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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, 2023
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.)
1221 Broadway, Suite 1300
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:
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 October 27, 2023 was 46,843,400.
1

Table of Contents
Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


2

PART I
GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, 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, 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-saleGDPGross domestic product
ALCOAsset Liability Management CommitteeGNMAGovernment National Mortgage Association
ASCAccounting Standard CodificationHELOCHome equity line of credit
ASUAccounting Standard UpdateHFIHeld for investment
BankFirstBank, subsidiary bankHFSHeld for sale
CDCertificate of DepositIRLCInterest rate lock commitment
CECLCurrent expected credit lossesISDAInternational Swaps and Derivatives Association
CEOChief Executive OfficerLIBORLondon Interbank Offered Rate
CET1Common Equity Tier 1MSRMortgage servicing rights
C&I Commercial and IndustrialNIMNet interest margin
Company FB Financial CorporationOREOOther real estate owned
CPRConditional prepayment ratePSUPerformance-based restricted stock units
CRECommercial real estateReportForm 10-Q for the quarterly period ended September 30, 2023
EPSEarnings per shareROAAReturn on average assets
ESPPEmployee Stock Purchase PlanROAEReturn on average common equity
EVEEconomic value of equityROATCEReturn on average tangible common equity
FASBFinancial Accounting Standards BoardRSURestricted stock units
FDICFederal Deposit Insurance CorporationSECU.S. Securities and Exchange Commission
Federal ReserveBoard of Governors of the Federal Reserve
   System		SOFRSecured overnight financing rate
FHLBFederal Home Loan BankTDFITennessee Department of Financial Institutions
FHLMCFederal Home Loan Mortgage CorporationTDRTrouble debt restructuring
FNMAFederal National Mortgage Association
3

FB Financial Corporation and subsidiaries
Consolidated balance sheets
(Amounts are in thousands except share and per share amounts) 

 September 30,December 31,
 2023 (Unaudited)2022 
ASSETS  
Cash and due from banks$188,317 $259,872 
Federal funds sold and reverse repurchase agreements
129,885 210,536 
Interest-bearing deposits in financial institutions530,116 556,644 
Cash and cash equivalents848,318 1,027,052 
Investments:
Available-for-sale debt securities, at fair value1,348,219 1,471,186 
Equity securities, at fair value2,934 2,990 
Federal Home Loan Bank stock, at cost34,809 58,641 
Loans held for sale (includes $81,784 and $113,240 at fair value, respectively)
103,858 139,451 
Loans held for investment9,287,225 9,298,212 
Less: allowance for credit losses on loans HFI146,134 134,192 
Net loans held for investment9,141,091 9,164,020 
Premises and equipment, net156,081 146,316 
Operating lease right-of-use assets56,240 60,043 
Interest receivable49,205 45,684 
Mortgage servicing rights, at fair value172,710 168,365 
Bank-owned life insurance75,739 75,329 
Other real estate owned, net1,504 5,794 
Goodwill242,561 242,561 
Core deposit and other intangibles, net9,549 12,368 
Other assets246,813 227,956 
Total assets$12,489,631 $12,847,756 
LIABILITIES
Deposits
Noninterest-bearing$2,358,435 $2,676,631 
Interest-bearing checking2,554,641 3,059,984 
Money market and savings4,119,357 3,697,245 
Customer time deposits1,431,119 1,420,131 
Brokered and internet time deposits175,516 1,843 
Total deposits10,639,068 10,855,834 
Borrowings226,689 415,677 
Operating lease liabilities67,542 69,754 
Accrued expenses and other liabilities183,338 180,973 
Total liabilities11,116,637 11,522,238 
SHAREHOLDERS' EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    46,839,159 and 46,737,912 shares issued and outstanding, respectively
46,839 46,738 
Additional paid-in capital862,340 861,588 
Retained earnings656,120 586,532 
Accumulated other comprehensive loss, net(192,398)(169,433)
Total FB Financial Corporation common shareholders' equity1,372,901 1,325,425 
Noncontrolling interest93 93 
Total equity1,372,994 1,325,518 
Total liabilities and shareholders' equity$12,489,631 $12,847,756 
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 per share amounts)

5
 Three Months Ended September 30,Nine Months Ended September 30,
 2023 2022 2023 2022 
Interest income:  
Interest and fees on loans$153,882 $116,664 $443,458 $303,183 
Interest on investment securities
Taxable6,399 6,843 19,449 18,762 
Tax-exempt1,795 1,818 5,407 5,526 
Other11,836 3,158 35,261 6,353 
Total interest income173,912 128,483 503,575 333,824 
Interest expense:
Deposits69,826 13,133 187,946 25,186 
Borrowings3,160 3,966 9,500 6,901 
Total interest expense72,986 17,099 197,446 32,087 
Net interest income100,926 111,384 306,129 301,737 
Provision for credit losses on loans HFI6,031 8,189 13,603 10,241 
(Reversal of) provision for credit losses on unfunded commitments(3,210)3,178 (11,369)9,197 
Net interest income after provision for (reversal of) credit losses98,105 100,017 303,895 282,299 
Noninterest income:
Mortgage banking income11,998 12,384 36,316 64,474 
Service charges on deposit accounts2,959 3,208 9,197 9,030 
Investment services and trust income3,072 2,227 8,227 6,634 
ATM and interchange fees2,639 2,614 7,664 13,054 
Loss from investment securities, net(14,197)(140)(14,156)(401)
Gain (loss) on sales or write-downs of other real estate owned and
    other assets		115 429 465 (13)
Other income1,456 1,870 7,491 4,420 
Total noninterest income8,042 22,592 55,204 97,198 
Noninterest expenses:
Salaries, commissions and employee benefits54,491 51,028 155,299 165,652 
Occupancy and equipment expense6,428 6,011 18,618 17,267 
Legal and professional fees1,760 4,448 7,067 10,171 
Data processing 2,338 2,334 6,796 7,219 
Advertising2,124 2,050 6,258 8,114 
Amortization of core deposit and other intangibles889 1,108 2,819 3,546 
Mortgage restructuring expense— — — 12,458 
Other expense14,967 14,868 47,872 43,689 
Total noninterest expense82,997 81,847 244,729 268,116 
Income before income taxes23,150 40,762 114,370 111,381 
Income tax expense3,975 8,931 23,507 24,961 
Net income applicable to FB Financial Corporation
    and noncontrolling interest		19,175 31,831 90,863 86,420 
Net income applicable to noncontrolling interest— — 8 8 
Net income applicable to FB Financial Corporation$19,175 $31,831 $90,855 $86,412 
Earnings per common share:
Basic$0.41 $0.68 $1.94 $1.83 
Diluted0.41 0.68 1.94 1.83 
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,
 2023 2022 2023 2022 
Net income$19,175 $31,831 $90,863 $86,420 
Other comprehensive (loss) income, net of tax:
   Net unrealized loss in available-for-sale
 securities, net of tax benefit of $(13,819), $(23,750), $(11,650) and $(68,576)
(39,316)(67,353)(33,110)(194,761)
   Reclassification adjustment for loss (gain) on sale of securities
 included in net income, net of tax benefit (expense) of $3,674, $—, $3,674, and $(1)
10,426 (1)10,426 (3)
   Net unrealized (loss) gain in hedging activities, net of tax (benefit)
      expense of $(35), $145, $(99) and $517
(101)409 (281)1,466 
         Total other comprehensive loss, net of tax(28,991)(66,945)(22,965)(193,298)
Comprehensive (loss) income applicable to FB Financial Corporation
    and noncontrolling interest 		(9,816)(35,114)67,898 (106,878)
Comprehensive income applicable to noncontrolling interest— — 8 8 
Comprehensive (loss) income applicable to FB Financial Corporation$(9,816)$(35,114)$67,890 $(106,886)
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 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 loss, net of taxes— — — (66,945)(66,945)— (66,945)
  Stock based compensation expense1 2,532 — — 2,533 — 2,533 
Restricted stock units vested, net of
taxes		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 June 30, 2023:$46,799 $859,516 $644,043 $(163,407)$1,386,951 $93 $1,387,044 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 19,175 — 19,175 — 19,175 
Other comprehensive loss, net of taxes— — — (28,991)(28,991)— (28,991)
Stock based compensation expense1 2,783 — — 2,784 — 2,784 
Restricted stock units vested, net of
taxes		26 (348)— — (322)— (322)
Performance-based restricted stock
units vested, net of taxes		— — — — — — — 
Shares issued under employee stock
purchase program		13 389 — — 402 — 402 
Dividends declared ($0.15 per share)
— — (7,098)— (7,098)— (7,098)
Balance at September 30, 2023$46,839 $862,340 $656,120 $(192,398)$1,372,901 $93 $1,372,994 
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 (loss), net		Total common
shareholders' equity		Noncontrolling interestTotal shareholders' equity
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 loss, 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, net of
taxes		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 
Balance at December 31, 2022:$46,738 $861,588 $586,532 $(169,433)$1,325,425 $93 $1,325,518 
Net income attributable to FB Financial
Corporation and noncontrolling interest		— — 90,855 — 90,855 8 90,863 
Other comprehensive income, net of
taxes		— — — (22,965)(22,965)— (22,965)
Repurchase of common stock(136)(4,808)— — (4,944)— (4,944)
Stock based compensation expense7 8,310 — — 8,317 — 8,317 
Restricted stock units vested, net of
taxes		141 (2,069)— — (1,928)— (1,928)
Performance-based restricted stock
units vested, net of taxes		68 (1,383)— — (1,315)— (1,315)
Shares issued under employee stock
purchase program		21 702 — — 723 — 723 
Dividends declared ($0.45 per share)
— — (21,267)— (21,267)— (21,267)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at September 30, 2023$46,839 $862,340 $656,120 $(192,398)$1,372,901 $93 $1,372,994 
See the accompanying notes to the consolidated financial statements.

8
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Unaudited)
(Amounts are in thousands)
Nine Months Ended September 30,
2023 2022 
Cash flows from operating activities:
Net income applicable to FB Financial Corporation and noncontrolling interest$90,863 $86,420 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and software7,361 6,105 
Amortization of core deposit and other intangibles2,819 3,546 
Amortization of issuance costs on subordinated debt 290 291 
Capitalization of mortgage servicing rights(6,134)(19,523)
Net change in fair value of mortgage servicing rights1,789 (36,392)
Stock-based compensation expense8,317 8,153 
Provision for credit losses on loans HFI13,603 10,241 
(Reversal of) provision for credit losses on unfunded commitments(11,369)9,197 
Provision for mortgage loan repurchases(650)(1,989)
(Accretion) amortization of discounts and premiums on acquired loans, net(617)1,339 
Amortization of premiums and accretion of discounts on securities, net3,959 5,178 
Loss from investment securities, net14,156 401 
Originations of loans held for sale(970,131)(2,129,129)
Repurchases of loans held for sale— (194)
Proceeds from sale of loans held for sale1,013,584 2,796,313 
Gain on sale and change in fair value of loans held for sale(25,847)(43,648)
Net (gain) loss on write-downs of other real estate owned and other assets(465)13 
Provision for deferred income taxes1,660 15,879 
Earnings on bank-owned life insurance(1,382)(1,099)
Changes in:
Operating lease assets and liabilities, net1,591 4,485 
Other assets and interest receivable(14,596)(23,220)
Accrued expenses and other liabilities7,911 51,583 
Net cash provided by operating activities136,712 743,950 
Cash flows from investing activities:
Activity in available-for-sale securities:
Sales75,857 1,218 
Maturities, prepayments and calls91,361 170,701 
Purchases(82,829)(242,639)
Net change in loans21,419 (1,480,809)
Sales of FHLB stock31,825 — 
Purchases of FHLB stock(7,993)(26,370)
Purchases of premises and equipment(16,563)(6,060)
Proceeds from the sale of premises and equipment105 875 
Proceeds from the sale of other real estate owned 5,692 4,753 
Proceeds from the sale of other assets1,197 4 
Proceeds from bank-owned life insurance236 — 
Net cash provided by (used in) investing activities120,307 (1,578,327)
Cash flows from financing activities:
Net decrease in deposits(219,798)(820,640)
Net decrease in securities sold under agreements to repurchase and federal funds
    purchased		(12,240)(11,708)
Net (decrease) increase in short-term FHLB advances(175,000)540,000 
Share based compensation withholding payments(3,243)(2,635)
Net proceeds from sale of common stock under employee stock purchase program723 1,212 
Repurchase of common stock(4,944)(32,743)
Dividends paid on common stock(21,026)(18,401)
Dividend equivalent payments made upon vesting of equity compensation(217)(150)
Noncontrolling interest distribution(8)(8)
Net cash used in financing activities(435,753)(345,073)
Net change in cash and cash equivalents(178,734)(1,179,450)
Cash and cash equivalents at beginning of the period1,027,052 1,797,740 
Cash and cash equivalents at end of the period$848,318 $618,290 
9
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows (continued)
(Unaudited)
(Amounts are in thousands)
Nine Months Ended September 30,
2023 2022 
Supplemental cash flow information:
Interest paid$185,513 $31,322 
Taxes paid, net37,875 808 
Supplemental noncash disclosures:
Transfers from loans to other real estate owned$657 $984 
Transfers from loans to other assets2,233 — 
Transfers from other real estate owned to other assets75 — 
Loans provided for sales of other assets516 — 
Transfers from loans to loans held for sale11,351 42,997 
Transfers from loans held for sale to loans3,076 23,183 
(Decrease) increase in rebooked GNMA loans under optional repurchase program(4,137)26,485 
Trade date payable - securities10,930 — 
Trade date receivable - securities789 — 
Dividends declared not paid on restricted stock units241 173 
Right-of-use assets obtained in exchange for operating lease liabilities5,617 24,605 
See the accompanying notes to the consolidated financial statements.

10
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 primarily through its wholly-owned subsidiary bank, FirstBank (the "Bank") and the Bank's subsidiaries. As of September 30, 2023, the Bank had 81 full-service branches throughout Tennessee, Alabama, southern Kentucky and north Georgia, and a mortgage business with office locations across the Southeast, which primarily originates loans to be sold to third party private investors or government sponsored agencies 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 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 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 share-based payment 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.
11
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 calculations for each of the periods presented:
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Basic earnings per common share:
Net income applicable to FB Financial Corporation$19,175 $31,831 $90,855 $86,412 
Dividends paid on and undistributed earnings allocated to participating securities— — — — 
Earnings available to common shareholders$19,175 $31,831 $90,855 $86,412 
Weighted average basic shares outstanding46,818,612 46,908,520 46,759,703 47,181,853 
Basic earnings per common share$0.41 $0.68 $1.94 $1.83 
Diluted earnings per common share:
Earnings available to common shareholders$19,175 $31,831 $90,855 $86,412 
Weighted average basic shares outstanding46,818,612 46,908,520 46,759,703 47,181,853 
Weighted average diluted shares contingently issuable(1)
37,810 116,091 42,840 133,247 
Weighted average diluted shares outstanding46,856,422 47,024,611 46,802,543 47,315,100 
Diluted earnings per common share$0.41 $0.68 $1.94 $1.83