$FBK

FB Financial Corp

CIK:0001649749|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Interest and fees on loans	$ 206,434	$ 159,697	$ 407,691	$ 312,882
Interest on investment securities
Taxable	13,804	14,661	27,379	29,132
Tax-exempt	1,066	1,036	2,120	2,069
Other	8,134	6,690	17,598	17,707
Total interest income	229,438	182,084	454,788	361,790
Interest expense:
Deposits	78,768	68,568	156,646	138,817
Borrowings	1,698	2,101	3,205	3,917
Total interest expense	80,466	70,669	159,851	142,734
Net interest income	148,972	111,415	294,937	219,056
Provision for (reversal of) credit losses on loans HFI	9,655	(1,102)	13,477	804
Provision for (reversal of) credit losses on unfunded commitments	461	6,439	(337)	6,825
Net interest income after provision for credit losses	138,856	106,078	281,797	211,427
Noninterest income (loss):
(Loss) gain from investment securities, net	0	(60,549)	1	(60,533)
(Loss) gain on sales or write-downs of premises and equipment, other real estate owned and other assets, net	(377)	236	(697)	(389)
Other income	2,728	2,540	5,468	3,888
Total noninterest income (loss)	25,780	(34,552)	52,155	(11,520)
Noninterest expenses:
Salaries, commissions and employee benefits	53,332	46,631	110,680	94,982
Occupancy and equipment expense	7,617	6,710	15,093	13,307
Advertising	2,556	2,178	4,704	4,665
Data processing	2,352	2,161	4,806	4,474
Legal and professional fees	1,882	2,426	3,862	4,418
Amortization of core deposit and other intangibles	1,804	631	3,673	1,287
Merger and integration costs	0	2,734	1,447	3,135
Other expense	21,937	17,790	42,379	34,542
Total noninterest expense	91,480	81,261	186,644	160,810
Income (loss) before income taxes	73,156	(9,735)	147,308	39,097
Income tax expense (benefit)	14,499	(12,652)	31,125	(3,181)
Net income applicable to FB Financial Corporation and noncontrolling interest	58,657	2,917	116,183	42,278
Net income applicable to noncontrolling interest	8	8	8	8
Net income applicable to FB Financial Corporation	$ 58,649	$ 2,909	$ 116,175	$ 42,270
Earnings per common share:
Basic (in dollars per share)	$ 1.14	$ 0.06	$ 2.25	$ 0.91
Diluted (in dollars per share)	$ 1.13	$ 0.06	$ 2.24	$ 0.91
Mortgage banking income
Noninterest income (loss):
Mortgage banking income, service charges on deposit accounts, investment services and trust income, ATM and interchange fees	$ 11,170	$ 13,029	$ 23,423	$ 25,455
Investment services and trust income
Noninterest income (loss):
Mortgage banking income, service charges on deposit accounts, investment services and trust income, ATM and interchange fees	4,517	3,922	8,865	7,633
Service charges on deposit accounts
Noninterest income (loss):
Mortgage banking income, service charges on deposit accounts, investment services and trust income, ATM and interchange fees	4,468	3,392	8,844	6,871
ATM and interchange fees
Noninterest income (loss):
Mortgage banking income, service charges on deposit accounts, investment services and trust income, ATM and interchange fees	$ 3,274	$ 2,878	$ 6,251	$ 5,555

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income attributable to FB Financial Corporation and noncontrolling interest	$ 116,183	$ 42,278
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software	6,222	5,635
Amortization of core deposit and other intangibles	3,673	1,287
Amortization of subordinated debt issuance costs and fair value premium, net	658	194
Capitalization of mortgage servicing rights	(2,553)	(1,649)
Net change in fair value of mortgage servicing rights	5,974	10,223
Stock-based compensation expense	6,637	7,813
Provision for credit losses on loans HFI	13,477	804
(Reversal of) provision for credit losses on unfunded commitments	(337)	6,825
Provision for mortgage loan repurchases	221	95
(Accretion) amortization of discounts and premiums on acquired loans, net	(11,346)	60
Accretion of premiums and discounts on securities, net	(1,741)	(1,235)
(Gain) loss from investment securities, net	(1)	60,533
Originations of loans held for sale	(672,302)	(642,515)
Proceeds from sale of loans held for sale	694,642	632,634
Gain on sale and change in fair value of loans held for sale	(17,914)	(18,742)
Net loss on write-downs of premises and equipment, other real estate owned and other assets	697	389
Provision for deferred income taxes	2,273	1,332
Equity method investment loss	1,096	1,175
Earnings on bank-owned life insurance	(2,156)	(872)
Changes in:
Operating lease assets and liabilities, net	(902)	(536)
Other assets and interest receivable	(7,548)	(16,584)
Accrued expenses and other liabilities	(28,445)	(33,820)
Net cash provided by operating activities	106,508	55,324
Activity in available-for-sale securities:
Sales	0	266,454
Maturities, prepayments and calls	132,824	134,661
Purchases	(196,538)	(181,843)
Purchases of equity securities	(6,000)	0
Proceeds from sales of equity securities	156	0
Net change in loans	(478,916)	(279,745)
Net purchases of FHLB stock	(8,251)	(877)
Purchases of Federal Reserve stock	(275)	0
Purchases of premises and equipment	(3,401)	(5,069)
Proceeds from the sale of premises and equipment	0	1,850
Proceeds from the sale of other real estate owned	4,120	4,412
Proceeds from the sale of other assets	1,232	665
Proceeds from bank-owned life insurance	2,837	690
Net cash used in investing activities	(552,212)	(58,802)
Cash flows from financing activities:
Net increase in deposits	437,205	193,036
Net decrease in securities sold under agreements to repurchase and federal funds purchased	(28,335)	(2,068)
Net increase in short-term FHLB advances	125,000	0
Stock-based compensation withholding payments	(4,034)	(2,664)
Net proceeds from sale of common stock under employee stock purchase program	509	424
Repurchase of common stock	(106,037)	(44,146)
Dividends paid on common stock	(21,687)	(17,568)
Dividend equivalent payments made upon vesting of equity compensation	(447)	(287)
Noncontrolling interest distribution	(8)	(8)
Net cash provided by financing activities	402,166	126,719
Net change in cash and cash equivalents	(43,538)	123,241
Cash and cash equivalents at beginning of the period	1,155,895	1,042,488
Cash and cash equivalents at end of the period	1,112,357	1,165,729
Supplemental cash flow information:
Interest paid	160,612	145,025
Taxes paid, net of refunds	26,793	11,659
Supplemental noncash disclosures:
Transfers from loans HFI to other real estate owned	3,592	3,297
Transfers from loans HFI to other assets	3,219	2,927
Transfers from loans HFI to loans held for sale	0	3,962
Transfers from loans held for sale to loans HFI	3,037	4,753
Loans HFI provided for sales of other assets	846	1,444
Increase (decrease) in rebooked GNMA loans under optional repurchase program	4,476	(10,380)
Dividends declared not paid on restricted stock units and performance stock units	284	210
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,082	$ 2,119

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and due from banks	$ 147,034	$ 196,213
Federal funds sold and reverse repurchase agreements	228,861	213,391
Interest-bearing deposits in financial institutions	736,462	746,291
Cash and cash equivalents	1,112,357	1,155,895
Investments:
Available-for-sale debt securities, at fair value	1,521,093	1,459,579
Equity securities, at fair value	6,000	155
Restricted equity securities, at cost	87,572	79,046
Loans held for sale (includes $165,511 and $172,974 at fair value, respectively)	198,089	201,076
Loans held for investment	12,865,510	12,383,626
Less: allowance for credit losses on loans HFI	194,010	185,983
Net loans held for investment	12,671,500	12,197,643
Premises and equipment, net	180,058	182,370
Operating lease right-of-use assets	47,535	49,249
Interest receivable	58,792	58,565
Mortgage servicing rights, at fair value	145,374	148,795
Bank-owned life insurance	111,184	111,865
Other real estate owned, net	5,544	6,009
Goodwill	350,353	350,353
Core deposit and other intangibles, net	27,611	31,284
Other assets	273,039	268,408
Total assets	16,796,101	16,300,292
Deposits
Noninterest-bearing	2,775,208	2,634,395
Interest-bearing checking	2,479,291	2,651,369
Money market and savings	5,786,480	5,969,640
Customer time deposits	2,620,285	2,028,923
Brokered and internet time deposits	685,902	625,634
Total deposits	14,347,166	13,909,961
Borrowings	314,513	212,764
Operating lease liabilities	57,940	60,556
Accrued expenses and other liabilities	139,858	168,753
Total liabilities	14,859,477	14,352,034
SHAREHOLDERS’ EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized; 49,976,755 and 51,752,401 shares issued and outstanding, respectively	49,977	51,752
Additional paid-in capital	981,194	1,082,344
Retained earnings	940,824	846,620
Accumulated other comprehensive loss, net	(35,464)	(32,551)
Total FB Financial Corporation common shareholders’ equity	1,936,531	1,948,165
Noncontrolling interest	93	93
Total equity	1,936,624	1,948,258
Total liabilities and shareholders’ equity	$ 16,796,101	$ 16,300,292