FB Financial Corp (Form: 8-K, Received: 01/25/2021 16:22:57)

false000164974900016497492021-01-252021-01-25

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 25, 2021

FB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Tennessee

001-37875

62-1216058

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification Number)

211 Commerce Street, Suite 300

Nashville, Tennessee 37201

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	FBK	New York Stock Exchange

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

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

Item 2.02 Results of Operations and Financial Condition.

On January 25, 2021, FB Financial Corporation (“FB Financial”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2020 (the “Earnings Release”). In addition, FB Financial made available on its website (investors.firstbankonline.com) supplemental financial information for the fourth quarter ended December 31, 2020 (the “Supplemental Financial Information”) and an earnings release presentation (the “Earnings Presentation”) for use in connection with the Earnings Release. Copies of the Earnings Release, the Supplemental Financial Information and the Earnings Presentation are furnished as Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, respectively, to this current report on Form 8-K (this “Report”).

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

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 of this Report is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.


Exhibit Number						Description of Exhibit
99.1						Earnings Release issued January 25, 2021
99.2						Supplemental Financial Information for the quarter ended Dec ember 3 1 , 2020
99.3						Earnings Presentation dated January 26, 2021
104						Cover Page Interactive Data File (formatted as inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	FB FINANCIAL CORPORATION


	By:	/s/ Michael M. Mettee
		Michael M. Mettee
		Chief Financial Officer

Date: January 25, 2021

FB Financial Corporation Reports Fourth Quarter 2020 Results

Reports Q4 net income of $45.6 million, diluted EPS of $0.95, ROAA of 1.63%, and ROAE of 14.4%

Adjusted Q4 net income* of $54.5 million, diluted EPS* of $1.14, ROAA* of 1.95%, and ROAE* of 17.2%

NASHVILLE, TENNESSEE— January 25, 2021--FB Financial Corporation (the "Company") (NYSE: FBK), parent company of FirstBank, reported net income of $45.6 million, or $0.95 per diluted common share, for the fourth quarter of 2020, compared to net income of $21.6 million, or $0.68 per diluted common share, for the fourth quarter of 2019. Adjusting net income to exclude merger costs and other non-operating items, net income was $54.5 million, or $1.14 per diluted common share for the three months ended December 31, 2020, compared to $22.1 million, or $0.70 per diluted common share, for the three months ended December 31, 2019.

For the year ended December 31, 2020, the company reported net income of $63.6 million, or $1.67 per diluted common share, compared to net income of $83.8 million, or $2.65 per diluted common share, for the year ended December 31, 2019. Adjusting net income to exclude merger costs and other non-operating items, net income was $141.9 million, or $3.73 per diluted common share, for the year ended December 31, 2020, compared to adjusted net income of $89.3 million, or $2.83 per diluted common share, for the year ended December 31, 2019. The Company's book value per share increased at year end over the prior year end by $2.79, or 11.4%, and return on tangible common equity was 18.2%. Tangible book value per share increased by $3.09, or 16.7% over the prior year.

President and Chief Executive Officer, Christopher T. Holmes stated, “I am proud of our associates for their focus, commitment and success in the face of the challenges presented during 2020. We closed the transaction combining FirstBank and Franklin Synergy Bank ("Franklin") in the third quarter, making this our first full quarter as a combined organization. We came out of the gate well with an adjusted ROAA of 1.95% and adjusted ROATCE of 21.8% for the quarter.”

Holmes commented further, “We also added significant value for our shareholders by increasing our tangible book value by $3.09 per share during the year. This 16.7% increase comes in addition to providing $108.0 million for loan losses and unfunded commitments during the year, which gives us an allowance for credit losses to loans held for investment of 2.41%, or 2.48%, when excluding our PPP loans.”


	2020						2019			Annualized
(dollars in thousands, expect per share data)	Fourth Quarter			Third Quarter			Fourth Quarter			4Q20 / 3Q20 % Change		4Q20 / 4Q19 % Change
Balance Sheet Highlights
Investment securities	$	1,176,991		$	1,164,910		$	691,676		4.13	%	70.2	%
Mortgage loans held for sale, at fair value	683,770			610,695			262,518			47.6	%	160.5	%
Commercial loans held for sale, at fair value	215,403			241,256			—			(42.6)	%	100.0	%
Loans - held for investment (HFI)	7,082,959			7,213,538			4,409,642			(7.20)	%	60.6	%
Allowance for credit losses	170,389			183,973			31,139			(29.4)	%	447.2	%
Total assets	11,207,330			11,010,438			6,124,921			7.11	%	83.0	%
Customer deposits	9,396,478			9,001,673			4,914,587			17.4	%	91.2	%
Brokered and internet time deposits	61,559			92,074			20,351			(131.8)	%	202.5	%
Total deposits	9,458,037			9,093,747			4,934,938			15.9	%	91.7	%
Borrowings	238,324			438,838			304,675			(181.8)	%	(21.8)	%
Total common shareholders' equity	1,291,289			1,244,998			762,329			14.8	%	69.4	%
Book value per share	$	27.35		$	26.38		$	24.56		14.6	%	11.3	%
Total common shareholders' equity to total assets	11.5		%	11.3		%	12.4		%	7.81	%	(7.08)	%
Tangible book value per share*	$	21.64		$	20.87		$	18.55
Tangible common equity to tangible assets*	9.34		%	9.16		%	9.7		%
* Certain measures are considered non-GAAP financial measures. See “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information, which accompanies this Earnings Release, as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated January 26, 2021, for a reconciliation and discussion of this non-GAAP measure.

FB Financial Corporation

Fourth Quarter 2020 Results

Page 2


	2020						2019
(dollars in thousands, except share data)	Fourth Quarter			Third Quarter			Fourth Quarter
Results of operations
Net interest income	$	85,244		$	68,828		$	57,692
NIM	3.32		%	3.28		%	4.12		%
Provisions for credit losses	$	(2,920)		$	55,401		$	2,950

Net charge-off (recovery) ratio	0.58		%	(0.01)		%	0.30		%
Noninterest income	$	80,638		$	97,026		$	35,234
Mortgage banking income	$	65,729		$	84,686		$	26,176
Total revenue	$	165,882		$	165,854		$	92,926
Noninterest expense	$	109,855		$	118,092		$	62,686
Merger expenses	$	9,513		$	20,730		$	686
Efficiency ratio	66.2		%	71.2		%	67.5		%
Core efficiency ratio*	58.5		%	57.4		%	66.5		%


Total adjusted mortgage banking pre-tax contribution*	$	22,882		$	39,166		$	3,010
Net income (loss) applicable to FB Financial Corporation(2)	$	45,602		$	(5,599)		$	21,572
Diluted earnings per common share(1)	$	0.95		$	(0.14)		$	0.68
Effective tax rate	22.6		%	26.7		%	21.0		%


Weighted average number of shares outstanding - fully diluted(1)	47,791,659			40,637,745			31,470,565
Actual shares outstanding - period end	47,220,743			47,191,677			31,034,315
Returns on average:
As reported
Assets ("ROAA")	1.63		%	(0.24)		%	1.39		%

Equity ("ROAE")	14.4		%	(2.13)		%	11.2		%
Tangible common equity ("ROATCE")*	18.2		%	(2.72)		%	14.9		%





* Certain measures are considered non-GAAP financial measures. See "Use of non-GAAP Financial Measures" and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information, which accompanies this Earnings Release, as well as "Use of non-GAAP Financial Measures" and the Appendix in the Earnings Release Presentation dated January 26, 2021, for a reconciliation and discussion of this non-GAAP measure. (1) Diluted earnings per share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred. (2)Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in fourth quarter of 2020.

Solid Balance Sheet and Margins

The Company grew loans (HFI) to $7.08 billion, an increase of $2.67 billion, or 60.6% from the year ended December 31, 2019. Excluding Paycheck Protection Program ("PPP") loans, adjusted loans (HFI) were $6.87 billion, an increase of $2.46 billion, or 55.8%, from the year ended December 31, 2019. Excluding PPP loans, loans decreased by $23.4 million in the fourth quarter from the third quarter . Contractual yield on loans increased to 4.39% in the fourth quarter from 4.36% in the third quarter.

During the fourth quarter of 2020, the Company grew customer deposits by $394.8 million to $9.40 billion, reflecting annualized linked quarter growth of 17.4%. Included in this growth is a decrease of $46.3 million in mortgage servicing related deposits. The Company's total cost of deposits declined by 10 basis points to 0.46% and the cost of interest-bearing deposits decreased on a linked quarter basis to 0.63% from 0.76%.

Additionally, during the quarter, on balance sheet liquidity increased to $1.69 billion, or 15.5% of tangible assets, from $1.59 billion, or 14.7% of tangible assets, at the end of the third quarter of 2020. During the fourth quarter of 2020, investment securities increased by $12.1 million from the previous quarter to $1.18 billion, or 10.5% of total assets, while cash and cash equivalents increased $255.5 million to $1.32 billion, compared with the end of the third quarter of 2020.

The Company's net interest income for the quarter was $85.2 million, an increase from $68.8 million last quarter and $57.7 million for the fourth quarter of 2019. The Company's net interest margin (“NIM”) was 3.32% for the fourth quarter, compared to 3.28% and 4.12% for the third quarter of 2020 and the fourth quarter of 2019, respectively. Accretion related to purchased loans contributed 3 basis points to the NIM in the fourth quarter of 2020 compared to 2 and 18 basis points for the third quarter of 2020 and the fourth quarter of 2019, respectively. The NIM for the fourth quarter of 2020 was impacted by a 4 basis point decline in the yield on interest-earning assets more than offset by a 10 basis point decline in the rate on interest-bearing liabilities on a linked quarter basis. As of December 31, 2020, $99.4 million in PPP loans had been forgiven, which accounts for 31.6% of originated PPP loans. For the fourth quarter of 2020, the average yield on PPP loans was 4.48%, inclusive of $2.4 million in loan fees recognized during the quarter.

Holmes commented, “The NIM increase is primarily the result of maintaining the yield on loans and replacing wholesale funding with lower cost customer deposits, which not only improves earnings, but increases franchise value. The lending environment remains challenging for growing loan balances, especially with the large volume of payoffs resulting from low rates and excessive liquidity.”

FB Financial Corporation

Fourth Quarter 2020 Results

Page 3

Noninterest Income Strength

Noninterest income was $80.6 million for the fourth quarter of 2020, compared to $97.0 million for the third quarter of 2020 and $35.2 million for the fourth quarter of 2019. Mortgage banking income was $65.7 million for the fourth quarter of 2020, compared to $84.7 million for the third quarter of 2020 and $26.2 million for the fourth quarter of 2019.

During the quarter, the Company produced healthy results from its mortgage business driven by the low interest rate environment and higher profit margins across the industry. Interest rate lock commitment volume totaled $2.19 billion in the fourth quarter of 2020 compared to $2.42 billion in the third quarter of 2020 and $1.08 billion in the fourth quarter of 2019.

During the fourth quarter of 2020, the Company's total adjusted mortgage banking pre-tax direct contribution was $22.9 million, compared to $39.5 million in the third quarter of 2020 and $3.0 million in the fourth quarter of 2019.

Chief Financial Officer Michael Mettee stated, “The mortgage team continued their strong performance and we are very pleased with their results in 2020, especially their efforts in the fourth quarter, as they recorded $22.9 million in adjusted direct contribution during a traditionally slow time of year. Our mortgage division has positioned itself to capitalize on low interest rates and the strong housing market, and are well positioned heading into 2021.”

Noninterest Expenses and Core Bank Efficiency Improvement

Noninterest expenses were $109.9 million for the fourth quarter of 2020, including $9.5 million of merger-related expenses and $4.5 million related to FHLB prepayment penalties, compared to $118.1 million for the third quarter of 2020 and $62.7 million for the fourth quarter of 2019. On an adjusted basis, core noninterest expense was $95.8 million for the fourth quarter of 2020, $95.1 million for the third quarter of 2020, and $62.0 million for the fourth quarter of 2019. The sequential quarter increase is primarily related to the full quarter of the Franklin merger, however the small core expense growth was more than offset by increased revenue, resulting in a 56.2% banking segment core efficiency ratio in the fourth quarter vs a 61.6% banking segment core efficiency ratio in the third quarter.

Holmes noted, “The core bank saw an improvement in efficiency ratio and a slight decrease in salaries and benefits quarter over quarter. We are committed to finding efficiencies in our business while still delivering the experience that our customers have come to expect. We incurred $9.5 million in merger expenses during the fourth quarter. Most of the Franklin merger expenses have been recognized, and the total is well under the amount that we modeled for the transaction.”

Credit Quality Outlook Benign

During the fourth quarter of 2020, the Company recognized a reversal in total provision for credit losses of $2.9 million, including a provision for unfunded commitments of $0.3 million. The Company continues to maintain a strong balance sheet during uncertain economic times with an ACL of $170.4 million, or 2.41% of loans HFI, and 2.48% when adjusted to exclude PPP loans.

The Company's net charge-offs to average loans was 0.58% for the fourth quarter of 2020 compared to net recoveries of (0.01)% in the third quarter of 2020. Of the 0.58% of net charge-offs to average loans in the fourth quarter, 0.55%, or $9.9 million, was related to a single relationship. The Company's nonperforming assets increased to 0.73% of total assets as of December 31, 2020, compared to 0.64% at September 30, 2020. Nonperforming loans were 0.88% of loans (HFI) at December 31, 2020, 0.17% of which was related to the single relationship referenced earlier, compared to 0.61% at September 30, 2020. Deferrals resulting from the COVID-19 pandemic decreased to $202.5 million, or 2.86% of loans HFI as of December 31, 2020, compared to the aggregate balance deferred throughout the crisis of $1.64 billion. Of the $202.5 million in remaining deferrals, $73.2 million, or 1.03% of loans HFI, as of December 31, 2020, are receiving a full deferral of principal and interest, while $129.3 million, or 1.83% of loans HFI, as of December 31, 2020, are on interest-only schedules.

Holmes commented, “We took the step during the quarter to charge down a troubled relationship that we have discussed in prior earnings calls. This credit not withstanding, our credit metrics remain solid and our outlook is cautiously optimistic. This positive outlook is buoyed by the recent stimulus activities, another round of PPP and positive feedback from our customers. We will maintain our focus on credit quality and will continue to work with our customers to assist them with new opportunities.”

Capital Well Positioned

“Our total capital to risk weighted assets continues to be above 15% and other capital ratios have us well positioned to take advantage of opportunities that work to our advantage. Our current level of tangible common equity to tangible assets of 9.34% positions us well for future growth opportunities and gives us capital options, including continuing our dividend strategy in the near term,” commented Holmes.

Holmes further commented, “We are grateful to reach the end of 2020, and it was a year of many significant achievements. We were able to deliver trusted solutions to our customers, provide a great place to work for our associates, invest in our communities and provide superior returns for our shareholders. The fourth quarter laid the groundwork for a successful 2021 and we are bullish on our future.”

FB Financial Corporation

Fourth Quarter 2020 Results

Page 4

WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results at 8:00 a.m. CT on January 26, 2021, and the conference call will be broadcast live over the Internet at https://www.webcaster4.com/Webcast/Page/1631/39546. An online replay will be available approximately an hour following the conclusion of the live broadcast.

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered community bank, with 81 full-service bank branches across Tennessee, Kentucky, North Alabama and North Georgia, and mortgage offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $11.2 billion in total assets.


MEDIA CONTACT:						FINANCIAL CONTACT:

Jeanie M. Rittenberry						Robert Hoehn
615-313-8328						615-564-1212
jrittenberry@firstbankonline.com						rhoehn@firstbankonline.com
www.firstbankonline.com						investorrelations@firstbankonline.com

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Supplemental Financial Information and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Supplemental Financial Information and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (“SEC”) on January 25, 2021.

BUSINESS SEGMENT RESULTS

The Company has included its business segment financial tables as part of this Earnings Release. A detailed discussion of our business segments is included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2019, and investors are encouraged to review that discussion in conjunction with this Earnings Release.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding the projected impact of the COVID-19 global pandemic on our business operations, statements relating to the benefits, costs, and synergies of the merger with Franklin Financial Network, Inc. (“Franklin”) (the “merger”), and FB Financial’s future plans, results, strategies, and expectations. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond FB Financial’s control. The inclusion of these forward-looking statements should not be regarded as a representation by FB Financial or any other person that such expectations, estimates, and projections will be achieved. Accordingly, FB Financial cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, and a continued slowdown in economic growth in the local or regional economies in which we operate and/or the US economy generally, (2) the effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business and our customers' business, results of operations, asset quality and financial condition, as well as the efficacy, distribution, and public adoption of vaccines, (3) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (4) our ability to effectively manage problem credits, (5) the risk that the cost savings and any revenue synergies from the merger or another acquisition may not be realized or may take longer than anticipated to be realized, (6) disruption from the merger with customer, supplier, or employee relationships, (7) the risks related to the integrations of the combined businesses following the merger, (8) the diversion of management time on issues related to the merger, (9) the ability of FB Financial to effectively manage the larger and more complex operations of the combined company following the merger, (10) the risks associated with FB Financial’s pursuit of future acquisitions, (11) reputational risk and the reaction of the parties’ respective customers to the merger, (12) FB Financial’s ability to successfully

FB Financial Corporation

Fourth Quarter 2020 Results

Page 5

execute its various business strategies, (13) the impact of the recent change in the U.S. presidential administration and Congress and any resulting impact on economic policy, capital markets, federal regulation, and the response to the COVD-19 pandemic; and (14) general competitive, economic, political, and market conditions. Further information regarding FB Financial and factors which could affect the forward-looking statements contained herein can be found in FB Financial's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and its other filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond FB Financial’s ability to control or pre-dict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this release, and FB Financial undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for FB Financial to predict their occurrence or how they will affect the company.

FB Financial qualifies all forward-looking statements by these cautionary statements.

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures include, without limitation, adjusted earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, adjusted return on average tangible common equity, adjusted pre-tax pre-provision return on average tangible common equity, adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrate the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. Investors should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation dated January 26, 2021, for a discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

FB Financial Corporation

Fourth Quarter 2020 Results

Page 6


Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2020						2019
	Fourth Quarter			Third Quarter			Fourth Quarter
Statement of Income Data
Total interest income	$	98,236		$	81,127		$	71,643
Total interest expense	12,992			12,299			13,951
Net interest income	85,244			68,828			57,692
Total noninterest income	80,638			97,026			35,234
Total noninterest expense	109,855			118,092			62,686
Earnings before income taxes and provisions for credit losses	56,027			47,762			30,240
Provisions for credit losses	(2,920)			55,401			2,950
Income tax expense (benefit)	13,337			(2,040)			5,718
Net income applicable to noncontrolling interest	8			—			—
Net income (loss) applicable to FB Financial Corporation(d)	$	45,602		$	(5,599)		$	21,572
Net interest income (tax-equivalent basis)	$	86,111		$	69,625		$	58,212
Adjusted net income*	$	54,454		$	58,096		$	22,079
Adjusted pre-tax, pre-provision earnings*	$	67,988		$	70,444		$	30,926
Per Common Share
Diluted net income (loss)(a)	$	0.95		$	(0.14)		$	0.68
Adjusted diluted net income*	1.14			1.43			0.70

Book value	27.35			26.38			24.56
Tangible book value*	21.64			20.87			18.55
Weighted average number of shares outstanding - fully diluted(a)	47,791,659			40,637,745			31,470,565
Period-end number of shares	47,220,743			47,191,677			31,034,315
Selected Balance Sheet Data
Cash and cash equivalents	$	1,317,898		$	1,062,391		$	232,681
Loans held for investment (HFI)	7,082,959			7,213,538			4,409,642
Allowance for credit losses(b)	(170,389)			(183,973)			(31,139)
Mortgage loans held for sale, at fair value	683,770			610,695			262,518
Commercial loans held for sale, at fair value	215,403			241,256			—
Investment securities, at fair value	1,176,991			1,164,910			691,676
Other real estate owned, net	12,111			12,748			18,939
Total assets	11,207,330			11,010,438			6,124,921
Customer deposits	9,396,478			9,001,673			4,914,587
Brokered and internet time deposits	61,559			92,074			20,351
Total deposits	9,458,037			9,093,747			4,934,938
Borrowings	238,324			438,838			304,675
Total common shareholders' equity	1,291,289			1,244,998			762,329
Selected Ratios
Return on average:
Assets	1.63		%	(0.24)		%	1.39		%
Shareholders' equity	14.4		%	(2.13)		%	11.2		%
Tangible common equity*	18.2		%	(2.72)		%	14.9		%
Average shareholders' equity to average assets	11.3		%	11.4		%	12.4		%
Net interest margin (NIM) (tax-equivalent basis)	3.32		%	3.28		%	4.12		%
Efficiency ratio (GAAP)	66.2		%	71.2		%	67.5		%
Core efficiency ratio (tax-equivalent basis)*	58.5		%	57.4		%	66.5		%
Loans HFI to deposit ratio	74.9		%	79.3		%	89.4		%
Total loans to deposit ratio	84.4		%	88.7		%	94.7		%
Yield on interest-earning assets	3.82		%	3.86		%	5.11		%
Cost of interest-bearing liabilities	0.73		%	0.83		%	1.38		%
Cost of total deposits	0.46		%	0.56		%	1.02		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	2.41		%	2.55		%	0.71		%
Adjusted allowance for credit losses as a percentage of loans HFI*(b)	2.48		%	2.66		%	0.71		%
Net charge-offs (recoveries) as a percentage of average loans HFI	0.58		%	(0.01)		%	0.30		%
Nonperforming loans HFI as a percentage of total loans HFI	0.88		%	0.61		%	0.60		%
Nonperforming assets as a percentage of total assets	0.73		%	0.64		%	0.77		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.5		%	11.3		%	12.4		%
Tangible common equity to tangible assets*	9.34		%	9.16		%	9.69		%
Tier 1 capital (to average assets)	10.0		%	11.8		%	10.1		%
Tier 1 capital (to risk-weighted assets)(c)	12.2		%	12.1		%	11.6		%
Total capital (to risk-weighted assets)(c)	15.2		%	15.3		%	12.2		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(c)	11.9		%	11.8		%	11.1		%

(a) Diluted earnings per share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

(b) Excludes reserve for credit losses on unfunded commitments of $16.4 million and $16.1 million, $6.5 million, and $4.6 million recorded in accrued expenses and other liabilities at December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.

(d) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in fourth quarter of 2020.

*These measures are considered non-GAAP financial measures. See "GAAP Reconciliation and Use of non-GAAP Financial Measures" and the corresponding financial tables below for reconciliations of these non-GAAP measures. Investors are encouraged to refer to the discussion of non-GAAP measures included in the corresponding earnings release.

FB Financial Corporation

Fourth Quarter 2020 Results

Page 7


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020				2019
Adjusted earnings	Fourth Quarter		Third Quarter			Fourth Quarter
Pre-tax net income (loss)	$	58,947	$	(7,639)		$	27,290
Plus merger expenses	9,513		20,730			686
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		63,251			—
Less other non-operating items(1)	(2,448)		(1,952)			—
Adjusted pre-tax earnings	$	70,908	$	78,294		$	27,976
Income tax expense, adjusted	16,454		20,198			5,897
Adjusted earnings	$	54,454	$	58,096		$	22,079
Weighted average common shares outstanding - fully diluted	47,791,659		40,637,745			31,470,565
Adjusted diluted earnings per share
Diluted earnings (loss) per common share	$	0.95	$	(0.14)		$	0.68
Plus merger expenses	0.20		0.51			0.02
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		1.56			—
Less other non-operating items	(0.05)		(0.05)			—
Less tax effect	0.06		0.55			—
Adjusted diluted earnings per share	$	1.14	$	1.43		$	0.70

(1)4Q2020 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin; 3Q2020 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin.
Note: Adjusted non-GAAP results for the third quarter of 2020 have been recast from previously reported results to adjust for gains associated with changes in fair value related to commercial loans held for sale amounting to $1,858 . The following adjusted figures and metrics have been recast for conformity and comparability: Adjusted earnings, Adjusted diluted earnings per share, Adjusted pre-tax pre-provision earnings, Core efficiency ratio, Banking segment core efficiency ratio, Adjusted mortgage banking pre-tax pre-provision net contribution (%), Adjusted return on average assets, average equity and average tangible common equity, and Adjusted pre-tax pre-provision return on average assets, equity and tangible common equity. Previously reported adjusted amounts and non-GAAP reconciliations are included in previously issued earnings release materials.


Adjusted earnings	2020		2019			2018
Pre-tax net income (loss)	$	82,461	$	109,539		$	105,854
Plus merger expenses	34,879		7,380			2,265
Plus initial provision for credit losses on acquired loans and unfunded commitments	66,136		—			—
Less other non-operating items(1)	(4,400)		—			—
Adjusted pre-tax earnings	$	187,876	$	116,919		$	108,119
Income tax expense, adjusted	45,944		27,648			26,034
Adjusted earnings	$	141,932	$	89,271		$	82,085
Weighted average common shares outstanding - fully diluted	38,099,744		31,402,897			31,314,981
Adjusted diluted earnings per share
Diluted earnings (loss) per common share	$	1.67	$	2.65		$	2.55
Plus merger expenses	0.92		0.24			0.07
Plus initial provision for credit losses on acquired loans and unfunded commitments	1.74		—			—
Less other non-operating items	(0.11)		—			—
Less tax effect	0.71		0.06			0.01
Adjusted diluted earnings per share	$	3.73	$	2.83		$	2.61
(1) 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin.

	2020				2019
Adjusted pre-tax pre-provision earnings	Fourth Quarter		Third Quarter			Fourth Quarter
Pre-tax net income (loss)	$	58,947	$	(7,639)		$	27,290
Plus provisions for credit losses	(2,920)		55,401			2,950
Pre-tax pre-provision earnings	56,027		47,762			30,240
Plus merger expenses	9,513		20,730			686
Less other non-operating items	(2,448)		(1,952)			—
Adjusted pre-tax pre-provision earnings	$	67,988	$	70,444		$	30,926

FB Financial Corporation

Fourth Quarter 2020 Results

Page 8



Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020						2019
Core efficiency ratio (tax-equivalent basis)	Fourth Quarter			Third Quarter				Fourth Quarter
Total noninterest expense	$	109,855		$	118,092			$	62,686
Less merger expenses	9,513			20,730				686
Less FHLB prepayment penalties	4,533			$	2,305			—
Core noninterest expense	$	95,809		$	95,057			$	62,000
Net interest income (tax-equivalent basis)	$	86,111		$	69,625			$	58,212
Total noninterest income	80,638			97,026				35,234
Less gain on change in fair value on commercial loans held for sale and cash life insurance benefit	2,085			1,858				—
Less (loss) gain on sales or write-downs of other real estate owned and other assets	(57)			(1,279)				277
Less gain (loss) from securities, net	1,013			583				(18)
Core noninterest income	77,597			95,864				34,975
Core revenue	$	163,708		$	165,489			$	93,187
Efficiency ratio (GAAP)(a)	66.2		%	71.2		%		67.5		%
Core efficiency ratio (tax-equivalent basis)	58.5		%	57.4		%		66.5		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue

FB Financial Corporation

Fourth Quarter 2020 Results

Page 9


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020						2019
Banking segment core efficiency ratio (tax equivalent)	Fourth Quarter			Third Quarter				Fourth Quarter
Core consolidated noninterest expense	$	95,809		$	95,057			$	62,000
Less Mortgage segment core noninterest expense	27,766			30,052				14,956
Core Banking segment noninterest expense	$	68,043		$	65,005			47,044
Core revenue	$	163,708		$	165,489			93,187
Less Mortgage segment total revenue	42,614			60,040				16,193
Core Banking segment total revenue	$	121,094		$	105,449			$	76,994
Banking segment core efficiency ratio (tax-equivalent basis)	56.2		%	61.6		%		61.1		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	28,491		$	30,382			$	14,956
Less mortgage segment merger expense	725			330				—


Core Mortgage segment noninterest expense	$	27,766		$	30,052			$	14,956


Mortgage segment total revenue	$	42,614		$	60,040			$	16,193
Mortgage segment core efficiency ratio (tax-equivalent basis)	65.2		%	50.1		%		92.4		%















	2020						2019
Adjusted mortgage contribution	Fourth Quarter			Third Quarter				Fourth Quarter
Mortgage segment pre-tax net contribution	$	14,123		$	29,658			$	1,237
Retail footprint:
Mortgage banking income	23,152			24,683				9,899
Mortgage banking expenses	15,118			15,175				8,126
Retail footprint pre-tax net contribution	8,034			9,508				1,773
Total mortgage banking pre-tax net contribution	$	22,157		$	39,166			$	3,010
Plus mortgage merger expense	725			330				—

Total adjusted mortgage banking pre-tax net contribution	$	22,882		$	39,496			$	3,010
Pre-tax pre-provision earnings	$	56,027		$	47,762			$	30,240
% total mortgage banking pre-tax pre-provision net contribution	39.5		%	82.0		%		10.0		%
Adjusted pre-tax pre-provision earnings	$	67,988		$	70,444			$	30,926
% total adjusted mortgage banking pre-tax pre-provision net contribution	33.7		%	56.1		%		9.7		%

	2020						2019
Tangible assets and equity	Fourth Quarter			Third Quarter				Fourth Quarter
Tangible assets
Total assets	$	11,207,330		$	11,010,438			$	6,124,921
Less goodwill	246,835			236,086				169,051
Less intangibles, net	22,431			23,924				17,589
Tangible assets	$	10,938,064		$	10,750,428			$	5,938,281
Tangible common equity
Total common shareholders' equity	$	1,291,289		$	1,244,998			$	762,329
Less goodwill	246,835			236,086				169,051
Less intangibles, net	22,431			23,924				17,589
Tangible common equity	$	1,022,023		$	984,988			$	575,689
Common shares outstanding	47,220,743			47,191,677				31,034,315
Book value per common share	$	27.35		$	26.38			$	24.56
Tangible book value per common share	$	21.64		$	20.87			$	18.55
Total common shareholders' equity to total assets	11.5		%	11.3		%		12.4		%
Tangible common equity to tangible assets	9.34		%	9.16		%		9.69		%

FB Financial Corporation

Fourth Quarter 2020 Results

Page 10


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020						2019
Return on average tangible common equity	Fourth Quarter			Third Quarter				Fourth Quarter
Total average shareholders' equity	$	1,261,101		$	1,044,913			$	761,949
Less average goodwill	242,983			205,473				168,492
Less average intangibles, net	23,178			20,973				18,242
Average tangible common equity	$	994,940		$	818,467			$	575,215
Net income (loss)	$	45,602		$	(5,599)			$	21,572
Return on average tangible common equity	18.2		%	(2.72)		%		14.9		%

	2020						2019
Adjusted return on average tangible common equity	Fourth Quarter			Third Quarter				Fourth Quarter
Average tangible common equity	$	994,940		$	818,467			$	575,215
Adjusted net income	54,454			58,096				22,079
Adjusted return on average tangible common equity	21.8		%	28.2		%		15.2		%

	2020						2019
Adjusted pre-tax pre-provision return on average tangible common equity	Fourth Quarter			Third Quarter				Fourth Quarter
Average tangible common equity	$	994,940		$	818,467			$	575,215
Adjusted pre-tax pre-provision earnings	67,988			70,444				30,926
Adjusted pre-tax pre-provision return on average tangible common equity	27.2		%	34.2		%		21.3		%

	2020						2019
Adjusted return on average assets and equity	Fourth Quarter			Third Quarter				Fourth Quarter
Net income (loss)	$	45,602		$	(5,599)			$	21,572
Average assets	11,111,163			9,179,288				6,157,931
Average equity	1,261,101			1,044,913				761,949
Return on average assets	1.63		%	(0.24)		%		1.39		%
Return on average equity	14.4		%	(2.13)		%		11.2		%
Adjusted net income	$	54,454		$	58,096			$	22,079
Adjusted return on average assets	1.95		%	2.52		%		1.42		%
Adjusted return on average equity	17.2		%	22.1		%		11.5		%

	2020							2019
Adjusted pre-tax pre-provision return on average assets and equity	Fourth Quarter			Third Quarter				Fourth Quarter
Net income (loss)	$	45,602		$	(5,599)			$	21,572
Average assets	11,111,163			9,179,288				6,157,931
Average equity	1,261,101			1,044,913				761,949
Return on average assets	1.63		%	(0.24)		%		1.39		%
Return on average equity	14.4		%	(2.13)		%		11.2		%
Adjusted pre-tax pre-provision earnings	$	67,988		$	70,444			$	30,926
Adjusted pre-tax pre-provision return on average assets	2.43		%	3.05		%		1.99		%
Adjusted pre-tax pre-provision return on average equity	21.4		%	26.8		%		16.1		%







	2020						2019
Adjusted allowance for credit losses to loans held for investment	Fourth Quarter			Third Quarter			Fourth Quarter
Allowance for credit losses	$	170,389		$	183,973		$	31,139
Less allowance for credit losses attributed to PPP loans	2			49			—
Adjusted allowance for credit losses	$	170,387		$	183,924		$	31,139
Loans held for investment	$	7,082,959		$	7,213,538		$	4,409,642
Less PPP loans	212,645			310,719			—
Adjusted loans held for investment	$	6,870,314		$	6,902,819		$	4,409,642
Allowance for credit losses to loans held for investment	2.41		%	2.55		%	0.71		%
Adjusted allowance for credit losses to loans held for investment	2.48		%	2.66		%	0.71		%

Financial Supplement


			Page

Financial Summary and Key Metrics			4

Consolidated Statements of Income			5

Consolidated Balance Sheets			7

Average Balance, Average Yield Earned and Average Rate Paid			8

Franklin Financial Network Opening Balance Sheet (Preliminary)			11

Loans and Deposits by Market			12

Segment Data			13

Loan Portfolio and Asset Quality			14

Preliminary Capital Ratios			16

Investment Portfolio			17

Non-GAAP Reconciliation			18

Use of non-GAAP Financial Measures

This Supplemental Financial Information contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non-GAAP financial measures include, without limitation, adjusted earnings, adjusted diluted earnings per share, adjusted and unadjusted pre-tax pre-provision earnings, core revenue, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, adjusted return on average tangible common equity, adjusted pre-tax pre-provision return on average tangible common equity, adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets and equity. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non-core/adjusted in nature. The Company also includes an adjusted allowance for credit losses, adjusted loans held for investment, and adjusted allowance for credit losses to loans held for investment, which all exclude the impact of PPP loans. The Company refers to these non-GAAP measures as adjusted measures. Also, the Company presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. The Company includes tables under the Non-GAAP Reconciliation section of this document to provide a reconciliation of these measures to the most directly comparable GAAP financial measures.


Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2020												2019
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Statement of Income Data
Total interest income	$	98,236		$	81,127		$	65,607		$	69,674		$	71,643
Total interest expense	12,992			12,299			10,270			13,425			13,951
Net interest income	85,244			68,828			55,337			56,249			57,692
Total noninterest income	80,638			97,026			81,491			42,700			35,234
Total noninterest expense	109,855			118,092			80,579			68,559			62,686
Earnings before income taxes and provisions for credit losses	56,027			47,762			56,249			30,390			30,240
Provisions for credit losses	(2,920)			55,401			25,921			29,565			2,950
Income tax expense (benefit)	13,337			(2,040)			7,455			80			5,718
Net income (loss) applicable to noncontrolling interest	8			—			—			—			—
Net income (loss) applicable to FB Financial Corporation(d)	$	45,602		$	(5,599)		$	22,873		$	745		$	21,572
Net interest income (tax-equivalent basis)	$	86,111		$	69,625		$	55,977		$	56,784		$	58,212
Adjusted net income*	$	54,454		$	58,096		$	24,086		$	5,296		$	22,079
Adjusted pre-tax, pre-provision earnings*	$	67,988		$	70,444		$	57,835		$	33,440		$	30,926
Per Common Share
Diluted net income (loss)(a)	$	0.95		$	(0.14)		$	0.70		$	0.02		$	0.68
Adjusted diluted net income*	1.14			1.43			0.74			0.17			0.70

Book value	27.35			26.38			25.08			24.40			24.56
Tangible book value*	21.64			20.87			19.07			18.35			18.55
Weighted average number of shares outstanding - fully diluted(a)	47,791,659			40,637,745			32,506,417			31,734,112			31,470,565
Period-end number of shares	47,220,743			47,191,677			32,101,108			32,067,356			31,034,315
Selected Balance Sheet Data
Cash and cash equivalents	$	1,317,898		$	1,062,391		$	717,592		$	425,094		$	232,681
Loans held for investment (HFI)	7,082,959			7,213,538			4,827,023			4,568,038			4,409,642
Allowance for credit losses(b)	(170,389)			(183,973)			(113,129)			(89,141)			(31,139)
Mortgage loans held for sale	683,770			610,695			435,479			325,304			262,518
Commercial loans held for sale	215,403			241,256			—			—			—
Investment securities, at fair value	1,176,991			1,164,910			751,767			767,575			691,676
Other real estate owned, net	12,111			12,748			15,091			17,072			18,939
Total assets	11,207,330			11,010,438			7,255,536			6,655,687			6,124,921
Customer deposits	9,396,478			9,001,673			5,937,373			5,356,569			4,914,587
Brokered and internet time deposits	61,559			92,074			15,428			20,363			20,351
Total deposits	9,458,037			9,093,747			5,952,801			5,376,932			4,934,938
Borrowings	238,324			438,838			328,662			327,822			304,675
Total common shareholders' equity	1,291,289			1,244,998			805,216			782,330			762,329
Selected Ratios
Return on average:
Assets	1.63		%	(0.24)		%	1.30		%	0.05		%	1.39		%
Shareholders' equity	14.4		%	(2.13)		%	11.6		%	0.39		%	11.2		%
Tangible common equity*	18.2		%	(2.72)		%	15.3		%	0.52		%	14.9		%
Average shareholders' equity to average assets	11.3		%	11.4		%	11.2		%	12.0		%	12.4		%
Net interest margin (NIM) (tax-equivalent basis)	3.32		%	3.28		%	3.50		%	3.92		%	4.12		%
Efficiency ratio (GAAP)	66.2		%	71.2		%	58.9		%	69.3		%	67.5		%
Core efficiency ratio (tax-equivalent basis)*	58.5		%	57.4		%	57.5		%	65.7		%	66.5		%
Loans HFI to deposit ratio	74.9		%	79.3		%	81.1		%	85.0		%	89.4		%
Total loans to deposit ratio	84.4		%	88.7		%	88.4		%	91.0		%	94.7		%
Yield on interest-earning assets	3.82		%	3.86		%	4.14		%	4.84		%	5.11		%
Cost of interest-bearing liabilities	0.73		%	0.83		%	0.94		%	1.27		%	1.38		%
Cost of total deposits	0.46		%	0.56		%	0.65		%	0.94		%	1.02		%
Credit Quality Ratios
Allowance for credit losses as a percentage of loans HFI(b)	2.41		%	2.55		%	2.34		%	1.95		%	0.71		%
Adjusted allowance for credit losses as a percentage of loans HFI*(b)	2.48		%	2.66		%	2.51		%	1.95		%	0.71		%
Net charge-offs (recoveries) as a percentage of average loans HFI	0.58		%	(0.01)		%	0.00		%	0.19		%	0.30		%
Nonperforming loans HFI as a percentage of total loans HFI	0.88		%	0.61		%	0.72		%	0.68		%	0.60		%
Nonperforming assets as a percentage of total assets	0.73		%	0.64		%	0.71		%	0.74		%	0.77		%
Preliminary capital ratios (Consolidated)
Total common shareholders' equity to assets	11.5		%	11.3		%	11.1		%	11.8		%	12.4		%
Tangible common equity to tangible assets*	9.34		%	9.16		%	8.67		%	9.11		%	9.69		%
Tier 1 capital (to average assets)	10.0		%	11.8		%	9.70		%	10.3		%	10.1		%
Tier 1 capital (to risk-weighted assets)(c)	12.2		%	12.1		%	11.9		%	11.6		%	11.6		%
Total capital (to risk-weighted assets)(c)	15.2		%	15.3		%	13.2		%	12.5		%	12.2		%
Common equity Tier 1 (to risk-weighted assets) (CET1)(c)	11.9		%	11.8		%	11.4		%	11.0		%	11.1		%

(a) Diluted earnings per share is calculated using the basic weighted average number of common shares outstanding for periods in which a loss is incurred.

(b) Excludes reserve for credit losses on unfunded commitments of $16.4 million, $16.1 million, $6.5 million, and $4.6 million recorded in accrued expenses and other liabilities at December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.

(d) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in fourth quarter of 2020.


FB Financial Corporation						4


Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
													Q4 2020		Q4 2020
													vs.		vs.
	2020								2019		Q3 2020	Q4 2019
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter				Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	93,246	$	76,504	$	61,092	$	63,754	$	66,095			21.9	%	41.1	%
Interest on securities
Taxable	2,306		2,286		2,619		3,056		2,969				0.87	%	(22.3)	%
Tax-exempt	2,120		1,933		1,590		1,433		1,327				9.67	%	59.8	%
Other	564		404		306		1,431		1,252				39.6	%	(55.0)	%
Total interest income	98,236		81,127		65,607		69,674		71,643				21.1	%	37.1	%
Interest expense:
Deposits	10,809		10,573		9,309		12,168		12,703				2.23	%	(14.9)	%
Borrowings	2,183		1,726		961		1,257		1,248				26.5	%	74.9	%
Total interest expense	12,992		12,299		10,270		13,425		13,951				5.63	%	(6.87)	%
Net interest income	85,244		68,828		55,337		56,249		57,692				23.9	%	47.8	%
Provision for credit losses	(3,231)		45,834		24,039		27,964		2,950				(107.0)	%	(209.5)	%
Provision for credit losses on unfunded commitments	311		9,567		1,882		1,601		—				(96.7)	%	100.0	%
Net interest income after provisions for credit losses	88,164		13,427		29,416		26,684		54,742				556.6	%	61.1	%
Noninterest income:
Mortgage banking income	65,729		84,686		72,168		32,745		26,176				(22.4)	%	151.1	%
Service charges on deposit accounts	2,577		2,162		1,858		2,563		2,657				19.2	%	(3.01)	%
ATM and interchange fees	4,262		3,913		3,606		3,134		3,315				8.92	%	28.6	%
Investment services and trust income	2,187		1,828		1,368		1,697		1,326				19.6	%	64.9	%
Gain (loss) from securities, net	1,013		583		(28)		63		(18)				73.8	%	(5,727.8)	%
(Loss) gain on sales or write-downs of other real estate owned	(123)		(1,505)		86		51		433				(91.8)	%	(128.4)	%
Gain (loss) from other assets	66		226		(54)		(328)		(156)				(70.8)	%	(142.3)	%
Other income	4,927		5,133		2,487		2,775		1,501				(4.01)	%	228.2	%
Total noninterest income	80,638		97,026		81,491		42,700		35,234				(16.9)	%	128.9	%
Total revenue	165,882		165,854		136,828		98,949		92,926				0.02	%	78.5	%
Noninterest expenses:
Salaries, commissions and employee benefits	67,212		67,676		55,258		43,622		39,589				(0.69)	%	69.8	%
Occupancy and equipment expense	5,813		4,892		4,096		4,178		3,534				18.8	%	64.5	%
Legal and professional fees	2,227		1,917		1,952		1,558		2,074				16.2	%	7.38	%
Data processing	3,161		2,994		2,782		2,453		2,746				5.58	%	15.1	%
Merger costs	9,513		20,730		1,586		3,050		686				(54.1)	%	1,286.7	%
Amortization of core deposits and other intangibles	1,498		1,417		1,205		1,203		1,159				5.72	%	29.2	%


Advertising	2,826		2,256		2,591		2,389		2,072				25.3	%	36.4	%

Other expense	17,605		16,210		11,109		10,106		10,826				8.6	%	62.6	%
Total noninterest expense	109,855		118,092		80,579		68,559		62,686				(6.98)	%	75.2	%
Income (loss) before income taxes	58,947		(7,639)		30,328		825		27,290				(871.7)	%	116.0	%
Income tax expense (benefit)	13,337		(2,040)		7,455		80		5,718				(753.8)	%	133.2	%
Net income (loss) attributable to FB Financial Corporation and noncontrolling interest	45,610		(5,599)		22,873		745		21,572				(914.6)	%	111.4	%
Net income applicable to noncontrolling interest	8		—		—		—		—				100.0	%	100.0	%

Net income (loss) applicable to FB Financial Corporation	$	45,602	$	(5,599)	$	22,873	$	745	$	21,572			(914.5)	%	112.5	%
Weighted average common shares outstanding:
Basic	47,204,738		40,154,841		32,094,274		31,257,739		30,934,092				17.6	%	52.6	%
Fully diluted	47,791,659		40,637,745		32,506,417		31,734,112		31,470,565				17.6	%	51.9	%
Earnings (loss) per common share:
Basic	$	0.97	$	(0.14)	$	0.71	$	0.02	$	0.69			(792.9)	%	40.6	%
Fully diluted	0.95		(0.14)		0.70		0.02		0.68				(778.6)	%	39.7	%
Fully diluted - adjusted*	1.14		1.43		0.74		0.17		0.70				(20.3)	%	62.9	%

*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of non-GAAP Financial Measures” and the corresponding financial tables below for reconciliations of these non-GAAP measures. Investors are encouraged to refer to the discussion of non-GAAP measures included in the corresponding earnings release.


FB Financial Corporation						5


Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)

					2020
	For the year ended				vs.
	December 31,				2019
	2020		2019		Percent variance
Interest income:
Interest and fees on loans	$	294,596	$	260,458	13.1	%
Interest on securities
Taxable	10,267		13,223		(22.4)	%
Tax-exempt	7,076		4,805		47.3	%
Other	2,705		4,051		(33.2)	%
Total interest income	314,644		282,537		11.4	%
Interest expense:
Deposits	42,859		51,568		(16.9)	%
Borrowings	6,127		4,933		24.2	%
Total interest expense	48,986		56,501		(13.3)	%
Net interest income	265,658		226,036		17.5	%
Provision for credit losses	94,606		7,053		1,241.4	%
Provision for credit losses on unfunded commitments	13,361		—		100.0	%
Net interest income after provisions for credit losses	157,691		218,983		(28.0)	%
Noninterest income:
Mortgage banking income	255,328		100,916		153.0	%
Service charges on deposit accounts	9,160		9,479		(3.37)	%
ATM and interchange fees	14,915		12,161		22.6	%
Investment services and trust income	7,080		5,244		35.0	%

Gain from securities, net	1,631		57		2761.4	%
(Loss) gain on sales or write-downs of other real estate owned	(1,491)		545		(373.6)	%
Loss on other assets	(90)		(104)		13.5	%
Other income	15,322		7,099		115.8	%
Total noninterest income	301,855		135,397		122.9	%
Total revenue	567,513		361,433		57.0	%
Noninterest expenses:
Salaries, commissions and employee benefits	233,768		152,084		53.7	%
Occupancy and equipment expense	18,979		15,641		21.3	%
Legal and professional fees	7,654		7,486		2.24	%
Data processing	11,390		10,589		7.56	%
Merger costs	34,879		5,385		547.7	%
Amortization of core deposit and other intangibles	5,323		4,339		22.7	%
Advertising	10,062		9,138		10.1	%
Mortgage restructuring expense	—		1,995		(100.0)	%
Other expense	55,030		38,184		44.1	%
Total noninterest expense	377,085		244,841		54.0	%
Income before income taxes	82,461		109,539		(24.7)	%
Income tax expense	18,832		25,725		(26.8)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	63,629		83,814		(24.1)	%
Net income applicable to noncontrolling interests	8		—		100.0	%

Net income applicable to FB Financial Corporation	$	63,621	$	83,814	(24.1)	%
Weighted average common shares outstanding:
Basic	37,621,720		30,870,474		21.9	%
Fully diluted	38,099,744		31,402,897		21.3	%
Earnings per common share:
Basic	$	1.69	$	2.70	(37.4)	%
Fully diluted	1.67		2.65		(37.1)	%
Fully diluted - adjusted*	3.73		2.83		31.8	%


FB Financial Corporation						6


Consolidated Balance Sheets
(Unaudited)
(In Thousands, Except %)

													Annualized
													Q4 2020		Q4 2020
													vs.		vs.
	2020								2019		Q3 2020	Q4 2019
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter				Percent variance		Percent variance
ASSETS
Cash and due from banks	$	110,991	$	69,798	$	33,710	$	26,841	$	48,806			234.8	%	127.4	%
Federal funds sold	121,153		118,588		34,638		59,199		131,119				8.60	%	(7.60)	%
Interest-bearing deposits in financial institutions	1,085,754		874,005		649,244		339,054		52,756				96.4	%	1958.1	%
Cash and cash equivalents	1,317,898		1,062,391		717,592		425,094		232,681				95.7	%	466.4	%
Investments:
Available-for-sale debt securities, at fair value	1,172,400		1,160,521		747,438		764,217		688,381				4.07	%	70.3	%
Equity securities, at fair value	4,591		4,389		4,329		3,358		3,295				18.3	%	39.3	%
Federal Home Loan Bank stock, at cost	31,232		31,232		17,621		16,445		15,976				—	%	95.5	%
Mortgage loans held for sale, at fair value	683,770		610,695		435,479		325,304		262,518				47.6	%	160.5	%
Commercial loans held for sale, at fair value	215,403		241,256		—		—		—				(42.6)	%	(100.0)	%
Loans held for investment	7,082,959		7,213,538		4,827,023		4,568,038		4,409,642				(7.20)	%	60.6	%
Less: allowance for credit losses	170,389		183,973		113,129		89,141		31,139				(29.4)	%	447.2	%
Net loans	6,912,570		7,029,565		4,713,894		4,478,897		4,378,503				(6.62)	%	57.9	%
Premises and equipment, net	139,335		136,774		100,638		100,406		90,131				7.45	%	54.6	%
Other real estate owned, net	12,111		12,748		15,091		17,072		18,939				(19.9)	%	(36.1)	%
Operating lease right-of-use assets	49,537		52,410		30,447		31,628		32,539				(21.8)	%	52.2	%
Interest receivable	43,603		47,120		26,587		19,644		17,083				(29.7)	%	155.2	%
Mortgage servicing rights, at fair value	79,997		71,535		60,508		62,581		75,521				47.1	%	5.93	%
Goodwill	246,835		236,086		175,441		174,859		169,051				18.1	%	46.0	%
Core deposit and other intangibles, net	22,431		23,924		17,671		18,876		17,589				(24.8)	%	27.5	%
Other assets	275,617		289,792		192,800		217,306		122,714				(19.46)	%	124.6	%
Total assets	$	11,207,330	$	11,010,438	$	7,255,536	$	6,655,687	$	6,124,921			7.11	%	83.0	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,274,103	$	2,287,911	$	1,775,323	$	1,335,799	$	1,208,175			(2.40)	%	88.2	%
Interest-bearing checking	2,491,765		2,005,536		1,236,094		1,139,462		1,014,875				96.5	%	145.5	%
Money market and savings	3,254,915		3,236,670		1,749,889		1,667,374		1,520,035				2.24	%	114.1	%
Customer time deposits	1,375,695		1,471,556		1,176,067		1,213,934		1,171,502				(25.9)	%	17.4	%
Brokered and internet time deposits	61,559		92,074		15,428		20,363		20,351				(131.8)	%	202.5	%
Total deposits	9,458,037		9,093,747		5,952,801		5,376,932		4,934,938				15.9	%	91.7	%
Borrowings	238,324		438,838		328,662		327,822		304,675				(181.8)	%	(21.8)	%
Operating lease liabilities	55,187		56,705		33,803		34,572		35,525				(10.6)	%	55.3	%
Accrued expenses and other liabilities	164,400		176,057		135,054		134,031		87,454				(26.3)	%	88.0	%
Total liabilities	9,915,948		9,765,347		6,450,320		5,873,357		5,362,592				6.14	%	84.9	%
Shareholders' equity:
Common stock, $1 par value	47,222		47,192		32,101		32,067		31,034				0.25	%	52.2	%
Additional paid-in capital	898,847		896,158		462,930		460,938		425,633				1.19	%	111.2	%
Retained earnings	317,625		276,361		286,296		266,385		293,524				59.4	%	8.21	%
Accumulated other comprehensive income, net	27,595		25,287		23,889		22,940		12,138				36.3	%	127.3	%
Total common shareholders' equity	1,291,289		1,244,998		805,216		782,330		762,329				14.8	%	69.4	%
Noncontrolling interest	93		93		—		—		—				—	%	(100.0)	%
Total equity	1,291,382		1,245,091		805,216		782,330		762,329				14.8	%	69.4	%
Total liabilities and shareholders' equity	$	11,207,330	$	11,010,438	$	7,255,536	$	6,655,687	$	6,124,921			7.11	%	83.0	%


FB Financial Corporation						7


Average Balance, Average Yield Earned and Average Rate Paid
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended
	December 31, 2020						September 30, 2020
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	7,139,870	$	86,398	4.81	%	$	6,062,785	$	71,660	4.70	%
Mortgage loans held for sale(b)	621,076		4,138		2.65	%	486,899		3,624		2.96	%
Commercial loans held for sale	236,676		2,830		4.76	%	99,745		1,336		5.33	%
Securities:(b)
Taxable	744,161		2,306		1.23	%	604,557		2,286		1.50	%
Tax-exempt(a)	359,509		2,867		3.17	%	309,352		2,614		3.36	%
Total securities(a)	1,103,670		5,173		1.86	%	913,909		4,900		2.13	%
Federal funds sold	95,266		30		0.13	%	88,626		19		0.09	%
Interest-bearing deposits with other financial institutions	1,082,004		375		0.14	%	763,251		309		0.16	%
FHLB stock	31,232		159		2.03	%	22,517		76		1.34	%
Total interest-earning assets(a)	10,309,794		99,103		3.82	%	8,437,732		81,924		3.86	%
Noninterest-earning assets:
Cash and due from banks	73,279						69,788
Allowance for credit losses	(183,932)						(144,991)
Other assets	912,022						816,759
Total noninterest-earning assets	801,369						741,556
Total assets	$	11,111,163					$	9,179,288
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,178,039	$	2,785	0.51	%	$	1,626,067	$	2,194	0.54	%
Money market(e)	2,769,421		3,968		0.57	%	2,179,128		3,589		0.66	%
Savings deposits	338,260		54		0.06	%	309,689		58		0.07	%
Customer time deposits(e)	1,410,108		3,704		1.04	%	1,334,829		4,817		1.44	%
Brokered and internet time deposits(e)	87,035		298		1.36	%	60,327		(85)		(0.56)	%
Time deposits	1,497,143		4,002		1.06	%	1,395,156		4,732		1.35	%
Total interest-bearing deposits	6,782,863		10,809		0.63	%	5,510,040		10,573		0.76	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	34,986		43		0.49	%	37,309		51		0.54	%
Federal Home Loan Bank advances(f)	102,174		(432)		(1.68)	%	249,457		406		0.65	%
Subordinated debt	189,649		2,433		5.10	%	95,048		1,222		5.11	%
Other borrowings	16,612		139		3.33	%	15,015		47		1.25	%
Total other interest-bearing liabilities	343,421		2,183		2.53	%	396,829		1,726		1.73	%
Total interest-bearing liabilities	7,126,284		12,992		0.73	%	5,906,869		12,299		0.83	%
Noninterest-bearing liabilities:
Demand deposits	2,513,202						2,050,084
Other liabilities	210,483						177,329
Total noninterest-bearing liabilities	2,723,685						2,227,413
Total liabilities	9,849,969						8,134,282
Total common shareholders' equity	1,261,101						1,044,913
Noncontrolling interest	93						93
Total equity	1,261,194						1,045,006
Total liabilities and shareholders' equity	$	11,111,163					$	9,179,288
Net interest income(a)			$	86,111					$	69,625
Interest rate spread(a)					3.09	%					3.03	%
Net interest margin(a)					3.32	%					3.28	%
Cost of total deposits					0.46	%					0.56	%
Average interest-earning assets to average interest-bearing liabilities					144.7	%					142.8	%
Tax-equivalent adjustment			$	867					$	797
Loans HFI yield components:
Contractual interest rate(a)(c)			$	78,873	4.39	%			$	66,441	4.36	%
Origination and other loan fee income(c)			6,537		0.36	%			4,029		0.26	%
Accretion on purchased loans			708		0.04	%			526		0.04	%
Nonaccrual interest			280		0.02	%			664		0.04	%

Total loans HFI yield			$	86,398	4.81	%			$	71,660	4.70	%

(a) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.

(b) Excludes the average balance for unrealized gains (losses) for loans held for sale and investments carried at fair value.

(c) Includes $699 and $797 of loan contractual interest and $2,448 and $850 of loan fees related to PPP loans for the three months ended December 31, 2020 and September 30, 2020 respectively.

(d) Includes $279,757 and $311,025 of average PPP loan balances for the three months ended December 31, 2020 and September 30, 2020, respectively.

(e) Includes $932 and $0 of interest rate mark accretion on money market deposits, $1,101 and $653 of interest rate mark accretion on customer time deposits and $127 and $342 of interest rate mark accretion on brokered and internet deposits for the three months ended December 31, 2020 and September 30, 2020, respectively.

(f) Includes $545 and $115 of gain accreted from OCI with cancelled cash flow hedge for the three months ended December 31, 2020 and September 30, 2020, respectively.


FB Financial Corporation						8


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2020						March 31, 2020						December 31, 2019
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	4,775,229	$	58,201	4.90	%	$	4,495,069	$	61,817	5.53	%	$	4,384,180	$	64,053	5.80	%
Loans held for sale(b)	358,108		2,947		3.31	%	214,150		1,990		3.74	%	257,833		2,095		3.22	%
Securities:(b)
Taxable	494,987		2,619		2.13	%	512,774		3,056		2.40	%	505,299		2,969		2.33	%
Tax-exempt(a)	236,161		2,174		3.70	%	197,961		1,915		3.89	%	181,922		1,794		3.91	%
Total securities(a)	731,148		4,793		2.64	%	710,735		4,971		2.81	%	687,211		4,763		2.75	%
Federal funds sold	50,402		10		0.08	%	107,489		245		0.92	%	69,749		301		1.71	%
Interest-bearing deposits with other financial institutions	509,283		194		0.15	%	287,499		1,082		1.51	%	185,319		790		1.69	%
FHLB stock	16,871		102		2.43	%	16,226		104		2.58	%	15,976		161		4.00	%
Total interest-earning assets(a)	6,441,041		66,247		4.14	%	5,831,168		70,209		4.84	%	5,600,278		72,163		5.11	%
Noninterest-earning assets:
Cash and due from banks	58,304						64,438						49,318
Allowance for credit losses	(91,196)						(63,034)						(31,631)
Other assets	666,463						576,845						539,966
Total noninterest-earning assets	633,571						578,249						557,653
Total assets	$	7,074,612					$	6,409,417					$	6,157,931
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	1,161,593	$	1,717	0.59	%	$	1,085,849	$	2,179	0.81	%	$	981,572	$	2,068	0.84	%
Money market	1,422,344		2,179		0.62	%	1,383,229		3,971		1.15	%	1,320,268		4,309		1.29	%
Savings deposits	254,357		41		0.06	%	233,807		79		0.14	%	210,550		79		0.15	%
Customer time deposits(e)	1,197,960		5,292		1.78	%	1,205,385		5,843		1.95	%	1,175,467		6,133		2.07	%
Brokered and internet time deposits(e)	16,844		80		1.91	%	20,355		96		1.90	%	23,219		114		1.95	%
Time deposits	1,214,804		5,372		1.78	%	1,225,740		5,939		1.95	%	1,198,686		6,247		2.07	%
Total interest-bearing deposits	4,053,098		9,309		0.92	%	3,928,625		12,168		1.25	%	3,711,076		12,703		1.36	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	32,451		50		0.62	%	26,961		57		0.85	%	27,610		59		0.85	%
Federal Home Loan Bank advances	250,000		405		0.65	%	250,000		714		1.15	%	250,000		788		1.25	%
Subordinated debt	30,930		399		5.19	%	30,930		421		5.47	%	30,930		401		5.14	%
Other borrowings	15,000		107		2.87	%	7,747		65		3.37	%	—		—		—	%
Total other interest-bearing liabilities	328,381		961		1.18	%	315,638		1,257		1.60	%	308,540		1,248		1.60	%
Total interest-bearing liabilities	4,381,479		10,270		0.94	%	4,244,263		13,425		1.27	%	4,019,616		13,951		1.38	%
Noninterest-bearing liabilities:
Demand deposits	1,728,343						1,284,331						1,253,311
Other liabilities	169,085						111,894						123,055
Total noninterest-bearing liabilities	1,897,428						1,396,225						1,376,366
Total liabilities	6,278,907						5,640,488						5,395,982
Shareholders' equity	795,705						768,929						761,949
Total liabilities and shareholders' equity	$	7,074,612					$	6,409,417					$	6,157,931
Net interest income(a)			$	55,977					$	56,784					$	58,212
Interest rate spread(a)					3.20	%					3.57	%					3.74	%
Net interest margin(a)					3.50	%					3.92	%					4.12	%
Cost of total deposits					0.65	%					0.94	%					1.02	%
Average interest-earning assets to average interest-bearing liabilities					147.0	%					137.4	%					139.3	%
Tax-equivalent adjustment			$	640					$	535					$	520
Loans HFI yield components:
Contractual interest rate(a)(c)			$	54,233	4.57	%			$	57,382	5.14	%			$	58,219	5.27	%
Origination and other loan fee income(c)			2,823		0.24	%			2,589		0.23	%			2,863		0.26	%
Accretion on purchased loans			976		0.08	%			1,578		0.14	%			2,526		0.23	%
Nonaccrual interest			169		0.01	%			268		0.02	%			439		0.04	%
Syndication fee income			—		—	%			—		—	%			6		—	%
Total loans HFI yield			$	58,201	4.90	%			$	61,817	5.53	%			$	64,053	5.80	%

(a) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.

(b) Excludes the average balance for unrealized gains (losses) prospectively for 2020 for loans held for sale and investments carried at fair value.

(c) Includes $596 of loan contractual interest and $624 of loan fees related to PPP loans for the three months ended June 30, 2020.

(d) Includes $234,304 of average PPP loan balances for the three months ended June 30, 2020.

(e) Includes $228 of interest rate mark accretion on customer time deposits for the three months ended June 30, 2020 and $10, $12 and $15 of interest rate mark expense on brokered and internet deposits for the three months ended June 30, 2020, March 31, 2020 and December 31, 2019, respectively.

(f) Includes $148, $147 and $138 of gain accreted from OCI with cancelled cash flow hedge for the three months ended June 30, 2020, March 31, 2020 and December 31, 2019, respectively.


FB Financial Corporation						9


Average Balance, Average Yield Earned and Average Rate Paid (continued)
For the Years Ended
(Unaudited)
(In Thousands, Except %)

	December 31, 2020						December 31, 2019
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(d)	$	5,621,832	$	278,076	4.95	%	$	4,149,590	$	250,693	6.04	%
Mortgage loans held for sale(b)	420,791		12,699		3.02	%	254,689		9,966		3.91	%
Commercial loans held for sale	84,580		4,166		4.93	%	—		—		—	%
Securities:(b)
Taxable	589,393		10,267		1.74	%	516,250		13,223		2.56	%
Tax-exempt(a)	275,786		9,570		3.47	%	155,306		6,498		4.18	%
Total securities(a)	865,179		19,837		2.29	%	671,556		19,721		2.94	%
Federal funds sold	85,402		304		0.36	%	31,309		678		2.17	%
Interest-bearing deposits with other financial institutions	662,175		1,960		0.30	%	130,145		2,651		2.04	%
FHLB stock	21,735		441		2.03	%	15,146		722		4.77	%
Total interest-earning assets(a)	7,761,694		317,483		4.09	%	5,252,435		284,431		5.42	%
Noninterest-earning assets:
Cash and due from banks	66,177						51,194
Allowance for loan losses	(121,033)						(30,442)
Other assets	731,262						504,485
Total noninterest-earning assets	676,406						525,237
Total assets	$	8,438,100					$	5,777,672
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	1,461,596	$	8,875	0.61	%	$	950,219	$	8,755	0.92	%
Money market(e)	1,807,481		13,707		0.76	%	1,219,652		17,380		1.42	%
Savings deposits	274,489		232		0.08	%	199,535		301		0.15	%
Customer time deposits(e)	1,289,552		19,656		1.52	%	1,155,058		24,103		2.09	%
Brokered and internet time deposits(e)	43,372		389		0.90	%	45,313		1,029		2.27	%
Time deposits	1,332,924		20,045		1.50	%	1,200,371		25,132		2.09	%
Total interest-bearing deposits	4,876,490		42,859		0.88	%	3,569,777		51,568		1.44	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	32,912		201		0.61	%	26,400		291		1.10	%
Federal Home Loan Bank advances(f)	212,705		1,093		0.51	%	187,509		3,004		1.60	%
Subordinated debt	86,944		4,475		5.15	%	30,930		1,638		5.30	%
Other borrowings	12,939		358		2.77	%	—		—		—	%
Total other interest-bearing liabilities	345,500		6,127		1.77	%	244,839		4,933		2.01	%
Total interest-bearing liabilities	5,221,990		48,986		0.94	%	3,814,616		56,501		1.48	%
Noninterest-bearing liabilities:
Demand deposits	2,092,450						1,130,113
Other liabilities	157,289						109,449
Total noninterest-bearing liabilities	2,249,739						1,239,562
Total liabilities	7,471,729						5,054,178
Total common shareholders' equity	966,336						723,494
Noncontrolling interest	35						—
Total equity	966,371						723,494
Total liabilities and shareholders' equity	$	8,438,100					$	5,777,672
Net interest income(a)			$	268,497					$	227,930
Interest rate spread(a)					3.15	%					3.94	%
Net interest margin(a)					3.46	%					4.34	%
Cost of total deposits					0.62	%					1.10	%
Average interest-earning assets to average interest-bearing liabilities					148.6	%					137.7	%
Tax equivalent adjustment			$	2,839					$	1,894
Loans HFI yield components:
Contractual interest rate(a)(c)			$	256,929	4.57	%			$	228,069	5.50	%
Origination and other loan fee income(c)			15,978		0.28	%			12,977		0.31	%
Accretion on purchased loans			3,788		0.07	%			8,556		0.21	%
Nonaccrual interest			1,381		0.03	%			885		0.02	%
Syndication fee income			—		—	%			206		—	%
Total loans HFI yield			$	278,076	4.95	%			$	250,693	6.04	%

(a) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.

(b) Excludes the average balances of unrealized gains (losses) prospectively from 2020 for loans held for sale and investments carried at fair value.

(c) Includes $2,092 of loan contractual interest and $3,923 of loan fees related to PPP loans for the year ended December 31, 2020.

(d) Includes $206,758 of average PPP loan balances during the year ended December 31, 2020.

(e) Includes $932 and $0 of interest rate mark accretion on money market deposits, $1,982 and $0 on customer time deposits and $447 and $78 on brokered and internet deposits for the year ended December 31, 2020 and 2019, respectively.

(f) Includes $955 and $481 of gain accretion from OCI with cancelled cash flow hedge for the year ended December 31, 2020 and 2019, respectively.


FB Financial Corporation						10


Franklin Financial Network, Inc. Opening Balance Sheet (Preliminary)
As of August 15, 2020
(Unaudited)
(In Thousands)


	As Recorded by FB Financial Corporation (Preliminary)(a)
Assets
Cash and cash equivalents	$	284,004
Investments	373,462
Mortgage loans held for sale, at fair value	38,740
Commercial loans held for sale, at fair value	326,206
Loans, net of fair value adjustments	2,427,527
Allowance for credit losses on PCD loans	(24,831)
Premises and equipment	39,691
Operating lease right-of-use assets	23,958
Mortgage servicing rights	5,111
Core deposit intangible	7,670
Goodwill	71,464
Other assets	121,033
Total assets	$	3,694,035

Liabilities
Deposits	$	3,121,730
Borrowings	62,435
Operating lease liabilities	24,330
Accrued expenses and other liabilities	7,617
Total liabilities	$	3,216,112
Acquired minority interest	$	93

Equity and Cash Consideration
Value of 15,102,492 shares issued as merger consideration	$	445,826
Fair value of replacement awards attributable to pre-combination service	674
Total cash consideration paid	31,330
Total consideration	$	477,830





















(a) The above estimated fair values of assets acquired and liabilities assumed are preliminary and are subject to change during the measurement period as allowed under ASC 805 - Business Combinations.


FB Financial Corporation						11


Loans and Deposits by Market
For the Quarters Ended
(Unaudited)
(In Thousands)

	2020								2019
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Loans by market
Metropolitan	$	5,580,822	$	5,699,082	$	3,387,279	$	3,217,598	$	3,061,183
Community	867,575		892,229		875,347		820,180		817,380
Specialty lending and other	634,562		622,227		564,397		530,260		531,079
Total	$	7,082,959	$	7,213,538	$	4,827,023	$	4,568,038	$	4,409,642
Deposits by market
Metropolitan	$	5,812,719	$	5,574,001	$	3,651,146	$	3,272,740	$	2,963,524
Community	2,001,802		1,928,006		1,915,996		1,731,050		1,642,949
Mortgage and other(a)	1,643,516		1,591,740		385,659		373,142		328,465
Total	$	9,458,037	$	9,093,747	$	5,952,801	$	5,376,932	$	4,934,938

(a) Includes deposits related to escrow balances from mortgage servicing portfolio and wholesale/other deposits.


FB Financial Corporation						12


Segment Data
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2020												2019
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Banking segment
Net interest income	$	85,207		$	68,791		$	55,350		$	56,233		$	57,776
Provisions for credit losses	(2,920)			55,401			25,921			29,565			2,950
Mortgage banking income retail footprint	23,152			24,683			16,940			10,651			9,899
Other noninterest income	14,909			12,340			9,323			9,955			9,058
Other noninterest mortgage banking expenses	15,118			15,175			11,542			7,175			8,126
Merger expense	8,788			20,400			1,586			3,050			686
Other noninterest expense	57,458			52,135			40,454			40,767			38,918
Pre-tax income (loss) after allocations	$	44,824		$	(37,297)		$	2,110		$	(3,718)		$	26,053
Total assets	$	10,529,812		$	10,378,122		$	6,751,881		$	6,211,640		$	5,795,888
Intracompany funding income included in net interest income	5,160			3,940			3,335			2,375			2,460
Core efficiency ratio*	56.2		%	62.7		%	63.2		%	61.8		%	61.1		%
Mortgage segment
Net interest income	$	37		$	37		$	(13)		$	16		$	(84)

Noninterest income	42,577			60,003			55,228			22,094			16,277

Merger expense	725			330			—			—			—
Other noninterest expense	27,766			30,052			26,997			17,567			14,956
Direct contribution	$	14,123		$	29,658		$	28,218		$	4,543		$	1,237
Total assets	$	677,518		$	632,316		$	503,655		$	444,047		$	329,033
Intracompany funding expense included in net interest income	5,160			3,940			3,335			2,375			2,460
Core efficiency ratio*	65.2		%	50.1		%	48.9		%	79.5		%	92.4		%
Interest rate lock commitments volume during the period
Consumer direct	$	1,291,121		$	1,453,238		$	1,480,878		$	1,314,625		$	679,096
Retail	896,357			965,434			758,228			779,155			402,490
Wholesale	—			—			—			—			—
Total	$	2,187,478		$	2,418,672		$	2,239,106		$	2,093,780		$	1,081,586
Interest rate lock commitments pipeline (period end)
Consumer direct	$	833,569		$	912,349		$	848,732		$	653,593		$	348,389
Retail	358,052			451,872			357,200			430,940			104,809
Wholesale	—			—			—			—			—
Total	$	1,191,621		$	1,364,221		$	1,205,932		$	1,084,533		$	453,198
Mortgage sales
Consumer direct	$	1,070,909		$	1,034,278		$	962,417		$	684,209		$	718,624
Retail	341,267			229,022			220,436			158,224			120,487
Retail footprint	416,041			506,743			412,560			199,043			266,328
Wholesale	—			—			—			—			652
Total	$	1,828,217		$	1,770,043		$	1,595,413		$	1,041,476		$	1,106,091
Gains and fees from origination and sale of mortgage loans held for sale	$	83,971		$	76,506		$	45,515		$	30,390		$	31,807
Net change in fair value of loans held for sale, derivatives, and other	(16,875)			10,084			34,778			3,205			(4,328)
Mortgage servicing income	6,461			5,536			5,113			5,018			4,914
Change in fair value of mortgage servicing rights, net of hedging	(7,828)			(7,440)			(13,238)			(5,868)			(6,217)
Total mortgage banking income	$	65,729		$	84,686		$	72,168		$	32,745		$	26,176
Mortgage sale margin(a)	4.59		%	4.32		%	2.85		%	2.92		%	2.88		%

*These measures are considered non-GAAP financial measures. See "GAAP Reconciliation and Use of non-GAAP financial measures" and the corresponding financial tables below for a reconciliation and discussion of these non-GAAP measures for a reconciliation and discussion of this non-GAAP measure.

(a) Calculated by dividing gains and fees from origination and sale of mortgage loans held for sale by total mortgage sales.


FB Financial Corporation						13


Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2020																			2019
	Fourth Quarter			% of Total		Third Quarter			% of Total	Second Quarter			% of Total		First Quarter			% of Total		Fourth Quarter			% of Total
Loan portfolio
Commercial and Industrial (a)	$	1,346,122		19	%	$	1,417,671		20%	$	1,289,646		27	%	$	1,020,484		23	%	$	1,034,036		23	%
Construction	1,222,220			17	%	1,190,878			16%	553,619			12	%	599,479			13	%	551,101			13	%
Residential real estate:
1-to-4 family mortgage	1,089,270			15	%	1,140,611			16%	741,936			15	%	743,336			16	%	710,454			16	%
Residential line of credit	408,211			6	%	420,318			6%	236,974			5	%	246,527			5	%	221,530			5	%
Multi-family mortgage	175,676			2	%	165,937			2%	115,149			2	%	94,638			2	%	69,429			2	%
Commercial real estate:
Owner occupied	924,841			13	%	924,987			13%	683,245			14	%	686,543			15	%	630,270			14	%
Non-owner occupied	1,598,979			23	%	1,644,400			23%	923,192			19	%	910,822			20	%	920,744			21	%
Consumer and other	317,640			5	%	308,736			4%	283,262			6	%	266,209			6	%	272,078			6	%
Total loans HFI	$	7,082,959		100	%	$	7,213,538		100%	$	4,827,023		100	%	$	4,568,038		100	%	$	4,409,642		100	%
Allowance for credit losses rollforward summary
Allowance for credit losses at the beginning of the period	$	183,973				$	113,129			$	89,141				$	31,139				$	31,464
Impact of adopting ASC 326 (CECL) on non-purchased credit deteriorated loans	—					—				—					30,888					—
Impact of adopting ASC 326 (CECL) on purchased credit deteriorated loans	—					—				—					558					—
Charge-offs	(10,736)					(993)				(1,165)					(2,411)					(3,594)
Recoveries	383					1,172				1,114					334					319
Provision for credit losses	(3,231)					45,834				24,039					27,964					2,950
Initial allowance on acquired loans with credit deterioration	—					24,831				—					669					—

Allowance for credit losses at the end of the period	$	170,389				$	183,973			$	113,129				$	89,141				$	31,139
Allowance for credit losses as a percentage of total loans HFI	2.41		%			2.55		%		2.34		%			1.95		%			0.71		%
Adjusted allowance for credit losses as a percentage of loans HFI*	2.48		%			2.66		%		2.51		%			1.95		%			0.71		%
Allowance for credit losses on unfunded commitments	$	16,378				$	16,067			$	6,500				$	4,618				$	—
Charge-offs
Commercial and Industrial	$	(10,105)				$	(249)			$	(147)				$	(1,234)				$	(2,669)
Construction	—					—				(18)					—					—
Residential real estate:
1-to-4 family mortgage	(30)					(8)				(123)					(242)					(138)
Residential line of credit	(1)					—				(21)					—					(4)
Multi-family mortgage	—					—				—					—					—
Commercial real estate:
Owner occupied	—					(95)				—					(209)					—
Non-owner occupied	—					(166)				(545)					—					—
Consumer and other	(600)					(475)				(311)					(726)					(783)
Total charge-offs	(10,736)					(993)				(1,165)					(2,411)					(3,594)
Recoveries
Commercial and Industrial	60					757				807					88					70
Construction	3					51				151					—					3
Residential real estate:
1-to-4 family mortgage	(44)					116				26					24					17
Residential line of credit	64					22				24					15					17
Multi-family mortgage	—					—				—					—					—
Commercial real estate:
Owner occupied	15					51				3					14					13
Non-owner occupied	—					—				—					—					—
Consumer and other	285					175				103					193					199
Total recoveries	383					1,172				1,114					334					319
Net (charge-offs) recoveries	$	(10,353)				$	179			$	(51)				$	(2,077)				$	(3,275)
Net charge-offs (recoveries) as a percentage of average total loans	0.58		%			(0.01)		%		0.00		%			0.19		%			0.30		%
Loans classified as substandard and doubtful	$	131,364				$	126,986			$	88,416				$	74,237				$	80,346


FB Financial Corporation						14



Loan Portfolio and Asset Quality (continued)
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2020												2019
	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Nonperforming assets(b)(c)
Past due 90 days or more and accruing interest	$	13,696		$	9,064		$	6,412		$	6,459		$	5,543
Nonaccrual	48,516			34,585			28,413			24,547			21,062
Total nonperforming loans held for investment	62,212			43,649			34,825			31,006			26,605
Commercial loans held for sale	6,489			12,812			—			—			—
Other real estate owned:
Foreclosed	6,408			6,570			7,340			9,332			9,983
Excess land and facilities	5,703			6,178			7,751			7,740			8,956
Other assets	1,170			1,184			1,306			1,188			1,580
Total nonperforming assets	$	81,982		$	70,393		$	51,222		$	49,266		$	47,124
Total nonperforming loans as a percentage of loans held for investment	0.88		%	0.61		%	0.72		%	0.68		%	0.60		%
Total nonperforming assets as a percentage of total assets	0.73		%	0.64		%	0.71		%	0.74		%	0.77		%
Total accruing loans over 90 days delinquent as a percentage of total assets	0.12		%	0.08		%	0.09		%	0.10		%	0.09		%
Loans restructured as troubled debt restructurings	$	15,988		$	16,681		$	13,277		$	11,566		$	12,206
Troubled debt restructurings as a percentage of loans held for investment	0.23		%	0.23		%	0.28		%	0.25		%	0.28		%

(a) Includes PPP loan balances of $212,645, $310,719 and $314,678 as of December 31, 2020, September 30, 2020 and June 30, 2020, respectively.

(b) Upon adoption of CECL on January 1, 2020, purchase credit deteriorated loans are included in nonperforming assets on a prospective basis.

(c) Nonperforming assets include guaranteed repurchased loans previously sold of $3.7 million, $4.4 million, $4.2 million, $3.1 million, and $2.7 million, for the quarters ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020 and December 31, 2019, respectively.


FB Financial Corporation						15


Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)

Computation of Tangible Common Equity to Tangible Assets:	December 31, 2020			December 31, 2019

Total Common Shareholders' Equity	$	1,291,289		$	762,329
Less:
Goodwill	246,835			169,051
Other intangibles	22,431			17,589
Tangible Common Equity	$	1,022,023		$	575,689

Total Assets	$	11,207,330		$	6,124,921
Less:
Goodwill	246,835			169,051
Other intangibles	22,431			17,589
Tangible Assets	$	10,938,064		$	5,938,281

Preliminary Total Risk-Weighted Assets	$	8,894,607		$	5,172,450

Total Common Equity to Total Assets	11.5		%	12.4		%
Tangible Common Equity to Tangible Assets*	9.3		%	9.7		%


	December 31, 2020			December 31, 2019
Preliminary Regulatory Capital(a):
Common Equity Tier 1 Capital	$	1,056,085		$	572,410
Tier 1 Capital	1,086,085			602,410
Total Capital	1,356,408			633,549

Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	11.9		%	11.1		%
Tier 1 Risk-Based	12.2		%	11.6		%
Total Risk-Based	15.2		%	12.2		%
Tier 1 Leverage	10.0		%	10.1		%

(a) Reflects CECL transition relief of $52,109 add-back and $57,979 disallowed from add-back to Tier 2 capital.


FB Financial Corporation						16


Investment Portfolio
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)

	2020																			2019
Securities (at fair value)	Fourth Quarter					Third Quarter				Second Quarter					First Quarter					Fourth Quarter
Available-for-sale debt securities
U.S. government agency securities	$	2,003		—	%	$	1,994		—%	$	3,024		—	%	$	3,037		—	%	$	—		—	%
Mortgage-backed securities - residential	773,336			66	%	738,106			63%	440,778			59	%	485,671			63	%	477,312			69	%
Mortgage-backed securities - commercial	21,588			2	%	21,854			2%	13,828			2	%	13,987			2	%	13,364			2	%
Municipals, tax exempt	356,329			30	%	374,880			32%	266,052			35	%	235,677			31	%	189,235			27	%
Treasury securities	16,628			1	%	21,700			2%	22,771			3	%	24,860			3	%	7,448			1	%
Corporate securities	2,516			—	%	1,987			—%	985			—	%	985			—	%	1,022			—	%
Total available-for-sale debt securities	1,172,400			99	%	1,160,521			99%	747,438			99	%	764,217			99	%	688,381			99	%
Equity securities	4,591			1	%	4,389			1%	4,329			1	%	3,358			1	%	3,295			1	%
Total securities	$	1,176,991		100	%	$	1,164,910		100%	$	751,767		100	%	$	767,575		100	%	$	691,676		100	%
Securities to total assets	10.5		%			10.6		%		10.4		%			11.5		%			11.3		%
Unrealized gain on available-for-sale debt securities	$	34,552				$	31,468			$	29,683				$	28,045				$	11,676


FB Financial Corporation						17


Non-GAAP Reconciliation
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020								2019
Adjusted earnings	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Pre-tax net income (loss)	$	58,947	$	(7,639)	$	30,328	$	825	$	27,290
Plus merger expenses	9,513		20,730		1,586		3,050		686
Plus initial provision for credit losses on acquired loans and unfunded commitments	—		63,251		—		2,885		—
Less other non-operating items(1)	(2,448)		(1,952)		—		—		—
Adjusted pre-tax earnings	70,908		78,294		31,914		6,760		27,976
Income tax expense, adjusted	16,454		20,198		7,828		1,464		5,897
Adjusted earnings	$	54,454	$	58,096	$	24,086	$	5,296	$	22,079
Weighted average common shares outstanding - fully diluted	47,791,659		40,637,745		32,506,417		31,734,112		31,470,565
Adjusted diluted earnings per share
Diluted earnings (loss) per common share	$	0.95	$	(0.14)	$	0.70	$	0.02	$	0.68
Plus merger expenses	0.20		0.51		0.05		0.10		0.02

Plus initial provision for credit losses on acquired loans and unfunded commitments	—		1.56		—		0.09		—
Less other non-operating items	(0.05)		(0.05)		—		—		—
Less tax effect	0.06		0.55		0.01		0.04		—
Adjusted diluted earnings per share	$	1.14	$	1.43	$	0.74	$	0.17	$	0.70
(1) 4Q2020 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin; 3Q2020 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin.

Note: Adjusted non-GAAP results for the third quarter of 2020 have been recast from previously reported results to adjust for gains associated with changes in fair value related to commercial loans held for sale amounting to $1,858 . The following adjusted figures and metrics have been recast for conformity and comparability: Adjusted earnings, Adjusted diluted earnings per share, Adjusted pre-tax pre-provision earnings, Core efficiency ratio, Banking segment core efficiency ratio, Adjusted mortgage banking pre-tax-pre-provision net contribution (%), Adjusted return on average assets, average equity and average tangible common equity, and Adjusted pre-tax pre-provision return on average assets, equity and tangible common equity. Previously reported adjusted amounts and non-GAAP reconciliations are included in previously issued earnings release materials.

	2020								2019
Adjusted pre-tax pre-provision earnings	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter
Pre-tax net income (loss)	$	58,947	$	(7,639)	$	30,328	$	825	$	27,290
Plus provisions for credit losses	(2,920)		55,401		25,921		29,565		2,950
Pre-tax pre-provision earnings	56,027		47,762		56,249		30,390		30,240
Plus merger expenses	9,513		20,730		1,586		3,050		686
Less other non-operating items	(2,448)		(1,952)		—		—		—
Adjusted pre-tax pre-provision earnings	$	67,988	$	70,444	$	57,835	$	33,440	$	30,926


FB Financial Corporation						18


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

Adjusted earnings	2020		2019		2018		2017		2016*
Pre-tax net income	$	82,461	$	109,539	$	105,854	$	73,485	$	62,324
Plus merger, conversion, offering, and mortgage restructuring expenses	34,879		7,380		2,265		19,034		3,268
Plus initial provision for credit losses on acquired loans and unfunded commitments	66,136		—		—		—		—
Less other non-operating items(1)	(4,400)		—		—		—		(3,539)
Adjusted pre-tax earnings	187,876		116,919		108,119		92,519		69,131
Adjusted income tax expense	45,944		27,648		26,034		34,749		25,404
Adjusted earnings	$	141,932	$	89,271	$	82,085	$	57,770	$	43,727
Weighted average common shares outstanding - fully diluted	38,099,744		31,402,897		31,314,981		28,207,602		19,312,174
Adjusted diluted earnings per share
Diluted earnings per common share	$	1.67	$	2.65	$	2.55	$	1.86	$	2.10
Plus merger, conversion, offering, and mortgage restructuring expenses	0.92		0.24		0.07		0.67		0.17
Plus initial provision for credit losses on acquired loans and unfunded commitments	1.74		—		—		—		—
Less other non-operating items	(0.11)		—		—		—		(0.18)
Less tax effect and benefit of enacted tax laws	0.71		0.06		0.01		0.48		0.19
Adjusted diluted earnings per share	$	3.73	$	2.83	$	2.61	$	2.05	$	2.26

(1) 2020 includes $6,838 FHLB prepayment penalties, $1,505 losses on other real estate owned offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale acquired from Franklin. 2016 includes $4,407 gain from securities, $1,179 gain on sales or write-downs of other real estate owned and other assets, $4,678 impairment of mortgage servicing rights and $4,447 loss on sale of mortgage servicing rights.
*Prior to the IPO in the third quarter of 2016, the Company was an S corporation and did not incur federal income taxes. In conjunction with the IPO, the Company converted to a C corporation. These results are on a pro forma basis to reflect the results of the Company on a C corporation basis and combined effective tax rate of 35.08% for the year ended December 31, 2016.

Adjusted pre-tax pre-provision earnings	2020		2019		2018		2017		2016*
Pre-tax net income	$	82,461	$	109,539	$	105,854	$	73,485	$	62,324
Plus provisions for credit losses	107,967		7,053		5,398		(950)		(1,479)
Pre-tax pre-provision earnings	190,428		116,592		111,252		72,535		60,845
Plus merger, conversion, offering, and mortgage restructuring expenses	34,879		7,380		2,265		19,034		3,268
Less other non-operating items	(4,400)		—		—		—		(3,539)
Adjusted pre-tax pre-provision earnings	$	229,707	$	123,972	$	113,517	$	91,569	$	67,652


FB Financial Corporation						19


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020												2019
Core efficiency ratio (tax-equivalent basis)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Total noninterest expense	$	109,855		$	118,092		$	80,579		$	68,559		$	62,686
Less merger expenses	9,513			20,730			1,586			3,050			686
Less FHLB prepayment penalties	4,533			2,305			—			—			—
Core noninterest expense	$	95,809		$	95,057		$	78,993		$	65,509		$	62,000
Net interest income (tax-equivalent basis)	$	86,111		$	69,625		$	55,977		$	56,784		$	58,212
Total noninterest income	80,638			97,026			81,491			42,700			35,234
Less gain on change in fair value on commercial loans held for sale and cash life insurance benefit	2,085			1,858			—			—			—
Less (loss) gain on sales or write-downs of other real estate owned and other assets	(57)			(1,279)			32			(277)			277
Less gain (loss) from securities, net	1,013			583			(28)			63			(18)
Core noninterest income	77,597			95,864			81,487			42,914			34,975
Core revenue	$	163,708		$	165,489		$	137,464		$	99,698		$	93,187
Efficiency ratio (GAAP)(a)	66.2		%	71.2		%	58.9		%	69.3		%	67.5		%
Core efficiency ratio (tax-equivalent basis)	58.5		%	57.4		%	57.5		%	65.7		%	66.5		%
(a) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

	2020												2019
Banking segment core efficiency ratio (tax equivalent)	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Core consolidated noninterest expense	$	95,809		$	95,057		$	78,993		$	65,509		$	62,000
Less Mortgage segment core noninterest expense	27,766			30,052			26,997			17,567			14,956
Core Banking segment noninterest expense	$	68,043		$	65,005		$	51,996		$	47,942		$	47,044
Core revenue	$	163,708		$	165,489		$	137,464		$	99,698		$	93,187
Less Mortgage segment total revenue	42,614			60,040			55,215			22,110			16,193
Core Banking segment total revenue	$	121,094		$	105,449		$	82,249		$	77,588		$	76,994
Banking segment core efficiency ratio (tax-equivalent basis)	56.2		%	61.6		%	63.2		%	61.8		%	61.1		%

Mortgage segment core efficiency ratio (tax equivalent)
Mortgage segment noninterest expense	$	28,491		$	30,382		$	26,997		$	17,567		$	14,956
Less mortgage merger expense	725			330			—			—			—


Core Mortgage segment noninterest expense	$	27,766		$	30,052		$	26,997		$	17,567		$	14,956


Mortgage segment total revenue	$	42,614		$	60,040		$	55,215		$	22,110		$	16,193
Mortgage segment core efficiency ratio (tax-equivalent basis)	65.2		%	50.1		%	48.9		%	79.5		%	92.4		%


FB Financial Corporation						20



Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020												2019
Adjusted mortgage contribution	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Mortgage segment pre-tax net contribution	$	14,123		$	29,658		$	28,218		$	4,543		$	1,237
Retail footprint:
Mortgage banking income	23,152			24,683			16,940			10,651			9,899
Mortgage banking expenses	15,118			15,175			11,542			7,175			8,126
Retail footprint pre-tax net contribution	8,034			9,508			5,398			3,476			1,773
Total mortgage banking pre-tax net contribution	$	22,157		$	39,166		$	33,616		$	8,019		$	3,010
Plus mortgage merger expense	725			330			—			—			—

Total adjusted mortgage banking pre-tax net contribution	$	22,882		$	39,496		$	33,616		$	8,019		$	3,010
Pre-tax pre-provision earnings	$	56,027		$	47,762		$	56,249		$	30,390		$	30,240
% total mortgage banking pre-tax pre-provision net contribution	39.5		%	82.0		%	59.8		%	26.4		%	10.0		%
Adjusted pre-tax pre-provision earnings	$	67,988		$	70,444		$	57,835		$	33,440		$	30,926
% total adjusted mortgage banking pre-tax pre-provision net contribution	33.7		%	56.1		%	58.1		%	24.0		%	9.73		%

	2020												2019
Tangible assets and equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Tangible assets
Total assets	$	11,207,330		$	11,010,438		$	7,255,536		$	6,655,687		$	6,124,921
Less goodwill	246,835			236,086			175,441			174,859			169,051
Less intangibles, net	22,431			23,924			17,671			18,876			17,589
Tangible assets	$	10,938,064		$	10,750,428		$	7,062,424		$	6,461,952		$	5,938,281
Tangible common equity
Total common shareholders' equity	$	1,291,289		$	1,244,998		$	805,216		$	782,330		$	762,329
Less goodwill	246,835			236,086			175,441			174,859			169,051
Less intangibles, net	22,431			23,924			17,671			18,876			17,589
Tangible common equity	$	1,022,023		$	984,988		$	612,104		$	588,595		$	575,689
Common shares outstanding	47,220,743			47,191,677			32,101,108			32,067,356			31,034,315
Book value per common share	$	27.35		$	26.38		$	25.08		$	24.40		$	24.56
Tangible book value per common share	$	21.64		$	20.87		$	19.07		$	18.35		$	18.55
Total common shareholders' equity to total assets	11.5		%	11.3		%	11.1		%	11.8		%	12.4		%
Tangible common equity to tangible assets	9.34		%	9.16		%	8.67		%	9.11		%	9.69		%



	2020												2019
Return on average tangible common equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Total average shareholders' equity	$	1,261,101		$	1,044,913		$	795,705		$	768,929		$	761,949
Less average goodwill	242,983			205,473			175,150			171,532			168,492
Less average intangibles, net	23,178			20,973			18,209			18,152			18,242
Average tangible common equity	$	994,940		$	818,467		$	602,346		$	579,245		$	575,215
Net income (loss)	$	45,602		$	(5,599)		$	22,873		$	745		$	21,572
Return on average tangible common equity	18.2		%	(2.72		%)	15.3		%	0.52		%	14.9		%


FB Financial Corporation						21


Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020												2019
Adjusted return on average tangible common equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Average tangible common equity	$	994,940		$	818,467		$	602,346		$	579,245		$	575,215
Adjusted net income	54,454			58,096			24,086			5,296			22,079
Adjusted return on average tangible common equity	21.8		%	28.2		%	16.1		%	3.68		%	15.2		%

	2020												2019
Adjusted pre-tax pre-provision return on average tangible common equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Average tangible common equity	$	994,940		$	818,467		$	602,346		$	579,245		$	575,215
Adjusted pre-tax pre-provision earnings	67,988			70,444			57,835			33,440			30,926
Adjusted pre-tax pre-provision return on average tangible common equity	27.2		%	34.2		%	38.6		%	23.2		%	21.3		%

Return on average tangible common equity	2020			2019			2018			2017			2016*
Total average shareholders' equity	$	966,336		$	723,494		$	629,922		$	466,219		$	276,587
Less average goodwill	199,104			160,587			137,190			84,997			46,867
Less average intangibles, net	22,659			17,236			12,815			8,047			5,353
Average tangible common equity	$	744,573		$	545,671		$	479,917		$	373,175		$	224,367
Net income	$	63,621		$	83,814		$	80,236		$	52,398		$	39,422
Return on average tangible common equity	8.5		%	15.4		%	16.7		%	14.0		%	17.6		%

Adjusted return on average tangible common equity	2020			2019			2018			2017			2016*
Average tangible common equity	$	744,573		$	545,671		$	479,917		$	373,175		$	224,367
Adjusted net income	141,932			89,271			82,085			57,770			43,727
Adjusted return on average tangible common equity	19.1		%	16.4		%	17.1		%	15.5		%	19.5		%

	2020												2019
Adjusted return on average assets and equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Net income (loss)	$	45,602		$	(5,599)		$	22,873		$	745		$	21,572
Average assets	11,111,163			9,179,288			7,074,612			6,409,417			6,157,931
Average equity	1,261,101			1,044,913			795,705			768,929			761,949
Return on average assets	1.63		%	(0.24		%)	1.30		%	0.05		%	1.39		%
Return on average equity	14.4		%	(2.13		%)	11.6		%	0.39		%	11.2		%
Adjusted net income	$	54,454		$	58,096		$	24,086		$	5,296		$	22,079
Adjusted return on average assets	1.95		%	2.52		%	1.37		%	0.33		%	1.42		%
Adjusted return on average equity	17.2		%	22.1		%	12.2		%	2.77		%	11.5		%


FB Financial Corporation						22







Non-GAAP Reconciliation (continued)
For the Periods Ended
(Unaudited)
(In Thousands, Except Share Data and %)

	2020												2019
Adjusted pre-tax pre-provision return on average assets and equity	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Net income (loss)	$	45,602		$	(5,599)		$	22,873		$	745		$	21,572
Average assets	11,111,163			9,179,288			7,074,612			6,409,417			6,157,931
Average equity	1,261,101			1,044,913			797,705			768,929			761,949
Return on average assets	1.63		%	(0.24		%)	1.30		%	0.05		%	1.39		%
Return on average equity	14.39		%	(2.13		%)	11.6		%	0.39		%	11.2		%
Adjusted pre-tax pre-provision earnings	$	67,988		$	70,444		$	57,835		$	33,440		$	30,926
Adjusted pre-tax pre-provision return on average assets	2.43		%	3.05		%	3.29		%	2.10		%	1.99		%
Adjusted pre-tax pre-provision return on average equity	21.4		%	26.8		%	29.2		%	17.5		%	16.1		%

Adjusted return on average assets and equity	2020			2019			2018			2017			2016*
Net income	$	63,621		$	83,814		$	80,236		$	52,398		$	39,422
Average assets	8,438,100			5,777,672			4,844,865			3,811,158			3,001,275
Average equity	966,371			723,494			629,922			466,219			276,587
Return on average assets	0.75		%	1.45		%	1.66		%	1.37		%	1.31		%
Return on average equity	6.58		%	11.6		%	12.7		%	11.2		%	14.3		%
Adjusted net income	$	141,932		$	89,271		$	82,085		$	57,770		$	43,727
Adjusted return on average assets	1.68		%	1.55		%	1.69		%	1.52		%	1.46		%
Adjusted return on average equity	14.7		%	12.3		%	13.0		%	12.4		%	15.8		%





Adjusted pre-tax pre-provision return on average assets and equity	2020			2019			2018			2017			2016*
Net income	$	63,621		$	83,814		$	80,236		$	52,398		$	39,422
Average assets	8,438,100			5,777,672			4,844,865			3,811,158			3,001,275
Average equity	966,336			723,494			629,922			466,219			276,587
Return on average assets	0.75		%	1.45		%	1.66		%	1.37		%	1.31		%
Return on average equity	6.58		%	11.6		%	12.7		%	11.2		%	14.3		%
Adjusted pre-tax pre-provision earnings	$	229,707		$	123,972		$	113,517		$	91,569		$	67,652
Adjusted pre-tax pre-provision return on average assets	2.72		%	2.15		%	2.34		%	2.40		%	2.25		%
Adjusted pre-tax pre-provision return on average equity	23.8		%	17.1		%	18.0		%	19.6		%	24.5		%

	2020												2019
Adjusted allowance for credit losses to loans held for investment	Fourth Quarter			Third Quarter			Second Quarter			First Quarter			Fourth Quarter
Allowance for credit losses	$	170,389		$	183,973		$	113,129		$	89,141		$	31,139
Less allowance for credit losses attributed to PPP loans	2			49			51			—			—
Adjusted allowance for credit losses	$	170,387		$	183,924		$	113,078		$	89,141		$	31,139
Loans held for investment	7,082,959			7,213,538			4,827,023			4,568,038			4,409,642
Less PPP loans	212,645			310,719			314,678			—			—
Adjusted loans held for investment	$	6,870,314		$	6,902,819		$	4,512,345		$	4,568,038		$	4,409,642
Allowance for credit losses to loans held for investment	2.41		%	2.55		%	2.34		%	1.95		%	0.71		%
Adjusted allowance for credit losses to loans held for investment	2.48		%	2.66		%	2.51		%	1.95		%	0.71		%


FB Financial Corporation						23

January 26, 2021 2020 Fourth Quarter and Annual Earnings Presentation

1 Forward–Looking Statements Certain statements contained in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements regarding the projected impact of the COVID-19 global pandemic on our business operations, statements relating to the benefits, costs, and synergies of the merger with Franklin Financial Network, Inc. (“Franklin”) (the “merger”), and FB Financial’s future plans, results, strategies, and expectations. These statements can generally be identified by the use of the words and phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection,” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond FB Financial’s control. The inclusion of these forward-looking statements should not be regarded as a representation by FB Financial or any other person that such expectations, estimates, and projections will be achieved. Accordingly, FB Financial cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, and a continued slowdown in economic growth in the local or regional economies in which we operate and/or the US economy generally, (2) the effects of the COVID-19 pandemic, including the magnitude and duration of the pandemic and its impact on general economic and financial market conditions and on our business and our customers' business, results of operations, asset quality and financial condition, as well as the efficacy, distribution, and public adoption of vaccines, (3) changes in government interest rate policies and its impact on our business, net interest margin, and mortgage operations, (4) our ability to effectively manage problem credits, (5) the risk that the cost savings and any revenue synergies from the merger or another acquisition may not be realized or may take longer than anticipated to be realized, (6) disruption from the merger with customer, supplier, or employee relationships, (7) the risks related to the integrations of the combined businesses following the merger, (8) the diversion of management time on issues related to the merger, (9) the ability of FB Financial to effectively manage the larger and more complex operations of the combined company following the merger, (10) the risks associated with FB Financial’s pursuit of future acquisitions, (11) reputational risk and the reaction of the parties’ respective customers to the merger, (12) FB Financial’s ability to successfully execute its various business strategies, (13) the impact of the recent change in the U.S. presidential administration and Congress and any resulting impact on economic policy, capital markets, federal regulation, and the response to the COVD-19 pandemic; and (14) general competitive, economic, political, and market conditions. Further information regarding FB Financial and factors which could affect the forward-looking statements contained herein can be found in FB Financial's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and its other filings with the Securities and Exchange Commission (the “SEC”). Many of these factors are beyond FB Financial’s ability to control or pre-dict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this release, and FB Financial undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for FB Financial to predict their occurrence or how they will affect the company. FB Financial qualifies all forward-looking statements by these cautionary statements.

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

3 4Q 2020 and annual highlights Annual highlights ◼ Closed FNB Financial acquisition in February, completed systems conversion in May ◼ Funded $315 million in PPP loans for customer base in the second quarter; $213 million remaining as of year-end. $3.9 million of $6.7 million in total expected fees related to the program realized in 2020 ◼ Converted mobile and online banking platform in July ◼ Raised $100 million in bank-level subordinated notes with 4.50% coupon in August ◼ Closed Franklin Financial Network (“FSB”) merger in August; completed systems conversion on October 12th ◼ Increased consolidated risk based capital ratio to 15.2% as of 4Q 2020 from 12.2% as of 4Q 2019 ◼ Increased ACL / Loans HFI to 2.41% and adjusted ACL / Loans HFI1 to 2.48% as of 4Q 2020 from 0.71% as of 4Q 2019 ◼ FY 2020 adjusted diluted earnings per share1 of $3.73, an increase of 31.8% from FY 2019; FY 2020 adjusted pre-tax, pre-provision ROAA1 of 2.72% and FY 2020 adjusted return on average assets1 of 1.68% ◼ Record total mortgage pre-tax contribution of $103 million ◼ FY 2020 organic deposit growth of $1.2 billion, or 24.1% annual growth ◼ Reduced cost of total deposits to 0.46% in 4Q 2020, a decrease of 56 bps from 4Q 2019 Financial results 1 Results are non-GAAP financial measures that adjust GAAP reported net income, total assets, equity and other metrics for certain intangibles, income and expense items as outlined in the non-GAAP reconciliation calculations, using a combined marginal income tax rate of 26.06% excluding one-time items. See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures. 4Q 2020 FY 2020 Diluted earnings per share Adjusted diluted earnings per share1 $0.95 $1.14 $1.67 $3.73 Net income ($mm) Adjusted net income1 ($mm) $45.6 $54.5 $63.6 $141.9 Return on average assets Adjusted return on average assets1 1.63% 1.95% 0.75% 1.68% Return on average equity Adjusted return on average equity1 14.4% 17.2% 6.6% 14.7% Adjusted pre-tax, pre-provision earnings1 ($mm) $68.0 $229.7 Adjusted pre-tax, pre-provision return on average assets1 2.43% 2.72% Adjusted pre-tax, pre-provision return on average tangible common equity1 27.2% 30.9% Net interest margin Impact of accretion and nonaccrual interest (bps) 3.32% 4 3.46% 7 Efficiency ratio Core efficiency ratio1 66.2% 58.5% 66.4% 59.2% Tangible common equity / tangible assets1 9.3% 9.3%

4 Case counts have reduced activity in metro markets 1 Source: tn.gov/governor/covid-19. Tennessee Pledge 2 Source: georgia.org/covid19bizguide#other. Georgia’s Statewide Executive Order: Guidelines for Businesses. 3 Source: govstatus.egov.com/ky-healthy-at-work. Healthy at Work - Reopening Kentucky. 4 Source: alabamapublichealth.gov. Coronavirus Disease 2019. 5 Source: asafenashville.org. Roadmap for Reopening Nashville: Phase 2 Guidance and Resources. 6 Source: https://www.huschblackwell.com/tennessee-state-by-state-covid-19-guidance. Tennessee: State-by-State COVID-19 Guidance. 7 Source: insight.livestories.com/s/v2/covid-19-frequently-asked-questions-directives-shelby-county- tn/a44aaf6f-f91d-4541-8ad9-0f99a7c60d7f. Health Directive from The Shelby County Public Health Department. Government Guidance on Economic Activity Market Retail Restaurant Close Contact Providers Entertainment Venues Gyms Mask Orders Map Key Tennessee1 Open w/ Distancing Open w/ Distancing Open w/ Distancing Open w/ Distancing Open w/ Distancing Strongly Encouraged Georgia2 50% Capacity Open w/ Distancing Open w/ Distancing Open w/ Distancing Open w/ Distancing Strongly Encouraged Kentucky3 50% Capacity 50% Capacity 50% Capacity 50% Capacity 50% Capacity Requirement Alabama4 Open w/ Distancing Open w/ Distancing Open w/ Distancing Open w/ Distancing Open w/ Distancing Requirement Davidson County5 6 75% Capacity 50% Capacity 50% Capacity 30% Capacity 50% Capacity Requirement Shelby County7 50% Capacity 50% Capacity Open w/ Distancing Open w/ Distancing Open w/ Distancing Requirement FBK County Footprint Reopening Map

5 Core earnings power remains intact ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. Adjusted pre-tax, pre-provision return on average assets¹ 1.81% 2.25% 2.40% 2.34% 2.15% 2.72% 2015 2016 2017 2018 2019 2020 Drivers of profitability Net interest margin Noninterest income ($mm)Loans/deposits Core efficiency ratio1 3.97% 4.10% 4.46% 4.66% 4.34% 3.46% 2015 2016 2017 2018 2019 2020 73.1% 70.6% 68.1% 65.8% 65.4% 59.2% 2015 2016 2017 2018 2019 2020 $92 $145 $142 $131 $135 $302 2015 2016 2017 2018 2019 2020 81% 88% 101% 95% 95% 85% 70% 69% 86% 88% 89% 75% 11% 19% 15% 7% 6% 10% 2015 2016 2017 2018 2019 2020 Loans excluding HFS Loans HFS

6 Stabilizing net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 4Q19 1Q20 2Q20 3Q20 4Q20 A v g . in te re s t e a rn in g a s s e ts ( $ m m ) Y ie ld s a n d C o s ts ( % ) Average interest earning assets Yield on loans Cost of deposits NIM NIM 4.12% 3.92% 3.50% 3.28% 3.32% Impact of accretion and nonaccrual interest (bps) 21 13 7 5 4 Deposit Cost: Cost of MMDA 1.29% 1.15% 0.62% 0.66% 0.57% Cost of customer time 2.07% 1.95% 1.78% 1.44% 1.04% Cost of interest-bearing 1.36% 1.25% 0.92% 0.76% 0.63% Total deposit cost 1.02% 0.94% 0.65% 0.56% 0.46% Loans HFI Yield: Contractual interest 5.27% 5.14% 4.57% 4.36% 4.39% Origination and other loan fee income 0.26% 0.23% 0.24% 0.26% 0.36% Nonaccrual interest 0.04% 0.02% 0.01% 0.04% 0.05% Accretion on purchased loans 0.23% 0.14% 0.08% 0.04% 0.02% Total loan (HFI) yield 5.80% 5.53% 4.90% 4.70% 4.81%

7 3Q20 Mortgage continues to capitalize on rate environment Highlights ◼ Strong adjusted total mortgage pre-tax contribution1 of $22.9 million ◼ Mortgage sale margins continue to be elevated due to industry capacity constraints and low interest rates ◼ Mortgage pipeline at the end of 4Q 2020 remains robust at $1.2 billion, as compared to $0.5 billion at the end of 4Q 2019 ◼ Mortgage banking income $65.7 million, down 22.4% from 3Q 2020 and up 151% from 4Q 2019 Mortgage banking income ($mm) 4Q19 3Q20 4Q20 Gain on Sale $31.8 $76.5 $84.0 Fair value changes ($4.3) $10.1 ($16.9) Servicing Revenue $4.9 $5.5 $6.4 Fair value MSR changes ($6.2) ($7.4) ($7.8) Total Income $26.2 $84.7 $65.7 ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP financial measures ² As of the respective period-end 3 Defined as pipeline net of hedge plus best efforts divided by hedge weighted volume. Quarterly mortgage production Mark to Market Value and Gain on Sale Margin 4Q19 4Q20 IRLC volume: IRLC pipeline2: Refinance %: Purchase %: $1,082mm $2,419mm $2,187mm $453mm $1,364mm $1,192mm 67% 76% 76% 33% 24% 24% Consumer Direct Retail 2.27% 1.41% 3.84% 3.99% 3.42% 2.88% 2.92% 2.85% 4.32% 4.59% 4Q19 1Q20 2Q20 3Q20 4Q20 Mark to Market Value Gain on Sale Margin3

8 Realizing operating leverage through cost savings Highlights ◼Consolidated 4Q 2020 core efficiency ratio¹ of 58.5% ◼Banking segment efficiency ratio improvement driven by realized cost savings from Franklin Financial Network merger; systems conversion occurred on October 12, 2020 ◼Mortgage continues to seize upon low interest rate environment ◼Expense control remains a focus for 2021 with margin headwinds ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. Core efficiency ratio (tax-equivalent basis)¹ 61.1% 61.8% 63.2% 61.6% 56.2% 66.5% 65.7% 57.5% 57.4% 58.5% 92.4% 79.5% 48.9% 50.1% 65.2% 4Q19 1Q20 2Q20 3Q20 4Q20 Banking segment Consolidated Mortgage segment

9 Well-capitalized for future opportunities Tangible book value per share3 Simple capital structure Common Equity Tier 1 Capital 78% Trust Preferred 2% Subordinated Notes 12% Tier 2 ACL 8% Total regulatory capital: $1,3561 mm $11.56 $11.58 $20.87 $21.64 3Q16 4Q16 3Q20 4Q20 4Q19 3Q202 4Q201,2 Shareholder’s equity/Assets 12.4% 11.3% 11.5% TCE/TA² 9.7% 9.2% 9.3% Common equity tier 1/Risk-weighted assets 11.1% 11.8% 11.9% Tier 1 capital/Risk-weighted assets 11.6% 12.1% 12.2% Total capital/Risk-weighted assets 12.2% 15.3% 15.2% Tier 1 capital /Average assets 10.1% 11.8% 10.0% C&D loans subject to 100% risk-based capital threshold4 88% 91% 92% CRE loans subject to 100% risk-based capital threshold4 247% 228% 224% Capital position ¹ Total regulatory capital, FB Financial Corporation. 4Q 2020 calculation is preliminary and subject to change. 2 For regulatory capital purposes, the CECL impact over 2020 and 2021 is gradually phased- in from Common Equity Tier 1 Capital to Tier 2 capital. As of September 30, 2020 and December 31, 2020, respectively, $52.1 million and $54.6 million are being added back to CET 1 and Tier 1 Capital, and $58.0 million and $60.5 million are being taken out of Tier 2 capital. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 4 Risk-based capital at FirstBank as defined in Call Report.

10 Liquidity position provides raw materials for growth On Balance Sheet Liquidity Loans HFI / Customer Deposits Sources of Liquidity $551 $773 $989 $1,585 $1,690 9.3% 12.0% 14.0% 14.7% 15.4% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 4Q19 1Q20 2Q20 3Q20 4Q20 On-Balance Sheet Liqudity On balance sheet liquidity / tangible assets 4Q 2020 Current On-Balance Sheet: Cash and Equivalents $1,318 Unpledged Securities 367 Equity Securities 5 Total On-Balance Sheet $1,690 Available Sources of Liquidity: Brokered CDs and Unsecured Lines $2,712 FHLB 1,176 Discount Window 1,696 Total Available Sources $5,584 ◼ Paid down $262 million in wholesale deposits and $200 million in FHLB in 4Q 2020 ◼ Additional $86 million of wholesale deposits are expected to leave the balance sheet by April 2021 ◼ Anticipate redeeming $60 million in holding company subordinated notes and $15 million in a holding company senior line of credit over the course of 2021 89.7% 85.3% 81.3% 80.1% 75.4% 4Q19 1Q20 2Q20 3Q20 4Q20

11 Noninterest- bearing checking 24% Interest-bearing checking 26% Money market 31% Savings 4% Time 15% 50% Checking accounts Cost of core deposit base continues to decline ¹ Includes mortgage servicing-related deposits of $92.6mm, $110.1mm, $149.1mm, $194.3mm and $147.9 million for the quarters ended December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 respectively. Total deposits ($mm) Cost of deposits Noninterest bearing deposits1 ($mm) Deposit composition $4,915 $5,357 $5,938 $9,002 $9,395 $20 $20 $15 $92 $62 $4,935 $5,377 $5,953 $9,094 $9,457 4Q19 1Q20 2Q20 3Q20 4Q20 Customer deposits Brokered and internet time deposits $1,208 $1,336 $1,775 $2,288 $2,274 4Q19 1Q20 2Q20 3Q20 4Q20 24.5% 24.8% 29.8% 25.2% 24.0% 1.02% 0.94% 0.65% 0.56% 0.46% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 4Q19 1Q20 2Q20 3Q20 4Q20 Noninterest bearing (%) Cost of total deposits (%)

12 1-4 Family to be sold 38% Commercial Land 34% 1-4 Consumer Construction 9% Healthcare 6% Multi Family 4% Retail 3% Other 6% 1-4 family 15% 1-4 family HELOC 6% Multifamily 2% C&D 17% CRE 23% C&I 32% Other 5% Office 20% Hotel 19% Retail 19% Warehouse / Industrial 9% Land-Mobile Home Park 4% Self Storage 3% Healthcare Facility 3% Other 23% Balanced loan portfolio CRE2 exposure by type Portfolio mix 1 C&I includes owner-occupied CRE. PPP Loans comprise 9.4% of C&I loans, or 3.0% of gross loans (HFI). 2 Excludes owner-occupied CRE. C&I1 exposure by industry 1 2 C&D exposure by type Balance Ex. PPP PPP C&I CRE-OO Total % of Total Loans Real Estate Rental and Leasing 348.2$ 153.6$ 501.9$ 24.4% 6.8$ Retail Trade 58.5 139.2 197.7 9.6% 14.7 Wholesale Trade 106.3 56.2 162.5 7.9% 16.4 Finance and Insurance 156.3 12.1 168.4 8.2% 4.2 Health Care and Social Assistance 65.1 87.6 152.7 7.4% 32.3 Manufacturing 89.8 51.6 141.4 6.9% 29.4 Other Services (except Public Administration) 22.2 99.2 121.5 5.9% 11.9 Accomodation and Food Services 24.8 89.6 114.4 5.6% 11.8 Construction 50.4 43.9 94.3 4.6% 23.2 Arts, Entertainment and Recreation 19.9 41.0 60.9 3.0% 5.8 Transportation and Warehousing 38.7 17.4 56.1 2.7% 8.3 Professional, Scientific and Technical Services 28.9 30.2 59.1 2.9% 20.1 Information 24.0 20.4 44.4 2.2% 1.8 Other 100.3 82.6 183.0 8.9% 25.9 Total 1,133.5$ 924.8$ 2,058.3$ 100.0% 212.6$

13 Deferrals continue to decline Deferral programs Principal and Interest Deferrals ($73 million) ▪Standard consumer loan received 2-payment relief; standard commercial loan received 90 day principal and interest forbearance; relationship managers had authority to offer plans that varied from the standard ▪Of the $1.6 billion in loans given a deferral, $202 million, or 2.86% of total loans HFI, remain in some sort of deferral as of December 31, 2020 – $73 million are full principal and interest deferrals, or 1.03% of the portfolio – $129 million are on interest only payment schedules, or 1.83% of the portfolio ▪Hotel loans make up $89 million of the $202 million remaining in deferral, or 44% – $30 million are full principal and interest deferrals, or 41% of remaining full P&I deferrals – $59 million are on interest only payment schedules, or 45% of remaining interest only deferrals ▪Other industries of concern make up $67 million of the $202 million remaining in deferral, or 33% – $17 million are full principal and interest deferrals, or 23% of remaining full P&I deferrals – $50 million are on interest only payment schedules, or 39% of remaining interest only deferrals 1 Includes owner-occupied CRE. $7.9 $46.3 $1.9 $1.1 $0.2 $14.1 $1.4 C&I CRE C&D Multifamily 1-4 Family HELOC 1-4 Family Consumer & Other Interest Only Payment Schedule ($129 million) $19.1 $93.3 $2.2 $5.1 $9.7 C&I CRE C&D Multifamily 1-4 Family HELOC 1-4 Family Consumer & Other 1 1

14 ◼ Industries initially considered to be the most susceptible to issues associated with the pandemic ◼ Significant level of initial deferrals but steady improvement and return to pre-COVID payment plans ◼ Credit quality remains satisfactory overall ◼ Retail, healthcare and transportation not showing signs of deterioration ◼ Hotel, restaurants and other leisure continue to face biggest challenges Industries of concern Industries of concern deferral overview Industry exposures / gross loans (HFI) 8.7% 4.9% 4.9% 2.0% 1.7% 1.6% Retail Hotel Healthcare Restaurant Other Leisure Transportation 1Those percentages not displayed are pass loans. Pass percentages are: Retail 95.1%, Hotel 79.2%, Healthcare 95.5%, Restaurant 87.4%, Other Leisure 95.7%, Transportation 98.2% Industries of concern credit quality1 1.5% 16.9% 3.7% 22.2% 8.6% 1.5% 3.9% 2.1% 1.5% 1.8% 25.5% 5.2% 4.2% 24.4% 2.2% Retail Hotel Healthcare Restaurant Other Leisure Transportation Interest Only / Total Loans Full P&I Deferral / Total Loans 1.6% 15.5% 2.5% 4.9% 2.2% 1.4% 1.7% 1.3% 0.7% 5.9% 1.6% 4.0% 1.3% 1.7% 2.1% 0.4% Retail Hotel Healthcare Restaurant Other Leisure Transportation Watch Special Mention Substandard

15 Hotel portfolio – 4.9% of gross loans HFI Outstanding by location Deferral ProgressionRisk Rating Progression ◼ Portfolio representative of seasoned operators, good flags and good locations (72% Hilton / Hyatt / IHG / Marriott / Wyndham) ◼ Underlying economics remain depressed ◼ Portfolio is largely limited and full service properties, which are better models to sustain operations at lower occupancy rates, as opposed to luxury properties ◼ Represents largest segment of deferrals, but trend toward resumption of payments continues, with only 8.6% remaining on full deferral of principal and interest ◼ Summary: overall credit quality remains satisfactory, and cautiously optimistic about the resolution of remaining deferrals Nashville MSA 62% Memphis MSA 9% Atlanta MSA 6% Bowling Green MSA 6% Other MSA 9% Other Community 3% Out of Market 5% Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. 63.9% 75.6% 55.2% 25.5% 36.1% 24.4% 44.8% 74.5% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Deferral (Interest Only or Full P&I) Not Deferred 1.7% 7.2% 14.2% 15.5% 2.2% 0.5% 0.9% 1.3% 3.6% 6.5% 3.5% 4.0% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Watch Special Mention Substandard

16 Restaurant – 2.0% of gross loans HFI Portfolio overview C&I 70% Non-Owner Occ CRE 25% C&D 2% Other 3% ◼ Majority are owner operators ◼ Portfolio split roughly evenly between limited service and full service outlets ◼ Limited service has seen an ability to change their model, leading to improvement ◼ Full service continues to be challenged with limits imposed on capacity ◼ Positive deferral trends continue, with only 0.3% remaining on full deferral of principal and interest ◼ Not included in this exposure is a diversified food services company; charged off $9.9 million and moved remaining balance to nonaccrual in 4Q 2020 Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. Deferral ProgressionRisk Rating Progression 63.8% 71.3% 13.5% 4.2% 36.2% 28.7% 86.5% 95.8% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Deferral (Interest Only or Full P&I) Not Deferred 3.0% 3.0% 4.0% 4.9% 10.4% 10.6% 5.2% 5.9% 1.7% 1.1% 1.8% 1.7% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Watch Special Mention Substandard

17 Other Leisure – 1.7% of gross loans HFI Portfolio overview Marinas 17% Fitness and Rec Sports Centers 17% RV Parks and Campgrounds 15% Historical Sites 12% Sports Teams and Clubs 9% Theaters 8% Golf Courses and Country Clubs 7% Zoos and Botanical Gardens 5% Other <5% 11% ◼ Mix of industries with no concentration ◼ Outdoor activities remain relatively unaffected ◼ Majority of remaining deferrals are related to restricted business models, such as indoor entertainment venues ◼ For those remaining affected, expect continued challenging operating environments until full reopening Note: Exposures included will differ from “C&I Exposure by Industry” table on slide 12 due to inclusion of non-owner occupied and other balances as well as additional tangential exposures. Deferral ProgressionRisk Rating Progression 31.3% 34.6% 18.4% 24.4% 68.7% 65.4% 81.6% 75.6% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Deferral (Interest Only or Full P&I) Not Deferred 2.3% 2.0% 1.6% 2.2% 0.8% 0.0% 0.0% 0.0% 1.0% 1.7% 1.4% 2.1% 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Watch Special Mention Substandard

18 0.71% 1.95% 2.51% 2.66% 2.48% 4Q19 1Q20 2Q20 3Q20 4Q20 0.30% 0.19% 0.00% (0.01%) 0.58% 4Q19 1Q20 2Q20 3Q20 4Q20 Asset quality remains solid Nonperforming ratios Classified loans / loans HFI LLR/loans HFI (excluding PPP loans)3 Net charge-offs (recoveries) / average loans ¹ Adoption of CECL resulted in approximately $5.5 million of former PCI loans being reportable as nonperforming loans in 1Q 2020. 2 Includes acquired excess land and facilities held for sale–see page 14 of the Quarterly Financial Supplement. 3 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 4 One credit accounted for $9.9 million of $10.4 million in net charge-offs for 4Q2020, or 55 bps of 58 bps in net charge offs / average loans. The remaining balance of this credit accounted for 17 bps of NPLs (HFI) / Loans (HFI) and 11 bps of NPAs / Assets. 1.82% 1.63% 1.83% 1.76% 1.85% 4Q19 1Q20 2Q20 3Q20 4Q20 0.60% 0.68% 0.72% 0.61% 0.88% 0.77% 0.74% 0.71% 0.64% 0.73% 4Q19 1Q20 2Q20 3Q20 4Q20 NPLs (HFI)/loans (HFI) NPAs/assets 1,21 4 4

19 Allowance for credit losses overview ACL / Loans HFI by Category ◼ Current Expected Credit Loss (CECL) Allowance for Credit Losses (ACL) model utilizes Moody’s baseline scenario from the fourth quarter, with resulting key economic data summarized below: 1Source: Moody’s “July 2020 U.S. Macroeconomic Outlook Baseline and Alternative Scenarios”. 2 See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures. 3 Commercial and Industrial excludes $212.6 million in PPP loans and $310.7 million for December 31, 2020 and September 30, 2020, respectively. 0.71% 0.54% 0.50% 1.85% 0.78% 0.44% 0.34% 1.10% 2.66% 0.65% 3.51% 5.34% 4.33% 1.60% 2.73% 3.38% 2.48% 0.86% 2.76% 4.78% 4.08% 1.76% 2.58% 3.54% Gross Loans HFI (Ex. PPP) Commercial & Industrial Non-Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC Consumer & Other 4Q 2019 3Q 2020 4Q 2020 32 FQE, FYE 12/31, 1Q 2021 2Q 2021 2020 2021 2022 2023 2024 GDP (bcw$) 18,781.0$ 18,962.5$ 18,323.5$ 19,055.6$ 19,919.0$ 20,623.3$ 21,126.0$ Annualized % Change 5.6% 3.9% (4.0%) 4.0% 4.5% 3.5% 2.4% Total Employment (millions) 142.4 143.0 142.1 143.4 146.9 150.8 152.7 Unemployment Rate 8.2% 8.0% 8.5% 7.9% 6.3% 4.8% 4.5% CRE Price Index 276.5 255.2 301.0 234.8 243.3 274.2 298.9 NCREIF Property Index: Rate of Return (0.2%) 0.4% (1.9%) 0.4% 2.9% 3.0% 2.9%

20 Appendix

21 GAAP reconciliation and use of non-GAAP financial measures Adjusted net income and diluted earnings per share (1) 4Q2020 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin; 3Q2020 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin. Note: Adjusted non-GAAP results for the third quarter of 2020 have been recast from previously reported results to adjust for gains associated with changes in fair value related to commercial loans held for sale amounting to $1,858 . The following adjusted figures and metrics have been recast for conformity and comparability: Adjusted earnings, Adjusted diluted earnings per share, Adjusted pre-tax pre-provision earnings, Core efficiency ratio, Banking segment core efficiency ratio, Adjusted mortgage banking pre-tax pre-provision net contribution (%), Adjusted return on average assets, average equity and average tangible common equity, and Adjusted pre-tax pre-provision return on average assets, equity and tangible common equity. Previously reported adjusted amounts and non-GAAP reconciliations are included in previously issued earnings release materials.

22 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings (1) 4Q2020 includes $4,533 FHLB prepayment penalty offset by $715 cash life insurance benefit and $1,370 gain from change in fair value of commercial loans held for sale acquired from Franklin; 3Q2020 includes $2,305 FHLB prepayment penalty, $1,505 losses on other real estate owned, and $1,858 gain from change in fair value of commercial loans held for sale acquired from Franklin.

23 GAAP reconciliation and use of non-GAAP financial measures Adjusted earnings and diluted earnings per share* *Prior to the IPO in the third quarter of 2016, the Company was an S corporation and did not incur federal income taxes. In conjunction with the IPO, the Company converted to a C corporation. These results are on a pro forma basis to reflect the results of the Company on a C corporation basis and combined effective tax rate of 36.75% for the year ended December 31, 2016. (1) 2020 includes charges of $6,838 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned, offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale. 2016 includes $4,407 gain from securities, $1,179 gain on sales or write-downs of other real estate owned and other assets, $4,678 impairment of mortgage servicing rights and $4,447 loss on sale of mortgage servicing rights.

24 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings (1) 2020 includes charges of $6,838 related to a one time FHLB prepayment penalty and $1,505 related to losses on other real estate owned, offset by $715 cash life insurance benefit and $3,228 gain from change in fair value on commercial loans held for sale. 2016 includes $4,407 gain from securities, $1,179 gain on sales or write-downs of other real estate owned and other assets, $4,678 impairment of mortgage servicing rights and $4,447 loss on sale of mortgage servicing rights.

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

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

27 GAAP reconciliation and use of non-GAAP financial measures Segment core efficiency ratios (tax-equivalent basis)

28 GAAP reconciliation and use of non-GAAP financial measures Adjusted mortgage contribution

29 GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity

30 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity

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

32 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision return on average tangible common equity Adjusted pre-tax, pre-provision return on average assets and equity

33 GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and equity Adjusted pre-tax, pre-provision return on average assets and equity *Prior to the IPO in the third quarter of 2016, the Company was an S corporation and did not incur federal income taxes. In conjunction with the IPO, the Company converted to a C corporation. These results are on a pro forma basis to reflect the results of the Company on a C corporation basis and combined effective tax rate of 36.75% for the year ended December 31, 2016.

34 GAAP reconciliation and use of non-GAAP financial measures Adjusted Allowance for Credit Losses to Loans Held for Investment