XML 47 R28.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment reporting
The following tables present selected financial information with respect to the Company's reportable segments for the years ended December 31, 2023, 2022, and 2021.
Year Ended December 31, 2023
Banking(2)
MortgageConsolidated
Net interest income$407,217 $— $407,217 
Provisions for credit losses 2,539 — 2,539 
Mortgage banking income— 60,918 60,918 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (16,226)(16,226)
Other noninterest income25,831 20 25,851 
Depreciation and amortization10,444 736 11,180 
Amortization of intangibles3,659 — 3,659 
Other noninterest expense262,433 47,657 310,090 
Income (loss) before income taxes$153,973 $(3,681)$150,292 
Income tax expense30,052 
Net income applicable to FB Financial Corporation and noncontrolling
interest
120,240 
Net income applicable to noncontrolling interest(2)
16 
Net income applicable to FB Financial Corporation$120,224 
Total assets$12,046,190 $558,213 $12,604,403 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in Mortgage banking income in the Company's consolidated statements of income.
(2) Banking segment includes noncontrolling interest.


Year Ended December 31, 2022
Banking(3)
MortgageConsolidated
Net interest income$412,237 $(2)$412,235 
Provisions for credit losses 18,982 — 18,982 
Mortgage banking income— 83,679 83,679 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (10,099)(10,099)
Other noninterest income41,320 (233)41,087 
Depreciation and amortization7,035 982 8,017 
Amortization of intangibles4,585 — 4,585 
Other noninterest expense(2)
240,096 95,648 335,744 
Income (loss) before income taxes$182,859 $(23,285)$159,574 
Income tax expense35,003 
Net income applicable to FB Financial Corporation and noncontrolling
interest
124,571 
Net income applicable to noncontrolling interest(3)
16 
Net income applicable to FB Financial Corporation$124,555 
Total assets$12,228,451 $619,305 $12,847,756 
Goodwill242,561 — 242,561 
(1)Change in fair value of mortgage servicing rights, net of hedging is included in mortgage banking income in the Company's consolidated statements of income.
(2)Includes $12,458 in Mortgage restructuring expenses in the Mortgage segment related to the exit from the direct-to-consumer internet delivery channel.
(3)Banking segment includes noncontrolling interest.
Year Ended December 31, 2021
Banking(2)
MortgageConsolidated
Net interest income$347,342 $28 $347,370 
Provisions for credit losses (40,993)— (40,993)
Mortgage banking income— 179,682 179,682 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (12,117)(12,117)
Other noninterest income61,073 (383)60,690 
Depreciation and amortization7,054 1,362 8,416 
Amortization of intangibles5,473 — 5,473 
Other noninterest expense220,283 139,395 359,678 
Income before income taxes$216,598 $26,453 $243,051 
Income tax expense52,750 
Net income applicable to FB Financial Corporation and noncontrolling
interest
190,301 
Net income applicable to noncontrolling interest(2)
16 
Net income applicable to FB Financial Corporation$190,285 
Total assets$11,540,560 $1,057,126 $12,597,686 
Goodwill242,561 — 242,561 
(1) Change in fair value of mortgage servicing rights, net of hedging is included in mortgage banking income in the Company's consolidated statements of income.
(2) Banking segment includes noncontrolling interest.
The Banking segment provides the Mortgage segment with a warehouse line of credit that is used to originate mortgage loans until those mortgage loans can be sold at which time the warehouse line of credit is repaid. The warehouse line of credit, which is eliminated in consolidation, is limited based on interest income earned by the Mortgage segment. The amount of interest paid by the Mortgage segment to the Banking segment under this warehouse line of credit is recorded as interest income to the Banking segment and as interest expense to the Mortgage segment, both of which are included in the calculation of net interest income for each segment. The amount of interest paid by the Mortgage segment to the Banking segment under this warehouse line of credit was $16,170, $18,906 and $23,910 for the years ended December 31, 2023, 2022, and 2021, respectively.
Additionally during the year ended December 31, 2022, the Company exited the direct-to-consumer delivery channel of the Mortgage segment. This restructure resulted in the recognition of $12,458 of expenses during the year ended December 31, 2022 within the Mortgage segment. After this restructuring, the Mortgage segment continues to originate and sell residential mortgage loans and retain servicing rights through its traditional retail channel.