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Here are a few analogies to describe FB Financial (FBK):

• A regional Wells Fargo for the Southeastern United States.
• Like a smaller Truist, serving customers in Tennessee and surrounding states.

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• Deposit Products: A variety of accounts including checking, savings, money market, demand, time deposits, and certificates of deposit for individuals and businesses.
• Commercial Loans: Loans for commercial real estate, multi-family residential properties, commercial and industrial purposes, and construction and land development.
• Residential Mortgage Loans: Mortgage financing for 1-4 family residential properties.
• Consumer Loans: Loans for vehicles, recreational vehicles, manufactured homes, and personal lines of credit.
• Mortgage Banking Services: Origination and servicing of mortgage loans through its branch network and specialized offices.
• Financial Services: Trust, insurance, and investment advisory services.
• Digital Banking Services: Online and mobile banking platforms for convenient account management and transactions.

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FB Financial (FBK), as a bank holding company, serves a broad base of customers rather than having a few "major" corporate customers. Its services are primarily directed towards the following categories of clients:

• Businesses and Corporations: This includes a wide range of corporate and commercial entities seeking deposit products, commercial and industrial loans, owner-occupied and non-owner-occupied real estate commercial loans, multi-family residential loans, construction loans, land acquisition, and land development loans.
• Individuals/Consumers: This category encompasses individuals seeking checking, demand, money market, and savings accounts, residential real estate 1-4 family mortgages, and various consumer loans such as car, boat, other recreational vehicle loans, and personal lines of credit.
• Professionals: The company specifically mentions serving "professionals," who often represent a segment of individuals or small businesses requiring specialized banking and lending services.

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Christopher T. Holmes, President, Chief Executive Officer, and Director

Christopher T. Holmes was appointed President of FirstBank in 2012 and CEO in 2013, and has served as a director since 2010. Prior to joining FirstBank in 2010 as Chief Banking Officer, he was the Director of Corporate Financial Services and Chief Retail Banking Officer for The South Financial Group. Holmes previously worked for 20 years in the Memphis-area market, including roles at Ernst & Young, National Bank of Commerce (which was acquired by SunTrust), and Trustmark National Bank. In 2016, he led FirstBank's transition to a publicly traded company on the NYSE, with its initial public offering being the largest in Tennessee banking history. Holmes holds an inactive CPA certification.

Michael M. Mettee, Chief Operating Officer and Chief Financial Officer

Michael M. Mettee assumed the dual role of Chief Operating Officer and Chief Financial Officer effective October 1, 2025. He has served as Chief Financial Officer of FB Financial since 2020 and joined FirstBank in 2012 as the Director of Capital Markets. Before joining FirstBank, Mettee managed the budget and forecasting process, pricing for asset/liability products, and financial reporting for the retail banking operation of BBVA Compass. He also spent a decade in secondary marketing at BBVA Compass, Regions/AmSouth, and Wachovia/SouthTrust. Mettee holds a Bachelor of Science degree in finance and a Master of Business Administration, both from the University of Alabama.

Scott J. Tansil, Chief Business and Operations Officer

Scott J. Tansil was named Chief Business and Operations Officer, effective October 1, 2025. In this role, he continues to oversee bank operations, the Mortgage Division, and the Manufactured Housing Division, with the added responsibility of establishing a new procurement function. He previously served as the Chief Operations Officer.

Travis K. Edmondson, Chief Credit Officer

Travis K. Edmondson was named Chief Credit Officer, effective October 1, 2025, transitioning from his prior role as Chief Banking Officer.

Aimee T. Hamilton, Chief Risk Officer

Aimee T. Hamilton serves as the Chief Risk Officer for FB Financial Corporation.

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The key risks to FB Financial Corporation (FBK) are primarily associated with its operations as a regional bank holding company, its loan portfolio, the highly regulated nature of the banking industry, and its recent growth strategies.

1. Credit Risk and Economic Fluctuations: As a financial institution, FB Financial's performance is highly sensitive to credit trends and overall economic conditions, particularly within its operating markets in the southeastern United States. Adverse economic shifts or changes in credit trends can significantly impact the quality of its loan portfolio and, consequently, its financial health and profitability. This risk encompasses potential loan defaults and fluctuations in the real estate market, which can directly affect the company's substantial real estate and mortgage loan exposure.
2. Integration Risks from Mergers and Acquisitions: FB Financial has engaged in merger activities, such as the recent merger with Southern States Bancshares, Inc. While such strategic expansions offer growth opportunities, they also introduce significant integration risks. These risks include the potential for integration processes to be materially delayed or more costly and difficult than anticipated, along with the diversion of management attention and resources.
3. Regulatory Compliance Burden and Changes: Operating in a highly regulated environment, FB Financial faces a continuous challenge in complying with an extensive array of banking regulations. This regulatory burden requires significant resources and can constrain operational flexibility. Furthermore, changes in banking laws, consumer protection regulations, or other regulatory requirements could materially impact the company's operations, business model, and financial results.

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The clear emerging threat for FB Financial (FBK) stems from the rise of digital-only banks, challenger banks, and financial technology (fintech) companies. These competitors leverage technology to offer banking, lending, and payment services with significantly lower overhead than traditional banks with extensive physical branch networks, such as FirstBank. They often provide more streamlined user experiences, innovative products, and competitive pricing through mobile apps and online platforms. This trend threatens to erode FB Financial's customer base by attracting individuals and businesses who prefer digital-first banking solutions, potentially impacting its deposit base, loan origination, and overall market share across its commercial, consumer, and mortgage segments.

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Addressable Markets for FB Financial (FBK) Main Products and Services

Banking Services (Commercial and Consumer Banking)

• Tennessee: The commercial banking market size in Tennessee is projected to be $23.0 billion in 2026. Total deposits in Tennessee were $223 billion in 2024. New home loans booked in Tennessee amounted to $23.3 billion in 2024, while small business loans totaled $14.7 billion.
• Alabama (for North Alabama operations): The Commercial Banking industry in Alabama has been growing at an average annual rate of 8.4% from 2020 to 2025. Total assets for commercial banks in Alabama were $227.16 billion as of the second quarter of 2025. Total deposits held at community bank branches in Alabama were approximately $69.44 billion as of December 13, 2024.
• Kentucky (for Southern Kentucky operations): Total deposits in Kentucky were $116 billion in 2024. Total assets for banks in Kentucky were $82.45 billion in the third quarter of 2025. New home loans booked in Kentucky amounted to $8.9 billion in 2024, while small business loans totaled $7.2 billion.
• Georgia (for North Georgia operations): The commercial banking market size in Georgia is projected to be $33.1 billion in 2026. The Atlanta-Sandy Springs-Roswell, GA, metropolitan statistical area had $245.97 billion in deposits from 80 institutions in 2025.

Mortgage Origination Business

• United States (Southeastern United States operations are part of this national market): The total single-family mortgage origination volume in the United States is expected to be $2.0 trillion in 2025 and is forecast to increase to $2.2 trillion in 2026. Mortgage originations in the United States amounted to $524.42 billion in the fourth quarter of 2025. Lenders issued $494 billion worth of residential mortgages in the second quarter of 2023. The total residential mortgage debt in the U.S. was $11.92 trillion as of the fourth quarter of 2022.

Trust, Insurance, and Investment Services

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FB Financial (FBK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Organic Loan and Deposit Growth: Management anticipates a return to high single-digit growth rates in organic loans and deposits. This growth is expected to come from deepening relationships with current customers and attracting new business within both existing metro and community markets. The company plans to achieve balanced growth across various lending areas, supported by targeted talent acquisition.
2. Net Interest Margin (NIM) Management: Maintaining or expanding the net interest margin is a critical revenue driver. FB Financial aims to achieve margin resilience by effectively managing deposit costs and loan yields. Future periods are also expected to benefit from loan accretion, which will contribute on top of a core NIM projected to remain near current levels.
3. Strategic Acquisitions and Market Expansion: The strategic integration of recent acquisitions, such as Southern States Bank, is expected to enhance scale and market opportunities, thereby benefiting revenue growth through an expanded market presence. The company continues to explore potential mergers and acquisitions within the southeastern United States to further its growth strategy.
4. Growth in Fee Income: FB Financial projects upper single-digit growth in fee income for 2026. This includes various non-interest income streams such as mortgage banking income, service charges on deposit accounts, ATM and interchange fees, and investment and trust services.

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Share Repurchases

• On September 15, 2025, FB Financial authorized a new stock repurchase program allowing the company to buy back up to $150 million of its outstanding common stock, effective until January 31, 2027.
• In November 2025, FB Financial agreed to repurchase 1,717,948 shares of its common stock from the Estate of James W. Ayers at $51.50 per share, totaling approximately $88.4 million.
• On March 25, 2024, FB Financial announced a share repurchase program to buy back up to $100 million in shares, which replaced a prior authorization and was set to expire on January 31, 2026.

Share Issuance

• In July 2025, as part of the merger with Southern States Bancshares, Inc., Southern States' shareholders received 0.800 shares of FB Financial common stock for each Southern States share. The implied transaction value for the stock portion was approximately $368.4 million.
• In August 2020, upon completion of the merger with Franklin Financial Network, Inc., Franklin shareholders received 0.9650 shares of FB Financial common stock and $2.00 in cash for each share of Franklin stock. The total transaction was valued at approximately $611 million.

Outbound Investments

• FB Financial completed the acquisition of Southern States Bancshares, Inc. in July 2025 for an implied transaction value of approximately $368.4 million, primarily paid in FB Financial common stock, expanding its presence in Alabama and Georgia.
• In August 2020, FB Financial completed its merger with Franklin Financial Network, Inc. in a cash-and-stock deal valued at approximately $611 million, significantly enhancing its operations in the Nashville metropolitan area.
• In February 2020, FB Financial completed the acquisition of FNB Financial Corp. (Farmers National Bank of Scottsville) for approximately $50.042 million in stock and cash, which expanded its footprint into Kentucky.

Capital Expenditures

• No specific information regarding the dollar value of capital expenditures or expected capital expenditures for the upcoming year is available within the provided context for the last 3-5 years.