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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 10-Q
______________________________________________________________
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37875
_____________________________________________________________
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________________________
Tennessee62-1216058
( State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
211 Commerce Street, Suite 300
Nashville, Tennessee
37201
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (615) 564-1212
______________________________
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
_____________________________
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 during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐  Accelerated filer ☒
Non-accelerated filer ☐  Small reporting company ☐
Emerging growth company ☒    
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of registrant’s Common Stock outstanding as of October 29, 2021 was 47,711,799.
1

Table of Contents
Page
PART I.
Item 1.
10
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 6.




2

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

As used in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (this "Report"), references to “we,” “our,” “us,” “FB Financial,” or “the Company” refer to FB Financial Corporation, a Tennessee corporation, and our wholly owned banking subsidiary, FirstBank, a Tennessee state-chartered bank, unless otherwise indicated or the context otherwise requires. References to “Bank” or “FirstBank” refer to FirstBank, our wholly owned banking subsidiary.

The acronyms and abbreviations identified below are used in the Notes to Consolidated Financial Statements (Unaudited) as well as in the Management’s Discussion and Analysis of Financial Condition and Results of Operations. You may find it helpful to refer to this page as you read this Report.

ACLAllowance For Credit Losses GAAPU.S. generally accepted accounting principles
AFSAvailable-for-SaleGNMAGovernment National Mortgage Association
ALCOAsset Liability Management Committee IPOInitial Public Offering
ASCAccounting Standard Codification IRCInternal Revenue Code
ASUAccounting Standard UpdateMSRMortgage Servicing Rights
CAAConsolidated Appropriations Act JOBS ActJumpstart Our Business Startups Act
CARESCoronavirus Aid, Relief, and Economic Security ActLIBORLondon Interbank Offered Rate
CECLCurrent Expected Credit LossesLTIPLong-Term Incentive Plan
CEOChief Executive OfficerMSAMetropolitan Statistical Areas
CET1Common Equity Tier 1 MSRMortgage Servicing Rights
CMACash Management Advances NIMNet Interest Margin
CPRConditional Prepayment RateOCCOffice of the Comptroller of the Currency
CRECommercial Real EstateOREOOther Real Estate Owned
EPSEarnings per SharePCDPurchased Credit Deteriorated
ESPPEmployee Stock Purchase Plan PPPPaycheck Protection Program
EVEEconomic Value of Equity PSUPerformance-based Restricted Stock Units
FASBFinancial Accounting Standards BoardREITReal Estate Investment Trust
FBINFirstBank Investments of Nevada, Inc. ROAAReturn on Average Total Assets
FBITFirstBank Investments of Tennessee, Inc.ROAEReturn on Average Shareholders' Equity
FBPCFirstBank Preferred Capital, Inc. ROATCEReturn on Average Tangible Common Equity
FBRMFirstBank Risk Management ROURight-of-use
FDICFederal Deposit Insurance CorporationRSURestricted Stock Units
FHLBFederal Home Loan BankSBASmall Business Administration
FHLMCFederal Home Loan Mortgage CorporationSECU.S. Securities and Exchange Commission
FNBFarmers NationalTDFITennessee Department of Financial Institutions
FNMAFederal National Mortgage AssociationTDRTroubled Debt Restructuring
FTEFull Time Equivalent
3

PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS

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


 September 30,December 31,
 2021 (Unaudited)2020 
ASSETS  
Cash and due from banks$100,568 $110,991 
Federal funds sold and reverse repurchase agreements
145,333 121,153 
Interest-bearing deposits in financial institutions1,078,663 1,085,754 
Cash and cash equivalents1,324,564 1,317,898 
Investments:
Available-for-sale debt securities, at fair value1,572,558 1,172,400 
Equity securities, at fair value4,779 4,591 
Federal Home Loan Bank stock, at cost27,601 31,232 
Loans held for sale, at fair value855,706 899,173 
Loans7,294,674 7,082,959 
Less: allowance for credit losses139,446 170,389 
Net loans7,155,228 6,912,570 
Premises and equipment, net144,737 145,115 
Other real estate owned, net10,015 12,111 
Operating lease right-of-use assets44,006 49,537 
Interest receivable41,393 43,603 
Mortgage servicing rights, at fair value110,591 79,997 
Goodwill242,561 242,561 
Core deposit and other intangibles, net18,248 22,426 
Other assets258,303 274,116 
Total assets$11,810,290 $11,207,330 
LIABILITIES
Deposits
Noninterest-bearing$2,609,569 $2,274,103 
Interest-bearing checking2,850,795 2,491,765 
Money market and savings3,424,065 3,254,915 
Customer time deposits1,159,472 1,375,695 
Brokered and internet time deposits28,017 61,559 
Total deposits10,071,918 9,458,037 
Borrowings172,710 238,324 
Operating lease liabilities48,875 55,187 
Accrued expenses and other liabilities115,781 164,400 
Total liabilities10,409,284 9,915,948 
Commitments and contingencies (Note 9)
SHAREHOLDERS' EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
47,707,634 and 47,220,743 shares issued and outstanding at
September 30, 2021 and December 31, 2020, respectively
47,708 47,222 
Additional paid-in capital897,428 898,847 
Retained earnings443,140 317,625 
Accumulated other comprehensive income, net
12,637 27,595 
Total FB Financial Corporation common shareholders' equity1,400,913 1,291,289 
Noncontrolling interest93 93 
Total equity1,401,006 1,291,382 
Total liabilities and shareholders' equity$11,810,290 $11,207,330 
See the accompanying notes to the consolidated financial statements.
4

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

5
 Three Months Ended September 30,Nine Months Ended September 30,
 2021 2020 2021 2020 
Interest income:  
Interest and fees on loans$89,993 $76,504 $269,266 $201,350 
Interest on securities
Taxable3,989 2,286 10,652 7,961 
Tax-exempt1,883 1,933 5,772 4,956 
Other800 404 2,089 2,141 
Total interest income96,665 81,127 287,779 216,408 
Interest expense:
Deposits6,596 10,573 24,341 32,050 
Borrowings1,593 1,726 5,823 3,944 
Total interest expense8,189 12,299 30,164 35,994 
Net interest income88,476 68,828 257,615 180,414 
Provision for credit losses(2,832)45,834 (27,349)97,837 
Provision for credit losses on unfunded commitments301 9,567 (2,875)13,050 
Net interest income after provisions for credit losses91,007 13,427 287,839 69,527 
Noninterest income:
Mortgage banking income45,384 84,686 136,215 189,599 
Service charges on deposit accounts2,612 2,162 7,217 6,583 
ATM and interchange fees4,868 3,913 14,590 10,653 
Investment services and trust income2,511 1,828 7,518 4,893 
Gain from securities, net51 583 278 618 
Gain (loss) on sales or write-downs of other real estate owned2,005 (1,505)2,478 (1,368)
Gain (loss) from other assets177 226 162 (156)
Other income1,398 5,133 6,578 10,395 
Total noninterest income59,006 97,026 175,036 221,217 
Noninterest expenses:
Salaries, commissions and employee benefits62,818 67,676 189,756 166,556 
Occupancy and equipment expense5,979 4,892 17,184 13,166 
Legal and professional fees2,177 1,917 6,701 5,427 
Data processing 2,595 2,994 7,456 8,229 
Merger costs— 20,730 — 25,366 
Amortization of core deposit and other intangibles1,344 1,417 4,178 3,825 
Advertising4,200 2,256 10,012 7,236 
Other expense15,894 16,210 47,378 37,425 
Total noninterest expense95,007 118,092 282,665 267,230 
Income (loss) before income taxes55,006 (7,639)180,210 23,514 
Income tax expense (benefit)9,716 (2,040)38,744 5,495 
Net income (loss) applicable to FB Financial Corporation
    and noncontrolling interest		45,290 (5,599)141,466 18,019 
Net income applicable to noncontrolling interest— — 8 — 
Net income (loss) applicable to FB Financial Corporation$45,290 $(5,599)$141,458 $18,019 
Earnings (loss) per common share
Basic$0.96 $(0.14)$2.99 $0.52 
Diluted0.94 (0.14)2.95 0.52 
See the accompanying notes to the consolidated financial statements.
5

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

 Three Months Ended September 30,Nine Months Ended September 30,
 2021 2020 2021 2020 
Net income (loss)$45,290 $(5,599)$141,466 $18,019 
Other comprehensive income (loss), net of tax:
Net change in unrealized gain in available-for-sale
securities, net of tax (benefits) expenses of $(2,054), $521, $(4,708) and $5,225
(5,818)1,788 (15,380)15,091 
Reclassification adjustment for gain on sale of securities
included in net income, net of tax expenses of $19, $137, $23 and $137
(56)(387)(67)(387)
Net change in unrealized loss in hedging activities, net of tax
    expenses (benefits) of $38, $40, $173 and $(403)
106 112 489 (1,145)
Reclassification adjustment for gain on hedging activities,
net of tax expenses of $0, $41, $0 and $145
— (115)— (410)
Total other comprehensive (loss) income, net of tax(5,768)1,398 (14,958)13,149 
Comprehensive income (loss) 39,522 (4,201)126,508 31,168 
Comprehensive income applicable to noncontrolling interests— — 8 — 
Comprehensive income (loss) applicable to FB Financial Corporation$39,522 $(4,201)$126,500 $31,168 
 
See the accompanying notes to the consolidated financial statements.
6

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


 Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive
income, net		Total common
shareholders' equity		Noncontrolling interestsTotal shareholders' equity
Balance at June 30, 2021$47,361 $902,782 $403,173 $18,405 $1,371,721 $93 $1,371,814 
Net income attributable to FB
Financial Corporation and
noncontrolling interest		— — 45,290 — 45,290 — 45,290 
Other comprehensive income, net
of taxes		— — — (5,768)(5,768)— (5,768)
Repurchase of common stock(11)(425)— — (436)— (436)
Stock based compensation expense1 2,883 — — 2,884 — 2,884 
Restricted stock units vested and
distributed, net of shares withheld		342 (8,444)— — (8,102)— (8,102)
Shares issued under employee
stock purchase program		15 632 — — 647 — 647 
Dividends declared ($0.11 per
   share)
— — (5,323)— (5,323)— (5,323)
Noncontrolling interest distribution— — — — — — — 
Balance at September 30, 2021$47,708 $897,428 $443,140 $12,637 $1,400,913 $93 $1,401,006 
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		— — 141,458 — 141,458 8 141,466 
Other comprehensive income, net
of taxes		— — — (14,958)(14,958)— (14,958)
Repurchase of common stock(11)(425)— — (436)— (436)
Stock based compensation expense6 8,059 — — 8,065 — 8,065 
Restricted stock units vested and
distributed, net of shares withheld		454 (10,496)— — (10,042)— (10,042)
Shares issued under employee
stock purchase program		37 1,443 — — 1,480 — 1,480 
Dividends declared ($0.33 per
    share)
— — (15,943)— (15,943)— (15,943)
Noncontrolling interest distribution— — — — — (8)(8)
Balance at September 30, 2021$47,708 $897,428 $443,140 $12,637 $1,400,913 $93 $1,401,006 
7

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

Common
stock		Additional
paid-in
capital		Retained
earnings		Accumulated
other
comprehensive
income, net		Total common
shareholders' equity		Noncontrolling interestsTotal shareholders' equity
Balance at June 30, 2020$32,101 $462,930 $286,296 $23,889 $805,216 $— $805,216 
Net (loss) income— — (5,599)— (5,599)— (5,599)
Other comprehensive income, net
of taxes		— — — 1,398 1,398 — 1,398 
Common stock issued in
connection with acquisition of
Franklin Financial Network,
Inc.,net of registration costs
(See Note 2)		15,058 429,815 — — 444,873 93 444,966 
Stock based compensation expense6 3,014 — — 3,020 — 3,020 
Restricted stock units vested and
distributed, net of shares withheld		9 (115)— — (106)— (106)
Shares issued under employee stock
   purchase program		18 514 — — 532 — 532 
Dividends declared ($0.09 per
   share)
— — (4,336)— (4,336)— (4,336)
Balance at September 30, 2020$47,192 $896,158 $276,361 $25,287 $1,244,998 $93 $1,245,091 
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