FB Financial Corp Files 10-Q for Q3 2024

TL;DR

FB Financial Corp's Q3 2024 10-Q is in. Check financials.

AI Summary

FB Financial Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is a standard regulatory filing for publicly traded companies.

Why It Matters

This 10-Q filing provides investors and analysts with a detailed look into FB Financial Corp's financial health and operational performance for the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter the financial data pertains to.)

Key Players & Entities

• FB Financial Corp (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 6022 (other) — Standard Industrial Classification for Commercial Banks
• TN (other) — State of Incorporation
• 615-313-0080 (other) — Business Phone Number
• First South Bancorp, Inc. (company) — Former Company Name
• 20150731 (date) — Date of Former Company Name Change

FAQ

Key Financial Figures

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

Filing Documents

• fbk-20240930.htm (10-Q) — 5162KB
• a3q24ex-311.htm (EX-31.1) — 14KB
• a3q24ex-312.htm (EX-31.2) — 14KB
• a3q24ex-321.htm (EX-32.1) — 11KB
• 0001649749-24-000199.txt ( ) — 22270KB
• fbk-20240930.xsd (EX-101.SCH) — 84KB
• fbk-20240930_cal.xml (EX-101.CAL) — 148KB
• fbk-20240930_def.xml (EX-101.DEF) — 543KB
• fbk-20240930_lab.xml (EX-101.LAB) — 1067KB
• fbk-20240930_pre.xml (EX-101.PRE) — 864KB
• fbk-20240930_htm.xml (XML) — 5423KB

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 September 30, 2024 (Unaudited) and December 31, 2023 4 Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) for the three and nine months ended S eptember 30, 2024 and 2023 7 Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 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 87

Controls and Procedures

Item 4. Controls and Procedures 89

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 90

Risk Factors

Item 1A. Risk Factors 90

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 90

Other Information

Item 5. Other Information 90

Exhibits

Item 6. Exhibits 91

SIGNATURES

SIGNATURES 92 2 PART I GLOSSARY OF ABBREVIATIONS AND ACRONYMS As used in this Quarterly Report on Form 10-Q for the quarter ended September 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 Federal Reserve Board of Governors of the Federal Reserve System AFS Available-for-sale FHLB Federal Home Loan Bank ALCO Asset Liability Management Committee GAAP U.S. generally accepted accounting principles ASC Accounting Standard Codification GDP Gross domestic product ASU Accounting Standard Update GNMA Government National Mortgage Association Bank FirstBank, subsidiary bank HFI Held for investment BOLI Bank-owned life insurance 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 September 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 ra

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 September 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 fut

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Basic earnings per common share: Net income applicable to FB Financial Corporation $ 10,220 $ 19,175 $ 78,149 $ 90,855 Dividends paid on and undistributed earnings allocated to participating securities — — — — Earnings available to common shareholders $ 10,220 $ 19,175 $ 78,149 $ 90,855 Weighted average basic shares outstanding 46,650,563 46,818,612 46,762,213 46,759,703 Basic earnings per common share $ 0.22 $ 0.41 $ 1.67 $ 1.94 Diluted earnings per common share: Earnings available to common shareholders $ 10,220 $ 19,175 $ 78,149 $ 90,855 Weighted average basic shares outstanding 46,650,563 46,818,612 46,762,213 46,759,703 Weighted average diluted shares contingently issuable (1) 152,767 37,810 111,824 42,840 Weighted average diluted shares outstanding 46,803,330 46,856,422 46,874,037 46,802,543 Diluted earnings per common share $ 0.22 $ 0.41 $ 1.67 $ 1.94 (1) Excludes 4 and 904 restricted stock units outstanding considered to be antidilutive for the three and nine months ended September 30, 2024 and 217,546 and 218,815 restricted stock units outstanding considered to be antidilutive for the three and nine months ended September 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 int

Notes to consolidated financial statements

Notes to consolidated financial statements (Unaudited) (Dollar amounts are in thousands, except share and per share amounts) required by Topic 280, "Segment Reporting," to be included in interim periods. This update is effective for fiscal years beginning after December 15,

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View this 10-Q filing on SEC EDGAR