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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 March 31, 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 May 9, 2022 was 47,234,776.
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 March 31, 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 lossesGNMAGovernment National Mortgage Association
AFSAvailable-for-saleIRLCInterest rate lock commitment
ALCOAsset Liability Management CommitteeLIBORLondon Interbank Offered Rate
AOCI
Accumulated other comprehensive income
LTIPLong-term incentive plan
ASCAccounting Standard CodificationMBSMortgage‑backed securities
ASUAccounting Standard UpdateMSRMortgage servicing rights
CAAConsolidated Appropriations ActNIMNet interest margin
CARESCoronavirus Aid, Relief, and Economic Security ActOREOOther real estate owned
CECLCurrent expected credit lossesPCDPurchased credit deteriorated
CEOChief Executive OfficerPPPPaycheck Protection Program
CET1Common Equity Tier 1PSUPerformance-based restricted stock units
COVID-19Coronavirus pandemicREITReal estate investment trust
CPRConditional prepayment rateROAAReturn on average total assets
CRECommercial real estateROAEReturn 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 CorporationSDN List
Specially Designated Nationals and Blocked Persons
Federal Reserve
Board of Governors of the Federal Reserve
   System
SECU.S. Securities and Exchange Commission
FHLBFederal Home Loan BankSOFRSecured overnight financing rate
FHLMCFederal Home Loan Mortgage CorporationTDFITennessee Department of Financial Institutions
FNMAFederal National Mortgage AssociationTDRTroubled debt restructuring
GAAPU.S. generally accepted accounting principles
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) 


 March 31,December 31,
 2022 (Unaudited)2021 
ASSETS  
Cash and due from banks$61,637 $91,333 
Federal funds sold and reverse repurchase agreements
134,763 128,087 
Interest-bearing deposits in financial institutions1,546,911 1,578,320 
Cash and cash equivalents1,743,311 1,797,740 
Investments:
Available-for-sale debt securities, at fair value1,683,525 1,678,525 
Equity securities, at fair value3,213 3,367 
Federal Home Loan Bank stock, at cost34,433 32,217 
Loans held for sale, at fair value396,728 752,223 
Loans8,004,976 7,604,662 
Less: allowance for credit losses120,049 125,559 
Net loans7,884,927 7,479,103 
Premises and equipment, net142,550 143,739 
Other real estate owned, net9,721 9,777 
Operating lease right-of-use assets41,037 41,686 
Interest receivable39,069 38,528 
Mortgage servicing rights, at fair value144,675 115,512 
Goodwill242,561 242,561 
Core deposit and other intangibles, net15,709 16,953 
Bank-owned life insurance74,232 73,519 
Other assets218,500 172,236 
Total assets$12,674,191 $12,597,686 
LIABILITIES
Deposits
Noninterest-bearing$2,787,698 $2,740,214 
Interest-bearing checking3,639,779 3,418,666 
Money market and savings3,513,485 3,546,936 
Customer time deposits1,046,899 1,103,594 
Brokered and internet time deposits8,417 27,487 
Total deposits10,996,278 10,836,897 
Borrowings155,733 171,778 
Operating lease liabilities45,528 46,367 
Accrued expenses and other liabilities96,783 109,949 
Total liabilities11,294,322 11,164,991 
Commitments and contingencies (Note 16)
SHAREHOLDERS' EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    47,487,874 and 47,549,241 shares issued and outstanding at
    March 31, 2022 and December 31, 2021, respectively
47,488 47,549 
Additional paid-in capital888,168 892,529 
Retained earnings515,664 486,666 
Accumulated other comprehensive (loss) income, net(71,544)5,858 
Total FB Financial Corporation common shareholders' equity1,379,776 1,432,602 
Noncontrolling interest93 93 
Total equity1,379,869 1,432,695 
Total liabilities and shareholders' equity$12,674,191 $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 March 31,
 2022 2021 
Interest income:  
Interest and fees on loans$86,864 $89,412 
Interest on securities
Taxable5,420 2,819 
Tax-exempt1,866 1,956 
Other977 598 
Total interest income95,127 94,785 
Interest expense:
Deposits5,462 9,826 
Borrowings1,483 2,383 
Total interest expense6,945 12,209 
Net interest income88,182 82,576 
Provision for credit losses(6,129)(11,632)
Provision for credit losses on unfunded commitments1,882 (2,222)
Net interest income after provisions for credit losses92,429 96,430 
Noninterest income:
Mortgage banking income29,531 55,332 
Service charges on deposit accounts2,914 2,339 
ATM and interchange fees5,087 4,341 
Investment services and trust income2,132 2,008 
(Loss) gain from securities, net(152)83 
(Loss) gain on sales or write-downs of other real estate owned(498)496 
Gain (loss) from other assets64 (11)
Other income2,314 2,142 
Total noninterest income41,392 66,730 
Noninterest expenses:
Salaries, commissions and employee benefits59,443 64,571 
Occupancy and equipment expense5,403 5,849 
Legal and professional fees2,607 2,434 
Data processing 2,481 2,319 
Amortization of core deposit and other intangibles1,244 1,440 
Advertising4,033 2,253 
Other expense14,061 15,832 
Total noninterest expense89,272 94,698 
Income before income taxes44,549 68,462 
Income tax expense9,313 15,588 
Net income applicable to FB Financial Corporation
    and noncontrolling interest
35,236 52,874 
Net income applicable to noncontrolling interest  
Net income applicable to FB Financial Corporation$35,236 $52,874 
Earnings per common share
Basic$0.74 $1.12 
Diluted$0.74 $1.10 
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 March 31,
 2022 2021 
Net income$35,236 $52,874 
Other comprehensive loss, net of tax:
Net change in unrealized loss in available-for-sale
securities, net of tax benefits of $(27,483) and $(3,452)
(78,175)(11,848)
Reclassification adjustment for gain on sale of securities
included in net income, net of tax expenses of $1 and $2
(1)(5)
Net change in unrealized gain in hedging activities, net of tax
    expenses of $273 and $112
774 316 
Total other comprehensive loss, net of tax(77,402)(11,537)
Comprehensive (loss) income(42,166)41,337 
Comprehensive income applicable to noncontrolling interest  
Comprehensive (loss) income applicable to FB Financial Corporation$(42,166)$41,337 
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
income (loss), net
Total common
shareholders' equity
Noncontrolling interestsTotal shareholders' equity
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
— — 52,874 — 52,874 — 52,874 
Other comprehensive loss, net of taxes— — — (11,537)(11,537)— (11,537)
Stock based compensation expense3 2,663 — — 2,666 — 2,666 
Restricted stock units vested and distributed,
net of shares withheld
85 (1,800)— — (1,715)— (1,715)
Shares issued under employee stock
purchase program
22 811 — — 833 — 833 
Dividends declared ($0.11 per share)
— — (5,307)— (5,307)— (5,307)
Noncontrolling interest distribution— — — — —  
Balance at March 31, 2021$47,332 $900,521 $365,192 $16,058 $1,329,103 $93 $1,329,196 
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
— — 35,236 — 35,236 — 35,236 
Other comprehensive loss, net of taxes— — — (77,402)(77,402)— (77,402)
Repurchase of common stock(145)(6,058)— — (6,203)— (6,203)
Stock based compensation expense1 2,581 — — 2,582 — 2,582 
Restricted stock units vested and
distributed, net of shares withheld
68 (1,556)— — (1,488)— (1,488)
Shares issued under employee stock
purchase program
15 672 — — 687 — 687 
Dividends declared ($0.13 per share)
— — (6,238)— (6,238)— (6,238)
Noncontrolling interest distribution— — — — — —  
Balance at March 31, 2022$47,488 $888,168 $515,664 $(71,544)$1,379,776 $93 $1,379,869 
See the accompanying notes to the consolidated financial statements.
7

FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Unaudited)
(Amounts are in thousands)
Three Months Ended March 31,
2022 2021 
Cash flows from operating activities:
Net income applicable to FB Financial Corporation and noncontrolling interest$35,236 $52,874 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of fixed assets and software2,036 2,056 
Amortization of core deposit and other intangibles1,244 1,440 
Capitalization of mortgage servicing rights(9,812)(11,594)
Net change in fair value of mortgage servicing rights(19,351)(12,601)
Stock-based compensation expense2,582 2,666 
Provision for credit losses(6,129)(11,632)
Provision for credit losses on unfunded commitments1,882 (2,222)
Provision for mortgage loan repurchases(389)440 
Amortization of premiums and accretion of discounts on acquired loans, net2,352 58 
Amortization of premiums and accretion of discounts on securities, net1,992 2,150 
Loss (gain) from securities, net152 (83)
Originations of loans held for sale(993,733)(1,757,932)
Proceeds from sale of loans held for sale1,330,701 1,648,695 
Gain on sale and change in fair value of loans held for sale(21,675)(52,811)
Net loss (gain) or write-downs of other real estate owned498 (496)
(Gain) loss on other assets(64)11 
Provision for deferred income taxes9,313 9,639 
Earnings on bank-owned life insurance(354)(402)
Changes in:
Operating leases(190)129 
Other assets and interest receivable(62,043)(907)
Accrued expenses and other liabilities13,900 (41,660)
Net cash provided by (used in) operating activities288,148 (172,182)
Cash flows from investing activities:
Activity in available-for-sale securities:
Maturities, prepayments and calls57,443 61,040 
Purchases(170,093)(131,268)
Net change in loans(363,354)45,584 
Net change in commercial loans held for sale946 39,566 
Purchases of FHLB stock(2,216)(525)
Purchases of premises and equipment(601)(2,050)
Proceeds from the sale of other real estate owned121 2,495 
Net cash (used in) provided by investing activities(477,754)14,842 
Cash flows from financing activities:
Net increase in demand deposits238,893 855,673 
Net decrease in time deposits(75,765)(56,824)
Net decrease in securities sold under agreements to repurchase(14,779)(2,965)
Payments on subordinated debt (40,000)
Accretion of subordinated debt fair value premium and amortization of issuance
    costs, net
97 (158)
Payments on other borrowings (15,000)
Share based compensation withholding payments(1,488)(1,715)
Net proceeds from sale of common stock under employee stock purchase program687 833 
Repurchase of common stock(6,203) 
Dividends paid(6,265)(5,269)
Net cash provided by financing activities135,177 734,575 
Net change in cash and cash equivalents(54,429)577,235 
Cash and cash equivalents at beginning of the period1,797,740 1,317,898 
Cash and cash equivalents at end of the period$1,743,311 $1,895,133 
Supplemental cash flow information:
Interest paid$8,631 $14,794 
Taxes paid72 15,117 
Supplemental noncash disclosures:
Transfers from loans to other real estate owned$563 $1,395 
Loans provided for sales of other real estate owned  330 
Transfers from loans to loans held for sale8,700 2,521 
Transfers from loans held for sale to loans47,956 14,413 
Dividends declared not paid on restricted stock units60 38 
Right-of-use assets obtained in exchange for operating lease liabilities283 157 
See the accompanying notes to the consolidated financial statements.

8

FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)
Note (1)—Basis of presentation:
Overview and presentation
FB Financial Corporation (the “Company”) is a financial holding company headquartered in Nashville, Tennessee. The Company operates through its wholly-owned subsidiaries, FirstBank (the "Bank") and FirstBank Risk Management, Inc. As of March 31, 2022, the Bank had 81 full-service branches throughout Tennessee, Alabama, southern Kentucky and north Georgia, and a national mortgage business with office locations across the Southeast, which primarily originates loans to be sold in the secondary 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 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 balance sheet and the reported results of operations for the periods then ended. Actual results could differ 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.
Risks and uncertainties
The COVID-19 health pandemic created a crisis resulting in volatility in financial markets, sudden, unprecedented job losses, and disruption in consumer and commercial behavior, resulting in governments in the United States and globally to intervene with varying levels of direct monetary support and fiscal stimulus packages. All industries, municipalities and consumers have been impacted by the health crisis to some degree, including the markets that we serve. Although during the three months ended March 31, 2022, the outlook continued to improve, there continues to be concern regarding the potential downstream effects, including the supply chain disruptions and labor shortages, which continue to persist. As such, there continues to be uncertainty regarding the long term effects on the global economy, which could have a material adverse impact on the Company's business operations, asset valuations, financial condition, and results of operations.
Earnings per share
Basic EPS excludes dilution and is computed by dividing earnings available 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 the restricted stock units granted but not yet vested and distributable. Diluted EPS is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding for the period, plus an incremental number of common-equivalent shares computed using the treasury stock method.
Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common shareholders in undistributed earnings for purposes of computing EPS. Companies that have such participating securities are required to calculate basic and diluted EPS using the two-class method. Certain restricted stock awards granted by the Company include non-forfeitable dividend equivalents and are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities.
9

FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)
The following is a summary of the basic and diluted earnings per common share calculation for each of the periods presented:
 Three Months Ended March 31,
 20222021
Basic earnings per common share calculation:
Net income applicable to FB Financial Corporation$35,236 $52,874 
Dividends paid on and undistributed earnings allocated to participating securities  
Earnings available to common shareholders$35,236 $52,874 
Weighted average basic shares outstanding47,530,520 47,278,865 
Basic earnings per common share$0.74 $1.12 
Diluted earnings per common share:
Earnings available to common shareholders$35,236 $52,874 
Weighted average basic shares outstanding47,530,520 47,278,865 
Weighted average diluted shares contingently issuable(1)
193,382 690,241 
Weighted average diluted shares outstanding47,723,902 47,969,106 
Diluted earnings per common share$0.74 $1.10 
(1)Excludes 123,709 restricted stock units outstanding considered to be antidilutive for the three months ended March 31, 2022 and 87,452 restricted stock units outstanding considered to be antidilutive for three months ended March 31, 2021.
Recently adopted accounting policies:
The Company did not modify or adopt any new accounting policies during the three months ended March 31, 2022 that were not disclosed in the Company's 2021 audited consolidated financial statements included on Form 10-K, other than as described below.
During the three months ended March 31, 2022, the Company modified the accounting policy related to derivative financial instruments and hedging activities within Note 1 of the Company's 2021 Annual Report on Form 10-K in accordance with ASC 815, "Derivatives and Hedging," as a result of entering into designated fair value hedges during the period. The Company enters into fair value hedge relationships to mitigate the effect of changing interest rates on the fair values of fixed rate securities and loans. The gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item.
Recently adopted accounting standards:
The Company did not adopt any new accounting standards that were not disclosed in the Company's 2021 audited consolidated financial statements included on Form 10-K.
Newly issued not yet effective accounting standards:
In March 2022, the FASB issued ASU 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method", to expand the current single-layer method of electing hedge accounting to allow multiple hedged layers of a single closed portfolio under the method. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted on any date on or after the issuance of ASU No. 2022-01 for any entity that has adopted the amendments in ASU No.2017-12 for the corresponding period. Adoption of this update will not have an impact on the Company's consolidated financial statements or related disclosures.
Additionally, in March 2022, the FASB issued ASU 2022-02, "'Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures" related to troubled debt restructurings and vintage disclosures for financing receivables. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan modifications and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods
10

FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)
within those fiscal years, with early adoption permitted. The Company is currently evaluating the effect that ASU 2022-02 will have on its consolidated financial statements and related disclosures.
In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets. The guidance in this update requires that reporting companies implement SAB 121 no later than the financial statements covering the first interim or annual period ending after June 15, 2022, with retrospective application back to the beginning of the fiscal year. During the three months ended March 31, 2022, the Company became a founding member of the USDF Consortium ("the Consortium"), which plans to utilize blockchain and bank-issued digital dollars technology to streamline peer-to-peer financial transactions. While the Company does not currently hold or facilitate transactions with crypto-assets, the Company is evaluating the potential future financial statement and disclosure impact from adopting this guidance when it becomes applicable based on the Company's crypto-asset activities.
In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 is intended to provide relief for companies preparing for discontinuation of interest rates based on LIBOR. The ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or other reference rates expected to be discontinued. ASU 2020-04 also provides for a onetime sale and/or transfer to AFS or trading to be made for HTM debt securities that both reference an eligible reference rate and were classified as HTM before January 1, 2020. ASU 2020-04 was effective for all entities as of March 12, 2020 and through December 31, 2022. Companies can apply the ASU as of the beginning of the interim period that includes March 12, 2020 or any date thereafter. The guidance requires companies to apply the guidance prospectively to contract modifications and hedging relationships while the one-time election to sell and/or transfer debt securities classified as HTM may be made any time after March 12, 2020.
Our LIBOR Transition Committee was established to transition from LIBOR to alternative rates and has continued its efforts consistent with industry timelines. As part of these efforts, during the fourth quarter of 2021, we ceased utilization of LIBOR as an index in newly originated loans or loans that are refinanced. Additionally, we identified existing products that utilize LIBOR and are reviewing contractual language to facilitate the transition to alternative reference rates. ASU 2020-04 and ASU 2021-01 are not expected to have a material impact on our consolidated financial statements.
Subsequent events
The Company has evaluated, for consideration of recognition or disclosure, subsequent events that occurred through the date of issuance of these financial statements. The Company has determined that there were no subsequent events that occurred after March 31, 2022, but prior to the issuance of these financial statements that would have a material impact on the Company’s consolidated financial statements, other than as described below.
On May 10, 2022, the Company announced the restructuring of its Mortgage segment, including the discontinuation of its internet delivery channel, Real Genius, formerly known as ConsumerDirect (the "Direct-to-Consumer" channel), which is one of two delivery channels in the Mortgage segment. For the three months ended March 31, 2022 and 2021, The Direct-to-Consumer channel comprised 43.4% and 50.2% of the Company's total interest rate lock volume and 50.7% and 52.8% of the Company's sales volume, respectively. As a result of exiting this channel, the Company expects to incur total pre-tax restructuring charges of approximately $11,000 to $13,000 through the remainder of 2022 and to halt operations in this channel prior to the fourth quarter of 2022. The Company plans to continue originating and selling residential mortgage loans within its Mortgage segment through its traditional consumer mortgage retail channel, retain mortgage servicing rights and continue holding residential 1-4 family mortgage loans in the loan portfolio.
Additionally, subsequent to March 31, 2022, the Company bought back 400,000 shares of common stock under the Company's authorized share repurchase agreement. The average share price was $40.91 and total repurchase amount of $16,366.

11

FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)
Note (2)—Investment securities:
The following tables summarize the amortized cost, allowance for credit losses and fair value of the available-for-sale debt securities and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income at March 31, 2022 and December 31, 2021:  
March 31, 2022
 Amortized cost Gross unrealized gains Gross unrealized losses Allowance for credit losses for investments Fair Value
Investment Securities    
Available-for-sale debt securities  
U.S. government agency securities$41,015 $ $(2,133)$ $38,882 
Mortgage-backed securities - residential1,320,205 616 (88,565) 1,232,256 
Mortgage-backed securities - commercial 14,738 14 (445) 14,307