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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 10-Q
______________________________________________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-37875
_____________________________________________________________
FB FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
______________________________________________________________
Tennessee62-1216058
( State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
211 Commerce Street, Suite 300
Nashville, Tennessee
37201
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (615) 564-1212
____________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol  Name of each exchange on which registered 
Common Stock, Par Value $1.00 Per Share FBK  New York Stock Exchange 
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐  Accelerated filer ☒
Non-accelerated filer ☐  Small reporting company ☐
Emerging growth company ☒    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of Registrant’s Common Stock outstanding as of April 30, 2021 was 47,354,756.
1

Table of Contents
Page
PART I.
Item 1. 3
3
4
5
6
7
8
Item 2. 48
Item 3.85
Item 4. 86
Part II.
Item 1. 88
Item 1A.88
Item 2. 88
Item 6. 89
90






2

PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS

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


 March 31,December 31,
 2021 (Unaudited)2020 
ASSETS  
Cash and due from banks$206,250 $110,991 
Federal funds sold104,153 121,153 
Interest-bearing deposits in financial institutions1,584,730 1,085,754 
Cash and cash equivalents1,895,133 1,317,898 
Investments:
Available-for-sale debt securities, at fair value1,225,178 1,172,400 
Equity securities, at fair value4,667 4,591 
Federal Home Loan Bank stock, at cost31,757 31,232 
Loans held for sale, at fair value1,009,762 899,173 
Loans7,047,342 7,082,959 
Less: allowance for credit losses157,954 170,389 
Net loans6,889,388 6,912,570 
Premises and equipment, net143,467 145,115 
Other real estate owned, net11,177 12,111 
Operating lease right-of-use assets48,453 49,537 
Interest receivable44,393 43,603 
Mortgage servicing rights, at fair value104,192 79,997 
Goodwill242,561 242,561 
Core deposit and other intangibles, net20,986 22,426 
Other assets264,712 274,116 
Total assets$11,935,826 $11,207,330 
LIABILITIES
Deposits
Noninterest-bearing$2,431,077 $2,274,103 
Interest-bearing checking3,097,648 2,491,765 
Money market and savings3,347,731 3,254,915 
Customer time deposits1,342,717 1,375,695 
Brokered and internet time deposits37,713 61,559 
Total deposits10,256,886 9,458,037 
Borrowings180,179 238,324 
Operating lease liabilities54,232 55,187 
Accrued expenses and other liabilities115,333 164,400 
Total liabilities10,606,630 9,915,948 
Commitments and contingencies (Note 9)
SHAREHOLDERS' EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
47,331,680 and 47,220,743 shares issued and outstanding at
March 31, 2021 and December 31, 2020, respectively
47,332 47,222 
Additional paid-in capital900,521 898,847 
Retained earnings365,192 317,625 
Accumulated other comprehensive income, net
16,058 27,595 
Total FB Financial Corporation shareholders' equity1,329,103 1,291,289 
Noncontrolling interest93 93 
Total equity1,329,196 1,291,382 
Total liabilities and shareholders' equity$11,935,826 $11,207,330 
See the accompanying notes to the consolidated financial statements.
3

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


 Three Months Ended March 31,
 2021 2020 
Interest income:  
Interest and fees on loans$89,412 $63,754 
Interest on securities
Taxable2,819 3,056 
Tax-exempt1,956 1,433 
Other598 1,431 
Total interest income94,785 69,674 
Interest expense:
Deposits9,826 12,168 
Borrowings2,383 1,257 
Total interest expense12,209 13,425 
Net interest income82,576 56,249 
Provision for credit losses(11,632)27,964 
Provision for credit losses on unfunded commitments(2,222)1,601 
Net interest income after provisions for credit losses96,430 26,684 
Noninterest income:
Mortgage banking income55,332 32,745 
Service charges on deposit accounts2,339 2,563 
ATM and interchange fees4,341 3,134 
Investment services and trust income2,008 1,697 
Gain from securities, net83 63 
Gain on sales or write-downs of other real estate owned496 51 
Loss from other assets(11)(328)
Other income2,142 2,775 
Total noninterest income66,730 42,700 
Noninterest expenses:
Salaries, commissions and employee benefits64,571 43,622 
Occupancy and equipment expense5,849 4,178 
Legal and professional fees2,434 1,558 
Data processing 2,319 2,453 
Merger costs— 3,050 
Amortization of core deposit and other intangibles1,440 1,203 
Advertising2,253 2,389 
Other expense15,832 10,106 
Total noninterest expense94,698 68,559 
Income before income taxes68,462 825 
Income tax expense15,588 80 
Net income applicable to FB Financial Corporation and noncontrolling
interest
52,874 745 
Net income applicable to noncontrolling interest— — 
Net income applicable to FB Financial Corporation$52,874 $745 
Earnings per common share
Basic$1.12 $0.02 
Diluted1.10 0.02 
See the accompanying notes to the consolidated financial statements.
4

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

 Three Months Ended March 31,
 2021 2020 
Net income$52,874 $745 
Other comprehensive (loss) income, net of tax:
Net change in unrealized (loss) gain in available-for-sale
securities, net of taxes of $3,452 and $4,275
(11,848)12,094 
Reclassification adjustment for gain on sale of securities
included in net income, net of taxes of $2 and $0
(5)— 
Net change in unrealized gain (loss) in hedging activities, net of
taxes of $112 and $403
316 (1,145)
Reclassification adjustment for gain on hedging activities,
net of taxes of $— and $52
— (147)
Total other comprehensive (loss) income , net of tax(11,537)10,802 
Comprehensive income 41,337 11,547 
Comprehensive income applicable to noncontrolling interests— — 
Comprehensive income applicable to FB Financial Corporation$41,337 $11,547 
 See the accompanying notes to the consolidated financial statements.
5

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

 Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive
income, net		Total common
shareholders' equity		Noncontrolling interestsTotal shareholders' equity
Balance at December 31, 2019$31,034 $425,633 $293,524 $12,138 $762,329 $— $762,329 
Cumulative effect of change in accounting
principle
— — (25,018)— (25,018)— (25,018)
Balance at January 1, 2020$31,034 $425,633 $268,506 $12,138 $737,311 $— $737,311 
Net income— — 745 — 745 — 745 
Other comprehensive income, net of
taxes
— — — 10,802 10,802 — 10,802 
Common stock issued in connection with
acquisition of FNB Financial Corp., net of registration costs (See Note 2)
955 33,892 — — 34,847 — 34,847 
Stock based compensation expense5 1,878 — — 1,883 — 1,883 
Restricted stock units vested and
distributed, net of shares withheld
61 (899)— — (838)— (838)
Shares issued under employee stock
   purchase program		12 434 — — 446 — 446 
Dividends declared ($0.09 per share)
— — (2,866)— (2,866)— (2,866)
Balance at March 31, 2020$32,067 $460,938 $266,385 $22,940 $782,330 $— $782,330 
Balance at December 31, 2020$47,222 $898,847 $317,625 $27,595 $1,291,289 $93 $1,291,382 
Net income attributable to FB Financial
Corporation and noncontrolling interest
— — 52,874 — 52,874 — 52,874 
Other comprehensive income, net of taxes— — — (11,537)(11,537)— (11,537)
Stock based compensation expense3 2,663 — — 2,666 — 2,666 
Restricted stock units vested and
distributed, net of shares withheld
85 (1,800)— — (1,715)— (1,715)
Shares issued under employee stock
purchase program
22 811 — — 833 — 833 
Dividends declared ($0.11 per share)
— — (5,307)— (5,307)— (5,307)
Noncontrolling interest distribution— — — — — — — 
Balance at March 31, 2021$47,332 $900,521 $365,192 $16,058 $1,329,103 $93 $1,329,196 
See the accompanying notes to the consolidated financial statements.
6
FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Unaudited)
(Amounts are in thousands)
Three Months Ended March 31,
2021 2020 
Cash flows from operating activities:
Net income$52,874 $745 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization of fixed assets 2,056 1,612 
Amortization of core deposit and other intangibles1,440 1,203 
Capitalization of mortgage servicing rights(11,594)(7,796)
Net change in fair value of mortgage servicing rights(12,601)20,736 
Stock-based compensation expense2,666 1,883 
Provision for credit losses(11,632)27,964 
Provision for credit losses on unfunded commitments(2,222)1,601 
Provision for mortgage loan repurchases440 372 
Amortization (accretion) of premiums and discounts on acquired loans, net58 (1,578)
Accretion of discounts and amortization of premiums on securities, net2,150 906 
Gain from securities, net(83)(63)
Originations of loans held for sale(1,757,932)(1,097,672)
Proceeds from sale of loans held for sale1,648,695 1,070,137 
Gain on sale and change in fair value of loans held for sale(52,811)(33,595)
Net gain or write-downs of other real estate owned(496)(51)
Loss on other assets11 328 
Provision for deferred income taxes9,639 (8,088)
Changes in:
Other assets and interest receivable(225)(118,909)
Accrued expenses and other liabilities(42,615)38,567 
Net cash used in operating activities(172,182)(101,698)
Cash flows from investing activities:
Activity in available-for-sale securities:
Maturities, prepayments and calls61,040 27,657 
Purchases(131,268)(29,632)
Net change in loans85,150 52,701 
Purchases of FHLB stock(525)— 
Purchases of premises and equipment(2,050)(3,014)
Proceeds from the sale of other real estate owned2,495 1,442 
Net cash paid in business combinations (See Note 2)— (4,227)
Net cash provided by investing activities14,842 44,927 
Cash flows from financing activities:
Net increase in demand deposits855,673 272,566 
Net decrease in time deposits(56,824)(40,107)
Net (decrease) increase in securities sold under agreements to repurchase(2,965)4,955 
Payment of subordinated debt, net of premium accretion(40,000)— 
Accretion of subordinated debt fair value premium and amortization of issuance costs, net(158)— 
(Payments on) proceeds from other borrowings(15,000)15,000 
Share based compensation withholding payments(1,715)(838)
Net proceeds from sale of common stock under employee stock purchase program833 446 
Dividends paid(5,269)(2,838)
Net cash provided by financing activities734,575 249,184 
Net change in cash and cash equivalents577,235 192,413 
Cash and cash equivalents at beginning of the period1,317,898 232,681 
Cash and cash equivalents at end of the period$1,895,133 $425,094 
Supplemental cash flow information:
Interest paid$14,794 $10,997 
Taxes paid15,117 105 
Supplemental noncash disclosures:
Transfers from loans to other real estate owned$1,395 $365 
Transfers from premises and equipment to other real estate owned— 841 
Loans provided for sales of other real estate owned 330 — 
Transfers from loans to loans held for sale2,521 3,101 
Transfers from loans held for sale to loans14,413 1,445 
Stock consideration paid in business combination— 35,041 
Trade date payable - securities— 8,273 
Dividends declared not paid on restricted stock units38 28 
Decrease to retained earnings for adoption of new accounting standard— 25,018 
Right-of-use assets obtained in exchange for operating lease liabilities157 480 
See the accompanying notes to the consolidated financial statements.

7
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)

Note (1)—Basis of presentation:
Overview and presentation
FB Financial Corporation (the “Company”) is a financial holding company headquartered in Nashville, Tennessee. The Company operates through its wholly-owned subsidiary, FirstBank (the "Bank"). As of March 31, 2021, the Bank had 81 full-service branches throughout Tennessee, north Alabama, southern Kentucky and north Georgia, and a national mortgage business with office locations across the Southeast, which primarily originates loans to be sold in the secondary market.
The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) interim reporting requirements and general banking industry guidelines, and therefore, do not include all information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K.
The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and the reported results of operations for the periods then ended. Actual results could differ significantly from those estimates.
Certain prior period amounts have been reclassified to conform to the current period presentation without any impact on the reported amounts of net income or shareholders’ equity.
As of March 31, 2021, the Company continues to qualify as an emerging growth company as defined by the "Jumpstart Our Business Startups Act" ("JOBS Act"), however beginning as of December 31, 2021, the Company will cease to qualify.
Risks and uncertainties
The COVID-19 health pandemic that arose in 2020 created a crisis resulting in volatility in financial markets, sudden, unprecedented job losses, and disruption in consumer and commercial behavior, resulting in governments in the United States and globally to intervene with varying levels of direct monetary support and fiscal stimulus packages. All industries, municipalities and consumers have been impacted by the health crisis to some degree, including the markets that we serve. In attempts to “flatten the curve”, businesses not deemed essential were closed or constrained to capacity limitations, individuals were asked to restrict their movements, observe social distancing and shelter in place. These actions resulted in rapid decreases in commercial and consumer activity, temporary closures of many businesses, leading to a loss of revenues and a rapid increase in unemployment, widening of credit spreads, dislocation of bond markets, disruption of global supply chains and changes in consumer spending behavior. Although certain restrictions lifted and vaccines became available to many in the first quarter of 2021, there continues to be uncertainty regarding the long term effects on the global economy, which could have a material adverse impact on the Company's business operations, asset valuations, financial condition, and results of operations.
Earnings per share
Basic earnings per common share ("EPS") excludes dilution and is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS includes the dilutive effect of additional potential common shares issuable under the restricted stock units granted but not yet vested and distributable. Diluted EPS is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding for the period, plus an incremental number of common-equivalent shares computed using the treasury stock method.
Unvested share-based payment awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered to participate with common shareholders in undistributed earnings for purposes of computing EPS. Companies that have such participating securities are required to calculate basic and diluted EPS using the two-class method. Certain restricted stock awards granted by the Company include non-forfeitable dividend equivalents and are considered participating securities. Calculations of EPS under the two-class method (i) exclude from the numerator
8
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)
any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities and (ii) exclude from the denominator the dilutive impact of the participating securities.
The following is a summary of the basic and diluted earnings per common share calculation for each of the periods presented:
 Three Months Ended March 31,
 2021 2020 
Basic earnings per common share calculation:
Net income applicable to FB Financial Corporation$52,874 $745 
Dividends paid on and undistributed earnings allocated to participating securities— — 
Earnings available to common shareholders$52,874 $745 
Weighted average basic shares outstanding47,278,865 31,257,739 
Basic earnings per common share$1.12 $0.02 
Diluted earnings per common share:
Earnings available to common shareholders$52,874 $745 
Weighted average basic shares outstanding47,278,865 31,257,739 
Weighted average diluted shares contingently issuable(1)
690,241 476,373 
Weighted average diluted shares outstanding47,969,106 31,734,112 
Diluted earnings per common share$1.10 $0.02 
(1)Excludes 87,452 and 153,545 restricted stock units outstanding considered to be antidilutive for the three months ended March 31, 2021 and 2020, respectively.
Recently adopted accounting policies:
The Company did not modify or adopt any new accounting policies during the three months ended March 31, 2021 that were not disclosed in the Company's 2020 audited consolidated financial statements included on the Form 10-K, other than as described below.
During the three months ended March 31, 2021, the Company reevaluated its business segments to align all retail mortgage activities with the Mortgage segment. Previously, the Company assigned retail mortgage activities within the Banking geographical footprint to the Banking segment. See Note 12, "Segment reporting" for additional information on this change.
Recently adopted accounting standards:
Except as set forth below, the Company did not adopt any new accounting standards that were not disclosed in the Company's 2020 audited consolidated financial statements included on Form 10-K.
In January 2021, Financial Accounting Standards Board ("FASB") issued ASU 2021-01, "Reference Rate Reform (Topic 848): Scope". This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The Company early adopted ASU 2021-01 upon issuance effective January 7, 2021. No contract modifications have been made under the new guidance, therefore the adoption of this update did not impact the Company's financial statements or disclosures.
Newly issued not yet effective accounting standards:
The Company has reviewed newly issued not yet effective accounting standards and concluded as of March 31, 2021, there are none that are likely to impact the Company's financial statements or disclosures.

9
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)

Note (2)—Mergers and acquisitions:
The following mergers and acquisitions were accounted for pursuant to Accounting Standards Codification ("ASC") 805, "Business Combinations" ("ASC 805"). Accordingly, the purchase price of each acquisition was allocated to the acquired assets and liabilities assumed based on estimated fair values as of the respective acquisition dates. The excess of the purchase price over the net assets acquired was recorded as goodwill.
Franklin Financial Network, Inc. merger
Effective August 15, 2020, the Company completed its previously announced merger with Franklin Financial Network, Inc. and its wholly owned subsidiaries, with FB Financial Corporation continuing as the surviving entity. After consolidating duplicative locations the merger added 10 branches and expanded the Company's footprint in middle Tennessee and the Nashville metropolitan statistical area. Under the terms of the agreement, the Company acquired total assets of $3.63 billion, loans of $2.79 billion and assumed total deposits of $3.12 billion. Total loans acquired includes a non-strategic institutional portfolio with a fair value of $326,206 the Company classified as held for sale. Franklin common shareholders received 15,058,181 shares of the Company's common stock, net of the equivalent value of 44,311 shares withheld on certain Franklin employee equity awards that vested upon change in control, as consideration in connection with the merger, in addition to $31,330 in cash consideration. Also included in the purchase price, the Company issued replacement restricted stock units for awards initially granted by Franklin during 2020 that did not vest upon change in control, with a total fair value of $674 attributed to pre-combination service. Based on the closing price of the Company's common stock on the New York Stock Exchange of $29.52 on August 15, 2020, the merger consideration represented approximately $477,830 in aggregate consideration.
Goodwill of $67,191 recorded in connection with the transaction resulted from the ongoing business contribution, reputation, operating model and expertise of Franklin. Measurement period adjustments recorded during the fourth quarter of 2020 amounting to $6,546 related to the finalization of valuations relating primarily to commercial loans held for sale, deposits and premises and equipment. The goodwill is not deductible for income tax purposes. Goodwill is included in the Banking segment as substantially all of the operations resulting from the acquisition of Franklin are in alignment with the Company's banking business.


10
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)
The following table presents an allocation of the consideration to net assets acquired:
Purchase Price:
Equity consideration
Franklin shares outstanding(1)
15,588,337 
Franklin options converted to net shares62,906 
15,651,243 
Exchange ratio to FB Financial shares0.965 
FB Financial shares to be issued as merger consideration(2)
15,102,492 
Issuance price as of August 15, 2020$29.52 
Value of FB Financial stock to be issued as merger consideration$445,826 
Less: tax withholding on vested restricted stock awards, units and options(3)
(1,308)
Value of FB Financial stock issued$444,518 
FB Financial shares issued15,058,181 
Franklin restricted stock units that do not vest on change in control114,915 
Replacement awards issued to Franklin employees118,776 
Fair value of replacement awards $3,506 
Fair value of replacement awards attributable to pre-combination service$674 
Cash consideration
Total Franklin shares and net shares outstanding15,651,243 
Cash consideration per share$2.00 
Total cash to be paid to Franklin(4)
$31,330 
Total purchase price$477,830 
Fair value of net assets acquired410,639 
Goodwill resulting from merger$67,191 
(1)Franklin shares outstanding includes restricted stock awards and restricted stock units that vested upon change in control.
(2)Only factors in whole share issuance. Cash was paid in lieu of fractional shares.
(3)Represents the equivalent value of approximately 44,311 shares of FB Financial Corporation stock on August 15, 2020.
(4)Includes $28 of cash paid in lieu of fractional shares.
FNB Financial Corp. merger
Effective February 14, 2020, the Company completed its previously announced acquisition of FNB Financial Corp. and its wholly owned subsidiary, Farmers National Bank of Scottsville (collectively, "Farmers National"). Following the acquisition, Farmers National was merged into the Company with FB Financial Corporation continuing as the surviving entity. The transaction added four branches and expanded the Company's footprint into Kentucky. Under the terms of the agreement, the Company acquired total assets of $258,218, loans of $182,171 and assumed total deposits of $209,535. Farmers National shareholders received 954,797 shares of the Company's common stock as consideration in connection with the merger, in addition to $15,001 in cash consideration. Based on the closing price of the Company's common stock on the New York Stock Exchange of $36.70 on February 14, 2020, the merger consideration represented approximately $50,042 in aggregate consideration.
Goodwill of $6,319 recorded in connection with the transaction resulted from the ongoing business contribution of Farmers National and anticipated synergies arising from the combination of certain operational areas of the Company. Goodwill resulting from this transaction is not deductible for income tax purposes. Goodwill is included in the Banking segment as substantially all of the operations resulting from the acquisition of Farmers National are in alignment with the Company's core banking business.
11
FB Financial Corporation and subsidiaries
Notes to consolidated financial statements
(Unaudited)
(Dollar amounts are in thousands, except share and per share amounts)
The following table presents the total purchase price, fair value of net assets acquired, and the goodwill as of the acquisition date.
Consideration:
Net shares issued954,797 
Purchase price per share on February 14, 2020$36.70 
Value of stock consideration$35,041 
Cash consideration paid 15,001 
Total purchase price $50,042 
Fair value of net assets acquired43,723 
Goodwill resulting from merger$6,319 
Net assets acquired
The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the respective acquisition dates:
As of August 15, 2020As of February 14, 2020
Franklin Financial Network, Inc. FNB Financial Corp.
ASSETS
Cash and cash equivalents $284,004 $10,774 
Investments373,462 50,594 
Mortgage loans held for sale, at fair value38,740 — 
Commercial loans held for sale, at fair value326,206 — 
Loans held for investment, net of fair value adjustments2,427,527 182,171 
Allowance for credit losses on purchased credit
   deteriorated loans		(24,831)(669)
Premises and equipment45,471 8,049 
Operating lease right-of-use assets23,958 14 
Mortgage servicing rights5,111 — 
Core deposit intangible7,670 2,490 
Other assets