FB Financial Corporation (NYSE:FBK) Q1 2023 Earnings Conference Call April 18, 2023 9:00 AM ET Company Participants Chris Holmes - President and CEO Michael Mettee - CFO Greg Bowers - CCO Conference Call Participants Catherine Mealor - KBW Stephen Scouten - Piper Sandler Brett Rabatin - Hovde Group Matt Olney - Stephens Inc. Feddie Strickland - Janney Montgomery Scott Kevin Fitzsimmons - D.A. Davidson Operator Good morning and welcome to FB Financial Corporation’s First Quarter 2023 Earnings Conference Call ...

Financial Position - As of December 31, 2022, FB Financial Corporation had total assets of $12.85 billion, loans held for investment of $9.30 billion, total deposits of $10.86 billion, and total common shareholders' equity of $1.33 billion[18]. - The company completed its largest merger to date with Franklin Financial Network, Inc., acquiring total assets of $3.63 billion, loans of $2.79 billion, and total deposits of $3.12 billion in a transaction valued at $477.8 million[28]. - As of June 30, 2022, FB Financial Corporation ranked 6th among the top banks in Tennessee with a total deposit market share of 4.3%[38]. - The company has achieved top 10 deposit market shares in Knoxville and Chattanooga through strategic acquisitions and strong organic growth[41]. - The Nashville metropolitan area accounted for 48% of total deposits as of June 30, 2022, with the company holding a 5.4% market share in Nashville[22]. - The Nashville MSA has become the largest market for the company with approximately 5.4% market share based on pro forma deposits as of June 30, 2022[40]. Business Strategy - The company aims to strategically deploy capital across high-growth metropolitan and stable community markets to maximize profitable growth opportunities[20]. - The company has expanded its footprint through various acquisitions, including the acquisition of FNB Financial Corp. which added four branches in Kentucky[27]. - The company targets small to medium-sized businesses and corporate clients, focusing on building deeper relationships through tailored banking solutions[36]. - The company has a competitive advantage in metropolitan markets by offering a sophisticated product suite while maintaining a community banking service model[33]. - The company emphasizes a community banking approach with local decision-making authority to enhance client relationships and service delivery[19]. Risk Management - The company maintains a robust risk management framework that includes a Chief Risk Officer and a comprehensive risk culture to address various risks[45][54]. - The company actively manages credit risk through consistent analysis, monitoring, and a robust loan review program[58][61]. - The loan approval process is characterized by local authority and a centralized review process, ensuring compliance with credit policies[48]. - The company maintains an allowance for credit losses, which is sensitive to changes in macroeconomic forecasts and may require increases based on economic conditions[167]. - A significant portion of the loan portfolio is at risk due to potential declines in real estate values, which could adversely affect financial condition and results of operations[171]. - The company is exposed to lending concentration risks, particularly in commercial real estate, which may lead to increased credit risk and potential losses[173]. - Economic conditions in Tennessee, where approximately 73% of loans are concentrated, could significantly impact loan originations and overall profitability[181]. Regulatory Compliance - The company is subject to regulatory capital rules that limit its ability to pay dividends, repurchase stock, and make other capital distributions[108]. - The Federal Reserve requires prior approval for the company to acquire substantial assets or control of other banks, ensuring compliance with regulatory standards[104]. - The Bank is classified as "well capitalized" with a total risk-based capital ratio of 10% or greater, a Tier 1 risk-based capital ratio of 8% or greater, and a CET1 capital ratio of 6.5% or greater as of December 31, 2022[129]. - The company must maintain a capital conservation buffer to avoid restrictions on capital distributions or discretionary bonus payments to executives[112]. - The U.S. Basel III Capital Rules require deductions from CET1 Capital for goodwill and certain intangible assets, increasing capital requirements for specific asset classes[113]. - The company is subject to the CFPB's supervisory and enforcement authorities due to having total assets exceeding $10 billion, which may lead to additional compliance costs[159]. Technology and Innovation - Significant investments in technology and infrastructure have created a scalable platform to support future growth across all markets[43]. - The company completed the initial implementation of a commercial loan origination system and began implementing an asset-liability monitoring and funds management system in 2022[84]. - The company initiated a data management program aimed at enhancing data utilization, focusing on financial, regulatory, credit, and customer data[86]. - The company was a founding member of the USDF Consortium, developing a prototype of a blockchain-based payment application in early 2022[87]. - The company plans to implement a budgeted and forecasting system in 2023, supporting the FirstBank Way initiatives[88]. Employee and Workplace Culture - The company employed 1,757 full-time equivalent associates with an average tenure of six years as of December 31, 2022[74]. - The company achieved a 21.6% internal mobility rate, filling 141 positions through promotions in 2022[81]. - The company maintains a retention rate of over 93% for first-year hires[81]. - The company has a commitment to diversity, with 15% of external hires in 2022 representing ethnic minority groups[78]. - The company provides an average of over 70% coverage of total premium costs for employee medical plans[83]. - The company has been recognized as one of Middle Tennessee's Top Workplaces for eight consecutive years[75]. Market and Economic Conditions - Changes in interest rates could adversely affect net interest income, which is crucial for the company's earnings and financial condition[185]. - The transition away from LIBOR as a reference rate may negatively impact income and expenses, requiring adjustments to risk and pricing models[187]. - The performance of the investment securities portfolio is subject to fluctuations due to changes in interest rates and market conditions, which could materially affect net interest income[189]. - The profitability of the mortgage banking business is sensitive to interest rates and economic conditions, with rising rates expected to reduce mortgage production[193]. - The company relies on government-sponsored entities for revenue generation through mortgage loan sales, which could be adversely affected by legislative changes[198]. Cybersecurity and Vendor Management - The company relies on multiple vendors for operations, including sensitive data storage and processing[215]. - Cyber security breaches of vendor systems could lead to data theft or business disruption, potentially resulting in customer liability[215]. - The company has procedures to assess vendor cyber security controls but acknowledges these are not infallible[215]. - The Bank must report cybersecurity incidents within 36 hours to federal regulators and inform customers of incidents lasting more than four hours, in compliance with regulations effective from April 1, 2022[153].

FB Financial Corporation (NYSE:FBK) Q4 2022 Earnings Conference Call January 17, 2023 9:00 AM ET Company Participants Chris Holmes - President and Chief Executive Officer Michael Mettee - Chief Financial Officer Greg Bowers - Chief Credit Officer Conference Call Participants Matt Olney - Stephens Inc. Catherine Mealor - KBW Brett Rabatin - Hovde Group Stephen Scouten - Piper Sandler Kevin Fitzsimmons - D.A. Davidson Feddie Strickland - Janney Montgomery Scott Jennifer Demba - Truist Securities Operator Good ...

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 September 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 ________ Commiss ...

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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 F ...

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 March 31, 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 ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ 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 FORM 10-K ______________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITIO ...

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