Third Quarter 2023

Financial Supplement

TABLE OF CONTENTS

	Page
Financial Summary and Key Metrics	4
Consolidated Statements of Income	5
Consolidated Balance Sheets	7
Average Balance and Interest Yield/Rate Analysis	8
Investments and Other Sources of Liquidity	11
Loan Portfolio	12
Asset Quality	13
Selected Deposit Data	14
Preliminary Capital Ratios	15
Segment Data	16
Non-GAAP Reconciliations	17

Use of non-GAAP Financial Measures

This Financial Supplement 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 may include, without limitation, adjusted net income, adjusted diluted earnings per common share, adjusted and unadjusted pre-tax pre-provision earnings, consolidated and segment core revenue, consolidated and segment core noninterest expense and core noninterest income, consolidated and segment core efficiency ratio (tax equivalent basis), adjusted return on average assets and equity, and adjusted pre-tax pre-provision return on average assets. 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. Also, the Company presents tangible assets, tangible common equity, adjusted tangible common equity, tangible book value per common share, adjusted tangible book value per common share, tangible common equity to tangible assets, on-balance sheet liquidity to tangible assets, 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. Adjusted tangible common equity and adjusted tangible book value also exclude the impact of net accumulated other comprehensive loss.

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 demonstrate 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 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. Investors should understand how such other banking organizations calculate their financial measures with names similar to the non-GAAP financial measures the Company has discussed herein when comparing such non-GAAP financial measures. See the corresponding non-GAAP reconciliation tables below in this Financial Supplement for additional discussion and reconciliation of these measures to the most directly comparable GAAP financial measures.

Financial Summary and Key Metrics
(Unaudited)
(Dollars in Thousands, Except Share Data)
	As of or for the Three Months Ended
	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Selected Statement of Income Data
Total interest income	$	173,912		$	170,183		$	159,480		$	147,598		$	128,483
Total interest expense	72,986			68,640			55,820			37,100			17,099
Net interest income	100,926			101,543			103,660			110,498			111,384
Total noninterest income	8,042			23,813			23,349			17,469			22,592
Total noninterest expense	82,997			81,292			80,440			80,230			81,847
Earnings before income taxes and provisions for credit losses	25,971			44,064			46,569			47,737			52,129
Provisions for credit losses	2,821			(1,078)			491			(456)			11,367
Income tax expense	3,975			9,835			9,697			10,042			8,931
Net income applicable to noncontrolling interest	—			8			—			8			—
Net income applicable to FB Financial Corporation	$	19,175		$	35,299		$	36,381		$	38,143		$	31,831
Net interest income (tax-equivalent basis)	$	101,762		$	102,383		$	104,493		$	111,279		$	112,145
Adjusted net income*	$	33,233		$	35,973		$	35,708		$	40,045		$	32,117
Adjusted pre-tax, pre-provision earnings*	$	44,984		$	44,965		$	45,659		$	50,299		$	52,516
Per Common Share
Diluted net income	$	0.41		$	0.75		$	0.78		$	0.81		$	0.68
Adjusted diluted net income*	0.71			0.77			0.76			0.85			0.68
Book value	29.31			29.64			29.29			28.36			27.30
Tangible book value*	23.93			24.23			23.86			22.90			21.85
Adjusted tangible book value*	28.04			27.72			27.06			26.53			25.84
Weighted average number of shares outstanding - fully diluted	46,856,422			46,814,854			46,765,154			47,036,742			47,024,611
Period-end number of shares	46,839,159			46,798,751			46,762,626			46,737,912			46,926,377
Selected Balance Sheet Data
Cash and cash equivalents	$	848,318		$	1,160,354		$	1,319,951		$	1,027,052		$	618,290
Loans HFI	9,287,225			9,326,024			9,365,996			9,298,212			9,105,016
Allowance for credit losses on loans HFI	(146,134)			(140,664)			(138,809)			(134,192)			(134,476)
Allowance for credit losses on unfunded commitments	(11,600)			(14,810)			(18,463)			(22,969)			(23,577)
Mortgage loans held for sale	94,598			89,864			73,005			108,961			97,011
Commercial loans held for sale, at fair value	9,260			9,267			9,510			30,490			33,722
Investment securities, at fair value	1,351,153			1,422,391			1,474,064			1,474,176			1,485,133
Total assets	12,489,631			12,887,395			13,101,147			12,847,756			12,258,082
Interest-bearing deposits (non-brokered)	8,105,713			8,233,082			8,693,515			8,178,453			7,038,566
Brokered deposits	174,920			238,885			251			750			1,002
Noninterest-bearing deposits	2,358,435			2,400,288			2,489,149			2,676,631			2,966,514
Total deposits	10,639,068			10,872,255			11,182,915			10,855,834			10,006,082
Estimated insured or collateralized deposits	7,570,639			7,858,761			7,926,537			7,288,641			6,653,463
Borrowings	226,689			390,354			312,131			415,677			722,940
Total common shareholders' equity	1,372,901			1,386,951			1,369,696			1,325,425			1,281,161
Selected Ratios
Return on average:
Assets	0.61		%	1.10		%	1.15		%	1.22		%	1.05		%
Shareholders' equity	5.46		%	10.3		%	11.0		%	11.7		%	9.45		%
Tangible common equity*	6.67		%	12.6		%	13.6		%	14.6		%	11.7		%
Net interest margin (NIM) (tax-equivalent basis)	3.42		%	3.40		%	3.51		%	3.78		%	3.93		%
Efficiency ratio	76.2		%	64.8		%	63.3		%	62.7		%	61.1		%
Core efficiency ratio (tax-equivalent basis)*	63.1		%	63.5		%	63.3		%	61.0		%	60.7		%
Loans HFI to deposit ratio	87.3		%	85.8		%	83.8		%	85.7		%	91.0		%
Noninterest-bearing deposits to total deposits	22.2		%	22.1		%	22.3		%	24.7		%	29.6		%
Yield on interest-earning assets	5.87		%	5.67		%	5.38		%	5.04		%	4.53		%
Cost of interest-bearing liabilities	3.41		%	3.14		%	2.61		%	1.84		%	0.90		%
Cost of total deposits	2.58		%	2.38		%	1.94		%	1.20		%	0.52		%
Estimated uninsured and uncollateralized deposits as a percentage of      total deposits	28.8		%	27.7		%	29.1		%	32.9		%	33.5		%
Credit Quality Ratios
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.57		%	1.51		%	1.48		%	1.44		%	1.48		%
Net charge-offs as a percentage of average loans HFI	0.02		%	0.03		%	0.02		%	0.02		%	—		%
Nonperforming loans HFI as a percentage of loans HFI	0.59		%	0.47		%	0.49		%	0.49		%	0.47		%
Nonperforming assets as a percentage of total assets	0.71		%	0.59		%	0.61		%	0.68		%	0.62		%
Preliminary Capital Ratios (consolidated)
Total common shareholders' equity to assets	11.0		%	10.8		%	10.5		%	10.3		%	10.5		%
Tangible common equity to tangible assets*	9.16		%	8.98		%	8.68		%	8.50		%	8.54		%
Tier 1 leverage	11.0		%	10.7		%	10.4		%	10.5		%	10.7		%
Tier 1 risk-based capital	12.1		%	11.9		%	11.6		%	11.3		%	11.2		%
Total risk-based capital	14.1		%	13.9		%	13.6		%	13.1		%	13.0		%
Common equity Tier 1 (CET1)	11.8		%	11.7		%	11.3		%	11.0		%	10.9		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

FB Financial Corporation 4

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
											Sep 2023		Sep 2023
											vs.		vs.
	Three Months Ended										Jun 2023		Sep 2022
	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Percent variance		Percent variance
Interest income:
Interest and fees on loans	$	153,882	$	149,220	$	140,356	$	133,180	$	116,664	3.12	%	31.9	%
Interest on securities
Taxable	6,399		6,480		6,570		6,707		6,843		(1.25)	%	(6.49)	%
Tax-exempt	1,795		1,808		1,804		1,806		1,818		(0.72)	%	(1.27)	%
Other	11,836		12,675		10,750		5,905		3,158		(6.62)	%	274.8	%
Total interest income	173,912		170,183		159,480		147,598		128,483		2.19	%	35.4	%
Interest expense:
Deposits	69,826		65,257		52,863		31,456		13,133		7.00	%	431.7	%
Borrowings	3,160		3,383		2,957		5,644		3,966		(6.59)	%	(20.3)	%
Total interest expense	72,986		68,640		55,820		37,100		17,099		6.33	%	326.8	%
Net interest income	100,926		101,543		103,660		110,498		111,384		(0.61)	%	(9.39)	%
Provision for credit losses on loans HFI	6,031		2,575		4,997		152		8,189		134.2	%	(26.4)	%
Provision for credit losses on unfunded commitments	(3,210)		(3,653)		(4,506)		(608)		3,178		(12.1)	%	(201.0)	%
Net interest income after provisions for credit    losses	98,105		102,621		103,169		110,954		100,017		(4.40)	%	(1.91)	%
Noninterest income:
Mortgage banking income	11,998		12,232		12,086		9,106		12,384		(1.91)	%	(3.12)	%
Service charges on deposit accounts	2,959		3,185		3,053		3,019		3,208		(7.10)	%	(7.76)	%
Investment services and trust income	3,072		2,777		2,378		2,232		2,227		10.6	%	37.9	%
ATM and interchange fees	2,639		2,629		2,396		2,546		2,614		0.38	%	0.96	%
(Loss) gain from securities, net	(14,197)		(28)		69		25		(140)		NM		NM
Gain (loss) on sales or write-downs of other real estate      owned and other assets	115		533		(183)		(252)		429		(78.4)	%	(73.2)	%
Other income	1,456		2,485		3,550		793		1,870		(41.4)	%	(22.1)	%
Total noninterest income	8,042		23,813		23,349		17,469		22,592		(66.2)	%	(64.4)	%
Total revenue	108,968		125,356		127,009		127,967		133,976		(13.1)	%	(18.7)	%
Noninterest expenses:
Salaries, commissions and employee benefits	54,491		52,020		48,788		45,839		51,028		4.75	%	6.79	%
Occupancy and equipment expense	6,428		6,281		5,909		6,295		6,011		2.34	%	6.94	%
Legal and professional fees	1,760		2,199		3,108		4,857		4,448		(20.0)	%	(60.4)	%
Data processing	2,338		2,345		2,113		2,096		2,334		(0.30)	%	0.17	%
Amortization of core deposits and other intangibles	889		940		990		1,039		1,108		(5.43)	%	(19.8)	%
Advertising	2,124		2,001		2,133		3,094		2,050		6.15	%	3.61	%
Other expense	14,967		15,506		17,399		17,010		14,868		(3.48)	%	0.67	%
Total noninterest expense	82,997		81,292		80,440		80,230		81,847		2.10	%	1.41	%
Income before income taxes	23,150		45,142		46,078		48,193		40,762		(48.7)	%	(43.2)	%
Income tax expense	3,975		9,835		9,697		10,042		8,931		(59.6)	%	(55.5)	%
Net income applicable to FB Financial Corporation and noncontrolling interest	19,175		35,307		36,381		38,151		31,831		(45.7)	%	(39.8)	%
Net income applicable to noncontrolling interest	—		8		—		8		—		(100.0)	%	—	%
Net income applicable to FB Financial Corporation	$	19,175	$	35,299	$	36,381	$	38,143	$	31,831	(45.7)	%	(39.8)	%
Weighted average common shares outstanding:
Basic	46,818,612		46,779,388		46,679,618		46,909,389		46,908,520		0.08	%	(0.19)	%
Fully diluted	46,856,422		46,814,854		46,765,154		47,036,742		47,024,611		0.09	%	(0.36)	%
Earnings per common share:
Basic	$	0.41	$	0.75	$	0.78	$	0.81	$	0.68	(45.3)	%	(39.7)	%
Fully diluted	0.41		0.75		0.78		0.81		0.68		(45.3)	%	(39.7)	%
Fully diluted - adjusted*	0.71		0.77		0.76		0.85		0.68		(7.79)	%	4.41	%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

NM- Not meaningful

FB Financial Corporation 5

Consolidated Statements of Income
(Unaudited)
(Dollars in Thousands, Except Share Data)
					Sep 2023
					vs.
	Nine Months Ended				Sep 2022
	Sep 2023		Sep 2022		Percent variance
Interest income:
Interest and fees on loans	$	443,458	$	303,183	46.3	%
Interest on securities
Taxable	19,449		18,762		3.66	%
Tax-exempt	5,407		5,526		(2.15)	%
Other	35,261		6,353		455.0	%
Total interest income	503,575		333,824		50.9	%
Interest expense:
Deposits	187,946		25,186		646.2	%
Borrowings	9,500		6,901		37.7	%
Total interest expense	197,446		32,087		515.3	%
Net interest income	306,129		301,737		1.46	%
Provision for credit losses on loans HFI	13,603		10,241		32.8	%
Provision for credit losses on unfunded commitments	(11,369)		9,197		(223.6)	%
Net interest income after provisions for credit losses	303,895		282,299		7.65	%
Noninterest income:
Mortgage banking income	36,316		64,474		(43.7)	%
Service charges on deposit accounts	9,197		9,030		1.85	%
Investment services and trust income	8,227		6,634		24.0	%
ATM and interchange fees	7,664		13,054		(41.3)	%
Loss from securities, net	(14,156)		(401)		NM
Gain (loss) sales or write-downs of other real estate owned and other assets	465		(13)		NM
Other income	7,491		4,420		69.5	%
Total noninterest income	55,204		97,198		(43.2)	%
Total revenue	361,333		398,935		(9.43)	%
Noninterest expenses:
Salaries, commissions and employee benefits	155,299		165,652		(6.25)	%
Occupancy and equipment expense	18,618		17,267		7.82	%
Legal and professional fees	7,067		10,171		(30.5)	%
Data processing	6,796		7,219		(5.86)	%
Amortization of core deposit and other intangibles	2,819		3,546		(20.5)	%
Advertising	6,258		8,114		(22.9)	%
Mortgage restructuring expense	—		12,458		(100.0)	%
Other expense	47,872		43,689		9.57	%
Total noninterest expense	244,729		268,116		(8.72)	%
Income before income taxes	114,370		111,381		2.68	%
Income tax expense	23,507		24,961		(5.83)	%
Net income applicable to noncontrolling interest and FB Financial Corporation	90,863		86,420		5.14	%
Net income applicable to noncontrolling interests	8		8		—	%
Net income applicable to FB Financial Corporation	$	90,855	$	86,412	5.14	%
Weighted average common shares outstanding:
Basic	46,759,703		47,181,853		(0.89)	%
Fully diluted	46,802,543		47,315,100		(1.08)	%
Earnings per common share:
Basic	$	1.94	$	1.83	6.01	%
Fully diluted	1.94		1.83		6.23	%
Fully diluted - adjusted*	2.24		2.06		8.74	%

NM- Not meaningful

FB Financial Corporation 6

Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
											Annualized
											Sep 2023		Sep 2023
											vs.		vs.
	As of										Jun 2023		Sep 2022
	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Percent variance		Percent variance
ASSETS
Cash and due from banks	$	188,317	$	147,646	$	133,874	$	259,872	$	193,301	109.3	%	(2.58)	%
Federal funds sold and reverse repurchase agreements	129,885		48,346		63,994		210,536		115,140		669.1	%	12.8	%
Interest-bearing deposits in financial institutions	530,116		964,362		1,122,083		556,644		309,849		(178.6)	%	71.1	%
Cash and cash equivalents	848,318		1,160,354		1,319,951		1,027,052		618,290		(106.7)	%	37.2	%
Investments:
Available-for-sale debt securities, at fair value	1,348,219		1,419,360		1,471,005		1,471,186		1,482,171		(19.9)	%	(9.04)	%
Equity securities, at fair value	2,934		3,031		3,059		2,990		2,962		(12.7)	%	(0.95)	%
Federal Home Loan Bank stock, at cost	34,809		40,266		43,369		58,641		58,587		(53.8)	%	(40.6)	%
Mortgage loans held for sale	94,598		89,864		73,005		108,961		97,011		20.9	%	(2.49)	%
Commercial loans held for sale, at fair value	9,260		9,267		9,510		30,490		33,722		(0.30)	%	(72.5)	%
Loans held for investment	9,287,225		9,326,024		9,365,996		9,298,212		9,105,016		(1.65)	%	2.00	%
Less: allowance for credit losses on loans HFI	146,134		140,664		138,809		134,192		134,476		15.4	%	8.67	%
Net loans held for investment	9,141,091		9,185,360		9,227,187		9,164,020		8,970,540		(1.91)	%	1.90	%
Premises and equipment, net	156,081		154,526		153,397		146,316		143,277		3.99	%	8.94	%
Other real estate owned, net	1,504		1,974		4,085		5,794		5,919		(94.5)	%	(74.6)	%
Operating lease right-of-use assets	56,240		56,560		57,054		60,043		61,444		(2.24)	%	(8.47)	%
Interest receivable	49,205		44,973		44,737		45,684		39,034		37.3	%	26.1	%
Mortgage servicing rights, at fair value	172,710		166,433		164,879		168,365		171,427		15.0	%	0.75	%
Goodwill	242,561		242,561		242,561		242,561		242,561		—	%	—	%
Core deposit and other intangibles, net	9,549		10,438		11,378		12,368		13,407		(33.8)	%	(28.8)	%
Bank-owned life insurance	75,739		75,341		74,963		75,329		74,976		2.10	%	1.02	%
Other assets	246,813		227,087		201,007		227,956		242,754		34.5	%	1.67	%
Total assets	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756	$	12,258,082	(12.2)	%	1.89	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits
Noninterest-bearing	$	2,358,435	$	2,400,288	$	2,489,149	$	2,676,631	$	2,966,514	(6.92)	%	(20.5)	%
Interest-bearing checking	2,554,641		2,879,336		3,292,883		3,059,984		2,648,161		(44.7)	%	(3.53)	%
Money market and savings	4,119,357		3,971,975		3,904,013		3,697,245		3,228,337		14.7	%	27.6	%
Customer time deposits	1,431,119		1,381,176		1,496,024		1,420,131		1,160,726		14.3	%	23.3	%
Brokered and internet time deposits	175,516		239,480		846		1,843		2,344		(106.0)	%	NM
Total deposits	10,639,068		10,872,255		11,182,915		10,855,834		10,006,082		(8.51)	%	6.33	%
Borrowings	226,689		390,354		312,131		415,677		722,940		(166.3)	%	(68.6)	%
Operating lease liabilities	67,542		67,304		67,345		69,754		70,610		1.40	%	(4.34)	%
Accrued expenses and other liabilities	183,338		170,438		168,967		180,973		177,196		30.0	%	3.47	%
Total liabilities	11,116,637		11,500,351		11,731,358		11,522,238		10,976,828		(13.2)	%	1.27	%
Shareholders' equity:
Common stock, $1 par value	46,839		46,799		46,763		46,738		46,926		0.34	%	(0.19)	%
Additional paid-in capital	862,340		859,516		856,628		861,588		867,139		1.30	%	(0.55)	%
Retained earnings	656,120		644,043		615,871		586,532		554,536		7.44	%	18.3	%
Accumulated other comprehensive loss, net	(192,398)		(163,407)		(149,566)		(169,433)		(187,440)		70.4	%	2.65	%
Total common shareholders' equity	1,372,901		1,386,951		1,369,696		1,325,425		1,281,161		(4.02)	%	7.16	%
Noncontrolling interest	93		93		93		93		93		—	%	—	%
Total equity	1,372,994		1,387,044		1,369,789		1,325,518		1,281,254		(4.02)	%	7.16	%
Total liabilities and shareholders' equity	$	12,489,631	$	12,887,395	$	13,101,147	$	12,847,756	$	12,258,082	(12.2)	%	1.89	%

NM- Not meaningful

FB Financial Corporation 7

Average Balance and Interest Yield/Rate Analysis
(Unaudited)
(Dollars in Thousands)
	Three Months Ended
	September 30, 2023						June 30, 2023
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,280,530	$	153,038	6.54	%	$	9,387,284	$	148,415	6.34	%
Mortgage loans held for sale	60,291		1,047		6.89	%	63,407		1,005		6.36	%
Commercial loans held for sale	9,259		—		—	%	9,377		3		0.13	%
Securities:
Taxable	1,344,052		6,399		1.89	%	1,374,308		6,480		1.89	%
Tax-exempt(b)	291,863		2,428		3.30	%	293,739		2,445		3.34	%
Total securities(b)	1,635,915		8,827		2.14	%	1,668,047		8,925		2.15	%
Federal funds sold and reverse repurchase agreements	95,326		1,375		5.72	%	61,799		1,050		6.81	%
Interest-bearing deposits with other financial institutions	696,600		9,620		5.48	%	857,862		10,829		5.06	%
FHLB stock	36,624		841		9.11	%	42,133		796		7.58	%
Total interest-earning assets(b)	11,814,545		174,748		5.87	%	12,089,909		171,023		5.67	%
Noninterest-earning assets:
Cash and due from banks	128,780						118,872
Allowance for credit losses on loans HFI	(140,033)						(138,983)
Other assets(c)(d)	753,866						756,651
Total noninterest-earning assets	742,613						736,540
Total assets	$	12,557,158					$	12,826,449
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,668,970	$	20,506	3.05	%	$	3,127,219	$	23,751	3.05	%
Money market	3,661,262		34,902		3.78	%	3,516,901		30,053		3.43	%
Savings deposits	410,403		65		0.06	%	433,530		63		0.06	%
Customer time deposits	1,400,290		11,909		3.37	%	1,426,320		10,658		3.00	%
Brokered and internet time deposits	182,652		2,444		5.31	%	56,455		732		5.20	%
Time deposits	1,582,942		14,353		3.60	%	1,482,775		11,390		3.08	%
Total interest-bearing deposits	8,323,577		69,826		3.33	%	8,560,425		65,257		3.06	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	30,520		349		4.54	%	30,050		97		1.29	%
Federal Home Loan Bank advances	13,859		204		5.84	%	61,264		784		5.13	%
Subordinated debt	127,605		2,600		8.08	%	127,129		2,496		7.88	%
Other borrowings	1,365		7		2.03	%	1,385		6		1.74	%
Total other interest-bearing liabilities	173,349		3,160		7.23	%	219,828		3,383		6.17	%
Total interest-bearing liabilities	8,496,926		72,986		3.41	%	8,780,253		68,640		3.14	%
Noninterest-bearing liabilities:
Demand deposits	2,410,280						2,430,476
Other liabilities(d)	256,606						238,809
Total noninterest-bearing liabilities	2,666,886						2,669,285
Total liabilities	11,163,812						11,449,538
Total common shareholders' equity	1,393,253						1,376,818
Noncontrolling interest	93						93
Total equity	1,393,346						1,376,911
Total liabilities and shareholders' equity	$	12,557,158					$	12,826,449
Net interest income(b)			$	101,762					$	102,383
Interest rate spread(b)					2.46	%					2.53	%
Net interest margin(b)(e)					3.42	%					3.40	%
Cost of total deposits					2.58	%					2.38	%
Average interest-earning assets to average interest-bearing liabilities					139.0	%					137.7	%
Tax-equivalent adjustment			$	836					$	840
Loans HFI yield components:
Contractual interest rate(b)			$	147,806	6.32	%			$	144,322	6.16	%
Origination and other loan fee income			4,345		0.19	%			3,907		0.17	%
Accretion (amortization) on purchased loans			312		0.01	%			(14)		—	%
Nonaccrual interest			575		0.02	%			200		0.01	%
Total loans HFI yield			$	153,038	6.54	%			$	148,415	6.34	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).

(b) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.

(c) Includes average net unrealized losses on investment securities available for sale of $232,613 and $212,016 for the three months ended September 30, 2023 and June 30, 2023, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of        $19,080 and $19,956 for the three months ended September 30, 2023 and June 30, 2023, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation 8

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
	Three Months Ended
	March 31, 2023						December 31, 2022						September 30, 2022
	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(a)(b)	$	9,346,708	$	139,467	6.05	%	$	9,250,859	$	132,171	5.67	%	$	8,810,094	$	114,488	5.16	%
Mortgage loans held for sale	56,204		927		6.69	%	56,180		843		5.95	%	124,358		1,626		5.19	%
Commercial loans held for sale	16,608		159		3.88	%	33,640		311		3.67	%	36,291		670		7.32	%
Securities:
Taxable	1,402,535		6,570		1.90	%	1,431,776		6,707		1.86	%	1,469,934		6,843		1.85	%
Tax-exempt(b)	294,652		2,440		3.36	%	295,698		2,442		3.28	%	298,905		2,459		3.26	%
Total securities(b)	1,697,187		9,010		2.15	%	1,727,474		9,149		2.10	%	1,768,839		9,302		2.09	%
Federal funds sold and reverse repurchase   agreements	188,013		1,855		4.00	%	200,062		1,924		3.82	%	160,597		877		2.17	%
Interest-bearing deposits with other financial institutions	728,576		8,008		4.46	%	364,543		3,236		3.52	%	361,684		1,850		2.03	%
FHLB stock	47,094		887		7.64	%	58,623		745		5.04	%	49,478		431		3.46	%
Total interest-earning assets(a)	12,080,390		160,313		5.38	%	11,691,381		148,379		5.04	%	11,311,341		129,244		4.53	%
Noninterest-earning assets:
Cash and due from banks	154,270						136,334						109,681
Allowance for credit losses on loans HFI	(134,803)						(135,998)						(127,710)
Other assets(c)(d)	761,757						754,310						744,803
Total noninterest-earning assets	781,224						754,646						726,774
Total assets	$	12,861,614					$	12,446,027					$	12,038,115
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	3,165,058	$	19,060	2.44	%	$	2,702,960	$	10,284	1.51	%	$	2,821,415	$	5,831	0.82	%
Money market	3,369,953		24,510		2.95	%	2,976,759		15,196		2.03	%	2,551,521		4,684		0.73	%
Savings deposits	458,023		64		0.06	%	488,243		66		0.05	%	515,882		70		0.05	%
Customer time deposits	1,472,221		9,221		2.54	%	1,310,505		5,902		1.79	%	1,151,843		2,535		0.87	%
Brokered and internet time deposits	1,607		8		2.02	%	1,980		8		1.60	%	3,501		13		1.47	%
Time deposits	1,473,828		9,229		2.54	%	1,312,485		5,910		1.79	%	1,155,344		2,548		0.87	%
Total interest-bearing deposits	8,466,862		52,863		2.53	%	7,480,447		31,456		1.67	%	7,044,162		13,133		0.74	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	27,139		46		0.69	%	27,140		28		0.41	%	29,580		12		0.16	%
Federal Home Loan Bank advances	41,389		499		4.89	%	349,859		3,428		3.89	%	329,130		2,155		2.60	%
Subordinated debt	126,161		2,402		7.72	%	126,054		2,182		6.87	%	127,263		1,792		5.59	%
Other borrowings	1,688		10		2.40	%	1,434		6		1.66	%	1,457		7		1.91	%
Total other interest-bearing liabilities	196,377		2,957		6.11	%	504,487		5,644		4.44	%	487,430		3,966		3.23	%
Total interest-bearing liabilities	8,663,239		55,820		2.61	%	7,984,934		37,100		1.84	%	7,531,592		17,099		0.90	%
Noninterest-bearing liabilities:
Demand deposits	2,588,756						2,886,297						2,973,650
Other liabilities(e)	266,299						279,945						196,637
Total noninterest-bearing liabilities	2,855,055						3,166,242						3,170,287
Total liabilities	11,518,294						11,151,176						10,701,879
Total common shareholders' equity	1,343,227						1,294,758						1,336,143
Noncontrolling interest	93						93						93
Total equity	1,343,320						1,294,851						1,336,236
Total liabilities and shareholders' equity	$	12,861,614					$	12,446,027					$	12,038,115
Net interest income(b)			$	104,493					$	111,279					$	112,145
Interest rate spread(b)					2.77	%					3.20	%					3.63	%
Net interest margin(b)(e)					3.51	%					3.78	%					3.93	%
Cost of total deposits					1.94	%					1.20	%					0.52	%
Average interest-earning assets to average interest-bearing liabilities					139.4	%					146.4	%					150.2	%
Tax-equivalent adjustment			$	833					$	781					$	761
Loans HFI yield components:
Contractual interest rate(b)			$	135,872	5.90	%			$	126,955	5.45	%			$	106,405	4.79	%
Origination and other loan fee income			3,101		0.13	%			4,244		0.18	%			6,665		0.30	%
Accretion on purchased loans			319		0.01	%			319		0.01	%			949		0.05	%
Nonaccrual interest			175		0.01	%			653		0.03	%			469		0.02	%
Total loans HFI yield			$	139,467	6.05	%			$	132,171	5.67	%			$	114,488	5.16	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).

(b) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.

(c) Includes average net unrealized losses on investment securities available for sale of $222,843, $254,646 and $160,212 for the three months ended March 31, 2023, December 31, 2022 and      September 30, 2022, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $23,180, $26,706 and      $25,891 for the three months ended March 31, 2023. December 31, 2022 and September 30, 2022, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation 9

Average Balance and Interest Yield/Rate Analysis (continued)
(Unaudited)
(Dollars in Thousands)
	Nine Months Ended
	September 30, 2023						September 30, 2022
	Average balances		Interest income/ expense		Average yield/ rate		Average balances		Interest income/ expense		Average yield/ rate
Interest-earning assets:
Loans HFI(a)(b)	$	9,337,932	$	440,920	6.31	%	$	8,302,649	$	293,643	4.73	%
Mortgage loans held for sale	59,982		2,979		6.64	%	269,794		7,542		3.74	%
Commercial loans held for sale	11,721		162		1.85	%	56,951		2,316		5.44	%
Securities:
Taxable	1,373,461		19,449		1.89	%	1,442,397		18,762		1.74	%
Tax-exempt(b)	293,408		7,313		3.33	%	308,418		7,474		3.24	%
Total securities(b)	1,666,869		26,762		2.15	%	1,750,815		26,236		2.00	%
Federal funds sold and reverse repurchase agreements	114,706		4,280		4.99	%	196,282		1,490		1.01	%
Interest-bearing deposits with other financial institutions	760,895		28,457		5.00	%	1,012,061		4,039		0.53	%
FHLB stock	41,912		2,524		8.05	%	39,030		824		2.82	%
Total interest-earning assets(b)	11,994,017		506,084		5.64	%	11,627,582		336,090		3.86	%
Noninterest-earning assets:
Cash and due from banks	133,881						98,202
Allowance for credit losses on loans HFI	(137,958)						(124,635)
Other assets(c)(d)	757,606						759,791
Total noninterest-earning assets	753,529						733,358
Total assets	$	12,747,546					$	12,360,940
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing checking	$	2,985,265	$	63,317	2.84	%	$	3,262,730	$	11,573	0.47	%
Money market	3,517,106		89,465		3.40	%	2,802,070		7,672		0.37	%
Savings deposits	433,811		192		0.06	%	504,215		202		0.05	%
Customer time deposits	1,432,680		31,788		2.97	%	1,119,905		5,653		0.67	%
Brokered and internet time deposits	80,902		3,184		5.26	%	8,605		86		1.34	%
Time deposits	1,513,582		34,972		3.09	%	1,128,510		5,739		0.68	%
Total interest-bearing deposits	8,449,764		187,946		2.97	%	7,697,525		25,186		0.44	%
Other interest-bearing liabilities:
Securities sold under agreements to repurchase and federal funds purchased	29,249		492		2.25	%	28,954		38		0.18	%
Federal Home Loan Bank advances	38,736		1,487		5.13	%	110,916		2,155		2.60	%
Subordinated debt	126,970		7,498		7.90	%	128,387		4,686		4.88	%
Other borrowings	1,478		23		2.08	%	1,480		22		1.99	%
Total other interest-bearing liabilities	196,433		9,500		6.47	%	269,737		6,901		3.42	%
Total interest-bearing liabilities	8,646,197		197,446		3.05	%	7,967,262		32,087		0.54	%
Noninterest-bearing liabilities:
Demand deposits	2,475,850						2,874,223
Other liabilities(d)	254,128						151,337
Total noninterest-bearing liabilities	2,729,978						3,025,560
Total liabilities	11,376,175						10,992,822
Total common shareholders' equity	1,371,278						1,368,025
Noncontrolling interest	93						93
Total equity	1,371,371						1,368,118
Total liabilities and shareholders' equity	$	12,747,546					$	12,360,940
Net interest income(b)			$	308,638					$	304,003
Interest rate spread(b)					2.59	%					3.32	%
Net interest margin(b)(e)					3.44	%					3.50	%
Cost of total deposits					2.30	%					0.32	%
Average interest-earning assets to average interest-bearing liabilities					138.7	%					145.9	%
Tax equivalent adjustment			$	2,509					$	2,266
Loans HFI yield components:
Contractual interest rate(b)			$	428,000	6.13	%			$	273,199	4.40	%
Origination and other loan fee income			11,353		0.16	%			18,574		0.30	%
Accretion (amortization) on purchased loans			617		0.01	%			(1,339)		(0.02)	%
Nonaccrual interest			950		0.01	%			2,059		0.03	%
Syndication fee income			—		—	%			1,150		0.02	%
Total loans HFI yield			$	440,920	6.31	%			$	293,643	4.73	%

(a) Average balances of nonaccrual loans and overdrafts are included in average loan balances (before deduction of ACL).

(b) Includes tax equivalent adjustment using combined marginal tax rate of 26.06%.

(c) Includes average net unrealized losses on investment securities available for sale of $222,526 and $107,148 for the nine months ended September 30, 2023 and 2022, respectively.

(d) Includes average of optional rights to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days of $21,109 and $8,725 for the      nine months ended September 30, 2023 and 2022, respectively.

(e)The NIM is calculated by dividing annualized net interest income, on a tax-equivalent basis, by average total interest earning assets.

FB Financial Corporation 10

Investments and Other Sources of Liquidity
(Unaudited)
(Dollars in Thousands)
	As of
	Sep 2023					Jun 2023					Mar 2023					Dec 2022					Sep 2022
Investment securities, at fair value
Available-for-sale debt securities:
U.S. government agency securities	$	105,801		8	%	$	40,529		3	%	$	40,928		3	%	$	40,062		3	%	$	39,831		3	%
Mortgage-backed securities - residential	871,074			65	%	979,400			69	%	1,025,388			71	%	1,034,193			71	%	1,057,763			72	%
Mortgage-backed securities - commercial	16,677			1	%	17,254			1	%	17,723			1	%	17,644			1	%	17,847			1	%
Municipal securities	244,611			18	%	267,097			19	%	270,994			18	%	264,420			18	%	252,143			17	%
Treasury securities	106,798			8	%	108,221			8	%	108,823			7	%	107,680			7	%	107,297			7	%
Corporate securities	3,258			—	%	6,859			—	%	7,149			—	%	7,187			—	%	7,290			—	%
Total available-for-sale debt securities	1,348,219			100	%	1,419,360			100	%	1,471,005			100	%	1,471,186			100	%	1,482,171			100	%
Equity securities, at fair value	2,934			—	%	3,031			—	%	3,059			—	%	2,990			—	%	2,962			—	%
Total investment securities, at fair value	$	1,351,153		100	%	$	1,422,391		100	%	$	1,474,064		100	%	$	1,474,176		100	%	$	1,485,133		100	%
Investment securities to total assets	10.8		%			11.0		%			11.3		%			11.5		%			12.1		%
Unrealized loss on available-for-sale debt securities	$(265,048)					$(226,013)					$(207,265)					$(234,388)					$(258,614)
Sources of liquidity
Current on-balance sheet:
Cash and cash equivalents	$	848,318		63	%	$	1,160,354		80	%	$	1,319,951		82	%	$	1,027,052		78	%	$	618,290		69	%
Unpledged available-for-sale debt securities	494,582			37	%	281,098			20	%	286,169			18	%	280,165			21	%	268,424			30	%
Equity securities, at fair value	2,934			—	%	3,031			—	%	3,059			—	%	2,990			1	%	2,962			1	%
Total on-balance sheet liquidity	$	1,345,834		100	%	$	1,444,483		100	%	$	1,609,179		100	%	$	1,310,207		100	%	$	889,676		100	%
Available sources of liquidity:
Unsecured borrowing capacity(a)	$	3,371,911		50	%	$	3,332,710		52	%	$	3,755,059		55	%	$	3,595,812		52	%	$	3,376,027		55	%
FHLB remaining borrowing capacity	1,005,295			15	%	548,052			9	%	473,160			7	%	829,959			12	%	408,874			7	%
Federal Reserve discount window	2,398,285			35	%	2,476,347			39	%	2,548,886			38	%	2,470,000			36	%	2,378,820			38	%
Total available sources of liquidity	$	6,775,491		100	%	$	6,357,109		100	%	$	6,777,105		100	%	$	6,895,771		100	%	$	6,163,721		100	%
On-balance sheet liquidity as a     percentage of total assets	10.8		%			11.2		%			12.3		%			10.2		%			7.26		%
On-balance sheet liquidity as a     percentage of total tangible assets*	11.0		%			11.4		%			12.5		%			10.4		%			7.41		%
On-balance sheet liquidity and available     sources of liquidity as a percentage of     estimated uninsured and      uncollateralized deposits(b)	264.7		%			258.9		%			257.5		%			230.0		%			210.4		%

(a) Includes capacity available per internal policy in the form of brokered deposits and unsecured lines of credit.

(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

FB Financial Corporation 11

Loan Portfolio
(Unaudited)
(Dollars in Thousands)
	As of
	Sep 2023		% of Total		Jun 2023		% of Total		Mar 2023		% of Total		Dec 2022		% of Total		Sep 2022		% of Total
Loan portfolio
Commercial and industrial	$	1,667,857	18	%	$	1,693,572	18	%	$	1,671,398	18	%	$	1,645,783	18	%	$	1,534,159	17	%
Construction	1,532,306		16	%	1,636,970		18	%	1,697,513		18	%	1,657,488		18	%	1,679,497		18	%
Residential real estate:
1-to-4 family mortgage	1,553,096		17	%	1,548,614		17	%	1,562,503		17	%	1,573,121		17	%	1,545,252		17	%
Residential line of credit	517,082		6	%	507,652		5	%	497,391		5	%	496,660		5	%	460,774		5	%
Multi-family mortgage	501,323		5	%	518,025		6	%	489,379		5	%	479,572		5	%	394,366		4	%
Commercial real estate:
Owner-occupied	1,206,351		13	%	1,158,782		12	%	1,136,978		12	%	1,114,580		12	%	1,158,343		13	%
Non-owner occupied	1,911,913		21	%	1,881,978		20	%	1,939,517		21	%	1,964,010		21	%	1,954,219		22	%
Consumer and other	397,297		4	%	380,431		4	%	371,317		4	%	366,998		4	%	378,406		4	%
Total loans HFI	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%	$	9,105,016	100	%
Percentage of loans HFI portfolio with     variable interest rates			47.6	%			47.0	%			46.5	%			46.7	%			47.2	%
Percentage of loans HFI portfolio with   variable interest rates that mature after    one year			40.6	%			40.6	%			40.1	%			40.5	%			41.7	%
Loans by market
Metropolitan	$	7,691,944	83	%	$	7,718,424	83	%	$	7,777,346	83	%	$	7,710,999	83	%	$	7,496,090	83	%
Community	649,269		7	%	653,335		7	%	668,192		7	%	670,043		7	%	669,810		7	%
Specialty lending and other	946,012		10	%	954,265		10	%	920,458		10	%	917,170		10	%	939,116		10	%
Total	$	9,287,225	100	%	$	9,326,024	100	%	$	9,365,996	100	%	$	9,298,212	100	%	$	9,105,016	100	%
Unfunded loan commitments
Commercial and industrial	$	1,309,390	41	%	$	1,168,506	37	%	$	1,125,810	34	%	$	1,026,078	29	%	$	1,062,657	29	%
Construction	922,219		30	%	1,142,982		36	%	1,340,193		40	%	1,639,015		46	%	1,696,733		45	%
Residential real estate:
1-to-4 family mortgage	946		—	%	794		—	%	670		—	%	829		—	%	868		—	%
Residential line of credit	685,597		22	%	675,647		21	%	663,291		20	%	655,090		18	%	640,834		18	%
Multi-family mortgage	21,951		1	%	4,972		—	%	6,310		—	%	17,092		1	%	28,407		1	%
Commercial real estate:
Owner-occupied	52,975		2	%	50,927		2	%	48,063		1	%	41,954		1	%	63,457		2	%
Non-owner occupied	93,910		3	%	104,201		3	%	119,239		4	%	145,208		4	%	136,163		4	%
Consumer and other	24,886		1	%	23,306		1	%	25,787		1	%	26,634		1	%	30,358		1	%
Total unfunded loans HFI	$	3,111,874	100	%	$	3,171,335	100	%	$	3,329,363	100	%	$	3,551,900	100	%	$	3,659,477	100	%

FB Financial Corporation 12

Asset Quality
(Unaudited)
(Dollars in Thousands)
	As of or for the Three Months Ended
	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Allowance for credit losses on loans HFI roll forward summary
Allowance for credit losses on loans HFI at the beginning of the period	$	140,664		$	138,809		$	134,192		$	134,476		$	126,272
Charge-offs	(796)			(892)			(767)			(1,273)			(461)
Recoveries	235			172			387			837			476
Provision for credit losses on loans HFI	6,031			2,575			4,997			152			8,189
Allowance for credit losses on loans HFI at the end of the period	$	146,134		$	140,664		$	138,809		$	134,192		$	134,476
Allowance for credit losses on loans HFI as a percentage of loans HFI	1.57		%	1.51		%	1.48		%	1.44		%	1.48		%
Allowance for credit losses on unfunded commitments	$	11,600		$	14,810		$	18,463		$	22,969		$	23,577
Charge-offs
Commercial and industrial	$	(154)		$	(11)		$	(46)		$	(332)		$	—
Residential real estate:
1-to-4 family mortgage	(4)			(16)			(16)			(34)			(20)
Commercial real estate:
Owner occupied	—			(144)			—			(15)			—
Non-owner occupied	—			—			—			(268)			—
Consumer and other	(638)			(721)			(705)			(624)			(441)
Total charge-offs	(796)			(892)			(767)			(1,273)			(461)
Recoveries
Commercial and industrial	112			13			67			679			342
Construction	—			10			—			—			—
Residential real estate:
1-to-4 family mortgage	16			25			15			15			13
Residential line of credit	1			—			—			—			—
Commercial real estate:
Owner occupied	13			16			66			12			51
Consumer and other	93			108			239			131			70
Total recoveries	235			172			387			837			476
Net (charge-offs) recoveries	$	(561)		$	(720)		$	(380)		$	(436)		$	15
Net charge-offs as a percentage of average loans HFI	0.02		%	0.03		%	0.02		%	0.02		%	0.00		%
Nonperforming assets
Loans past due 90 days or more and accruing interest	$	11,649		$	12,247		$	12,580		$	18,415		$	16,002
Nonaccrual loans	42,878			31,885			32,900			27,431			26,625
Total nonperforming loans HFI	54,527			44,132			45,480			45,846			42,627
Commercial loans held for sale	9,260			9,267			9,278			9,289			—
Mortgage loans held for sale(a)	22,074			20,225			20,528			26,211			26,485
Other real estate owned	1,504			1,974			4,085			5,794			5,919
Other repossessed assets	1,300			883			498			351			639
Total nonperforming assets	$	88,665		$	76,481		$	79,869		$	87,491		$	75,670
Total nonperforming loans HFI as a percentage of loans HFI	0.59		%	0.47		%	0.49		%	0.49		%	0.47		%
Total nonperforming assets as a percentage of total assets	0.71		%	0.59		%	0.61		%	0.68		%	0.62		%
Total nonaccrual loans as a percentage of loans HFI	0.46		%	0.34		%	0.35		%	0.30		%	0.29		%

(a) Represents optional right to repurchase government guaranteed GNMA mortgage loans previously sold that have become past due greater than 90 days.

FB Financial Corporation 13

Selected Deposit Data
(Unaudited)
(Dollars in Thousands)
	As of
	Sep 2023					Jun 2023					Mar 2023					Dec 2022					Sep 2022
Deposits by market
Metropolitan	$	7,481,006		70	%	$	7,753,724		71	%	$	8,075,721		72	%	$	7,813,089		72	%	$	6,939,490		69	%
Community	2,571,667			24	%	2,499,013			23	%	2,756,700			25	%	2,671,326			25	%	2,584,629			26	%
Brokered/wholesale	174,920			2	%	238,885			2	%	251			—	%	750			—	%	1,002			—	%
Escrow and other(a)	411,475			4	%	380,633			4	%	350,243			3	%	370,669			3	%	480,961			5	%
Total	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%	$	10,006,082		100	%
Deposits by customer     segment
Consumer	$	4,893,792		46	%	$	4,918,641		45	%	$	5,028,364		45	%	$	4,985,544		46	%	$	4,621,364		46	%
Commercial	4,126,424			39	%	4,029,376			37	%	3,767,743			34	%	3,796,698			35	%	3,759,057			38	%
Public	1,618,852			15	%	1,924,238			18	%	2,386,808			21	%	2,073,592			19	%	1,625,661			16	%
Total	$	10,639,068		100	%	$	10,872,255		100	%	$	11,182,915		100	%	$	10,855,834		100	%	$	10,006,082		100	%
Estimated insured or    collateralized deposits	$	7,570,639				$	7,858,761				$	7,926,537				$	7,288,641				$	6,653,463
Estimated uninsured    and uncollateralized    deposits(b)	$	3,068,429				$	3,013,494				$	3,256,378				$	3,567,193				$	3,352,619
Estimated uninsured and    uncollateralized deposits     as a % of total     deposits(b)	28.8		%			27.7		%			29.1		%			32.9		%			33.5		%

(a) Includes deposits related to escrow balances from mortgage and specialty lending servicing portfolios and treasury/other deposits.

(b) Amounts are shown on a fully consolidated basis and exclude deposits of affiliates that are eliminated in consolidation.

FB Financial Corporation 14

Preliminary Capital Ratios
(Unaudited)
(Dollars in Thousands)
Computation of Tangible Common Equity to Tangible Assets:	September 30, 2023			December 31, 2022
Total Common Shareholders' Equity	$	1,372,901		$	1,325,425
Less:
Goodwill	242,561			242,561
Other intangibles	9,549			12,368
Tangible Common Equity	$	1,120,791		$	1,070,496
Total Assets	$	12,489,631		$	12,847,756
Less:
Goodwill	242,561			242,561
Other intangibles	9,549			12,368
Tangible Assets	$	12,237,521		$	12,592,827
Preliminary Total Risk-Weighted Assets	$	11,406,276		$	11,668,205
Total Common Equity to Total Assets	11.0		%	10.3		%
Tangible Common Equity to Tangible Assets*	9.16		%	8.50		%
	September 30, 2023			December 31, 2022
Preliminary Regulatory Capital:
Common Equity Tier 1 Capital	$	1,350,228		$	1,285,386
Tier 1 Capital	1,380,228			1,315,386
Total Capital	1,608,166			1,528,344
Preliminary Regulatory Capital Ratios:
Common Equity Tier 1	11.8		%	11.0		%
Tier 1 Risk-Based	12.1		%	11.3		%
Total Risk-Based	14.1		%	13.1		%
Tier 1 Leverage	11.0		%	10.5		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

FB Financial Corporation 15

Segment Data
(Unaudited)
(Dollars in Thousands)
	As of or for the Three Months Ended
	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Banking segment
Net interest income	$	100,926		$	101,543		$	103,660		$	110,498		$	111,384
Provisions for credit losses	2,821			(1,078)			491			(456)			11,367
Noninterest (loss) income	(4,031)			11,480			11,493			8,345			10,293
Other noninterest expense	70,974			67,653			68,350			66,926			65,886
Pre-tax net contribution after allocations	$	23,100		$	46,448		$	46,312		$	52,373		$	44,424
Total assets	$	11,900,598		$	12,302,812		$	12,530,039		$	12,228,451		$	11,648,610
Intracompany funding income included in net interest income	4,033			4,319			3,931			4,247			4,143
Core efficiency ratio*	59.2		%	58.8		%	59.6		%	54.7		%	53.8		%
Mortgage segment
Net interest income	$	—		$	—		$	—		$	—		$	—
Mortgage banking income	11,998			12,232			12,086			9,106			12,384
Other noninterest income	75			101			(230)			18			(85)
Other noninterest expense	12,023			13,639			12,090			13,304			15,961
Pre-tax net contribution (loss) after allocations	$	50		$	(1,306)		$	(234)		$	(4,180)		$	(3,662)
Total assets	$	589,033		$	584,583		$	571,108		$	619,305		$	609,472
Intracompany funding expense included in net interest income	4,033			4,319			3,931			4,247			4,143
Core efficiency ratio*	99.6		%	106.9		%	98.4		%	145.4		%	128.9		%
Interest rate lock commitments volume	$	373,068		$	402,951		$	375,042		$	281,650		$	408,879
Interest rate lock commitments pipeline (period end)	$	112,810		$	135,374		$	157,213		$	118,313		$	188,430
Mortgage loan sales	$	325,322		$	330,326		$	332,307		$	266,834		$	569,655
Gains and fees from origination and sale of mortgage loans held for sale	$	8,941		$	7,994		$	8,146		$	8,967		$	11,085
Net change in fair value of loans held for sale, derivatives, and other	(582)			874			(421)			(2,270)			(2,460)
Mortgage servicing income	7,363			7,586			7,768			7,264			8,104
Change in fair value of mortgage servicing rights, net of hedging	(3,724)			(4,222)			(3,407)			(4,855)			(4,345)
Total mortgage banking income	$	11,998		$	12,232		$	12,086		$	9,106		$	12,384
Mortgage sale margin(a)	2.75		%	2.42		%	2.45		%	3.36		%	1.95		%

*Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein.

(a) Calculated by dividing gains and fees from origination and sale of mortgage loans held for sale by total mortgage sales.

FB Financial Corporation 16

Non-GAAP Reconciliations
(Unaudited)
(Dollars in Thousands, Except Share Data)
	Three Months Ended										Nine Months Ended
Adjusted net income	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Income before income taxes	$	23,150	$	45,142	$	46,078	$	48,193	$	40,762	$	114,370	$	111,381
Plus early retirement and severance    costs	4,809		1,426		—		—		—		6,235		—
Plus mortgage restructuring    expense	—		—		—		—		—		—		12,458
Less loss from securities, net	(14,197)		—		—		—		—		(14,197)		—
Less other non-operating items(1)	(7)		525		910		(2,562)		(387)		1,428		(2,571)
Adjusted pre-tax net income	42,163		46,043		45,168		50,755		41,149		133,374		126,410
Income tax expense, adjusted for items     above	8,930		10,070		9,460		10,710		9,032		28,460		28,878
Adjusted net income	$	33,233	$	35,973	$	35,708	$	40,045	$	32,117	$	104,914	$	97,532
Weighted average common shares     outstanding - fully diluted	46,856,422		46,814,854		46,765,154		47,036,742		47,024,611		46,802,543		47,315,100
Adjusted diluted earnings per     common share
Diluted earnings per common share	$	0.41	$	0.75	$	0.78	$	0.81	$	0.68	$	1.94	$	1.83
Plus early retirement and severance    costs	0.10		0.03		—		—		—		0.13		—
Plus mortgage restructuring    expense	—		—		—		—		—		—		0.26
Less loss from securities, net	(0.30)		—		—		—		—		(0.30)		—
Less other non-operating items	—		0.01		0.02		(0.05)		—		0.03		(0.05)
Less tax effect	0.10		—		—		0.01		—		0.10		0.08
Adjusted diluted earnings per      common share	$	0.71	$	0.77	$	0.76	$	0.85	$	0.68	$	2.24	$	2.06
(1) The following table presents amounts included in "other non-operating items" for each of the periods presented:
	Three Months Ended										Nine Months Ended
Other non-operating items:	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Gain on sales or write-downs of other       real estate owned and other assets	$	—	$	533	$	—	$	—	$	—	$	533	$	—
(Loss) gain from changes in fair value       of commercial loans held for sale       acquired in previous business       combination	(7)		(8)		910		(2,562)		(387)		895		(2,571)
Total other non-operating items	$	(7)	$	525	$	910	$	(2,562)	$	(387)	$	1,428	$	(2,571)
	Three Months Ended										Nine Months Ended
Adjusted pre-tax pre-provision      earnings	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Income before income taxes	$	23,150	$	45,142	$	46,078	$	48,193	$	40,762	$	114,370	$	111,381
Plus provisions for credit losses	2,821		(1,078)		491		(456)		11,367		2,234		19,438
Pre-tax pre-provision earnings	25,971		44,064		46,569		47,737		52,129		116,604		130,819
Plus early retirement and severance    costs	4,809		1,426		—		—		—		6,235		—
Plus mortgage restructuring    expense	—		—		—		—		—		—		12,458
Less loss from securities, net	(14,197)		—		—		—		—		(14,197)		—
Less other non-operating items	(7)		525		910		(2,562)		(387)		1,428		(2,571)
Adjusted pre-tax pre-provision      earnings	$	44,984	$	44,965	$	45,659	$	50,299	$	52,516	$	135,608	$	145,848

FB Financial Corporation 17

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
	Three Months Ended										Nine Months Ended
Adjusted tangible net income	Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Sep 2023		Sep 2022
Income before income taxes	$	23,150	$	45,142	$	46,078	$	48,193	$	40,762	$	114,370	$	111,381
Plus early retirement and severance       costs	4,809		1,426		—		—		—		6,235		—
Plus mortgage restructuring      expense	—		—		—		—		—		—		12,458
Less loss from securities, net	(14,197)		—		—		—		—		(14,197)		—
Less other non-operating items	(7)		525		910		(2,562)		(387)		1,428		(2,571)
Plus amortization of core deposit      and other intangibles	889		940		990		1,039		1,108		2,819		3,546
Less income tax expense, adjusted      for items above	9,161		10,315		9,718		10,980		9,321		29,194		29,802
Adjusted tangible net income	$	33,891	$	36,668	$	36,440	$	40,814	$	32,936	$	106,999	$	100,154

FB Financial Corporation 18

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
	Three Months Ended															Nine Months Ended
Core efficiency ratio (tax-equivalent      basis)	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Total noninterest expense	$	82,997		$	81,292		$	80,440		$	80,230		$	81,847		$	244,729		$	268,116
Less early retirement and severance      costs	4,809			1,426			—			—			—			6,235			—
Less mortgage restructuring      expense	—			—			—			—			—			—			12,458
Core noninterest expense	$	78,188		$	79,866		$	80,440		$	80,230		$	81,847		$	238,494		$	255,658
Net interest income (tax-equivalent       basis)	$	101,762		$	102,383		$	104,493		$	111,279		$	112,145		$	308,638		$	304,003
Total noninterest income	8,042			23,813			23,349			17,469			22,592			55,204			97,198
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(7)			(8)			910			(2,562)			(387)			895			(2,571)
Less gain (loss) on sales or write-downs of other real estate owned and other assets	115			533			(183)			(252)			429			465			(13)
Less (loss) gain from securities, net	(14,197)			(28)			69			25			(140)			(14,156)			(401)
Core noninterest income	22,131			23,316			22,553			20,258			22,690			68,000			100,183
Core revenue (tax-equivalent basis)	$	123,893		$	125,699		$	127,046		$	131,537		$	134,835		$	376,638		$	404,186
Efficiency ratio(a)	76.2		%	64.8		%	63.3		%	62.7		%	61.1		%	67.7		%	67.2		%
Core efficiency ratio (tax-equivalent      basis)	63.1		%	63.5		%	63.3		%	61.0		%	60.7		%	63.3		%	63.3		%
(a) Efficiency ratio is calculated by dividing reported noninterest expense by reported total revenue.

FB Financial Corporation 19

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
	Three Months Ended															Nine Months Ended
Banking segment core efficiency    ratio (tax equivalent)	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Banking segment noninterest expense	$	70,974		$	67,653		$	68,350		$	66,926		$	65,886		$	206,977		$	184,790
Less early retirement and severance    costs	4,809			1,001			—			—			—			5,810			—
Banking segment core noninterest     expense	$	66,165		$	66,652		$	68,350		$	66,926		$	65,886		$	201,167		$	184,790
Banking segment net interest income	100,926			101,543			103,660			110,498			111,384			306,129			301,739
Banking segment net interest income     (tax-equivalent basis)	101,762			102,383			104,493			111,279			112,145			308,638			304,005
Banking segment noninterest (loss)     income	(4,031)			11,480			11,493			8,345			10,293			18,942			32,975
Less (loss) gain from changes in fair value of commercial loans held for sale acquired in previous business combination	(7)			(8)			910			(2,562)			(387)			895			(2,571)
Less gain (loss) on sales or write-downs of other real estate owned and other assets	119			558			249			(228)			514			926			238
Less (loss) gain from securities, net	(14,197)			(28)			69			25			(140)			(14,156)			(401)
Banking segment core noninterest     income	10,054			10,958			10,265			11,110			10,306			31,277			35,709
Banking segment total revenue	$	96,895		$	113,023		$	115,153		$	118,843		$	121,677		$	325,071		$	334,714
Banking segment total core revenue     (tax-equivalent basis)	$	111,816		$	113,341		$	114,758		$	122,389		$	122,451		$	339,915		$	339,714
Banking segment efficiency ratio	73.2		%	59.9		%	59.4		%	56.3		%	54.1		%	63.7		%	55.2		%
Banking segment core efficiency     ratio (tax-equivalent basis)	59.2		%	58.8		%	59.6		%	54.7		%	53.8		%	59.2		%	54.4		%
	Three Months Ended															Nine Months Ended
Mortgage segment core efficiency      ratio (tax-equivalent)	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Mortgage segment noninterest expense	$	12,023		$	13,639		$	12,090		$	13,304		$	15,961		$	37,752		$	83,326
Less severance costs	—			425			—			—			—			425			—
Less mortgage restructuring       expense	—			—			—			—			—			—			12,458
Mortgage segment core noninterest       expense	$	12,023		$	13,214		$	12,090		$	13,304		$	15,961		$	37,327		$	70,868
Mortgage segment net interest income	—			—			—			—			—			—			(2)
Mortgage segment noninterest income	12,073			12,333			11,856			9,124			12,299			36,262			64,223
Less loss on sales or write-    downs of other real estate owned	(4)			(25)			(432)			(24)			(85)			(461)			(251)
Mortgage segment core noninterest      income	12,077			12,358			12,288			9,148			12,384			36,723			64,474
Mortgage segment total revenue	$	12,073		$	12,333		$	11,856		$	9,124		$	12,299		$	36,262		$	64,221
Mortgage segment core total      revenue	$	12,077		$	12,358		$	12,288		$	9,148		$	12,384		$	36,723		$	64,472
Mortgage segment efficiency ratio	99.6		%	110.6		%	102.0		%	145.8		%	129.8		%	104.1		%	129.7		%
Mortgage segment core efficiency       ratio (tax-equivalent basis)	99.6		%	106.9		%	98.4		%	145.4		%	128.9		%	101.6		%	109.9		%

FB Financial Corporation 20

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands, Except Share Data)
	As of
Tangible assets, common equity and related      measures	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022
Tangible assets
Total assets	$	12,489,631		$	12,887,395		$	13,101,147		$	12,847,756		$	12,258,082
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	9,549			10,438			11,378			12,368			13,407
Tangible assets	$	12,237,521		$	12,634,396		$	12,847,208		$	12,592,827		$	12,002,114
Tangible common equity
Total common shareholders' equity	$	1,372,901		$	1,386,951		$	1,369,696		$	1,325,425		$	1,281,161
Less goodwill	242,561			242,561			242,561			242,561			242,561
Less intangibles, net	9,549			10,438			11,378			12,368			13,407
Tangible common equity	$	1,120,791		$	1,133,952		$	1,115,757		$	1,070,496		$	1,025,193
Less accumulated other comprehensive loss, net	(192,398)			(163,407)			(149,566)			(169,433)			(187,440)
Adjusted tangible common equity	$	1,313,189		$	1,297,359		$	1,265,323		$	1,239,929		$	1,212,633
Common shares outstanding	46,839,159			46,798,751			46,762,626			46,737,912			46,926,377
Book value per common share	$	29.31		$	29.64		$	29.29		$	28.36		$	27.30
Tangible book value per common share	$	23.93		$	24.23		$	23.86		$	22.90		$	21.85
Adjusted tangible book value per common share	$	28.04		$	27.72		$	27.06		$	26.53		$	25.84
Total common shareholders' equity to total assets	11.0		%	10.8		%	10.5		%	10.3		%	10.5		%
Tangible common equity to tangible assets	9.16		%	8.98		%	8.68		%	8.50		%	8.54		%
On-balance sheet liquidity:
Cash and cash equivalents	$	848,318		$	1,160,354		$	1,319,951		$	1,027,052		$	618,290
Unpledged securities	494,582			281,098			286,169			280,165			268,424
Equity securities, at fair value	2,934			3,031			3,059			2,990			2,962
Total on-balance sheet liquidity	$	1,345,834		$	1,444,483		$	1,609,179		$	1,310,207		$	889,676
On-balance sheet liquidity as a percentage of total      assets	10.8		%	11.2		%	12.3		%	10.2		%	7.26		%
On-balance sheet liquidity as a percentage of total       tangible assets	11.0		%	11.4		%	12.5		%	10.4		%	7.41		%

FB Financial Corporation 21

Non-GAAP Reconciliations (continued)
(Unaudited)
(Dollars in Thousands)
	Three Months Ended															Nine Months Ended
Adjusted return on average tangible      common equity and related      measures	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Average common shareholders' equity	$	1,393,253		$	1,376,818		$	1,343,227		$	1,294,758		$	1,336,143		$	1,371,278		$	1,368,025
Less average goodwill	242,561			242,561			242,561			242,561			242,561			242,561			242,561
Less average intangibles, net	10,011			10,913			11,862			12,865			13,953			10,922			15,149
Average tangible common equity	$	1,140,681		$	1,123,344		$	1,088,804		$	1,039,332		$	1,079,629		$	1,117,795		$	1,110,315
Net income	$	19,175		$	35,299		$	36,381		$	38,143		$	31,831		$	90,855		$	86,412
Return on average common equity	5.46		%	10.3		%	11.0		%	11.7		%	9.45		%	8.86		%	8.45		%
Return on average tangible common      equity	6.67		%	12.6		%	13.6		%	14.6		%	11.7		%	10.9		%	10.4		%
Adjusted tangible net income	$	33,891		$	36,668		$	36,440		$	40,814		$	32,936		$	106,999		$	100,154
Adjusted return on average tangible      common equity	11.8		%	13.1		%	13.6		%	15.6		%	12.1		%	12.8		%	12.1		%

	Three Months Ended															Nine Months Ended
Adjusted return on average assets,     common equity and related     measures	Sep 2023			Jun 2023			Mar 2023			Dec 2022			Sep 2022			Sep 2023			Sep 2022
Net income	$	19,175		$	35,299		$	36,381		$	38,143		$	31,831		$	90,855		$	86,412
Average assets	12,557,158			12,826,449			12,861,614			12,446,027			12,038,115			12,747,546			12,360,940
Average common equity	1,393,253			1,376,818			1,343,227			1,294,758			1,336,143			1,371,278			1,368,025
Return on average assets	0.61		%	1.10		%	1.15		%	1.22		%	1.05		%	0.95		%	0.93		%
Return on average common equity	5.46		%	10.3		%	11.0		%	11.7		%	9.45		%	8.86		%	8.45		%
Adjusted net income	$	33,233		$	35,973		$	35,708		$	40,045		$	32,117		$	104,914		$	97,532
Adjusted return on average assets	1.05		%	1.12		%	1.13		%	1.28		%	1.06		%	1.10		%	1.05		%
Adjusted return on average      common equity	9.46		%	10.5		%	10.8		%	12.3		%	9.54		%	10.2		%	9.53		%
Adjusted pre-tax pre-provision      earnings	$	44,984		$	44,965		$	45,659		$	50,299		$	52,516		$	135,608		$	145,848
Adjusted pre-tax pre-provision      return on average assets	1.42		%	1.41		%	1.44		%	1.60		%	1.73		%	1.42		%	1.58		%

FB Financial Corporation 22