Total Assets and Deposits - Total assets increased to $13,157,482 thousand in Dec 2024, up from $12,920,222 thousand in Sep 2024[7] - Total deposits grew to $11,210,434 thousand in Dec 2024, from $10,976,211 thousand in Sep 2024[7] - Total assets increased by 4.39% to $13.16 billion in Dec 2024 compared to $12.60 billion in Dec 2023[14] - Total deposits grew by 6.28% to $11.21 billion in Dec 2024 from $10.55 billion in Dec 2023[14] - Total assets slightly increased to $12,725,748 in 2024 from $12,668,834 in 2023[27] - Total assets increased to $13,157,482 in Dec 2024, up from $12,604,403 in Dec 2023[63] Net Interest Income and Margin - Net interest income rose to $108,381 thousand in Dec 2024, compared to $106,017 thousand in Sep 2024[7] - Net interest margin (NIM) on a tax-equivalent basis was 3.50% in Dec 2024, compared to 3.55% in Sep 2024[7] - Net interest income rose by 2.23% to $108,381 in Dec 2024 compared to Sep 2024, and by 7.21% compared to Dec 2023[10] - Net interest income rose by 2.28% to $416.5 million in Dec 2024 from $407.2 million in Dec 2023[12] - Net interest income rose to $109,004 thousand from $106,634 thousand in the prior quarter, reflecting a net interest margin of 3.50% compared to 3.55% previously[16] - Net interest income for Q2 2024 increased to $103.254 million, up from $100.199 million in Q1 2024 and $101.924 million in Q4 2023[21] - Net interest margin (NIM) improved to 3.57% in Q2 2024, compared to 3.42% in Q1 2024 and 3.46% in Q4 2023[21] - Net interest income rose to $419,091 in 2024 from $410,562 in 2023, with a net interest margin of 3.51% compared to 3.44% in 2023[27] - Net interest income (tax equivalent basis) increased to $109.0 million in Q4 2024 from $101.9 million in Q4 2023[58] - Banking segment net interest income (tax-equivalent basis) for Q4 2024 was $107.416 million, up from $104.952 million in Q3 2024[60] Net Income and Earnings - Net income applicable to FB Financial Corporation was $37,886 thousand in Dec 2024, up from $10,220 thousand in Sep 2024[7] - Net income applicable to FB Financial Corporation surged by 270.7% to $37,886 in Dec 2024 compared to Sep 2024, and by 29.0% compared to Dec 2023[10] - Net income applicable to FB Financial Corporation decreased by 3.48% to $116.0 million in Dec 2024 from $120.2 million in Dec 2023[12] - Adjusted net income for Dec 2024 was $39.8 million, up from $36.2 million in Dec 2023[54] - Adjusted tangible net income for the year ended Dec 2024 was $161.5 million, up from $143.7 million in 2023[56] - Net income for Dec 2024 was $37,886, compared to $29,369 in Dec 2023[66] - Adjusted tangible net income for the year ended Dec 2024 was $161,460, compared to $143,738 in Dec 2023[66] Loans and Credit Quality - Nonperforming loans HFI as a percentage of loans HFI decreased to 0.87% in Dec 2024, down from 0.96% in Sep 2024[7] - Loans held for investment increased by 2.06% to $9.60 billion in Dec 2024 from $9.41 billion in Dec 2023[14] - Loans HFI (Held for Investment) averaged $9,522,996 thousand with an interest income of $155,897 thousand, yielding 6.51%, slightly down from 6.70% in the previous quarter[16] - Loans HFI (Held for Investment) yield increased to 6.70% in Q2 2024, up from 6.64% in Q1 2024 and 6.59% in Q4 2023[21] - Loans HFI (Held for Investment) average balances increased to $9,384,458 in 2024 from $9,335,977 in 2023, with an average yield of 6.64% compared to 6.38% in 2023[27] - Allowance for credit losses on loans HFI at the end of the period was $151,942, representing 1.58% of loans HFI, a decrease from 1.65% in the previous quarter[41] - Total charge-offs for the quarter were $12,010, with Commercial and Industrial charge-offs accounting for $10,921[41] - Total recoveries for the quarter were $673, with Commercial and Industrial recoveries contributing $371[41] - Total nonperforming assets increased to $121,915, representing 0.93% of total assets, up from 0.99% in the previous quarter[41] Capital and Equity Ratios - Total common shareholders' equity to assets ratio was 11.9% in Dec 2024, slightly down from 12.1% in Sep 2024[7] - Tier 1 leverage ratio remained stable at 11.3% in Dec 2024, consistent with Sep 2024[7] - Total common shareholders' equity rose by 7.75% to $1.57 billion in Dec 2024 compared to $1.45 billion in Dec 2023[14] - Total common shareholders' equity grew to $1,505,739 in 2024 from $1,374,831 in 2023[27] - Tangible Common Equity to Tangible Assets ratio improved to 10.2%, up from 9.74% in the previous year[47] - Common Equity Tier 1 Capital ratio increased to 12.8%, up from 12.2% in the previous year[47] - Total Risk-Based Capital ratio rose to 15.2%, up from 14.5% in the previous year[47] - Tangible common equity rose to $1,319,215 in Dec 2024, compared to $1,203,524 in Dec 2023[63] - Book value per common share grew to $33.59 in Dec 2024 from $31.05 in Dec 2023[63] - Tangible book value per common share increased to $28.27 in Dec 2024 from $25.69 in Dec 2023[63] Efficiency and Expense Ratios - Efficiency ratio improved to 56.1% in Dec 2024, down from 85.1% in Sep 2024[7] - Total noninterest expense decreased by 3.99% to $73,174 in Dec 2024 compared to Sep 2024, and by 8.76% compared to Dec 2023[10] - Total noninterest expenses decreased by 8.63% to $296.9 million in Dec 2024 from $324.9 million in Dec 2023[12] - Core efficiency ratio for the banking segment improved to 50.2% in Dec 2024 from 56.5% in Dec 2023[50] - Core efficiency ratio (tax equivalent basis) improved to 54.6% in Q4 2024 from 61.7% in Q4 2023[58] - Total noninterest expense decreased to $73.2 million in Q4 2024 from $80.2 million in Q4 2023[58] - Banking segment core efficiency ratio (tax-equivalent basis) improved to 50.2% in Q4 2024 from 54.1% in Q3 2024[60] - Mortgage segment core efficiency ratio (tax-equivalent basis) was 98.3% in Q4 2024, compared to 95.4% in Q3 2024[61] Revenue and Income - Total revenue grew by 45.6% to $130,378 in Dec 2024 compared to Sep 2024, and by 12.0% compared to Dec 2023[10] - Total revenue declined by 4.64% to $455.6 million in Dec 2024 compared to $477.8 million in Dec 2023[12] - Total interest income increased by 0.40% to $186,369 in Dec 2024 compared to Sep 2024, and by 6.60% compared to Dec 2023[10] - Total interest income increased by 6.95% to $725.5 million in Dec 2024 compared to $678.4 million in Dec 2023[12] - Total interest-earning assets increased to $12,374,945 thousand with an average yield of 6.01% for the three months ended December 31, 2024, compared to $11,951,730 thousand and 6.20% in the previous quarter[16] - Total interest-earning assets averaged $11.632 billion in Q2 2024, with a yield of 6.16%, compared to $11.796 billion and 6.03% yield in Q1 2024[21] - Total interest-earning assets increased to $11,939,808 in 2024 from $11,919,312 in 2023, with an average yield of 6.10% compared to 5.72% in 2023[27] - Core revenue (tax-equivalent basis) increased to $514.6 million in 2024 from $497.2 million in 2023[58] - Banking segment total core revenue (tax-equivalent basis) for Q4 2024 was $120.889 million, compared to $117.046 million in Q3 2024[60] - Mortgage segment total revenue for Q4 2024 was $12.274 million, down from $13.555 million in Q3 2024[61] Noninterest Income and Expenses - Total noninterest income (loss) decreased by 233.3% to $21,997 in Dec 2024 compared to Sep 2024, but increased by 43.4% compared to Dec 2023[10] - Total noninterest income decreased by 44.6% to $39.1 million in Dec 2024 from $70.5 million in Dec 2023[12] - Core noninterest income rose to $24.2 million in Q4 2024 from $18.7 million in Q4 2023[58] - Banking segment noninterest income (loss) for Q4 2024 was $11.311 million, a significant improvement from a loss of $28.370 million in Q3 2024[60] - Mortgage segment core noninterest income for Q4 2024 was $10.686 million, compared to $11.863 million in Q3 2024[61] Mortgage Segment Performance - Mortgage segment pre-tax net contribution improved to $262,000 in Dec 2024 from a loss of $2.03 million in Dec 2023[50] - Mortgage loan sales decreased to $287.3 million in Dec 2024 from $327.3 million in Sep 2024[50] - Mortgage sale margin was 2.71% in Dec 2024, down from 2.84% in Sep 2024[50] - Interest rate lock commitments volume decreased to $315.9 million in Dec 2024 from $381.2 million in Sep 2024[50] - Total mortgage banking income was $10.6 million in Dec 2024, down from $11.6 million in Sep 2024[50] - Mortgage segment core noninterest expense for Q4 2024 was $12.061 million, down from $12.927 million in Q3 2024[60] - Mortgage segment net interest income for Q4 2024 was $1.588 million, a slight decrease from $1.682 million in Q3 2024[60] Provisions and Credit Losses - Provision for credit losses on loans HFI surged by 278.2% to $7,019 in Dec 2024 compared to Sep 2024, and by 123.9% compared to Dec 2023[10] - Provisions for credit losses were $7.1 million in Q4 2024, up from $305 thousand in Q4 2023[56] - FDIC special assessment was $500 thousand in 2024, down from $1.8 million in 2023[56] Liquidity and Investment Securities - Total on-balance sheet liquidity reached $1,643,453 million in Dec 2024, compared to $1,353,359 million in Dec 2023[32] - Cash and cash equivalents grew to $1,042,488 million (63% of on-balance sheet liquidity) in Dec 2024, up from $810,932 million (60%) in Dec 2023[32] - Total available-for-sale debt securities increased to $1,538,008 million in Dec 2024, up from $1,471,973 million in Dec 2023, with U.S. government agency securities rising to $563,007 million (36% of total) from $203,956 million (14%)[32] - Residential mortgage-backed securities decreased to $810,999 million (53% of total) in Dec 2024 from $896,971 million (62%) in Dec 2023[32] - Investment securities totaled $1,691,581 thousand with an average yield of 3.87%, up from $1,668,665 thousand and 3.68% in the prior quarter[16] - Investment securities averaged $1.657 billion in Q2 2024, with a yield of 3.29%, compared to $1.641 billion and 2.71% yield in Q1 2024[21] - Investment securities average balances increased to $1,664,649 in 2024 from $1,661,398 in 2023, with an average yield of 3.39% compared to 2.22% in 2023[27] - Average net unrealized losses on investment securities available for sale decreased to $119,243 thousand from $153,838 thousand in the prior quarter[17] Commercial and Industrial Loans - Commercial and industrial loans remained stable at $1,691,213 million (18% of total loans) in Dec 2024, slightly down from $1,720,733 million (18%) in Dec 2023[36] - Unfunded loan commitments for commercial and industrial loans increased to $1,371,413 million (50% of total unfunded loans) in Dec 2024 from $1,262,234 million (44%) in Dec 2023[36] - Total unfunded loan commitments decreased to $2,770,105 million in Dec 2024 from $2,894,687 million in Dec 2023[36] Metropolitan Market Performance - Metropolitan market loans accounted for 82% of total loans in Dec 2024 at $7,934,549 million, up from $7,830,739 million (83%) in Dec 2023[36] - Metropolitan deposits accounted for 73% of total deposits, totaling $8,136,849, an increase from 71% in the previous quarter[43] Consumer Deposits and Uninsured Deposits - Consumer deposits represented 43% of total deposits, totaling $4,853,609, consistent with the previous quarter[43] - Estimated uninsured and uncollateralized deposits decreased to 25.5% of total deposits, down from 30.3% in the previous quarter[43] Return on Equity and Assets - Return on average assets improved to 1.14% in Dec 2024, compared to 0.32% in Sep 2024[7] - Return on average tangible common equity was 11.5% in Dec 2024, up from 10.3% in Dec 2023[66] - Adjusted return on average tangible common equity for the year ended Dec 2024 was 12.9%, slightly up from 12.8% in Dec 2023[66] Adjusted Financial Metrics - Adjusted pre-tax pre-provision net revenue for Q4 2024 was $59.8 million, compared to $53.8 million in Q3 2024 and $45.4 million in Q4 2023[56] - Adjusted pre-tax pre-provision net income for the year ended Dec 2024 was $217,140, compared to $180,952 in Dec 2023[66] Banking Segment Performance - Banking segment net interest income increased to $106.8 million in Dec 2024, up from $99.8 million in Dec 2023[50] - Total assets in the banking segment grew to $12.55 billion in Dec 2024, compared to $12.05 billion in Dec 2023[50] - Banking segment core noninterest expense for Q4 2024 was $60.65 million, a decrease from $63.285 million in Q3 2024[60] - Banking segment total core revenue (tax-equivalent basis) for Q4 2024 was $120.889 million, compared to $117.046 million in Q3 2024[60] Earnings Per Share - Basic earnings per common share increased by 268.2% to $0.81 in Dec 2024 compared to Sep 2024, and by 28.6% compared to Dec 2023[10] - Fully diluted earnings per common share - adjusted decreased by 1.16% to $0.85 in Dec 2024 compared to Sep 2024, but increased by 10.4% compared to Dec 2023[10] - Adjusted diluted earnings per common share increased to $0.85 in Dec 2024 from $0.77 in Dec 2023[54]

Core Viewpoint - FB Financial (FBK) is expected to report quarterly earnings of $0.84 per share, reflecting a 9.1% increase year-over-year, with revenues forecasted at $130.52 million, a 12.1% increase compared to the previous year [1] Earnings Estimates and Revisions - Changes in earnings estimates are crucial for predicting investor reactions to stock performance, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock price performance [2] Analyst Forecasts - Analysts' forecasts for FB Financial metrics provide valuable insights into the company's performance, with a focus on key metrics routinely monitored by Wall Street [3] Efficiency and Margin Metrics - The 'Efficiency Ratio' is projected to be 59.0%, down from 68.9% in the same quarter last year [4] - The 'Net Interest Margin' is expected to be 3.6%, slightly up from 3.5% in the same quarter last year [4] Asset and Income Estimates - 'Average Earning Assets' are estimated at $12.11 billion, an increase from $11.70 billion in the same quarter last year [5] - 'Mortgage banking income' is projected to reach $10.85 million, compared to $8.38 million a year ago [5] Noninterest and Interest Income - 'Total Noninterest income' is forecasted to be $22.83 million, up from $15.34 million in the same quarter last year [6] - 'Net interest income (tax-equivalent basis)' is expected to reach $108.13 million, compared to $101.92 million a year ago [6] - The consensus for 'Net Interest Income' is $107.54 million, up from $101.09 million in the previous year [6] Investment Services Income - 'Investment services and trust income' is predicted to be $3.44 million, compared to $3.09 million in the same quarter last year [7] Stock Performance - Over the past month, FB Financial shares have declined by 6.2%, while the Zacks S&P 500 composite has decreased by 3.3% [7]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to capitalize on established directions for profitable trades [1] Group 1: FB Financial Overview - FB Financial (FBK) currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy) [2] - Stocks rated Zacks Rank 1 and 2 with Style Scores of A or B have historically outperformed the market over the following month [2] Group 2: Price Performance - FBK shares have increased by 3.47% over the past week, outperforming the Zacks Banks - Northeast industry, which rose by 1.9% [3] - Over the past month, FBK's price change is 4.89%, compared to the industry's 1.86% [3] - In the last quarter, FBK shares rose by 8.38%, and over the past year, they have increased by 63.31%, while the S&P 500 moved 7.36% and 38.52%, respectively [3] Group 3: Trading Volume - FBK's average 20-day trading volume is 131,502 shares, which serves as a price-to-volume baseline for assessing stock performance [4] Group 4: Earnings Outlook - In the past two months, three earnings estimates for FBK have been revised upwards, increasing the consensus estimate from $3.25 to $3.34 [5] - For the next fiscal year, three estimates have also moved upwards with no downward revisions [5] - These positive trends contribute to FBK's status as a 1 (Strong Buy) stock with a Momentum Score of B [5]

FB Financial (FBK) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investors oft ...

We continue our coverage of Q3 regional bank earnings today with FB Financial Corporation (NYSE: FBK ) We had previously opened a trade in this stock a year ago, and this year we backed out the initialPay yourself dividends with outsized returnsGet more with our playbook to significantly grow your wealth by embracing a blended trading and investing approach at our one-stop shop.Our prices go up at the end of the month so act now and you can lock in 75% of savings versus the $1,668 some members pay, which wi ...

For the quarter ended September 2024, FB Financial (FBK) reported revenue of $89.52 million, down 17.9% over the same period last year. EPS came in at $0.86, compared to $0.71 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $127.44 million, representing a surprise of -29.75%. The company delivered an EPS surprise of +4.88%, with the consensus EPS estimate being $0.82.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- a ...

FB Financial (FBK) came out with quarterly earnings of $0.86 per share, beating the Zacks Consensus Estimate of $0.82 per share. This compares to earnings of $0.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.88%. A quarter ago, it was expected that this bank holding company would post earnings of $0.76 per share when it actually produced earnings of $0.84, delivering a surprise of 10.53%.Over the last four quarters, the ...

Core Insights - FB Financial (FBK) is expected to report quarterly earnings of $0.82 per share, reflecting a 15.5% increase year-over-year, with revenues projected at $127.44 million, a 17% increase from the previous year [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 0.2%, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Financial Metrics - Analysts project the 'Efficiency Ratio' to be 59.7%, down from 76.2% a year ago [5]. - The 'Net Interest Margin' is expected to be 3.5%, slightly up from 3.4% in the previous year [5]. - 'Average Earning Assets' are estimated at $11.67 billion, compared to $11.81 billion reported in the same quarter last year [5]. Income Projections - 'Mortgage banking income' is forecasted at $12.46 million, up from $12 million in the same quarter last year [6]. - The consensus for 'Total Noninterest income' stands at $24.14 million, significantly higher than $8.04 million a year ago [6]. - 'Net interest income (tax-equivalent basis)' is expected to reach $104.64 million, compared to $101.76 million reported last year [7]. - 'Net Interest Income' is projected at $103.01 million, up from $100.93 million a year ago [7]. - 'Investment services and trust income' is forecasted at $3.32 million, compared to $3.07 million in the same quarter last year [8]. Stock Performance - Over the past month, FB Financial shares have returned +2.7%, while the Zacks S&P 500 composite has changed by +5.9% [8]. - FBK holds a Zacks Rank of 3 (Hold), suggesting its performance will likely align with the overall market in the upcoming period [8].

The market expects FB Financial (FBK) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 15, 2024, might help the stock move higher if these key numbers ...

Cash and Cash Equivalents - Cash and cash equivalents decreased to $800.9 million as of June 30, 2024, compared to $1.16 billion as of June 30, 2023[142] Interest Income and Net Interest Income - Total interest income increased to $177.4 million for the three months ended June 30, 2024, up from $170.2 million in the same period in 2023[142] - Net interest income rose to $102.6 million for the three months ended June 30, 2024, compared to $101.5 million in the same period in 2023[142] - Net interest margin (tax-equivalent basis) increased to 3.57% for the three months ended June 30, 2024, up from 3.40% in the same period in 2023[142] - Yield on interest-earning assets rose to 6.16% for the three months ended June 30, 2024, compared to 5.67% in the same period in 2023[142] - Net interest income increased to $103.3 million for the three months ended June 30, 2024, compared to $102.4 million for the same period in 2023, driven by a $7.0 million increase in interest income partially offset by a $6.2 million increase in interest expense[163] - Net interest margin (tax-equivalent basis) increased to 3.57% for the three months ended June 30, 2024, compared to 3.40% for the same period in 2023[166] - Net interest income decreased by $3.4 million to $203.5 million for the six months ended June 30, 2024 compared to $206.9 million for the same period in 2023[169] - Interest income increased by $23.6 million to $354.9 million for the six months ended June 30, 2024, driven by higher yields on average earning assets[169] - Net interest income on a tax-equivalent basis was $203,453 thousand in 2024, slightly down from $206,876 thousand in 2023[172] Noninterest Income - Total noninterest income increased to $25.6 million for the three months ended June 30, 2024, up from $23.8 million in the same period in 2023[142] - Noninterest income increased by $1.8 million to $25.6 million in Q2 2024, driven by a $2.1 million cash life insurance benefit[152] - Noninterest income decreased by $13.6 million (29%) to $33.6 million for the six months ended June 30, 2024 compared to $47.2 million for the same period in 2023[178] - Investment services and trust income increased by $1.5 million to $6.6 million for the six months ended June 30, 2024 compared to $5.2 million for the same period in 2023[178] - Net loss from investment securities was $16.2 million for the six months ended June 30, 2024 compared to a net gain of $41 thousand for the same period in 2023[178] Net Income and Earnings Per Share - Net income applicable to FB Financial Corporation was $40 million for the three months ended June 30, 2024, compared to $35.3 million in the same period in 2023[142] - Basic net income per common share increased to $0.85 for the three months ended June 30, 2024, up from $0.75 in the same period in 2023[142] - Net income applicable to FB Financial Corporation rose to $39.98 million in Q2 2024 from $35.30 million in Q2 2023[150] - Net income increased to $40.0 million for Q2 2024, up from $35.3 million in Q2 2023, with diluted earnings per share rising to $0.85 from $0.75[152] - Net income for the first six months of 2024 decreased to $67.9 million from $71.7 million in the same period of 2023, with diluted earnings per share falling to $1.45 from $1.53[152] Return on Assets and Equity - Return on average assets improved to 1.30% for the three months ended June 30, 2024, compared to 1.10% in the same period in 2023[142] - Return on average tangible common equity increased to 13.1% in Q2 2024 from 12.6% in Q2 2023[150] Loan Portfolio and Credit Quality - Allowance for credit losses on loans HFI as a percentage of loans HFI increased to 1.67% in Q2 2024 from 1.51% in Q2 2023[143] - Nonperforming loans HFI as a percentage of loans HFI rose to 0.79% in Q2 2024 compared to 0.47% in Q2 2023[143] - The provision for credit losses on loans HFI was $3.9 million for the three months ended June 30, 2024, compared to $2.6 million in the same period in 2023[176] - A reversal of provision for credit losses on unfunded commitments was $1.7 million for the three months ended June 30, 2024, compared to $3.7 million in 2023[176] - The provision for credit losses on loans HFI for the six months ended June 30, 2024 was $5.8 million, down from $7.6 million in 2023[176] - A reversal of provision for credit losses on unfunded commitments for the six months ended June 30, 2024 was $2.8 million, compared to $8.2 million in 2023[176] - Nonperforming assets increased to $101.5 million as of June 30, 2024, up from $86.5 million as of December 31, 2023[201] - Nonperforming loans HFI rose by $12.3 million to $73.2 million as of June 30, 2024, primarily in commercial real estate owner-occupied and construction portfolios[202] - Delinquent GNMA optional repurchase loans increased to $22.4 million as of June 30, 2024, compared to $21.2 million as of December 31, 2023[203] - Nonperforming loans HFI as a percentage of total loans HFI increased to 0.79% as of June 30, 2024, up from 0.65% as of December 31, 2023[203] - Total allowance for credit losses on loans HFI increased to $155.1 million as of June 30, 2024, up from $150.3 million as of December 31, 2023[206] - Net charge-offs for the six months ended June 30, 2024, were $1.1 million, compared to $1.1 million for the same period in 2023[208] - Provision for credit losses on loans HFI for the six months ended June 30, 2024, was $5.8 million, down from $7.6 million for the same period in 2023[208] - Allowance for credit losses on loans HFI as a percentage of loans increased to 1.67% as of June 30, 2024, up from 1.60% as of December 31, 2023[208] - Nonperforming assets as a percentage of total assets increased to 0.81% as of June 30, 2024, up from 0.69% as of December 31, 2023[203] - Net interest recoveries on nonperforming assets previously charged off were $1.0 million for the six months ended June 30, 2024, up from $0.4 million for the same period in 2023[201] - Provision for credit losses on loans HFI for Q2 2024 was $3.94 million, compared to $2.58 million in Q2 2023[210] - Net charge-offs for Q2 2024 were $0.55 million, or 0.02% of average loans HFI, compared to $0.72 million, or 0.03% in Q2 2023[212] - Total nonperforming loans HFI as a percentage of total loans HFI increased by 14 basis points to 0.79% as of June 30, 2024[212] - Allowance for credit losses on unfunded commitments decreased to $6.0 million as of June 30, 2024 from $8.8 million as of December 31, 2023[213] - Unfunded loan commitments decreased by 11.9% annualized or $172.0 million during the period, with a $209.1 million decrease in the construction loan category[213] Deposits - Total deposits were $10.47 billion as of June 30, 2024, compared to $10.55 billion as of December 31, 2023[215] - Noninterest-bearing deposits decreased by $31.2 million from December 31, 2023 to June 30, 2024, while interest-bearing checking deposits increased by $124.1 million[215] - Mortgage escrow deposits increased to $107.8 million as of June 30, 2024 from $63.6 million as of December 31, 2023[216] - Public funds deposits decreased by $75.8 million during the period due to management's decision to not renew certain maturing public deposits[216] - Customer time deposits decreased by $125.9 million from December 31, 2023, driven by three large depositor relationship customers shifting deposits for higher yields[216] - Total deposits decreased to $10,468,002 thousand as of June 30, 2024, from $10,548,287 thousand as of December 31, 2023, with a weighted average interest rate increase from 2.39% to 2.76%[217] - Consumer deposits accounted for 45% of total deposits as of June 30, 2024, down from 46% as of December 31, 2023, while commercial deposits increased from 39% to 41%[219] - Estimated uninsured and uncollateralized deposits increased to 30.6% of total deposits as of June 30, 2024, up from 29.7% as of December 31, 2023[221] - Customer time deposits decreased to $1,343,934 thousand as of June 30, 2024, from $1,469,811 thousand as of December 31, 2023, with a higher average rate of 3.95% compared to 3.15%[217] - Brokered and internet time deposits remained stable at $150,361 thousand as of June 30, 2024, with an average rate increase to 5.37% from 5.27% as of December 31, 2023[217] - Time deposits of $250 and less had a weighted average interest rate of 3.83% as of June 30, 2024, with the majority maturing within six months[220] Securities and Investments - Securities purchased under agreements to resell increased to $59.4 million as of June 30, 2024, from $47.8 million as of December 31, 2023[223] - The fair value of the AFS debt securities portfolio was $1.48 billion as of June 30, 2024, with net unrealized losses of $182.2 million due to interest rate increases[224] - During the six months ended June 30, 2024, the company purchased $366.6 million in AFS debt securities and sold $207.9 million, reinvesting proceeds into securities with a higher weighted average yield of 5.94%[224] - Total AFS debt securities fair value as of June 30, 2024 is $1,482,379 thousand with a weighted average yield of 3.46%[226] - U.S. government agency securities fair value increased to $428,608 thousand as of June 30, 2024, up from $203,956 thousand in December 2023[226] - Mortgage-backed securities fair value decreased to $880,375 thousand as of June 30, 2024 from $913,932 thousand in December 2023[226] - Securities sold under agreements to repurchase totaled $21.8 million as of June 30, 2024, up from $19.3 million in December 2023[229] - Federal funds purchased totaled $55.0 million as of June 30, 2024, down from $89.4 million in December 2023[229] - FHLB short-term advances borrowing capacity was $1.44 billion as of June 30, 2024, down from $1.76 billion in December 2023[230] - Outstanding borrowings under the Bank Term Funding Program were $130.0 million as of June 30, 2024 with a borrowing rate of 4.85%[231] - Total subordinated debt, net of unamortized debt issuance costs, was $130,511 thousand as of June 30, 2024[233] - Pledged securities related to government, public, trust, and other deposits had carrying values of $869.6 million as of June 30, 2024[235] - Unsecured lines of credit with other commercial banks totaled $370.0 million as of June 30, 2024[235] Liquidity and Capital - Current on-balance sheet liquidity increased to $1,413,658 thousand as of June 30, 2024, compared to $1,353,359 thousand as of December 31, 2023[236] - Total available sources of liquidity decreased to $6,886,661 thousand as of June 30, 2024, from $7,078,812 thousand as of December 31, 2023[236] - On-balance sheet liquidity as a percentage of total assets increased to 11.3% as of June 30, 2024, from 10.7% as of December 31, 2023[236] - Total shareholders' equity increased to $1.50 billion as of June 30, 2024, from $1.45 billion as of December 31, 2023[237] - Book value per common share increased to $32.17 as of June 30, 2024, from $31.05 as of December 31, 2023[237] - Total risk-based capital ratio was 15.1% as of June 30, 2024, well above the regulatory requirement of 10.0%[238] - Tier 1 risk-based capital ratio was 13.0% as of June 30, 2024, above the regulatory requirement of 8.0%[238] - Common Equity Tier 1 ratio was 12.7% as of June 30, 2024, above the regulatory requirement of 6.5%[238] Interest Rate Sensitivity - A +400 basis points increase in interest rates would result in a 7.78% increase in net interest income as of June 30, 2024[240] - A +400 basis points increase in interest rates would result in a 16.7% decrease in the economic value of equity as of June 30, 2024[241] Efficiency and Expense Management - Core efficiency ratio (tax-equivalent basis) decreased to 58.3% in Q2 2024 from 63.5% in Q2 2023[146] - Noninterest expense decreased by $6.2 million to $75.1 million for the three months ended June 30, 2024 compared to $81.3 million for the same period in 2023[180] - Noninterest expense decreased by $14.2 million to $147.5 million for the six months ended June 30, 2024 compared to $161.7 million for the same period in 2023[180] - Salaries, commissions and employee benefits expense decreased by $5.8 million (11%) to $46.2 million for the three months ended June 30, 2024 compared to $52.0 million for the same period in 2023[180] - Salaries, commissions and employee benefits expense decreased by $10.0 million (10%) to $90.8 million for the six months ended June 30, 2024 compared to $100.8 million for the same period in 2023[180] - The efficiency ratio improved to 58.6% for the three months ended June 30, 2024 compared to 64.8% for the same period in 2023[181] - The efficiency ratio improved to 62.6% for the six months ended June 30, 2024 compared to 64.1% for the same period in 2023[181] Loan Portfolio Composition - The loans HFI portfolio comprises 74.3% and 74.6% of total assets as of June 30, 2024, and December 31, 2023, respectively[186] - Loans held for investment included approximately $237.9 million and $254.6 million related to participated loans as of June 30, 2024, and December 31, 2023, respectively[186] - Loan participations sold during the three months ended June 30, 2024, and 2023, were $9.0 million and $11.9 million, respectively[186] - Loan participations sold during the six months ended June 30, 2024, and 2023, were $17.0 million and $16.3 million, respectively[186] - The construction concentration ratio was 77.5% and 75.7% for FirstBank and FB Financial Corporation, respectively, as of June 30, 2024[187] - The commercial real estate concentration ratio was 248.5% and 243.0% for FirstBank and FB Financial Corporation, respectively, as of June 30, 2024[187] - The total commercial and industrial loans committed and outstanding as of June 30, 2024, were $2,900,320 thousand and $1,614,307 thousand, respectively[191] - The total commercial real estate owner-occupied loans committed and outstanding as of June 30, 2024, were $1,352,203 thousand and $1,274,705 thousand, respectively[191] - Nonperforming loans in the commercial and