Parent Company Financial Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

Parent company financial statements: 

The following information presents the condensed balance sheets, statements of income, and cash flows of FB Financial Corporation as of December 31, 2022 and 2021 and for each of the years in the three-year period ended December 31, 2022.

	As of December 31,
Balance sheets	2022		2021
Assets
Cash and cash equivalents(1)	$	3,052	$	21,515
Investment in subsidiaries(1)	1,337,657		1,427,784
Other assets	16,654		14,487
Goodwill	29		29
Total assets	$	1,357,392	$	1,463,815
Liabilities and shareholders' equity
Liabilities
Borrowings	$	30,930	$	30,930
Accrued expenses and other liabilities	1,037		283
Total liabilities	31,967		31,213
Shareholders' equity
Common stock	46,738		47,549
Additional paid-in capital	861,588		892,529
Retained earnings	586,532		486,666
Accumulated other comprehensive income	(169,433)		5,858
Total shareholders' equity	1,325,425		1,432,602
Total liabilities and shareholders' equity	$	1,357,392	$	1,463,815

(1) Eliminates in Consolidation

	Years Ended December 31,
Statements of income	2022		2021		2020
Income
Dividend income from bank subsidiary(1)	$	49,000	$	122,500	$	49,706
Dividend income from nonbank subsidiary(1)	—		2,525		—
Gain on investments	—		249		217
Other income	89		15		1,732
Total income	49,089		125,289		51,655
Expenses
Interest expense	1,587		2,455		3,122
Salaries, legal and professional fees	1,590		1,445		1,458
Other noninterest expense	771		1,812		283
Total expenses	3,948		5,712		4,863
Income before income tax benefit and equity in undistributed     earnings of subsidiaries	45,141		119,577		46,792
Federal and state income tax benefit	(1,002)		(2,992)		(1,155)
Income before equity in undistributed earnings of subsidiaries	46,143		122,569		47,947
Equity in undistributed earnings from bank subsidiary(1)	76,232		68,351		15,168
Equity in undistributed earnings from nonbank subsidiary(1)	2,180		(635)		506
Net income	$	124,555	$	190,285	$	63,621

(1) Eliminates in Consolidation

	Years Ended December 31,
Statements of cash flows	2022		2021		2020
Operating Activities
Net income	$	124,555	$	190,285	$	63,621
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of bank subsidiary	(76,232)		(68,351)		(15,168)
Equity in undistributed income of nonbank subsidiary	(2,180)		635		(506)
Gain on investments	—		(249)		(217)
Stock-based compensation expense	9,857		10,282		10,214
Increase in other assets	(802)		(3,916)		(9,717)
Decrease in other liabilities	(7,381)		(678)		(11,853)
Net cash provided by operating activities	47,817		128,008		36,374
Investing Activities
Net cash paid in business combinations (See Note 2)	—		—		(35,505)
Proceeds from sale of equity securities	—		1,422		—
Net cash provided by (used in) investing activities	—		1,422		(35,505)
Financing Activities
Payments on subordinated debt	—		(60,000)		—
Accretion of subordinated debt fair value premium	—		(369)		(436)
Payments on other borrowings	—		(15,000)		—
Proceeds from other borrowings	—		—		15,000
Share based compensation withholding payments	(2,842)		(10,158)		(1,510)
Net proceeds from sale of common stock under employee stock purchase program	1,212		1,480		978
Repurchase of common stock	(39,979)		(7,595)		—
Dividends paid on common stock	(24,503)		(20,866)		(14,177)
Dividend equivalent payments made upon vesting of equity compensation	(168)		(717)		(87)
Net cash used in financing activities	(66,280)		(113,225)		(232)
Net (decrease) increase in cash and cash equivalents	(18,463)		16,205		637
Cash and cash equivalents at beginning of year	21,515		5,310		4,673
Cash and cash equivalents at end of year	$	3,052	$	21,515	$	5,310
Supplemental noncash disclosures:
Dividends declared not paid on restricted stock units	$	222	$	400	$	238
Noncash dividend from bank subsidiary	—		—		956
Noncash security distribution to bank subsidiary	—		2,646		—