Mergers and acquisitions (Tables) - Clayton Banks

9 Months Ended

Sep. 30, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following tables present the preliminary fair value of net assets acquired as of the July 31, 2017 acquisition date and the consideration paid and an allocation of the purchase price to net assets acquired:

	As of July 31, 2017
	Combined Clayton Banks Historical Cost Basis (1)			Fair Value Adjustments			As Recorded by FB Financial Corporation
Assets
Cash and cash equivalents	$	49,059		$	—		$	49,059
Investment securities		59,108			385			59,493
FHLB stock		3,409			—			3,409
Loans		1,075,441			(14,933	)		1,060,508
Allowance for loan losses		(19,985	)		19,985			—
Premises and equipment		15,011			4,469			19,480
Other real estate owned		6,244			644			6,888
Core deposit intangible		—			9,060			9,060
Other assets		15,322			(9,184	)		6,138
Total assets	$	1,203,609		$	10,426		$	1,214,035
Liabilities
Interest-bearing deposits	$	669,745		$	309		$	670,054
Non-interest bearing deposits		309,464			—			309,464
Borrowings		84,110			721			84,831
Accrued expenses and other liabilities		4,577			668			5,245
Total liabilities	$	1,067,896		$	1,698		$	1,069,594
Net assets acquired	$	135,713		$	8,728		$	144,441

Schedule of Consideration Paid and Allocation of Purchase Price to Net Assets Acquired

Purchase price:
Equity consideration
Common stock issued		1,521,200
Price per share as of July 31, 2017	$	34.37
Total equity consideration			$	52,284
Cash consideration				184,200	(2)
Total consideration paid			$	236,484
Preliminary allocation of consideration paid:
Fair value of net assets acquired including identifiable intangible assets			$	144,441
Goodwill				92,043
Total consideration paid			$	236,484

Schedule of Fair Value of Acquired Purchase Credit Impaired Loans

The following table presents the fair value of acquired purchase credit impaired loans accounted for in accordance with ASC 310-30 from the Clayton Banks as of the July 31, 2017 acquisition date:

	July 31, 2017
Contractually-required principal and interest	$	112,584
Nonaccretable difference		12,117
Cash flows expected to be collected		100,467
Accretable yield		18,457
Fair value	$	82,010

Business Acquisition, Pro Forma Information

The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2016 and does not include the effect of all cost-saving or revenue-enhancing strategies.

	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016
Net interest income	$	49,408	$	42,971	$	142,972	$	126,115
Total revenues	$	88,013	$	88,568	$	250,676	$	243,877
Net income	$	11,719	$	15,402	$	50,426	$	49,434