XML 36 R23.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment reporting
The Company and the Bank are engaged in the business of banking and provide a full range of financial services to its customers. The Company determines reportable segments based on the significance of the segment’s operating results to the overall Company, the products and services offered, customer characteristics, processes and service delivery of the segments and the regular financial performance review and allocation of resources by the Chief Executive Officer, the Company’s chief operating decision maker. The Company has identified two distinct reportable segments—Banking and Mortgage. The Company’s primary segment is Banking, which provides a full range of deposit and lending products and services to corporate, commercial and consumer customers. The Company also originates conforming residential mortgage loans through its Mortgage segment, whose activities include the servicing of residential mortgage loans and securitization of loans to third party private investors or government sponsored agencies.
The chief operating decision maker uses income before income taxes as the measure of segment profit or loss to assess the performance of and allocate resources to each segment. Interest income provides the primary revenue in the Banking segment, and mortgage banking income provides the primary revenue in the Mortgage segment. Interest expense, provision for credit losses, salaries, commissions and employee benefits and merger and integration costs provide the significant expenses in the Banking segment, and salaries, commissions and employee benefits provide the significant expenses in the Mortgage segment. These figures are regularly provided to the chief operating decision maker and are monitored through budget-to-actual variance review.
The Company assigns a transfer rate to allocate net interest income to products and business segments. Through this process, the Company formulates a loan funding charge and a deposit funding credit for its entire loan and deposit portfolios. The intent of the transfer rate methodology is to transfer interest rate risk among the segments and allow management to better measure the net interest margin contribution of its products and business segments. Changes in management structure or allocation methodologies and procedures result in changes in reported segment financial data. Prior period results have been adjusted to conform to the current methodology.
The following tables present selected financial information with respect to the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024.
Three Months Ended September 30, 2025BankingMortgageConsolidated
Interest income$236,073 $825 $236,898 
Interest expense91,214 (1,556)89,658 
Net interest income144,859 2,381 147,240 
Provisions for credit losses 34,070 347 34,417 
Net interest income after provision for credit losses110,789 2,034 112,823 
Mortgage banking income— 16,874 16,874 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (3,390)(3,390)
Other noninterest income13,078 73 13,151 
Total noninterest income13,078 13,557 26,635 
Salaries, commissions and employee benefits51,441 7,769 59,210 
Merger and integration costs16,057 — 16,057 
Depreciation and amortization3,167 18 3,185 
Amortization of intangibles2,079 — 2,079 
Other noninterest expense(2)
24,225 5,100 29,325 
Total noninterest expense96,969 12,887 109,856 
Income before income taxes$26,898 $2,704 $29,602 
Income tax expense6,227 
Net income applicable to FB Financial Corporation and noncontrolling
interest
23,375 
Net income applicable to noncontrolling interest— 
Net income applicable to FB Financial Corporation$23,375 
Total assets$15,598,629 $637,830 $16,236,459 
Goodwill350,353 — 350,353 
(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) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
Nine Months Ended September 30, 2025
Banking(3)
MortgageConsolidated
Interest income$595,948 $2,740 $598,688 
Interest expense236,421 (4,029)232,392 
Net interest income359,527 6,769 366,296 
Provisions for credit losses 36,841 5,205 42,046 
Net interest income after provision for credit losses322,686 1,564 324,250 
Mortgage banking income— 49,629 49,629 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (10,690)(10,690)
Other noninterest (loss) income(23,982)158 (23,824)
Total noninterest (loss) income(23,982)39,097 15,115 
Salaries, commissions and employee benefits131,545 22,647 154,192 
Merger and integration costs19,192 — 19,192 
Depreciation and amortization8,759 61 8,820 
Amortization of intangibles3,366 — 3,366 
Other noninterest expense(2)
68,346 16,750 85,096 
Total noninterest expense231,208 39,458 270,666 
Income before income taxes$67,496 $1,203 $68,699 
Income tax expense3,046 
Net income applicable to FB Financial Corporation and noncontrolling
interest
65,653 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$65,645 
Total assets$15,598,629 $637,830 $16,236,459 
Goodwill350,353 — 350,353 
(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) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.

Three Months Ended September 30, 2024BankingMortgageConsolidated
Interest income$185,824 $(196)$185,628 
Interest expense81,489 (1,878)79,611 
Net interest income104,335 1,682 106,017 
Provisions for credit losses 1,861 53 1,914 
Net interest income after provision for credit losses102,474 1,629 104,103 
Mortgage banking income— 16,043 16,043 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (4,490)(4,490)
Other noninterest (loss) income(28,370)320 (28,050)
Total noninterest income(28,370)11,873 (16,497)
Salaries, commissions and employee benefits39,938 7,600 47,538 
Depreciation and amortization3,141 114 3,255 
Amortization of intangibles719 — 719 
Other noninterest expense(2)
19,316 5,384 24,700 
Total noninterest expense63,114 13,098 76,212 
Income before income taxes$10,990 $404 $11,394 
Income tax expense1,174 
Net income applicable to FB Financial Corporation and noncontrolling
interest
10,220 
Net income applicable to noncontrolling interest— 
Net income applicable to FB Financial Corporation$10,220 
Total assets$12,337,135 $583,087 $12,920,222 
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) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
Nine Months Ended September 30, 2024
Banking(3)
MortgageConsolidated
Interest income$539,814 $(645)$539,169 
Interest expense235,824 (4,777)231,047 
Net interest income303,990 4,132 308,122 
Provisions for (reversals of) credit losses 5,131 (211)4,920 
Net interest income after provision for credit losses298,859 4,343 303,202 
Mortgage banking income— 47,915 47,915 
Change in fair value of mortgage servicing rights, net of hedging(1)
— (11,867)(11,867)
Other noninterest (loss) income(19,687)712 (18,975)
Total noninterest income(19,687)36,760 17,073 
Salaries, commissions and employee benefits116,521 21,860 138,381 
Depreciation and amortization8,594 363 8,957 
Amortization of intangibles2,260 — 2,260 
Other noninterest expense(2)
58,111 16,016 74,127 
Total noninterest expense185,486 38,239 223,725 
Income before income taxes$93,686 $2,864 $96,550 
Income tax expense18,393 
Net income applicable to FB Financial Corporation and noncontrolling
interest
78,157 
Net income applicable to noncontrolling interest(3)
8 
Net income applicable to FB Financial Corporation$78,149 
Total assets$12,337,135 $583,087 $12,920,222 
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) Other noninterest expense includes expenses for occupancy and equipment expense, data processing, advertising, legal and professional fees and other expenses. Additionally, other noninterest expense for Mortgage includes servicing expenses.
(3) Banking segment includes noncontrolling interest.