# EDGAR Filing Document

**Accession Number:** 0001649749
**File Stem:** 0001649749-25-000189
**Filing Date:** 2025-8
**Character Count:** 434368
**Document Hash:** 6d4403b068bafd35da73e8989adfbfac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001649749-25-000189.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001649749-25-000189

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 108

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FB Financial Corp
- **CENTRAL INDEX KEY:** 0001649749
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 621216058
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37875
- **FILM NUMBER:** 251179731

**BUSINESS ADDRESS:**
- **STREET 1:** 1221 BROADWAY
- **STREET 2:** SUITE 1300
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203
- **BUSINESS PHONE:** 615-313-0080

**MAIL ADDRESS:**
- **STREET 1:** 1221 BROADWAY
- **STREET 2:** SUITE 1300
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First South Bancorp, Inc.
- **DATE OF NAME CHANGE:** 20150731

?xml version='1.0' encoding='ASCII'? fbk-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________________________________________________

**FORM 10-Q**

______________________________________________________________

**(Mark One)**

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

**For the quarterly period ended June 30, 2025** 

**OR**

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

For the transition period from ________ to ________

**Commission File Number 001-37875**

_____________________________________________________________

**FB FINANCIAL CORPORATION**

**(Exact name of registrant as specified in its charter)**

______________________________________________________________

---

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

---

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

___________________________________________________________

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

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, Par Value $1.00 Per Share | FBK | New York Stock Exchange |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Small reporting company | ☐ |
| Emerging growth company | ☐ | | |

---

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

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

The number of shares of registrant's Common Stock outstanding as of July 31, 2025 was 53,848,882.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **PART I.** | <u>[FINANCIAL INFORMATION](#i5cc70be71e0047e08dd185fecfc84049_10)</u> |  |
|  | <u>[Glossary Of Abbreviations And Acronyms](#i5cc70be71e0047e08dd185fecfc84049_13)</u> | [3](#i5cc70be71e0047e08dd185fecfc84049_13) |
| Item 1. | <u>[Consolidated Financial Statements](#i5cc70be71e0047e08dd185fecfc84049_16)</u> | [4](#i5cc70be71e0047e08dd185fecfc84049_16) |
|  | <u>[Consolidated Balance Sheets as of](#i5cc70be71e0047e08dd185fecfc84049_16)[J](#i5cc70be71e0047e08dd185fecfc84049_16)[une 30, 2025](#i5cc70be71e0047e08dd185fecfc84049_16)[(Unaudited) and December 31, 2024](#i5cc70be71e0047e08dd185fecfc84049_16)</u> | [4](#i5cc70be71e0047e08dd185fecfc84049_16) |
|  | <u>[Consolidated Statements of Income (Unaudited) for the three](#i5cc70be71e0047e08dd185fecfc84049_19)[and six](#i5cc70be71e0047e08dd185fecfc84049_19)[months ended](#i5cc70be71e0047e08dd185fecfc84049_19)[June 30](#i5cc70be71e0047e08dd185fecfc84049_19)[, 2025 and 2024](#i5cc70be71e0047e08dd185fecfc84049_19)</u> | [5](#i5cc70be71e0047e08dd185fecfc84049_19) |
|  | <u>[Consolidated Statements of Comprehensive Income (Unaudited) for the three](#i5cc70be71e0047e08dd185fecfc84049_22)[and six](#i5cc70be71e0047e08dd185fecfc84049_22)[months ended](#i5cc70be71e0047e08dd185fecfc84049_22)[June 30](#i5cc70be71e0047e08dd185fecfc84049_22)[, 2025 and 2024](#i5cc70be71e0047e08dd185fecfc84049_22)</u> | [6](#i5cc70be71e0047e08dd185fecfc84049_22) |
|  | <u>[Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three](#i5cc70be71e0047e08dd185fecfc84049_25)[and six](#i5cc70be71e0047e08dd185fecfc84049_25)[months ended](#i5cc70be71e0047e08dd185fecfc84049_25)[June 30](#i5cc70be71e0047e08dd185fecfc84049_16)[, 2025 and 2024](#i5cc70be71e0047e08dd185fecfc84049_16)</u> | [7](#i5cc70be71e0047e08dd185fecfc84049_25) |
|  | <u>[Consolidated Statements of Cash Flows (Unaudited) for the three](#i5cc70be71e0047e08dd185fecfc84049_28)[and six](#i5cc70be71e0047e08dd185fecfc84049_28)[months ended](#i5cc70be71e0047e08dd185fecfc84049_28)[June 30](#i5cc70be71e0047e08dd185fecfc84049_28)[, 2025 and 2024](#i5cc70be71e0047e08dd185fecfc84049_28)</u> | [9](#i5cc70be71e0047e08dd185fecfc84049_28) |
|  | <u>[Condensed Notes to Consolidated Financial Statements (Unaudited)](#i5cc70be71e0047e08dd185fecfc84049_31)</u> | [11](#i5cc70be71e0047e08dd185fecfc84049_31) |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operation](#i5cc70be71e0047e08dd185fecfc84049_79)</u> | [50](#i5cc70be71e0047e08dd185fecfc84049_79) |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i5cc70be71e0047e08dd185fecfc84049_139)</u> | [92](#i5cc70be71e0047e08dd185fecfc84049_139) |
| Item 4. | <u>[Controls and Procedures](#i5cc70be71e0047e08dd185fecfc84049_142)</u> | [94](#i5cc70be71e0047e08dd185fecfc84049_142) |
| **PART II.** | <u>[OTHER INFORMATION](#i5cc70be71e0047e08dd185fecfc84049_145)</u> |  |
| Item 1. | <u>[Legal Proceedings](#i5cc70be71e0047e08dd185fecfc84049_148)</u> | [95](#i5cc70be71e0047e08dd185fecfc84049_148) |
| Item 1A. | <u>[Risk Factors](#i5cc70be71e0047e08dd185fecfc84049_151)</u> | [95](#i5cc70be71e0047e08dd185fecfc84049_151) |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i5cc70be71e0047e08dd185fecfc84049_154)</u> | [95](#i5cc70be71e0047e08dd185fecfc84049_154) |
| Item 5. | <u>[Other Information](#i5cc70be71e0047e08dd185fecfc84049_157)</u> | [95](#i5cc70be71e0047e08dd185fecfc84049_157) |
| Item 6. | <u>[Exhibits](#i5cc70be71e0047e08dd185fecfc84049_160)</u> | [96](#i5cc70be71e0047e08dd185fecfc84049_160) |
| <u>[SIGNATURES](#i5cc70be71e0047e08dd185fecfc84049_163)</u> | <u>[SIGNATURES](#i5cc70be71e0047e08dd185fecfc84049_163)</u> | [97](#i5cc70be71e0047e08dd185fecfc84049_163) |

---

------

**PART I**

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

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

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

---

| | | | |
|:---|:---|:---|:---|
| ACL | Allowance for credit losses | FFIEC | Federal Financial Institutions Examination Council |
| AFS | Available-for-sale | FHLB | Federal Home Loan Bank |
| ALCO | Asset Liability Management Committee | GAAP | U.S. generally accepted accounting principles |
| ASC | Accounting Standard Codification | GNMA | Government National Mortgage Association |
| ASU | Accounting Standard Update | HFI | Held for investment |
| Bank | FirstBank, subsidiary bank | NIM | Net interest margin |
| BOLI | Bank-owned life insurance | OREO | Other real estate owned |
| CD | Certificate of Deposit | PSU | Performance-based restricted stock units |
| CECL | Current expected credit losses | Report | Form 10-Q for the quarterly period ended June 30, 2025 |
| Company | FB Financial Corporation | ROAA | Return on average assets |
| CPR | Conditional prepayment rate | ROAE | Return on average common equity |
| CRE | Commercial real estate | ROATCE | Return on average tangible common equity |
| ESPP | Employee Stock Purchase Plan | RSU | Restricted stock units |
| EVE | Economic value of equity | SEC | U.S. Securities and Exchange Commission |
| FASB | Financial Accounting Standards Board | SOFR | Secured overnight financing rate |
| FDIC | Federal Deposit Insurance Corporation | Southern States | Southern States Bancshares, Inc. |
| FDM | Financial Difficulty Modification | TDFI | Tennessee Department of Financial Institutions |
| Federal Reserve | Board of Governors of the Federal Reserve System |  |  |

---

------

**FB Financial Corporation and subsidiaries**

**Consolidated balance sheets** 

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

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| | **2025 (Unaudited)** | **2024** |
| **ASSETS** |  |  |
| Cash and due from banks | $143317 | $120153 |
| Federal funds sold and reverse repurchase agreements | 352124 | 125825 |
| Interest-bearing deposits in financial institutions | 670288 | 796510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1165729 | 1042488 |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities, at fair value | 1337565 | 1538008 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank stock, at cost | 33626 | 32749 |
| Loans held for sale (includes $123,235 and $95,403 at fair value, respectively) | 144212 | 126760 |
| Loans held for investment | 9874282 | 9602384 |
| &nbsp;&nbsp;&nbsp;Less: allowance for credit losses on loans HFI | 148948 | 151942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loans held for investment | 9725334 | 9450442 |
| Premises and equipment, net | 147243 | 148899 |
| Operating lease right-of-use assets | 47764 | 47963 |
| Interest receivable | 50386 | 49611 |
| Mortgage servicing rights, at fair value | 153464 | 162038 |
| Bank-owned life insurance | 72686 | 72504 |
| Other real estate owned, net | 2998 | 4409 |
| Goodwill | 242561 | 242561 |
| Core deposit and other intangibles, net | 4475 | 5762 |
| Other assets | 226195 | 233288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13354238 | $13157482 |
| **LIABILITIES** |  |  |
| Deposits |  |  |
| &nbsp;&nbsp;Noninterest-bearing | $2191903 | $2116232 |
| &nbsp;&nbsp;Interest-bearing checking | 2325551 | 2906425 |
| &nbsp;&nbsp;Money market and savings | 4645552 | 4338483 |
| &nbsp;&nbsp;Customer time deposits | 1721745 | 1380205 |
| &nbsp;&nbsp;Brokered and internet time deposits | 518719 | 469089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 11403470 | 11210434 |
| Borrowings | 164485 | 176789 |
| Operating lease liabilities | 59289 | 60024 |
| Accrued expenses and other liabilities | 115771 | 142604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11743015 | 11589851 |
| **SHAREHOLDERS' EQUITY** |  |  |
| Common stock, $1 par value per share; 75,000,000 shares authorized;<br>&nbsp;&nbsp;&nbsp;&nbsp;45,807,689 and 46,663,120 shares issued and outstanding, respectively | 45808 | 46663 |
| Additional paid-in capital | 822548 | 860266 |
| Retained earnings | 786785 | 762293 |
| Accumulated other comprehensive loss, net | (44011) | (101684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total FB Financial Corporation common shareholders' equity | 1611130 | 1567538 |
| Noncontrolling interest | 93 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1611223 | 1567631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $13354238 | $13157482 |

---

*See the accompanying notes to the consolidated financial statements.*

------

**FB Financial Corporation and subsidiaries**

**Consolidated statements of income**

**(Amounts are in thousands, except per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and fees on loans | $159697 | $155379 | $312882 | $310985 |
| &nbsp;&nbsp;&nbsp;Interest on investment securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable | 14661 | 11966 | 29132 | 21071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 1036 | 1168 | 2069 | 2610 |
| &nbsp;&nbsp;&nbsp;Other | 6690 | 8900 | 17707 | 18875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 182084 | 177413 | 361790 | 353541 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits | 68568 | 71501 | 138817 | 144126 |
| &nbsp;&nbsp;&nbsp;Borrowings | 2101 | 3297 | 3917 | 7310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 70669 | 74798 | 142734 | 151436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 111415 | 102615 | 219056 | 202105 |
| (Reversal of) provision for credit losses on loans HFI | (1102) | 3940 | 804 | 5792 |
| Provision for (reversal of) credit losses on unfunded commitments | 6439 | (1716) | 6825 | (2786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 106078 | 100391 | 211427 | 199099 |
| Noninterest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 13029 | 11910 | 25455 | 24495 |
| &nbsp;&nbsp;&nbsp;Investment services and trust income | 3922 | 3387 | 7633 | 6617 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 3392 | 3167 | 6871 | 6308 |
| &nbsp;&nbsp;&nbsp;ATM and interchange fees | 2878 | 2814 | 5555 | 5758 |
| &nbsp;&nbsp;&nbsp;Loss from investment securities, net | (60549) |  | (60533) | (16213) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sales or write-downs of premises and equipment, other real estate <br>&nbsp;&nbsp;&nbsp;&nbsp; owned and other assets, net | 236 | (281) | (389) | 284 |
| &nbsp;&nbsp;&nbsp;Other income | 2540 | 4611 | 3888 | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest (loss) income | (34552) | 25608 | (11520) | 33570 |
| Noninterest expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries, commissions and employee benefits | 46631 | 46225 | 94982 | 90843 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment expense | 6710 | 6328 | 13307 | 12942 |
| &nbsp;&nbsp;&nbsp;Merger and integration costs | 2734 |  | 3135 |  |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 2426 | 1979 | 4418 | 3898 |
| &nbsp;&nbsp;&nbsp;Advertising | 2178 | 1859 | 4665 | 3030 |
| &nbsp;&nbsp;&nbsp;Data processing | 2161 | 2286 | 4474 | 4694 |
| &nbsp;&nbsp;&nbsp;Amortization of core deposit and other intangibles | 631 | 752 | 1287 | 1541 |
| &nbsp;&nbsp;&nbsp;Other expense | 17790 | 15664 | 34542 | 30565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 81261 | 75093 | 160810 | 147513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) income before income taxes | (9735) | 50906 | 39097 | 85156 |
| &nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (12652) | 10919 | (3181) | 17219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation and <br> noncontrolling interest | 2917 | 39987 | 42278 | 67937 |
| &nbsp;&nbsp;&nbsp;Net income applicable to noncontrolling interest | 8 | 8 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation | $2909 | $39979 | $42270 | $67929 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.06 | $0.85 | $0.91 | $1.45 |
| &nbsp;&nbsp;&nbsp;Diluted | 0.06 | 0.85 | 0.91 | 1.45 |

---

*See the accompanying notes to the consolidated financial statements.*

------

**FB Financial Corporation and subsidiaries**

**Consolidated statements of comprehensive income** 

**(Amounts are in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income | $2917 | $39987 | $42278 | $67937 |
| Other comprehensive income, net of tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gain (loss) in available-for-sale securities, net of tax expense<br>&nbsp;&nbsp;&nbsp;&nbsp; (benefit) of $1,190, $485, $4,679 and $(2947) | 3172 | 905 | 12915 | (8668) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for loss on securities included in net income,<br>&nbsp;&nbsp;&nbsp;&nbsp; net of tax benefit of $15,779, $—, $15,775 and $4,225 | 44770 |  | 44758 | 11988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized loss in hedging activities, net of tax benefit of $— , $68, $— and <br>&nbsp;&nbsp;&nbsp;&nbsp; $130 |  | (195) |  | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other comprehensive income, net of tax | 47942 | 710 | 57673 | 2951 |
| Comprehensive income applicable to FB Financial Corporation and noncontrolling<br>&nbsp;&nbsp;&nbsp;&nbsp; interest | 50859 | 40697 | 99951 | 70888 |
| Comprehensive income applicable to noncontrolling interest | 8 | 8 | 8 | 8 |
| Comprehensive income applicable to FB Financial Corporation | $50851 | $40689 | $99943 | $70880 |

---

*See the accompanying notes to the consolidated financial statements.*

------

**FB Financial Corporation and subsidiaries**

**Consolidated statements of changes in shareholders' equity**

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

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common<br>stock** | **Additional<br>paid-in<br>capital** | **Retained<br>earnings** | **Accumulated<br>other<br>comprehensive loss, net** | **Total common<br>shareholders' equity** | **Noncontrolling interest** | **Total shareholders' equity** |
| Balance at March 31, 2024: | $46897 | $866803 | $698310 | $(132484) | $1479526 | $93 | $1479619 |
| &nbsp;&nbsp;Net income attributable to FB Financial<br> Corporation and noncontrolling interest |  |  | 39979 |  | 39979 | 8 | 39987 |
| &nbsp;&nbsp;Other comprehensive income, net of<br> taxes |  |  |  | 710 | 710 |  | 710 |
| &nbsp;&nbsp;Repurchase of common stock | (353) | (12346) |  |  | (12699) |  | (12699) |
| &nbsp;&nbsp;Stock-based compensation expense | 3 | 2087 |  |  | 2090 |  | 2090 |
| &nbsp;&nbsp;Restricted stock units vested, net of<br> taxes | 91 | (1149) |  |  | (1058) |  | (1058) |
| &nbsp;&nbsp;Performance-based restricted stock<br> units vested, net of taxes | 5 | (4) |  |  | 1 |  | 1 |
| &nbsp;&nbsp;Dividends declared ($0.17 per <br>&nbsp;&nbsp;&nbsp;&nbsp;share) |  |  | (8047) |  | (8047) |  | (8047) |
| &nbsp;&nbsp;Noncontrolling interest distribution |  |  |  |  |  | (8) | (8) |
| Balance at June 30, 2024 | $46643 | $855391 | $730242 | $(131774) | $1500502 | $93 | $1500595 |
| Balance at March 31, 2025: | $46515 | $854715 | $792685 | $(91953) | $1601962 | $93 | $1602055 |
| &nbsp;&nbsp;Net income attributable to FB Financial<br> Corporation and noncontrolling interest |  |  | 2909 |  | 2909 | 8 | 2917 |
| &nbsp;&nbsp;Other comprehensive income, net of<br> taxes |  |  |  | 47942 | 47942 |  | 47942 |
| &nbsp;&nbsp;Repurchase of common stock | (811) | (33443) |  |  | (34254) |  | (34254) |
| &nbsp;&nbsp;Stock-based compensation expense | 3 | 2979 |  |  | 2982 |  | 2982 |
| &nbsp;&nbsp;Restricted stock units vested, net of<br> taxes | 101 | (1703) |  |  | (1602) |  | (1602) |
| &nbsp;&nbsp;Dividends declared ($0.19 per share) |  |  | (8809) |  | (8809) |  | (8809) |
| &nbsp;&nbsp;Noncontrolling interest distribution |  |  |  |  |  | (8) | (8) |
| Balance at June 30, 2025: | $45808 | $822548 | $786785 | $(44011) | $1611130 | $93 | $1611223 |

---

------

**FB Financial Corporation and subsidiaries**

**Consolidated statements of changes in shareholders' equity**

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

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common<br>stock** | **Additional<br>paid-in<br>capital** | **Retained<br>earnings** | **Accumulated<br>other<br>comprehensive loss, net** | **Total common<br>shareholders' equity** | **Noncontrolling interest** | **Total shareholders' equity** |
| Balance at December 31, 2023: | $46849 | $864258 | $678412 | $(134725) | $1454794 | $93 | $1454887 |
| &nbsp;&nbsp;Net income attributable to FB Financial<br> Corporation and noncontrolling interest |  |  | 67929 |  | 67929 | 8 | 67937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income, net of<br> taxes |  |  |  | 2951 | 2951 |  | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (353) | (12346) |  |  | (12699) |  | (12699) |
| &nbsp;&nbsp;Stock-based compensation expense | 4 | 4906 |  |  | 4910 |  | 4910 |
| &nbsp;&nbsp;Restricted stock units vested, net of<br> taxes | 102 | (1441) |  |  | (1339) |  | (1339) |
| &nbsp;&nbsp;Performance-based restricted stock<br> units vested, net of taxes | 30 | (374) |  |  | (344) |  | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued under employee stock <br> purchase program | 11 | 388 |  |  | 399 |  | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared ($0.34 per share) |  |  | (16099) |  | (16099) |  | (16099) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest distribution |  |  |  |  |  | (8) | (8) |
| Balance at June 30, 2024: | $46643 | $855391 | $730242 | $(131774) | $1500502 | $93 | $1500595 |
| Balance at December 31, 2024: | $46663 | $860266 | $762293 | $(101684) | $1567538 | $93 | $1567631 |
| &nbsp;&nbsp;Net income attributable to FB Financial<br> Corporation and noncontrolling interest |  |  | 42270 |  | 42270 | 8 | 42278 |
| &nbsp;&nbsp;Other comprehensive income, net of<br> taxes |  |  |  | 57673 | 57673 |  | 57673 |
| &nbsp;&nbsp;Repurchase of common stock | (1020) | (43126) |  |  | (44146) |  | (44146) |
| &nbsp;&nbsp;Stock-based compensation expense | 4 | 7809 |  |  | 7813 |  | 7813 |
| &nbsp;&nbsp;Restricted stock units vested, net of<br> taxes | 120 | (2163) |  |  | (2043) |  | (2043) |
| &nbsp;&nbsp;Performance-based restricted stock<br> units vested, net of taxes | 33 | (654) |  |  | (621) |  | (621) |
| &nbsp;&nbsp;Shares issued under employee stock <br> purchase program | 8 | 416 |  |  | 424 |  | 424 |
| &nbsp;&nbsp;Dividends declared ($0.38 per share) |  |  | (17778) |  | (17778) |  | (17778) |
| &nbsp;&nbsp;Noncontrolling interest distribution |  |  |  |  |  | (8) | (8) |
| Balance at June 30, 2025: | $45808 | $822548 | $786785 | $(44011) | $1611130 | $93 | $1611223 |

---

*See the accompanying notes to the consolidated financial statements.*

------

**FB Financial Corporation and subsidiaries**

**Consolidated statements of cash flows**

**(Amounts are in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation and noncontrolling interest | $42278 | $67937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of fixed assets and software | 5635 | 5702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of core deposit and other intangibles | 1287 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of issuance costs on subordinated debt | 194 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization of mortgage servicing rights | (1649) | (2649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value of mortgage servicing rights | 10223 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 7813 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses on loans HFI | 804 | 5792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (reversal of) credit losses on unfunded commitments | 6825 | (2786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for mortgage loan repurchases | 95 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of discounts and premiums on acquired loans, net | 60 | (548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Accretion) amortization of premiums and discounts on securities, net | (1235) | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from investment securities, net | 60533 | 16213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations of loans held for sale | (642515) | (595813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of loans held for sale | 632634 | 575246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale and change in fair value of loans held for sale | (18742) | (17209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on write-downs of premises and equipment, other real estate<br>&nbsp;&nbsp;&nbsp;&nbsp;owned and other assets | 389 | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for deferred income taxes | 1332 | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method investment loss | 1175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings on bank-owned life insurance | (872) | (2911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities, net | (536) | (539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and interest receivable | (16584) | (1765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (33820) | 8950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 55324 | 66891 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Activity in available-for-sale securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | 266454 | 207882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities, prepayments and calls | 134661 | 134236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | (181843) | (366579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in loans | (279745) | 94773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (purchases) redemptions of FHLB stock | (877) | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of premises and equipment | (5069) | (3861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of premises and equipment | 1850 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of other real estate owned | 4412 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of other assets | 665 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from bank-owned life insurance | 690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (58802) | 69882 |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in deposits | 193036 | (84782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in securities sold under agreements to repurchase and federal funds <br>&nbsp;&nbsp;&nbsp;&nbsp; purchased | (2068) | (31963) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation withholding payments | (2664) | (1683) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from sale of common stock under employee stock purchase program | 424 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (44146) | (12699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid on common stock | (17568) | (15916) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend equivalent payments made upon vesting of equity compensation | (287) | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest distribution | (8) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 126719 | (146803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | 123241 | (10030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of the period | 1042488 | 810932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of the period | $1165729 | $800902 |

---

------

**FB Financial Corporation and subsidiaries**

**Consolidated statements of cash flows (continued)**

**(Amounts are in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| Supplemental cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $145025 | $150100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes paid, net | 11659 | 20134 |
| Supplemental noncash disclosures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from loans to other real estate owned | $3297 | $2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from loans to other assets | 2927 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from loans to loans held for sale | 3962 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from loans held for sale to loans | 4753 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans provided for sales of other assets | 1444 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in rebooked GNMA loans under optional repurchase program | (10380) | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared not paid on restricted stock units and performance stock units | 210 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for operating lease liabilities | 2119 |  |

---

*See the accompanying notes to the consolidated financial statements.*

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

**Note (1)—Basis of presentation**

**Overview and presentation**

FB Financial Corporation is a financial holding company headquartered in Nashville, Tennessee. The Company operates primarily through its wholly-owned subsidiary bank, FirstBank and its subsidiaries. As of June 30, 2025, the Bank had 78 full-service branches throughout Tennessee, Alabama, Kentucky and Georgia, and provided commercial and consumer banking services to the Asheville, North Carolina market.

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

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

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

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

**Earnings per common share**

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Basic earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings available to common shareholders | $2909 | $39979 | $42270 | $67929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average basic shares outstanding | 45946428 | 46762488 | 46308551 | 46818685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per common share | $0.06 | $0.85 | $0.91 | $1.45 |
| Diluted earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings available to common shareholders | $2909 | $39979 | $42270 | $67929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average basic shares outstanding | 45946428 | 46762488 | 46308551 | 46818685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average diluted shares contingently issuable<sup>(1)</sup> | 232662 | 82655 | 262297 | 92781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average diluted shares outstanding | 46179090 | 46845143 | 46570848 | 46911466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | $0.06 | $0.85 | $0.91 | $1.45 |

---

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

**Recently modified accounting polices:**

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

***(A) Allowance for credit losses***

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

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

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

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

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

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

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

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

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

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

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

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

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

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

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

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

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

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

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

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

***(B) Off-balance sheet financial instruments***

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

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

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

**Recently adopted accounting standards:**

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

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

**Newly issued not yet effective accounting standards:**

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

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

**Subsequent events**

*Southern States Bancshares Inc. merger*

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

On July 1, 2025, the Company completed its acquisition of Southern States. This merger strengthens the Company's presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company's footprint further into Alabama and Georgia. At closing, Southern States had $2,871,062 in total assets, loans of $2,319,327 and deposits of $2,469,594. Under the terms of the agreement, each outstanding share of Southern States common stock was converted into the right to receive 0.80 shares of the Company's stock. Additionally, fractional shares and outstanding stock options were settled in cash. As a result, total consideration paid was $368,355 based on the Company's closing stock price of $45.30 per share on June 30, 2025. The Company expects system conversions related to the transaction to be completed in the third quarter of 2025.

**Note (2)—Investment securities**

The following tables summarize the amortized cost, allowance for credit losses and fair value of the AFS debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive loss, net at June 30, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Amortized cost** | **Gross unrealized gains** | **Gross unrealized losses** | **Allowance for credit losses on investments** | **Fair Value** |
| **Investment Securities** | | | | | |
| AFS debt securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government agency securities | $642433 | $681 | $(850) | $— | $642264 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities - residential | 577970 | 64 | (36691) |  | 541343 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities - commercial | 9362 |  | (610) |  | 8752 |
| &nbsp;&nbsp;&nbsp;Municipal securities | 170062 | 43 | (25877) |  | 144228 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 1000 |  | (22) |  | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1400827 | $788 | $(64050) | $— | $1337565 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Amortized cost** | **Gross unrealized gains** | **Gross unrealized losses** | **Allowance for credit losses on investments** | **Fair Value** |
| **Investment Securities** | | | | | |
| AFS debt securities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government agency securities | $564752 | $172 | $(1917) | $— | $563007 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities - residential | 927883 | 393 | (117277) |  | 810999 |
| &nbsp;&nbsp;&nbsp;Mortgage-backed securities - commercial | 15965 |  | (1108) |  | 14857 |
| &nbsp;&nbsp;&nbsp;Municipal securities | 169498 | 20 | (21661) |  | 147857 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury securities | 299 |  |  |  | 299 |
| &nbsp;&nbsp;&nbsp;Corporate securities | 1000 |  | (11) |  | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1679397 | $585 | $(141974) | $— | $1538008 |

---

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

AFS debt securities pledged at June 30, 2025 and December 31, 2024 had carrying amounts of $790,211 and $937,043, respectively, and were pledged to secure public deposits and repurchase agreements.

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

AFS debt securities transactions are recorded as of the trade date. At June 30, 2025 and December 31, 2024, there were no trade date receivables nor payables that related to sales or purchases settled after period end.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized Loss** | **Fair Value** | **Gross Unrealized Loss** | **Fair Value** | **Gross Unrealized Loss** |
| U.S. government agency securities | $286027 | $(655) | $29559 | $(195) | $315586 | $(850) |
| Mortgage-backed securities - residential | 307687 | (3453) | 167794 | (33238) | 475481 | (36691) |
| Mortgage-backed securities - commercial |  |  | 8752 | (610) | 8752 | (610) |
| Municipal securities | 13341 | (333) | 126009 | (25544) | 139350 | (25877) |
| Corporate securities |  |  | 978 | (22) | 978 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $607055 | $(4441) | $333092 | $(59609) | $940147 | $(64050) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Less than 12 months** | **Less than 12 months** | **12 months or more** | **12 months or more** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized Loss** | **Fair Value** | **Gross Unrealized Loss** | **Fair Value** | **Gross Unrealized Loss** |
| U.S. government agency securities | $494885 | $(1908) | $714 | $(9) | $495599 | $(1917) |
| Mortgage-backed securities - residential | 209078 | (8956) | 441502 | (108321) | 650580 | (117277) |
| Mortgage-backed securities - commercial | 2222 | (19) | 12635 | (1089) | 14857 | (1108) |
| Municipal securities | 34059 | (2376) | 110173 | (19285) | 144232 | (21661) |
| Corporate securities |  |  | 989 | (11) | 989 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $740244 | $(13259) | $566013 | $(128715) | $1306257 | $(141974) |

---

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

The majority of the investment portfolio was either government guaranteed, an issuance of a government sponsored entity or highly rated by major credit rating agencies, and the Company has historically not recorded any credit losses associated with these investments. Municipal debt securities with market values below amortized cost at June 30, 2025 were reviewed for material credit events and/or rating downgrades with individual credit reviews performed. The issuers of these AFS debt securities continue to make timely principal and interest payments under the contractual terms of the securities and the issuers will continue to be observed as a part of the Company's ongoing credit monitoring. As such, as of June 30, 2025 and December 31, 2024, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Further, it is not likely that the Company will be required to sell these securities before recovery of their amortized cost basis. Therefore, there was no allowance for credit losses recognized on AFS debt securities as of June 30, 2025 or December 31, 2024. Periodically, AFS debt securities may be sold, or the composition of the portfolio realigned to improve yields, quality or marketability, or to implement changes in investment or asset/liability strategy, including maintaining collateral requirements and raising funds for liquidity purposes or preparing for anticipated changes in market interest rates.

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

The amortized cost and fair value of AFS debt securities by contractual maturity as of June 30, 2025 and December 31, 2024 are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
| | **Available-for-sale** | **Available-for-sale** | **Available-for-sale** | **Available-for-sale** |
| | **Amortized cost** | **Fair Value** | **Amortized cost** | **Fair Value** |
| Due in one year or less | $200 | $200 | $849 | $847 |
| Due in one to five years | 6255 | 6224 | 4186 | 4600 |
| Due in five to ten years | 298300 | 296048 | 225954 | 222943 |
| Due in over ten years | 508740 | 484998 | 504560 | 483762 |
|  | 813495 | 787470 | 735549 | 712152 |
| Mortgage-backed securities - residential | 577970 | 541343 | 927883 | 810999 |
| Mortgage-backed securities - commercial | 9362 | 8752 | 15965 | 14857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFS debt securities | $1400827 | $1337565 | $1679397 | $1538008 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Proceeds from sales | $266454 | $— | $266454 | $207882 |
| Proceeds from maturities, prepayments and calls | 59801 | 67609 | 134661 | 134236 |
| Gross realized gains | 88 |  | 104 | 90 |
| Gross realized losses | 60637 |  | 60637 | 16303 |

---

***Equity Securities***

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

*Equity method investment*

The Company holds equity securities of a privately held entity which originates manufactured housing loans through utilization of its proprietary technology. As of June 30, 2025 and December 31, 2024, the Company has the ability to exercise significant influence over this entity and therefore accounts for the equity securities under the equity method. Under this method, the carrying value of the investment is adjusted to reflect the Company's proportionate share of the investee's profit or loss. This investment is reported in other assets on the consolidated balance sheets with carrying amounts of $18,795 and $19,970 as of June 30, 2025 and December 31, 2024, respectively. The Company's investment includes a basis difference of $17,103, which is accounted for as equity method goodwill.

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

**Note (3)—Loans and allowance for credit losses on loans HFI**

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

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| | **2025** | **2024** |
| Commercial and industrial | $1788911 | $1691213 |
| Construction | 1022678 | 1087732 |
| Residential real estate: |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 1660696 | 1616754 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 641433 | 602475 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 587254 | 653769 |
| Commercial real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 1370123 | 1357568 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 2198689 | 2099129 |
| Consumer and other | 604498 | 493744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross loans | 9874282 | 9602384 |
| Less: Allowance for credit losses on loans HFI | (148948) | (151942) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans | $9725334 | $9450442 |

---

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

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

***Credit Quality - Commercial Type Loans***

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

The Company uses the following definitions for risk ratings:

---

| | | |
|:---|:---|:---|
| | **Pass.** | Loans rated Pass include those that are adequately collateralized performing loans which management believes do not have conditions that have occurred or may occur that would result in the loan being downgraded into an inferior category. The Pass category also includes commercial loans rated as Watch, which include those that management believes have conditions that have occurred, or may occur, which could result in the loan being downgraded to an inferior category.  |
| |  | Loans rated Pass include those that are adequately collateralized performing loans which management believes do not have conditions that have occurred or may occur that would result in the loan being downgraded into an inferior category. The Pass category also includes commercial loans rated as Watch, which include those that management believes have conditions that have occurred, or may occur, which could result in the loan being downgraded to an inferior category.  |
| | | Loans rated Pass include those that are adequately collateralized performing loans which management believes do not have conditions that have occurred or may occur that would result in the loan being downgraded into an inferior category. The Pass category also includes commercial loans rated as Watch, which include those that management believes have conditions that have occurred, or may occur, which could result in the loan being downgraded to an inferior category.  |
| | | Loans rated Pass include those that are adequately collateralized performing loans which management believes do not have conditions that have occurred or may occur that would result in the loan being downgraded into an inferior category. The Pass category also includes commercial loans rated as Watch, which include those that management believes have conditions that have occurred, or may occur, which could result in the loan being downgraded to an inferior category.  |
| | **Special Mention.**  | Loans rated Special Mention are those that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution's credit position at some future date. Management does not believe there will be a loss of principal or interest. These loans require intensive servicing and may possess more than normal credit risk.  |
| | **Special Mention.**  | Loans rated Special Mention are those that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution's credit position at some future date. Management does not believe there will be a loss of principal or interest. These loans require intensive servicing and may possess more than normal credit risk.  |
| | | Loans rated Special Mention are those that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution's credit position at some future date. Management does not believe there will be a loss of principal or interest. These loans require intensive servicing and may possess more than normal credit risk.  |
| | | Loans rated Special Mention are those that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the institution's credit position at some future date. Management does not believe there will be a loss of principal or interest. These loans require intensive servicing and may possess more than normal credit risk.  |
| | **Classified.** | Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.  |
| | | Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.  |
| | | Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.  |
| | | Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.  |
| | | Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.  |
| Loans included in the Classified category include loans rated as Substandard and Doubtful. Loans rated as Substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful loans have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weakness or weaknesses make collection or liquidation in full, based on currently existing facts, conditions, and values, highly questionable and improbable.  |  |  |

---

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

The following tables present the credit quality of the Company's commercial type loan portfolio as of June 30, 2025 and December 31, 2024 and the gross charge-offs for the six months ended June 30, 2025 and the year ended December 31, 2024 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of and for the six months**<br>**&nbsp;&nbsp;&nbsp;&nbsp;ended June 30, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Total** |
| **Commercial and industrial** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $134434 | $176807 | $161399 | $98991 | $45240 | $106721 | $995651 | $1719243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 59 | 1800 | 2193 | 2091 | 136 | 5246 | 27839 | 39364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified | 149 | 65 | 204 | 15673 | 1697 | 6108 | 6408 | 30304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 134642 | 178672 | 163796 | 116755 | 47073 | 118075 | 1029898 | 1788911 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  | 54 |  |  | 2314 | 603 | 2971 |
| **Construction** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 105995 | 186906 | 65142 | 249476 | 84739 | 67132 | 204970 | 964360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  | 780 | 11663 | 39 | 16 |  | 12498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  | 154 | 2917 | 20410 | 253 | 8064 | 14022 | 45820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 105995 | 187060 | 68839 | 281549 | 85031 | 75212 | 218992 | 1022678 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  |  |  |  |  |  |  |
| **Residential real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Multi-family mortgage** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 16921 | 17080 | 3709 | 192237 | 204404 | 118911 | 24410 | 577672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  |  |  |  | 9564 | 18 |  | 9582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 16921 | 17080 | 3709 | 192237 | 213968 | 118929 | 24410 | 587254 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge-offs** |  |  |  |  |  |  |  |  |
| **Commercial real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Owner occupied** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 87430 | 178509 | 98884 | 245159 | 199869 | 431728 | 102403 | 1343982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  | 1152 | 6273 | 6392 | 170 | 13987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  |  |  | 5889 | 265 | 5613 | 387 | 12154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 87430 | 178509 | 98884 | 252200 | 206407 | 443733 | 102960 | 1370123 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  |  |  |  |  | 17 | 17 |
| &nbsp;&nbsp;**Non-owner occupied** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 106405 | 199184 | 47425 | 500050 | 448941 | 781611 | 94785 | 2178401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  | 4800 |  | 498 | 10151 |  | 15449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  |  |  |  |  | 4839 |  | 4839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 106405 | 199184 | 52225 | 500050 | 449439 | 796601 | 94785 | 2198689 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge-offs** |  |  |  |  |  |  |  |  |
| **Total commercial loan types** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 451185 | 758486 | 376559 | 1285913 | 983193 | 1506103 | 1422219 | 6783658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 59 | 1800 | 7773 | 14906 | 6946 | 21805 | 28009 | 81298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified | 149 | 219 | 3121 | 41972 | 11779 | 24642 | 20817 | 102699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $451393 | $760505 | $387453 | $1342791 | $1001918 | $1552550 | $1471045 | $6967655 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;charge-offs** | $— | $— | $54 | $— | $— | $2314 | $620 | $2988 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of and for the year ended<br> December 31, 2024** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Total** |
| **Commercial and industrial** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | $194185 | $182677 | $130148 | $56460 | $29735 | $104236 | $909398 | $1606839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 2684 | 2425 | 7609 | 277 | 285 | 2015 | 24345 | 39640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  | 175 | 19125 | 4424 | 1659 | 6201 | 13150 | 44734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 196869 | 185277 | 156882 | 61161 | 31679 | 112452 | 946893 | 1691213 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  | 116 | 950 | 506 | 1234 | 7 | 8267 | 11080 |
| **Construction** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 190058 | 116122 | 349716 | 99225 | 27616 | 54099 | 199596 | 1036432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 156 | 87 | 15432 | 389 | 10 | 576 |  | 16650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  |  | 7314 | 290 | 8335 |  | 18711 | 34650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 190214 | 116209 | 372462 | 99904 | 35961 | 54675 | 218307 | 1087732 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  | 122 |  |  |  |  | 122 |
| **Residential real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Multi-family mortgage** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 40076 | 3800 | 232415 | 223076 | 51948 | 69652 | 21883 | 642850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  |  |  | 9919 |  | 1000 |  | 10919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 40076 | 3800 | 232415 | 232995 | 51948 | 70652 | 21883 | 653769 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  |  |  |  |  |  |  |
| **Commercial real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Owner occupied** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 185416 | 103060 | 247049 | 215798 | 102580 | 396288 | 84226 | 1334417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  |  | 1370 | 2582 |  | 6133 |  | 10085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  |  | 6324 | 235 | 61 | 5371 | 1075 | 13066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 185416 | 103060 | 254743 | 218615 | 102641 | 407792 | 85301 | 1357568 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Non-owner occupied** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 198591 | 36027 | 526417 | 445598 | 111943 | 689158 | 58255 | 2065989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention |  | 4836 |  | 1527 |  | 19311 |  | 25674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  |  |  | 136 |  | 7330 |  | 7466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 198591 | 40863 | 526417 | 447261 | 111943 | 715799 | 58255 | 2099129 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  |  |  |  |  |  |  |
| **Total commercial loan types** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pass | 808326 | 441686 | 1485745 | 1040157 | 323822 | 1313433 | 1273358 | 6686527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Special Mention | 2840 | 7348 | 24411 | 4775 | 295 | 28035 | 24345 | 92049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Classified |  | 175 | 32763 | 15004 | 10055 | 19902 | 32936 | 110835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $811166 | $449209 | $1542919 | $1059936 | $334172 | $1361370 | $1330639 | $6889411 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  | 116 | 1072 | 506 | 1234 | 7 | 8267 | 11202 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

***Credit Quality - Consumer Type Loans***

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

The following tables present the credit quality by classification (performing or nonperforming) of the Company's consumer type loan portfolio as of June 30, 2025 and December 31, 2024 and the gross charge-offs for the six months ended June 30, 2025 and the year ended December 31, 2024 by year of origination. Revolving loans are presented separately. Management considers the guidance in ASC 310-20 when determining whether a modification, extension, or renewal constitutes a current period origination.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of and for the six months**<br>**&nbsp;&nbsp;&nbsp;&nbsp;ended June 30, 2025** | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Total** |
| **Residential real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**1-to-4 family mortgage** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing | $158292 | $205150 | $147513 | $417939 | $338939 | $368099 | $— | $1635932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming |  | 194 | 907 | 8660 | 6218 | 8785 |  | 24764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 158292 | 205344 | 148420 | 426599 | 345157 | 376884 |  | 1660696 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  | 3 |  |  | 433 |  | 436 |
| &nbsp;&nbsp;**Residential line of credit** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing |  |  |  |  |  |  | 639625 | 639625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming |  |  |  |  |  |  | 1808 | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  |  | 641433 | 641433 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Consumer and other** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performing | 94565 | 159522 | 90219 | 74564 | 33020 | 135669 | 627 | 588186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming |  | 2424 | 3520 | 1434 | 2613 | 6320 | 1 | 16312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 94565 | 161946 | 93739 | 75998 | 35633 | 141989 | 628 | 604498 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** | 998 | 136 | 76 | 104 | 86 | 521 | 2 | 1923 |
| **Total consumer type loans** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performing | 252857 | 364672 | 237732 | 492503 | 371959 | 503768 | 640252 | 2863743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming |  | 2618 | 4427 | 10094 | 8831 | 15105 | 1809 | 42884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $252857 | $367290 | $242159 | $502597 | $380790 | $518873 | $642061 | $2906627 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current-period gross<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** | $998 | $136 | $79 | $104 | $86 | $954 | $2 | $2359 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of and for the year ended<br> December 31, 2024** | **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Total** |
| **Residential real estate:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**1-to-4 family mortgage** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing | $223520 | $165395 | $443372 | $360188 | $129674 | $266661 | $— | $1588810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming | 27 | 941 | 7254 | 6357 | 4192 | 9173 |  | 27944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 223547 | 166336 | 450626 | 366545 | 133866 | 275834 |  | 1616754 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior-period gross <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** | 10 | 54 | 150 | 130 | 67 | 28 |  | 439 |
| &nbsp;&nbsp;**Residential line of credit** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Performing |  |  |  |  |  |  | 600581 | 600581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nonperforming |  |  |  |  |  |  | 1894 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |  |  |  |  | 602475 | 602475 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior-period gross <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** | **—** |  |  |  |  |  | 73 | 73 |
| **Consumer and other** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performing | 139684 | 93817 | 76286 | 35507 | 29387 | 102233 | 652 | 477566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming | 1300 | 1749 | 1686 | 3139 | 2548 | 5755 | 1 | 16178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 140984 | 95566 | 77972 | 38646 | 31935 | 107988 | 653 | 493744 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior-period gross <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** | 1593 | 511 | 302 | 278 | 69 | 298 |  | 3051 |
| **Total consumer type loans** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performing | 363204 | 259212 | 519658 | 395695 | 159061 | 368894 | 601233 | 2666957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonperforming | 1327 | 2690 | 8940 | 9496 | 6740 | 14928 | 1895 | 46016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $364531 | $261902 | $528598 | $405191 | $165801 | $383822 | $603128 | $2712973 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior-period gross <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; charge-offs** | 1603 | 565 | 452 | 408 | 136 | 326 | 73 | 3563 |

---

***Nonaccrual and Past Due Loans***

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **30-89 days<br>past due and accruing <br>interest** | **90 days or <br>more and accruing <br>interest** | **Nonaccrual<br>loans** | **Loans current <br>on payments <br>and accruing <br>interest** | **Total** |
| Commercial and industrial | $1127 | $124 | $2692 | $1784968 | $1788911 |
| Construction | 16494 | 154 | 28872 | 977158 | 1022678 |
| Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 22388 | 16385 | 8379 | 1613544 | 1660696 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 3347 | 700 | 1108 | 636278 | 641433 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage |  |  | 9582 | 577672 | 587254 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied | 2248 | 46 | 7861 | 1359968 | 1370123 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied |  |  | 3697 | 2194992 | 2198689 |
| Consumer and other | 18768 | 4553 | 11759 | 569418 | 604498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $64372 | $21962 | $73950 | $9713998 | $9874282 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **30-89 days<br>past due and accruing <br>interest** | **90 days or <br>more and accruing <br>interest** | **Nonaccrual<br>loans** | **Loans current on payments and accruing interest** | **Total** |
| Commercial and industrial | $1204 | $730 | $9661 | $1679618 | $1691213 |
| Construction | 3288 | 538 | 10915 | 1072991 | 1087732 |
| Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 24376 | 15319 | 12625 | 1564434 | 1616754 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 2302 | 357 | 1537 | 598279 | 602475 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 979 |  | 21 | 652769 | 653769 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied | 1996 | 94 | 9551 | 1345927 | 1357568 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied |  | 3512 | 2667 | 2092950 | 2099129 |
| Consumer and other | 13710 | 3797 | 12381 | 463856 | 493744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $47855 | $24347 | $59358 | $9470824 | $9602384 |

---

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

---

| | | |
|:---|:---|:---|
| **June 30, 2025** | **Nonaccrual<br>with no<br>related<br>allowance** | **Nonaccrual<br>with<br>related<br>allowance** |
| Commercial and industrial | $364 | $2328 |
| Construction | 10688 | 18184 |
| Residential real estate: |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage |  | 8379 |
| &nbsp;&nbsp;&nbsp;Residential line of credit |  | 1108 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage |  | 9582 |
| Commercial real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied | 6042 | 1819 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 3457 | 240 |
| Consumer and other |  | 11759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $20551 | $53399 |

---

---

| | | |
|:---|:---|:---|
| **December 31, 2024** | **Nonaccrual<br>with no<br>related<br>allowance** | **Nonaccrual<br>with<br>related<br>allowance** |
| Commercial and industrial | $5294 | $4367 |
| Construction | 1653 | 9262 |
| Residential real estate: |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 1562 | 11063 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 148 | 1389 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage |  | 21 |
| Commercial real estate: |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied | 6415 | 3136 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 2224 | 443 |
| Consumer and other |  | 12381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $17296 | $42062 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

---

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

---

Accrued interest receivable written off as an adjustment to interest income amounted to $1,054 and $1,341 for the three and six months ended June 30, 2025, respectively, and $207 and $408 for the three and six months ended June 30, 2024, respectively.

***Loan Modifications to Borrowers Experiencing Financial Difficulty***

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

The following tables present the amortized cost of FDM loans as of June 30, 2025 and 2024 by class of financing receivable and type of concession granted that were modified during the three and six months ended June 30, 2025 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2025** | **Payment deferral and term extension** | **Term Extension** | **Payment deferral** | **Total** | **% of total class of financing receivables** |
| Commercial and industrial | $100 | $— | $— | $100 | —% |
| Construction | 3305 |  |  | 3305 | 0.3% |
| Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage |  | 463 | 1833 | 2296 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3405 | $463 | $1833 | $5701 | 0.1% |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025** | **Payment deferral and term extension** | **Term Extension** | **Payment deferral** | **Interest Rate Reduction** | **Interest Rate Reduction and Term Extension** | **Total** | **% of total class of financing receivables** |
| Commercial and<br>&nbsp;&nbsp;&nbsp;&nbsp;industrial | $100 | $149 | $— | $— | $— | $249 | —% |
| Construction | 3305 | 540 |  | 144 |  | 3989 | 0.4% |
| Residential real estate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage |  | 463 | 1833 |  |  | 2296 | 0.1% |
| Consumer and other |  |  |  |  | 63 | 63 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3405 | $1152 | $1833 | $144 | $63 | $6597 | 0.1% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **Term extension** | **Payment deferral and term extension** | **Interest rate reduction and term extension** | **Total** | **% of total class of financing receivables** |
| Consumer and other | 18 |  | 98 | 116 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $18 | $— | $98 | $116 | —% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **Term extension** | **Payment deferral and term extension** | **Interest rate reduction and term extension** | **Total** | **% of total class of financing receivables** |
| Construction | $— | $14236 | $— | $14236 | 1.2% |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 10351 |  |  | 10351 | 0.5% |
| Consumer and other | 40 |  | 98 | 138 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $10391 | $14236 | $98 | $24725 | 0.3% |

---

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

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Six months ended June 30, 2025** | **Weighted average term extension <br>(in months)** | **Weighted average payment deferral <br>(in months)** | **Weighted average interest rate reduction** |
| Commercial and <br> industrial | 23 | 4 | —% |
| Construction | 4 | 4 | 2.50% |
| Residential real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 300 | 4 | —% |
| Consumer and other | 13 |  | 2.00% |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **Weighted average term extension <br>(in months)** | **Weighted average interest rate reduction** |
| Consumer and other | 21 | 1.49% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **Weighted average term extension <br>(in months)** | **Weighted average payment deferral <br>(in months)** | **Weighted average interest rate reduction** |
| Construction | 6 | 3 | —% |
| Commercial real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 6 |  |  |
| Consumer and other | 25 |  | 1.49% |

---

For FDM loans, a subsequent payment default is defined as the earlier of the FDM loans being placed on nonaccrual status or reaching 30 days past due with respect to principal and/or interest payments. During the six months ended June 30, 2025, consumer and other loans of $63 defaulted that were previously modified in the prior 12 months by receiving a combination of interest rate reduction and term extension. In addition, during the six months ended June 30, 2025, construction loans of $143 defaulted that were previously modified in the prior 12 months by receiving a term extension. No financing receivables modified in the preceding twelve months had a payment default during the three months ended June 30, 2025 nor three and six months ended June 30, 2024. At June 30, 2025 and December 31, 2024, the Company did not have any material commitments to lend additional funds to borrowers whose loans were classified as a FDM loan.

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The tables below depict the performance of loans HFI as of June 30, 2025 and 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **30-89 days<br>past due and accruing <br>interest** | **90 days or <br>more and accruing <br>interest** | **Nonaccrual**<br>**loans**<sup>(1)</sup> | **Loans current <br>on payments <br>and accruing <br>interest** | **Total** |
| Commercial and industrial | $— | $— | $— | $249 | $249 |
| Construction |  |  | 5312 | 683 | 5995 |
| Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 367 |  |  | 2609 | 2976 |
| &nbsp;&nbsp;&nbsp;Residential line of credit |  |  |  | 29 | 29 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied |  |  |  |  |  |
| Consumer and other |  |  |  | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $367 | $— | $5312 | $3632 | $9311 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2024** | **30-89 days<br>past due and accruing <br>interest** | **90 days or <br>more and accruing <br>interest** | **Nonaccrual**<br>**loans**<sup>(1)</sup> | **Loans current <br>on payments <br>and accruing <br>interest** | **Total** |
| Construction | $— | $— | $— | $14236 | $14236 |
| Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage |  |  | 24 |  | 24 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-owner occupied |  |  |  | 10351 | 10351 |
| Consumer and other |  |  |  | 138 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $— | $— | $24 | $24725 | $24749 |

---

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

***Collateral-Dependent Loans***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Type of Collateral** | **Type of Collateral** | **Type of Collateral** | **Type of Collateral** |
| | **Real Estate** | **Land** | **Business Assets** | **Total** |
| Commercial and industrial | $1462 | $6 | $12 | $1480 |
| Construction | 32672 | 7147 |  | 39819 |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 1745 |  |  | 1745 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 9564 |  |  | 9564 |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied |  | 6042 | 1687 | 7729 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 4599 |  |  | 4599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $50042 | $13195 | $1699 | $64936 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Type of Collateral** | **Type of Collateral** | **Type of Collateral** | **Type of Collateral** |
| | **Real Estate** | **Land** | **Business Assets** | **Total** |
| Commercial and industrial | $— | $— | $8492 | $8492 |
| Construction | 22047 | 1653 |  | 23700 |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 1843 |  |  | 1843 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 148 |  |  | 148 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 9919 |  |  | 9919 |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied |  | 6415 |  | 6415 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 6886 |  |  | 6886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $40843 | $8068 | $8492 | $57403 |

---

***Allowance for Credit Losses on Loans HFI***

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

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Commercial <br>and industrial** | **Construction** | **1-to-4 <br>family <br>residential <br>mortgage** | **Residential <br>line of credit** | **Multi-family <br>residential <br>mortgage** | **Commercial <br>real estate <br>owner <br>occupied** | **Commercial <br>real estate <br>non-owner <br>occupied** | **Consumer <br>and other** | **Total** |
| **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| &nbsp;&nbsp;Beginning balance -<br>March 31, 2025 | $15521 | $25652 | $26200 | $11196 | $11416 | $12074 | $28319 | $20153 | $150531 |
| Loans charged off | (70) |  | (433) |  |  |  |  | (951) | (1454) |
| &nbsp;&nbsp;Recoveries of loans<br>previously charged-off | 173 |  | 11 | 1 |  | 9 | 528 | 251 | 973 |
| Impact of change in<br>&nbsp;&nbsp;&nbsp;&nbsp;accounting estimate for<br>&nbsp;&nbsp;&nbsp;&nbsp;current expected credit <br>&nbsp;&nbsp;&nbsp;&nbsp;losses | 3504 | (4705) | 2717 | (3428) | 258 | (1074) | (1747) | (2373) | (6848) |
| Provision for (reversal of)<br>&nbsp;&nbsp;&nbsp;&nbsp;credit losses on loans<br>&nbsp;&nbsp;&nbsp;&nbsp;HFI | 1143 | 901 | 1767 | 902 | (780) | 930 | (797) | 1680 | 5746 |
| &nbsp;&nbsp;Ending balance -<br>June 30, 2025 | $20271 | $21848 | $30262 | $8671 | $10894 | $11939 | $26303 | $18760 | $148948 |
| **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| &nbsp;&nbsp;Beginning balance -<br>December 31, 2024 | $16667 | $31698 | $25340 | $10952 | $10512 | $11993 | $25531 | $19249 | $151942 |
| Loans charged-off | (2971) |  | (436) |  |  | (17) |  | (1923) | (5347) |
| &nbsp;&nbsp;Recoveries of loans<br>previously charged-off | 215 |  | 20 | 1 |  | 30 | 529 | 754 | 1549 |
| Impact of change in<br>&nbsp;&nbsp;&nbsp;&nbsp;accounting estimate for<br>&nbsp;&nbsp;&nbsp;&nbsp;current expected credit <br>&nbsp;&nbsp;&nbsp;&nbsp;losses | 3504 | (4705) | 2717 | (3428) | 258 | (1074) | (1747) | (2373) | (6848) |
| Provision for (reversal of)<br>&nbsp;&nbsp;&nbsp;&nbsp;credit losses on loans <br>&nbsp;&nbsp;&nbsp;&nbsp;HFI | 2856 | (5145) | 2621 | 1146 | 124 | 1007 | 1990 | 3053 | 7652 |
| &nbsp;&nbsp;Ending balance -<br>June 30, 2025 | $20271 | $21848 | $30262 | $8671 | $10894 | $11939 | $26303 | $18760 | $148948 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Commercial <br>and industrial** | **Construction** | **1-to-4 <br>family<br>residential<br>mortgage** | **Residential <br>line of credit** | **Multi-family <br>residential <br>mortgage** | **Commercial <br>real estate <br>owner <br>occupied** | **Commercial <br>real estate <br>non-owner <br>occupied** | **Consumer <br>and other** | **Total** |
| **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| &nbsp;&nbsp;Beginning balance -<br>March 31 2024 | $17272 | $37308 | $26128 | $9918 | $8973 | $10749 | $23949 | $17370 | $151667 |
| Loans charged off | (26) |  | (293) |  |  |  |  | (594) | (913) |
| &nbsp;&nbsp;Recoveries of loans<br>previously charged-off | 20 |  | 10 |  |  | 188 |  | 143 | 361 |
| Provision for (reversal of)<br>&nbsp;&nbsp;&nbsp;&nbsp;credit losses on loans<br>&nbsp;&nbsp;&nbsp;&nbsp;HFI | 5264 | (3138) | (214) | 179 | (163) | 375 | 594 | 1043 | 3940 |
| &nbsp;&nbsp;Ending balance -<br>June 30, 2024 | $22530 | $34170 | $25631 | $10097 | $8810 | $11312 | $24543 | $17962 | $155055 |
| **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |  |
| &nbsp;&nbsp;Beginning balance -<br>December 31, 2023 | $19599 | $35372 | $26505 | $9468 | $8842 | $10653 | $22965 | $16922 | $150326 |
| Loans charged-off | (69) | (92) | (293) | (20) |  |  |  | (1366) | (1840) |
| &nbsp;&nbsp;Recoveries of loans<br>previously charged-off | 34 |  | 66 |  |  | 228 |  | 449 | 777 |
| Provision for (reversal of)<br>&nbsp;&nbsp;&nbsp;&nbsp;credit losses on loans<br>&nbsp;&nbsp;&nbsp;&nbsp;HFI | 2966 | (1110) | (647) | 649 | (32) | 431 | 1578 | 1957 | 5792 |
| Ending balance -<br> June 30, 2024 | $22530 | $34170 | $25631 | $10097 | $8810 | $11312 | $24543 | $17962 | $155055 |

---

**Note (4)—Other real estate owned**

The amount reported as other real estate owned includes property acquired through foreclosure in addition to excess facilities held for sale and is carried at the lower of the carrying amount of the underlying loan or the fair value of the real estate less costs to sell. The following table summarizes the other real estate owned for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of period | $3326 | $3613 | $4409 | $3192 |
| Transfers from loans | 1230 | 1647 | 3297 | 2400 |
| Proceeds from sale of other real estate owned | (1744) | (1045) | (4412) | (1434) |
| Gain (loss) on sale of other real estate owned | 225 | (42) | (257) | 15 |
| Write-downs and partial liquidations | (39) |  | (39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | $2998 | $4173 | $2998 | $4173 |

---

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

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

**Note (5)—Leases**

As of June 30, 2025, the Company was the lessee in 47 operating leases and 1 finance lease of certain branch, mortgage and operations locations with original terms greater than one year.

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| | | **June 30,** | **December 31,** |
| |<br>**Classification** | **2025** | **2024** |
| Right-of-use assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | Operating lease right-of-use assets | $47764 | $47963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | Premises and equipment, net | 1090 | 1145 |
| Total right-of-use assets |  | $48854 | $49108 |
| Lease liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | Operating lease liabilities | $59289 | $60024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | Borrowings | 1179 | 1229 |
| Total lease liabilities |  | $60468 | $61253 |
| Weighted average remaining lease term (in years) - <br>&nbsp;&nbsp;&nbsp;&nbsp;operating |  | 10.7 | 11.0 |
| Weighted average remaining lease term (in years) - <br>&nbsp;&nbsp;&nbsp;&nbsp;finance |  | 9.9 | 10.4 |
| Weighted average discount rate - operating |  | 3.54% | 3.47% |
| Weighted average discount rate - finance |  | 1.76% | 1.76% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| |<br>**Classification** | **2025** | **2024** | **2025** | **2024** |
| Operating lease costs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use asset | Occupancy and equipment | $1945 | $1759 | $3823 | $3686 |
| &nbsp;&nbsp;&nbsp;Short-term lease cost | Occupancy and equipment | 74 | 89 | 159 | 186 |
| &nbsp;&nbsp;&nbsp;Variable lease cost | Occupancy and equipment | 475 | 367 | 969 | 703 |
| Finance lease costs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities | Interest expense on borrowings | 5 | 5 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use asset | Occupancy and equipment | 28 | 27 | 55 | 55 |
| Sublease income | Occupancy and equipment | (215) | (139) | (420) | (311) |
| &nbsp;&nbsp;&nbsp;Total lease cost |  | $2312 | $2108 | $4596 | $4330 |

---

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

A maturity analysis of operating and finance lease liabilities and a reconciliation of cash flows to lease liabilities as of June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| | **Operating**<br>**Leases** | **Finance**<br>**Lease** |
| Lease payments due: |  |  |
| &nbsp;&nbsp;&nbsp;June 30, 2026 | $4330 | $61 |
| &nbsp;&nbsp;&nbsp;June 30, 2027 | 8660 | 123 |
| &nbsp;&nbsp;&nbsp;June 30, 2028 | 8207 | 125 |
| &nbsp;&nbsp;&nbsp;June 30, 2029 | 7259 | 127 |
| &nbsp;&nbsp;&nbsp;June 30, 2030 | 6264 | 129 |
| &nbsp;&nbsp;&nbsp;Thereafter | 37636 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total undiscounted future minimum lease payments | 72356 | 1286 |
| &nbsp;&nbsp;Less: imputed interest | (13067) | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities | $59289 | $1179 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

**Note (6)—Mortgage servicing rights**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Carrying value at beginning of period | $156379 | $165674 | $162038 | $164249 |
| Capitalization | 1228 | 1518 | 1649 | 2649 |
| Change in fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to payoffs/paydowns | (3154) | (3825) | (6265) | (6549) |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to change in valuation inputs or assumptions | (989) | 1138 | (3958) | 4156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying value at end of period | $153464 | $164505 | $153464 | $164505 |

---

The following table summarizes servicing income and expense, which are included in mortgage banking income and other noninterest expense, respectively, in the consolidated statements of income for the three and six months ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Servicing income | $6936 | $7316 | $14013 | $14663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of mortgage servicing rights | (4143) | (2687) | (10223) | (2393) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative hedging instruments | (88) | (1649) | 2923 | (4984) |
| Servicing income | 2705 | 2980 | 6713 | 7286 |
| Servicing expenses | 1843 | 1933 | 3565 | 3880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net servicing income | $862 | $1047 | $3148 | $3406 |

---

Data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company's mortgage servicing rights as of June 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| | **2025** | **2024** |
| Unpaid principal balance of mortgage loans sold and serviced for others | $9901599 | $10235048 |
| Weighted-average prepayment speed (CPR) | 6.43% | 6.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Estimated impact on fair value of a 10% increase | $(4266) | $(4213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Estimated impact on fair value of a 20% increase | $(8263) | $(8168) |
| Discount rate | 9.68% | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Estimated impact on fair value of a 100 bp increase | $(7195) | $(7515) |
| &nbsp;&nbsp;&nbsp;&nbsp;Estimated impact on fair value of a 200 bp increase | $(13782) | $(14397) |
| Weighted-average coupon interest rate | 3.62% | 3.59% |
| Weighted-average servicing fee (basis points) | 27 | 27 |
| Weighted-average remaining maturity (in months) | 337 | 336 |

---

The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of an adverse variation in a particular assumption on the fair value of the mortgage servicing rights is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change. The derivative instruments utilized by the Company, which were not included in the above sensitivities, would serve to offset the estimated impacts to fair value included in the table above. See Note 9, "Derivatives" for additional information on these derivative instruments.

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

**Note (7)—Income taxes**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Federal taxes calculated<br>&nbsp;&nbsp;&nbsp;&nbsp;at statutory rate | $(2045) | 21.0% | $10691 | 21.0% | $8210 | 21.0% | $17883 | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase<br>&nbsp;&nbsp;&nbsp;&nbsp; resulting from: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State taxes, net of federal<br> benefit | (212) | 2.2% | 77 | 0.1% | 247 | 0.6% | 210 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Benefit) expense from<br> stock-based compensation | (246) | 2.5% | 21 | —% | (379) | (1.0)% | 76 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal interest<br>&nbsp;&nbsp;&nbsp;&nbsp;income, net of interest<br>&nbsp;&nbsp;&nbsp;&nbsp;disallowance | (417) | 4.3% | (328) | (0.6)% | (813) | (2.1)% | (701) | (0.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank-owned life insurance | (89) | 0.9% | (521) | (1.0)% | (183) | (0.5)% | (611) | (0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 162(m) limitation | 99 | (1.0)% | 44 | 0.1% | 685 | 1.8% | 204 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration of the statute of <br> limitations | (8713) | 89.5% |  | —% | (8713) | (22.3)% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on refunds | (1645) | 16.9% |  | —% | (2591) | (6.6)% |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 616 | (6.3)% | 935 | 1.8% | 356 | 1.0% | 158 | 0.2% |
| Income tax (benefit) expense, <br> as reported | $(12652) | 130.0% | $10919 | 21.4% | $(3181) | (8.1)% | $17219 | 20.2% |

---

For the three and six months ended June 30, 2025, a one-time tax benefit of $10,713 was recognized due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest.

**Note (8)—Commitments and contingencies**

***Commitments to extend credit and letters of credit***

The Company issues certain financial instruments to meet customer financing needs, including loan commitments, credit lines and letters of credit. The agreements associated with these type of unfunded loan commitments provide credit or support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates.

The same credit and underwriting policies the Company uses to evaluate and underwrite loans are also used to originate unfunded loan commitments, including obtaining collateral at exercise of the commitment. These unfunded loan commitments are only recorded in the consolidated financial statements when drawn upon and many expire without being used. The Company's maximum off-balance sheet exposure to credit loss from these unfunded loan commitments is represented by the contractual amount of these instruments.

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| | **2025** | **2024** |
| Commitments to extend credit, excluding interest rate lock commitments | $2861685 | $2770105 |
| Letters of credit | 62260 | 69855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | $2923945 | $2839960 |

---

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

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

As part of the credit loss process, the Company estimates expected credit losses on its unfunded loan commitments under the CECL methodology. When applying this methodology, the Company considers the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions.

The table below presents activity within the allowance for credit losses on unfunded loan commitments included in accrued expenses and other liabilities on the Company's consolidated balance sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of period | $6493 | $7700 | $6107 | $8770 |
| Impact of change in accounting estimate for current <br>&nbsp;&nbsp;&nbsp;&nbsp;expected credit losses | 6452 |  | 6452 |  |
| (Reversal of) provision for credit losses on unfunded<br>&nbsp;&nbsp;&nbsp;&nbsp;commitments | (13) | (1716) | 373 | (2786) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | $12932 | $5984 | $12932 | $5984 |

---

***Loan repurchases or indemnifications***

In connection with the sale of mortgage loans to third-party private investors or government sponsored agencies, the Company makes representations and warranties as to the propriety of its origination activities, which are typical and customary to these types of transactions. Occasionally, investors require the Company to repurchase loans sold to them or otherwise indemnify the investor against certain losses under the terms of the warranties. When the Company is required to repurchase the loans, the loans are recorded at fair value in loans HFI. The total principal amount of loans repurchased (or indemnified for) was $2,018 and $3,251 for the three and six months ended June 30, 2025, respectively and $1,433 and $3,511 for the three and six months ended June 30, 2024, respectively.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Balance at beginning of period | $659 | $930 | $697 | $899 |
| Provision for loan repurchases or indemnifications | 77 | 75 | 95 | 125 |
| Losses on loans repurchased or indemnified | (73) | (194) | (129) | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance at end of period | $663 | $811 | $663 | $811 |

---

***Legal Proceedings***

Various legal claims arise from time to time in the normal course of business, which, in the opinion of management, will not have a material effect on the Company's consolidated financial statements.

**Note (9)—Derivatives**

The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure as well as interest rate exposure for its customers. Derivative financial instruments are included in the consolidated balance sheets line item other assets or other liabilities at fair value in accordance with ASC 815, "Derivatives and Hedging." See Note 1, "Basis of presentation and summary of significant accounting policies," in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for additional information on the Company's accounting policies related to derivative instruments and hedging activities.

***Derivatives designated as fair value hedges***

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

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

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

***Derivatives designated as cash flow hedges***

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

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

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

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

***Derivatives not designated as hedging instruments***

Derivatives not designated under hedge accounting rules include those that are entered into as either economic hedges as part of the Company's overall risk management strategy or to facilitate client needs. Economic hedges are those that are not designated as a fair value or cash flow hedge for accounting purposes but are necessary to economically manage the risk exposure associated with the assets and liabilities of the Company.

The Company enters into derivative instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with customer contracts, the Company enters into an offsetting derivative contract. The Company manages its credit risk, or potential risk of default by its commercial customers through credit limit approval and monitoring procedures.

The Company enters into interest rate-lock commitments on residential loan commitments that will be held for resale. These are considered derivative instruments with no hedge accounting designation, and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Gains and losses arising from changes in the valuation of the interest rate-lock commitments are recognized currently in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.

The Company also enters into forwards, futures and option contracts to economically hedge the change in fair value of mortgage servicing rights. Gains and losses associated with these instruments are included in earnings and are reflected under the line-item mortgage banking income in the consolidated statements of income.

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

The following tables provide details on the Company's non-designated derivative financial instruments as of the dates presented:

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Notional Amount** | **Asset** | **Liability** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | $598390 | $23135 | $23194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward commitments | 236000 |  | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate-lock commitments | 127004 | 2322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 185000 | 2109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1146394 | $27566 | $23832 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional Amount** | **Asset** | **Liability** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | $565152 | $29298 | $29377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward commitments | 140000 | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate-lock commitments | 65687 | 647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | 217000 |  | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $987839 | $29951 | $32383 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Included in mortgage banking income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate lock commitments | $254 | $(693) | $1675 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward commitments | (114) | 334 | (323) | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures contracts | (180) | (1402) | 2131 | (4399) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $(40) | $(1761) | $3483 | $(3789) |

---

***Netting of Derivative Instruments***

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross amounts not offset on the consolidated balance sheets** | **Gross amounts not offset on the consolidated balance sheets** | |
| |<br>**Gross amounts recognized** |<br>**Gross amounts offset on the consolidated balance sheets** |<br>**Net amounts presented on the consolidated balance sheets** | **Financial instruments** | **Financial collateral pledged** |<br>**Net Amount** |
| **June 30, 2025** | | | | | | |
| Derivative financial assets | $18093 | $— | $18093 | $5104 | $— | $12989 |
| Derivative financial liabilities | $10503 | $— | $10503 | $5104 | $5399 | $— |
| **December 31, 2024** |  |  |  |  |  |  |
| Derivative financial assets | $28379 | $— | $28379 | $1030 | $— | $27349 |
| Derivative financial liabilities | $9144 | $— | $9144 | $1030 | $8114 | $— |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

***Collateral Requirements***

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

**Note (10)—Fair value of financial instruments**

FASB ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a framework for measuring the fair value of assets and liabilities according to a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that are derived from assumptions based on management's estimate of assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances.

The hierarchy is broken down into the following three levels, based on the reliability of inputs:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs for assets or liabilities that are derived from assumptions based on management's estimate of assumptions that market participants would use in pricing the assets or liabilities.

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

The Company records the fair values of financial assets and liabilities on a recurring and nonrecurring basis using the following methods and assumptions:

---

| | |
|:---|:---|
| Investment securities | Investment securities are recorded at fair value on a recurring basis. Fair values for securities are based on quoted market prices, where available. If quoted prices are not available, fair values are based on quoted market prices of similar instruments or are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the pricing relationship or correlation among other benchmark quoted securities. Investment securities valued using quoted market prices of similar instruments or that are valued using matrix pricing are classified as Level 2.  |
| Loans held for sale | Mortgage loans held for sale are carried at fair value determined using current secondary market prices for loans with similar characteristics, that is, using Level 2 inputs.  |
| Derivatives | The fair value of the Company's interest rate swap agreements to facilitate customer transactions are based upon fair values provided from entities that engage in interest rate swap activity and is based upon projected future cash flows and interest rates. The fair value of interest rate lock commitments associated with the mortgage pipeline is based on fees currently charged to enter into similar agreements, and for fixed-rate commitments, the difference between current levels of interest rates and the committed rates is also considered. The fair values of the Company's designated cash flow and fair value hedges are determined by calculating the difference between the discounted fixed rate cash flows and the discounted variable rate cash flows. The fair values of both the Company's hedges, including designated cash flow hedges and designated fair value hedges are based on pricing models that utilize observable market inputs. These financial instruments are classified as Level 2.  |
| OREO | OREO is comprised of properties obtained in partial or total satisfaction of loan obligations and excess land and facilities held for sale. OREO acquired in settlement of indebtedness is recorded at the lower of the carrying amount of the loan or the fair value of the real estate less costs to sell. Fair value is determined on a nonrecurring basis based on appraisals by qualified licensed appraisers and is adjusted for management's estimates of costs to sell and holding period discounts. OREO valuations are classified as Level 3.  |
| Mortgage servicing rights | MSRs are carried at fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. As such, MSRs are considered Level 3.  |
| Collateral- dependent loans | Collateral-dependent loans are loans for which, based on current information and events, the Company has determined foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral and it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Collateral-dependent loans are classified as Level 3.  |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At June 30, 2025** | **Quoted prices<br>in active<br>markets for<br>identical assets<br>(liabilities)<br>(level 1)** | **Significant <br>other <br>observable <br>inputs <br>(level 2)** | **Significant unobservable <br>inputs <br>(level 3)** | **Total** |
| Recurring valuations: |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AFS debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government agency securities | $— | $642264 | $— | $642264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities - residential |  | 541343 |  | 541343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities - commercial |  | 8752 |  | 8752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal securities |  | 144228 |  | 144228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities |  | 978 |  | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | $— | $1337565 | $— | $1337565 |
| &nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | $— | $123235 | $— | $123235 |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights |  |  | 153464 | 153464 |
| &nbsp;&nbsp;&nbsp;Derivatives |  | 27566 |  | 27566 |
| Financial Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives |  | 23832 |  | 23832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At December 31, 2024** | **Quoted prices<br>in active<br>markets for<br>identical assets<br>(liabilities)<br>(level 1)** | **Significant <br>other <br>observable <br>inputs <br>(level 2)** | **Significant unobservable <br>inputs <br>(level 3)** | **Total** |
| Recurring valuations: |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AFS debt securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government agency securities | $— | $563007 | $— | $563007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities - residential |  | 810999 |  | 810999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities - commercial |  | 14857 |  | 14857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Municipal securities |  | 147857 |  | 147857 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury securities |  | 299 |  | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities |  | 989 |  | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | $— | $1538008 | $— | $1538008 |
| &nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | $— | $95403 | $— | $95403 |
| &nbsp;&nbsp;&nbsp;Mortgage servicing rights |  |  | 162038 | 162038 |
| &nbsp;&nbsp;&nbsp;Derivatives |  | 29951 |  | 29951 |
| Financial Liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Derivatives |  | 32383 |  | 32383 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At June 30, 2025** | **Quoted prices<br>in active<br>markets for<br>identical assets<br>(liabilities <br>(level 1)** | **Significant <br>other <br>observable <br>inputs <br>(level 2)** | **Significant unobservable <br>inputs <br>(level 3)** | **Total** |
| Nonrecurring valuations: |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other real estate owned | $— | $— | $1602 | $1602 |
| &nbsp;&nbsp;&nbsp;Collateral-dependent net loans held for<br> investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  | 16908 | 16908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily |  |  | 8661 | 8661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total collateral-dependent loans | $— | $— | $25569 | $25569 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At December 31, 2024** | **Quoted prices<br>in active<br>markets for<br>identical assets<br>(liabilities)<br>(level 1)** | **Significant <br>other <br>observable <br>inputs <br>(level 2)** | **Significant unobservable <br>inputs <br>(level 3)** | **Total** |
| Nonrecurring valuations: |  |  |  |  |
| Financial assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other real estate owned | $— | $— | $2873 | $2873 |
| &nbsp;&nbsp;&nbsp;Collateral-dependent net loans held for<br>&nbsp;&nbsp;&nbsp;&nbsp;investment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial and industrial | $— | $— | $694 | $694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction |  |  | 20818 | 20818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily |  |  | 9000 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total collateral-dependent loans | $— | $— | $30512 | $30512 |

---

The significant unobservable inputs (Level 3) used in the valuation and changes in fair value associated with the Company's mortgage servicing rights for the three and six months ended June 30, 2025 and 2024 are detailed at Note 6, "Mortgage servicing rights."

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | | | | |
| **Financial instrument** | **Fair Value** | **Valuation technique** | **Significant <br>unobservable inputs** | **Range of<br>inputs** |
| Collateral-dependent net loans<br> held for investment | $25569 | Valuation of collateral | Discount for comparable sales | 10%-42% |
| Other real estate owned | $1602 | Appraised value of property less costs to sell | Discount for costs to sell | 0%-10% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | | | | |
| **Financial instrument** | **Fair Value** | **Valuation technique** | **Significant <br>unobservable inputs** | **Range of<br>inputs** |
| Collateral-dependent net loans<br>&nbsp;&nbsp;&nbsp;&nbsp;held for investment | $30512 | Valuation of collateral | Discount for comparable sales | 10%-40% |
| Other real estate owned | $2873 | Appraised value of property less costs to sell | Discount for costs to sell | 0%-10% |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

Fair value for collateral-dependent loans is determined based on the estimated value of the collateral securing the loans, less estimated selling costs and closing costs related to liquidation of the collateral. For loans secured by real estate, the fair value is determined based on appraisals performed by qualified appraisers and reviewed by qualified personnel. For non-real estate collateral, fair value is determined based on various sources, including third party asset valuation and internally determined values based on cost adjusted or other judgmentally determined factors. Collateral-dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on changes in market conditions from the time of valuation and management's knowledge of the borrower and borrower's business. As of June 30, 2025 and December 31, 2024, total amortized cost of collateral-dependent loans measured on a nonrecurring basis amounted to $27,059 and $34,712, respectively. The allowance for credit losses is calculated as the amount for which the loan's amortized cost basis exceeds fair value.

Other real estate owned acquired in settlement of indebtedness is recorded at fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Any write-downs based on the asset's fair value at the date of foreclosure are charged to the allowance for credit losses.

Appraisals for both collateral-dependent loans and other real estate owned are performed by certified appraisers whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of the lending administrative department reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry wide statistics. Collateral-dependent loans that are dependent on recovery through sale of equipment, such as farm equipment, automobiles and aircrafts are generally valued based on public source pricing or subscription services while more complex assets are valued through leveraging brokers who have expertise in the collateral involved.

**Fair value option**

The following table summarizes the Company's loans held for sale as of the dates presented:

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| | **2025** | **2024** |
| Loans held for sale under a fair value option: |  |  |
| &nbsp;&nbsp; Mortgage loans held for sale | 123235 | 95403 |
| Loans held for sale not accounted for under a fair value option: |  |  |
| &nbsp;&nbsp; Mortgage loans held for sale - guaranteed GNMA repurchase option | 20977 | 31357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans held for sale | $144212 | $126760 |

---

***Mortgage loans held for sale***

The Company's valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these mortgage loans held for sale, valuation adjustments attributable to instrument-specific credit risk is nominal.

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Aggregate fair value | $123235 | $95403 |
| Aggregate unpaid principal balance | 119922 | 93918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Difference | $3313 | $1485 |

---

The following table contains the estimated fair values and the related carrying values of the Company's financial instruments. Non-financial instruments are excluded from the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
|<br>**June 30, 2025** |<br>**Carrying amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1165729 | $1165729 | $— | $— | $1165729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 1337565 |  | 1337565 |  | 1337565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans held for investment | 9725334 |  |  | 9555265 | 9555265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 123235 |  | 123235 |  | 123235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 50386 | 304 | 7325 | 42757 | 50386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights | 153464 |  |  | 153464 | 153464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 27566 |  | 27566 |  | 27566 |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without stated maturities | $9163006 | $9163006 | $— | $— | $9163006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With stated maturities | 2240464 |  | 2235505 |  | 2235505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to<br>repurchase and federal funds purchased | 11431 | 11431 |  |  | 11431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt, net | 130898 |  |  | 128021 | 128021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 21891 | 3785 | 16606 | 1500 | 21891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 23832 |  | 23832 |  | 23832 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
|<br>**December 31, 2024** | **Carrying amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financial assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1042488 | $1042488 | $— | $— | $1042488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 1538008 |  | 1538008 |  | 1538008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loans held for investment | 9450442 |  |  | 9221311 | 9221311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for sale, at fair value | 95403 |  | 95403 |  | 95403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 49611 | 629 | 8012 | 40970 | 49611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing rights | 162038 |  |  | 162038 | 162038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 29951 |  | 29951 |  | 29951 |
| Financial liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without stated maturities | $9361140 | $9361140 | $— | $— | $9361140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With stated maturities | 1849294 |  | 1846989 |  | 1846989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to<br>repurchase and federal funds purchased | 13499 | 13499 |  |  | 13499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt, net | 130704 |  |  | 126684 | 126684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 24182 | 3759 | 18923 | 1500 | 24182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 32383 |  | 32383 |  | 32383 |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

**Note (11)—Segment reporting**

The Company and the Bank are engaged in the business of banking and provide a full range of financial services. The Company determines reportable segments based on the significance of the segment's operating results to the overall Company, the products and services offered, customer characteristics, processes and service delivery of the segments and the regular financial performance review and allocation of resources by the Chief Executive Officer, the Company's chief operating decision maker. The Company has identified two distinct reportable segments—Banking and Mortgage. The Company's primary segment is Banking, which provides a full range of deposit and lending products and services to corporate, commercial and consumer customers. The Company also originates conforming residential mortgage loans through its Mortgage segment, whose activities include the servicing of residential mortgage loans and securitization of loans to third party private investors or government sponsored agencies.

The chief operating decision maker uses income before income taxes as the measure of segment profit or loss to assess the performance of and allocate resources to each segment. Interest income provides the primary revenue in the Banking segment, and mortgage banking income provides the primary revenue in the Mortgage segment. Interest expense, provision for credit losses, salaries, commissions and employee benefits and merger and integration costs provide the significant expenses in the Banking segment, and salaries, commissions and employee benefits provide the significant expenses in the Mortgage segment. These figures are regularly provided to the chief operating decision maker and are monitored through budget-to-actual variance review.

The Company assigns a transfer rate to allocate net interest income to products and business segments. Through this process, the Company formulates a loan funding charge and a deposit funding credit for its entire loan and deposit portfolios. The intent of the transfer rate methodology is to transfer interest rate risk among the segments and allow management to better measure the net interest margin contribution of its products and business segments. Changes in management structure or allocation methodologies and procedures result in changes in reported segment financial data. Prior period results have been adjusted to conform to the current methodology.

The following tables present selected financial information with respect to the Company's reportable segments for the three and six months ended June 30, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended June 30, 2025** | **Banking**<sup>(3)</sup> | **Mortgage** | **Consolidated** |
| Interest income | $180960 | $1124 | $182084 |
| Interest expense | 72051 | (1382) | 70669 |
| &nbsp;&nbsp;Net interest income | 108909 | 2506 | 111415 |
| Provisions for credit losses | 582 | 4755 | 5337 |
| &nbsp;&nbsp;Net interest income (loss) after provision for credit losses | 108327 | (2249) | 106078 |
| Mortgage banking income |  | 17260 | 17260 |
| Change in fair value of mortgage servicing rights, net of hedging<sup>(1)</sup> |  | (4231) | (4231) |
| Other noninterest (loss) income | (47720) | 139 | (47581) |
| &nbsp;&nbsp;Total noninterest (loss) income | (47720) | 13168 | (34552) |
| Salaries, commissions and employee benefits | 38635 | 7996 | 46631 |
| Merger and integration costs | 2734 |  | 2734 |
| Depreciation and amortization | 2849 | 19 | 2868 |
| Amortization of intangibles | 631 |  | 631 |
| Other noninterest expense<sup>(2)</sup> | 22481 | 5916 | 28397 |
| &nbsp;&nbsp;Total noninterest expense | 67330 | 13931 | 81261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | $(6723) | $(3012) | $(9735) |
| Income tax benefit |  |  | (12652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation and noncontrolling <br>interest |  |  | 2917 |
| Net income applicable to noncontrolling interest<sup>(3)</sup> |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation |  |  | $2909 |
| Total assets | $12736830 | $617408 | $13354238 |
| Goodwill | 242561 |  | 242561 |

---

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

*(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.*

*(3) Banking segment includes noncontrolling interest.*

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025** | **Banking**<sup>(3)</sup> | **Mortgage** | **Consolidated** |
| Interest income | $359875 | $1915 | $361790 |
| Interest expense | 145207 | (2473) | 142734 |
| &nbsp;&nbsp;Net interest income | 214668 | 4388 | 219056 |
| Provisions for credit losses | 2771 | 4858 | 7629 |
| &nbsp;&nbsp;Net interest income (loss) after provision for credit losses | 211897 | (470) | 211427 |
| Mortgage banking income |  | 32755 | 32755 |
| Change in fair value of mortgage servicing rights, net of hedging<sup>(1)</sup> |  | (7300) | (7300) |
| Other noninterest (loss) income | (37060) | 85 | (36975) |
| &nbsp;&nbsp;Total noninterest (loss) income | (37060) | 25540 | (11520) |
| Salaries, commissions and employee benefits | 80104 | 14878 | 94982 |
| Merger and integration costs | 3135 |  | 3135 |
| Depreciation and amortization | 5592 | 43 | 5635 |
| Amortization of intangibles | 1287 |  | 1287 |
| Other noninterest expense<sup>(2)</sup> | 44121 | 11650 | 55771 |
| &nbsp;&nbsp;Total noninterest expense | 134239 | 26571 | 160810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | $40598 | $(1501) | $39097 |
| Income tax benefit |  |  | (3181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation and noncontrolling <br>interest |  |  | 42278 |
| Net income applicable to noncontrolling interest<sup>(3)</sup> |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation |  |  | $42270 |
| Total assets | $12736830 | $617408 | $13354238 |
| Goodwill | 242561 |  | 242561 |

---

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

*(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.*

*(3) Banking segment includes noncontrolling interest.*

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **Banking**<sup>(3)</sup> | **Mortgage** | **Consolidated** |
| Interest income | $177570 | $(157) | $177413 |
| Interest expense | 76377 | (1579) | 74798 |
| &nbsp;&nbsp;Net interest income | 101193 | 1422 | 102615 |
| Provisions for (reversals of) credit losses | 2432 | (208) | 2224 |
| &nbsp;&nbsp;Net interest income after provision for credit losses | 98761 | 1630 | 100391 |
| Mortgage banking income |  | 16246 | 16246 |
| Change in fair value of mortgage servicing rights, net of hedging<sup>(1)</sup> |  | (4336) | (4336) |
| Other noninterest income | 13477 | 221 | 13698 |
| &nbsp;&nbsp;Total noninterest income | 13477 | 12131 | 25608 |
| Salaries, commissions and employee benefits | 38793 | 7432 | 46225 |
| Depreciation and amortization | 2745 | 116 | 2861 |
| Amortization of intangibles | 752 |  | 752 |
| Other noninterest expense<sup>(2)</sup> | 19888 | 5367 | 25255 |
| &nbsp;&nbsp;Total noninterest expense | 62178 | 12915 | 75093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $50060 | $846 | $50906 |
| Income tax expense |  |  | 10919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation and noncontrolling <br>interest |  |  | 39987 |
| Net income applicable to noncontrolling interest<sup>(3)</sup> |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation |  |  | $39979 |
| Total assets | $11947550 | $587619 | $12535169 |
| Goodwill | 242561 |  | 242561 |

---

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

*(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.*

*(3) Banking segment includes noncontrolling interest.*

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **Banking**<sup>(3)</sup> | **Mortgage** | **Consolidated** |
| Interest income | $353990 | $(449) | $353541 |
| Interest expense | 154335 | (2899) | 151436 |
| &nbsp;&nbsp;Net interest income | 199655 | 2450 | 202105 |
| Provisions for (reversals of) credit losses | 3270 | (264) | 3006 |
| &nbsp;&nbsp;Net interest income after provision for credit losses | 196385 | 2714 | 199099 |
| Mortgage banking income |  | 31872 | 31872 |
| Change in fair value of mortgage servicing rights, net of hedging<sup>(1)</sup> |  | (7377) | (7377) |
| Other noninterest income | 8683 | 392 | 9075 |
| &nbsp;&nbsp;Total noninterest income | 8683 | 24887 | 33570 |
| Salaries, commissions and employee benefits | 76583 | 14260 | 90843 |
| Depreciation and amortization | 5453 | 249 | 5702 |
| Amortization of intangibles | 1541 |  | 1541 |
| Other noninterest expense<sup>(2)</sup> | 38795 | 10632 | 49427 |
| &nbsp;&nbsp;Total noninterest expense | 122372 | 25141 | 147513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | $82696 | $2460 | $85156 |
| Income tax expense |  |  | 17219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation and noncontrolling <br>interest |  |  | 67937 |
| Net income applicable to noncontrolling interest<sup>(3)</sup> |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial Corporation |  |  | $67929 |
| Total assets | $11947550 | $587619 | $12535169 |
| Goodwill | 242561 |  | 242561 |

---

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

*(2) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.*

*(3) Banking segment includes noncontrolling interest.*

**Note (12)—Minimum capital requirements**

Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

Under regulatory guidance for non-advanced approach institutions, the Bank and Company are required to maintain minimum capital ratios as outlined in the table below. Minimum risk-based capital adequacy ratios below include a capital conservation buffer of 2.50%. As of June 30, 2025 and December 31, 2024, the Bank and Company met all capital adequacy requirements to which they are subject. Additionally, under U.S. Basel III Capital Rules, the Bank and Company opted out of including accumulated other comprehensive income in regulatory capital.

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Actual** | **Actual** | **Minimum Requirement for Capital Adequacy with<br>Capital Buffer** | **Minimum Requirement for Capital Adequacy with<br>Capital Buffer** | **To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions** | **To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions** |
| | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
| Total Capital (to risk-weighted assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1704465 | 14.7% | $1217516 | 10.5% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1634335 | 14.2% | 1206440 | 10.5% | $1148990 | 10.0% |
| Tier 1 Capital (to risk-weighted assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1459289 | 12.6% | $985608 | 8.5% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1390461 | 12.1% | 976642 | 8.5% | $919192 | 8.0% |
| Common Equity Tier 1 Capital<br> (to risk-weighted assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1429289 | 12.3% | $811677 | 7.0% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1390461 | 12.1% | 804293 | 7.0% | $746844 | 6.5% |
| Tier 1 Capital (to average assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1459289 | 11.3% | $516088 | 4.0% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1390461 | 10.8% | 514782 | 4.0% | $643478 | 5.0% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Actual** | **Actual** | **Minimum Requirement for Capital Adequacy with<br>Capital Buffer** | **Minimum Requirement for Capital Adequacy with<br>Capital Buffer** | **To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions** | **To Qualify as Well-Capitalized Under Prompt Corrective Action Provisions** |
| | **Amount** | **Ratio** | **Amount** | **Ratio** | **Amount** | **Ratio** |
| Total Capital (to risk-weighted assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1721941 | 15.2% | $1187163 | 10.5% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1650305 | 14.7% | 1175095 | 10.5% | $1119138 | 10.0% |
| Tier 1 Capital (to risk-weighted assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1480722 | 13.1% | $961037 | 8.5% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1410505 | 12.6% | 951267 | 8.5% | $895310 | 8.0% |
| &nbsp;&nbsp;Common Equity Tier 1 Capital<br>(to risk-weighted assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1450722 | 12.8% | $791442 | 7.0% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1410505 | 12.6% | 783397 | 7.0% | $727440 | 6.5% |
| Tier 1 Capital (to average assets) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FB Financial Corporation | $1480722 | 11.3% | $522557 | 4.0% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstBank | 1410505 | 10.8% | 521538 | 4.0% | $651923 | 5.0% |
| *Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.* | *Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.* | *Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.* | *Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.* | *Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.* | *Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.* | *Note: The Company adopted CECL on January 1, 2020, and the December 31, 2024 regulatory capital ratios reflect the final year of the Company's election of the five-year transition provision.* |

---

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

**Note (13)—Stock-based compensation**

***Restricted Stock Units***

The Company grants RSUs under compensation arrangements for the benefit of certain employees and directors. RSU grants are subject to time-based vesting with associated compensation recognized on a straight-line basis based on the grant date fair value of the awards. The total number of RSUs granted represents the number of awards eligible to vest based upon the service conditions set forth in the grant agreements.

The following table summarizes changes in RSUs for the six months ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Restricted Stock<br>Units<br>Outstanding** | **Weighted<br>Average Grant<br>Date<br>Fair Value** |
| Balance at beginning of period (unvested) | 345436 | $36.71 |
| Granted | 148306 | 48.50 |
| Vested | (156509) | 37.89 |
| Forfeited | (3335) | 40.57 |
| Balance at end of period (unvested) | 333898 | $41.37 |

---

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

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

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

***Performance-Based Restricted Stock Units***

The Company awards PSUs to certain employees. Under the terms of the awards, the number of units that will vest and convert to shares of common stock will be based on the Company's achievement of certain performance metrics over a fixed three-year performance period. The number of shares issued upon vesting can range from 0% to 200% of the PSUs granted.

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

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

Compensation expense for PSUs is estimated each period based on the fair value of the Company's stock at the grant date and the most probable outcome of the performance condition, adjusted for the passage of time within the performance period of the awards.

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Performance Stock**<br>**Units**<br>**Outstanding**<sup>(1)</sup> | **Weighted<br>Average Grant<br>Date<br>Fair Value** | **Weighted<br>Average Grant<br>Date<br>Fair Value** |
| Balance at beginning of period (unvested) | 223393 | $| 38.06 |
| Granted | 75329 | 49.33 | 49.33 |
| Performance adjustment <sup>(2)</sup> | 348 | 44.09 | 44.09 |
| Vested | (50269) | 44.09 | 44.09 |
| Forfeited or expired | (943) | 39.86 | 39.86 |
| Balance at end of period (unvested) | 247858 | $| 40.23 |
| <sup>(1)</sup> *PSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%.* <br><sup>(2)</sup> *The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.* | <sup>(1)</sup> *PSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%.* <br><sup>(2)</sup> *The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.* | <sup>(1)</sup> *PSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%.* <br><sup>(2)</sup> *The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.* | <sup>(1)</sup> *PSUs are presented as outstanding, granted and forfeited in the table above assuming targets are met and the awards pay out at 100%.* <br><sup>(2)</sup> *The performance adjustment represents the difference between shares granted and vested due to achievement of performance factors.* |

---

The following table summarizes data related to the Company's outstanding PSUs as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Grant Year** | **Grant Price** | **Performance Period** | **PSUs Outstanding** |
| 2022 | $37.17 | 2023 to 2025 | 74345 |
| 2023 | $35.60 | 2024 to 2026 | 98438 |
| 2024 | $49.33 | 2025 to 2027 | 75075 |

---

The Company recorded compensation cost of $1,292 and $3,217 for the for the three and six months ended June 30, 2025, respectively, and $799 and $913 for the three and six months ended June 30, 2024 respectively. As of June 30, 2025, maximum unrecognized compensation cost at 200% payout related to the unvested PSUs was $14,812, and the weighted average remaining performance period over which the cost could be recognized was 2.21 years. As of June 30, 2025 and December 31, 2024, there was $214 and $217, respectively, accrued in accrued expenses and other liabilities related to dividend equivalent units declared to be paid upon vesting and distribution of the underlying PSUs.

***Employee Stock Purchase Plan***

The Company maintains an employee stock purchase plan under which employees, through payroll deductions, are able to purchase shares of Company common stock. The employee purchase price is 95% of the lower of the market price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares, limited to 725 shares for each participating employee. There were no shares issued under the ESPP during the three months ended June 30, 2025 or 2024. There were 8,161 and 10,606 shares of common stock issued under the ESPP with proceeds from employee payroll withholdings of $340 and $388, during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, there were 2,264,203 shares available for issuance under the ESPP.

**Note (14)—Related party transactions**

***Loans***

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

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

---

| | |
|:---|:---|
| Loans outstanding at January 1, 2025 | $31406 |
| New loans and advances | 6166 |
| Change in related party status |  |
| Repayments | (10939) |
| Loans outstanding at June 30, 2025 | $26633 |

---

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

------

**FB Financial Corporation and subsidiaries**

**Notes to consolidated financial statements**

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

**(Unaudited)**

***Deposits***

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

***Leases***

The Bank leases various office spaces from entities owned by certain directors of the Company under varying terms. Lease expense for these properties totaled $98 and $200 for the three and six months ended June 30, 2025, respectively, and $121 and $211 for the three and six months ended June 30, 2024, respectively.

***Aviation lease***

Through a wholly-owned subsidiary, FBK Aviation, LLC, the Company owns and maintains an aircraft. FBK Aviation, LLC maintains non-exclusive aircraft leases with entities owned by certain directors. The Company recognized income of $6 and $25 for the three and six months ended June 30, 2025, respectively, and $19 and $43 for the three and six months ended June 30, 2024, respectively, under these agreements.

***Equity investment in preferred stock and master loan purchase agreement***

The Company holds an equity investment in a privately held entity which originates manufactured housing loans through utilization of its proprietary developed technology. As a result of the investment, the Company holds two board seats on the entity's board of directors. The Company also has a master loan purchase agreement with the entity to purchase up to $250,000 in manufactured housing loan production over an initial five-year term. Under this agreement, the Company purchased $18,516 and $28,010 of loans for the three and six months ended June 30, 2025, respectively, and purchased $17,581 and $26,806 of loans for the three and six months ended June 30, 2024. As of June 30, 2025 and December 31, 2024, the amortized cost of these loans HFI amounted to $112,307 and $86,890, respectively. See Note 2, "Investment securities", for additional information on this investment.

------

**ITEM 2 – Management's discussion and analysis of financial condition and results of operations**

The following is a discussion of our financial condition as of June 30, 2025 and December 31, 2024, and our results of operations for the three and six months ended June 30, 2025 and 2024, and should be read in conjunction with our audited consolidated financial statements set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, that was filed with the SEC on February 25, 2025, and with the accompanying unaudited notes to the condensed consolidated financial statements set forth in this Report.

**Forward-looking statements**

Certain statements contained in this Report that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company's future plans, results, strategies, and expectations, including expectations around changing economic markets and statements regarding the merger of Southern States Bancshares, Inc. ("Southern States") with the Company (the "Merger") and expectations with regard to the benefits of the Merger. These statements can generally be identified by the use of the words and phrases "may," "will," "should," "could," "would," "goal," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target," "aim," "predict," "continue," "seek," and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon management's current expectations, estimates, and projections, many of which, by their nature, are inherently uncertain and beyond the Company's control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates, and projections will be achieved. Accordingly, the Company cautions shareholders and investors that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements including, without limitation, (1) current and future economic conditions, including the effects of inflation, interest rate fluctuations, changes in the economy or global supply chain, supply-demand imbalances affecting local real estate prices, and high unemployment rates in the local or regional economies in which the Company operates and/or the US economy generally, (2) changes or the lack of changes in government interest rate policies and the associated impact on the Company's business, net interest margin, and mortgage operations, (3) increased competition for deposits, (4) changes in the quality or composition of the Company's loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio, (5) any deterioration in commercial real estate market fundamentals, (6) risks associated with the Merger, including (a) the risk that the cost savings and any revenue synergies from the Merger is less than or different from expectations, (b) disruption from the Merger with customer, supplier, or employee relationships,(c) the possibility that the costs, fees, expenses and charges related to the Merger may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities, (d) the risks related to the integration of the combined businesses, including the risk that the integration will be materially delayed or will be more costly or difficult than expected, (e) the diversion of management time on merger-related issues, (f) the ability of the Company to effectively manage the larger and more complex operations of the combined company following the Merger, (g) the risk of expansion into new geographic or product markets, (h) reputational risk and the reaction of the parties' customers to the Merger, (i) the Company's ability to successfully execute its various business strategies, including its ability to execute on potential acquisition opportunities, and (j) the risk of potential litigation or regulatory action related to the Merger, (7) the Company's ability to identify potential candidates for, consummate, and achieve synergies from, other potential future acquisitions, (8) the Company's ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss, (9) the Company's ability to successfully execute its various business strategies, (10) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including legislative developments, (11) the effectiveness of the Company's controls and procedures to detect, prevent, mitigate and otherwise manage the risk of fraud or misconduct by internal or external parties, including attempted physical-security and cybersecurity attacks, denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction, (12) the Company's dependence on information technology systems of third party service providers and the risk of systems failures, interruptions, or breaches of security, (13) the impact, extent and timing of technological changes, (14) concentrations of credit or deposit exposure, (15) the impact of natural disasters, pandemics, acts of war or terrorism, or other catastrophic events, (16) events giving rise to international or regional political instability, including the broader impacts of such events on financial markets and/or global macroeconomic environments, and/or (17) general competitive,

------

economic, political, and market conditions. Further information regarding the Company and factors which could affect the forward-looking statements contained herein can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in any of the Company's subsequent filings with the SEC. Many of these factors are beyond the Company's ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Report, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company.

The Company qualifies all forward-looking statements by these cautionary statements.

**Critical accounting policies**

Our financial statements are prepared in accordance with GAAP and general practices within the banking industry. Within our financial statements, certain financial information contains approximate measurements of financial effects of transactions and impacts at the consolidated balance sheets dates and our results of operations for the reporting periods. We monitor the status of proposed and newly issued accounting standards to evaluate the impact on our financial condition and results of operations. Our accounting policies, including the impact of any newly issued accounting standards if applicable, are discussed in further detail in Note 1, "Basis of presentation and summary of significant accounting policies," in the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024. Further, any updates made to our accounting policies since our Annual report are detailed in Note 1, "Basis of presentation," within this Report herein.

------

**Financial highlights** 

The following table presents certain selected historical consolidated income statement and balance sheet data and key performance indicators and other measures as of the dates or for the periods indicated. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or for the three months ended** | **As of or for the three months ended** | **As of or for the six months ended** | **As of or for the six months ended** | **As of or for the year-ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **December 31,** |
|<br>*(dollars in thousands, except share data)* | **2025** | **2024** | **2025** | **2024** | **2024** |
| **Selected Balance Sheet Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1165729 | $800902 | $1165729 | $800902 | $1042488 |
| &nbsp;&nbsp;&nbsp;Investment securities, at fair value | 1337565 | 1482379 | 1337565 | 1482379 | 1538008 |
| &nbsp;&nbsp;&nbsp;Loans held for sale | 144212 | 106875 | 144212 | 106875 | 126760 |
| &nbsp;&nbsp;&nbsp;Loans HFI | 9874282 | 9309553 | 9874282 | 9309553 | 9602384 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans HFI | (148948) | (155055) | (148948) | (155055) | (151942) |
| &nbsp;&nbsp;&nbsp;Total assets | 13354238 | 12535169 | 13354238 | 12535169 | 13157482 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits (non-brokered) | 8692848 | 8130704 | 8692848 | 8130704 | 8625113 |
| &nbsp;&nbsp;&nbsp;Brokered deposits | 518719 | 150113 | 518719 | 150113 | 469089 |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 2191903 | 2187185 | 2191903 | 2187185 | 2116232 |
| &nbsp;&nbsp;&nbsp;Total deposits | 11403470 | 10468002 | 11403470 | 10468002 | 11210434 |
| &nbsp;&nbsp;&nbsp;Borrowings | 164485 | 360944 | 164485 | 360944 | 176789 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on unfunded <br> commitments | 12932 | 5984 | 12932 | 5984 | 6107 |
| &nbsp;&nbsp;&nbsp;Total common shareholders' equity | 1611130 | 1500502 | 1611130 | 1500502 | 1567538 |
| **Selected Statement of Income Data** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total interest income | $182084 | $177413 | $361790 | $353541 | $725538 |
| &nbsp;&nbsp;&nbsp;Total interest expense | 70669 | 74798 | 142734 | 151436 | 309035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 111415 | 102615 | 219056 | 202105 | 416503 |
| &nbsp;&nbsp;&nbsp;Provisions for credit losses | 5337 | 2224 | 7629 | 3006 | 12004 |
| &nbsp;&nbsp;&nbsp;Total noninterest (loss) income | (34552) | 25608 | (11520) | 33570 | 39070 |
| &nbsp;&nbsp;&nbsp;Total noninterest expense | 81261 | 75093 | 160810 | 147513 | 296899 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income before income taxes | (9735) | 50906 | 39097 | 85156 | 146670 |
| &nbsp;&nbsp;Income tax (benefit) expense | (12652) | 10919 | (3181) | 17219 | 30619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to noncontrolling<br>&nbsp;&nbsp;&nbsp;&nbsp;interest | 8 | 8 | 8 | 8 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income applicable to FB Financial <br>&nbsp;&nbsp;&nbsp;&nbsp;Corporation | $2909 | $39979 | $42270 | $67929 | $116035 |
| &nbsp;&nbsp;Net interest income (tax-equivalent basis) | $112236 | $103254 | $220663 | $203453 | $419091 |
| **Per Common Share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic net income | $0.06 | $0.85 | $0.91 | $1.45 | $2.48 |
| &nbsp;&nbsp;&nbsp;Diluted net income | 0.06 | 0.85 | 0.91 | 1.45 | 2.48 |
| &nbsp;&nbsp;Book value<sup>(1)</sup> | 35.17 | 32.17 | 35.17 | 32.17 | 33.59 |
| &nbsp;&nbsp;Tangible book value<sup>(2)</sup> | 29.78 | 26.82 | 29.78 | 26.82 | 28.27 |
| &nbsp;&nbsp;&nbsp;Cash dividends declared | 0.19 | 0.17 | 0.38 | 0.34 | 0.68 |
| **Selected Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on average: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets<sup>(3)</sup> | 0.09% | 1.30% | 0.65% | 1.09% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shareholders' equity<sup>(3)</sup> | 0.74% | 10.9% | 5.38% | 9.31% | 7.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity<sup>(2)</sup> | 0.87% | 13.1% | 6.38% | 11.2% | 9.24% |
| &nbsp;&nbsp;&nbsp;Efficiency ratio | 105.7% | 58.6% | 77.5% | 62.6% | 65.2% |
| &nbsp;&nbsp;Core efficiency ratio (tax-equivalent basis)<sup>(2)</sup> | 56.9% | 58.3% | 58.4% | 58.2% | 57.3% |
| &nbsp;&nbsp;&nbsp;Loans HFI to deposit ratio | 86.6% | 88.9% | 86.6% | 88.9% | 85.7% |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits to total deposits | 19.2% | 20.9% | 19.2% | 20.9% | 18.9% |
| &nbsp;&nbsp;&nbsp;Net interest margin (tax-equivalent basis) | 3.68% | 3.57% | 3.61% | 3.49% | 3.51% |
| &nbsp;&nbsp;&nbsp;Yield on interest-earning assets | 5.99% | 6.16% | 5.95% | 6.09% | 6.10% |
| &nbsp;&nbsp;&nbsp;Cost of interest-bearing liabilities | 3.13% | 3.56% | 3.15% | 3.56% | 3.53% |
| &nbsp;&nbsp;&nbsp;Cost of total deposits | 2.48% | 2.77% | 2.51% | 2.76% | 2.76% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of or for the three months ended** | **As of or for the three months ended** | **As of or for the six months ended** | **As of or for the six months ended** | **As of or for the year ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** | **December 31,** |
| | **2025** | **2024** | **2025** | **2024** | **2024** |
| **Credit Quality Ratios** |  |  |  |  |  |
| &nbsp;&nbsp;Allowance for credit losses on loans HFI as a<br> percentage of loans HFI | 1.51% | 1.67% | 1.51% | 1.67% | 1.58% |
| &nbsp;&nbsp;Annualized net charge-offs as a percentage<br>&nbsp;&nbsp;&nbsp;&nbsp;of average loans HFI | (0.02)% | (0.02)% | (0.08)% | (0.02)% | (0.14)% |
| &nbsp;&nbsp;Nonperforming loans HFI as a percentage of<br> loans HFI | 0.97% | 0.79% | 0.97% | 0.79% | 0.87% |
| &nbsp;&nbsp;Nonperforming assets as a percentage of <br>&nbsp;&nbsp;&nbsp;&nbsp;total assets<sup>(4)</sup> | 0.92% | 0.81% | 0.92% | 0.81% | 0.93% |
| **Capital Ratios (Company)** |  |  |  |  |  |
| &nbsp;&nbsp;Total common shareholders' equity to assets | 12.1% | 12.0% | 12.1% | 12.0% | 11.9% |
| &nbsp;&nbsp;Tangible common equity to tangible assets<sup>(2)</sup> | 10.4% | 10.2% | 10.4% | 10.2% | 10.2% |
| &nbsp;&nbsp;Tier 1 leverage | 11.3% | 11.7% | 11.3% | 11.7% | 11.3% |
| &nbsp;&nbsp;Tier 1 risk-based capital | 12.6% | 13.0% | 12.6% | 13.0% | 13.1% |
| &nbsp;&nbsp;Total risk-based capital | 14.7% | 15.1% | 14.7% | 15.1% | 15.2% |
| &nbsp;&nbsp;Common Equity Tier 1 | 12.3% | 12.7% | 12.3% | 12.7% | 12.8% |

---

*(1)Book value per share equals our total common shareholders' equity divided by the number of shares of our common stock outstanding as of the date presented.* 

*(2)Non-GAAP financial measure; See "GAAP reconciliation and management explanation of non-GAAP financial measures" and non-GAAP reconciliations herein.*

*(3)ROAA and ROAE is calculated by dividing annualized net income or loss by average assets or average equity.* 

*(4)Includes $21.0 million, $22.4 million and $31.4 million of optional rights to repurchase delinquent GNMA loans as of June 30, 2025, June 30, 2024 and December 31, 2024, respectively.* 

**GAAP reconciliation and management explanation of non-GAAP financial measures**

We identify certain financial measures discussed in this Report as being "non-GAAP financial measures." The non-GAAP financial measures presented in this Report are adjusted efficiency ratio (tax-equivalent basis), tangible book value per common share, tangible common equity to tangible assets and return on average tangible common equity.

In accordance with the SEC's rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our consolidated statements of income, balance sheets or statements of cash flows. The non-GAAP financial measures that we discuss in this Report should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in our selected historical consolidated financial data 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 we have discussed in our selected historical consolidated financial data when comparing such non-GAAP financial measures. The following reconciliation tables provide a more detailed analysis of these, and reconciliation for, each of non-GAAP financial measures.

***Core efficiency ratio (tax-equivalent basis)***

The core efficiency ratio (tax-equivalent basis) is a non-GAAP measure that excludes certain gains, losses and other selected items. Our management uses this measure in its analysis of our performance. Our management believes this measure provides a greater understanding of ongoing operations and enhances comparability of results with prior periods, as well as demonstrates the effects of significant gains and charges. The most directly comparable financial measure calculated in accordance with GAAP is the efficiency ratio.

------

The following table presents a reconciliation of our core efficiency ratio (tax-equivalent basis) to our efficiency ratio for the periods below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Year Ended December 31,** |
| *(dollars in thousands)* | **2025** | **2024** | **2025** | **2024** | **2024** |
| **Core efficiency ratio (tax-equivalent basis)** |  |  |  |  |  |
| Total noninterest expense | $81261 | $75093 | $160810 | $147513 | $296899 |
| &nbsp;&nbsp;Less early retirement and severance costs |  | 1015 |  | 1015 | 1478 |
| &nbsp;&nbsp;Less FDIC special assessment |  |  |  | 500 | 500 |
| &nbsp;&nbsp;Less merger and integration costs | 2734 |  | 3135 |  |  |
| Core noninterest expense | $78527 | $74078 | $157675 | $145998 | $294921 |
| Net interest income | $111415 | $102615 | $219056 | $202105 | $416503 |
| Net interest income (tax-equivalent basis) | 112236 | 103254 | 220663 | 203453 | 419091 |
| Total noninterest (loss) income | (34552) | 25608 | (11520) | 33570 | 39070 |
| &nbsp;&nbsp;Less loss from securities, net | (60549) |  | (60533) | (16213) | (56378) |
| &nbsp;&nbsp;&nbsp;Less gain (loss) on sales or write-downs of<br>&nbsp;&nbsp;&nbsp;&nbsp;other real estate owned and other assets | 236 | (281) | (389) | 284 | (2167) |
| &nbsp;&nbsp;&nbsp;Less cash life insurance benefit |  | 2057 |  | 2057 | 2057 |
| Core noninterest income | $25761 | $23832 | $49402 | $47442 | $95558 |
| Total revenue | $76863 | $128223 | $207536 | $235675 | $455573 |
| Core revenue (tax-equivalent basis) | $137997 | $127086 | $270065 | $250895 | $514649 |
| Efficiency ratio | 105.7% | 58.6% | 77.5% | 62.6% | 65.2% |
| **Core efficiency ratio (tax-equivalent basis)** | 56.9% | 58.3% | 58.4% | 58.2% | 57.3% |

---

***Tangible book value per common share and tangible common equity to tangible assets***

Tangible book value per common share and tangible common equity to tangible assets are non-GAAP measures that exclude the impact of goodwill and other intangibles used by management to evaluate capital adequacy. Because intangible assets, such as goodwill and other intangibles, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our capital position to other companies. The most directly comparable financial measure calculated in accordance with GAAP is book value per common share and our total shareholders' equity to total assets.

The following table presents, as of the dates set forth below, tangible common equity compared with total common shareholders' equity, tangible book value per common share compared with our book value per common share and common equity to tangible assets compared to total common shareholders' equity to total assets:

------

---

| | | | |
|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **December 31,** |
|<br>*(dollars in thousands, except share data)* | **2025** | **2024** | **2024** |
| **Tangible assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $13354238 | $12535169 | $13157482 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (242561) | (242561) | (242561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangibles, net | (4475) | (7168) | (5762) |
| &nbsp;&nbsp;&nbsp;**Tangible assets** | $13107202 | $12285440 | $12909159 |
| **Tangible common equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Total common shareholders' equity | $1611130 | $1500502 | $1567538 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (242561) | (242561) | (242561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangibles, net | (4475) | (7168) | (5762) |
| &nbsp;&nbsp;&nbsp;**Tangible common equity** | $1364094 | $1250773 | $1319215 |
| Common shares outstanding | 45807689 | 46642958 | 46663120 |
| Book value per common share | $35.17 | $32.17 | $33.59 |
| **Tangible book value per common share** | $29.78 | $26.82 | $28.27 |
| Total common shareholders' equity to total assets | 12.1% | 12.0% | 11.9% |
| **Tangible common equity to tangible assets** | 10.4% | 10.2% | 10.2% |

---

***Return on average tangible common equity***

Return on average tangible common equity is a non-GAAP measure that uses average shareholders' equity and excludes the impact of goodwill and other intangibles. This measurement is used by management to provide a depiction of our profitability without being impacted by intangible assets, as intangible assets are not directly managed to generate earnings. The most directly comparable financial measure calculated in accordance with GAAP is return on average common shareholders' equity.

The following table presents, as of the dates set forth below, reconciliations of total average tangible common equity to average shareholders' equity and return on average tangible common equity to return on average shareholders' equity:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Year Ended December 31,** |
|<br>*(dollars in thousands)* | **2025** | **2024** | **2025** | **2024** | **2024** |
| **Return on average tangible common equity** |  |  |  |  |  |
| Total average common shareholders' equity | $1583099 | $1473281 | $1583527 | $1467007 | $1505739 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Average goodwill | (242561) | (242561) | (242561) | (242561) | (242561) |
| &nbsp;&nbsp;&nbsp;&nbsp;Average intangibles, net | (4791) | (7525) | (5107) | (7912) | (7177) |
| **Average tangible common equity** | $1335747 | $1223195 | $1335859 | $1216534 | $1256001 |
| Net income applicable to FB Financial <br>&nbsp;&nbsp;&nbsp;&nbsp;Corporation | $2909 | $39979 | $42270 | $67929 | $116035 |
| Return on average common shareholders' <br>&nbsp;&nbsp;&nbsp;&nbsp;equity | 0.74% | 10.9% | 5.38% | 9.31% | 7.71% |
| **Return on average tangible common equity** | 0.87% | 13.1% | 6.38% | 11.2% | 9.24% |

---

**Company overview** 

We are a financial holding company headquartered in Nashville, Tennessee. We operate primarily through our wholly-owned subsidiary bank, FirstBank, and its subsidiaries. FirstBank provides a comprehensive suite of commercial and consumer banking services to clients in select markets in Tennessee, Alabama, Kentucky, North Carolina and Georgia. As of June 30, 2025, our footprint included 78 full-service branches serving markets across Tennessee, including Nashville, Chattanooga (including North Georgia), Knoxville, Memphis, and Jackson in addition to Bowling Green, Kentucky, and Birmingham, Florence and Huntsville, Alabama. Additionally, our banking services extend to community markets throughout our footprint. FirstBank also provides retail mortgage banking services utilizing its bank branch network and mortgage banking offices strategically located throughout the southeastern United States.

------

We operate through two segments, Banking and Mortgage. We generate most of our revenue in our Banking segment from interest on loans and investments, loan-related fees, trust and investment services and deposit-related fees. Our primary source of funding for our loans is customer deposits, however we have other sources of funds including unsecured credit lines, brokered CDs, and other borrowings. We generate most of our revenue in our Mortgage segment from origination fees and gains on sales in the secondary mortgage loan market, as well as from mortgage servicing revenues.

**Mergers** 

***Southern States Bancshares, Inc.***

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

On July 1, 2025 the Company completed its acquisition of Southern States. This merger strengthens the Company's presence in existing markets, such as Birmingham and Huntsville, Alabama, while expanding the Company's footprint further into Alabama and Georgia. At closing, Southern States had approximately $2.87 billion in total assets, loans of $2.32 billion and deposits of $2.47 billion. Under the terms of the agreement, each outstanding share of Southern States common stock was converted into the right to receive 0.80 shares of the Company's stock. Additionally, fractional shares and outstanding stock options were settled in cash. As a result, total consideration paid was $368.4 million based on the Company's closing stock price of $45.30 per share on June 30, 2025. The Company expects system conversions related to the transaction to be completed in the third quarter of 2025.

**Overview of recent financial performance**

**Results of operations**

*Three months ended June 30, 2025 compared to three months ended June 30, 2024* 

We recognized net income of $2.9 million during the three months ended June 30, 2025 compared to $40.0 million for the three months ended June 30, 2024. Diluted earnings per common share were $0.06 and $0.85 for the three months ended June 30, 2025 and 2024, respectively. Our net income represented a ROAA of 0.09% and 1.30% for the three months ended June 30, 2025 and 2024, respectively, and a ROAE of 0.74% and 10.9% for the same periods. Our ROATCE for the three months ended June 30, 2025 and 2024 were 0.87% and 13.1%, respectively. See "GAAP reconciliation and management explanation of non-GAAP financial measures" in this Report for a discussion of tangible common equity and return on average tangible common equity.

Net interest income increased to $111.4 million for the three months ended June 30, 2025 compared with $102.6 million for the three months ended June 30, 2024. Our net interest margin, on a tax-equivalent basis, increased to 3.68% for the three months ended June 30, 2025 as compared to 3.57% for the three months ended June 30, 2024. Net interest income for the three months ended June 30, 2025 reflected increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.

Provision for credit losses of $5.3 million was recognized for the three months ended June 30, 2025 and $2.2 million for the three months ended June 30, 2024. The increase was primarily due to the change in the CECL loss estimation methodology, including a change in forward-looking funding assumptions for residential lines and commercial lines. Refer to the section "Provision for credit losses" and "Note 1, "Basis of presentation" in this Report for further discussion on the change in the CECL loss estimation methodology.

Noninterest income for the three months ended June 30, 2025 decreased by $60.2 million to a loss of $34.6 million, compared to $25.6 million for the three months ended June 30, 2024. The decrease was driven by the recognition of a $60.5 million net loss on investment securities stemming from the sale of $266.5 million AFS debt securities during the three months ended June 30, 2025. Refer to the section "Other earning assets" for additional information on the sale of the AFS debt securities.

Noninterest expense increased to $81.3 million for the three months ended June 30, 2025, compared with $75.1 million for the three months ended June 30, 2024. The increase in noninterest expense was driven by $2.7 million in merger and integration costs associated with our merger with Southern States and an increase in other noninterest expense of $2.1 million, including modest increases across a range of expense categories.

Income tax benefit for the three months ended June 30, 2025 was $12.7 million compared to income tax expense of $10.9 million for the three months ended June 30, 2024. The change reflects the income tax effect of a $60.5 million loss on

------

sale of AFS debt securities and a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest for the three months ended June 30, 2025.

*Six months ended June 30, 2025 compared to the six months ended June 30, 2024*

Our net income decreased during the six months ended June 30, 2025 to $42.3 million from $67.9 million for the six months ended June 30, 2024. Diluted earnings per common share was $0.91 and $1.45 for the six months ended June 30, 2025 and 2024, respectively. Our net income represented a ROAA of 0.65% and 1.09% for the six months ended June 30, 2025 and 2024, respectively, and a ROAE of 5.38% and 9.31% for the same periods. Our ratio of ROATCE for the six months ended June 30, 2025 and 2024 was 6.38% and 11.2%, respectively.

During the six months ended June 30, 2025, our net interest income increased to $219.1 million from $202.1 million for the six months ended June 30, 2024. Our net interest margin, on a tax-equivalent basis, increased to 3.61% for the six months ended June 30, 2025 as compared to 3.49% for the six months ended June 30, 2024. The increase in net interest margin was primarily driven by increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.

Provision for credit losses of $7.6 million was recognized for the six months ended June 30, 2025 and $3.0 million for the six months ended June 30, 2024. The increase was primarily due to the change in the CECL loss estimation methodology, including a change in forward-looking funding assumptions for residential lines and commercial lines. Refer to the section "Provision for credit losses" and "Note 1, "Basis of presentation" in this Report for further discussion on the change in the CECL loss estimation methodology

Noninterest income for the six months ended June 30, 2025 decreased by $45.1 million resulting in a loss of $11.5 million, compared to $33.6 million for prior year period. The decrease in noninterest income was primarily driven by the recognition of a $60.5 million net loss on investment securities stemming from the sale of $266.5 million of AFS debt securities during the six months ended June 30, 2025 compared to a net loss of $16.2 million from the sale of $207.9 million of AFS debt securities during the six months ended June 30, 2024. Refer to the section "Other earning assets" for additional information on the sale of the AFS debt securities.

Noninterest expense increased to $160.8 million for the six months ended June 30, 2025, compared with $147.5 million for the six months ended June 30, 2024. The increase in noninterest expense was reflective of an increase in salaries, commissions and benefits of $4.1 million, merger and integration costs of $3.1 million, advertising expense of $1.6 million and other expense of $4.0 million including technology and platform fee increases and modest increases across a range of other expense categories.

Income tax benefit for the six months ended June 30, 2025 was $3.2 million compared to income tax expense of $17.2 million for the six months ended June 30, 2024. The change reflects the income tax effect of a $60.5 million loss on sale of AFS debt securities, as well as a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest for the for the six months ended June 30, 2025. Income tax expense for the six months ended June 30, 2024, included the income tax effect of a $16.2 million loss on sale of AFS debt securities.

**Business segment highlights**

We operate our business in two business segments: Banking and Mortgage. See Note 11, "Segment reporting" in the notes to our consolidated financial statements contained herein for a description of these business segments.

***Banking***

*Three months ended June 30, 2025 compared to three months ended June 30, 2024* 

The Banking segment reported a loss before taxes of $6.7 million as compared to income of $50.1 million for the previous period. Net interest income totaled $108.9 million during the three months ended June 30, 2025 compared to $101.2 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $0.6 million of provision expense during the current period as compared to $2.4 million during the previous period. The Banking segment recorded a noninterest loss of $47.7 million in the current period as compared to income of $13.5 million in the previous period. This decrease was mainly attributable to a net loss on investment securities of $60.5 million from the sale of $266.5 million AFS debt securities during the three months ended June 30, 2025. Noninterest expense increased to $67.3 million for the current period compared to $62.2 million for the for the previous period due primarily to an increase in merger and integration costs associated with the Southern States merger and modest increases across a range of other expense categories.

------

*Six months ended June 30, 2025 compared to the six months ended June 30, 2024* 

The Banking segment contributed $40.6 million of income before taxes for the current period as compared to $82.7 million for the previous period. Net interest income totaled $214.7 million during the six months ended June 30, 2025 compared to $199.7 million during the previous period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in $2.8 million of provision expense during the current period as compared to $3.3 million during the previous period. The Banking segment recorded noninterest loss of $37.1 million in the current period as compared to income of $8.7 million in the previous period. Similar to above, this increase was mainly attributable to a net loss on investment securities of $60.5 million from the sale of $266.5 million AFS debt securities during the six months ended June 30, 2025 compared to a net loss on investment securities of $16.2 million from the sale of $207.9 million AFS debt securities during the previous period. Noninterest expense increased to $134.2 million for the current period compared to $122.4 million for the for the previous period due primarily to an increase in salaries and benefits, merger and integration costs associated with the Southern States merger, advertising, technology and platform fees and modest increases across a range of other expense categories. Additionally, a minor franchise tax benefit was recognized in the previous period.

------

***Mortgage***

*Three months ended June 30, 2025 compared to three months ended June 30, 2024* 

Activity in our Mortgage segment resulted in a loss before income taxes of $3.0 million for the current period, as compared to $0.8 million of income before taxes in the prior period. Net interest income was $2.5 million for the current period and $1.4 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $4.8 million during the current period compared to a reversal of $0.2 million of provision expense during the prior period. The increase in provisions for credit losses was due to a change in the CECL loss estimation methodology, which notably impacted the Company's reserves on 100% financed 1-to-4 mortgages, as well as a notable change in forecasts associated with home prices which impacted mortgage reserves more broadly. Mortgage banking income increased $1.1 million to $13.0 million during the current period compared to $11.9 million in the prior period.

The components of mortgage banking income for the three months ended June 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
|<br>*(dollars in thousands)* | **2025** | **2024** |
| Mortgage banking income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains and fees from origination and sale of mortgage <br> loans held for sale | $11200 | $8934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value of loans held for sale and derivatives | (876) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value on MSRs, net of hedging | (4231) | (4336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing income | 6936 | 7316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage banking income | $13029 | $11910 |
| Interest rate lock commitment volume | $456720 | $385197 |
| Interest rate lock commitment volume by purpose (%): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase | 87.9% | 87.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Refinance | 12.1% | 12.8% |
| Mortgage sales | $391061 | $315044 |
| Mortgage sale margin | 2.86% | 2.84% |
| Closing volume | $371132 | $337461 |
| Outstanding principal balance of mortgage loans serviced | $9901599 | $10523778 |

---

Noninterest expense for the three months ended June 30, 2025 and 2024 was $13.9 million and $12.9 million, respectively. This increase was reflective of increases in salaries and employee benefits and allocated support and overhead expenses.

*Six months ended June 30, 2025 compared to the six months ended June 30, 2024* 

Activity in our Mortgage segment resulted in a loss before income taxes of $1.5 million for the current period, as compared to $2.5 million of income before taxes in the prior period. Net interest income was $4.4 million for the current period and $2.5 million for the prior period. Provisions for credit losses on loans HFI and unfunded loan commitments resulted in provision expense of $4.9 million during the current period compared to a reversal of $0.3 million of provision expense during the prior period. As noted above, the increase in provisions for credit losses was due to a change in the CECL loss estimation methodology, which notably impacted the Company's reserves on 100% financed 1-to-4 mortgages, as well as a notable change in forecasts associated with home prices which impacted mortgage reserves more broadly. Mortgage banking income increased $1.0 million to $25.5 million during the current period compared to $24.5 million in the prior period.

------

The components of mortgage banking income for the six months ended June 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>*(dollars in thousands)* | **2025** | **2024** |
| Mortgage banking income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains and fees from origination and sale of mortgage <br> loans held for sale | $16802 | $15392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value of loans held for sale and derivatives | 1940 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value on MSRs, net of hedging | (7300) | (7377) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage servicing income | 14013 | 14663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total mortgage banking income | $25455 | $24495 |
| Interest rate lock commitment volume | $838497 | $762363 |
| Interest rate lock commitment volume by purpose (%): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase | 87.1% | 86.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Refinance | 12.9% | 14.0% |
| Mortgage sales | $613866 | $558505 |
| Mortgage sale margin | 2.74% | 2.76% |
| Closing volume | $642515 | $595813 |
| Outstanding principal balance of mortgage loans serviced | $9901599 | $10523778 |

---

Noninterest expense for the six months ended June 30, 2025 and 2024 was $26.6 million and $25.1 million, respectively. This increase was reflective of increases in salaries and employee benefits and allocated support and overhead expenses.

**Results of operations**

Throughout the following discussion of our operating results, we present our net interest income, net interest margin and core efficiency ratio on a fully tax-equivalent basis. The fully tax-equivalent basis adjusts for the tax-favored status of net interest income from certain loans and investments.

Our tax-exempt income is converted to a tax-equivalent basis by adjusting for the combined federal and blended state statutory income tax rate of 26.06% for the three and six months ended June 30, 2025 and 2024.

***Net interest income***

Net interest income is the principle component of our earnings and represents the difference, or spread, between interest and fee income generated from earning assets and the interest expense paid on deposits and borrowed funds. Net interest income and margin are shaped by fluctuations in interest rates as well as changes in volume and mix of earning assets and interest-bearing liabilities.

During the three and six months ended June 30, 2025, the U.S. Treasury yield curve fell given uncertainty around tariffs and economic growth. In contrast, during the three and six months ended June 30, 2024, the U.S. Treasury yield curve remained inverted, reflecting tighter monetary policy and higher short-term interest rates. The Federal Funds Target Rate range was 4.25% - 4.50% and 5.25% - 5.50% as of June 30, 2025 and June 30, 2024, respectively.

*Three months ended June 30, 2025 compared to three months ended June 30, 2024*

Net interest income increased to $112.2 million for the three months ended June 30, 2025 as compared to $103.3 million for the three months ended June 30, 2024. The change in net interest income was driven by a $4.9 million increase in interest income and a decrease in interest expense of $4.1 million. The increases in net interest income and net interest margin were primarily driven by increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.

Interest income was $182.9 million for the three months ended June 30, 2025, compared to $178.1 million for the three months ended June 30, 2024, an increase of $4.9 million, which was primarily driven by an increase in volume of interest earning assets, most notably loans HFI, partially offset by a decrease in yields due to lower interest rates.

Interest income on loans HFI increased $3.7 million to $158.0 million for the three months ended June 30, 2025 from $154.2 million for the three months ended June 30, 2024 primarily due to increased volume partially offset by lower yields. The yield on loans HFI was 6.44% for the three months ended June 30, 2025, down 26 basis points from the three months ended June 30, 2024.

------

The components of our loan yield for the three months ended June 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Interest<br>income** | **Average<br>yield** | **Interest<br>income** | **Average<br>yield** |
| **Loan HFI yield components:** |  |  |  |  |
| &nbsp;&nbsp;Contractual interest rate on loans HFI<sup>(1)</sup> | $155697 | 6.34% | $152037 | 6.60% |
| &nbsp;&nbsp;&nbsp;Origination and other loan fee income | 1945 | 0.08% | 1291 | 0.06% |
| &nbsp;&nbsp;&nbsp;(Amortization) accretion on purchased loans | (62) | —% | 161 | 0.01% |
| &nbsp;&nbsp;&nbsp;Nonaccrual interest collections | 384 | 0.02% | 737 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loan HFI yield | $157964 | 6.44% | $154226 | 6.70% |

---

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

Interest income on investment securities increased $2.5 million to $16.1 million for the three months ended June 30, 2025 from $13.5 million for the three months ended June 30, 2024 due to the increase in yield on these investments from the portfolio restructuring transactions in prior years. The yield on taxable investment securities increased 49 basis points to 3.78% for the three months ended June 30, 2025 compared to 3.29% for the three months ended June 30, 2024.

Interest expense was $70.7 million for the three months ended June 30, 2025, a decrease of $4.1 million as compared to the three months ended June 30, 2024. The decrease in interest expense was driven by a decrease in the rate paid on interest-bearing liabilities which decreased interest expense $11.1 million partially offset by an increase in the average balance of interest-bearing liabilities which increased interest expense $7.0 million over the comparative time period.

Interest expense on interest-bearing deposit accounts totaled $68.6 million for the three months ended June 30, 2025, a $2.9 million decrease from the $71.5 million recognized for the three months ended June 30, 2024. The decline in interest expense on interest-bearing deposit accounts was led by declines in money market and interest-bearing checking which decreased $1.9 million and $3.2 million, respectively, for the three months ended June 30, 2025 as compared to the same period in the previous year. Offsetting these declines in interest expense within interest-bearing deposit accounts, we experienced an increase in interest expense from brokered time deposits, which increased $3.5 million for the three months ended June 30, 2025 to the same period in the previous year, due to an increase in the average balances outstanding as we issued additional brokered deposits as part of our overall liquidity management strategy. Total cost of interest-bearing deposits was 3.10% for the three months ended June 30, 2025 compared to 3.52% for the three months ended June 30, 2024 as interest rates decrease and we continue to manage down higher cost deposits primarily in interest-bearing checking.

Interest expense recognized on other borrowings decreased $1.6 million to $4 thousand for the three months ended June 30, 2025 due to the repayment of the Bank Term Funding Program which was paid off towards the end of 2024.

------

*Average balance and interest yield/rate analysis* 

The table below shows the average balances, income and expense and yield and rates of each of our interest-earning assets and interest-bearing liabilities on a tax equivalent basis, if applicable, for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Average<br>balances** | **Interest<br>income/<br>expense** | **Average<br>yield/<br>rate** | **Average<br>balances** | **Interest<br>income/<br>expense** | **Average<br>yield/<br>rate** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans HFI <sup>(1)(2)</sup> | $9840932 | $157964 | 6.44% | $9263822 | $154226 | 6.70% |
| Mortgage loans held for sale | 126072 | 2189 | 6.96% | 80919 | 1380 | 6.86% |
| Investment securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxable | 1534895 | 14661 | 3.83% | 1464045 | 11966 | 3.29% |
| &nbsp;&nbsp;Tax-exempt<sup>(2)</sup> | 167675 | 1401 | 3.35% | 193347 | 1580 | 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities<sup>(2)</sup> | 1702570 | 16062 | 3.78% | 1657392 | 13546 | 3.29% |
| Federal funds sold and reverse repurchase agreements | 113252 | 1256 | 4.45% | 108097 | 1497 | 5.57% |
| Interest-bearing deposits with other financial institutions | 426073 | 4733 | 4.46% | 488123 | 6641 | 5.47% |
| FHLB stock | 35623 | 701 | 7.89% | 33495 | 762 | 9.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets<sup>(2)</sup> | 12244522 | 182905 | 5.99% | 11631848 | 178052 | 6.16% |
| **Noninterest-earning assets:** |  |  |  |  |  |  |
| Cash and due from banks | 115717 |  |  | 124729 |  |  |
| Allowance for credit losses on loans HFI | (151586) |  |  | (151724) |  |  |
| Other assets <sup>(3)(4)</sup> | 823837 |  |  | 766591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-earning assets | 787968 |  |  | 739596 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13032490 |  |  | $12371444 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest bearing deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing checking | $2521239 | $15870 | 2.52% | $2500325 | $19074 | 3.07% |
| &nbsp;&nbsp;&nbsp;Money market deposits | 4115987 | 34957 | 3.41% | 3779139 | 36887 | 3.93% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 352307 | 98 | 0.11% | 369779 | 64 | 0.07% |
| &nbsp;&nbsp;&nbsp;Customer time deposits | 1404368 | 12454 | 3.56% | 1387956 | 13812 | 4.00% |
| &nbsp;&nbsp;&nbsp;Brokered and internet time deposits | 481686 | 5189 | 4.32% | 123003 | 1664 | 5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1886054 | 17643 | 3.75% | 1510959 | 15476 | 4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 8875587 | 68568 | 3.10% | 8160202 | 71501 | 3.52% |
| **Other interest-bearing liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Securities sold under agreements to repurchase and federal funds <br> purchased | 11107 | 26 | 0.94% | 24680 | 122 | 1.99% |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 23077 | 258 | 4.48% |  |  | —% |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 130851 | 1813 | 5.56% | 130464 | 1615 | 4.98% |
| &nbsp;&nbsp;&nbsp;Other borrowings | 2294 | 4 | 0.70% | 131293 | 1560 | 4.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other interest-bearing liabilities | 167329 | 2101 | 5.04% | 286437 | 3297 | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Interest-bearing liabilities | 9042916 | 70669 | 3.13% | 8446639 | 74798 | 3.56% |
| **Noninterest-bearing liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 2206305 |  |  | 2222005 |  |  |
| &nbsp;&nbsp;Other liabilities<sup>(4)</sup> | 200077 |  |  | 229426 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-bearing liabilities | 2406382 |  |  | 2451431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11449298 |  |  | 10898070 |  |  |
| FB Financial Corporation common shareholders' equity | 1583099 |  |  | 1473281 |  |  |
| Noncontrolling interest | 93 |  |  | 93 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity | 1583192 |  |  | 1473374 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $13032490 |  |  | $12371444 |  |  |
| Net interest income (tax-equivalent basis)<sup>(2)</sup> |  | $112236 |  |  | $103254 |  |
| Interest rate spread (tax-equivalent basis)<sup>(2)</sup> |  |  | 2.86% |  |  | 2.60% |
| Net interest margin (tax-equivalent basis)<sup>(2)(5)</sup> |  |  | 3.68% |  |  | 3.57% |
| Cost of total deposits |  |  | 2.48% |  |  | 2.77% |
| Average interest-earning assets to average interest-bearing liabilities |  |  | 135.4% |  |  | 137.7% |
| *(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).* <br>*(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*<br>*&nbsp;&nbsp;&nbsp;&nbsp; equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.*<br>*(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.*<br>*(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million* <br>*&nbsp;&nbsp;&nbsp;&nbsp; for the three months ended June 30, 2025 and 2024, respectively.*<br>*(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.* | *(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).* <br>*(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*<br>*&nbsp;&nbsp;&nbsp;&nbsp; equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.*<br>*(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.*<br>*(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million* <br>*&nbsp;&nbsp;&nbsp;&nbsp; for the three months ended June 30, 2025 and 2024, respectively.*<br>*(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.* | *(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).* <br>*(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*<br>*&nbsp;&nbsp;&nbsp;&nbsp; equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.*<br>*(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.*<br>*(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million* <br>*&nbsp;&nbsp;&nbsp;&nbsp; for the three months ended June 30, 2025 and 2024, respectively.*<br>*(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.* | *(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).* <br>*(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*<br>*&nbsp;&nbsp;&nbsp;&nbsp; equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.*<br>*(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.*<br>*(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million* <br>*&nbsp;&nbsp;&nbsp;&nbsp; for the three months ended June 30, 2025 and 2024, respectively.*<br>*(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.* | *(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).* <br>*(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*<br>*&nbsp;&nbsp;&nbsp;&nbsp; equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.*<br>*(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.*<br>*(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million* <br>*&nbsp;&nbsp;&nbsp;&nbsp; for the three months ended June 30, 2025 and 2024, respectively.*<br>*(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.* | *(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).* <br>*(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*<br>*&nbsp;&nbsp;&nbsp;&nbsp; equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.*<br>*(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.*<br>*(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million* <br>*&nbsp;&nbsp;&nbsp;&nbsp; for the three months ended June 30, 2025 and 2024, respectively.*<br>*(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.* | *(1) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).* <br>*(2) Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*<br>*&nbsp;&nbsp;&nbsp;&nbsp; equivalent basis. The net taxable-equivalent adjustment amounts included were $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.*<br>*(3) Includes average net unrealized losses on investment securities available for sale of $128.8 million and $198.1 million for the three months ended June 30, 2025 and 2024, respectively.*<br>*(4) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $25.2 million and $20.8 million* <br>*&nbsp;&nbsp;&nbsp;&nbsp; for the three months ended June 30, 2025 and 2024, respectively.*<br>*(5) The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.* |

---

------

*Yield/rate and volume analysis*

The table below presents the components of the changes in net interest income for the three months ended June 30, 2025 and 2024. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended June 30, 2025 compared to three months ended June 30, 2024 due to changes in** | **Three months ended June 30, 2025 compared to three months ended June 30, 2024 due to changes in** | **Three months ended June 30, 2025 compared to three months ended June 30, 2024 due to changes in** |
|<br>*(dollars in thousands)* | **Volume** | **Yield/rate** | **Net increase<br>(decrease)** |
| **Interest-earning assets:** |  |  |  |
| Loans held for investment<sup>(1)(2)</sup> | $9264 | $(5526) | $3738 |
| Loans held for sale - mortgage | 784 | 25 | 809 |
| Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 677 | 2018 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Exempt<sup>(2)</sup> | (215) | 36 | (179) |
| Federal funds sold and reverse repurchase agreements | 57 | (298) | (241) |
| Interest-bearing deposits with other financial institutions | (689) | (1219) | (1908) |
| FHLB stock | 42 | (103) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income<sup>(2)</sup> | 9920 | (5067) | 4853 |
| **Interest-bearing liabilities:** |  |  |  |
| Interest-bearing checking | 132 | (3336) | (3204) |
| Money market deposits | 2861 | (4791) | (1930) |
| Savings deposits | (5) | 39 | 34 |
| Customer time deposits | 146 | (1504) | (1358) |
| Brokered and internet time deposits | 3864 | (339) | 3525 |
| Securities sold under agreements to repurchase and federal funds <br> purchased | (32) | (64) | (96) |
| Federal Home Loan Bank advances | 258 |  | 258 |
| Subordinated debt | 5 | 193 | 198 |
| Other borrowings | (225) | (1331) | (1556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 7004 | (11133) | (4129) |
| Change in net interest income<sup>(2)</sup> | $2916 | $6066 | $8982 |
| *(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).*<br>*(2) Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent* <br>*&nbsp;&nbsp;&nbsp;&nbsp; adjustment amounts included was $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.* | *(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).*<br>*(2) Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent* <br>*&nbsp;&nbsp;&nbsp;&nbsp; adjustment amounts included was $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.* | *(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).*<br>*(2) Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent* <br>*&nbsp;&nbsp;&nbsp;&nbsp; adjustment amounts included was $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.* | *(1) Average loans are presented gross, including nonaccrual loans and overdrafts (before deduction of allowance for credit losses on loans HFI).*<br>*(2) Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent* <br>*&nbsp;&nbsp;&nbsp;&nbsp; adjustment amounts included was $0.8 million and $0.6 million the three months ended June 30, 2025 and 2024, respectively.* |

---

*Six months ended June 30, 2025 compared to the six months ended June 30, 2024*

Net interest income increased $17.2 million to $220.7 million for the six months ended June 30, 2025 as compared to $203.5 million for the six months ended June 30, 2024. Net interest margin was 3.61% for the six months ended June 30, 2025 compared to 3.49% for the six months ended June 30, 2024. The increases in net interest income and net interest margin were primarily driven by increases in interest income on loans HFI and investment securities and decreases in interest expense paid on interest-bearing deposits and other borrowings.

Interest income was $363.4 million for the six months ended June 30, 2025, compared to $354.9 million for the six months ended June 30, 2024, an increase of $8.5 million, which was primarily driven by an increase in volume of interest earning assets, most notably loans HFI, partially offset by a decrease in yields due to lower interest rates.

Interest income recognized on loans HFI increased $1.0 million to $310.1 million for the six months ended June 30, 2025 from $309.2 million for the six months ended June 30, 2024. This increase was attributable to an increase in average balances of loans HFI, partially offset by a decline in the overall yield on loans HFI due to lower interest rates. The yield on loans HFI decreased 24 basis points to 6.43% for the six months ended June 30, 2025 from 6.67% for the six months

------

ended June 30, 2024.

The components of our loan yield for the six months ended June 30, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Interest<br>income** | **Interest<br>income** | **Average<br>yield** | **Interest<br>income** | **Interest<br>income** | **Average<br>yield** |
| **Loans HFI yield components:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Contractual interest rate on loans HFI<sup>(1)</sup> | $| 305516 | 6.33% | $| 304912 | 6.58% |
| &nbsp;&nbsp;&nbsp;Origination and other loan fee income | 3742 | 3742 | 0.08% | 2727 | 2727 | 0.06% |
| &nbsp;&nbsp;&nbsp;(Amortization) accretion on purchased loans | (60) | (60) | —% | 548 | 548 | 0.01% |
| &nbsp;&nbsp;&nbsp;Nonaccrual interest collections | 940 | 940 | 0.02% | 995 | 995 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans HFI yield | $| 310138 | 6.43% | $| 309182 | 6.67% |
| *(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.*  | *(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.*  | *(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.*  | *(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.*  | *(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.*  | *(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.*  | *(1)Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.*  |

---

Interest income on investment securities increased $7.3 million to $31.9 million for the six months ended June 30, 2025 from $24.6 million for the six months ended June 30, 2024. The increase was attributable to the increase in yield on these investments from the portfolio restructuring transactions in prior years. The yield on investment securities was 3.77% for the six months ended June 30, 2025, an increase of 77 basis points from 3.00% for the six months ended June 30, 2024.

Interest expense was $142.7 million for the six months ended June 30, 2025, a decrease of $8.7 million as compared to $151.4 million for the six months ended June 30, 2024. The decrease was largely attributed to a decline in the rate paid on interest-bearing deposit accounts, partially offset by increases in average balances on interest-bearing deposit accounts.

Interest expense on interest-bearing deposit accounts totaled $138.8 million for the six months ended June 30, 2025, a $5.3 million decrease from the $144.1 million recognized for the six months ended June 30, 2024. The decline in interest expense on interest-bearing deposit accounts was led by declines in money market and interest-bearing checking which decreased $5.1 million and $4.0 million, respectively, for the six months ended June 30, 2025 as compared to the same period in the previous year. Offsetting these declines in interest expense within interest-bearing deposit accounts, we experienced an increase in interest expense from brokered time deposits, which increased $6.5 million for the six months ended June 30, 2025 to the same period in the previous year, due to an increase in the average balances outstanding as we issued additional brokered deposits as part of our overall liquidity management strategy. The average rate paid on interest-bearing deposits was 3.12% for the six months ended June 30, 2025 compared to 3.51% for the six months ended June 30, 2024.

Interest expense recognized on other borrowings decreased $3.1 million to $10 thousand for the six months ended June 30, 2025 due to the repayment of the Bank Term Funding Program which was paid off towards the end of 2024.

------

*Average balance and interest yield/rate analysis*

The table below shows the average balances, income and expense and yield and rates of each of our interest-earning assets and interest-bearing liabilities on a tax equivalent basis, if applicable, for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Average balances** | **Interest<br>income/<br>expense** | **Average<br>yield/<br>rate** | **Average balances** | **Interest<br>income/<br>expense** | **Average<br>yield/<br>rate** |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans HFI <sup>(1)(2)</sup> | $9731602 | $310138 | 6.43% | $9325308 | $309182 | 6.67% |
| Mortgage loans held for sale | 110096 | 3622 | 6.63% | 64742 | 2231 | 6.93% |
| Investment securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Taxable | 1538363 | 29132 | 3.82% | 1431641 | 21071 | 2.96% |
| &nbsp;&nbsp;Tax-exempt <sup>(2)</sup> | 167815 | 2798 | 3.36% | 217363 | 3530 | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment securities <sup>(2)</sup> | 1706178 | 31930 | 3.77% | 1649004 | 24601 | 3.00% |
| Federal funds sold and reverse repurchase agreements | 118293 | 2630 | 4.48% | 131738 | 3623 | 5.53% |
| Interest-bearing deposits with other financial institutions | 617581 | 13635 | 4.45% | 509256 | 13707 | 5.41% |
| FHLB stock | 34067 | 1442 | 8.54% | 33773 | 1545 | 9.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets <sup>(2)</sup> | 12317817 | 363397 | 5.95% | 11713821 | 354889 | 6.09% |
| **Noninterest-earning assets:** |  |  |  |  |  |  |
| Cash and due from banks | 119417 |  |  | 146230 |  |  |
| Allowance for credit losses on loans HFI | (151909) |  |  | (151164) |  |  |
| Other assets <sup>(3)(4)</sup> | 833923 |  |  | 771872 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-earning assets | 801431 |  |  | 766938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $13119248 |  |  | $12480759 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest-bearing deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing checking | $2679843 | $34137 | 2.57% | $2519705 | $38090 | 3.04% |
| &nbsp;&nbsp;&nbsp;Money market deposits | 4099959 | 69317 | 3.41% | 3814109 | 74457 | 3.93% |
| &nbsp;&nbsp;&nbsp;Savings deposits | 353082 | 164 | 0.09% | 373871 | 126 | 0.07% |
| &nbsp;&nbsp;&nbsp;Customer time deposits | 1388793 | 25156 | 3.65% | 1422666 | 27936 | 3.95% |
| &nbsp;&nbsp;&nbsp;Brokered and internet time deposits | 462909 | 10043 | 4.38% | 131648 | 3517 | 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 1851702 | 35199 | 3.83% | 1554314 | 31453 | 4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | 8984586 | 138817 | 3.12% | 8261999 | 144126 | 3.51% |
| **Other interest-bearing liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to<br> repurchase and federal funds purchased | 11077 | 32 | 0.58% | 24449 | 271 | 2.23% |
| &nbsp;&nbsp;&nbsp;Subordinated debt | 130803 | 3617 | 5.58% | 130091 | 3901 | 6.03% |
| &nbsp;&nbsp;&nbsp;Other borrowings | 1760 | 10 | 1.15% | 131305 | 3138 | 4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other interest-bearing liabilities | 155242 | 3917 | 5.09% | 285845 | 7310 | 5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 9139828 | 142734 | 3.15% | 8547844 | 151436 | 3.56% |
| **Noninterest-bearing liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Demand deposits | 2170812 |  |  | 2224590 |  |  |
| &nbsp;&nbsp;Other liabilities<sup>(4)</sup> | 224988 |  |  | 241225 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest-bearing liabilities | 2395800 |  |  | 2465815 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 11535628 |  |  | 11013659 |  |  |
| FB Financial Corporation common <br> shareholders' equity | 1583527 |  |  | 1467007 |  |  |
| Noncontrolling interest | 93 |  |  | 93 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity | 1583620 |  |  | 1467100 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $13119248 |  |  | $12480759 |  |  |
| Net interest income (tax-equivalent basis)<sup>(2)</sup> |  | $220663 |  |  | $203453 |  |
| Interest rate spread (tax-equivalent basis)<sup>(2)</sup> |  |  | 2.80% |  |  | 2.53% |
| Net interest margin (tax-equivalent basis) <sup>(2)(5)</sup> |  |  | 3.61% |  |  | 3.49% |
| Cost of total deposits |  |  | 2.51% |  |  | 2.76% |
| Average interest-earning assets to average<br>&nbsp;&nbsp;&nbsp;&nbsp; interest-bearing liabilities |  |  | 134.8% |  |  | 137.0% |

---

*(1)Average balances of nonaccrual loans and overdrafts are included in average loan balances.* 

*(2)Interest income includes the effects of taxable-equivalent adjustments using the combined federal and blended state statutory income tax rate to increase tax-exempt interest income to a tax-*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*equivalent basis. to increase tax-exempt interest income to a tax-equivalent basis. The net tax-equivalent adjustment amounts included in income were $1.6 million and $1.3 million for six months ended June 30, 2025 and 2024, respectively.* 

*(3)Includes average net unrealized losses on investment securities available for sale of $130.5 million and $196.1 million for the six months ended June 30, 2025 and 2024, respectively.*

*(4)Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria of $27.9 million and $20.8 million for the six months ended June 30, 2025 and 2024, respectively.*

*(5)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total earning assets.*

------

*Yield/rate and volume analysis*

The tables below present the components of the changes in net interest income for the six months ended June 30, 2025 and 2024. For each major category of interest-earning assets and interest-bearing liabilities, information is provided with respect to changes due to average volume and changes due to interest rates, with the changes in both volume and interest rates allocated to these two categories based on the proportionate absolute changes in each category.

---

| | | | |
|:---|:---|:---|:---|
| | **Six months ended June 30, 2025 compared to six months ended June 30, 2024 due to changes in** | **Six months ended June 30, 2025 compared to six months ended June 30, 2024 due to changes in** | **Six months ended June 30, 2025 compared to six months ended June 30, 2024 due to changes in** |
|<br>*(dollars in thousands)* | **Volume** | **Yield/rate** | **Net increase<br>(decrease)** |
| **Interest-earning assets:** |  |  |  |
| Loans HFI<sup>(1)(2)</sup> | $12948 | $(11992) | $956 |
| Loans held for sale - mortgage | 1492 | (101) | 1391 |
| Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | 2021 | 6040 | 8061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt<sup>(2)</sup> | (826) | 94 | (732) |
| Federal funds sold and reverse repurchase agreements | (299) | (694) | (993) |
| Interest-bearing deposits with other financial institutions | 2392 | (2464) | (72) |
| FHLB stock | 12 | (115) | (103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income<sup>(2)</sup> | 17740 | (9232) | 8508 |
| **Interest-bearing liabilities:** |  |  |  |
| Interest-bearing checking deposits | 2040 | (5993) | (3953) |
| Money market deposits | 4833 | (9973) | (5140) |
| Savings deposits | (10) | 48 | 38 |
| Customer time deposits | (614) | (2166) | (2780) |
| Brokered and internet time deposits | 7187 | (661) | 6526 |
| Securities sold under agreements to repurchase and federal funds <br> purchased | (39) | (200) | (239) |
| Federal Home Loan Bank advances | 258 |  | 258 |
| Subordinated debt | 20 | (304) | (284) |
| Other borrowings | (736) | (2392) | (3128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 12939 | (21641) | (8702) |
| Change in net interest income<sup>(2)</sup> | $4801 | $12409 | $17210 |

---

*(1)Average loans are presented gross, including nonaccrual loans and overdrafts.*

*(2)Interest income includes the effects of the tax-equivalent adjustments to increase tax-exempt interest income to a tax-equivalent basis. The net taxable-equivalent adjustment amounts included was $1.6 million and $1.3 million for the six months ended June 30, 2025 and 2024, respectively.*

 ***Provision for credit losses***

The provision for credit losses charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for credit losses at an appropriate level under the current expected credit loss model. The determination of the amount of the allowance is complex and involves a high degree of judgment and subjectivity.

Our allowance for credit losses calculation as of June 30, 2025 resulted from management's best estimate of losses over the life of loans and unfunded commitments in our portfolio in accordance with the CECL approach.

As of June 30, 2025, we utilize the discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, to estimate the expected credit losses of its loan segments, except consumer and other loans, which utilizes the weighted average remaining maturity loss rate technique. We determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly

------

calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses.

These changes represent a change in accounting estimate under ASC 250, "Accounting Changes and Error Corrections", and, accordingly, is applied prospectively in the period of change and did not have a material effect on the Company's financial statements. See "Note 1, "Basis of presentation" in this Report for further discussion on the change in estimate.

The discounted cash flow was calibrated using a regression analysis that relates one or more economic variables to our historical default rates and selected peer banks for each loan segment. We determined that national unemployment, national housing price index, national commercial real estate index and prime rates were the key economic variables that were most correlated to our historical loss performance and our peer banks. Reasonable and supportable forecasts of these economic indicators are utilized within the discounted cash flow to estimate expected credit losses for each loan segment. Current and forecast economic conditions, including those affecting these and other economic variables or macroeconomic conditions, such as global conflicts or tariffs, may continue to lead to increased volatility in our calculated level of allowance for credit losses.

Prior to the changes described above, our estimates for credit losses calculation utilized lifetime loss rate model and included economic forecasts for unemployment, gross domestic product, as well as other macroeconomic events which may impact our loan portfolio. Refer to Note 1, "Basis of presentation and summary of significant accounting policies" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion regarding ACL methodology.

*Three months ended June 30, 2025 compared to three months ended June 30, 2024*

We recognized a reversal of credit losses on loans HFI of $1.1 million and provision expense of $3.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, the reversal of credit losses on loans HFI was primarily the result of a $6.8 million reduction due to the change in the CECL loss estimation methodology, partially offset by $5.7 million of provision growth. The increase in the growth of the provision was driven by changes in balances of the underlying loan portfolio coupled with changes in the forward-looking macroeconomic outlook during the current quarter, which combined impacted residential real estate, consumer and other, and commercial and industrial loans most directly. For the three months ended June 30, 2024, the increase in the provision for credit losses on loans HFI was driven by increases in specific reserves for individually evaluated relationships offset by reductions in reserves for construction loans. The reduction for construction loans was primarily due to reduction in balances outstanding for the portfolio.

We also estimate expected credit losses on off-balance sheet loan commitments that are not accounted for as derivatives. When applying the CECL methodology to estimate expected credit loss, we consider the likelihood that funding will occur, the contractual period of exposure to credit loss, the risk of loss, historical loss experience, and current conditions along with expectations of future economic conditions. We recorded a provision expense for credit losses on unfunded commitments of $6.4 million and a reversal of provision expense of $1.7 million for the three months ended June 30, 2025 and 2024, respectively. The provision expense was due largely to a $6.5 million impact from the change in the CECL loss estimation methodology and changes in forward-looking funding assumptions which most notably impacted our residential and commercial lines. For three months ended June 30, 2024, the reversal was due to a $37.6 million decrease in our unfunded commitments during the period, including a $73.8 million decrease in our construction portfolio.

During the three months ended June 30, 2025 and 2024 it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the three months ended June 30, 2025 and 2024.

*Six months ended June 30, 2025 compared to six months ended June 30, 2024*

We recognized a provision for credit losses on loans HFI for the six months ended June 30, 2025 and 2024 of $0.8 million and $5.8 million, respectively. The current period provision on loans HFI was driven by a $7.7 million growth in provision due to the changes in balances of the underlying loan portfolio coupled with changes in the forward-looking macroeconomic outlook offset by a $6.8 million reduction from the impact of the change in the CECL loss estimation methodology. For the six months ended June 30, 2024, the provision on loans HFI was impacted by projected deterioration in the CRE portfolio which was adjusted qualitatively.

We recorded a provision for credit losses on unfunded commitments of $6.8 million and a reversal of $2.8 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, the increase in provision for credit losses on unfunded commitments was due largely to the $6.5 million impact of the change in the CECL

------

loss estimation methodology and changes in forward-looking funding assumptions which most notably impacted our reserves for residential and commercial lines. The reversal of provision for credit losses on unfunded commitments for the six months ended June 30, 2024 was primarily due to management's concentrated effort to reduce unfunded loan commitments during the period including a $209.1 million decrease in our construction category as these projects moved to permanent financing during the period. As such, this resulted in a $2.7 million decrease in required ACL related to the unfunded commitments in our construction portfolio for the six months ended June 30, 2024.

During the six months ended June 30, 2025 and 2024, it was determined that all AFS debt securities that experienced a decline in fair value below amortized cost basis were due to noncredit-related factors. Therefore, there was no provision for credit losses recognized on AFS debt securities during the six months ended June 30, 2025 and 2024.

***Noninterest income***

The following table sets forth the components of noninterest income for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>*(dollars in thousands)* | **2025** | **2024** | **2025** | **2024** |
| Mortgage banking income | $13029 | $11910 | $25455 | $24495 |
| Investment services and trust income | 3922 | 3387 | 7633 | 6617 |
| Service charges on deposit accounts | 3392 | 3167 | 6871 | 6308 |
| ATM and interchange fees | 2878 | 2814 | 5555 | 5758 |
| Loss from investment securities, net | (60549) |  | (60533) | (16213) |
| Gain (loss) on sales or write-downs of premises and equipment, other real estate owned and other assets | 236 | (281) | (389) | 284 |
| Other income | 2540 | 4611 | 3888 | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest (loss) income | $(34552) | $25608 | $(11520) | $33570 |

---

*Three months ended June 30, 2025 compared to three months ended June 30, 2024*

Noninterest income amounted to a $34.6 million loss for the three months ended June 30, 2025, a decrease of $60.2 million, as compared to income of $25.6 million for the three months ended June 30, 2024. The decrease in noninterest income was driven by the net loss from investment securities. Excluding the recognition of the $60.5 million of net loss from investment securities sales recognized during the three months ended June 30, 2025, noninterest income was $26.0 million for the three months ended June 30, 2025.

Mortgage banking income includes origination fees, gains and losses on the sale of mortgage loans, changes in fair value of mortgage loans and related derivatives, as well as mortgage servicing income, which includes the change in fair value of MSRs and related derivatives. Mortgage banking income was $13.0 million for the three months ended June 30, 2025, an increase of $1.1 million compared to the prior period. The increase was driven by an increase in gains on sale of $2.3 million partially offset by negative fair value changes of $0.9 million from the prior period. This was impacted by the increase in interest rate lock volume of $71.5 million, or 18.6% during the current period over the same period in the prior year.

Investment services and trust income is comprised of wealth management fees and trust and insurance income. This caption increased $0.5 million during the three months ended June 30, 2025 to $3.9 million as compared to $3.4 million during the three months ended June 30, 2024.

Service charges on deposit accounts include overdraft fees, account analysis fees and other customer transaction-related service charges. Service charges on deposit accounts increased $0.2 million during the three months ended June 30, 2025 to $3.4 million as compared to $3.2 million during the three months ended June 30, 2024.

ATM and interchange fees represent income related to customers' utilization of their debit cards and interchange income. ATM and interchange fees were $2.9 million for the three months ended June 30, 2025, compared to $2.8 million for the three months ended June 30, 2024.

------

Net loss from investment securities was $60.5 million for the three months ended June 30, 2025. There was no net gain or loss from investment securities recognized during the same period of the prior year. The net loss from investment securities during the three months ended June 30, 2025 was the result of management's election to sell $266.5 million of AFS debt securities with the intent to utilize the proceeds to redeem outstanding subordinated and trust preferred debt, as well as originating higher yielding loans. Refer to the section "Other earnings assets" for additional information on the sale of the AFS debt securities.

Net gain on sales or write-downs of premises and equipment, other real estate owned and other assets was $0.2 million for the three months ended June 30, 2025 compared to a net loss of $0.3 million for the three months ended June 30, 2024.

Other income is comprised of income recognized that does not typically fit into income categories and includes components such as BOLI income, swap fees, and equity investments income. Other income decreased $2.1 million to $2.5 million during the three months ended June 30, 2025 as compared to $4.6 million during the three months ended June 30, 2024. This decrease was primarily related to a $2.1 million increase in BOLI income resulting from proceeds from payment of death benefits during the three months ended June 30, 2024.

*Six months ended June 30, 2025 compared to six months ended June 30, 2024*

Noninterest income amounted to a $11.5 million loss for the six months ended June 30, 2025, a decrease of $45.1 million, as compared to income of $33.6 million for the six months ended June 30, 2024. Excluding the recognition of the $60.5 million and $16.2 million of net loss from investment securities sales recognized during the six months ended June 30, 2025 and 2024, respectively, noninterest income was $49.0 million and $49.8 million for the six months ended June 30, 2025 and 2024, respectively.

Mortgage banking income was $25.5 million for the six months ended June 30, 2025, an increase of $1.0 million compared to the prior period. The increase includes an increase from gains on sale and related fair value changes of $1.5 million to $18.7 million in the current period compared to $17.2 million in the prior period. This was impacted by the increase in interest rate lock volume of $76.1 million, or 10.0% during the current period over the same period in the prior year.

Investment services and trust income increased $1.0 million during the six months ended June 30, 2025 to $7.6 million as compared to $6.6 million during the six months ended June 30, 2024. The increase was primarily attributable to fees earned from higher assets under management stemming from existing account growth.

Service charges on deposit accounts increased $0.6 million during the six months ended June 30, 2025 to $6.9 million as compared to $6.3 million during the six months ended June 30, 2024.

ATM and interchange fees were $5.6 million for the six months ended June 30, 2025, compared to $5.8 million for the six months ended June 30, 2024.

Net loss from investment securities was $60.5 million for the six months ended June 30, 2025 compared to a net loss of $16.2 million for the six months ended June 30, 2024. The net loss from investment securities during the six months ended June 30, 2025 was the result of management's election to sell $266.5 million of AFS debt securities compared to $207.9 million of AFS debt securities sold during the prior year period. Refer to the section "Other earning assets" for additional information on the sale of the AFS debt securities.

Net loss on sales or write-downs of premises and equipment, other real estate owned and other assets was $0.4 million for the six months ended June 30, 2025 compared to a net gain of $0.3 million for the six months ended June 30, 2024.

Other income decreased $2.4 million to $3.9 million during the six months ended June 30, 2025 as compared to $6.3 million during the six months ended June 30, 2024. This decrease was driven by a $1.2 million loss associated with our proportionate share of loss on our equity method investment during the six months ended June 30, 2025 and a $2.1 million increase in BOLI income resulting from proceeds from payment of death benefits recognized during the six months ended June 30, 2024.

------

***Noninterest expense***

The following table sets forth the components of noninterest expense for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>*(dollars in thousands)* | **2025** | **2024** | **2025** | **2024** |
| Salaries, commissions and employee benefits | $46631 | $46225 | $94982 | $90843 |
| Occupancy and equipment expense | 6710 | 6328 | 13307 | 12942 |
| Merger and integration costs | 2734 |  | 3135 |  |
| Legal and professional fees | 2426 | 1979 | 4418 | 3898 |
| Advertising | 2178 | 1859 | 4665 | 3030 |
| Data processing | 2161 | 2286 | 4474 | 4694 |
| Amortization of core deposit and other intangibles | 631 | 752 | 1287 | 1541 |
| Other expense | 17790 | 15664 | 34542 | 30565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | $81261 | $75093 | $160810 | $147513 |

---

*Three months ended June 30, 2025 compared to three months ended June 30, 2024*

Noninterest expense increased by $6.2 million, or 8.2%, during the three months ended June 30, 2025 to $81.3 million as compared to $75.1 million in the three months ended June 30, 2024. The increase in noninterest expense was driven by increases in merger and integration costs associated with the Southern States merger, as well as other expense.

Salaries, commissions and employee benefits expense is comprised of salaries and wages in addition to other employee benefit costs and represents the largest component of noninterest expense. For the three months ended June 30, 2025, salaries and employee benefits expense increased $0.4 million, to $46.6 million as compared to $46.2 million for the three months ended June 30, 2024.

Occupancy and equipment expense includes occupancy, depreciation and equipment expense. Occupancy and equipment expense of $6.7 million and $6.3 million was recognized for the three months ended June 30, 2025 and 2024.

Legal and professional fees represent fees incurred for the various support functions, which includes legal, consulting, outsourcing and other professional related fees. Legal and professional fees were $2.4 million and $2.0 million for the three months ended June 30, 2025 and 2024, respectively.

Advertising includes expenses related to sponsorships, advertising, marketing, customer relations and business development and public relations. During the three months ended June 30, 2025, advertising expense increased $0.3 million to $2.2 million compared to $1.9 million during the three months ended June 30, 2024.

Data processing is comprised of all third-party core operating system and processing charges as well as payroll processing. Data processing fees were $2.2 million for the three months ended June 30, 2025, compared to $2.3 million for the three months ended June 30, 2024.

Amortization of core deposit and other intangibles were $0.6 million for the three months ended June 30, 2025, compared to $0.8 million for the three months ended June 30, 2024.

Merger and integration costs were $2.7 million for the three months ended June 30, 2025 associated with the merger with Southern States.

Other expense is comprised of expense that does not typically fit into other expense categories and includes mortgage servicing expenses, regulatory fees and deposit insurance assessments, software license and maintenance fees and various other miscellaneous expenses. Other expense increased $2.1 million during the three months ended June 30, 2025 to $17.8 million compared to $15.7 million during the three months ended June 30, 2024. The increase was primarily driven by modest increases across a range of expense categories, including technology and platform fees, software license and maintenance fees, card transaction fees, servicing fees and other operating expenses. No single category accounted for a significant portion of the overall increase.

------

*Six months ended June 30, 2025 compared to six months ended June 30, 2024*

Noninterest expense increased by $13.3 million, or 9.0%, during the six months ended June 30, 2025 to $160.8 million as compared to $147.5 million in the six months ended June 30, 2024. The increase in noninterest expense was attributable to increases in salaries and employee benefits, merger and integration costs associated with the Southern States merger and other noninterest expense.

Salaries, commissions and employee benefits expense increased $4.1 million, or 4.6%, to $95.0 million for the six months ended June 30, 2025 as compared to $90.8 million for the six months ended June 30, 2024. This change was driven by increases in the salaries and benefit costs, as well as higher performance-based compensation attributable to positive 2024 financial results that were paid in 2025.

Occupancy and equipment expense of $13.3 million and $12.9 million was recognized for the six months ended June 30, 2025 and 2024.

Legal and professional fees were $4.4 million and $3.9 million for the six months ended June 30, 2025 and 2024, respectively.

Advertising expense increased $1.6 million to $4.7 million during the six months ended June 30, 2025 compared to $3.0 million during the six months ended June 30, 2024. This increase was primarily attributable to customer marketing campaigns during six months ended June 30, 2025 combined with favorable, volume based marketing rebate activity recorded in the prior year period.

Data processing fees were $4.5 million for the six months ended June 30, 2025, compared to $4.7 million for the six months ended June 30, 2024.

Amortization of core deposit and other intangibles were $1.3 million for the six months ended June 30, 2025, compared to $1.5 million for the six months ended June 30, 2024.

Merger and integration costs were $3.1 million for the six months ended June 30, 2025 associated with the merger with Southern States.

Other noninterest expense increased $4.0 million during the six months ended June 30, 2025 to $34.5 million compared to $30.6 million during the six months ended June 30, 2024. The increase was primarily related to $1.4 million of technology and platform fee increases and modest increases across a range of other expense categories, including software license and maintenance fees, card transaction fees, servicing fees and other operating expenses. Additionally, a minor franchise tax benefit was recognized in the prior year period.

***Efficiency ratio***

The efficiency ratio is one measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense by the sum of net interest income and noninterest income. For an adjusted efficiency ratio, we exclude certain gains, losses and expenses we do not consider core to our business.

Our efficiency ratio was 105.7% and 77.5% for the three and six months ended June 30, 2025, respectively, and 58.6% and 62.6% for the three and six months ended June 30, 2024, respectively. Our adjusted efficiency ratio, on a tax-equivalent basis, was 56.9% and 58.4% for the three and six months ended June 30, 2025, respectively, and 58.3% and 58.2% for the three and six months ended June 30, 2024, respectively. See "GAAP reconciliation and management explanation of non-GAAP financial measures" in this Report for a discussion of the adjusted efficiency ratio.

***Income taxes***

Income tax benefit was $12.7 million and $3.2 million for the three and six months ended June 30, 2025, respectively, compared to income tax expense of $10.9 million and $17.2 million for the three and six months ended June 30, 2024, respectively. This represents effective tax rates of 130.0% and (8.1)% for the three and six months ended June 30, 2025, respectively, and 21.4% and 20.2% for the three and six months ended June 30, 2024, respectively. The primary differences from the enacted rates are applicable state income taxes and certain expenses that are not deductible, reduced for non-taxable income. For the three and six months ended June 30, 2025, income tax benefit includes the income tax effect of a $60.5 million loss on sale of AFS debt securities and a one-time tax benefit of $10.7 million due to the expiration of the statute of limitations with respect to an amended income tax return and the associated interest. For the six months ended June 30, 2024, income tax expense included the income tax effect of a $16.2 million loss on sale of

------

AFS debt securities. There was no loss on sale of AFS debt securities for the three months ended June 30, 2024. Refer to Note 7 "Income taxes" in the notes to the consolidated financial statements for additional information regarding the our income tax benefit/expense and effective tax rates.

**Financial condition**

The following discussion of our financial condition compares balances as of June 30, 2025 and December 31, 2024.

***Loan portfolio***

The following table sets forth the balance and associated percentage of each class of financing receivable in our loan portfolio as of the dates indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **June 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2025** | | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Committed** | **Amount Outstanding** | **% of total outstanding** | **Committed** | **Amount Outstanding** | **% of total outstanding** |
| Loan Type: |  |  |  |  |  |  |
| Commercial and industrial  | $3185444 | $1788911 | 18% | $3062626 | $1691213 | 18% |
| Construction | 1558347 | 1022678 | 10% | 1585865 | 1087732 | 11% |
| Residential real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 1664241 | 1660696 | 17% | 1624053 | 1616754 | 17% |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 1387003 | 641433 | 7% | 1336506 | 602475 | 6% |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 591514 | 587254 | 6% | 665813 | 653769 | 7% |
| Commercial real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 1456258 | 1370123 | 14% | 1436424 | 1357568 | 14% |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 2266663 | 2198689 | 22% | 2154027 | 2099129 | 22% |
| Consumer and other | 626497 | 604498 | 6% | 507175 | 493744 | 5% |
| Total loans | $12735967 | $9874282 | 100% | $12372489 | $9602384 | 100% |

---

Our loans HFI portfolio is our most significant earning asset, comprising 73.9% and 73.0% of our total assets at June 30, 2025 and December 31, 2024, respectively. Our strategy is to grow our loan portfolio by originating quality commercial and consumer type loans that comply with our credit policies and that produce revenues consistent with our financial objectives. Our overall lending approach is primarily focused on providing credit to our customers directly in the markets we serve. However, we also participate in loan syndications and participations from other banks (collectively, "participated loans"). As of June 30, 2025 and December 31, 2024, loans HFI included approximately $255.6 million and $177.6 million, respectively, related to participated loans.

We also sell loan participations to unaffiliated third-parties as part of our credit risk management and balance sheet management strategy. During the three months ended June 30, 2025 and 2024, we sold $2.4 million and $9.0 million loan participations, respectively. During the six months ended June 30, 2025 and 2024, we sold $3.5 million and $17.0 million loan participations, respectively. All loans, whether or not we act as a participant, are underwritten to the same standards as all other loans we originate. We believe our loan portfolio is well-balanced, which provides us with the opportunity to grow while monitoring our loan concentrations.

Banking regulators have established guidelines of less than 100% of tier 1 capital plus allowance for credit losses in construction lending and less than 300% of tier 1 capital plus allowance for credit losses in commercial real estate lending that management monitors as part of the risk management process. The construction concentration ratio is a percentage of the outstanding construction and land development loans to total tier 1 capital plus allowance for credit losses. The

------

commercial real estate concentration ratio is a percentage of the outstanding balance of non-owner occupied commercial real estate, multifamily, and construction and land development loans to tier 1 capital plus allowance for credit losses. Management strives to operate within the thresholds set forth above. When our ratios are in excess of one or both of these guidelines, banking regulators generally require an increased level of monitoring in these lending areas by management.

The table below shows concentration ratios for the Bank and Company as of June 30, 2025 and December 31, 2024.

---

| | | |
|:---|:---|:---|
| | **As a percentage (%) of tier 1 capital plus allowance for credit losses** | **As a percentage (%) of tier 1 capital plus allowance for credit losses** |
| | **FirstBank** | **FB Financial Corporation** |
| **June 30, 2025** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 66.4% | 63.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 249.3% | 238.7% |
| **December 31, 2024** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction | 70.1% | 67.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate | 249.3% | 238.5% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Loan categories:*<br>*The principal categories of our loans held for investment portfolio are discussed below:*  | *Loan categories:*<br>*The principal categories of our loans held for investment portfolio are discussed below:*  |  |  |  |  |
| *Commercial and industrial loans.* | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. |  |  |  |  |
| *Commercial and industrial loans.* | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. |  |  |  |  |
| *Commercial and industrial loans.* | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. |  |  |  |  |
|  | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. |  |  |  |  |
|  | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. |  |  |  |  |
| *Construction loans.* | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  |  |  |  |
| *Construction loans.* | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  |  |  |  |
|  | Commercial and industrial loans are typically made to small and medium-sized manufacturing, wholesale, retail and service businesses, and farmers for working capital and operating needs and business expansions. This category also includes loans secured by manufactured housing receivables made primarily to manufactured housing communities. Commercial and industrial loans generally include lines of credit and loans with maturities of five years or less. Commercial and industrial loans are generally made with operating cash flows as the primary source of repayment, but also include collateralization by inventory, accounts receivable, equipment and personal guarantees. This loan segment also includes our farmland and agriculture loans are underwritten with various terms and payment schedules and are generally collateralized by real estate, crop production, or other related assets. | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  |  |  |  |
|  | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  |  |  |  |  |
|  | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  |  |  |  |  |
| *1-to-4 family mortgage loans.* | Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.  | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  |  |  |  |
| *1-to-4 family mortgage loans.* | Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.  | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  | *Residential line of credit loans.* | Our residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral. |  |
| *1-to-4 family mortgage loans.* | Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.  | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  | *Residential line of credit loans.* | Our residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral. |  |
| *1-to-4 family mortgage loans.* | Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.  | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  | *Multi-family residential loans.* | Our residential line of credit loans includes junior liens consist of revolving lines of credit and term notes that are typically not in first position for liquidation preference. Repayment depends primarily on the cash flow of the borrower as well as the value of the real estate collateral. | Our multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral. |
| *1-to-4 family mortgage loans.* | Our residential real estate 1-to-4 family mortgage loans are primarily made with respect to and secured by single family homes in a first lien position which are both owner-occupied and investor owned. This pool also includes 100% financed mortgages that consist of 1-to-4 family mortgages that are originated under a 100% financing program for first time home buyers. 100% financed mortgages loans are further evaluated separately from the 1-4 family mortgage pool due to high initial loan value. This pool also includes our manufactured housing loans secured by real estate collateral. Repayment of loans in this loan segment are primarily dependent upon the cash flow of the borrower and the value of the property.  | Construction loans include commercial construction, land acquisition and land development loans and single-family interim construction loans to small and medium-sized businesses and individuals. These loans are generally secured by the land, or the real property being built and are made based on our assessment of the value of the property on an as-completed basis and repayment depends upon project completion and sale, refinancing, or operation of the real estate.  | *Multi-family residential loans.* |  | Our multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral. |
| *Commercial real estate owner-occupied loans.* | Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.  | Our multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral. |  |  |  |
| *Commercial real estate owner-occupied loans.* | Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.  |  | Our multi-family residential loans are primarily secured by multi-family properties, such as apartments and condominium buildings. Repayment depends primarily upon the cash flow of the borrower as well as the value of the real estate collateral. |  |  |
| *Commercial real estate owner-occupied loans.* | Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.  |  |  |  |  |
| *Commercial real estate non-owner occupied loans.* | Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.  | Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  |  |  |  |
| *Commercial real estate non-owner occupied loans.* | Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.  | Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  |  |  |  |
| *Commercial real estate non-owner occupied loans.* | Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.  | Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  |  |  |  |
| *Commercial real estate non-owner occupied loans.* | Our commercial real estate owner-occupied loans include loans to finance commercial real estate owner occupied properties for various purposes including use as offices, warehouses, production facilities, health care facilities, retail centers, restaurants, and church facilities. Commercial real estate owner-occupied loans are typically repaid through the ongoing business operations of the borrower.  | Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  | *Consumer and other loans.*  | Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |
|  | Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  | *Consumer and other loans.*  | Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |
|  | Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  | *Consumer and other loans.*  | Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |
|  | Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  | Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |  |
| Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  | Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |  |  |
| Our commercial real estate non-owner occupied loans include loans to finance commercial real estate investment properties for various purposes including use as offices, warehouses, health care facilities, hotels, mixed-use residential/commercial, manufactured housing communities, retail centers, multifamily properties, and assisted living facilities. Commercial real estate non-owner occupied loans are typically repaid with the funds received from the sale or refinancing of the property or rental income from such property.  | Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |  |  |
| Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |  |  |  |
| Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |  |  |  |
| Our consumer and other loans include loans to individuals for personal, family and household purposes, including car, boat and other recreational vehicle loans and personal lines of credit. Consumer loans are generally secured by vehicles and other household goods, with repayment depending primarily on the cash flow of the borrower. Consumer and other loans also include manufactured housing loans which are comprised of loans collateralized by manufactured housing not secured by real estate. As these manufacturing housing loans exhibit risk characteristics similar to both 1-to-4 family loans and consumer loans and are therefore further evaluated in a separate pool. Repayment is dependent upon the cash flow of the borrower and the value of the property. Other loans include municipal loans to states and political subdivisions in the U.S. and are repaid through tax revenues or refinancing.  |  |  |  |  |  |

---

------

As part of our lending policy and risk management activities, we track lending exposure of commercial and industrial and owner-occupied commercial real estate by industry classification (as defined by the North American Industry Classification System) and type to determine potential risks associated with industry concentrations, and if any risk issues could lead to additional credit loss exposure. The table below provides a summary of our commercial and industrial and owner-occupied commercial real estate portfolios by industry classification.

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>*(dollars in thousands)* | **Committed** | **Amount Outstanding** | **Nonperforming**<sup>(1)</sup> |
| **Commercial and industrial**  |  |  |  |
| Finance and insurance | $495785 | $309107 | $— |
| Real estate rental and leasing | 464724 | 270440 | 364 |
| Construction | 360562 | 93443 | 725 |
| Information | 245271 | 161541 |  |
| Manufacturing | 234699 | 153995 |  |
| Wholesale trade | 207797 | 123952 | 151 |
| Professional, scientific and technical services | 206525 | 129795 | 9 |
| Educational services | 172943 | 51838 |  |
| Retail trade | 118583 | 82148 | 219 |
| Administrative and support and waste management and <br> remediation services | 108579 | 67831 |  |
| Other services (except public administration) | 107996 | 60584 | 200 |
| Health care and social assistance | 98095 | 51747 | 456 |
| Transportation and warehousing | 83167 | 75355 | 16 |
| Arts, entertainment and recreation | 65167 | 35714 | 112 |
| Accommodation and food services | 62607 | 54474 | 324 |
| Management of companies and enterprises | 43086 | 25070 |  |
| Other | 109858 | 41877 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $3185444 | $1788911 | $2816 |
| **Commercial real estate owner-occupied** |  |  |  |
| Real estate rental and leasing | $247205 | $232026 | $— |
| Other services (except public administration) | 204144 | 196681 | 3474 |
| Retail trade | 185796 | 180056 | 251 |
| Manufacturing | 136242 | 124527 | 37 |
| Health care and social assistance | 132113 | 128359 | 206 |
| Accommodation and food services | 115293 | 114262 |  |
| Transportation and warehousing | 76980 | 60340 |  |
| Construction | 76496 | 66546 |  |
| Wholesale trade | 75077 | 72136 |  |
| Professional, scientific and technical services | 43090 | 41848 | 91 |
| Arts, entertainment and recreation | 36651 | 36090 |  |
| Agriculture, forestry, fishing and hunting | 29746 | 27311 | 678 |
| Management of companies and enterprises | 19877 | 17864 |  |
| Educational services | 18798 | 18432 |  |
| Finance and insurance | 17724 | 14143 | 2668 |
| Administrative and support and waste management and <br> remediation services | 15399 | 14164 | 492 |
| Other | 25627 | 25338 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1456258 | $1370123 | $7907 |

---

*(1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 days past due on which interest continues to accrue.*

------

Additionally, we track our lending exposure of non-owner occupied commercial real estate and construction by collateral property type to determine potential risks associated with collateral types, and if any risk issues could lead to additional credit loss exposure. The table below provides a summary of our non-owner occupied commercial real estate and construction loan portfolios by collateral property type.

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>*(dollars in thousands)* | **Committed** | **Amount Outstanding** | **Nonperforming**<sup>(1)</sup> |
| **Commercial real estate non-owner occupied** |  |  |  |
| Retail | $490847 | $480832 | $3457 |
| Office | 406039 | 397890 | 9 |
| Warehouse and industrial | 386725 | 355845 |  |
| Hotel | 321042 | 318742 |  |
| Assisted living and special care facilities | 150055 | 149350 |  |
| Self-storage | 138409 | 137633 | 102 |
| Land-Manufactured housing | 114617 | 113442 | 129 |
| Healthcare facility | 71279 | 71127 |  |
| Restaurants, bars and event venues | 50237 | 43863 |  |
| Recreation, sports and entertainment | 35217 | 35213 |  |
| Other | 102196 | 94752 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2266663 | $2198689 | $3697 |
| **Construction** |  |  |  |
| Consumer: |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction | $221001 | $138032 | $16872 |
| &nbsp;&nbsp;&nbsp;Land | 39684 | 33308 |  |
| Commercial: |  |  |  |
| &nbsp;&nbsp;&nbsp;Land | 243095 | 203329 | 1653 |
| &nbsp;&nbsp;&nbsp;Multi-family | 197426 | 115928 |  |
| &nbsp;&nbsp;&nbsp;Office | 33813 | 30002 | 5729 |
| &nbsp;&nbsp;&nbsp;Self-storage | 25940 | 3682 |  |
| &nbsp;&nbsp;&nbsp;Recreation, sports and entertainment | 18252 | 10601 |  |
| &nbsp;&nbsp;&nbsp;Retail | 15016 | 9625 |  |
| &nbsp;&nbsp;&nbsp;Convenience store and gas station | 12046 | 7797 |  |
| &nbsp;&nbsp;&nbsp;Car wash | 3973 | 3973 |  |
| &nbsp;&nbsp;&nbsp;Other | 60795 | 32266 |  |
| Residential Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;Construction | 544049 | 339215 | 4772 |
| &nbsp;&nbsp;&nbsp;Land | 118961 | 71186 |  |
| &nbsp;&nbsp;&nbsp;Lots | 24296 | 23734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1558347 | $1022678 | $29026 |

---

*1) Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 days past due on which interest continues to accrue.*

*Loan maturity and sensitivities*

The following table presents the contractual maturities of our loan portfolio as of June 30, 2025. Loans with scheduled maturities are reported in the maturity category in which the payment is due. Demand loans with no stated maturity and overdrafts are reported in the "due in 1 year or less" category. Loans that have adjustable rates are shown as amortizing to final maturity rather than when the interest rates are next subject to change. The tables do not include prepayment assumptions or scheduled repayments.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>**Loan type (dollars in thousands)** | **Maturing in one<br>year or less** | **Maturing in one<br>to five years** | **Maturing in<br>five to fifteen years** | **Maturing after<br>fifteen years** | **Total** |
| Commercial and industrial | $674478 | $971235 | $142467 | $731 | $1788911 |
| Construction | 474352 | 479074 | 66641 | 2611 | 1022678 |
| Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 125041 | 497634 | 183293 | 854728 | 1660696 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 64281 | 119404 | 457748 |  | 641433 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 102276 | 347090 | 121916 | 15972 | 587254 |
| Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 157586 | 874882 | 325471 | 12184 | 1370123 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 319266 | 1306497 | 563923 | 9003 | 2198689 |
| Consumer and other | 36444 | 93612 | 115107 | 359335 | 604498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) | $1953724 | $4689428 | $1976566 | $1254564 | $9874282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (%) | 19.8% | 47.5% | 20.0% | 12.7% | 100.0% |

---

For loans due after one year or more, the following table presents the interest rate composition for loans outstanding as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>**Loan type (dollars in thousands)** | **Fixed<br>interest rate** | **Floating<br>interest rate** | **Total** |
| Commercial and industrial | $421096 | $693337 | $1114433 |
| Construction | 130429 | 417897 | 548326 |
| Residential real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 1123888 | 411767 | 1535655 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 4250 | 572902 | 577152 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 291064 | 193914 | 484978 |
| Commercial real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 835948 | 376589 | 1212537 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 1028629 | 850794 | 1879423 |
| Consumer and other | 501570 | 66484 | 568054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) | $4336874 | $3583684 | $7920558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (%) | 54.8% | 45.2% | 100.0% |

---

The following table presents the contractual maturities of our loan portfolio segregated into fixed and floating interest rate loans as of June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|<br>**Contractual maturity (dollars in thousands)** | **Fixed<br>interest rate** | **Floating<br>interest rate** | **Total** |
| &nbsp;&nbsp;&nbsp;One year or less | $644431 | $1309293 | $1953724 |
| &nbsp;&nbsp;&nbsp;One to five years | 2484702 | 2204726 | 4689428 |
| &nbsp;&nbsp;&nbsp;Five to fifteen years | 931079 | 1045487 | 1976566 |
| &nbsp;&nbsp;&nbsp;Over fifteen years | 921093 | 333471 | 1254564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total ($) | $4981305 | $4892977 | $9874282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (%) | 50.4% | 49.6% | 100.0% |

---

------

***Asset quality***

In order to operate with a sound risk profile, we focus on originating loans that we believe to be of high quality. We have established loan approval policies and procedures to assist us in maintaining the overall quality of our loan portfolio. When delinquencies in our loans exist, we rigorously monitor the levels of such delinquencies for any negative or adverse trends. From time to time, we may modify loans to extend the term or make other concessions, including interest rate reduction, a term extension, principal forgiveness, payment deferral, or a combination thereof, to help a borrower with a deteriorating financial condition stay current on their loan and to avoid foreclosure. Furthermore, we are committed to collecting on all of our loans. This practice leads to higher recoveries in the long-term.

*Nonperforming assets*

Our nonperforming assets consist of nonperforming loans, other real estate owned and other repossessed non-earning assets. As of June 30, 2025 and December 31, 2024, we had $123.0 million and $121.9 million, respectively, in nonperforming assets. Nonperforming loans are those on which the accrual of interest has stopped, as well as loans that are contractually 90 days past due on which interest continues to accrue. Accrued interest receivable written off as an adjustment to interest income amounted to $1.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $1.3 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively. Additionally, we had net interest recoveries on nonperforming assets previously charged off of $0.4 million and $0.7 million for the three months ended June 30, 2025 and 2024, respectively, and $0.9 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively.

Nonperforming loans HFI increased by $12.2 million to $95.9 million as of June 30, 2025 compared to $83.7 million as of December 31, 2024. The increase in nonperforming loans primarily occurred in our construction and multi-family portfolios partially offset by a decrease in a our commercial and industrial portfolio.

As of June 30, 2025 and December 31, 2024, we had $21.0 million and $31.4 million, respectively, of delinquent GNMA optional repurchase loans previously sold included on our consolidated balance sheets in loans held for sale. These are considered nonperforming assets as we do not earn any interest on the unexercised option to repurchase these loans.

As of both June 30, 2025 and December 31, 2024, other real estate owned included $0.1 million of excess land and facilities held for sale resulting from our prior acquisitions. Other repossessed assets also included other repossessed non-real estate amounting to $3.2 million and $2.4 million as of June 30, 2025 and December 31, 2024, respectively.

------

The following table provides details of our nonperforming assets, the ratio of such loans and other nonperforming assets to total assets, and certain other related information as of the dates presented:

---

| | | | |
|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | |
|<br>*(dollars in thousands)* | **2025** | **2024** | **December 31,**<br>**2024** |
| **Loan Type:** |  |  |  |
| Commercial and industrial | $2816 | $22862 | $10391 |
| Construction | 29026 | 5896 | 11453 |
| Residential real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 24764 | 18330 | 27944 |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 1808 | 1973 | 1894 |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 9582 | 29 | 21 |
| Commercial real estate: |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 7907 | 9163 | 9645 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 3697 | 3147 | 6179 |
| Consumer and other | 16312 | 11823 | 16178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans HFI | $95912 | $73223 | $83705 |
| Mortgage loans held for sale<sup>(1)</sup> | 20977 | 22354 | 31357 |
| Other real estate owned | 2998 | 4173 | 4409 |
| Other repossessed assets | 3151 | 1720 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $123038 | $101470 | $121915 |
| Nonperforming loans HFI as a percentage of total loans HFI | 0.97% | 0.79% | 0.87% |
| Nonperforming assets as a percentage of total assets | 0.92% | 0.81% | 0.93% |
| Nonaccrual loans HFI as a percentage of loans HFI | 0.75% | 0.60% | 0.62% |
| *(1) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria.* | *(1) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria.* | *(1) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria.* | *(1) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that meet certain defined delinquency criteria.* |

---

We have evaluated our loans HFI classified as nonperforming and believe all nonperforming loans have been adequately reserved for in the allowance for credit losses on loans HFI as of June 30, 2025 and December 31, 2024. Management also continually monitors past due loans for potential credit quality deterioration. Loans not considered nonperforming include loans 30-89 days past due that continue to accrue interest amounting to $64.4 million at June 30, 2025 as compared to $47.9 million at December 31, 2024. The increase from December 31, 2024 to June 30, 2025 primarily occurred within our construction and consumer and other portfolios offset with a decrease in our 1-to-4 family mortgage portfolio.

*Allowance for credit losses*

The allowance for credit losses represents the portion of the loan's amortized cost basis that we do not expect to collect due to credit losses over the loan's life, considering past events, current conditions, and reasonable and supportable forecasts of future economic conditions. Loan losses are charged against the allowance when we believe the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for credit losses is based on the loan's amortized cost basis, excluding accrued interest receivable, as we promptly charge off uncollectible accrued interest receivable.

As of June 30, 2025, we utilize the discounted cash flow estimation technique, adjusted for current conditions and reasonable and supportable forecasts, to estimate the expected credit losses of its loan segments, except consumer and other loans, which as of June 30, 2025, utilize the weighted average remaining maturity loss rate technique. We determined that the use of the updated estimate techniques and related inputs and assumptions enhances the transparency, accuracy and relevance of information relating to its allowance for credit losses through the application of data and calculations more clearly calibrated to our historical experience, the nature of its loan portfolio and unfunded commitments, and expectations for future economic conditions and corresponding expected credit losses. See "Note 1, "Basis of presentation" in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses and did not have a material impact to our operating results and financial condition.

Prior to June 30, 2025, our estimates for credit losses calculation utilized a lifetime loss rate model. See Note 1, "Basis of presentation and summary of significant accounting policies," in the notes to our consolidated financial statements in our Annual Report that was filed with the SEC on February 25, 2025, for additional information regarding our estimates prior to June 30, 2025.

------

The following table presents the allocation of the allowance for credit losses on loans HFI by loan category as well as the ratio of loans by loan category compared to the total loan portfolio as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Amount** | **ACL <br>as a % of loans HFI category** | **Amount** | **ACL <br>as a % of loans HFI category** |
| **Loan Type:** |  |  |  |  |
| Commercial and industrial | $20271 | 1.13% | $16667 | 0.99% |
| Construction | 21848 | 2.14% | 31698 | 2.91% |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 30262 | 1.82% | 25340 | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential line of credit | 8671 | 1.35% | 10952 | 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Multi-family mortgage | 10894 | 1.86% | 10512 | 1.61% |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied | 11939 | 0.87% | 11993 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 26303 | 1.20% | 25531 | 1.22% |
| Consumer and other | 18760 | 3.10% | 19249 | 3.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total allowance for credit losses on loans HFI | $148948 | 1.51% | $151942 | 1.58% |

---

------

The following table summarizes activity in our allowance for credit losses on loans HFI during the periods indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Year Ended<br>December 31,** |
|<br>*(dollars in thousands)* | **2025** | **2024** | **2025** | **2024** | **2024** |
| Allowance for credit losses on loans HFI at beginning<br> of period | $150531 | $151667 | $151942 | $150326 | $150326 |
| Charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | (70) | (26) | (2971) | (69) | (11080) |
| &nbsp;&nbsp;&nbsp;Construction |  |  |  | (92) | (122) |
| &nbsp;&nbsp;&nbsp;Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1-to-4 family mortgage | (433) | (293) | (436) | (293) | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential line of credit |  |  |  | (20) | (73) |
| &nbsp;&nbsp;&nbsp;Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied |  |  | (17) |  |  |
| &nbsp;&nbsp;&nbsp;Consumer and other | (951) | (594) | (1923) | (1366) | (3051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | $(1454) | $(913) | $(5347) | $(1840) | $(14765) |
| Recoveries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and industrial | $173 | $20 | $215 | $34 | $428 |
| &nbsp;&nbsp;&nbsp;Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 11 | 10 | 20 | 66 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential line of credit | 1 |  | 1 |  | 18 |
| &nbsp;&nbsp;&nbsp;Commercial real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied | 9 | 188 | 30 | 228 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-owner occupied | 528 |  | 529 |  |  |
| &nbsp;&nbsp;&nbsp;Consumer and other | 251 | 143 | 754 | 449 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | $973 | $361 | $1549 | $777 | $1714 |
| Net charge-offs | (481) | (552) | (3798) | (1063) | (13051) |
| Impact of change in accounting estimate for current expected<br>&nbsp;&nbsp;&nbsp;&nbsp;credit losses<sup>(1)</sup> | (6848) |  | (6848) |  |  |
| Provision for credit losses on loans HFI<sup>(1)</sup> | 5746 | 3940 | 7652 | 5792 | 14667 |
| Allowance for credit losses on loans HFI at the end of period | $148948 | $155055 | $148948 | $155055 | $151942 |
| Ratio of net charge-offs during the period to average loans<br>&nbsp;&nbsp;&nbsp;&nbsp;outstanding during the period | (0.02)% | (0.02)% | (0.08)% | (0.02)% | (0.14)% |
| Allowance for credit losses on loans HFI as a percentage of <br> loans | 1.51% | 1.67% | 1.51% | 1.67% | 1.58% |
| Allowance for credit losses on loans HFI as a percentage of <br> nonaccrual loans HFI | 201.4% | 276.1% | 201.4% | 276.1% | 256.0% |
| Allowance for credit losses on loans HFI as a percentage of <br> nonperforming loans | 155.3% | 211.8% | 155.3% | 211.8% | 181.5% |

---

*(1) We made certain changes to its estimation techniques and certain related inputs and assumptions in its estimates of credit losses as of June 30, 2025. See "Note 1, "Basis of presentation" in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses and did not have a material impact to our operating results and financial condition.*

------

The following tables details our provision for (reversal of) credit losses on loans HFI and net (charge-offs) recoveries to average loans HFI outstanding by loan category during the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Provision for (reversal of) credit losses on loans HFI**<sup>(1)</sup> | **Net recoveries (charge-offs)** | **Average loans HFI** | **Ratio of net recoveries (charge-offs) to average loans HFI** |
|<br>*(dollars in thousands)* | **Provision for (reversal of) credit losses on loans HFI**<sup>(1)</sup> | **Net recoveries (charge-offs)** | **Average loans HFI** | **Ratio of net recoveries (charge-offs) to average loans HFI** |
| **Three months ended June 30, 2025** |  |  |  |  |
| Commercial and industrial | $4647 | $103 | $1774727 | 0.02% |
| Construction | (3804) |  | 1026505 | —% |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 4484 | (422) | 1634538 | (0.10)% |
| &nbsp;&nbsp;&nbsp;Residential line of credit | (2526) | 1 | 623991 | —% |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | (522) |  | 636696 | —% |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | (144) | 9 | 1367656 | —% |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | (2544) | 528 | 2176214 | 0.10% |
| Consumer and other | (693) | (700) | 600605 | (0.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $(1102) | $(481) | $9840932 | (0.02)% |
| **Three months ended June 30, 2024** |  |  |  |  |
| Commercial and industrial | $5264 | $(6) | $1615210 | —% |
| Construction | (3138) |  | 1231476 | —% |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | (214) | (283) | 1578939 | (0.07)% |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 179 |  | 553711 | —% |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | (163) |  | 613219 | —% |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 375 | 188 | 1241264 | 0.06% |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 594 |  | 1997018 | —% |
| Consumer and other | 1043 | (451) | 432985 | (0.42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3940 | $(552) | $9263822 | (0.02)% |
| **Six Months Ended June 30, 2025** |  |  |  |  |
| Commercial and industrial | $6360 | $(2756) | $1732477 | (0.32)% |
| Construction | (9850) |  | 1046311 | —% |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | 5338 | (416) | 1630233 | (0.05)% |
| &nbsp;&nbsp;&nbsp;Residential line of credit | (2282) | 1 | 614753 | —% |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 382 |  | 634682 | —% |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | (67) | 13 | 1352619 | —% |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 243 | 529 | 2134919 | 0.05% |
| Consumer and other | 680 | (1169) | 585608 | (0.40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $804 | $(3798) | $9731602 | (0.08)% |
| **Six Months Ended June 30, 2024** |  |  |  |  |
| Commercial and industrial | $2966 | $(35) | $1648165 | —% |
| Construction | (1110) | (92) | 1274163 | (0.01)% |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | (647) | (227) | 1580443 | (0.03)% |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 649 | (20) | 543727 | (0.01)% |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | (32) |  | 610185 | —% |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner-occupied | 431 | 228 | 1248862 | 0.04% |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 1578 |  | 1993899 | —% |
| Consumer and other | 1957 | (917) | 425864 | (0.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $5792 | $(1063) | $9325308 | (0.02)% |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Provision for (reversal of) credit losses on loans HFI**<sup>(1)</sup> | **Net (charge-offs) recoveries** | **Average loans HFI** | **Ratio of (charge-offs) net recoveries to average loans HFI** |
|<br>*(dollars in thousands)* | **Provision for (reversal of) credit losses on loans HFI**<sup>(1)</sup> | **Net (charge-offs) recoveries** | **Average loans HFI** | **Ratio of (charge-offs) net recoveries to average loans HFI** |
| **Year Ended December 31, 2024** |  |  |  |  |
| Commercial and industrial | $7720 | $(10652) | $1655250 | (0.64)% |
| Construction | (3552) | (122) | 1199414 | (0.01)% |
| Residential real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-to-4 family mortgage | (810) | (355) | 1587111 | (0.02)% |
| &nbsp;&nbsp;&nbsp;Residential line of credit | 1539 | (55) | 562877 | (0.01)% |
| &nbsp;&nbsp;&nbsp;Multi-family mortgage | 1670 |  | 629920 | —% |
| Commercial real estate: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied | 1095 | 245 | 1278683 | 0.02% |
| &nbsp;&nbsp;&nbsp;Non-owner occupied | 2566 |  | 2021677 | —% |
| Consumer and other | 4439 | (2112) | 449526 | (0.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $14667 | $(13051) | $9384458 | (0.14)% |

---

*(1) We made certain changes to its estimation techniques and certain related inputs and assumptions in its estimates of credit losses as of June 30, 2025. See "Note 1, "Basis of presentation" in this Report for further discussion on the change in estimate. The changes are accounted for as a change in estimate included in the provision for credit losses and did not have a material impact to our operating results and financial condition.*

The ACL on loans HFI was $148.9 million and $151.9 million and represented 1.51% and 1.58% of loans HFI as of June 30, 2025 and December 31, 2024, respectively. For further information related to the change in the ACL refer to "Provision for credit losses" section herein and Note 3, "Loans and allowance for credit losses on loans HFI" in the notes to our consolidated financial statements.

For the both three months ended June 30, 2025 and 2024, we experienced net charge-offs of $0.5 million, or 0.02% of average loans HFI. For the six months ended June 30, 2025, we experienced net charge-offs of $3.8 million, or 0.08% of average loans HFI, compared to net charge-offs of $1.1 million, or 0.02% for the six months ended June 30, 2024. Our ratio of total nonperforming loans HFI as a percentage of total loans HFI increased by 10 basis points to 0.97% as of June 30, 2025 compared to December 31, 2024 primarily due to increases in nonperforming loans in our construction and multi-family portfolios partially offset by a decrease in a our commercial and industrial portfolio.

Management has made a concerted effort to reduce exposure to construction lending. The reduction in construction balances and the corresponding allowance reduction offset some of the additional allowance needed related to growth in other loan segments.

We also maintain an allowance for credit losses on unfunded commitments in other liabilities, which increased to $12.9 million as of June 30, 2025 from $6.1 million as of December 31, 2024 due to the change in CECL loss estimation methodology and changes in forward-looking funding assumptions which most notably impacted reserves for our residential and commercial lines.

***Loans held for sale***

Mortgage loans held for sale consisted of $123.2 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $21.0 million of GNMA optional repurchase loans. This compares to $95.4 million of residential real estate mortgage loans in the process of being sold to third-party private investors or government sponsored agencies and $31.4 million of GNMA optional repurchase loans as of December 31, 2024.

------

***Deposits***

Deposits represent the Bank's primary source of funding. We continue to focus on growing core customer deposits through our relationship driven banking philosophy, community-focused marketing programs and our treasury management services.

Total deposits were $11.40 billion and $11.21 billion as of June 30, 2025 and December 31, 2024, respectively.

Noninterest-bearing deposits at June 30, 2025 and December 31, 2024 were $2.19 billion and $2.12 billion, respectively. Noninterest bearing deposits include mortgage escrow deposits which increased to $114.7 million as of June 30, 2025 from $69.0 million as of December 31, 2024.

Our interest-bearing deposits were $9.21 billion and $9.09 billion at June 30, 2025 and December 31, 2024, respectively.

Interest-bearing checking deposits decreased to $2.33 billion at June 30, 2025 as compared to $2.91 billion at December 31, 2024. The decrease was driven by management's effort to manage down higher cost deposits.

Money market and savings deposits accounts increased by $307.1 million from December 31, 2024 primarily due to a promotional rate campaign targeting new and existing customers and commercial account growth across our footprint.

Customer time deposits increased by $341.5 million from December 31, 2024, driven by a $350.0 million short-term public funds time deposit.

Additionally, brokered and internet time deposits increased by $49.6 million to $518.7 million as of June 30, 2025 compared to December 31, 2024. This growth was a product of our liquidity management strategy

We have experienced a decrease in our cost of interest-bearing deposits due to a decrease in the interest rate environment. Average deposit balances by type, together with the average rates per period are reflected in the average balance sheet amounts, interest paid, and rate analysis tables included in this management's discussion and analysis under the subheading "Results of operations" discussion.

Our deposit base may include certain deposits from related parties as disclosed within Note 14, "Related party transactions" in the notes to our consolidated financial statements included in this Report.

------

The following table sets forth the distribution by type of our deposit accounts as of the dates indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **June 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Amount** | **% of total deposits** | **Average rate**<sup>(1)</sup>  | **Amount** | **% of total deposits** | **Average rate**<sup>(1)</sup>  |
| **Deposit Type** |  |  |  |  |  |  |
| Noninterest-bearing demand | $2191903 | 19% | —% | $2116232 | 19% | —% |
| Interest-bearing checking | 2325551 | 20% | 2.57% | 2906425 | 26% | 3.05% |
| Money market | 4294217 | 38% | 3.41% | 3986777 | 36% | 3.84% |
| Savings deposits | 351335 | 3% | 0.09% | 351706 | 3% | 0.07% |
| Customer time deposits | 1721745 | 15% | 3.65% | 1380205 | 12% | 3.97% |
| Brokered and internet time deposits | 518719 | 5% | 4.38% | 469089 | 4% | 4.86% |
| &nbsp;&nbsp;Total deposits | $11403470 | 100% | 2.51% | $11210434 | 100% | 2.76% |
| **Customer Time Deposits**<sup>(2)</sup> |  |  |  |  |  |  |
| 0.00-1.00% | $125012 | 7% |  | $65302 | 5% |  |
| 1.01-2.00% | 76575 | 4% |  | 63582 | 5% |  |
| 2.01-3.00% | 193341 | 11% |  | 74171 | 5% |  |
| 3.01-4.00% | 1267092 | 74% |  | 264863 | 19% |  |
| 4.01-5.00% | 59595 | 4% |  | 875916 | 63% |  |
| Above 5.00% | 130 | —% |  | 36371 | 3% |  |
| &nbsp;&nbsp;Total customer time deposits | $1721745 | 100% |  | $1380205 | 100% |  |
| **Brokered and Internet Time Deposits**<sup>(2)</sup> |  |  |  |  |  |  |
| 0.00-1.00% | $— | —% |  | $— | —% |  |
| 1.01-2.00% |  | —% |  |  | —% |  |
| 2.01-3.00% |  | —% |  |  | —% |  |
| 3.01-4.00% | 518719 | 100% |  | 169088 | 36% |  |
| 4.01-5.00% |  | —% |  | 199888 | 43% |  |
| Above 5.00% |  | —% |  | 100113 | 21% |  |
| &nbsp;&nbsp;Total brokered and internet time deposits | $518719 | 100% |  | $469089 | 100% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total time deposits | $2240464 |  |  | $1849294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(2) Based on rates presented as of period-end.*  | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(2) Based on rates presented as of period-end.*  | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(2) Based on rates presented as of period-end.*  | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(2) Based on rates presented as of period-end.*  | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(2) Based on rates presented as of period-end.*  | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(2) Based on rates presented as of period-end.*  | &nbsp;&nbsp;&nbsp;&nbsp;*(1) Average rates presented for the six months ended June 30, 2025 and the year ended December 31, 2024, respectively.* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(2) Based on rates presented as of period-end.*  |

---

Further details related to our deposit customer base is presented below as of the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2024** | **2024** |
|<br>*(dollars in thousands)* | **Amount** | **% of total deposits** | **Amount** | **% of total deposits** |
| **Deposits by customer segment**<sup>(1)</sup> |  |  |  |  |
| Consumer | $4772582 | 42% | $4853609 | 43% |
| Commercial | 4835968 | 42% | 4802105 | 43% |
| Public | 1794920 | 16% | 1554720 | 14% |
| &nbsp;&nbsp;Total deposits | $11403470 | 100% | $11210434 | 100% |

---

*(1) Segments are determined based on the customer account level.* 

------

The tables below set forth maturity information on time deposits and amounts in excess of the FDIC insurance limit as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| *(dollars in thousands)* | **Amount** | **Weighted average interest rate at period end** |
| **Time deposits of $250 and less&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |
| **Months to maturity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Three or less | $421433 | 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Over Three to Six | 427987 | 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Over Six to Twelve | 216654 | 3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Over Twelve | 344017 | 3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1410091 | 3.62% |
| **Time deposits of greater than $250** |  |  |
| **Months to maturity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Three or less | $520143 | 3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Over Three to Six | 154450 | 3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Over Six to Twelve | 105056 | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Over Twelve | 50724 | 3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $830373 | 3.85% |

---

Uninsured deposits are defined as the portion of deposit accounts in U.S. federally insured depository institutions that exceed the FDIC insurance limit and amounts in any other uninsured investment or deposit account that are classified as deposits and are not subject to any federal or state deposit insurance regimes. Collateralized deposits are included within our total uninsured deposits.

Further details related to our estimated insured or collateralized deposits and uninsured and uncollateralized deposits is presented below as of the dates indicated:

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
| | **2025** | **2024** |
| Estimated insured or collateralized deposits<sup>(1)</sup> | $8418783 | $8346796 |
| Estimated uninsured and uncollateralized deposits<sup>(1)</sup> | $2984687 | $2863638 |
| Estimated uninsured and uncollateralized deposits as a % of total deposits<sup>(1)</sup> | 26.2% | 25.5% |
| Estimated uninsured deposits<sup>(2)</sup> | $4842300 | $4478898 |

---

*(1) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.* 

*(2) Amounts are shown on an unconsolidated basis consistent with regulatory reporting requirements.* 

------

***Other earning assets***

*Securities purchased under agreements to resell (*"*reverse repurchase agreements*"*)*

We enter into agreements with certain customers to purchase investment securities under agreements to resell at specific dates in the future. This investment deploys some of our liquidity position into an instrument that improves the return on those funds. Securities purchased under agreements to resell totaled $54.1 million and $61.1 million at June 30, 2025 and December 31, 2024, respectively.

*Federal funds sold* 

Federal funds may fluctuate from period to period depending upon our liquidity position at the time and our strategy for deploying liquidity. Federal funds sold totaled $298.0 million and $64.8 million at June 30, 2025 and December 31, 2024, respectively.

*AFS debt securities portfolio*

Our investment portfolio objectives include maximizing total return after other primary objectives are achieved such as, but not limited to, providing liquidity, capital preservation, and pledging collateral for certain deposit types, various lines of credit and other borrowings. The investment objectives guide the portfolio allocation among security types, maturities, and other attributes.

The fair value of our AFS debt securities portfolio was $1.34 billion and $1.54 billion as of June 30, 2025 and December 31, 2024, respectively. Included in the fair value of AFS debt securities were net unrealized losses of $63.3 million and $141.4 million as of June 30, 2025 and December 31, 2024, respectively. Current net unrealized losses are driven by prevailing interest rate levels versus interest rate levels when many of the bonds were purchased.

During the three and six months ended June 30, 2025, we sold $266.5 million of mortgage-backed AFS debt securities with a weighted average yield of 1.63%. We anticipate utilizing the proceeds from this transaction to redeem outstanding subordinated and trust preferred debt, as well as originating higher yielding loans. The securities sold resulted in a net loss on securities of $60.5 million. During the three and six months ended June 30, 2025, we purchased $78.1 million and $181.8 million, respectively, of AFS debt securities. Maturities, prepayments and calls of AFS debt securities totaled $59.8 million and $134.7 million for the three and six months ended June 30, 2025, respectively.

During the six months ended June 30, 2024, we sold $207.9 million of AFS debt securities, resulting in a net loss on securities of $16.2 million. We primarily sold agency collateralized mortgage obligations, agency mortgage-backed securities, U.S. Treasury and municipal securities. We reinvested the proceeds from the sales primarily into U.S. government agency AFS debt securities. There were no AFS debt securities sold during the three months ended June 30, 2024. During the three and six months ended June 30, 2024, we purchased $85.0 million and $366.6 million, respectively, of AFS debt securities. Maturities, prepayments and calls of AFS debt securities totaled $67.6 million and $134.2 million for the three and six months ended June 30, 2024, respectively.

------

The following table sets forth the fair value, scheduled maturities and weighted average yields for our AFS debt securities portfolio as of the dates indicated below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30,** | **June 30,** | **June 30,** | **December 31,** | **December 31,** | **December 31,** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| *(dollars in thousands)* | **Fair value** | **% of total investment securities** | **Weighted average yield** <sup>(1)</sup> | **Fair value** | **% of total investment securities** | **Weighted average yield** <sup>(1)</sup> |
| U.S. Treasury securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Maturing within one year | $— | —% | —% | $299 | —% | 4.25% |
| &nbsp;&nbsp;Maturing in one to five years |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;Maturing in five to ten years |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;Maturing after ten years |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Treasury securities |  | —% | —% | 299 | —% | 4.25% |
| U.S. government agency securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Maturing within one year |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;Maturing in one to five years |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;Maturing in five to ten years | 276847 | 20.7% | 4.73% | 207220 | 13.5% | 5.28% |
| &nbsp;&nbsp;Maturing after ten years | 365417 | 27.4% | 5.02% | 355787 | 23.1% | 5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total U.S. government agency securities | 642264 | 48.1% | 4.90% | 563007 | 36.6% | 5.40% |
| Municipal securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Maturing within one year | 200 | —% | 2.54% | 548 | —% | 4.26% |
| &nbsp;&nbsp;Maturing in one to five years | 5246 | 0.4% | 3.85% | 3611 | 0.2% | 3.56% |
| &nbsp;&nbsp;Maturing in five to ten years | 19201 | 1.4% | 3.02% | 15723 | 1.0% | 3.06% |
| &nbsp;&nbsp;Maturing after ten years | 119581 | 8.9% | 2.95% | 127975 | 8.3% | 2.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total municipal securities | 144228 | 10.7% | 2.98% | 147857 | 9.5% | 2.96% |
| Mortgage-backed securities - residential and commercial: |  |  |  |  |  |  |
| &nbsp;&nbsp;Maturing within one year | 2 | —% | 5.59% | 2222 | 0.1% | 3.35% |
| &nbsp;&nbsp;Maturing in one to five years | 308 | —% | 2.12% | 343 | —% | 2.16% |
| &nbsp;&nbsp;Maturing in five to ten years | 7657 | 0.6% | 2.95% | 13424 | 0.9% | 2.73% |
| &nbsp;&nbsp;Maturing after ten years | 542128 | 40.5% | 3.87% | 809867 | 52.8% | 3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total mortgage-backed securities - residential and commercial | 550095 | 41.1% | 3.85% | 825856 | 53.8% | 3.09% |
| Corporate securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Maturing within one year |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;Maturing in one to five years | 978 | 0.1% | 7.36% | 989 | 0.1% | 7.98% |
| &nbsp;&nbsp;Maturing in five to ten years |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;Maturing after ten years |  | —% | —% |  | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total corporate securities | 978 | 0.1% | 7.36% | 989 | 0.1% | 7.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total AFS debt securities | $1337565 | 100.0% | 4.26% | $1538008 | 100.0% | 3.93% |

---

*(1)Yields on a tax-equivalent basis.*

***Borrowed funds***

Deposits are the primary source of funds for our lending activities and general business purposes. However, we also fund our operations through other channels, including obtaining advances from the FHLB, borrowings from the Federal Reserve's Discount Window or one-off borrowing programs, purchasing federal funds and engaging in overnight borrowing with correspondent banks, or entering into client repurchase agreements. We use these sources of funds as part of our asset liability management process to control our long-term interest rate risk exposure, even if it may increase our short-term cost of funds.

Our level of short-term borrowing can fluctuate on a daily basis depending on funding needs and the sources of funds to satisfy those needs, in addition to the overall interest rate environment and cost of public funds.

*Securities sold under agreements to repurchase and federal funds purchased* 

We enter into agreements with certain customers to sell certain securities under agreements to repurchase the security the following day. These agreements are made to provide customers with comprehensive treasury management products

------

as a short-term return for their excess funds. Securities sold under agreements to repurchase totaled $11.4 million and $13.5 million at June 30, 2025 and December 31, 2024, respectively.

We also maintain lines with certain correspondent banks that provide borrowing capacity in the form of federal funds purchased. Federal funds purchased are short-term borrowings that typically mature within one to ninety days. There were no such borrowings against these lines (i.e., federal funds purchased) as of June 30, 2025 or December 31, 2024.

*FHLB advances*

As a member of the FHLB system, we may utilize advances from the FHLB in order to provide additional liquidity and funding. Under these short-term agreements, we maintain a line of credit that as of June 30, 2025 and December 31, 2024 had total borrowing capacity of $1.48 billion and $1.40 billion, respectively. As of June 30, 2025 and December 31, 2024, we had qualifying loans pledged as collateral securing these lines amounting to $2.71 billion and $2.61 billion, respectively. There were no FHLB advances outstanding as of June 30, 2025 or December 31, 2024.

*Subordinated debt*

In 2003, we formed two separate trusts which issued $9.0 million and $21.0 million of floating rate trust preferred securities as part of a pooled offering of such securities. We issued junior subordinated debentures of $9.3 million, which included proceeds of common securities which we purchased for $0.3 million, and junior subordinated debentures of $21.7 million which included proceeds of common securities of $0.7 million. The trusts were created for the sole purpose of issuing 30-year capital trust preferred securities to fund the purchase of junior subordinated debentures issued by us. Both issuances were to the trusts in exchange for the proceeds of the securities offerings, which represent the sole asset of the trusts.

Additionally, in 2020, the Bank placed $100.0 million of ten year fixed-to-floating rate subordinated notes, maturing September 1, 2030.

We anticipate utilizing a portion of the proceeds from the securities sale transaction during the three months ended June 30, 2025 to redeem our outstanding subordinated and trust preferred debt.

Further information related to our subordinated debt as of June 30, 2025 is detailed below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(dollars in thousands)* | **Year established** | **Maturity** | **Call date** | **Total debt outstanding** | **Total debt outstanding** | **Interest rate** | **Coupon structure** |
| Subordinated debt issued by trust preferred securities: | Subordinated debt issued by trust preferred securities: | Subordinated debt issued by trust preferred securities: | Subordinated debt issued by trust preferred securities: | Subordinated debt issued by trust preferred securities: | Subordinated debt issued by trust preferred securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FBK Trust I <sup>(1)</sup> | 2003 | 06/09/2033 | 6/09/2008 | $| 9280 | 7.81% | 3-month SOFR plus 3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;FBK Trust II <sup>(1)</sup> | 2003 | 06/26/2033 | 6/26/2008 | 21650 | 21650 | 7.71% | 3-month SOFR plus 3.41% |
| Additional subordinated debt: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;FBK subordinated debt I<sup>(2)</sup> | 2020 | 09/01/2030 | 9/1/2025 | 100000 | 100000 | 4.50% | Semi-annual fixed<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unamortized debt issuance costs | &nbsp;&nbsp;&nbsp;&nbsp; Unamortized debt issuance costs | &nbsp;&nbsp;&nbsp;&nbsp; Unamortized debt issuance costs | &nbsp;&nbsp;&nbsp;&nbsp; Unamortized debt issuance costs | (32) | (32) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total subordinated debt, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total subordinated debt, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total subordinated debt, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total subordinated debt, net | $| 130898 |  |  |
| *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  | *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  | *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  | *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  | *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  | *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  | *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  | *(1)The Company classifies $30.0 million of the Trusts' subordinated debt as Tier 1 capital.*<br>*(2)The Company classifies the issuance, net of unamortized issuance costs as Tier 2 capital, which will be phased out 20% per year in the final five years before maturity.* <br>*(3)Beginning on September 1, 2025 the coupon structure migrates to the 3-month SOFR plus a spread of 439 basis points through the end of the term of the debenture.*  |

---

*Other borrowings*

Other borrowings on our consolidated balance sheets includes our finance lease liability totaling $1.2 million as of both June 30, 2025 and December 31, 2024. In addition, other borrowings on our consolidated balance sheets include guaranteed rebooked GNMA loans previously sold that meet certain defined delinquency criteria and are eligible for repurchase totaling $21.0 million and $31.4 million as of June 30, 2025 and December 31, 2024, respectively. See Note 5, "Leases" and Note 10, "Fair value of financial instruments" within the notes to our consolidated financial statements herein for additional information regarding our finance lease and guaranteed GNMA loans eligible for repurchase, respectively.

------

**Liquidity and capital resources**

We are expected to maintain adequate liquidity at the Bank to meet the cash flow requirements of clients who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs. Our Liquidity Policy is intended to cause the Bank to maintain adequate liquidity and, therefore, enhance our ability to raise funds to support asset growth, meet deposit withdrawals and lending needs and otherwise sustain our operations. We accomplish this through management of the maturities of our interest-earning assets and interest-bearing liabilities. We believe that our present position is adequate to meet our current and future liquidity needs.

We continuously monitor our liquidity position to ensure that assets and liabilities are managed in a manner that will meet all of our short-term and long-term cash requirements. We manage our liquidity position to meet the daily cash flow needs of clients, while maintaining an appropriate balance between assets and liabilities to optimize our net interest margin. We also monitor our liquidity requirements in light of interest rate trends, changes in the economy and the scheduled maturity and interest rate sensitivity of the investment and loan portfolios and deposits.

As part of our liquidity management strategy, we focus on minimizing our costs of liquidity and attempt to decrease these costs by growing our noninterest-bearing and other low-cost deposits, while replacing higher cost funding sources. While we do not control the types of deposit instruments our clients choose, we do influence those choices with the rates and the deposit specials we offer. Increasing interest rates generally attracts customers to higher cost interest-bearing deposit products as they seek to maximize their yield.

Our investment portfolio is another alternative for meeting liquidity needs. These assets generally have readily available markets that offer conversions to cash as needed. AFS debt securities within our investment portfolio are typically used to secure government, public, trust and other deposits and as collateral for short-term borrowings, letters of credit and derivative instruments. As of June 30, 2025 and December 31, 2024, we had pledged securities with carrying values of $790.2 million and $937.0 million, respectively.

Additional sources of liquidity include federal funds purchased, repurchase agreements, FHLB borrowings and lines of credit. Interest is charged at the prevailing market rate on federal funds purchased, reverse repurchase agreements and FHLB advances. Overnight advances obtained from the FHLB are used primarily to meet day to day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no FHLB advances outstanding as of June 30, 2025 or December 31, 2024. As of June 30, 2025, we had the ability to borrow $1.48 billion through FHLB advances with remaining capacity of $1.48 billion. As of December 31, 2024, there was $1.40 billion available to borrow against with a remaining capacity of $1.40 billion.

We also maintained unsecured lines of credit with other commercial banks totaling $370.0 million as of both June 30, 2025 and December 31, 2024. These are unsecured, uncommitted lines of credit typically maturing at various times within the next twelve months. There were no such borrowings against these lines (i.e., federal funds purchased) as of June 30, 2025 or December 31, 2024. As of both June 30, 2025 and December 31, 2024, we also had $50.0 million available through the IntraFi network, which allows us to offer banking customers access to FDIC insurance protection on deposits through our Bank which exceed FDIC insurance limits.

------

Our current on-balance sheet liquidity and available sources of liquidity are summarized in the table below:

---

| | | |
|:---|:---|:---|
| | **June 30,** | **December 31,** |
|<br>*(dollars in thousands)* | **2025** | **2024** |
| Current on-balance sheet liquidity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1165729 | $1042488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpledged AFS debt securities | 547354 | 600965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total on-balance sheet liquidity | $1713083 | $1643453 |
| Available sources of liquidity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured borrowing capacity<sup>(1)</sup> | $3325751 | $3318091 |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB remaining borrowing capacity | 1481376 | 1397905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Reserve discount window | 2119018 | 2053541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total available sources of liquidity | $6926145 | $6769537 |
| On-balance sheet liquidity as a percentage of total assets | 12.8% | 12.5% |
| On-balance sheet liquidity and available sources of liquidity as a percentage of estimated<br>&nbsp;&nbsp;&nbsp;&nbsp; uninsured and uncollateralized deposits<sup>(2)</sup> | 289.5% | 293.8% |

---

*(1)Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.* 

*(2)Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.* 

The Company also maintains the ability to access capital markets to meet its liquidity needs. The Company may utilize various methods to raise capital, including through the sale of common stock, preferred stock, debt securities, warrants, rights, or other securities. Specific terms and prices would be determined at the time of any such offering. In the past, the Company has utilized capital markets to generate liquidity in the form of common stock and subordinated debt primarily for the purpose of funding acquisitions.

The Company is a corporation separate and apart from the Bank and, therefore, it must provide for its own liquidity. The Company's main source of funding is dividends declared and paid by the Bank to the Company. Statutory and regulatory limitations exist that affect the ability of the Bank to pay dividends to the Company. Management believes that these limitations will not impact the Company's ability to meet its ongoing short-term cash obligations. For additional information regarding dividend restrictions, see the "Item 1. Business - Supervision and regulation," "Item 1A. Risk Factors - Risks related to our business" and "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Dividends," each of which is set forth in our Annual Report on Form 10-K for the year ended December 31, 2024.

Due to state banking laws, the Bank may not declare dividends in any calendar year in an amount exceeding the total of its net income for that year combined with its retained net income of the preceding two years, without the prior approval of the TDFI. Based upon this regulation, as of June 30, 2025 and December 31, 2024, $91.4 million and $185.9 million of the Bank's retained earnings were available for the payment of dividends without such prior approval. In addition, dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank's capital to be reduced below applicable minimum capital requirements. During the three and six months ended June 30, 2025, there were $52.3 million and $62.1 million in cash dividends approved by the board for payment from the Bank to the holding company. During the three and six months ended June 30, 2024, there were $20.0 million and $28.5 million in cash dividends approved by the board for payment from the Bank to the holding company in addition to an asset dividend of an equity security amounting to $1.7 million. None of these required approval from the TDFI. Subsequent to June 30, 2025, the Board approved a dividend from the Bank to the holding company to be paid in the third quarter for $40.7 million that also did not require approval from the TDFI.

During the three and six months ended June 30, 2025, the Company declared shareholder dividends of $0.19 per share, or $8.8 million and $0.38 per share, or $17.8 million, respectively. During the three and six months ended June 30, 2024, the Company declared shareholder dividends of $0.17 per share, or $8.0 million and 0.34 per share, or $16.1 million, respectively. Subsequent to June 30, 2025, the Company declared a quarterly dividend in the amount of $0.19 per share, payable on August 26, 2025, to stockholders of record as of August 12, 2025.

------

***Shareholders' equity and capital management***

Our total shareholders' equity was $1.61 billion and $1.57 billion as of June 30, 2025 and December 31, 2024, respectively. The increase in shareholders' equity was primarily attributable to net income of $42.3 million and a $44.8 million unrealized loss reclassification adjustment for loss on sale of securities included in net income, net of tax benefit. This increase was partially off-set by dividends declared of $17.8 million and stock repurchases of $44.1 million. Book value per common share was $35.17 as of June 30, 2025 and $33.59 as of December 31, 2024.

Our capital management consists of providing adequate equity to support our current and future operations. We are subject to various regulatory capital requirements administered by state and federal banking agencies, including the TDFI, Federal Reserve and the FDIC. Failure to meet minimum capital requirements may prompt certain actions by regulators that, if undertaken, could have a direct material adverse effect on our financial condition and results of operations. The Federal Reserve and the FDIC have issued guidelines governing the levels of capital that banks must maintain. As of June 30, 2025 and December 31, 2024, we met all capital adequacy requirements for which we were subject. See additional discussion regarding our capital adequacy and ratios within Note 12, "Minimum capital requirements" in the notes to our consolidated financial statements contained herein.

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **FB Financial Corporation** | **FirstBank** | <br>**To be Well-Capitalized**<sup>(1)</sup> |
| Total risk-based capital | 14.7% | 14.2% | 10.0% |
| Tier 1 risk-based capital | 12.6% | 12.1% | 8.0% |
| Common Equity Tier 1 ratio | 12.3% | 12.1% | 6.5% |
| Tier 1 leverage | 11.3% | 10.8% | 5.0% |

---

*(1) Applicable to Bank level capital.* 

Capital ratios are well above regulatory requirements for well-capitalized institutions. Management uses risk-based capital ratios in its analysis of the measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company.

**ITEM 3 — Quantitative and Qualitative Disclosures About Market Risk**

***Interest rate sensitivity***

Our market risk arises primarily from interest rate risk inherent in the normal course of lending and deposit-taking activities. Management believes that our ability to successfully respond to changes in interest rates will have a significant impact on our financial results. To that end, management actively monitors and manages our interest rate risk exposure.

The ALCO, which is authorized by our Board of Directors, monitors our interest rate sensitivity and makes decisions relating to that process. The ALCO's goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital in either a rising or declining interest rate environment. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.

We monitor the impact of changes in interest rates on our net interest income and economic value of equity using rate shock analysis. Net interest income simulations measure the short-term earnings exposure from changes in market rates of interest in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time. A decrease in EVE due to a specified rate change indicates a decline in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet. For purposes of calculating EVE, a zero percent floor is assumed on discount factors.

------

The following analysis depicts the estimated impact on net interest income and EVE of immediate changes in interest rates at the specified levels for the periods presented:

---

| | | |
|:---|:---|:---|
| | **Percentage change in:** | **Percentage change in:** |
| | **Net interest income** <sup>(1)</sup> | **Net interest income** <sup>(1)</sup> |
| | **June 30,** | **December 31,** |
|<br>**Change in interest rates**<br>**(in basis points)** | **2025** | **2024** |
| +400 | 8.61% | 10.4% |
| +300 | 7.16% | 8.39% |
| +200 | 5.06% | 5.78% |
| +100 | 2.67% | 2.97% |
| -100 | (2.91)% | (2.87)% |
| -200 | (5.81)% | (6.06)% |

---

---

| | | |
|:---|:---|:---|
| | **Percentage change in:** | **Percentage change in:** |
| | **Economic value of equity** <sup>(2)</sup> | **Economic value of equity** <sup>(2)</sup> |
| | **June 30,** | **December 31,** |
|<br>**Change in interest rates**<br>**(in basis points)** | **2025** | **2024** |
| +400 | (18.1)% | (14.5)% |
| +300 | (13.8)% | (12.3)% |
| +200 | (8.64)% | (7.92)% |
| +100 | (3.97)% | (3.80)% |
| -100 | 3.10% | 3.08% |
| -200 | 5.12% | 5.17% |

---

*(1)The percentage change represents the projected net interest income for 12 months on a flat balance sheet in a stable interest rate environment versus the projected net interest income in the various rate scenarios.*

*(2)The percentage change in this column represents our EVE in a stable interest rate environment versus EVE in the various rate scenarios.*

The results for the net interest income simulations as of June 30, 2025 and December 31, 2024 resulted in an asset sensitive position. The primary influence of our asset sensitivity is the floating rate structure in many of our loans held for investment as well as the composition of our liabilities which is primarily customer deposits. Our floating-rate loan portfolio is indexed to market rates and the timing and magnitude of loan and deposit repricing varies in proportion to market rate fluctuations. We actively monitor and perform stress tests on our deposit betas as part of our overall management of interest rate risk. This requires the use of various assumptions based on historical relationships of these variables in reaching any conclusion. Since these correlations are based on competitive pricing in the market, we anticipate that our future results will likely be different from the scenario results presented above and such differences could be material.

The preceding measures assume no change in the size or asset/liability compositions of the balance sheet. Thus, the measures do not reflect the actions the ALCO may undertake in response to such changes in interest rates. The scenarios assume instantaneous movements in interest rates in increments of 100, 200, 300 and 400 basis points. As interest rates are adjusted over a period of time, it is our strategy to proactively change the volume and mix of our balance sheet in order to mitigate our interest rate risk. The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions regarding characteristics of new business and the behavior of existing positions. These business assumptions are based upon our experience, business plans and published industry experience. Key assumptions employed in the model include asset prepayment speeds, competitive factors, the relative price sensitivity of certain assets and liabilities and the expected life of non-maturity deposits. Because these assumptions are inherently uncertain, actual results may differ from simulated results.

We may utilize derivative financial instruments as part of an ongoing effort to mitigate interest rate risk exposure to interest rate fluctuations and facilitate the needs of our customers. For more information about our derivative financial instruments, see Note 9, "Derivatives" in the notes to our consolidated financial statements.

------

**ITEM 4 — CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

An evaluation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of the end of the period covered by this Report was carried out under the supervision and with the participation of the Company's Chief Executive Officer, Chief Financial Officer and other members of the Company's senior management. The Company's Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Report, the Company's disclosure controls and procedures were effective in ensuring that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is: (i) accumulated and communicated to the Company's management (including the Chief Executive Officer and Chief Financial Officer) to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

There were no changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

The Company does not expect that its disclosure controls and procedures and internal control over financial reporting will prevent all errors and fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.

------

**PART II**

**ITEM 1—LEGAL PROCEEDINGS**

Various legal proceedings to which we or our subsidiaries are party arise from time to time in the normal course of business. As of the date of this Report, there are no material pending legal proceedings to which we or any of our subsidiaries is a party or of which any of our or our subsidiaries' properties are subject.

**ITEM 1A—RISK FACTORS**

There have been no material changes to the risk factors set forth in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 2—UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

The following table provides information about repurchases of common stock by the Company during the quarter ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a) <br>Total number of shares purchased** | **(b) <br>Average price paid per share** | **(c) <br>Total number of shares purchased as part of publicly announced plans or programs** | **(d)** <br>**Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs** <sup>(1)</sup> |
| April 1 - April 30 | 703091 | $41.83 | 703091 | $47997272 |
| May 1 - May 31 | 108613 | 44.59 | 108613 | 43154041 |
| June 1 - June 30 |  |  |  | 43154041 |
| Total | 811704 | $42.20 | 811704 | $43154041 |

---

On March 21, 2024, the Company announced that its board of directors re-authorized the Company's stock repurchase program pursuant to which the Company may purchase up to $100 million in shares of the Company's issued and outstanding common stock. The current repurchase plan will terminate either on the date on which the maximum dollar amount is repurchased under the new repurchase plan or on January 31, 2026, whichever date occurs earlier. The repurchase plan will be conducted pursuant to a written plan and is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.

**ITEM 5 — OTHER INFORMATION**

**Rule 10b5-1 Trading Plans**

During the quarter ended June 30, 2025, none of the Company's directors or executive officers adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

------

**ITEM 6—EXHIBITS**

The exhibits listed on the accompanying Exhibit Index are filed, furnished or incorporated by reference (as stated therein) as part of this Report.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| <u>[2.1](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001649749/000164974925000069/fbk-20250331.htm)</u> | <u>[Agreement and Plan of Merger, dated as of March 31, 2025, by and between FB Financial Corporation and Southern States Bancshares, Inc. (incorporated by reference to Exhibit 2.1 the Company's Current Report on Form 8-K (File No. 001-37875) filed on March 31, 2025)](https://www.sec.gov/Archives/edgar/data/1649749/000164974925000069/ex21mergeragreement.htm)</u> |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1649749/000164974923000221/exhibit31amendedandresta.htm)</u> | <u>[Amended and Restated Charter, as amended for SEC filing purposes only (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-37875) filed on February 25, 2025)](https://www.sec.gov/Archives/edgar/data/1649749/000164974925000035/exhibit31fbfinancialcorpor.htm)</u> |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1649749/000156459016029302/fbk-ex32_288.htm)</u> | <u>[Amended and Restated Bylaws of FB Financial Corporation (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-37875) filed on November 14, 2016)](https://www.sec.gov/Archives/edgar/data/1649749/000156459016029302/fbk-ex32_288.htm)</u> |
| <u>[4.1](https://www.sec.gov/Archives/edgar/data/1649749/000156459016029302/fbk-ex41_289.htm)</u> | <u>[Registration Rights Agreement by and between FB Financial Corporation and James W. Ayers, dated September 15, 2016 (incorporated by reference as Exhibit 4.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (File No. 001-37875) filed on November 14, 2016)](https://www.sec.gov/Archives/edgar/data/1649749/000156459016029302/fbk-ex41_289.htm)</u> |
| <u>[31.1](a2q25ex-311.htm)</u> | <u>[Rule 13a-14(a) Certification of Chief Executive Officer\*](a2q25ex-311.htm)</u> |
| <u>[31.2](a2q25ex-312.htm)</u> | <u>[Rule 13a-14(a) Certification of Chief Financial Officer\*](a2q25ex-312.htm)</u> |
| <u>[32.1](a2q25ex-321.htm)</u> | <u>[Section 1350 Certification of Chief Executive Officer and Chief Financial Officer\*\*](a2q25ex-321.htm)</u> |
| 101.INS | Inline XBRL Instance Document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

\*\* Furnished herewith.

------

**Signatures**

Pursuant to the requirements of the section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | **FB Financial Corporation**<br>/s/ Michael M. Mettee |
| August 4, 2025 | **Michael M. Mettee**<br>Chief Financial Officer<br>(Principal Financial Officer) |
|  | /s/ Jonathan Pennington |
| August 4, 2025 | **Jonathan Pennington** <br>Chief Accounting Officer<br>(Principal Accounting Officer) |

---

## Exhibit 31.1

**<u>EXHIBIT 31.1</u>**

**FB FINANCIAL CORPORATION**

**CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF THE SECURITIES**

**EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Christopher T. Holmes, certify that:

1. I have reviewed this quarterly report on Form 10-Q of FB Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp; (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp; (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp; (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 4, 2025 | /s/ Christopher T. Holmes |
| | Christopher T. Holmes |
| | President and Chief Executive Officer |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

**<u>EXHIBIT 31.2</u>**

**FB FINANCIAL CORPORATION**

**CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF THE SECURITIES**

**EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael M. Mettee, certify that:

1. I have reviewed this quarterly report on Form 10-Q of FB Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 4, 2025 | /s/ Michael M. Mettee |
| | Michael M. Mettee |
| | Chief Financial Officer |
| | (Principal Financial Officer) |

---

## Exhibit 32.1

**<u>EXHIBIT 32.1</u>**

**FB FINANCIAL CORPORATION**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), of FB Financial Corporation (the "Company"), each of the undersigned officers of the Company hereby certify, in their capacity as an executive officer of the Company, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp; The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: August 4, 2025 | /s/ Christopher T. Holmes |
|  | Christopher T. Holmes |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: August 4, 2025 | /s/ Michael M. Mettee |
|  | Michael M. Mettee |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

<br>