FB Financial Corporation Reports Fourth Quarter 2025 Financial Results (Form 8-K)

FB Financial Corporation Reports Fourth Quarter 2025 Financial Results

Reports Q4 Diluted EPS of $1.07, Adjusted Diluted EPS* of $1.16

NASHVILLE, TENNESSEE-January 21, 2026-FB Financial Corporation (the "Company") (NYSE: FBK), parent company of FirstBank, reported net income of $57.0 million, or $1.07 per diluted common share, for the fourth quarter of 2025, compared to $0.43 in the previous quarter and $0.81 in the fourth quarter of last year. Adjusted net income* was $61.5 million, or $1.16 per diluted common share, compared to $1.07 in the previous quarter and $0.85 in the fourth quarter of last year.

For the year ended December 31, 2025, the Company reported net income of $122.6 million, or $2.45 per diluted common share, compared to $116.0 million, or $2.48 per diluted common share, for the year ended December 31, 2024. Adjusted diluted earnings per common share* were $3.99 and $3.40 for the years ended December 31, 2025 and 2024, respectively.

The Company ended the fourth quarter of 2025 with loans held for investment ("HFI") of $12.38 billion compared to $12.30 billion at the end of the previous quarter and $9.60 billion at the end of the fourth quarter of last year. Deposits were $13.91 billion as of December 31, 2025, compared to $13.81 billion as of September 30, 2025, and $11.21 billion as of December 31, 2024. Net interest margin ("NIM") was 3.98% for the fourth quarter of 2025, compared to 3.95% in the prior quarter and 3.50% in the fourth quarter of 2024. The Company ended the quarter with book value per common share of $37.64 and tangible book value per common share* of $30.27.

President and Chief Executive Officer, Christopher T. Holmes stated, "We closed the year with solid earnings and a balance sheet that underscores strength, stability, and significant growth potential. We also deployed capital during the quarter through a substantial share repurchase that delivered meaningful earnings accretion, demonstrating our confidence in the Company and our commitment to creating long-term value."

																								Annualized
(dollars in thousands, except share data)						Dec 2025						Sep 2025						Dec 2024						Dec 25 / Sep 25 % Change						Dec 25 / Dec 24 % Change
Balance Sheet Highlights
Investment securities, at fair value						$	1,459,734					$	1,428,401					$	1,538,008					8.70		%				(5.09)		%
Loans held for sale						201,076						167,449						126,760						79.7		%				58.6		%
Loans HFI						12,383,626						12,297,600						9,602,384						2.78		%				29.0		%
Allowance for credit losses on loans HFI						(185,983)						(184,993)						(151,942)						2.12		%				22.4		%
Total assets						16,300,292						16,236,459						13,157,482						1.56		%				23.9		%
Interest-bearing deposits (non-brokered)						10,649,932						10,634,555						8,625,113						0.57		%				23.5		%
Brokered deposits						625,634						487,765						469,089						112.1		%				33.4		%
Noninterest-bearing deposits						2,634,395						2,690,635						2,116,232						(8.29)		%				24.5		%
Total deposits						13,909,961						13,812,955						11,210,434						2.79		%				24.1		%
Borrowings						212,764						213,638						176,789						(1.62)		%				20.3		%
Allowance for credit losses on unfunded commitments						16,196						17,392						6,107						(27.3)		%				165.2		%
Total common shareholders' equity						1,948,165						1,978,043						1,567,538						(5.99)		%				24.3		%
Book value per common share						$	37.64					$	37.00					$	33.59					6.86		%				12.1		%
Tangible book value per common share*						$	30.27					$	29.83					$	28.27					5.85		%				7.07		%
Total common shareholders' equity to total assets						12.0		%				12.2		%				11.9		%
Tangible common equity to tangible assets*						9.84		%				10.1		%				10.2		%
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2025 Financial Supplement.

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						Three Months Ended
(dollars in thousands, except share data)						Dec 2025						Sep 2025						Dec 2024
Statement of Income Highlights
Net interest income						$	149,804					$	147,240					$	108,381
NIM						3.98		%				3.95		%				3.50		%
Noninterest income						$	28,795					$	26,635					$	21,997
Loss on sales or write-downs of premises and equipment, other real estate owned and other assets, net						$	(131)					$	(646)					$	(2,162)
Cash life insurance benefit						$	1,148					$	-					$	-
Total revenue						$	178,599					$	173,875					$	130,378
Noninterest expense						$	107,548					$	109,856					$	73,174
Early retirement and severance costs						$	1,395					$	-					$	463
Loss on lease terminations and other branch closure costs						$	12					$	270					$	-
Certain nonrecurring charitable contributions						$	1,130					$	-					$	-
Merger and integration costs						$	4,611					$	16,057					$	-
Efficiency ratio						60.2		%				63.2		%				56.1		%
Adjusted efficiency ratio*						56.3		%				53.3		%				54.6		%
Pre-tax, pre-provision net revenue						$	71,051					$	64,019					$	57,204
Adjusted pre-tax, pre-provision net revenue*						$	77,118					$	80,980					$	59,829
Provisions for credit losses						$	1,232					$	34,417					$	7,084
Net charge-offs ratio						0.05		%				0.05		%				0.47		%
Net income applicable to FB Financial Corporation						$	56,977					$	23,375					$	37,886
Diluted earnings per common share						$	1.07					$	0.43					$	0.81
Effective tax rate						18.4		%				21.0		%				24.4		%
Adjusted net income*						$	61,494					$	57,606					$	39,835
Adjusted diluted earnings per common share*						$	1.16					$	1.07					$	0.85
Weighted average number of shares outstanding - fully diluted						53,074,753						53,957,062						46,862,935
Returns on average:
Return on average total assets ("ROAA")						1.40		%				0.58		%				1.14		%
Adjusted*						1.51		%				1.43		%				1.20		%
Return on average shareholders' equity						11.6		%				4.69		%				9.63		%
Return on average tangible common equity ("ROATCE")*						14.4		%				5.82		%				11.5		%
Adjusted*						15.9		%				14.7		%				12.2		%
*Non-GAAP financial measure; A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2025 Financial Supplement.

Balance Sheet and Net Interest Margin

The Company reported loans HFI of $12.38 billion at the end of the fourth quarter of 2025, compared to $12.30 billion at the end of the prior quarter. Net growth in loans was attributable to increases of $34.2 million in commercial real estate loans, $28.4 million in residential real estate loans and $26.8 million in commercial and industrial loans offset by a $6.9 million decline in construction loans.

The Company reported total deposits of $13.91 billion at the end of the fourth quarter compared to $13.81 billion at the end of the third quarter. Total cost of deposits decreased to 2.40% during the fourth quarter compared to 2.53% in the third quarter of 2025. Lower costs were driven by the reduction in the federal funds rate, which decreased the expense of the Company's indexed deposits and supported lower costs across other interest-bearing deposits. Noninterest-bearing deposits were $2.63 billion at the end of the quarter compared to $2.69 billion at the end of the third quarter of 2025.

The Company reported net interest income on a tax-equivalent basis of $150.6 million for the fourth quarter of 2025, up from $148.1 million in the prior quarter. NIM increased to 3.98% for the fourth quarter of 2025 from 3.95% for the previous quarter, driven primarily by lower funding costs, including a 13 basis point reduction in deposit costs. This was partially offset by an 11 basis point decrease in the yield on loans HFI. Net accretion from purchase accounting adjustments impacted margin by 17 basis points in the fourth quarter of 2025.

The contractual yield on loans HFI decreased to 6.34% from 6.45% in the third quarter of 2025 and the cost of interest-bearing deposits decreased to 2.99% from 3.16% in the previous quarter.

Holmes continued, "Our balance sheet delivered modest loan growth in the fourth quarter as several large credits paid down late in the year and others in our pipeline shifted into 2026. For deposits, we remain focused on growing core banking deposits while intentionally reducing non-core funds, building a more durable and valuable funding base. Net interest income on a tax-equivalent

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basis was a standout, surpassing $150 million for the quarter. These results reflect our disciplined approach and unwavering focus on building long-term value through strong fundamentals."

Noninterest Income

Adjusted noninterest income* was $27.7 million for the fourth quarter of 2025, compared to $27.3 million and $24.2 million for the prior quarter and fourth quarter of 2024, respectively.

Mortgage banking income was $13.5 million in both the fourth quarter of 2025 and the prior quarter compared to $10.6 million in the fourth quarter of 2024.

Noninterest Expense

Adjusted noninterest expense* during the fourth quarter of 2025 was $100.4 million compared to $93.5 million for the prior quarter and $72.7 million for the fourth quarter of 2024. The increase reflects higher performance-based compensation resulting from exceeding performance targets. During the fourth quarter of 2025, the Company's adjusted efficiency ratio*1was 56.3%, compared to 53.3% in the previous quarter and 54.6% in the fourth quarter of 2024.

Chief Financial Officer Michael Mettee commented, "Adjusted noninterest expense* came in higher than the prior quarter, driven by performance-related accruals, while adjusted operating expenses tracked as expected. In managing expenses and capital investments in our core business, our goal is to continuously create additional operating leverage. We are focused on maximizing value from every dollar spent and positioning the Company for sustained revenue growth."

Credit Quality

In the fourth quarter, the Company recorded provision expense of $2.4 million related to loans HFI and a provision reversal of $1.2 million associated with unfunded loan commitments. At the end of the fourth quarter of 2025, the Company had an allowance for credit losses on loans HFI of $186.0 million, representing 1.50% of loans HFI compared to $185.0 million, or 1.50% of loans HFI, at the end of the prior quarter.

The Company had net charge-offs of $1.4 million in the fourth quarter of 2025, representing annualized net charge-offs of 0.05% of average loans HFI, compared to 0.05% in the prior quarter and 0.47% in the fourth quarter of 2024. For the year ended December 31, 2025, the Company experienced net charge-offs of $6.7 million, or 0.06% of average loans HFI, compared to 0.14% for the year ended December 31, 2024.

The Company's nonperforming loans HFI as a percentage of total loans HFI increased to 0.97% as of the end of the fourth quarter of 2025, compared to 0.94% in the prior quarter and 0.87% in the fourth quarter of 2024. Nonperforming assets as a percentage of total assets increased to 0.97% as of the end of the fourth quarter of 2025, compared to 0.89% at the end of the prior quarter and 0.93% as of the end of the fourth quarter of 2024.

Holmes commented, "Charge-offs held steady at a very low level through the quarter and nonperforming assets were also relatively stable. Our allowance remains healthy, and our overall credit outlook continues to be stable with the Company well-positioned moving into 2026."

Capital

The Company maintained its strong capital position in the fourth quarter, resulting in a preliminary total risk-based capital ratio of 13.2%, preliminary common equity tier 1 ratio of 11.4% and tangible common equity to tangible assets ratio* of 9.84%. The Company repurchased 1,717,948 shares during the quarter.

Holmes continued, "We repurchased approximately 3% of our outstanding common shares during the quarter while maintaining a strong tangible common equity to tangible assets ratio* of almost 10%. Our focus remains on optimizing capital utilization, and we will maintain conservative levels of capital as we seek the right opportunities to drive long-term value."

Summary

Holmes finalized, "We closed the year, with the Company celebrating successes of 2025, but even more excited about 2026. I'm incredibly proud of the team for executing on a strategic combination, driving a successful share repurchase, restructuring the balance sheet, and attracting key talent. These deliberate actions weren't just about finishing strong; they were about building a foundation for sustainable growth. We enter 2026 with momentum, flexibility and confidence, ready to capitalize on opportunities and deliver long-term value for our shareholders, clients and communities."

*Non-GAAP financial measure;1A reconciliation of non-GAAP measures to the most directly comparable GAAP measure is included in the Company's Fourth Quarter 2025 Financial Supplement.

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WEBCAST AND CONFERENCE CALL INFORMATION

FB Financial Corporation will host a conference call to discuss the Company's financial results on January 22, 2026, at 8:00 a.m. (Central Time). To listen to the call, participants should dial 1-877-883-0383 (confirmation code 7530998) approximately 10 minutes prior to the call. A telephonic replay will be available approximately two hours after the call through January 29, 2026, by dialing 1-855-669-9658 and entering confirmation code 8508111.

A live online broadcast of the Company's quarterly conference call will be available online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ofk8Kn9Q. An online replay will be available on the Company's website approximately two hours after the conclusion of the call and will remain available for 12 months.

ABOUT FB FINANCIAL CORPORATION

FB Financial Corporation (NYSE: FBK) is a financial holding company headquartered in Nashville, Tennessee. FB Financial Corporation operates through its wholly owned banking subsidiary, FirstBank, in Tennessee, Kentucky, Alabama, and Georgia. FB Financial Corporation has approximately $16.3 billion in total assets and operates 90 full-service bank branches across its footprint.

MEDIA CONTACT:						FINANCIAL CONTACT:
Keith Hancock						Michael Mettee
404-310-2368						615-435-0952
[email protected]						[email protected]
www.firstbankonline.com						[email protected]

SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS PRESENTATION

Investors are encouraged to review this Earnings Release in conjunction with the Fourth Quarter 2025 Financial Supplement and Earnings Presentation posted on the Company's website, which can be found at https://investors.firstbankonline.com. This Earnings Release, the Fourth Quarter 2025 Financial Supplement and the Earnings Presentation are also included with a Current Report on Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission ("SEC") on January 21, 2026.