Fb Financial Corporation · NYSE:FBK
Fb Financial — IPO Roadshow (September 2026)
42 slides from Fb Financial's IPO roadshow presentation, Sep 21, 2026
Slide 1: September 2026 Fixed Income Investor Presentation
September 2026 Fixed Income Investor Presentation
Slide 2: Forward-Looking Statements
2 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
3 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 l
Slide 4: Offering Overview
4 Offering Overview 1 An explanation of the significance of ratings may be obtained from the rating agency. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. The rating of the subor
Slide 5: Our Executive Leadership
5 Our Executive Leadership Christopher T. Holmes President & CEO Age: 62 • President and Chief Executive Officer of FB Financial and FirstBank since 2013; President since 2012 • Joined FirstBank in 2010 as Chief Banking Officer and has served on both boards since 2010 • Director of Corporate Financi
Slide 6: Company Overview
COMPANY OVERVIEW
Slide 7: FB Financial Today
7 FB Financial Today $16.8bn Assets $12.9bn Loans HFI $14.3bn Deposits FirstBank Branch 1.44% ROAA 3.95% NIM (FTE) 9.5% TCE / TA1 11.0% CET1 Ratio 1.51% ACL / Loans HFI • Founded in 1906 in Scotts Hill, Tennessee — One of the longest continually operating banks in Tennessee; headquartered in Nashvil
Slide 8: Recent Corporate History
8 Recent Corporate History • Market expansion into Asheville, NC and Tuscaloosa, AL • Completed 2 securities portfolio restructure transactions totaling $526M sold and reinvested at a weighted average yield improvement of ~3.3% • Continued focus on operating efficiency measures resulting in an adjus
Slide 9: Exceptional Markets
9 11.3% 11.7% 14.7% 10.2% 11.4% U.S. FBK Footprint Nashville Chattanooga Atlanta 2.6% 4.2% 5.7% 3.8% 4.2% U.S. FBK Footprint Nashville Chattanooga Atlanta Exceptional Markets 1 Market data per S&P Global as of June 30, 2025 and presented on a pro forma basis for announced acquisitions since June 30,
Slide 10: Investment Highlights
10 Investment Highlights Leading Regional Presence Dense franchise across attractive Southeast markets ✓Chartered in 1906 — one of the longest continually operating banks in Tennessee; local decision-making model across the footprint ✓90 full-service branches across Tennessee, Alabama, Kentucky and
Slide 11: Financial Overview
FINANCIAL OVERVIEW
Slide 12: Balance Sheet Trends
12 Balance Sheet Trends $9,874 $12,298 $12,384 $12,504 $12,866 2Q25 3Q25 4Q25 1Q26 2Q26 $13,354 $16,236 $16,300 $16,468 $16,796 2Q25 3Q25 4Q25 1Q26 2Q26 $11,403 $13,813 $13,910 $14,077 $14,347 2Q25 3Q25 4Q25 1Q26 2Q26 Loans ($ millions) Deposits ($ millions) Assets ($ millions)
Slide 13: Profitability
13 $0.06 $0.43 $1.07 $1.10 $1.13 $0.88 $1.07 $1.16 $1.12 $1.14 2Q25 3Q25 4Q25 1Q26 2Q26 Diluted EPS Adjusted Diluted EPS 105.7% 63.2% 60.2% 55.2% 52.3% 56.9% 53.3% 56.3% 54.3% 52.0% 2Q25 3Q25 4Q25 1Q26 2Q26 Efficiency Adjusted Efficiency Ratio 0.9% 5.8% 14.4% 14.7% 14.6% 12.4% 14.7% 15.9% 15.3% 15.0
Slide 14: Net Interest Margin
14 Net Interest Margin $112.2 $148.1 $150.6 $146.8 $149.8 3.68% 3.95% 3.98% 3.94% 3.95% 2Q25 3Q25 4Q25 1Q26 2Q26 FTE NII / NIM Trend ($ millions) Net Interest Income (NII) Net Interest Margin (NIM) Highlights Net Interest Income Rollforward ($ in thousands) 1Q26 Net Interest Income 146,774 Impact of
Slide 15: Interest Rate Positioning
15 9.23% 6.41% 3.32% (3.30%) (5.91%) (7.27%) +300 +200 +100 -100 -200 -300 Change in Future Net Interest Income (12 month Horizon) Change in Interest Rates 3.42% 3.57% 3.55% 3.50% 3.55% 3.68% 3.95% 3.98% 3.94% 3.95% 6.64% 6.70% 6.70% 6.51% 6.41% 6.44% 6.75% 6.64% 6.51% 6.48% 2.76% 2.77% 2.83% 2.70%
Slide 16: Noninterest Income
16 Noninterest Income Mortgage Banking Income 43% Investment Services and Trust Income 17% Service Charges on Deposit Accounts 17% ATM and Interchange Fees 13% Other Income 10% ($34.5) $26.6 $28.8 $26.4 $25.8 $25.8 $27.3 $27.7 $25.9 $26.2 2Q25 3Q25 4Q25 1Q26 2Q26 NII Adjusted NII 1 Non-GAAP financia
Slide 17: Mortgage Results
17 Mortgage Results 2.86% 2.69% 2.97% 2.89% 2.49% 2Q25 3Q25 4Q25 1Q26 2Q26 Interest rate lock commitment volume ($mm) Mortgage gain on sale margin $402 $342 $279 $366 $380 $55 $90 $107 $124 $56 $457 $432 $386 $490 $436 2Q25 3Q25 4Q25 1Q26 2Q26 Purchase Refinance Highlights Mortgage Banking Segment (
Slide 18: Noninterest Expense
18 Noninterest Expense Legal and Professional fees 2% Salaries, Commissions and Employee Benefits 58% Data Processing 3% Occupancy and Equipment Expense 8% Amortization 2% Other Expense 24% Advertising 3% $81.3 $109.9 $107.5 $95.2 $91.5 $78.5 $93.5 $100.4 $93.7 $91.4 2Q25 3Q25 4Q25 1Q26 2Q26 NIE Adj
Slide 19: Loan Portfolio and Asset Quality
LOAN PORTFOLIO AND ASSET QUALITY
Slide 20: Loans HFI
20 Loans HFI $9.87 $12.30 $12.38 $12.50 $12.87 6.44% 6.75% 6.64% 6.51% 6.48% 2Q25 3Q25 4Q25 1Q26 2Q26 Loans HFI / Total Yield ($ billions) Loans HFI Total Loan HFI Yield 1-4 family 15% 1-4 family HELOC 6% Multifamily 6% C&D 9% CRE 23% C&I 36% Other 5% Portfolio Mix $12.9 Billion 1 C&I includes owner
Slide 21: Diversified Loan Portfolio
21 Diversified Loan Portfolio Office 17% Retail 19% Hotel 17% Warehouse/Industrial 22% Land-Manufactured Housing 4% Self Storage 5% Healthcare Facility 2% Assisted Living Facility 6% Other 8% Residential Development 33% Commercial 39% Consumer 21% Multifamily 7% Construction 25% Land 5% Lots 3% CRE2
Slide 22: Office Exposure
22 Office Exposure Nashville 40% Memphis 5% Knoxville 3% Huntsville 6% Birmingham 14% Chattanooga 1% Other 7% Atlanta 12% Communities 12% Class A 22% Class B 44% Class C 12% Under $2 Million 22% Geographic exposure Note: Data is only non-owner occupied CRE & C&D loans. Data excludes medical office b
Slide 23: C&D and CRE Loan Concentration
23 117% 111% 102% 91% 81% 76% 68% 67% 62% 64% 65% 66% 64% 64% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 C&D and CRE Loan Concentration 1 Excludes owner-occupied CRE. C&D / Tier 1 Capital + ACL (%) CRE1 / Tier 1 Capital + ACL (%) 287% 274% 264% 259% 250% 243% 239% 239% 234
Slide 24: Asset Quality Metrics
24 $5,746 $29,957 $2,428 $3,822 $9,655 0.02% 0.05% 0.05% 0.11% 0.06% 2Q25 3Q25 4Q25 1Q26 2Q26 Provision for Credit Losses & Net Charge Offs ($ thousands) Provision for Credit Losses NCO Ratio (ann.) Asset Quality Metrics $148.9 $185.0 $186.0 $186.3 $194.0 1.51% 1.50% 1.50% 1.49% 1.51% 2Q25 3Q25 4Q25
Slide 25: Allowance Modeling & Reserve Allocation
25 1.51% 1.13% 1.20% 0.87% 2.14% 1.86% 1.82% 1.35% 3.10% 1.49% 1.14% 1.22% 1.00% 2.34% 1.45% 1.79% 1.37% 3.29% 1.51% 1.16% 1.39% 0.89% 2.37% 1.51% 1.77% 1.27% 3.29% Gross Loans HFI Commercial & Industrial Non-Owner Occ CRE Owner Occ CRE Construction Multifamily 1-4 Family Mortgage 1-4 Family HELOC C
Slide 26: History of Prudent Credit Management
26 History of Prudent Credit Management 1 Annual average of all FDIC-Insured Institutions, per FRED. 2 Data as of the three months ended 6/30/26, annualized. Note: Data bank level per Call Report filings for years 2006-2011. 0.10% 0.20% 0.99% 1.57% 1.85% 0.70% 0.14% 0.35% 0.04% 0.10% 0.07% (0.13%) 0
Slide 27: Funding, Liquidity & Capital
FUNDING, LIQUIDITY & CAPITAL
Slide 28: Valuable Deposit Base
28 Valuable Deposit Base Cost of deposits 19.2% 19.5% 18.9% 18.9% 19.3% 2.48% 2.53% 2.40% 2.27% 2.26% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 2Q25 3Q25 4Q25 1Q26 2Q26 Noninterest-bearing as % of total deposits Cost of total deposits (%) Deposits by cus
Slide 29: Liquidity Position
29 Cash and Cash Equivalents $1,112 Unpledged AFS Debt Securities $691 Equity Securities, at Fair Value $6 Unsecured Borrowing Capacity $4,013 FHLB Borrowing Capacity $2,106 Discount Window $2,138 2.43x Liquidity Coverage Ratio of Uninsured/Uncollateralized Deposits of $4.1 billion Liquidity Positio
Slide 30: Overview of the Securities Portfolio
30 U.S. Government Agency Securities 49% Residential MBS 38% Commercial MBS 1% Municipal Securities 11% U.S. Treasury Securities <1% Corporate Securities <1% Overview of the Securities Portfolio • Securities portfolio makes up 9% of total assets and does not include any HTM securities • Unrealized l
Slide 31: Capital Position
31 11.3% 10.6% 10.3% 10.4% 10.1% 2Q25 3Q25 4Q25 1Q26 2Q26 Capital Position 12.3% 11.7% 11.4% 11.5% 11.0% 2Q25 3Q25 4Q25 1Q26 2Q26 10.4% 10.1% 9.8% 9.9% 9.5% 2Q25 3Q25 4Q25 1Q26 2Q26 1 Non-GAAP financial measure; See "Use of non-GAAP Financial Measures" and Non-GAAP reconciliations herein. 2For illus
Slide 32: Appendix
FB F iit Bank Appendix
Slide 33: Pro Forma Consolidated Capital
33 Pro Forma Consolidated Capital Note: Assumes 0% risk weighting on net subordinated debt proceeds. 1For illustrative purposes only, assumes a $100 million subordinated debt raise, net of customary offering and underwriting expenses, for net proceeds of $98.6 million. Qualifying subordinated debt i
Slide 34: Double Leverage & Interest Coverage
34 Double Leverage & Interest Coverage Note: Figures may not foot due to rounding. 1For illustrative purposes only, assumes a $100 million subordinated debt raise, net of customary offering and underwriting expenses, for net proceeds of $98.6 million. Assumes a 6.750% subordinated debt coupon rate a
Slide 35: KBRA Ratings & Outstanding Debt Summary
35 KBRA Ratings & Outstanding Debt Summary Issuance Issuance Year Maturity Date Call Date Outstanding Debt ($000) Front-End Coupon Back-End Coupon February 2032 Subordinated Debt 2022 2/7/2032 3/30/2027 $47,500 Quarterly Fixed - 3.50% 3M SOFR + 205 bps October 2032 Subordinated Debt 2022 10/26/2032
Slide 36: GAAP Reconciliations and Use of Non-GAAP Financial Measures
36 GAAP Reconciliations and Use of Non-GAAP Financial Measures Adjusted net income and diluted earnings per share Year-to -D ate (dollars in thousands, except for share data) Jun 2026 M ar 2026 D ec 2025 Sep 2025 Jun 2025 YT D 2026 2025 2024 2023 2022 Inco me befo re inco me taxes $ 73,156 $ 74,152
Slide 37: Adjusted tangible net income
37 Adjusted tangible net income Year-to -D ate (dollars in thousands) Jun 2026 M ar 2026 D ec 2025 Sep 2025 Jun 2025 YT D 2026 2025 2024 2023 2022 Inco me befo re inco me taxes $ 73,156 $ 74,152 $ 69,819 $ 29,602 $ (9,735) $ 147,308 $ 138,518 $ 146,670 $ 150,292 $ 159,574 Plus amortization of core d
Slide 38: Adjusted efficiency ratio (tax-equivalent basis)
38 Adjusted efficiency ratio (tax-equivalent basis) Year-to -D ate (dollars in thousands) Jun 2026 M ar 2026 D ec 2025 Sep 2025 Jun 2025 YT D 2026 2025 2024 2023 2022 Total noninterest expense $ 91,480 $ 95,164 $ 107,548 $ 109,856 $ 81,261 $ 186,644 $ 378,214 $ 296,899 $ 324,929 $ 348,346 Less early
Slide 39: Mortgage segment adjusted efficiency ratio
39 Mortgage segment adjusted efficiency ratio (tax-equivalent basis) (dollars in thousands) Jun 2026 Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mortgage segment noninterest expense $ 12,361 $ 13,588 $ 13,992 $ 12,887 $ 13,931 Mortgage segment adjusted noninterest expense $ 12,361 $ 13,588 $ 13,992 $ 12,887
Slide 40: Tangible assets, common equity and related measures
40 Tangible assets, common equity and related measures (dollars in thousands, except share data) Jun 2026 M ar 2026 D ec 2025 Sep 2025 Jun 2025 2025 2024 2023 2022 T angible assets Total assets $ 16,796,101 $ 16,468,439 $ 16,300,292 $ 16,236,459 $ 13,354,238 $ 16,300,292 $ 13,157,482 $ 12,604,403 $
Slide 41: Adjusted return on average tangible common equity and related measures
41 Adjusted return on average tangible common equity and related measures Year-to -D ate (dollars in thousands) Jun 2026 M ar 2026 D ec 2025 Sep 2025 Jun 2025 YT D 2026 2025 2024 2023 2022 Average common shareholders' equity $ 1,987,199 $ 1,965,877 $ 1,956,633 $ 1,977,785 $ 1,583,099 $ 1,976,597 $ 1
Slide 42: Adjusted return on average assets, common equity and related measures
42 Adjusted return on average assets, common equity and related measures Year-to -D ate (dollars in thousands) Jun 2026 M ar 2026 D ec 2025 Sep 2025 Jun 2025 YT D 2026 2025 2024 2023 2022 Net income $ 58,649 $ 57,526 $ 56,977 $ 23,375 $ 2,909 $ 116,175 $ 122,622 $ 116,035 $ 120,224 $ 124,555 Average