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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________
FORM 10-Q
______________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number 001-37875
_____________________________________________________________
FB FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________________________
Tennessee62-1216058
( State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
211 Commerce Street, Suite 300
Nashville, Tennessee
37201
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (615564-1212
___________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)  Name of each exchange on which registered 
Common Stock, Par Value $1.00 Per Share FBK  New York Stock Exchange 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Small reporting company 
Emerging growth company     
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No 
The number of shares of registrant’s Common Stock outstanding as of August 3, 2022 was 46,883,935.
1


Table of Contents
Page
PART I.
Item 1.
10
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 6.















2


GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 (this "Report"), references to “we,” “our,” “us,” “FB Financial,” or “the Company” refer to FB Financial Corporation, a Tennessee corporation, and our wholly-owned banking subsidiary, FirstBank, a Tennessee state-chartered bank, unless otherwise indicated or the context otherwise requires. References to “Bank” or “FirstBank” refer to FirstBank, our wholly-owned banking subsidiary.
The acronyms and abbreviations identified below are used in the Notes to the Consolidated Financial Statements (Unaudited) as well as in the Management’s discussion and analysis of financial condition and results of operations. You may find it helpful to refer to this page as you read this Report.

ACLAllowance for credit lossesGAAPU.S. generally accepted accounting principles
AFSAvailable-for-saleGNMAGovernment National Mortgage Association
ALCOAsset Liability Management CommitteeIRLC
Interest rate lock commitment
ASCAccounting Standard CodificationLIBORLondon Interbank Offered Rate
ASUAccounting Standard UpdateMSRMortgage servicing rights
CARESCoronavirus Aid, Relief, and Economic Security ActNIMNet interest margin
CECLCurrent expected credit lossesOREOOther real estate owned
CEOChief Executive OfficerPPPPaycheck Protection Program
CET1Common Equity Tier 1PSUPerformance-based restricted stock units
COVID-19Coronavirus pandemicROAAReturn on average total assets
CPRConditional prepayment rateROAEReturn on average shareholders' equity
EPSEarnings per shareROATCEReturn on average tangible common equity
ESPPEmployee Stock Purchase PlanROURight-of-use
EVEEconomic value of equityRSURestricted stock units
FASBFinancial Accounting Standards BoardSBASmall Business Administration
FDICFederal Deposit Insurance CorporationSDN List
Specially Designated Nationals and Blocked Persons
Federal ReserveBoard of Governors of the Federal Reserve
   System
SECU.S. Securities and Exchange Commission
FHLBFederal Home Loan BankSOFR
Secured overnight financing rate
FHLMCFederal Home Loan Mortgage CorporationTDFITennessee Department of Financial Institutions
FNMAFederal National Mortgage AssociationTDRTroubled debt restructuring
3

PART I - FINANCIAL INFORMATION
ITEM 1 - CONSOLIDATED FINANCIAL STATEMENTS
FB Financial Corporation and subsidiaries
Consolidated balance sheets
(Amounts are in thousands except share and per share amounts) 


 June 30,December 31,
 2022 (Unaudited)2021 
ASSETS  
Cash and due from banks$79,402 $91,333 
Federal funds sold and reverse repurchase agreements
233,588 128,087 
Interest-bearing deposits in financial institutions559,871 1,578,320 
Cash and cash equivalents872,861 1,797,740 
Investments:
Available-for-sale debt securities, at fair value1,618,241 1,678,525 
Equity securities, at fair value3,103 3,367 
Federal Home Loan Bank stock, at cost34,581 32,217 
Loans held for sale, at fair value260,215 752,223 
Loans8,624,337 7,604,662 
Less: allowance for credit losses126,272 125,559 
Net loans8,498,065 7,479,103 
Premises and equipment, net142,474 143,739 
Other real estate owned, net9,398 9,777 
Operating lease right-of-use assets41,070 41,686 
Interest receivable40,393 38,528 
Mortgage servicing rights, at fair value158,678 115,512 
Goodwill242,561 242,561 
Core deposit and other intangibles, net14,515 16,953 
Bank-owned life insurance74,605 73,519 
Other assets183,102 172,236 
Total assets$12,193,862 $12,597,686 
LIABILITIES
Deposits
Noninterest-bearing$2,895,520 $2,740,214 
Interest-bearing checking3,338,561 3,418,666 
Money market and savings3,131,463 3,546,936 
Customer time deposits1,171,941 1,103,594 
Brokered and internet time deposits5,817 27,487 
Total deposits10,543,302 10,836,897 
Borrowings160,400 171,778 
Operating lease liabilities45,917 46,367 
Accrued expenses and other liabilities124,298 109,949 
Total liabilities10,873,917 11,164,991 
Commitments and contingencies (Note 8)
SHAREHOLDERS' EQUITY
Common stock, $1 par value per share; 75,000,000 shares authorized;
    46,881,896 and 47,549,241 shares issued and outstanding at
    June 30, 2022 and December 31, 2021, respectively
46,882 47,549 
Additional paid-in capital864,614 892,529 
Retained earnings528,851 486,666 
Accumulated other comprehensive (loss) income, net(120,495)5,858 
Total FB Financial Corporation common shareholders' equity1,319,852 1,432,602 
Noncontrolling interest93 93 
Total equity1,319,945 1,432,695 
Total liabilities and shareholders' equity$12,193,862 $12,597,686 
See the accompanying notes to the consolidated financial statements.
4


FB Financial Corporation and subsidiaries
Consolidated statements of income
(Unaudited)
(Amounts are in thousands except share and per share amounts)

5
 Three Months Ended June 30,Six Months Ended June 30,
 202220212022 2021 
Interest income:  
Interest and fees on loans$99,655 $89,861 $186,519 $179,273 
Interest on securities
Taxable6,499 3,844 11,919 6,663 
Tax-exempt1,842 1,933 3,708 3,889 
Other2,218 691 3,195 1,289 
Total interest income110,214 96,329 205,341 191,114 
Interest expense:
Deposits6,591 7,919 12,053 17,745 
Borrowings1,452 1,847 2,935 4,230 
Total interest expense8,043 9,766 14,988 21,975 
Net interest income102,171 86,563 190,353 169,139 
Provision for credit losses8,181 (12,885)2,052 (24,517)
Provision for credit losses on unfunded commitments4,137 (954)6,019 (3,176)
Net interest income after provisions for credit losses89,853 100,402 182,282 196,832 
Noninterest income:
Mortgage banking income22,559 35,499 52,090 90,831 
Service charges on deposit accounts2,908 2,266 5,822 4,605 
ATM and interchange fees5,353 5,381 10,440 9,722 
Investment services and trust income2,275 2,999 4,407 5,007 
(Loss) gain from securities, net(109)144 (261)227 
(Loss) gain on sales or write-downs of other real estate owned(26)(23)(524)473 
 Gain (loss) from other assets18 (4)82 (15)
Other income236 3,038 2,550 5,180 
Total noninterest income33,214 49,300 74,606 116,030 
Noninterest expenses:
Salaries, commissions and employee benefits55,181 62,367 114,624 126,938 
Occupancy and equipment expense5,853 5,356 11,256 11,205 
Legal and professional fees3,116 2,090 5,723 4,524 
Data processing 2,404 2,542 4,885 4,861 
Amortization of core deposit and other intangibles1,194 1,394 2,438 2,834 
Advertising2,031 3,559 6,064 5,812 
Mortgage restructuring expense12,458  12,458  
Other expense14,760 15,652 28,821 31,484 
Total noninterest expense96,997 92,960 186,269 187,658 
Income before income taxes26,070 56,742 70,619 125,204 
Income tax expense6,717 13,440 16,030 29,028 
Net income applicable to FB Financial Corporation
    and noncontrolling interest
19,353 43,302 54,589 96,176 
Net income applicable to noncontrolling interest8 8 8 8 
Net income applicable to FB Financial Corporation$19,345 $43,294 $54,581 $96,168 
Earnings per common share
Basic$0.41 $0.91 $1.15 $2.03 
Diluted0.41 0.90 $1.15 $2.00 
See the accompanying notes to the consolidated financial statements.
5


FB Financial Corporation and subsidiaries
Consolidated statements of comprehensive (loss) income  
(Unaudited)
(Amounts are in thousands)

 Three Months Ended June 30,Six Months Ended June 30,
 2022 2021 2022 2021 
Net income$19,353 $43,302 $54,589 $96,176 
Other comprehensive (loss) income, net of tax:
Net change in unrealized (loss) gain in available-for-sale
securities, net of tax (benefits) expense of $(17,343), $798, $(44,826) and $(2,654)
(49,233)2,286 (127,408)(9,562)
Reclassification adjustment for gain on sale of securities
included in net income, net of tax expenses of $0, $2, $1 and $4
(1)(6)(2)(11)
Net change in unrealized gain in hedging activities, net of tax
    expenses of $99, $23, $372 and $135
283 67 1,057 383 
Total other comprehensive (loss) income, net of tax(48,951)2,347 (126,353)(9,190)
Comprehensive (loss) income applicable to FB Financial Corporation
    and noncontrolling interest
(29,598)45,649 (71,764)86,986 
Comprehensive income applicable to noncontrolling interest8 8 8 8 
Comprehensive (loss) income applicable to FB Financial Corporation$(29,606)$45,641 $(71,772)$86,978 
See the accompanying notes to the consolidated financial statements.
6


FB Financial Corporation and subsidiaries
Consolidated statements of changes in shareholders’ equity
(Unaudited)
(Amounts are in thousands except per share amounts)

Common
stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income (loss), net
Total common
shareholders' equity
Noncontrolling interestTotal shareholders' equity
Balance at March 31, 2022$47,488 $888,168 $515,664 $(71,544)$1,379,776 $93 $1,379,869 
   Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 19,345 — 19,345 19,353 
   Other comprehensive income, net of
taxes
— — — (48,951)(48,951)— (48,951)
   Repurchase of common stock(650)(25,890)— — (26,540)— (26,540)
   Stock based compensation expense1 3,037 — — 3,038 — 3,038 
   Restricted stock units vested and
distributed, net of shares withheld
43 (701)— — (658)— (658)
   Dividends declared ($0.13 per share)
— — (6,158)— (6,158)— (6,158)
   Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2022$46,882 $864,614 $528,851 $(120,495)$1,319,852 $93 $1,319,945 
Balance at December 31, 2021$47,549 $892,529 $486,666 $5,858 $1,432,602 $93 $1,432,695 
   Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 54,581 — 54,581 8 54,589 
   Other comprehensive income, net of
taxes
— — — (126,353)(126,353)— (126,353)
   Repurchase of common stock(795)(31,948)— — (32,743)— (32,743)
   Stock based compensation expense2 5,618 — — 5,620 — 5,620 
   Restricted stock units vested and
distributed, net of shares withheld
111 (2,257)— — (2,146)— (2,146)
   Shares issued under employee stock
purchase program
15 672 — — 687 — 687 
   Dividends declared ($0.26 per share)
— — (12,396)— (12,396)— (12,396)
   Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2022$46,882 $864,614 $528,851 $(120,495)$1,319,852 $93 $1,319,945 
See the accompanying notes to the consolidated financial statements.

7


FB Financial Corporation and subsidiaries
Consolidated statements of changes in shareholders’ equity
(Unaudited)
(Amounts are in thousands except per share amounts)

Common
stock
Additional
paid-in
capital
Retained
earnings
Accumulated
other
comprehensive
income, net
Total common
shareholders' equity
Noncontrolling interestTotal shareholders' equity
Balance at March 31, 2021$47,332 $900,521 $365,192 $16,058 $1,329,103 $93 $1,329,196 
   Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 43,294 — 43,294 8 43,302 
   Other comprehensive loss, net of
     taxes
— — — 2,347 2,347 — 2,347 
   Stock based compensation
expense
2 2,513 — — 2,515 — 2,515 
   Restricted stock units vested and
distributed net of shares withheld
27 (252)— — (225)— (225)
   Dividends declared ($0.11 per
     share)
— — (5,313)— (5,313)— (5,313)
   Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2021$47,361 $902,782 $403,173 $18,405 $1,371,721 $93 $1,371,814 
Balance at December 31, 2020$47,222 $898,847 $317,625 $27,595 $1,291,289 $93 $1,291,382 
   Net income attributable to FB
Financial Corporation and
noncontrolling interest
— — 96,168 — 96,168 8 96,176 
   Other comprehensive loss, net of
     taxes
— — — (9,190)(9,190)— (9,190)
   Stock based compensation
expense
5 5,176 — — 5,181 — 5,181 
   Restricted stock units vested and
distributed net of shares withheld
112 (2,052)— — (1,940)— (1,940)
   Shares issued under employee
stock purchase program
22 811 — — 833 — 833 
   Dividends declared ($0.22 per
     share)
— — (10,620)— (10,620)— (10,620)
   Noncontrolling interest distribution— — — — — (8)(8)
Balance at June 30, 2021$47,361 $902,782 $403,173 $18,405 $1,371,721 $93 $1,371,814 
8

FB Financial Corporation and subsidiaries
Consolidated statements of cash flows
(Unaudited)
(Amounts are in thousands)