Slide 1: 2025 Third Quarter Earnings Presentation
2025 Third Quarter Earnings Presentation October 14, 2025
Slide 2: Forward-looking statements
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, statem
Slide 3: Use of non-GAAP financial measures
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 limi
Slide 4: 3Q 2025 Results
3Q 2025 Results • Net income of $23.4 million or $57.6 million (adjusted) Key highlights • Adjusted net income excludes $44 million in pre-tax Reported Earnings merger related provision and integration expense Adjusted1 • NIM expansion to 3.95% and improved efficiency ratio Diluted earnings per • St
Slide 5: 3Q 2025 Earnings
3Q 2025 Earnings Quarter ended $ Change from $ in thousands, except per share data 3Q25 2Q25 3Q24 2Q25 3Q24 Total Revenue 173,875 76,863 89,520 97,012 84,355 Provision for credit losses 34,417 5,337 1,914 29,080 32,503 Noninterest Expense 109,856 81,261 76,212 28,595 33,644 Pre-tax (loss) income 29,
Slide 6: Driving shareholder value
Driving shareholder value Earnings per Share Book Value per Share Earnings per share Adjusted earnings per share1 1 BVPS TBVPS $3.40 $3.01 $37 $2.92 $2.82 $34 $2.64 $2.57 $2.48 $31 $30 $28 $30 $27 $28 $25 $25 $26 $22 $23 $22 $1.34 $20 $19 $17 $14 $14 $15 $12 $12 2022 2023 2024 YTD 3Q16 2016 2017 201
Slide 7: Net Interest Margin
Net Interest Margin Highlights FTE NII / NIM Trend ($ in millions) • Increased net interest income (NII) from the addition of Southern States’ balance sheet in the period, $148.1 coupled with organic QoQ loan growth • Net interest margin (NIM) benefits from Southern States historically higher pre-me
Slide 8: Noninterest Income & Expense
Noninterest Income & Expense Highlights Noninterest Income ($ millions) $25.8 $26.6 $27.3 Noninterest income: $24.0 • Increase of $455 thousand in Mortgage and $305 thousand in Investment Svc 3Q24 2Q25 3Q25 • Service charges & ATM/Interchange up as $(16.5) a result of the Southern States acquisition
Slide 9: Loans HFI
Loans HFI Loans HFI / Total Yield Portfolio Mix ($ billions) $12.30 C&I 1 35% Other $9.48 $9.60 $9.77 $9.87 5% $12.3 2 1-4 family CRE Billion 15% 23% 6.70% 6.75% 6.51% 6.41% 6.44% 1-4 family C&D HELOC 10% 6% Multifamily 6% 3Q 24 4Q 24 1Q 25 2Q25 3Q25 Loans HFI Total Loan HFI Yield • ~$2.3 billion in
Slide 10: Diversified loan portfolio
Diversified loan portfolio C&I1 Exposure by Industry CRE2 exposure by type ($ millions) % of Other Assisted Living Office Industry C&I CRE-OO Total Total 9% Facility 18% 5% Real estate rental and leasing $314 $343 $657 15% Healthcare Facility 2% 230 239 469 11% Self Storage Manufacturing 5% 390 9% L
Slide 11: Office exposure
Office exposure • Office loans as of 3Q25 – Credit detail by class • Represent 4% of total Loans HFI population Avg. Wtd. Avg. Wtd. Avg Class Outstanding Balance LTV Occupancy • 99% of portfolio is pass rated and current • 29% of portfolio matures by year-end 2026 Class A > $2 million $142.3 $9.5 49
Slide 12: Valuable deposit base
Valuable deposit base Deposits by customer segment ($billions) Highlights Consumer Commercial Public • ~$2.5 billion in deposit balances acquired during the $13.8 quarter due to the completion of the Southern States $11.3 $11.2 $11.4 $1.8 merger $11.0 $1.4 $1.6 $1.6 $1.8 • Post-merger net deposit ba
Slide 13: Asset Quality Metrics
Asset Quality Metrics Highlights Allowance for Credit Losses & Coverage Ratio ($ millions) • Allowance build driven by the completion of the Southern $185 States merger, which includes an allowance build of $7.5 $156 $152 $151 $149 million for PCD loans and $25.1 million for non-PCD loans 1.65% • Re
Slide 14: Allowance Modeling & Reserve Allocation
Allowance Modeling & Reserve Allocation • QoQ decline in the National Housing Price Index Key forecast inputs1 (HPI) forecast assumption drove increased reserves 4Q25 1Q26 2Q26 3Q26 in portfolios that correlate closely to that metric – namely Construction, HELOC, and portions of National Unemploymen
Slide 15: Capital & Liquidity
Capital & Liquidity Capital Position On-balance sheet liquidity ($mm) 3Q24 2Q25 3Q25 On-balance sheet liquidity Shareholder’s Equity/Assets 12.1% 12.1% 12.2% On-balance sheet liquidity / tangible assets1 $1,890 TCE/TA1 10.4% 10.4% 10.1% $1,713 $1,644 $1,462 $1,498 Common Equity Tier 12 12.7% 12.3% 1
Slide 16: Mortgage results
Mortgage results Highlights Interest rate lock commitment volume ($mm) Purchase Refinance • Mortgage segment pre-tax net contribution of $2.7 million, driven by lower provision and expenses $457 $381 $382 $55 • The elevated provision expense in 2Q25 did not repeat, $67 $53 $344 increase was a one-ti
Slide 17: FBK & SSBK Combination
FBK & SSBK Combination Summary Merger timeline: Shareholder Approval June 26, 2025 Deal Announced Regulatory Approval Legal Close System March 31, 2025 June 12, 2025 July 1, 2025 Conversion Completed Sept. 2, 2025 Deal metrics Deal Assumptions Status Merger update: Close timeline 4Q25 3Q 25 close &
Slide 18: FBK & SSBK Combination: Purchase Accounting Impact
FBK & SSBK Combination Purchase Accounting Impact Southern States Deal Summary $ Millions 3Q earnings impact Total deal consideration $ 368 Loans HFI mark accretion ~$7 million SSBK common equity at close 290 Purchase accounting adjustments: Time-deposit mark amortization ~$500 thousand Loan marks (
Slide 19: Appendix
FB} pee Bank Appendix
Slide 20: Adjusted net income and diluted earnings per share
GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share 19
Slide 21: Adjusted net income and diluted earnings per share
GAAP reconciliations and use of non-GAAP financial measures Adjusted net income and diluted earnings per share 20
Slide 22: Adjusted pre-tax pre-provision net revenue
GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue 21
Slide 23: Adjusted tangible net income
GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income 22
Slide 24: Adjusted pre-tax pre-provision net revenue
GAAP reconciliations and use of non-GAAP financial measures Adjusted pre-tax pre-provision net revenue 23
Slide 25: Adjusted tangible net income
GAAP reconciliations and use of non-GAAP financial measures Adjusted tangible net income 24
Slide 26: Adjusted Common Equity Tier and Total Risk-Based capital ratios
GAAP reconciliations and use of non-GAAP financial measures Adjusted Common Equity Tier 1 and Total Risk-Based capital ratios 25
Slide 27: Core efficiency ratio (tax-equivalent basis)
GAAP reconciliations and use of non-GAAP financial measures Core efficiency ratio (tax-equivalent basis) 26
Slide 28: Banking segment core efficiency ratio (tax-equivalent)
GAAP reconciliations and use of non-GAAP financial measures Banking segment core efficiency ratio (tax-equivalent) 27
Slide 29: Mortgage segment core efficiency ratio (tax-equivalent)
GAAP reconciliations and use of non-GAAP financial measures Mortgage segment core efficiency ratio (tax-equivalent) 28
Slide 30: Tangible assets, common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures 29
Slide 31: Tangible assets, common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Tangible assets, common equity and related measures 30
Slide 32: Adjusted return on average tangible common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures 31
Slide 33: Adjusted return on average assets, common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets, common equity and related measures 32
Slide 34: Adjusted return on average tangible common equity and related measures
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average tangible common equity and related measures 33
Slide 35: Adjusted return on average assets and equity
GAAP reconciliations and use of non-GAAP financial measures Adjusted return on average assets and equity 34