FB Financial Corp Files 10-Q for Q2 2024

TL;DR

**FB Financial Corp Q2 2024 10-Q filed. Financials look solid.**

AI Summary

FB Financial Corporation (FB Financial) filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and position, including details on its assets, liabilities, and equity. Specific financial figures and operational highlights for the second quarter of 2024 are detailed within the filing.

Why It Matters

This filing provides investors and analysts with a detailed look at FB Financial Corp's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, FB Financial Corp is subject to various market, credit, and regulatory risks inherent in the banking industry.

Key Numbers

• 2024 Q2 — Reporting Period (Financial results for the second quarter of 2024 are presented.)

Key Players & Entities

• FB Financial Corp (company) — Filer of the 10-Q
• First South Bancorp, Inc. (company) — Former name of FB Financial Corp
• 20240630 (date) — End of the reporting period
• 20240805 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

• $1.00 — ich registered Common Stock, Par Value $1.00 Per Share FBK New York Stock Exchange

Filing Documents

• fbk-20240630.htm (10-Q) — 5175KB
• ex101finalfbktansilemploym.htm (EX-10.1) — 186KB
• a2q24ex-311.htm (EX-31.1) — 14KB
• a2q24ex-312.htm (EX-31.2) — 14KB
• a2q24ex-321.htm (EX-32.1) — 11KB
• image_02.jpg (GRAPHIC) — 21KB
• 0001649749-24-000170.txt ( ) — 22453KB
• fbk-20240630.xsd (EX-101.SCH) — 82KB
• fbk-20240630_cal.xml (EX-101.CAL) — 148KB
• fbk-20240630_def.xml (EX-101.DEF) — 551KB
• fbk-20240630_lab.xml (EX-101.LAB) — 1040KB
• fbk-20240630_pre.xml (EX-101.PRE) — 860KB
• fbk-20240630_htm.xml (XML) — 5458KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Glossary Of Abbreviations And Acronyms 3

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 4 Consolidated Balance Sheets as of J une 30 , 2024 (Unaudited) and December 31, 2023 4 Consolidated Statements of Income (Unaudited) for the three and six months ended June 3 0 , 2024 and 202 3 5 Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 3 0 , 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three and six months ended June 30 , 2024 and 2023 7 Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30 , 2024 and 2023 9 Condensed Notes to Consolidated Financial Statements (Unaudited) 11

Management's Discussion and Analysis of Financial Condition and Results of Operation

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation 48

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 86

Controls and Procedures

Item 4. Controls and Procedures 88

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 89

Risk Factors

Item 1A. Risk Factors 89

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 89

Other Information

Item 5. Other Information 89

Exhibits

Item 6. Exhibits 90

SIGNATURES

SIGNATURES 91 2 PART I GLOSSARY OF ABBREVIATIONS AND ACRONYMS As used in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, 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. ACL Allowance for credit losses FHLB Federal Home Loan Bank AFS Available-for-sale GAAP U.S. generally accepted accounting principles ALCO Asset Liability Management Committee GDP Gross domestic product ASC Accounting Standard Codification GNMA Government National Mortgage Association ASU Accounting Standard Update HFI Held for investment Bank FirstBank, subsidiary bank NIM Net interest margin CD Certificate of Deposit OREO Other real estate owned CECL Current expected credit losses PSU Performance-based restricted stock units Company FB Financial Corporation Report Form 10-Q for the quarterly period ended June 30, 2024 CPR Conditional prepayment rate ROAA Return on average assets CRE Commercial real estate ROAE Return on average common equity ESPP Employee Stock Purchase Plan ROATCE Return on average tangible common equity EVE Economic value of equity RSU Restricted stock units FASB Financial Accounting Standards Board SEC U.S. Securities and Exchange Commission FDIC Federal Deposit Insurance Corporation SOFR Secured overnight financing rate FDM Financial Difficulty Modification TDFI Tennessee Department of Financial Institutions Federal Reser

Notes to consolidated financial statements

Notes to consolidated financial statements (Unaudited) (Dollar amounts are in thousands, except share and per share amounts) Note (1)— Basis of presentation Overview and presentation FB Financial Corporation (the "Company") is a financial holding company headquartered in Nashville, Tennessee. The Company operates primarily through its wholly-owned subsidiary bank, FirstBank (the "Bank") and its subsidiaries. As of June 30, 2024, the Bank had 77 full-service branches throughout Tennessee, Alabama, Kentucky and North Georgia, and a mortgage business with office locations across the Southeast, which primarily originates loans to be sold to third party private investors or government sponsored agencies in the secondary market. The unaudited consolidated financial statements, including the notes thereto, have been prepared in accordance with U.S. GAAP interim reporting requirements and general banking industry guidelines, and therefore, do not include all information and notes included in the annual consolidated financial statements in conformity with GAAP. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company's audited consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K. The unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported results of operations for the reporting periods and the related disclosures. Although management's estimates contemplate current conditions and how they are expected to change in the future,

Notes to consolidated financial statements

Notes to consolidated financial statements (Unaudited) (Dollar amounts are in thousands, except share and per share amounts) The following is a summary of the basic and diluted earnings per common share calculations for each of the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Basic earnings per common share: Net income applicable to FB Financial Corporation $ 39,979 $ 35,299 $ 67,929 $ 71,680 Dividends paid on and undistributed earnings allocated to participating securities — — — — Earnings available to common shareholders $ 39,979 $ 35,299 $ 67,929 $ 71,680 Weighted average basic shares outstanding 46,762,488 46,779,388 46,818,685 46,729,778 Basic earnings per common share $ 0.85 $ 0.75 $ 1.45 $ 1.53 Diluted earnings per common share: Earnings available to common shareholders $ 39,979 $ 35,299 $ 67,929 $ 71,680 Weighted average basic shares outstanding 46,762,488 46,779,388 46,818,685 46,729,778 Weighted average diluted shares contingently issuable (1) 82,655 35,466 92,781 47,825 Weighted average diluted shares outstanding 46,845,143 46,814,854 46,911,466 46,777,603 Diluted earnings per common share $ 0.85 $ 0.75 $ 1.45 $ 1.53 (1) Excludes 36,507 and 2,412 restricted stock units outstanding considered to be antidilutive for the three and six months ended June 30, 2024 and 315,989 and 250,074 restricted stock units outstanding considered to be antidilutive for the three and six months ended June 30, 2023. Recently adopted accounting standards: In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." The FASB issued this update to clarify the guidance in ASC 820, "Fair Value Measurement," when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, to amend a related illustrative example, and to introduce new disclos

Notes to consolidated financial statements

Notes to consolidated financial statements (Unaudited) (Dollar amounts are in thousands, except share and per share amounts) beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. While the Company is continuing to evaluate the impact, ASU 2023-07 is not expected to

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View this 10-Q filing on SEC EDGAR