Fb Financial Corporation · NYSE:FBK
Fb Financial — Investor Presentation (December 2022)
31 slides from Fb Financial's investor presentation, Dec 13, 2022
Slide 1: Fourth Quarter 2022 Investor Presentation
December 13, 2022 Fourth Quarter 2022 Investor Presentation
Slide 2: Forward-Looking Statements
1 Forward–Looking Statements Certain statements contained in this Presentation that are not historical in nature may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, stat
Slide 3: Use of non-GAAP financial measures
2 Use of non-GAAP financial measures This Presentation 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 li
Slide 4: Snapshot of FB Financial today
3 Snapshot of FB Financial today Note: Unaudited financial data as of September 30, 2022; presented on a consolidated basis. 1 Non-GAAP financial measure. See “Use of non-GAAP financial measures” and “Reconciliation of non-GAAP financial measures” in the Appendix hereto. 2 Source: S&P Global. Market
Slide 5: Strategic drivers
4 Strategic drivers Elite Financial Performance Proven Opportunistic Acquirer with Scalable Platforms and Technology Highly Motivated Senior Management Team Great Place to Work Organic Growth Focused Empowered Teams Across Attractive Metro and Community Markets
Slide 6: Recent corporate history
5 2017 2018 2019 2020 2021 2022 Recent corporate history 1 See “Use of non-GAAP financial measures,” and “Reconciliation of non-GAAP financial measures” in the Appendix hereto. Note: Financial data presented on a consolidated basis. 202020182017 Completed acquisition of Clayton Bank & Trust and Am
Slide 7: Well positioned in high growth markets
6 Well positioned in high growth markets 1 Source: S&P Global. Market data is as of June 30, 2022 and is presented on a pro forma basis for announced acquisitions since June 30, 2022. 2 Source: S&P Global. FBK Footprint is based on weighted average demographics of MSAs and counties not located in MS
Slide 8: Driving shareholder value
7 5% 17% 21% 31% 22% 3Q21 4Q21 1Q22 2Q22 3Q22 Driving shareholder value ¹ See “Use of non-GAAP financial measures” and the Appendix hereto for a discussion and reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures. 2 Core Banking segment noninterest expense was
Slide 9: Strong net interest margin
8 Strong net interest margin Historical yield and costs ¹ Includes tax-equivalent adjustment. 2 Excess liquidity defined as interest-bearing deposits with other financial institutions in excess of 5% of average tangible assets. Assumes funded from all interest bearing liabilities. $5,000 $7,000 $9,0
Slide 10: Mortgage performance in 3Q 2022
9 Mortgage performance in 3Q 2022 Highlights Mortgage segment pre-tax net loss of $3.7 million in 3Q 2022 Restructuring of Mortgage segment materially complete, segment was profitable latter half of 3Q 2022 Interest rate lock commitments declined substantially in 3Q resulting in negative fair
Slide 11: Managing expenses and investing to support growth
10 Managing expenses and investing to support growth Highlights Consolidated 3Q 2022 core efficiency ratio¹ of 60.7% Banking segment realizing the benefits of an asset sensitive balance sheet Mortgage efficiency remains elevated; segment is adjusting for realities of the current origination envir
Slide 12: Well-capitalized for future opportunities
11 Well-capitalized for future opportunities Tangible book value per share3 Simple capital structure Common Equity Tier 1 Capital 84% Trust Preferred 2% Subordinated Notes 6% Tier 2 ACL 8% Total regulatory capital: $1,5012 mm $11.56 $11.58 $14.56 $17.02 $18.55 $21.73 $24.67 $21.85 3Q16 4Q16 4Q17 4Q1
Slide 13: Valuable core deposit base
12 Noninterest- bearing checking 30% Interest-bearing checking 26% Money market 27% Savings 5% Time 12% 56% Checking accounts Valuable core deposit base ¹ Includes mortgage servicing-related deposits of $190.6 million, $127.6 million,$131.1 million, $133.2 million, and $140.8 million for the quarter
Slide 14: Balanced loan portfolio
13 Office 21% Retail 21% Hotel 16% Warehouse / Industrial 14% Land-Manufactured Home Communities 5% Self Storage 5% Healthcare Facility 2% Other 16% 1-4 Family to be sold 44% Commercial Land 26% 1-4 Consumer Construction 8% Multifamily 8% Retail 3% Warehouse 2% Office 1% Other 8% 1-4 family 17% 1-4
Slide 15: Asset quality remains solid
14 1.91% 1.65% 1.50% 1.46% 1.48% 3Q21 4Q21 1Q22 2Q22 3Q22 0.13% 0.12% (0.03%) 0.09% 0.00% 3Q21 4Q21 1Q22 2Q22 3Q22 Asset quality remains solid Nonperforming Assets1 / Assets Nonperforming Loans (HFI) / Loans (HFI) LLR/loans HFI Net charge-offs (recoveries) / average loans 1 3Q22 includes optional ri
Slide 16: Allowance for credit losses overview
15 1.91% 1.25% 2.15% 1.32% 2.50% 3.70% 1.45% 1.47% 3.46% 1.46% 0.69% 1.24% 0.70% 2.44% 1.66% 1.47% 1.62% 3.67% 1.48% 0.69% 1.17% 0.70% 2.47% 1.49% 1.64% 1.51% 3.56% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC C
Slide 17: Appendix
FB RreBank Appendix
Slide 18: Adjusted net income and diluted earnings per share
17 GAAP reconciliation and use of non-GAAP financial measures Adjusted net income and diluted earnings per share
Slide 19: Adjusted pre-tax, pre-provision earnings
18 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings
Slide 20: Adjusted earnings and diluted earnings per share
19 GAAP reconciliation and use of non-GAAP financial measures Adjusted earnings and diluted earnings per share
Slide 21: Adjusted pre-tax, pre-provision earnings
20 GAAP reconciliation and use of non-GAAP financial measures Adjusted pre-tax, pre-provision earnings
Slide 22: Core efficiency ratio (tax-equivalent basis)
21 GAAP reconciliation and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis)
Slide 23: Segment core efficiency ratios (tax-equivalent basis)
22 GAAP reconciliation and use of non-GAAP financial measures Segment core efficiency ratios (tax-equivalent basis)
Slide 24: Adjusted Banking segment pre-tax pre-provision earnings
23 GAAP reconciliation and use of non-GAAP financial measures Adjusted Banking segment pre-tax pre-provision earnings
Slide 25: Adjusted Mortgage segment pre-tax net (loss) contribution
24 GAAP reconciliation and use of non-GAAP financial measures Adjusted Mortgage segment pre-tax net (loss) contribution
Slide 26: Tangible assets and equity, tangible book value per share
25 GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity, tangible book value per common share and tangible common equity to tangible assets
Slide 27: Tangible assets and equity, tangible book value per share
26 GAAP reconciliation and use of non-GAAP financial measures Tangible assets and equity, tangible book value per common share and tangible common equity to tangible assets
Slide 28: Return on average tangible common equity
27 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity
Slide 29: Adjusted return on average assets and common equity
28 GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and common equity
Slide 30: Return on average tangible common equity
29 GAAP reconciliation and use of non-GAAP financial measures Return on average tangible common equity
Slide 31: Adjusted return on average assets and common equity
30 GAAP reconciliation and use of non-GAAP financial measures Adjusted return on average assets and common equity