8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 23, 2018

FB FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Tennessee	001-37875	62-1216058
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)
211 Commerce Street, Suite 300 Nashville, Tennessee		37201
(Address of principal executive offices)		(Zip Code)

(615) 564-1212

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   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.  ☒

Item 2.02 Results of Operations and Financial Condition.

On July 23, 2018, FB Financial Corporation (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2018 (the “Earnings Release”).  In addition, the Company made available on its website (investors.firstbankonline.com) supplemental financial information for the second quarter ended June 30, 2018 (the “Supplemental Financial Information”) and an earnings release presentation (the “Earnings Presentation”) for use in connection with the Earnings Release.  Copies of the Earnings Release, the Supplemental Financial Information and the Earnings Presentation are furnished as Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, respectively, to this Current Report on Form 8-K (this “Report”).

The information contained in this Report, including Exhibit 99.1, Exhibit 99.2 and  Exhibit 99.3 furnished herewith, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference into any registration statement or other documents pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

The disclosure contained in Item 2.02 of this Report is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit NumberDescription of Exhibit

99.1 Earnings Release issued July 23, 2018 – For the Second Quarter Ended June 30, 2018.

99.2 Supplemental Financial Information – For the Second Quarter Year Ended June 30, 2018.

99.3 Earnings Release Presentation issued July 24, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FB FINANCIAL CORPORATION
By:	/s/ James R. Gordon
	James R. Gordon
	Chief Financial Officer and Secretary

Date: July 23, 2018

EX-99.1

Exhibit 99.1

FB Financial Corporation Reports Strong 2018 Second Quarter Results

Reported diluted EPS of $0.70; Adjusted diluted EPS of $0.72, excluding offering-related expenses

Driven by 21.1% annualized loan growth; 17.3% annualized customer deposit growth

Adjusted ROAA of 1.91%; NIM of 4.81%

NASHVILLE, Tenn.--(BUSINESS WIRE)--July 23, 2018--FB Financial Corporation (the “Company”) (NYSE: FBK), parent company of FirstBank, reported net income of $22.1 million, or $0.70 per diluted common share, for the second quarter of 2018, compared to net income of $11.2 million, or $0.43 per diluted common share, for the second quarter of 2017. Adjusting for nondeductible offering-related expenses, net income was $22.7 million, or $0.72 per diluted common share, reflecting growth of 60.0% per share, when compared to net income of $11.7 million, or $0.45 per diluted common share for the second quarter of 2017, which excluded pre-tax merger-related expenses.

President and Chief Executive Officer Christopher T. Holmes stated, “Our team continues to deliver outstanding performance driven by growth in loans and deposits, which was balanced across markets and products. Our adjusted ROAA of 1.91% and our net interest margin of 4.81% are among the best in the industry. Our associates take pride in our elite financial performance and that is part of the culture of our company. We believe our disciplined, long-term approach positions us well for the future, including the last half of 2018.”

Performance Summary

		For the Three Months Ended June 30,
	(dollars in thousands, except share data)	2018			2017
	Results of operations
	Net interest income	$	51,517		$	30,427
	NIM		4.81	%		4.19	%
	Provision for loan losses	$	1,063		$	(865	)
	Net (recovery) charge-off ratio		(0.11	%)		(0.25	%)
	Noninterest income	$	35,708		$	35,657
	Mortgage banking income		28,544			30,239
	Total mortgage banking pre-tax contribution, adjusted(1)		10.4	%		29.6	%
	Total revenue	$	87,225		$	66,084
	Noninterest expenses		56,303			49,136
	Merger/offering-related expenses		671			767
	Efficiency ratio		64.5	%		74.4	%
	Core efficiency ratio(1)		62.1	%		70.2	%
	Net income		22,065			11,239
	Diluted earnings per share	$	0.70		$	0.43
	Effective tax rate		26.1	%		36.9	%
	Net income, adjusted(1)	$	22,736		$	11,705
	Diluted earnings per share, adjusted(1)	$	0.72		$	0.45
	Weighted average number of shares - diluted		31,294,044			26,301,458
	Actual shares outstanding - period end		30,683,353			28,968,160
	Returns on average:
	Assets		1.86	%		1.40	%
	Adjusted(1)		1.91	%		1.46	%
	Equity		14.4	%		11.3	%
	Tangible common equity (1)		19.0	%		13.0	%
	Adjusted(1)		19.6	%		13.5	%
(1)	Certain measures are considered non-GAAP financial measures. See “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation issued July 23, 2018.

		2018						2017			Annualized
	(dollars in thousands)	Second Quarter			First Quarter			Second Quarter			2Q18 / 1Q18 % Change	2Q18 / 2Q17 % Change
	Balance Sheet Highlights
	Investment securities	$	611,435		$	597,347		$	553,357		9.5%	10.5%
	Loans - held for sale		374,916			414,518			427,416		-38.3%	-12.3%
	Loans - held for investment		3,415,575			3,244,663			1,970,974		21.1%	73.3%
	Allowance for loan losses		26,347			24,406			23,247		31.9%	13.3%
	Total assets		4,923,249			4,725,416			3,346,570		16.8%	47.1%
	Customer deposits		3,844,009			3,684,758			2,726,060		17.3%	41.0%
	Total deposits		3,909,863			3,766,151			2,727,593		15.3%	43.3%
	Total shareholders' equity		630,959			611,075			509,517		13.1%	23.8%
	Tangible book value per share(1)	$	15.66		$	14.99		$	15.83
	Tangible common equity to tangible assets (1)		10.1	%		10.2	%		13.9	%
(1)	Certain measures are considered non-GAAP financial measures. See “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation issued July 23, 2018.

Continued Focus on Execution of Strategy Drives Growth and Profitability

“Our annualized 21.1% loan and 17.3% customer deposit growth in the quarter was outstanding, driven by the needs of our existing customers and the addition of new customer relationships. These results demonstrate the capacity of our team to balance strong growth in revenue, loans and deposits while delivering peer-leading margins and controlling expenses. Our loan growth, deposit growth and net interest margin were all stronger than previous quarters, and above our long-term targets. We expect loan growth to settle back into our 10%-12% target range in the last half of 2018, but our success in the first half of the year should cause us to exceed our planned growth range for the year,” Holmes said.

Holmes continued, “Pricing and terms will always be competitive in a crowded industry, but we will continue to focus on delivering both growth and profitability. We believe our market-focused operating model is built to withstand the ebbs and flows of the interest rate and credit markets. Continuing to grow our customer deposits is important to our success and will come with accelerating increases in our cost of deposits and our deposit beta. Our deposit beta was a manageable 28% this quarter and we expect deposit betas to move upward in the coming quarters, partially offset by positive loan betas.”

The Company’s net interest margin (NIM) was 4.81% for the second quarter of 2018, compared to 4.64% and 4.19% for the first quarter of 2018 and the second quarter of 2017, respectively. This improvement was attained through contractual loan yield expansion and funding cost containment. Accretion related to purchased loans and collections of nonaccrual interest contributed 20 basis points to the Company’s NIM compared to 20 and 15 basis points for the first quarter of 2018 and the second quarter of 2017, respectively.

“As we indicated during our first quarter earnings call, we expected our adjusted net interest margin, which was a healthy 4.61%, to exceed the top-end of our long-term range. This is reflective of focusing on customer relationships versus wholesale business, capitalizing on fee opportunities and benefitting from the rising rate environment on loan yields,” Holmes commented.

Noninterest Income Remains Stable

Noninterest income was $35.7 million for the second quarter of 2018, compared to $33.3 million for the first quarter of 2018 and $35.7 million for the second quarter of 2017. Mortgage banking income was $28.5 million for the second quarter of 2018, compared to $26.5 million for the first quarter of 2018 and $30.2 million for the second quarter of 2017.

Holmes commented, “This quarter, our mortgage business represented 10.4% of the Company’s adjusted pre-tax income compared to 29.6% for the second quarter of 2017. These results reflect our near-term plan of growing our Banking Segment faster than our Mortgage Segment to maintain a total mortgage pre-tax contribution in the 10%-15% range. Our mortgage team continues to deliver significant noninterest income in the face of declining volumes and margin pressures in the mortgage business.”

Continuing to Improve Operating Efficiency

Noninterest expense was $56.3 million for the second quarter of 2018, compared to $56.2 million for the first quarter of 2018 and $49.1 million for the second quarter of 2017. Excluding the merger/offering-related expenses, noninterest expense was $55.6 million for the second quarter of 2018, compared to $55.0 million for the first quarter of 2018 and $48.4 million for the second quarter of 2017.

Chief Financial Officer, James R. Gordon, stated, “Our year-over-year operating leverage from organic growth, merger and ongoing cost efficiencies is best illustrated by the improvement in our Banking Segment efficiency ratio to 51.7% from 60.4% for the same period last year. Further demonstrating our progress, the Company’s total revenue has increased by more than twice the rate of its total noninterest expense when compared to the same period last year.”

Strong Asset Quality

During the second quarter of 2018, we recognized a provision for loan losses of $1.1 million, reflecting loan growth, stable fundamental credit metrics and net recoveries of 0.11% of average loans. Our nonperforming assets decreased from the previous quarter to $25.8 million, or 0.52% of total assets. Nonperforming loans declined to 0.26% of loans held for investment at June 30, 2018, compared to 0.30% at March 31, 2018.

Capital Strength for Future Growth

“We continue to generate capital at a strong pace, with an increase in tangible book value per share of 35.5% since our IPO in September 2016, which should continue to sustain both organic and acquired growth in future periods. Our tangible common equity to tangible assets ratio of 10.1% this quarter continues to provide us strategic and tactical flexibility, and supports our quarterly cash dividend of six cents per share,” commented Gordon.

Summary

“By focusing on serving our customers, understanding our markets and adhering to our core values, our associates continue to deliver outstanding results. We believe the Company is well-positioned to continue our performance across our attractive markets. We appreciate our customers, associates and shareholders and thank you for your continued support,” Holmes concluded.

WEBCAST AND CONFERENCE CALL INFORMATION

The live broadcast of FB Financial Corporation’s earnings conference call will begin at 8:00 a.m. CT on Tuesday, July 24, 2018, and the conference call will be broadcast live over the Internet at https://services.choruscall.com/links/fbk180724yyYSkAAU.html. An online replay will be available for twelve months approximately an hour following the conclusion of the live broadcast.

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a bank holding company headquartered in Nashville, Tennessee. FB Financial operates through its wholly owned banking subsidiary, FirstBank, the third largest Tennessee-headquartered community bank, with 56 full-service bank branches across Tennessee, North Alabama and North Georgia, and a national mortgage business with offices across the Southeast. FirstBank serves five of the largest metropolitan markets in Tennessee and has approximately $4.9 billion in total assets.

SUPPLEMENTARY FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Supplemental Financial Information and Earnings Presentation posted on the Company’s website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Supplemental Financial Information and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (SEC) on July 23, 2018.

BUSINESS SEGMENT RESULTS

The Company has included its business segment financial tables as part of this Earnings Release. A detailed discussion of our business segments is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, and investors are encouraged to review that discussion in conjunction with this Earnings Release.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this Earnings Release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the Company’s assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives and the timing, benefits, costs and synergies of future acquisition, disposition and other growth opportunities. These statements, which are based upon certain assumptions and estimates and describe the Company’s future plans, results, strategies and expectations, 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,” “projection” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management, 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 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 and that are beyond the Company’s control. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this Earnings Release, 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 in this Earnings Release including, without limitation, the risks and other factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 16, 2018 under the captions “Cautionary note regarding forward-looking statements” and “Risk factors.” 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 Company’s underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Earnings Release, and the Company does not undertake any 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.

GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES

This Earnings Release contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non‐GAAP financial measures include, without limitation, adjusted net income, adjusted diluted earnings per share, core net income, core diluted earnings per share, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, core return on average assets and equity and core total revenue. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non‐core in nature. The Company refers to these non‐GAAP measures as adjusted or core measures. The corresponding Earnings Release also presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on tangible common equity, return on average tangible common equity, adjusted return on average assets, adjusted return on average equity, core return on average tangible common equity and adjusted return on average tangible common equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein 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 the Company calculates the non-GAAP financial measures discussed herein 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 the Company has discussed herein when comparing such non-GAAP financial measures. See the “Use of non-GAAP Financial Measures” and the corresponding non-GAAP reconciliation tables in the Supplemental Financial Information as well as “Use of non-GAAP Financial Measures” and the Appendix in the Earnings Release Presentation issued July 23, 2018 for a discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2018						2017
	Second Quarter			First Quarter			Second Quarter
Statement of Income Data
Total interest income	$	59,043		$	54,848		$	33,278
Total interest expense		7,526			6,419			2,851
Net interest income		51,517			48,429			30,427
Provision for loan losses		1,063			317			(865	)
Total noninterest income		35,708			33,275			35,657
Total noninterest expense		56,303			56,151			49,136
Net income before income taxes		29,859			25,236			17,813
Income tax expense		7,794			5,482			6,574
Net income	$	22,065		$	19,754		$	11,239
Net interest income (tax—equivalent basis)	$	51,909		$	48,799		$	31,158
Net income, adjusted*	$	22,736		$	20,636		$	11,705
Per Common Share
Diluted net income	$	0.70		$	0.63		$	0.43
Diluted net income, adjusted*	$	0.72		$	0.66		$	0.45
Book value		20.56			19.92			17.59
Tangible book value*		15.66			14.99			15.83
Weighted average number of shares-diluted		31,294,044			31,421,830			26,301,458
Period-end number of shares		30,683,353			30,671,763			28,968,160
Selected Balance Sheet Data
Cash and due from banks	$	67,863		$	53,060		$	59,112
Loans held for investment (HFI)		3,415,575			3,244,663			1,970,974
Allowance for loan losses		(26,347	)		(24,406	)		(23,247	)
Loans held for sale		374,916			414,518			427,416
Investment securities, at fair value		611,435			597,347			553,357
Other real estate owned, net		14,639			15,334			6,370
Total assets		4,923,249			4,725,416			3,346,570
Customer deposits		3,844,009			3,684,758			2,726,060
Brokered and internet time deposits		65,854			81,393			1,533
Total deposits		3,909,863			3,766,151			2,727,593
Borrowings		326,897			278,293			43,790
Total shareholders' equity		630,959			611,075			509,517
Selected Ratios
Return on average:
Assets		1.86	%		1.71	%		1.40	%
Shareholders' equity		14.4	%		13.4	%		11.3	%
Tangible common equity*		19.0	%		17.9	%		13.0	%
Average shareholders' equity to average assets		12.9	%		12.8	%		12.4	%
Net interest margin (NIM) (tax-equivalent basis)		4.81	%		4.64	%		4.19	%
Efficiency ratio (GAAP)		64.5	%		68.7	%		74.4	%
Core efficiency ratio (tax-equivalent basis)*		62.1	%		65.5	%		70.2	%
Loans held for investment to deposit ratio		87.4	%		86.2	%		72.3	%
Total loans to deposit ratio		96.9	%		97.2	%		87.9	%
Yield on interest-earning assets		5.51	%		5.25	%		4.57	%
Cost of interest-bearing liabilities		0.96	%		0.85	%		0.55	%
Cost of total deposits		0.62	%		0.55	%		0.34	%
Credit Quality Ratios
Allowance for loan losses as a percentage of loans held for investment		0.77	%		0.75	%		1.18	%
Net (recoveries) charge-off's as a percentage of average loans held for investment		(0.11	)%		(0.01	)%		(0.25	)%
Nonperforming loans held for investment as a percentage of total loans held for investments		0.26	%		0.30	%		0.50	%
Nonperforming assets as a percentage of total assets		0.52	%		0.59	%		0.58	%
Preliminary capital ratios (Consolidated)
Shareholders' equity to assets		12.8	%		12.9	%		15.2	%
Tangible common equity to tangible assets*		10.1	%		10.2	%		13.9	%
Tier 1 capital (to average assets)		10.9	%		10.7	%		15.5	%
Tier 1 capital (to risk-weighted assets)		11.4	%		11.8	%		18.3	%
Total capital (to risk-weighted assets)		12.0	%		12.3	%		19.1	%
Common Equity Tier 1 (to risk-weighted assets) (CET1)		10.7	%		11.0	%		17.2	%
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP Financial Measures” and the corresponding financial tables below for reconciliations of these Non-GAAP measures. Investors are encouraged to refer to the discussion of non-GAAP measures included in the corresponding earnings release.

Non-GAAP Reconciliation
For the Quarters Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2018					2017
Net income, adjusted	Second Quarter		First Quarter			Second Quarter
Pre-tax net income	$	29,859	$	25,236		$	17,813
Plus merger and offering-related expenses		671		1,193			767
Less significant gains (losses) on securities, other real estate owned and other items		-		-			-
Pre-tax net income, adjusted	$	30,530	$	26,429		$	18,580
Income tax expense, adjusted		7,794		5,793			6,875
Net income, adjusted	$	22,736	$	20,636		$	11,705
Weighted average common shares outstanding fully diluted		31,294,044		31,421,830			26,301,458
Diluted earnings per share, adjusted
Diluted earnings per common share	$	0.70	$	0.63		$	0.43
Plus merger and offering-related expenses		0.02		0.04			0.03
Less significant gains (losses) on securities, other real estate owned and other items		-		-			-
Less tax effect		-		(0.01	)		(0.01	)
Diluted earnings per share, adjusted	$	0.72	$	0.66		$	0.45
Previously, the Company adjusted reported net income for the following items: (i) change in fair value in MSRs, net, and (ii) Gains (losses) from securities, OREO, MSRs, other assets, and other items. Beginning with the first quarter of 2018, the Company is only adjusting reported earnings for (i) merger and conversion costs; and (ii) other significant items impacting comparability between quarterly and annual periods including costs related to the secondary stock offering completed by our primary shareholder during the second quarter of 2018. Prior periods have been adjusted to conform to this presentation, see below for previously reported amounts:
						2017
Previously reported core results*						Second Quarter
Core net income						$	12,919
Core diluted earnings per share						$	0.49
* Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements.

Non-GAAP Reconciliation
For the Quarters Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2018						2017
Core efficiency ratio (tax-equivalent basis)	Second Quarter			First Quarter			Second Quarter
Total noninterest expense	$	56,303		$	56,151		$	49,136
Less merger and offering-related expenses		671			1,193			767
Less loss on sale of mortgage servicing rights		-			-			249
Core noninterest expense	$	55,632		$	54,958		$	48,120
Net interest income (tax-equivalent basis)		51,909			48,799			31,158
Total noninterest income		35,708			33,275			35,657
Less change in fair value on mortgage servicing rights		(1,778	)		(1,713	)		(1,840	)
Less (loss) gain on sales or write-downs of other real estate owned and other assets		(132	)		(118	)		62
Less (loss) gain from securities, net		(97	)		(47	)		29
Core noninterest income		37,715			35,153			37,406
Core revenue	$	89,624		$	83,952		$	68,564
Efficiency ratio (GAAP)(1)		64.5	%		68.7	%		74.4	%
Core efficiency ratio (tax-equivalent basis)		62.1	%		65.5	%		70.2	%
(1) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.
	2018						2017
Banking segment core efficiency ratio (tax equivalent)	Second Quarter			First Quarter			Second Quarter
Core consolidated noninterest expense	$	55,632		$	54,958		$	48,120
Less Mortgage segment noninterest expense		19,582			18,910			19,802
Add loss on sale of mortgage servicing rights		-			-			249
Adjusted Banking segment noninterest expense		36,050			36,048			28,567
Adjusted core revenue		89,624			83,952			68,564
Less Mortgage segment noninterest income		21,650			20,363			23,121
Less change in fair value on mortgage servicing rights		(1,778	)		(1,713	)		(1,840	)
Adjusted Banking segment total revenue	$	69,752		$	65,302		$	47,283
Banking segment core efficiency ratio (tax-equivalent basis)		51.7	%		55.2	%		60.4	%
Mortgage segment core efficiency ratio (tax equivalent)
Consolidated Noninterest expense	$	56,303		$	56,151		$	49,136
Less loss on sale of mortgage servicing rights		-			-			249
Less Banking segment noninterest expense		36,721			37,241			29,334
Adjusted Mortgage segment noninterest expense	$	19,582		$	18,910		$	19,553
Total noninterest income		35,708			33,275			35,657
Less Banking segment noninterest income		14,058			12,912			12,536
Less change in fair value on mortgage servicing rights		(1,778	)		(1,713	)		(1,840	)
Adjusted Mortgage segment total revenue	$	23,428		$	22,076		$	24,961
Mortgage segment core efficiency ratio (tax-equivalent basis)		83.6	%		85.7	%		78.3	%
	2018						2017
Mortgage contribution, adjusted	Second Quarter			First Quarter			Second Quarter
Mortgage segment pre-tax net contribution	$	1,916		$	1,111		$	3,747
Retail footprint:
Mortgage banking income		6,894			6,108			7,118
Mortgage banking expenses		5,649			5,097			5,368
Retail footprint pre-tax net contribution		1,245			1,011			1,750
Total mortgage banking pre-tax net contribution	$	3,161		$	2,122		$	5,497
Pre-tax net income		29,859			25,236			17,813
% total mortgage banking pre-tax net contribution		10.6	%		8.4	%		30.9	%
Pre-tax net income, adjusted		30,530			26,429			18,580
% total mortgage banking pre-tax net contribution, adjusted		10.4	%		8.0	%		29.6	%

Non-GAAP Reconciliation
For the Quarters Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2018						2017
Tangible assets and equity	Second Quarter			First Quarter			Second Quarter
Tangible Assets
Total assets	$	4,923,249		$	4,725,416		$	3,346,570
Less goodwill		137,190			137,190			46,867
Less intangibles, net		13,203			14,027			4,048
Tangible assets	$	4,772,856		$	4,574,199		$	3,295,655
Tangible Common Equity
Total shareholders' equity	$	630,959		$	611,075		$	509,517
Less goodwill		137,190			137,190			46,867
Less intangibles, net		13,203			14,027			4,048
Tangible common equity	$	480,566		$	459,819		$	458,602
Common shares outstanding		30,683,353			30,671,763			28,968,160
Book value per common share	$	20.56		$	19.92		$	17.59
Tangible book value per common share	$	15.66		$	14.99		$	15.83
Total shareholders' equity to total assets		12.8	%		12.9	%		15.2	%
Tangible common equity to tangible assets		10.1	%		10.2	%		13.9	%
Net income	$	22,065		$	19,754		$	11,239
Return on tangible common equity		18.4	%		17.4	%		9.8	%
	2018						2017
Return on average tangible common equity	Second Quarter			First Quarter			Second Quarter
Total average shareholders' equity	$	615,950		$	599,198		$	398,805
Less average goodwill		137,190			137,190			46,839
Less average intangibles, net		13,615			14,465			4,124
Average tangible common equity	$	465,145		$	447,544		$	347,842
Net income	$	22,065		$	19,754		$	11,239
Return on average tangible common equity		19.0	%		17.9	%		13.0	%
	2018						2017
Return on average tangible common equity, adjusted	Second Quarter			First Quarter			Second Quarter
Average tangible common equity		465,145			447,544			347,842
Net income, adjusted	$	22,736		$	20,636		$	11,705
Return on average tangible common equity, adjusted		19.6	%		18.7	%		13.5	%
	2018						2017
Return on average assets and equity, adjusted	Second Quarter			First Quarter			Second Quarter
Net income	$	22,065		$	19,754		$	11,239
Average assets		4,763,991			4,678,494			3,224,783
Average equity		615,950			599,198			398,805
Return on average assets		1.86	%		1.71	%		1.40	%
Return on average equity		14.4	%		13.4	%		11.3	%
Net income, adjusted		22,736			20,636			11,705
Return on average assets, adjusted		1.91	%		1.79	%		1.46	%
Return on average equity, adjusted		14.8	%		14.0	%		11.8	%
							2017
Previously reported core metrics*							Second Quarter
Core return on average tangible common equity								14.9	%
Core return on average assets								1.61	%
Core return on average equity								13.0	%
Core total revenue							$	67,833
* Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements.

CONTACT:
FB Financial Corporation
Media Contact:
Jeanie M. Rittenberry, 615-313-8328
jrittenberry@firstbankonline.com
www.firstbankonline.com
or
Financial Contact:
James R. Gordon, 615-564-1212
jgordon@firstbankonline.com
investorrelations@firstbankonline.com

EX-99.2

Exhibit 99.2

Second Quarter 2018

Financial Supplement

TABLE OF CONTENTS

	Page
Financial Summary and Key Metrics	4
Consolidated Statements of Income	5-6
Consolidated Balance Sheets	7
Average Balance, Average Yield Earned and Average Rate Paid	8-10
Loans and Deposits by Market	11
Segment Data	12
Loan Portfolio and Asset Quality	13
Preliminary Capital Ratios	14
Investment Portfolio	15
Non-GAAP Reconciliation	16-18

Use of non-GAAP Financial Measures

This Supplemental Financial Information contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non‐GAAP financial measures include, without limitation, adjusted net income, core net income, adjusted diluted earnings per share,  core diluted earnings per share, core noninterest expense and core noninterest income, core efficiency ratio (tax equivalent basis), Banking segment core efficiency ratio (tax equivalent basis), Mortgage segment core efficiency ratio (tax equivalent basis), adjusted mortgage contribution, core return on average assets and equity and core total revenue.  Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non‐core in nature. The Company refers to these non‐GAAP measures as adjusted or core measures. The corresponding Earnings Release also presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on tangible common equity, return on average tangible common equity, adjusted return on average assets, adjusted return on average equity, core return on average tangible common equity and adjusted return on average tangible common equity.  Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.

The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends.  In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies.  However, the non-GAAP financial measures discussed herein 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 the Company calculates the non-GAAP financial measures discussed herein 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 the Company has discussed herein when comparing such non-GAAP financial measures.  The following tables provide a reconciliation of these measures to the most directly comparable GAAP financial measures.

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 4

Financial Summary and Key Metrics
(Unaudited)
(In Thousands, Except Share Data and %)
	2018						2017
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Statement of Income Data
Total interest income	$	59,043		$	54,848		$	55,031		$	48,415		$	33,278
Total interest expense		7,526			6,419			6,048			4,805			2,851
Net interest income		51,517			48,429			48,983			43,610			30,427
Provision for loan losses		1,063			317			956			(784	)		(865	)
Total noninterest income		35,708			33,275			37,017			37,820			35,657
Total noninterest expense		56,303			56,151			57,540			69,224			49,136
Net income before income taxes		29,859			25,236			27,504			12,990			17,813
Income tax expense		7,794			5,482			4,486			4,602			6,574
Net income	$	22,065		$	19,754		$	23,018		$	8,388		$	11,239
Net interest income (tax—equivalent basis)	$	51,909		$	48,799		$	49,692		$	44,281		$	31,158
Net income, adjusted*	$	22,736		$	20,636		$	18,265		$	17,936		$	11,705
Per Common Share
Diluted net income	$	0.70		$	0.63		$	0.74		$	0.27		$	0.43
Diluted net income, adjusted*	$	0.72		$	0.66		$	0.59		$	0.58		$	0.45
Book value		20.56			19.92			19.54			18.76			17.59
Tangible book value*		15.66			14.99			14.56			13.79			15.83
Weighted average number of shares-diluted		31,294,044			31,421,830			31,166,080			30,604,537			26,301,458
Period-end number of shares		30,683,353			30,671,763			30,535,517			30,526,592			28,968,160
Selected Balance Sheet Data
Cash and due from banks	$	67,863		$	53,060		$	29,831		$	67,070		$	59,112
Loans held for investment (HFI)		3,415,575			3,244,663			3,166,911			3,114,562			1,970,974
Allowance for loan losses		(26,347	)		(24,406	)		(24,041	)		(23,482	)		(23,247	)
Loans held for sale		374,916			414,518			526,185			466,369			427,416
Investment securities, at fair value		611,435			597,347			543,992			543,282			553,357
Other real estate owned, net		14,639			15,334			16,442			13,812			6,370
Total assets		4,923,249			4,725,416			4,727,713			4,581,943			3,346,570
Customer deposits		3,844,009			3,684,758			3,578,694			3,614,220			2,726,060
Brokered and internet time deposits		65,854			81,393			85,701			104,318			1,533
Total deposits		3,909,863			3,766,151			3,664,395			3,718,538			2,727,593
Borrowings		326,897			278,293			333,302			196,299			43,790
Total shareholders' equity		630,959			611,075			596,729			572,528			509,517
Selected Ratios
Return on average:
Assets		1.86	%		1.71	%		1.96	%		0.80	%		1.40	%
Shareholders' equity		14.4	%		13.4	%		15.8	%		6.0	%		11.3	%
Tangible common equity*		19.0	%		17.9	%		21.3	%		7.7	%		13.0	%
Average shareholders' equity to average assets		12.9	%		12.8	%		12.4	%		13.2	%		12.4	%
Net interest margin (NIM) (tax-equivalent basis)		4.81	%		4.64	%		4.63	%		4.61	%		4.19	%
Efficiency ratio (GAAP)		64.5	%		68.7	%		66.9	%		85.0	%		74.4	%
Core efficiency ratio (tax-equivalent basis)*		62.1	%		65.5	%		63.6	%		64.4	%		70.2	%
Loans held for investment to deposit ratio		87.4	%		86.2	%		86.4	%		83.8	%		72.3	%
Total loans to deposit ratio		96.9	%		97.2	%		100.8	%		96.3	%		87.9	%
Yield on interest-earning assets		5.51	%		5.25	%		5.20	%		5.10	%		4.57	%
Cost of interest-bearing liabilities		0.96	%		0.85	%		0.79	%		0.71	%		0.55	%
Cost of total deposits		0.62	%		0.55	%		0.50	%		0.46	%		0.34	%
Credit Quality Ratios
Allowance for loan losses as a percentage of loans held for investment		0.77	%		0.75	%		0.76	%		0.75	%		1.18	%
Net (recoveries) charge-off's as a percentage of average loans
held for investment		(0.11	)%		(0.01	)%		0.05	%		(0.15	)%		(0.25	)%
Nonperforming loans held for investment as a percentage of total loans
held for investments		0.26	%		0.30	%		0.32	%		0.29	%		0.50	%
Nonperforming assets as a percentage of total assets (a)		0.52	%		0.59	%		1.52	%		0.88	%		0.58	%
Preliminary capital ratios (Consolidated)
Shareholders' equity to assets		12.8	%		12.9	%		12.6	%		12.5	%		15.2	%
Tangible common equity to tangible assets*		10.1	%		10.2	%		9.7	%		9.5	%		13.9	%
Tier 1 capital (to average assets)		10.9	%		10.7	%		10.5	%		11.4	%		15.5	%
Tier 1 capital (to risk-weighted assets)		11.4	%		11.8	%		11.4	%		11.6	%		18.3	%
Total capital (to risk-weighted assets)		12.0	%		12.3	%		12.0	%		12.2	%		19.1	%
Common Equity Tier 1 (to risk-weighted assets) (CET1)		10.7	%		11.0	%		10.7	%		10.8	%		17.2	%
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP Financial Measures” and the corresponding financial tables below for reconciliations of these Non-GAAP measures. Investors are encouraged to refer to the discussion of non-GAAP measures included in the corresponding earnings release.
(a) For the three months ended December 31 and September 30, 2017, GNMA loans subject to ability to repurchase were included. The Company derecognized these in the first quarter of 2018 as the perceived benefit has decreased with rising rates.

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 5

Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
																		Q2 2018			Q2 2018
																	vs.			vs.
	2018							2017										Q1 2018			Q2 2017
	Second Quarter				First Quarter			Fourth Quarter			Third Quarter			Second Quarter				Percent variance			Percent variance
Interest income:
Interest and fees on loans	$	54,529			$	50,693		$	51,246		$	44,367		$	29,350			7.6	%		85.8	%
Interest on securities
Taxable		3,134				2,852			2,529			2,399			2,589			9.9	%		21.1	%
Tax-exempt		981				925			910			988			1,068			6.1	%		-8.1	%
Other		399				378			346			661			271			5.6	%		47.2	%
Total interest income		59,043				54,848			55,031			48,415			33,278			7.6	%		77.4	%
Interest expense:
Deposits
Demand and savings accounts		3,951				3,315			3,209			2,829			1,703			19.2	%		132.0	%
Time deposits		1,947				1,756			1,447			1,125			604			10.9	%		222.4	%
Short-term borrowings		694				422			382			25			112			64.5	%		519.6	%
Long-term debt		934				926			1,010			826			432			0.9	%		116.2	%
Total interest expense		7,526				6,419			6,048			4,805			2,851			17.2	%		164.0	%
Net interest income		51,517				48,429			48,983			43,610			30,427			6.4	%		69.3	%
Provision for loan losses		1,063				317			956			(784	)		(865	)		235.3	%		-222.9	%
Net interest income after provision for loan losses		50,454				48,112			48,027			44,394			31,292			4.9	%		61.2	%
Noninterest income:
Mortgage banking income		28,544				26,471			30,280			31,334			30,239			7.8	%		-5.6	%
Service charges on deposit accounts		2,132				2,097			2,181			2,044			1,796			1.7	%		18.7	%
ATM and interchange fees		2,581				2,361			2,430			2,222			2,085			9.3	%		23.8	%
Investment services and trust income		1,180				1,206			1,154			1,078			903			-2.2	%		30.7	%
(Loss) gain from securities, net		(97	)			(47	)		1			254			29			106.4	%		-434.5	%
Gain (loss) on sales or write-downs of other real estate       owned		23				(186	)		(72	)		(368	)		23			-112.4	%		0.0	%
(Loss) gain from other assets		(155	)			68			(314	)		54			39			-327.9	%		-497.4	%
Other income		1,500				1,305			1,357			1,202			543			14.9	%		176.2	%
Total noninterest income		35,708				33,275			37,017			37,820			35,657			7.3	%		0.1	%
Total revenue		87,225				81,704			86,000			81,430			66,084			6.8	%		32.0	%
Noninterest expenses:
Salaries, commissions and employee benefits		34,508				34,149			35,771			34,795			30,783			1.1	%		12.1	%
Occupancy and equipment expense		3,744				3,605			3,881			3,539			3,307			3.9	%		13.2	%
Legal and professional fees		1,965				2,043			1,764			1,512			1,033			-3.8	%		90.2	%
Data processing		2,138				2,035			1,766			1,761			1,460			5.1	%		46.4	%
Merger and conversion		-				1,193			2,069			15,711			767			-100.0	%		-100.0	%
Amortization of core deposits and other intangibles		802				853			922			558			123			-6.0	%		552.0	%
Loss on sale of mortgage servicing rights		-				-			-			-			249			0.0	%		-100.0	%
Regulatory fees and deposit insurance assessments		730				562			571			549			494			29.9	%		47.8	%
Software license and maintenance fees		390				467			529			523			364			-16.5	%		7.1	%
Advertising		3,408				3,282			3,189			3,493			3,343			3.8	%		1.9	%
Other expense		8,618				7,962			7,078			6,783			7,213			8.2	%		19.5	%
Total noninterest expense		56,303				56,151			57,540			69,224			49,136			0.3	%		14.6	%
Income before income taxes		29,859				25,236			27,504			12,990			17,813			18.3	%		67.6	%
Income tax expense		7,794				5,482			4,486			4,602			6,574			42.2	%		18.6	%
Net income	$	22,065			$	19,754		$	23,018		$	8,388		$	11,239			11.7	%		96.3	%
Earnings available to common shareholders	$	21,948		(a)	$	19,754		$	23,018		$	8,388		$	11,239
Weighted average common shares outstanding:
Basic		30,678,732				30,613,284			30,527,234			30,004,952			25,741,968
Fully diluted		31,294,044				31,421,830			31,166,080			30,604,537			26,301,458
Earnings per common share:
Basic	$	0.72			$	0.65		$	0.75		$	0.28		$	0.44
Fully diluted		0.70				0.63			0.74			0.27			0.43
(a) During the second quarter of 2018, the Company declared a dividend which included participating securities related to the Company's undistributed restricted stock units. As such, earnings per share is presented in accordance with the two-class method.

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 6

Consolidated Statements of Income
(Unaudited)
(In Thousands, Except Share Data and %)
	For the six months year ended June 30,						Q2 YTD 2018 vs. Q2 YTD 2017
	2018			2017			Percent variance
Interest income:
Interest and fees on loans	$	105,222		$	58,356			80.3	%
Interest on securities
Taxable		5,986			5,156			16.1	%
Tax-exempt		1,906			2,108			-9.6	%
Other		777			547			42.0	%
Total interest income		113,891			66,167			72.1	%
Interest expense:
Deposits
Demand and savings accounts		7,266			3,234			124.7	%
Time deposits		3,703			1,187			212.0	%
Short-term borrowings		1,116			210			431.4	%
Long-term debt		1,860			858			116.8	%
Total interest expense		13,945			5,489			154.1	%
Net interest income		99,946			60,678			64.7	%
Provision for loan losses		1,380			(1,122	)		-223.0	%
Net interest income after provision for loan losses		98,566			61,800			59.5	%
Noninterest income:
Mortgage banking income		55,015			55,319			-0.5	%
Service charges on deposit accounts		4,229			3,562			18.7	%
ATM and interchange fees		4,942			4,132			19.6	%
Investment services and trust income		2,386			1,717			39.0	%
(Loss) gain from securities, net		(144	)		30			-580.0	%
(Loss) gain on sales or write-downs of other real estate       owned		(163	)		771			-121.1	%
(Loss) gain on other assets		(87	)		39			-323.1	%
Other income		2,805			1,174			138.9	%
Total noninterest income		68,983			66,744			3.4	%
Total revenue		168,929			127,422			32.6	%
Noninterest expenses:
Salaries, commissions and employee benefits		68,657			59,789			14.8	%
Occupancy and equipment expense		7,349			6,416			14.5	%
Legal and professional fees		4,008			2,461			62.9	%
Data processing		4,173			2,961			40.9	%
Merger and conversion		1,193			1,254			-4.9	%
Amortization of intangibles		1,655			515			221.4	%
Loss on sale of mortgage servicing rights		-			249			-100.0	%
Regulatory fees and deposit insurance assessments		1,292			929			39.1	%
Software license and maintenance fees		857			821			4.4	%
Advertising		6,690			6,275			6.6	%
Other expense		16,580			13,883			19.4	%
Total noninterest expense		112,454			95,553			17.7	%
Net income before income taxes		55,095			32,991			67.0	%
Income tax expense		13,276			11,999			10.6	%
Net income	$	41,819		$	20,992			99.2	%
Earnings available to common shareholders(a)	$	41,596		$	20,992
Weighted average common shares outstanding:
Basic		30,646,189			24,944,633
Fully diluted		31,275,846			25,450,419
Earnings per common share:
Basic	$	1.36		$	0.84
Fully diluted	$	1.33		$	0.82
(a) During the second quarter of 2018, the Company declared a dividend which included participating securities related to certain of the Company's undistributed restricted stock units. As such, earnings per share is presented in accordance with the two-class method prospectively.

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 7

Consolidated Balance Sheets
(Unaudited)
(In Thousands, %)
													Annualized
														Q2 2018			Q2 2018
													vs.			vs.
	2018						2017							Q1 2018			Q2 2017
	Second Quarter			First Quarter			Fourth Quarter		Third Quarter		Second Quarter		Percent variance			Percent variance
ASSETS
Cash and due from banks	$	67,863		$	53,060		$	29,831	$	67,070	$	59,112		111.9	%		14.8	%
Federal funds sold		19,859			7,171			66,127		4,470		16,238		709.7	%		22.3	%
Interest bearing deposits in financial institutions		16,695			13,469			23,793		25,625		110,928		96.1	%		-84.9	%
Cash and cash equivalents		104,417			73,700			119,751		97,165		186,278		167.2	%		-43.9	%
Investments:
Available-for-sale debt securities, at fair value		608,360			594,248			536,270		535,555		544,706		9.5	%		11.7	%
Equity securities, at fair value		3,075			3,099			7,722		7,727		8,651		-3.1	%		-64.5	%
Federal Home Loan Bank stock, at cost		12,641			11,810			11,412		11,152		7,743		28.2	%		63.3	%
Loans held for sale, at fair value		374,916			414,518			526,185		466,369		427,416		-38.3	%		-12.3	%
Loans		3,415,575			3,244,663			3,166,911		3,114,562		1,970,974		21.1	%		73.3	%
Less: allowance for loan losses		26,347			24,406			24,041		23,482		23,247		31.9	%		13.3	%
Net loans		3,389,228			3,220,257			3,142,870		3,091,080		1,947,727		21.0	%		74.0	%
Premises and equipment, net		85,936			81,175			81,577		85,550		66,392		23.5	%		29.4	%
Other real estate owned, net		14,639			15,334			16,442		13,812		6,370		-18.2	%		129.8	%
Interest receivable		12,729			13,920			13,069		11,218		7,012		-34.3	%		81.5	%
Mortgage servicing rights, at fair value		109,449			93,160			76,107		63,046		48,464		70.1	%		125.8	%
Goodwill		137,190			137,190			137,190		138,910		46,867		0.0	%		192.7	%
Core deposit and other intangibles, net		13,203			14,027			14,902		12,550		4,048		-23.6	%		226.2	%
Other assets		57,466			52,978			44,216		47,809		44,896		34.0	%		28.0	%
Total assets	$	4,923,249		$	4,725,416		$	4,727,713	$	4,581,943	$	3,346,570		16.8	%		47.1	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Demand deposits
Noninterest-bearing	$	970,851		$	930,991		$	888,200	$	924,773	$	715,391		17.2	%		35.7	%
Interest-bearing		2,027,776			1,945,886			1,909,546		1,948,600		1,471,650		16.9	%		37.8	%
Savings deposits		181,127			182,265			178,320		177,949		143,951		-2.5	%		25.8	%
Customer time deposits		664,255			625,616			602,628		562,898		395,068		24.8	%		68.1	%
Brokered and internet time deposits		65,854			81,393			85,701		104,318		1,533		-76.6	%		4195.8	%
Total time deposits		730,109			707,009			688,329		667,216		396,601		13.1	%		84.1	%
Total deposits		3,909,863			3,766,151			3,664,395		3,718,538		2,727,593		15.3	%		43.3	%
Securities sold under agreements to repurchase		15,996			14,724			14,293		14,556		16,343		34.7	%		-2.1	%
Short-term borrowings		187,522			138,707			190,000		52,766		—		141.2	%		100.0	%
Long-term debt		139,375			139,586			143,302		143,533		43,790		-0.6	%		218.3	%
Accrued expenses and other liabilities		39,534			55,173			118,994		80,022		49,327		-113.7	%		-19.9	%
Total liabilities		4,292,290			4,114,341			4,130,984		4,009,415		2,837,053		17.3	%		51.3	%
Shareholders' equity:
Common stock, $1 par value		30,683			30,672			30,536		30,527		28,968		0.1	%		5.9	%
Additional paid-in capital		420,382			418,810			418,596		416,651		363,870		1.5	%		15.5	%
Retained earnings		187,250			167,094			147,449		123,779		115,391		48.4	%		62.3	%
Accumulated other comprehensive (loss) income, net		(7,356	)		(5,501	)		148		1,571		1,288		135.3	%		-671.1	%
Total shareholders' equity		630,959			611,075			596,729		572,528		509,517		13.1	%		23.8	%
Total liabilities and shareholders' equity	$	4,923,249		$	4,725,416		$	4,727,713	$	4,581,943	$	3,346,570		16.8	%		47.1	%

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 8

Average Balance, Average Yield Earned and Average Rate Paid
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended								Three Months Ended
	June 30, 2018								March 31, 2018
	Average balances			Interest income/ expense		Average yield/ rate			Average balances			Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(1)	$	3,289,045		$	50,193		6.12	%	$	3,192,490		$	46,564		5.92	%
Loans held for sale		362,571			4,382		4.85	%		434,573			4,173		3.89	%
Securities:
Taxable		484,035			3,134		2.60	%		457,826			2,852		2.53	%
Tax-exempt(1)		115,334			1,327		4.61	%		109,116			1,251		4.65	%
Total securities(1)		599,369			4,461		2.99	%		566,942			4,103		2.94	%
Federal funds sold		19,645			82		1.67	%		20,325			73		1.46	%
Interest-bearing deposits with other financial     institutions		42,750			155		1.45	%		35,463			165		1.89	%
FHLB stock		12,530			162		5.19	%		11,806			140		4.81	%
Total interest earning assets(1)		4,325,910			59,435		5.51	%		4,261,599			55,218		5.25	%
Noninterest Earning Assets:
Cash and due from banks		48,184								43,261
Allowance for loan losses		(24,771	)							(24,311	)
Other assets		414,668								397,945
Total noninterest earning assets		438,081								416,895
Total assets	$	4,763,991							$	4,678,494
Interest-bearing liabilities:
Interest bearing deposits:
Customer time deposits	$	628,709		$	1,638		1.04	%	$	617,784		$	1,423		0.93	%
Broker and internet time deposits		75,699			309		1.64	%		84,125			333		1.61	%
Time deposits		704,408			1,947		1.11	%		701,909			1,756		1.01	%
Money market		1,005,081			2,311		0.92	%		975,831			1,890		0.79	%
Negotiable order of withdrawals		935,351			1,571		0.67	%		943,707			1,357		0.58	%
Savings deposits		181,461			69		0.15	%		179,925			68		0.15	%
Total interest bearing deposits		2,826,301			5,898		0.84	%		2,801,372			5,071		0.73	%
Other interest-bearing liabilities:
FHLB advances		253,131			1,171		1.86	%		211,735			917		1.76	%
Other borrowings		20,002			45		0.90	%		15,160			25		0.67	%
Long-term debt		30,930			412		5.34	%		30,930			406		5.32	%
Total other interest-bearing liabilities		304,063			1,628		2.15	%		257,825			1,348		2.12	%
Total Interest-bearing liabilities		3,130,364			7,526		0.96	%		3,059,197			6,419		0.85	%
Noninterest bearing liabilities:
Demand deposits		975,760								927,213
Other liabilities		41,917								92,886
Total noninterest-bearing liabilities		1,017,677								1,020,099
Total liabilities		4,148,041								4,079,296
Shareholders' equity		615,950								599,198
Total liabilities and shareholders' equity	$	4,763,991							$	4,678,494
Net interest income(1)				$	51,909							$	48,799
Interest rate spread(1)							4.55	%							4.40	%
Net interest margin(1)							4.81	%							4.64	%
Average interest-earning assets to average interest- bearing liabilities							138.2	%							139.3	%
Tax equivalent adjustment				$	392							$	370
Loan HFI yield components:
Contractual interest rate(1)				$	44,057		5.37	%				$	41,536		5.28	%
Origination and other loan fee income					3,742		0.46	%					2,867		0.37	%
Accretion on purchased loans					1,928		0.23	%					1,687		0.21	%
Nonaccrual interest collections					250		0.03	%					399		0.05	%
Syndication fee income					216		0.03	%					75		0.01	%
Total loan yield				$	50,193		6.12	%				$	46,564		5.92	%
(1) Includes tax equivalent adjustment using combined marginal tax rate of 26.060% for 2018 and 39.225% for 2017

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 9

Average Balance, Average Yield Earned and Average Rate Paid
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	Three Months Ended								Three Months Ended								Three Months Ended
	December 31, 2017								September 30, 2017								June 30, 2017
	Average balances			Interest income/ expense		Average yield/ rate			Average balances			Interest income/ expense		Average yield/ rate			Average balances			Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(1)	$	3,138,245		$	46,503		5.88	%	$	2,705,265		$	40,242		5.90	%	$	1,942,667		$	25,115		5.19	%
Loans held for sale		493,073			4,856		3.91	%		410,434			4,167		4.03	%		390,596			4,276		4.39	%
Securities:
Taxable		442,351			2,529		2.27	%		425,281			2,399		2.24	%		442,309			2,589		2.35	%
Tax-exempt(1)		108,000			1,506		5.53	%		117,429			1,617		5.46	%		122,553			1,758		5.75	%
Total securities(1)		550,351			4,035		2.91	%		542,710			4,016		2.94	%		564,862			4,347		3.09	%
Federal funds sold		18,227			14		0.30	%		39,363			76		0.77	%		8,456			23		1.09	%
Interest-bearing deposits with other financial institutions		42,693			177		1.64	%		108,185			448		1.64	%		68,460			158		0.93	%
FHLB stock		11,160			155		5.51	%		8,892			137		6.11	%		7,743			90		4.66	%
Total interest earning assets(1)		4,253,749			55,740		5.20	%		3,814,849			49,086		5.10	%		2,982,784			34,009		4.57	%
Noninterest Earning Assets:
Cash and due from banks		57,406								55,485								50,004
Allowance for loan losses		(23,470	)							(23,875	)							(22,813	)
Other assets		376,984								316,019								214,808
Total noninterest earning assets		410,920								347,629								241,999
Total assets	$	4,664,669							$	4,162,478							$	3,224,783
Interest-bearing liabilities:
Interest bearing deposits:
Customer time deposits	$	577,003		$	1,067		0.73	%	$	493,992		$	825		0.66	%	$	389,390		$	602		0.62	%
Broker and internet time deposits		95,480			380		1.58	%		95,207			300		1.25	%		1,522			2		0.53	%
Time deposits		672,483			1,447		0.85	%		589,199			1,125		0.76	%		390,912			604		0.62	%
Money market		1,071,194			1,991		0.74	%		1,023,612			1,722		0.67	%		723,020			889		0.49	%
Negotiable order of withdrawals		832,030			1,146		0.55	%		788,238			1,040		0.52	%		711,099			759		0.43	%
Savings deposits		178,574			72		0.16	%		166,184			67		0.16	%		143,357			55		0.15	%
Total interest bearing deposits		2,754,281			4,656		0.67	%		2,567,233			3,954		0.61	%		1,968,388			2,307		0.47	%
Other interest-bearing liabilities:
FHLB advances		241,307			967		1.59	%		86,795			428		1.96	%		52,569			192		1.46	%
Other borrowings		15,883			11		0.27	%		15,828			9		0.23	%		17,315			12		0.28	%
Long-term debt		30,930			414		5.31	%		30,930			414		5.31	%		30,930			340		4.41	%
Total other interest-bearing liabilities		288,120			1,392		1.92	%		133,553			851		2.52	%		100,814			544		2.16	%
Total Interest-bearing liabilities		3,042,401			6,048		0.79	%		2,700,786			4,805		0.71	%		2,069,202			2,851		0.55	%
Noninterest bearing liabilities:
Demand deposits		964,030								871,973								724,419
Other liabilities		79,382								39,310								32,357
Total noninterest-bearing liabilities		1,043,412								911,283								756,776
Total liabilities		4,085,813								3,612,069								2,825,978
Shareholders' equity		578,856								550,409								398,805
Total liabilities and shareholders' equity	$	4,664,669							$	4,162,478							$	3,224,783
Net interest income(1)				$	49,692							$	44,281							$	31,158
Interest rate spread(1)							4.41	%							4.40	%							4.10	%
Net interest margin(1)							4.63	%							4.61	%							4.19	%
Average interest-earning assets to average interest-bearing liabilities							139.8	%							141.2	%							144.2	%
Tax equivalent adjustment				$	709							$	671							$	731
Loan HFI yield components:
Contractual interest rate(1)				$	41,026		5.20	%				$	34,634		5.08	%				$	22,418		4.63	%
Origination and other loan fee income					2,084		0.26	%					2,610		0.38	%					1,447		0.30	%
Accretion on purchased loans					1,935		0.24	%					1,554		0.23	%					848		0.17	%
Nonaccrual interest collections					1,216		0.15	%					1,116		0.16	%					315		0.07	%
Syndication fee income					242		0.03	%					328		0.05	%					87		0.02	%
Total loan yield				$	46,503		5.88	%				$	40,242		5.90	%				$	25,115		5.19	%
(1) Includes tax equivalent adjustment using combined marginal tax rate of 39.225% for 2017

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 10

Average Balance, Average Yield Earned and Average Rate Paid
For the Periods Ended
(Unaudited)
(In Thousands, Except %)
	For the six months ended								For the six months ended
	June 30, 2018								June 30, 2017
	Average balances			Interest income/ expense		Average yield/ rate			Average balances			Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(1)	$	3,241,657		$	96,757		6.02	%	$	1,906,510		$	50,023		5.29	%
Loans held for sale		398,373			8,555		4.33	%		386,288			8,415		4.39	%
Securities:
Taxable		470,660			5,986		2.56	%		449,432			5,156		2.31	%
Tax-exempt(1)		112,286			2,578		4.63	%		120,098			3,469		5.82	%
Total securities(1)		582,946			8,564		2.96	%		569,530			8,625		3.05	%
Federal funds sold		19,983			155		1.56	%		11,375			50		0.89	%
Interest-bearing deposits with other financial institutions		39,126			320		1.65	%		75,680			329		0.88	%
FHLB stock		12,170			302		5.00	%		7,743			168		4.38	%
Total interest earning assets(1)		4,294,255			114,653		5.38	%		2,957,126			67,610		4.61	%
Noninterest Earning Assets:
Cash and due from banks		45,736								50,805
Allowance for loan losses		(24,544	)							(22,387	)
Other assets		404,485								213,067
Total noninterest earning assets		425,677								241,485
Total assets	$	4,719,932							$	3,198,611
Interest-bearing liabilities:
Interest bearing deposits:
Customer time deposits		623,276			3,061		0.99	%		389,032			1,184		0.61	%
Broker and internet time deposits		79,886			642		1.62	%		1,532			3		0.39	%
Time deposits		703,162			3,703		1.06	%		390,564			1,187		0.61	%
Money market	$	990,537		$	4,201		0.86	%	$	726,458		$	1,674		0.46	%
Negotiable order of withdrawals		939,506			2,928		0.63	%		715,006			1,454		0.41	%
Savings deposits		180,697			137		0.15	%		140,011			106		0.15	%
Total interest bearing deposits		2,813,902			10,969		0.79	%		1,972,039			4,421		0.45	%
Other interest-bearing liabilities:
FHLB advances		232,547			2,088		1.81	%		56,547			383		1.37	%
Other borrowings		17,595			70		0.80	%		18,096			22		0.25	%
Long-term debt		30,930			818		5.33	%		30,930			663		4.32	%
Total other interest-bearing liabilities		281,072			2,976		2.14	%		105,573			1,068		2.04	%
Total Interest-bearing liabilities	$	3,094,974		$	13,945		0.91	%	$	2,077,612		$	5,489		0.53	%
Noninterest bearing liabilities:
Demand deposits	$	952,140							$	716,560
Other liabilities		65,110								38,265
Total noninterest-bearing liabilities		1,017,250								754,825
Total liabilities		4,112,224								2,832,437
Shareholders' equity		607,708								366,174
Total liabilities and shareholders' equity	$	4,719,932							$	3,198,611
Net interest income(1)				$	100,708							$	62,121
Interest rate spread(1)							4.47	%							4.08	%
Net interest margin(1)							4.73	%							4.24	%
Average interest-earning assets to average interesting-bearing liabilities							138.7	%							142.3	%
Tax equivalent adjustment				$	762							$	1,443
Loan HFI yield components:
Contractual interest rate(1)				$	85,593		5.33	%				$	43,257		4.57	%
Origination and other loan fee income					6,609		0.41	%					3,384		0.36	%
Accretion on purchased loans					3,615		0.22	%					2,008		0.21	%
Nonaccrual interest collections					649		0.04	%					934		0.10	%
Syndicated fee income					291		0.02	%					440		0.05	%
Total loan yield				$	96,757		6.02	%				$	50,023		5.29	%
(1) Includes tax equivalent adjustment using combined marginal tax rate of 26.060% for 2018 and 39.225% for 2017

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 11

Loans and Deposits by Market
For the Quarters Ended
(Unaudited)
(In Thousands)
	2018					2017
	Second Quarter		First Quarter					Fourth Quarter	Third Quarter			Second Quarter
Loans by market
Metropolitan	$	2,210,419		$	2,076,465		$	1,984,826		$	1,932,934		$	1,461,129
Community		771,358			764,198			780,079			779,810			476,320
Specialty lending and other		433,798			404,000			402,006			401,818			33,525
Total	$	3,415,575		$	3,244,663		$	3,166,911		$	3,114,562		$	1,970,974
Deposits by market
Metropolitan		2,112,941			2,079,983			2,091,927			2,059,401			1,598,574
Community		1,392,649			1,409,612			1,291,922			1,311,120			1,085,345
Mortgage and other(1)		404,273			276,556			280,546			348,017			43,674
Total	$	3,909,863		$	3,766,151		$	3,664,395		$	3,718,538		$	2,727,593
(1) Includes deposits related to escrow balances from mortgage servicing portfolio and wholesale and other deposits

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 12

Segment Data
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2018						2017
	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Banking segment
Net interest income	$	51,669		$	48,771		$	49,422		$	43,741		$	29,999
Provision for loan losses		1,063			317			956			(784	)		(865	)
Mortgage banking income retail footprint		6,894			6,108			6,455			7,498			7,118
Other noninterest income		7,164			6,804			6,737			6,486			5,418
Other noninterest mortgage banking expenses		5,649			5,097			5,294			6,216			5,368
Merger and conversion expense		-			1,193			2,069			15,711			767
Other noninterest expense		31,072			30,951			30,060			27,540			23,199
Pre-tax income after allocations	$	27,943		$	24,125		$	24,235		$	9,042		$	14,066
Total assets		4,443,490			4,220,543			4,130,349			4,056,901			2,878,437
Intracompany funding income included in net interest income		4,517			4,508			5,276			4,274			3,831
Core efficiency ratio*		51.7	%		55.2	%		55.5	%		56.2	%		60.4	%
Mortgage segment
Net interest income	$	(152	)	$	(342	)	$	(439	)	$	(131	)	$	428
Provision for loan losses		-			-			-			-			-
Noninterest income		21,650			20,363			23,825			23,836			23,121
Noninterest expense		19,582			18,910			20,117			19,757			19,802
Direct contribution	$	1,916		$	1,111		$	3,269		$	3,948		$	3,747
Total assets		479,759			504,873			597,364			525,042			468,133
Intracompany funding expense included in net interest income		4,517			4,508			5,276			4,274			3,831
Core efficiency ratio*		83.6	%		85.7	%		83.8	%		79.9	%		78.3	%
Interest rate lock commitments
volume during the period
Consumer direct	$	785,965		$	719,730		$	677,449		$	786,034		$	780,179
Third party origination (TPO)		239,995			245,679			189,299			269,473			296,034
Retail (total)		359,284			329,720			268,720			325,295			379,530
Correspondent		590,743			833,857			678,346			619,953			701,846
Total	$	1,975,987		$	2,128,986		$	1,813,814		$	2,000,755		$	2,157,589
Interest rate lock commitments
pipeline (period end)
Consumer direct	$	291,874		$	246,650		$	246,982		$	261,617		$	222,504
Third party origination (TPO)		92,526			107,365			63,034			93,353			88,938
Retail (total)		117,912			124,538			72,939			101,196			119,158
Correspondent		95,256			214,424			121,201			84,506			115,919
Total	$	597,568		$	692,977		$	504,156		$	540,672		$	546,519
Mortgage sales
Consumer direct	$	483,434		$	592,873		$	567,529		$	485,931		$	498,997
Third party origination (TPO)		205,050			160,903			216,866			194,164			209,185
Retail		79,497			64,925			68,695			71,358			66,640
Retail footprint		210,958			169,778			205,228			222,786			200,157
Reverse		12,252			14,779			20,587			17,520			17,870
Correspondent		715,733			679,561			606,526			646,003			542,410
Total	$	1,706,924		$	1,682,819		$	1,685,431		$	1,637,762		$	1,535,259
Gains and fees from origination and sale of mortgage loans held for sale	$	27,017		$	23,481		$	29,577		$	29,570		$	23,920
Net change in fair value of loans held for sale, derivatives, and other		(2,299	)		(90	)		(3,317	)		(806	)		5,412
Change in fair value of mortgage servicing rights, net of hedging		(1,778	)		(1,713	)		(190	)		(893	)		(1,840	)
Mortgage servicing income		5,604			4,793			4,210			3,463			2,747
Total mortgage banking
income	$	28,544		$	26,471		$	30,280		$	31,334		$	30,239
Mortgage sale margin (a)		1.58	%		1.40	%		1.75	%		1.81	%		1.56	%
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP financial measures” and the corresponding financial tables below for a reconciliation and discussion of these non-GAAP measures.
(a) Calculated by dividing gains from sale of mortgage loans held for sale by total mortgage sales

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 13

Loan Portfolio and Asset Quality
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2018										2017
	June 30, 2018			% of Total		March 31, 2018			% of Total		December 31, 2017			% of Total		September 30, 2017			% of Total		June 30, 2017			% of Total
Loan portfolio
Commercial and industrial	$	813,041		24	%	$	765,115		24	%	$	715,075		23	%	$	731,588		23	%	$	423,704		21	%
Construction		522,446		15	%		466,495		14	%		448,326		14	%		435,414		14	%		282,727		14	%
Residential real estate:
1-to-4 family mortgage		528,022		15	%		491,725		15	%		480,989		15	%		459,467		15	%		307,152		16	%
Residential line of credit		208,668		6	%		197,740		6	%		194,986		6	%		188,392		6	%		177,783		9	%
Multi-family mortgage		57,344		2	%		63,295		2	%		62,374		2	%		74,004		2	%		52,810		3	%
Commercial real estate:
Owner occupied		470,789		15	%		499,331		16	%		495,872		16	%		473,395		15	%		371,462		19	%
Non-owner occupied		600,252		17	%		562,128		17	%		551,588		17	%		521,416		17	%		273,285		14	%
Consumer and other		215,013		6	%		198,834		6	%		217,701		7	%		230,886		7	%		82,051		4	%
Total loans held for investment	$	3,415,575		100	%	$	3,244,663		100	%	$	3,166,911		100	%	$	3,114,562		100	%	$	1,970,974		100	%
Allowance for loan losses rollforward summary
Allowance for loan losses at the beginning of the period	$	24,406				$	24,041				$	23,482				$	23,247				$	22,898
Charge-off's		(421	)				(661	)				(719	)				(575	)				(791	)
Recoveries		1,299					709					322					1,594					2,005
Provision for loan losses		1,063					317					956					(784	)				(865	)
Allowance for loan losses at the end of the period	$	26,347				$	24,406				$	24,041				$	23,482				$	23,247
Allowance for loan losses as a percentage of total loans held for investment		0.77	%				0.75	%				0.76	%				0.75	%				1.18	%
Charge-offs
Commercial and Industrial	$	(5	)			$	(220	)			$	(63	)			$	(221	)			$	(131	)
Construction		(15	)				-					(21	)				-					-
Residential real estate:
1-to-4 family mortgage		(5	)				(60	)				(45	)				(32	)				(35	)
Residential line of credit		-					(20	)				(72	)				(9	)				(195	)
Multi-family mortgage		-					-					-					-					-
Commercial real estate:
Owner occupied		-					-					(224	)				(64	)				-
Non-owner occupied		-					-					-					-					-
Consumer and other		(396	)				(361	)				(294	)				(249	)				(430	)
Total Charge Offs:		(421	)				(661	)				(719	)				(575	)				(791	)
Recoveries
Commercial and Industrial		135					135					100					200					1,511
Construction		862					252					4					1,022					29
Residential real estate:
1-to-4 family mortgage		43					15					33					86					14
Residential line of credit		44					27					27					157					155
Multi-family mortgage		-					-					-					-					-
Commercial real estate:
Owner occupied		108					23					22					24					11
Non-owner occupied		-					51					4					1					2
Consumer and other		107					206					132					104					283
Total Recoveries:		1,299					709					322					1,594					2,005
Net recoveries (charge-off's)	$	878				$	48				$	(397	)			$	1,019				$	1,214
Net (recoveries) charge-off's as a percentage of average total loans		(0.11	%)				(0.01	%)				0.05	%				(0.15	%)				(0.25	%)
Loans classified as substandard	$	58,331				$	52,835				$	55,488				$	59,588				$	37,858
Purchased credit impaired loans	$	77,630				$	85,752				$	88,835				$	92,455				$	15,733
Nonperforming assets(b)
Past due 90 days or more and accruing interest	$	1,639				$	2,689				$	1,996				$	1,238				$	1,619
Nonaccrual		7,174					6,954					8,101					7,749					8,327
Total nonperforming loans held for investment	$	8,813				$	9,643				$	10,097				$	8,987				$	9,946
Loans held for sale(a)		—					501					43,035					13,575					-
Other real estate owned- foreclosed		9,258					9,755					10,547					10,205					6,370
Other real estate owned- acquired excess facilities		5,381					5,579					5,895					3,607					-
Other assets		2,341					2,342					2,369					3,967					3,154
Total nonperforming assets	$	25,793				$	27,820				$	71,943				$	40,341				$	19,470
Total nonperforming loans as a percentage of    loans held for investment		0.26	%				0.30	%				0.32	%				0.29	%				0.50	%
Total nonperforming assets as a percentage of    total assets		0.52	%				0.59	%				1.52	%				0.88	%				0.58	%
Total accruing loans over 90 days delinquent as    a percentage of total assets		0.03	%				0.06	%				0.04	%				0.03	%				0.05	%
Loans restructured as troubled debt    restructurings	$	8,603				$	8,675				$	8,604				$	8,095				$	8,488
Troubled debt restructurings as a percentage of    loans held for investment		0.25	%				0.27	%				0.27	%				0.26	%				0.43	%
(a) Includes right to repurchase government guaranteed GNMA mortgage loans previously sold and internally serviced for the fourth and third quarters of 2017. The Bank has not exercised and does not expect to exercise the repurchase option. In the first quarter of 2018 and prospectively, the Bank has elected to discontinue this practice as the perceived benefit has decreased with rising rates.
(b) Nonperforming assets excludes purchase credit impaired loans

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 14

Preliminary Capital Ratios
(Unaudited)
(In Thousands, Except %)
Computation of Tangible Common Equity to Tangible Assets:	June 30, 2018			December 31, 2017
Total Equity	$	630,959		$	596,729
Less:
Goodwill		137,190			137,190
Other intangibles		13,203			14,902
Tangible Common Equity	$	480,566		$	444,637
Total Assets	$	4,923,249		$	4,727,713
Less:
Goodwill		137,190			137,190
Other intangibles		13,203			14,902
Tangible Assets	$	4,772,856		$	4,575,621
Total Common Equity to Total Assets		12.8	%		12.6	%
Tangible Common Equity to Tangible Assets*		10.1	%		9.7	%

	June 30, 2018			December 31, 2017
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	467,798		$	442,381
Tier 1 Capital		497,798			472,381
Total Capital		524,145			496,422
Preliminary Regulatory Capital Ratios:
Common Equity Tier 1		10.7	%		10.7	%
Tier 1 Risk-Based		11.4	%		11.4	%
Total Risk-Based		12.0	%		12.0	%
Tier 1 Leverage		10.9	%		10.5	%
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP financial measures” and the corresponding financial tables below for a reconciliation and discussion of these non-GAAP measures.

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 15

Investment Portfolio
For the Quarters Ended
(Unaudited)
(In Thousands, Except %)
	2018										2017
Securities (at fair value)	Second Quarter					First Quarter					Fourth Quarter					Third Quarter					Second Quarter
Available for sale debt securities
U.S. government agency securities	$	983		0	%	$	982		0	%	$	986		0	%	$	992		0	%	$	990		0	%
Mortgage-backed securities - residential		477,974		78	%		472,930		79	%		418,781		77	%		418,794		77	%		410,708		74	%
Municipals, tax exempt		122,247		20	%		113,158		19	%		109,251		20	%		106,950		20	%		122,698		22	%
Treasury securities		7,156		1	%		7,178		1	%		7,252		1	%		8,819		2	%		10,310		2	%
Total available for sale debt securities		608,360		99	%		594,248		99	%		536,270		99	%		535,555		99	%		544,706		98	%
Equity securities		3,075		1	%		3,099		1	%		7,722		1	%		7,727		1	%		8,651		2	%
Total securities	$	611,435		100	%	$	597,347		100	%	$	543,992		100	%	$	543,282		100	%	$	553,357		100	%
Securities to total assets		12.4	%				12.6	%				11.5	%				11.9	%				16.5	%

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 16

Non-GAAP Reconciliation
For the Quarters Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2018					2017
Net income, adjusted	Second Quarter		First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Pre-tax net income	$	29,859	$	25,236		$	27,504		$	12,990		$	17,813
Plus merger and offering-related expenses		671		1,193			2,069			15,711			767
Less significant gains (losses) on securities, other real estate
owned and other items		-		-			-			-			-
Pre-tax net income, adjusted	$	30,530	$	26,429		$	29,573		$	28,701		$	18,580
Income tax expense, adjusted		7,794		5,793			11,308			10,765			6,875
Net income, adjusted	$	22,736	$	20,636		$	18,265		$	17,936		$	11,705
Weighted average common shares outstanding fully diluted		31,294,044		31,421,830			31,166,080			30,604,537			26,301,458
Diluted earnings per share, adjusted
Diluted earnings per common share	$	0.70	$	0.63		$	0.74		$	0.27		$	0.43
Plus merger and offering-related expenses		0.02		0.04			0.07			0.51			0.03
Less significant gains (losses) on securities, other real estate
owned and other items		-		-			-			-			-
Less tax effect		-		(0.01	)		(0.22	)		(0.20	)		(0.01	)
Diluted earnings per share, adjusted	$	0.72	$	0.66		$	0.59		$	0.58		$	0.45
Previously, the Company adjusted reported net income for the following items: (i) change in fair value in MSRs, net, and (ii) Gains (losses) from securities, OREO, MSRs, other assets, and other items. Beginning with the first quarter of 2018, the Company is only adjusting reported earnings for (i) merger and conversion costs, (ii) impact of tax reform (fourth quarter 2017); and (iii) other significant items impacting comparability between quarterly and annual periods including costs related to the secondary stock offering completed by our primary shareholder during the second quarter of 2018. Prior periods have been adjusted to conform to this presentation, see below for previously reported amounts:

	2017
Previously reported core results*	Fourth Quarter		Third Quarter		Second Quarter
Core net income	$	18,677	$	18,516	$	12,919
Core diluted earnings per share	$	0.60	$	0.60	$	0.49
* Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements.

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 17

Non-GAAP Reconciliation
For the Quarters Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2018						2017
Core efficiency ratio (tax-equivalent basis)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Total noninterest expense	$	56,303		$	56,151		$	57,540		$	69,224		$	49,136
Less merger and offering-related expenses		671			1,193			2,069			15,711			767
Less loss on sale of mortgage servicing rights		-			-			-			-			249
Core noninterest expense	$	55,632		$	54,958		$	55,471		$	53,513		$	48,120
Net interest income (tax-equivalent basis)		51,909			48,799			49,692			44,281			31,158
Total noninterest income		35,708			33,275			37,017			37,820			35,657
Less change in fair value on mortgage servicing rights		(1,778	)		(1,713	)		(190	)		(893	)		(1,840	)
Less (loss) gain on sales or write-downs of other real estate owned and other assets		(132	)		(118	)		(386	)		(314	)		62
Less (loss) gain from securities, net		(97	)		(47	)		1			254			29
Core noninterest income		37,715			35,153			37,592			38,773			37,406
Core revenue	$	89,624		$	83,952		$	87,284		$	83,054		$	68,564
Efficiency ratio (GAAP)(1)		64.5	%		68.7	%		66.9	%		85.0	%		74.4	%
Core efficiency ratio (tax-equivalent basis)		62.1	%		65.5	%		63.6	%		64.4	%		70.2	%
(1) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue.

	2018						2017
Banking segment core efficiency ratio (tax equivalent)	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Core consolidated noninterest expense	$	55,632		$	54,958		$	55,471		$	53,513		$	48,120
Less Mortgage segment noninterest expense		19,582			18,910			20,117			19,757			19,802
Add loss on sale of mortgage servicing rights		-			-			-			-			249
Adjusted Banking segment noninterest expense		36,050			36,048			35,354			33,756			28,567
Adjusted core revenue		89,624			83,952			87,284			83,054			68,564
Less Mortgage segment noninterest income		21,650			20,363			23,825			23,836			23,121
Less change in fair value on mortgage servicing rights		(1,778	)		(1,713	)		(190	)		(893	)		(1,840	)
Adjusted Banking segment total revenue	$	69,752		$	65,302		$	63,649		$	60,111		$	47,283
Banking segment core efficiency ratio (tax-equivalent basis)		51.7	%		55.2	%		55.5	%		56.2	%		60.4	%
Mortgage segment core efficiency ratio (tax equivalent)
Consolidated Noninterest expense	$	56,303		$	56,151		$	57,540		$	69,224		$	49,136
Less loss on sale of mortgage servicing rights		-			-			-			-			249
Less Banking segment noninterest expense		36,721			37,241			37,423			49,467			29,334
Adjusted Mortgage segment noninterest expense	$	19,582		$	18,910		$	20,117		$	19,757		$	19,553
Total noninterest income		35,708			33,275			37,017			37,820			35,657
Less Banking segment noninterest income		14,058			12,912			13,192			13,984			12,536
Less change in fair value on mortgage servicing rights		(1,778	)		(1,713	)		(190	)		(893	)		(1,840	)
Adjusted Mortgage segment total revenue	$	23,428		$	22,076		$	24,015		$	24,729		$	24,961
Mortgage segment core efficiency ratio (tax-equivalent basis)		83.6	%		85.7	%		83.8	%		79.9	%		78.3	%

	2018						2017
Mortgage contribution, adjusted	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Mortgage segment pre-tax net contribution	$	1,916		$	1,111		$	3,269		$	3,948		$	3,747
Retail footprint:
Mortgage banking income		6,894			6,108			6,455			7,498			7,118
Mortgage banking expenses		5,649			5,097			5,294			6,216			5,368
Retail footprint pre-tax net contribution		1,245			1,011			1,161			1,282			1,750
Total mortgage banking pre-tax net contribution	$	3,161		$	2,122		$	4,430		$	5,230		$	5,497
Pre-tax net income		29,859			25,236			27,504			12,990			17,813
% total mortgage banking pre-tax net contribution		10.6	%		8.4	%		16.1	%		40.3	%		30.9	%
Pre-tax net income, adjusted		30,530			26,429			29,573			28,701			18,580
% total mortgage banking pre-tax net contribution, adjusted		10.4	%		8.0	%		15.0	%		18.2	%		29.6	%

	2018						2017
Tangible assets and equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Tangible Assets
Total assets	$	4,923,249		$	4,725,416		$	4,727,713		$	4,581,943		$	3,346,570
Less goodwill		137,190			137,190			137,190			138,910			46,867
Less intangibles, net		13,203			14,027			14,902			12,550			4,048
Tangible assets	$	4,772,856		$	4,574,199		$	4,575,621		$	4,430,483		$	3,295,655
Tangible Common Equity
Total shareholders' equity	$	630,959		$	611,075		$	596,729		$	572,528		$	509,517
Less goodwill		137,190			137,190			137,190			138,910			46,867
Less intangibles, net		13,203			14,027			14,902			12,550			4,048
Tangible common equity	$	480,566		$	459,819		$	444,637		$	421,068		$	458,602
Common shares outstanding		30,683,353			30,671,763			30,535,517			30,526,592			28,968,160
Book value per common share	$	20.56		$	19.92		$	19.54		$	18.76		$	17.59
Tangible book value per common share	$	15.66		$	14.99		$	14.56		$	13.79		$	15.83
Total shareholders' equity to total assets		12.8	%		12.9	%		12.6	%		12.5	%		15.2	%
Tangible common equity to tangible assets		10.1	%		10.2	%		9.7	%		9.5	%		13.9	%
Net income	$	22,065		$	19,754		$	23,018		$	8,388		$	11,239
Return on tangible common equity		18.4	%		17.4	%		20.5	%		7.9	%		9.8	%

	2018						2017
Return on average tangible common equity	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Total average shareholders' equity	$	615,950		$	599,198		$	578,856		$	550,409		$	398,805
Less average goodwill		137,190			137,190			137,190			108,220			46,839
Less average intangibles, net		13,615			14,465			13,726			9,983			4,124
Average tangible common equity	$	465,145		$	447,544		$	427,940		$	432,206		$	347,842
Net income	$	22,065		$	19,754		$	23,018		$	8,388		$	11,239
Return on average tangible common equity		19.0	%		17.9	%		21.3	%		7.7	%		13.0	%

FB Financial Corporation

Second Quarter 2018

Supplemental Financial Information

Page 18

Non-GAAP Reconciliation
For the Quarters Ended
(Unaudited)
(In Thousands, Except Share Data and %)
	2018						2017
Return on average tangible common equity, adjusted	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Average tangible common equity		465,145			447,544			427,940			432,206			347,842
Net income, adjusted	$	22,736		$	20,636		$	18,265		$	17,936		$	11,705
Return on average tangible common equity, adjusted		19.6	%		18.7	%		16.9	%		16.5	%		13.5	%

	2018						2017
Return on average assets and equity, adjusted	Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter
Net income	$	22,065		$	19,754		$	23,018		$	8,388		$	11,239
Average assets		4,763,991			4,678,494			4,664,669			4,162,478			3,224,783
Average equity		615,950			599,198			578,856			550,409			398,805
Return on average assets		1.86	%		1.71	%		1.96	%		0.80	%		1.40	%
Return on average equity		14.4	%		13.4	%		15.8	%		6.1	%		11.3	%
Net income, adjusted		22,736			20,636			18,265			17,936			11,705
Return on average assets, adjusted		1.91	%		1.79	%		1.55	%		1.71	%		1.46	%
Return on average equity, adjusted		14.8	%		14.0	%		12.5	%		12.9	%		11.8	%

	2017
Previously reported core metrics*	Fourth Quarter			Third Quarter			Second Quarter
Core return on average tangible common equity		17.4	%		17.0	%		14.9	%
Core return on average assets		1.59	%		1.76	%		1.61	%
Core return on average equity		12.8	%		13.3	%		13.0	%
Core total revenue	$	86,575		$	82,383		$	67,833
* Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements.

EX-99.3

Exhibit 99.3

 Second Quarter 2018 Earnings Presentation  July 24, 2018

 Certain statements contained in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the Company’s business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives and the timing, benefits, costs and synergies of future acquisition, disposition and other growth opportunities. These statements, which are based upon certain assumptions and estimates and describe the Company’s future plans, results, strategies and expectations, 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,” “projection” and other variations of such words and phrases and similar expressions. These forward-looking statements are not historical facts, and are based upon current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management, 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 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 and that are beyond the Company’s control. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this presentation, 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 in this presentation including, without limitation, the risks and other factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 16, 2018 under the captions “Cautionary note regarding forward-looking statements” and “Risk factors.” 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 Company’s underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this presentation, and the Company does not undertake any 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.   Forward looking statements 

 Use of non-GAAP financial measures  This presentation contains certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. These non‐GAAP financial measures include, without limitation, adjusted net income, adjusted diluted earnings per share, core net income, core diluted earnings per share, adjusted pro forma net income, adjusted pro forma diluted earnings per share, pro forma core net income, pro forma core diluted earnings per share, core noninterest expense, core noninterest income, core efficiency ratio (tax-equivalent basis), banking segment core efficiency ratio (tax-equivalent basis), mortgage segment core efficiency ratio (tax-efficiency basis), adjusted mortgage contribution, adjusted return on average assets and equity, core return on average assets and equity and core total revenue. Each of these non-GAAP metrics excludes certain income and expense items that the Company’s management considers to be non‐core/adjusted in nature. The Company refers to these non‐GAAP measures as adjusted or core measures. The corresponding Earnings Release also presents tangible assets, tangible common equity, tangible book value per common share, tangible common equity to tangible assets, return on tangible common equity, return on average tangible common equity, adjusted return on average assets, adjusted return on average equity, core return on average tangible common equity, adjusted return on average tangible common equity, pro forma return on average assets and equity, pro forma adjusted return on average assets and equity and pro forma core return on average assets and equity. Each of these non-GAAP metrics excludes the impact of goodwill and other intangibles.The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations as management believes such measures facilitate period-to-period comparisons and provide meaningful indications of its operating performance as they eliminate both gains and charges that management views as non-recurring or not indicative of operating performance. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods as well as demonstrating the effects of significant non-core gains and charges in the current and prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and in the analysis of ongoing operating trends. In addition, because intangible assets such as goodwill and other intangibles, and the other items excluded each vary extensively from company to company, the Company believes that the presentation of this information allows investors to more easily compare the Company’s results to the results of other companies. However, the non-GAAP financial measures discussed herein 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 the Company calculates the non-GAAP financial measures discussed herein 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 the Company has discussed herein when comparing such non-GAAP financial measures. The following tables provide a reconciliation of these measures to the most directly comparable GAAP financial measures.

Three months endedJune 30, 2018      Non-GAAP adjusted results1  Reported GAAP results  Diluted earnings per share  $0.72  $0.70  Net income ($million)  $22.7  $22.1  Net interest margin   4.81%  4.81%  Return on average assets   1.91%  1.86%  Return on average equity  14.8%  14.4%  Return on average tangible common equity  19.6%  19.0%  Efficiency ratio  62.1%  64.5%  2Q 2018 highlights  Key highlights  Financial results  1 Adjusted results are non-GAAP financial measures that adjust GAAP reported net income and other metrics for certain income and expense items as outlined in the non-GAAP reconciliation calculations, using a combined marginal income tax rate of 26.06% excluding one-time items. See “Use of non-GAAP financial measures” and the Appendix hereto.2 Includes accretion from acquired / purchased loans and collection of interest income on nonaccrual loans, which contributed 20 basis points to net interest margin.  Adjusted diluted EPS of $0.721, resulting in adjusted ROAA of 1.91%1Loans (HFI) grew to $3.4 billion, a 73.3% increase from 2Q 2017; grew 21.1% annualized from 1Q 2018Customer deposits grew to $3.8 billion, a 41.0% increase from 2Q 2017; grew 17.3% annualized from 1Q 2018Continued customer-focused balance sheet growth resulting in a net interest margin of 4.81% for 2Q 2018, compared to 4.64% for 1Q 2018Continuing to gain positive operating leverage, Banking Segment core efficiency ratio improved to 51.7%1 in 2Q 2018, down 874 basis points from 2Q 2017Mortgage banking income of $28.5 million, a 5.6% decrease from 2Q 2017, driven by lower interest rate lock commitment (IRLC) volume of $2.0 billion for the quarter, down 8.4% from 2Q 2017Completed $151.8 million follow-on secondary offering on May 31, 2018  2 

4 0.91% 1.21% 1.46% 1.52% 1.85% 2014 2015 2016 2017 YTD 2018 0.50% 0.29% 0.32% 0.30% 0.26% 2Q17 3Q17 4Q17 1Q18 2Q18 4.19% 4.61% 4.63% 4.64% 4.81% 2Q17 3Q17 4Q17 1Q18 2Q18 Consistently delivering balanced profitability and growth Drivers of profitability Pro forma return on  average assets, adjusted1 Net interest margin $36 $38  $37 $33 $36 2Q17 3Q17 4Q17 1Q18 2Q18 Noninterest income ($mn) 88% 96% 101% 97% 97% 72% 84% 86% 86% 87% 16% 12% 15% 11% 10% 2Q17 3Q17 4Q17 1Q18 2Q18 Loans excluding HFS Loans HFS Loans / deposits 1Our pro forma net income includes a pro forma provision for federal income taxes using a combined effective income tax rate of 35.63%, 35.08% and 36.75% for the years ended December 31, 2014, 2015 and 2016, respectively, and also includes the exclusion of a one-time tax charge from C Corp conversion in 3Q 2016 and the 4Q 2017 benefit from the 2017 Tax Cuts and Jobs Act. The years ended December 31 2014, 2015, 2016 and 2017 are annual percentages. NPLs (HFI) / loans (HFI) (%) 

5 Peer-leading net interest margin remains strong Historical yield and costs 1Includes tax-equivalent adjustment NIM (%) 4.19% 4.61% 4.63% 4.64% 4.81% Impact of accretion and nonaccrual interest   collections (bps) 15 28 28 20 20 Deposit cost (%) 0.34% 0.46% 0.50% 0.55% 0.62% Loan (HFI) yield 2Q17 1Q18 2Q18 Contractual interest rate on loans HFI1 4.63% 5.28% 5.37% Origination and other loan fee  income 0.30% 0.37% 0.46% 4.93% 5.65% 5.83% Nonaccrual interest collections 0.07% 0.05% 0.03% Accretion on purchased loans 0.17% 0.21% 0.23% Syndication fee income 0.02% 0.01% 0.03% Total loan yield (HFI) 5.19% 5.92% 6.12% Average interest earning assets Yield on loans Cost of deposits NIM $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 -- 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2Q17 3Q17 4Q17 1Q18 2Q18 Avg. interest earning assets ($mm) Yields and Costs (%)

6 Total HFI loans: $1,240 million 1-4 family19% 1-4 family HELOC13% Multifamily3% C&D8% CRE14% C&I38% Other5% 1-4 family15% 1-4 family HELOC6% Multifamily2% C&D15% CRE17% C&I39% Other6% Consistent loan growth and balanced portfolio Total loan growth 1 ($million) and commercial real estate concentration Loan portfolio breakdown 4Q12 2Q18 Total HFI loans: $3,416 million 1Exclude HFS loans, C&I includes owner-occupied CRE 2Risk-based capital at First Bank as defined in Call Report. 2Q 2018 calculation is preliminary and subject to change. 3Excludes owner-occupied CRE $1,971 $3,115 $3,167 $3,245 $3,416 2Q17 3Q17 4Q17 1Q18 2Q18 Commercial real estate (CRE) concentrations2 % of Risk-Based Capital 1Q18 2Q18 (preliminary) C&D loans subject to 100% risk-based capital threshold3 98% 105% Total CRE loans subject to 300% risk-based capital threshold3 229% 239%

7 Stable, low cost core deposit franchise 26.2% 24.9% 24.2% 24.7% 24.8% 0.34% 0.46% 0.50% 0.55% 0.62% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2Q17 3Q17 4Q17 1Q18 2Q18 Noninterest bearing (%) Cost of total deposits (%) $715 $925 $888 $931 $971 2Q17 3Q17 4Q17 1Q18 2Q18 $2,726 $3,614 $3,578 $3,685 $3,844 $2 $104 $86 $81 $66 $2,728 $3,718 $3,664 $3,766 $3,910 2Q17 3Q17 4Q17 1Q18 2Q18 Customer deposits Brokered and internet time deposits Total deposits ($million) 1Includes mortgage servicing-related escrow deposits of$49.9million, $56.8 million, $53.7, $74.1 million and $88.4 million for the quarters ended June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018 respectively. Noninterest bearing deposits ($million)1 Deposit composition Cost of  deposits Noninterest-bearing25% Interest-bearing checking23% Money market28% Savings5% Time19% 48% Checking accounts

8 Mortgage operations overview 2Q 2018 Mortgage Segment pre-tax contribution of $1.9 million. Total mortgage pre-tax contribution (including retail footprint) of $3.2 million, 10.4% of adjusted consolidated pre-tax income, down from 29.6% in 2Q 2017 Mortgage banking income $28.5 million, down 5.6% from 2Q 2017, up 7.8% from 1Q 2018 Expect to sell $3.3 billion of loans serviced during the 3rdquarter with no material gain Including the impact of MSR sales, we expect total mortgage pre-tax contribution (including retail footprint) to be $5-$7 million in 3Q & 4Q 2018 compared to the pre-tax contribution in 3Q & 4Q 2017 of $9.7 million Highlights Gain on Sale Total pre-tax contribution, adjusted2(%) Mortgage production Consumer Direct Correspondent Third party originated Retail Retail footprint Total Mortgage (including retail footprint) Banking (excluding retail footprint) 10.4% 89.6% 2Q18 1Q18 2Q17 1Q18 2Q18 Fair value changes Fair value MSR change Mortgage banking income ($mm) Servicing Revenue 2Q17 Total Income 2Q18 $2,158mm $2,129mm IRLC volume: $1,976mm IRLC pipeline1: $547mm $693mm $598mm Refinance %: 36% 42% 29% Purchase %: 64% 58% 71% 1As of the respective period end. 2See “Use of non-GAAP financial measures” and the Appendix hereto. Mortgage banking income ($mm) $23.9 $23.5 $27.0 $5.4 ($0.1) ($2.3) $2.7 $4.8 $5.6 ($1.8) ($1.7) ($1.8) $30.2 $26.5 $28.5 impact total

9 Improving operating leverage Consolidated 2Q 2018 core efficiency ratio of 62.1% driven by Banking Segment core efficiency ratio of 51.7%, which has improved by 874 basis points since 2Q 2017 2Q 2018 illustrates continued operating leverage achieved through organic growth, merger and ongoing cost efficiencies Total revenue at the consolidated level increased by more than twice the rate of total noninterest expense in 2Q 2018 as compared to 2Q 2017 Continued investment in revenue producers, IT systems and back office personnel to build upon scalable platform Continue to refine mortgage banking with operational efficiency improvements 60.4% 56.2% 55.5% 55.2% 51.7% 70.2% 64.4% 63.6% 65.5% 62.1% 78.3% 79.9% 83.8% 85.7% 83.6% 2Q17 3Q17 4Q17 1Q18 2Q18 Banking Segment Consolidated Mortgage Segment Core efficiency ratio (tax-equivalent basis)1 Improving operating efficiency 1 See “Use of non-GAAP financial measures” and the Appendix hereto.

10 Asset quality remains strong 0.25% 0.15% (0.05%) 0.01% 0.11% 2Q17 3Q17 4Q17 1Q18 2Q18 1.18% 0.75% 0.76% 0.75% 0.77% 2Q17 3Q17 4Q17 1Q18 2Q18 $38 $60 $55 $53 $58 $16 $92 $89 $86 $78 2Q17 3Q17 4Q17 1Q18 2Q18 Classified Purchased credit impaired 0.50% 0.29% 0.32% 0.30% 0.26% 0.58% 0.88% 1.52% 0.59% 0.52% 2Q17 3Q17 4Q17 1Q18 2Q18 NPLs (HFI) / loans (HFI) NPAs / assets Classified & PCI loans ($million) Net recoveries (charge-offs) / average loans Nonperforming ratios LLR / loans 1Includes acquired excess land and facilities for all periods subsequent to the acquisition of the Clayton Banks and GNMA rebooked loans for the third and fourth quarters of 2017 –see page 8 of the Quarterly Financial Supplement. 1

11 Common Equity Tier 1 Capital89% Trust Preferred6% Tier 2 ALLL5% Total capital1: $524.1 million Strong capital position for future growth 1 Total regulatory capital, FB Financial Corporation. 2Q 2018 calculation is preliminary and subject to change. 2 See “Use of non-GAAP financial measures” and the Appendix hereto. Capital position Simple capital structure 2Q17 1Q18 2Q181 Shareholder’s equity / Assets 15.2% 12.9% 12.8% TCE / TA2 13.9% 10.2% 10.1% Common equity tier 1 / Risk-weighted assets 17.2% 11.0% 10.7% Tier 1 capital / Risk-weighted assets 18.3% 11.8% 11.4% Total capital / Risk-weighted assets 19.1% 12.3% 12.0% Tier 1 capital / Average assets 15.5% 10.7% 10.9% Tangible book value per  share $11.56 $11.58 $14.99 $15.66 3Q16 4Q16 1Q18 2Q18

 Appendix 12

13 GAAP reconciliation and use of non-GAAP financial measures Net income, adjusted Net income, adjusted Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Pre-tax net income $ 29,859 $ 25,236 $ 27,504 $ 12,990 $ 17,813 Plus merger and offering-related expenses671 1,193 2,069 15,711 767 Less signficant gains (losses) on securities, other real estate owned and other items- - - - - Pre-tax net income, adjusted30,530$ 26,429$ 29,573$ 28,701$ 18,580$ Income tax expense, adjusted7,794 5,793 11,308 10,765 6,875 Net income, adjusted22,736$ 20,636$ 18,265$ 17,936$ 11,705$ Weighted average common shares outstanding fully diluted31,294,044 31,421,830 31,166,080 30,604,537 26,301,458 Earnings per share, adjusted Diluted earning per share0.70$ 0.63$ 0.74$ 0.27$ 0.43$ Plus merger and offering-related expenses0.02 0.04 0.07 0.51 0.03 Less signficant gains (losses) on securities, other real estate owned and other items- - - - - Tax effect - (0.01) (0.22) (0.20) (0.01) Diluted earnings per share, adjusted0.72$ 0.66$ 0.59$ 0.58$ 0.45$ Previously reported core results*Fourth Quarter Third Quarter Second Quarter First Quarter Core net income 18,677$ 18,516$ 12,919$ 10,284$ Core diluted earnings per share0.60$ 0.60$ 0.49$ 0.42$ * Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements.20182017Previously, the Company adjusted reported net income for the following items: (i) change in fair value in MSRs, net, and (ii) Gains (losses) from securities, OREO, MSRs, other assets, and other items. Beginning with the first quarter of 2018, the Company is only adjusting reported earnings for (i) merger and conversion costs, (ii) impact of tax reform (fourth quarter 2017); and (iii) other significant items impacting comparability between quarterly and annual periods including costs related to the secondary stock offering completed by our primary shareholder during the second quarter of 2018. Prior periods have been adjusted to conform to this presentation, see below for previously reported amounts: 2017

14 GAAP reconciliation and use of non-GAAP financial measures Pro forma net income, adjusted Pro forma net income, adjusted YTD 20182017201620152014Pre-tax net income $ 55,095 $ 73,485 $ 62,324 $ 50,824 $ 34,731 Plus merger and offering-related expenses1,864 19,034 3,268 3,543 - Less signficant gains (losses) on securities, other real estate owned and other items- - (3,539) 4,638 2,000 Pre tax net income, adjusted 56,959$ 92,519$ 69,131$ 49,729$ 32,731$ Pro forma income tax expense, adjusted13,587 34,749 25,404 18,425 11,662 Pro forma net income, adjusted 43,372$ 57,770$ 43,727$ 31,304$ 21,069$ Weighted average common shares outstanding fully diluted31,275,846 28,207,602 19,312,174 17,180,000 17,180,000 Pro forma diluted earnings per share, adjusted Diluted earning per share1.33$ 1.86$ 2.10$ 2.79$ 1.89$ Plus merger and offering-related expenses0.06 0.67 0.17 0.21 - Less signficant gains (losses) on securities, other real estate owned and other items- - (0.18) 0.27 0.12 Tax effect (0.01) (0.48) (0.19) (0.91) (0.54) Pro forma diluted earnings per share, adjusted1.38$ 2.05$ 2.26$ 1.82$ 1.23$ Previously reported pro forma core results*2017201620152014Pro forma core net income 60,396$ 46,120$ 34,577$ 22,872$ Pro forma core diluted earnings per share2.14$ 2.39$ 2.01$ 1.33$ * Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements.

15 GAAP reconciliation and use of non-GAAP financial measures Tax-equivalent efficiency ratio Core efficiency ratio (tax-equivalent basis)Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Total noninterest expense56,303$ 56,151$ 57,540$ 69,224$ 49,136$ Less variable compensation charge related to cash settled equity awards- - - - - Less merger and offering-related expenses671 1,193 2,069 15,711 767 Less loss on sale of mortgage servicing rights- - - - 249 Core noninterest expense55,632$ 54,958$ 55,471$ 53,513$ 48,120$ Net interest income (tax-equivalent basis)51,909 48,799 49,692 44,281 31,158 Total noninterest income35,708 33,275 37,017 37,820 35,657 Less change in fair value on mortgage servicing rights(1,778) (1,713) (190) (893) (1,840) Less gain on sales or write-downs of other real estate owned and other assets(132) (118) (386) (314) 62 Less gain from securities, net(97) (47) 1 254 29 Core noninterest income37,715 35,153 37,592 38,773 37,406 Core revenue89,624$ 83,952$ 87,284$ 83,054$ 68,564$ Efficiency ratio (GAAP)(1)64.5%68.7%66.9%85.0%74.4%Core efficiency ratio (tax-equivalent basis)62.1%65.5%63.6%64.4%70.2%20182017(1) Efficiency ratio (GAAP) is calculated by dividing non-interest expense by total revenue

 16 GAAP reconciliation and use of non-GAAP financial measures Segment tax-equivalent efficiency ratio Banking segment core efficiency ratio (tax equivalent)Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Core consolidated noninterest expense55,632$ 54,958$ 55,471$ 53,513$ 48,120$ Less Mortgage segment noninterest expense19,582 18,910 20,117 19,757 19,802 Add loss on sale of mortgage servicing rights- - - - 249 Adjusted Banking segment noninterest expense36,050 36,048 35,354 33,756 28,567 Adjusted core revenue89,624 83,952 87,284 83,054 68,564 Less Mortgage segment noninterest income 21,650 20,363 23,825 23,836 23,121 Less change in fair value on mortgage servicing rights(1,778) (1,713) (190) (893) (1,840) Adjusted Banking segment total revenue69,752$ 65,302$ 63,649$ 60,111$ 47,283$ Banking segment core efficiency ratio (tax-equivalent basis)51.7%55.2%55.5%56.2%60.4%Mortgage segment core efficiency ratio (tax equivalent)Consolidated noninterest expense56,303$ 56,151$ 57,540$ 69,224$ 49,136$ Less loss on sale of mortgage servicing rights- - - - 249 Less Banking segment noninterest expense36,721 37,241 37,423 49,467 29,334 Adjusted Mortgage segment noninterest expense19,582$ 18,910$ 20,117$ 19,757$ 19,553$ Total noninterest income35,708 33,275 37,017 37,820 35,657 Less Banking segment noninterest income 14,058 12,912 13,192 13,984 12,536 Less change in fair value on mortgage servicing rights(1,778) (1,713) (190) (893) (1,840) Adjusted Mortgage segment total revenue23,428$ 22,076$ 24,015$ 24,729$ 24,961$ Mortgage segment core efficiency ratio (tax-equivalent basis)83.6%85.7%83.8%79.9%78.3%20182017

17 GAAP reconciliation and use of non-GAAP financial measures Mortgage contribution, adjusted Mortgage contribution, adjusted Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Mortgage segment pre-tax net contribution1,916$ 1,111$ 3,269$ 3,948$ 3,747$ Retail footprint: Mortgage banking income6,894 6,108 6,455 7,498 7,118 Mortgage banking expenses5,649 5,097 5,294 6,216 5,368 Retail footprint pre-tax net contribution 1,245 1,011 1,161 1,282 1,750 Total mortgage banking pre-tax net contribution3,161$ 2,122$ 4,430$ 5,230$ 5,497$ Pre-tax net income29,859 25,236 27,504 12,990 17,813 % total mortgage banking pre-tax net contribution10.6%8.4%16.1%40.3%30.9%Pre-tax net income, adjusted30,530 26,429 29,573 28,701 18,580 % total mortgage banking pre-tax net contribution, adjusted10.4%8.0%15.0%18.2%29.6%20182017

18 GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity Return on average tangible equity Tangible assets and equity Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Tangible Assets Total assets $ 4,923,249 $ 4,725,416 $ 4,727,713 $ 4,581,943 $ 3,346,570 Less goodwill 137,190 137,190 137,190 138,910 46,867 Less intangibles, net 13,203 14,027 14,902 12,550 4,048 Tangible assets $ 4,772,856 $ 4,574,199 $ 4,575,621 $ 4,430,483 $ 3,295,655 Tangible Common Equity Total shareholders' equity $ 630,959 $ 611,075 $ 596,729 $ 572,528 $ 509,517 Less goodwill 137,190 137,190 137,190 138,910 46,867 Less intangibles, net 13,203 14,027 14,902 12,550 4,048 Tangible common equity $ 480,566 $ 459,819 $ 444,637 $ 421,068 $ 458,602 Common shares outstanding 30,683,353 30,671,763 30,535,517 30,526,592 28,968,160 Book value per common share $ 20.56 $ 19.92 $ 19.54 $ 18.76 $ 17.59 Tangible book value per common share $ 15.66 $ 14.99 $ 14.56 $ 13.79 $ 15.83 Total shareholders' equity to total assets 12.8% 12.9% 12.6% 12.5% 15.2% Tangible common equity to tangible assets 10.1% 10.2% 9.7% 9.5% 13.9% Net income $ 22,065 $ 19,754 $ 23,018 $ 8,388 $ 11,239 Return on tangible common equity 18.4% 17.4% 20.5% 7.9% 9.8% 2018 2017 Return on average tangible common equity Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Total average shareholders' equity $ 615,950 $ 599,198 $ 578,856 $ 550,409 $ 398,805 Less average goodwill 137,190 137,190 137,190 108,220 46,839 Less intangibles, net 13,615 14,465 13,726 9,983 4,124 Average tangible common equity $ 465,145 $ 447,544 $ 427,940 $ 432,206 $ 347,842 Net income $ 22,065 $ 19,754 $ 23,018 $ 8,388 $ 11,239 Return on average tangible common equity 19.0% 17.9% 21.3% 7.7% 13.0% 2018 2017

19 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible equity, adjusted Return on average assets and equity, adjusted Return on average tangible equity, adjusted Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Average tangible common equity 465,145 447,544 427,940 432,206 347,842 Net income, adjusted $ 22,736 $ 20,636 $ 18,265 $ 17,936 $ 11,705 Return on average tangible equity, adjusted 19.6% 18.7% 16.9% 16.5% 13.5% 2018 2017 Return on average assets and equity, adjusted Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter Net income $ 22,065 $ 19,754 $ 23,018 $ 8,388 $ 11,239 Average assets 4,763,991 4,678,494 4,664,669 4,162,478 3,224,783 Average equity 615,950 599,198 578,856 550,409 398,805 Return on average assets 1.86% 1.71% 1.96% 0.80% 1.40% Return on average equity 14.4% 13.4% 15.8% 6.1% 11.3% Net income, adjusted 22,736 20,636 18,265 17,936 11,705 Return on average assets, adjusted 1.91% 1.79% 1.55% 1.71% 1.46% Return on average equity, adjusted 14.8% 14.0% 12.5% 12.9% 11.8% Previously reported core metrics* Fourth Quarter Third Quarter Second Quarter Core return on average tangible common equity 17.4% 17.0% 14.9% Core return on average assets 1.59% 1.76% 1.61% Core return on average equity 12.8% 13.3% 13.0% Core total revenue $ 86,575 $ 82,383 $ 67,833 * Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements. 2018 2017 2017

20 GAAP reconciliation and use of non-GAAP financial measures Return on average assets and equity, adjusted Pro forma return on average assets and equity, adjusted YTD 20182017201620152014 Pro forma Net income41,819$ 52,398$ 40,951$ 47,856$ 32,462$ Average assets 4,719,932 3,811,158 3,001,275 2,577,895 2,311,297 Average equity 607,708 466,219 276,587 228,844 203,615 Pro forma return on average assets1.79%1.37%1.36%1.86%1.40%Pro forma return on average equity13.9%11.2%14.8%20.9%15.9% Pro forma net income, adjusted $ 43,372 $ 57,770 $ 43,727 $ 31,304 $ 21,069 Pro forma return on average assets, adjusted1.85%1.52%1.46%1.21%0.91%Pro forma return on average equity, adjusted14.4%12.4%15.8%13.7%10.3%Previously reported core metrics*2017201620152014Pro forma core return on average assets1.56%1.54%1.34%0.99%Pro forma core return on average equity13.0%16.7%15.1%11.2%* Non-GAAP reconciliations of previously reported core results are included in previously issued earnings release supplements.