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• A regional Bank of America, focused on the Southeast US.
• U.S. Bancorp for the Southeast, but on a smaller, regional scale.

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• Deposits: Attracting and holding customer funds in various accounts such as checking, savings, money market, and certificates of deposit.
• Lending (Commercial & Consumer): Providing loans to businesses for operating capital, equipment, and real estate, as well as personal loans and lines of credit to individuals.
• Mortgage Lending: Originating and servicing residential mortgage loans for individuals to purchase or refinance homes.
• Wealth Management: Offering financial planning, investment advisory, and trust services to individuals and businesses.

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FB Financial (symbol: FBK) - Major Customers

• Individual Consumers: This category includes individuals and families who utilize the bank for personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), mortgages, home equity lines of credit, and various types of personal loans.
• Small to Medium-sized Businesses (SMBs): FB Financial provides a range of commercial banking services to local and regional businesses. These services include commercial loans, lines of credit, treasury management services, business checking and savings accounts, and equipment financing. This segment encompasses a broad array of industries.
• Commercial Real Estate (CRE) Investors and Developers: The bank serves businesses and individuals involved in the acquisition, development, and management of commercial properties. This includes financing for various commercial real estate projects such as office buildings, retail centers, multi-family residences, and industrial properties.

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• Fiserv, Inc. (FISV)
• Visa Inc. (V)
• Mastercard Incorporated (MA)
• Equifax Inc. (EFX)
• TransUnion (TRU)
• Experian plc (EXPN)

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Christopher T. Holmes, President and Chief Executive Officer

Christopher T. Holmes was named President of FirstBank in 2012 and CEO in 2013. He led FirstBank's initial public offering (IPO) in 2016, which was the largest IPO in Tennessee banking history. Holmes has also spearheaded several acquisitions, including Northwest Georgia Bank, Clayton Bank and Trust, and American City Bank, and the purchase of 14 retail locations from Atlantic Capital Bank. Most recently, he led a merger agreement with Franklin Synergy Bank, which made FirstBank the third-largest bank headquartered in Tennessee. Before joining FirstBank in 2010 as Chief Banking Officer, Holmes served as the Director of Corporate Financial Services and Chief Retail Banking Officer for South Financial Group. His 20 years of prior experience in Memphis included roles with EY, National Bank of Commerce (which was acquired by SunTrust), and Trustmark National Bank.

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 FB Financial's Chief Financial Officer since 2020. In his expanded capacity, Mettee oversees key operational areas for FirstBank, including Metro and Community markets, Commercial, Retail, Wealth, Credit, and Customer Experience, while continuing his CFO responsibilities. He joined FirstBank in 2012 as Director of Capital Markets and was previously Chief Financial Officer of Banking. Prior to FirstBank, Mettee managed budget and forecasting for the retail banking operation of BBVA Compass and spent a decade in secondary marketing at BBVA Compass, Regions/AmSouth, and Wachovia/SouthTrust.

Scott J. Tansil, Chief Business and Operations Officer

Scott J. Tansil transitioned to the role of Chief Business and Operations Officer effective October 1, 2025. In this role, Tansil continues to oversee bank operations, the Mortgage Division, and the Manufactured Housing Division, in addition to establishing a new procurement function. He joined FB Financial in 2023. Prior to joining FirstBank, Tansil served as the Head of Mortgage, Executive Vice President of Correspondent Lending and Capital Markets at Citizens Bank. He also held positions as Chief Financial Officer and Chief Operating Officer at Franklin American Mortgage Company, where he was instrumental in its growth.

Travis K. Edmondson, Chief Credit Officer

Travis K. Edmondson transitioned from Chief Banking Officer to Chief Credit Officer, effective October 1, 2025. He joined FirstBank in 2017 following FirstBank's acquisition of Clayton Bank and Trust, where he had served as Chief Executive Officer since 2013. Prior to becoming CEO, Edmondson began his career at Clayton Bank and Trust in 2006. He previously served as the East Tennessee Regional President of FirstBank from 2018 to 2020.

Robert Wade Peery, Chief Innovations Officer and Senior Vice President

Wade Peery joined FirstBank in 2012 and serves as the company's Chief Innovations Officer. With over 30 years of banking experience, he provides thought leadership and shapes new ideas for the company and the industry. Peery previously served as the bank's Chief Administrative Officer. He is recognized as one of Tennessee's leading financial services innovators and has shared his expertise on digital assets through various platforms and conferences. Peery is on the Board of Directors for the USDF Consortium and Zippy Loans, and serves on multiple Jack Henry and Associates Advisory Boards.

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The key risks to FB Financial (FBK) primarily revolve around the successful integration of its recent merger, managing credit quality in its loan portfolio, and navigating interest rate fluctuations.

1. Integration Risks from Mergers: FB Financial completed a significant merger with Southern States Bancshares, Inc. in mid-2025, expanding its operations. The successful integration of systems and corporate cultures is crucial for realizing the anticipated benefits and avoiding disruptions to existing operations. Missteps in this integration process could undermine projected revenue and margin growth.
2. Credit Quality and Loan Portfolio Risk: While FB Financial has generally maintained stable credit quality, there remains a risk of increasing net charge-offs and nonperforming loans (NPLs), particularly in a slowing economic environment. The company also has a comparatively higher exposure to what are considered riskier lending areas, such as construction and development (C&D) and manufactured housing. Deterioration in credit quality within these or other commercial portfolios could negatively impact financial performance.
3. Interest Rate Risk: As a financial institution, FB Financial is inherently exposed to fluctuations in interest rates. Managing its net interest margin (NIM), which is the difference between interest earned on assets and interest paid on liabilities, is a continuous challenge, especially in a volatile interest rate environment. Adverse movements in interest rates can significantly impact the company's earnings and capital base.

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One clear emerging threat is the rapid growth and increasing market share of neobanks and challenger banks. These digital-first financial institutions offer highly competitive interest rates, lower fees, and superior digital user experiences, directly challenging traditional banks like FB Financial for deposits and retail customers, especially among younger, digitally native demographics.

Another clear emerging threat is the continued and expanding entry of Big Tech companies (e.g., Apple, Google, Amazon) into financial services. Leveraging vast customer bases, data analytics capabilities, and strong brand loyalty, these companies are increasingly offering payment solutions, lending products, and other financial tools that bypass traditional banking relationships, potentially disintermediating regional banks from key customer interactions and revenue streams.

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FB Financial (symbol: FBK) primarily operates in two main segments: Banking and Mortgage. The addressable markets for these services in the United States are as follows:

• Community Banking: The U.S. community banking market was valued at approximately $6.35 billion in 2024, with a projected compound annual growth rate (CAGR) of 3.8%.
• Mortgage Lending: The U.S. home loan market reached approximately $2.29 trillion in 2025 and is forecasted to grow to $3.02 trillion by 2030, advancing at a CAGR of 5.63%.

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• Strategic Acquisitions and Market Expansion: FB Financial has demonstrated a clear strategy of growth through mergers and acquisitions. The recently completed merger with Southern States Bancshares, Inc., which closed on July 1, 2025, is expected to be a significant driver of increased net interest income and overall growth, expanding the company's presence in high-value contiguous markets. This follows previous acquisitions that have increased deposit market share in key regions like Nashville.
• Growth in Loans and Deposits: The company consistently reports a focus on and achievement of loan and deposit growth. Management has expressed optimism for "low double-digit loan and deposit growth in 2025." In the third quarter of 2024, loans held for investment increased by a 7.20% annualized rate, and deposits grew significantly. This trend continued into the first quarter of 2025, with loans held for investment increasing by 7.14% annualized. These increases directly contribute to net interest income, the primary component of the company's revenue.
• Net Interest Margin (NIM) Improvement: FB Financial's net interest margin has shown resilience and potential for improvement. While there have been minor fluctuations, the company's strategic actions, such as securities sales and reinvestment, have aimed to enhance its margin. Management anticipates benefits from expected future interest rate decreases, which could positively impact NIM. Furthermore, the Southern States merger is expected to benefit NIM due to Southern States' historically higher pre-merger margin.
• Organic Growth: Alongside strategic expansions, FB Financial emphasizes organic growth within its existing footprint across Tennessee, Kentucky, Alabama, and North Georgia. This organic expansion is reflected in the consistent growth of its loan and customer deposit base, contributing to overall revenue generation.

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Share Repurchases

• FB Financial Corporation authorized a new $150 million common stock repurchase program on September 15, 2025, effective until January 31, 2027. This authorization replaced a previous program set to expire on January 31, 2026.
• The company completed the repurchase of 1,373,670 shares for $56.84 million under a buyback program announced in March 2024.

Share Issuance

• On July 1, 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 of their shares.
• The implied transaction value of the Southern States merger, which involved issuing FB Financial common stock, was approximately $368.4 million based on FB Financial's closing stock price of $45.30 per share as of June 30, 2025, and $381 million based on a $47.05 stock price as of March 28, 2025.
• A routine issuance of 278 shares occurred on October 31, 2025, to a director as non-cash compensation under the Non-Employee Director Compensation Policy.

Outbound Investments

• FB Financial Corporation completed its merger with Southern States Bancshares, Inc. on July 1, 2025, acquiring a company with approximately $2.9 billion in total assets as of March 31, 2025.
• Southern States Bancshares, Inc. had $2.3 billion in loans and $2.4 billion in deposits as of March 31, 2025, at the time of the merger.
• The implied total transaction value for the acquisition of Southern States Bancshares, Inc. was between $368.4 million and $381 million.

Capital Expenditures

• FB Financial's capital expenditures from fiscal years ending December 2020 to 2024 averaged $9.888 million.
• Capital expenditures peaked at $20.229 million in December 2023.
• Annual capital expenditures were $5.934 million in 2020, $6.102 million in 2021, $10.629 million in 2022, and $6.546 million in 2024.