPP.

Related Party Transactions

6 Months Ended

Jun. 30, 2025

Related Party Transactions

Related party transactions

Loans

The Bank has made and expects to continue to make loans to management, executive officers, the directors and significant shareholders of the Company and their related interests in the ordinary course of business, in compliance with regulatory requirements.

An analysis of loans to management, executive officers, the directors and significant shareholders of the Bank and their related interests is presented below:


Loans outstanding at January 1, 2025	$	31,406
New loans and advances	6,166
Change in related party status	—
Repayments	(10,939)
Loans outstanding at June 30, 2025	$	26,633

Unfunded commitments to management, executive officers, the directors, and significant shareholders and their related interests totaled $29,906 and $14,510 at June 30, 2025 and December 31, 2024, respectively.

Deposits

The Bank held deposits from related parties totaling $254,877 and $282,963 as of June 30, 2025 and December 31, 2024, respectively.

Leases

The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. Lease expense for these properties totaled $98 and $200 for the three and six months ended June 30, 2025, respectively, and $121 and $211 for the three and six months ended June 30, 2024, 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 $6 and $25 for the three and six months ended June 30, 2025, respectively, and $19 and $43 for the three and six months ended June 30, 2024, 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 developed 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 $18,516 and $28,010 of loans for the three and six months ended June 30, 2025, respectively, and purchased $17,581 and $26,806 of loans for the three and six months ended June 30, 2024. As of June 30, 2025 and December 31, 2024, the amortized cost of these loans HFI amounted to $112,307 and $86,890, respectively. See Note 2, “Investment securities”, for additional information on this investment.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,909	$ 39,979	$ 42,270	$ 67,929

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Basis of presentation and use of estimates

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.

Reclassifications

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 year, plus an incremental number of common-equivalent shares computed using the treasury stock method.

Allowance for credit losses