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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 10-Q
______________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37875
_____________________________________________________________
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________________________
Tennessee62-1216058
( State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
211 Commerce Street, Suite 300
Nashville, Tennessee
37201
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (615564-1212
___________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)  Name of each exchange on which registered 
Common Stock, 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 November 3, 2022 was 46,929,958.
1


Table of Contents
Page
PART I.
Item 1.
10
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 6.















2


GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (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 (Unaudited) as well as in the Management’s discussion and analysis of financial condition and results of operations. You may find it helpful to refer to this page as you read this Report.

ACLAllowance for credit lossesGAAPU.S. generally accepted accounting principles
AFSAvailable-for-saleGNMAGovernment National Mortgage Association
ALCOAsset Liability Management CommitteeIRLC
Interest rate lock commitment
ASCAccounting Standard CodificationLIBORLondon Interbank Offered Rate
ASUAccounting Standard UpdateMSRMortgage servicing rights
CARESCoronavirus Aid, Relief, and Economic Security ActNIMNet interest margin
CECLCurrent expected credit lossesOREOOther real estate owned
CEOChief Executive OfficerPPPPaycheck Protection Program
CET1Common Equity Tier 1PSUPerformance-based restricted stock units
COVID-19Coronavirus pandemicROAAReturn on average total assets
CPRConditional prepayment rateROAEReturn on average shareholders' equity
EPSEarnings per shareROATCEReturn on average tangible common equity
ESPPEmployee Stock Purchase PlanROURight-of-use
EVEEconomic value of equityRSURestricted stock units
FASBFinancial Accounting Standards BoardSBASmall Business Administration
FDICFederal Deposit Insurance CorporationSECU.S. Securities and Exchange Commission
Federal ReserveBoard of Governors of the Federal Reserve
   System
SOFR
Secured overnight financing rate
FHLBFederal Home Loan BankTDFITennessee Department of Financial Institutions
FHLMCFederal Home Loan Mortgage CorporationTDRTroubled debt restructuring
FNMAFederal National Mortgage Association
3

PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
FB Financial Corporation and subsidiaries
Consolidated balance sheets
(Amounts are in thousands except share and per share amounts) 


 September 30,December 31,
 2022 (Unaudited)2021 
ASSETS  
Cash and due from banks$193,301 $91,333 
Federal funds sold and reverse repurchase agreements
115,140 128,087 
Interest-bearing deposits in financial institutions309,849 1,578,320 
Cash and cash equivalents618,290 1,797,740 
Investments:
Available-for-sale debt securities, at fair value1,482,171 1,678,525 
Equity securities, at fair value2,962 3,367 
Federal Home Loan Bank stock, at cost58,587 32,217 
Loans held for sale, at fair value130,733 752,223 
Loans9,105,016 7,604,662 
Less: allowance for credit losses134,476 125,559 
Net loans8,970,540 7,479,103 
Premises and equipment, net143,277 143,739 
Other real estate owned, net5,919 9,777 
Operating lease right-of-use assets61,444 41,686 
Interest receivable39,034 38,528 
Mortgage servicing rights, at fair value171,427 115,512 
Goodwill242,561 242,561 
Core deposit and other intangibles, net13,407 16,953 
Bank-owned life insurance74,976 73,519 
Other assets242,754 172,236 
Total assets$12,258,082 $12,597,686 
LIABILITIES
Deposits
Noninterest-bearing$2,966,514 $2,740,214 
Interest-bearing checking2,648,161 3,418,666 
Money market and savings3,228,337 3,546,936 
Customer time deposits1,160,726 1,103,594 
Brokered and internet time deposits2,344 27,487 
Total deposits10,006,082 10,836,897 
Borrowings722,940 171,778 
Operating lease liabilities70,610 46,367 
Accrued expenses and other liabilities177,196 109,949 
Total liabilities10,976,828 11,164,991 
SHAREHOLDERS' EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    46,926,377 and 47,549,241 shares issued and outstanding at
    September 30, 2022 and December 31, 2021, respectively
46,926 47,549 
Additional paid-in capital867,139 892,529 
Retained earnings554,536 486,666 
Accumulated other comprehensive (loss) income, net(187,440)5,858 
Total FB Financial Corporation common shareholders' equity1,281,161 1,432,602 
Noncontrolling interest93 93 
Total equity1,281,254 1,432,695 
Total liabilities and shareholders' equity$12,258,082 $12,597,686 
See the accompanying notes to the consolidated financial statements.
4


FB Financial Corporation and subsidiaries
Consolidated statements of income
(Unaudited)
(Amounts are in thousands except share and per share amounts)

5
 Three Months Ended September 30,Nine Months Ended September 30,
 202220212022 2021 
Interest income:  
Interest and fees on loans$116,664 $89,993 $303,183 $269,266 
Interest on securities
Taxable6,843 3,989 18,762 10,652 
Tax-exempt1,818 1,883 5,526 5,772 
Other3,158 800 6,353 2,089 
Total interest income128,483 96,665 333,824 287,779 
Interest expense:
Deposits13,133 6,596 25,186 24,341 
Borrowings3,966 1,593 6,901 5,823 
Total interest expense17,099 8,189 32,087 30,164 
Net interest income111,384 88,476 301,737 257,615 
Provision for credit losses8,189 (2,832)10,241 (27,349)
Provision for credit losses on unfunded commitments3,178 301 9,197 (2,875)
Net interest income after provisions for credit losses100,017 91,007 282,299 287,839 
Noninterest income:
Mortgage banking income12,384 45,384 64,474 136,215 
Service charges on deposit accounts3,208 2,612 9,030 7,217 
ATM and interchange fees2,614 4,868 13,054 14,590 
Investment services and trust income2,227 2,511 6,634 7,518 
(Loss) gain from securities, net(140)51 (401)278 
Gain (loss) on sales or write-downs of other real estate owned435 2,005 (89)2,478 
(Loss) gain from other assets(6)177 76 162 
Other income1,870 1,398 4,420 6,578 
Total noninterest income22,592 59,006 97,198 175,036 
Noninterest expenses:
Salaries, commissions and employee benefits51,028 62,818 165,652 189,756 
Occupancy and equipment expense6,011 5,979 17,267 17,184 
Legal and professional fees4,448 2,177 10,171 6,701 
Data processing 2,334 2,595 7,219 7,456 
Amortization of core deposit and other intangibles1,108 1,344 3,546 4,178 
Advertising2,050 4,200 8,114 10,012 
Mortgage restructuring expense  12,458  
Other expense14,868 15,894 43,689 47,378 
Total noninterest expense81,847 95,007 268,116 282,665 
Income before income taxes40,762 55,006 111,381 180,210 
Income tax expense8,931 9,716 24,961 38,744 
Net income applicable to FB Financial Corporation
    and noncontrolling interest
31,831 45,290 86,420 141,466 
Net income applicable to noncontrolling interest  8 8 
Net income applicable to FB Financial Corporation$31,831 $45,290 $86,412 $141,458 
Earnings per common share
Basic$0.68 $0.96 $1.83 $2.99 
Diluted0.68 0.94 $1.83 $2.95 
See the accompanying notes to the consolidated financial statements.
5


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

 Three Months Ended September 30,Nine Months Ended September 30,
 2022 2021 2022 2021 
Net income$31,831 $45,290 $86,420 $141,466 
Other comprehensive loss, net of tax:
Net change in unrealized loss in available-for-sale
securities, net of tax benefits of $(23,750), $(2,054), $(68,576) and $(4,708)
(67,353)(5,818)(194,761)(15,380)
Reclassification adjustment for gain on sale of securities
included in net income, net of tax expenses of $0, $19, $1 and $23
(1)(56)(3)(67)
Net change in unrealized gain in hedging activities, net of tax
    expenses of $145, $38, $517 and $173
409 106 1,466 489 
Total other comprehensive loss, net of tax(66,945)(5,768)(193,298)(14,958)
Comprehensive (loss) income applicable to FB Financial Corporation
    and noncontrolling interest
(35,114)39,522 (106,878)126,508 
Comprehensive income applicable to noncontrolling interest  8 8 
Comprehensive (loss) income applicable to FB Financial Corporation$(35,114)$39,522 $(106,886)$126,500 
See the accompanying notes to the consolidated financial statements.
6


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

Common
stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
loss, net
Total common
shareholders' equity
Noncontrolling interestTotal shareholders' equity
Balance at June 30, 2022$46,882 $864,614 $528,851 $(120,495)$1,319,852 $93 $1,319,945 
Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 31,831 — 31,831  31,831 
Other comprehensive income, net of
taxes
— — — (66,945)(66,945)— (66,945)
Stock based compensation expense1 2,532 — — 2,533 — 2,533 
Restricted stock units vested and
distributed, net of shares withheld
31 (520)— — (489)— (489)
Shares issued under employee stock
purchase program
12 513 — — 525 — 525 
Dividends declared ($0.13 per share)
— — (6,146)— (6,146)— (6,146)
Balance at September 30, 2022$46,926 $867,139 $554,536 $(187,440)$1,281,161 $93 $1,281,254 
Balance at December 31, 2021$47,549 $892,529 $486,666 $5,858 $1,432,602 $93 $1,432,695 
Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 86,412 — 86,412 8 86,420 
Other comprehensive income, net of
taxes
— — — (193,298)(193,298)— (193,298)
Repurchase of common stock(795)(31,948)— — (32,743)— (32,743)
Stock based compensation expense3 8,150 — — 8,153 — 8,153 
Restricted stock units vested and
distributed, net of shares withheld
142 (2,777)— — (2,635)— (2,635)
Shares issued under employee stock
purchase program
27 1,185 — — 1,212 — 1,212 
Dividends declared ($0.39 per share)
— — (18,542)— (18,542)— (18,542)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at September 30, 2022$46,926 $867,139 $554,536 $(187,440)$1,281,161 $93 $1,281,254 
See the accompanying notes to the consolidated financial statements.

7


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

Common
stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income, net
Total common
shareholders' equity
Noncontrolling interestTotal shareholders' equity
Balance at June 30, 2021$47,361 $902,782 $403,173 $18,405 $1,371,721 $93 $1,371,814 
Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 45,290 — 45,290  45,290 
Other comprehensive loss, net of
     taxes
— — — (5,768)(5,768)— (5,768)
Repurchase of common stock(11)(425)— — (436)— (436)
Stock based compensation
expense
1 2,883 — — 2,884 — 2,884 
Restricted stock units vested and
distributed net of shares withheld
342 (8,444)— — (8,102)— (8,102)
Shares issued under employee
stock purchase program
15 632 — — 647 — 647 
Dividends declared ($0.11 per
     share)
— — (5,323)— (5,323)— (5,323)
Balance at September 30, 2021$47,708 $897,428 $443,140 $12,637 $1,400,913 $93 $1,401,006 
Balance at December 31, 2020$47,222 $898,847 $317,625 $27,595 $1,291,289 $93 $1,291,382 
Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 141,458 — 141,458 8 141,466 
Other comprehensive loss, net of
     taxes
— — — (14,958)(14,958)— (14,958)
Repurchase of common stock(11)(425)— — (436)— (436)
Stock based compensation
expense
6 8,059 — — 8,065 — 8,065 
Restricted stock units vested and
distributed net of shares withheld
454 (10,496)— — (10,042)— (10,042)
Shares issued under employee
stock purchase program