FB Financial Corp - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - July 24, 2017

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8-K - FB FINANCIAL CORPORATION 8-K - FB Financial Corpa51594322.htm
Exhibit 99.2
 
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 1
 

Financial Summary and Key Metrics
  
(Unaudited)
  
(In Thousands, Except Share Data and %)
  
   
                               
   
2017
    
2016
  
   
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Statement of Income Data
                              
Total interest income
  
$
33,278
    
$
32,889
    
$
31,567
    
$
30,005
    
$
30,732
  
Total interest expense
    
2,851
      
2,638
      
2,535
      
2,388
      
2,374
  
Net interest income
    
30,427
      
30,251
      
29,032
      
27,617
      
28,358
  
Provision for loan losses
    
(865
)
    
(257
)
    
(752
)
    
71
      
(789
)
Total noninterest income
    
35,657
      
31,087
      
31,332
      
43,962
      
38,356
  
Total noninterest expense
    
49,136
      
46,417
      
47,319
      
55,529
      
50,595
  
Net income before income taxes
    
17,813
      
15,178
      
13,797
      
15,979
      
16,908
  
Income tax expense
    
6,574
      
5,425
      
4,787
      
14,772
      
1,133
  
Net income
  
$
11,239
    
$
9,753
    
$
9,010
    
$
1,207
    
$
15,775
  
Net interest income (tax—equivalent basis)
  
$
31,158
    
$
30,963
    
$
29,686
    
$
28,213
    
$
28,967
  
Pro forma net income (C-Corp basis)
  
$
11,239
    
$
9,753
    
$
9,010
    
$
10,033
    
$
10,576
  
Pro forma core net income*
  
$
12,919
    
$
10,284
    
$
10,484
    
$
12,935
    
$
13,151
  
Per Common Share
                                        
Diluted net income
  
$
0.43
    
$
0.40
    
$
0.37
    
$
0.07
    
$
0.92
  
Pro forma net income- diluted (C Corp basis)
  
$
0.43
    
$
0.40
    
$
0.37
    
$
0.55
    
$
0.62
  
Pro forma core net income - diluted*
  
$
0.49
    
$
0.42
    
$
0.43
    
$
0.71
    
$
0.77
  
Book value
    
17.59
      
14.16
      
13.71
      
13.73
      
15.47
  
Tangible book value*
    
15.83
      
12.05
      
11.58
      
11.56
      
12.41
  
Weighted average number of shares-diluted
    
26,301,458
      
24,610,991
      
24,500,943
      
18,332,192
      
17,180,000
  
Period-end number of shares (a)
    
28,968,160
      
24,154,323
      
24,107,660
      
23,975,122
      
17,180,000
  
Selected Balance Sheet Data
                                        
Cash and due from banks
  
$
59,112
    
$
53,748
    
$
50,157
    
$
51,292
    
$
52,122
  
Loans held for investment
    
1,970,974
      
1,900,995
      
1,848,784
      
1,793,343
      
1,750,304
  
Allowance for loan losses
    
(23,247
)
    
(22,898
)
    
(21,747
)
    
(23,290
)
    
(23,734
)
Loans held for sale
    
427,416
      
365,173
      
507,442
      
486,601
      
322,249
  
Available-for-sale securities, fair value
    
553,357
      
567,886
      
582,183
      
553,357
      
550,307
  
Foreclosed real estate, net
    
6,370
      
6,811
      
7,403
      
8,964
      
9,902
  
Total assets
    
3,346,570
      
3,166,459
      
3,276,881
      
3,187,180
      
2,917,958
  
Total deposits
    
2,727,593
      
2,701,199
      
2,671,562
      
2,640,072
      
2,514,297
  
Borrowings
    
43,790
      
44,552
      
194,892
      
125,291
      
55,785
  
Total shareholders' equity
    
509,517
      
342,142
      
330,498
      
329,108
      
265,768
  
Selected Ratios
                                        
Return on average:
                                        
Assets
    
1.40
%
    
1.25
%
    
1.12
%
    
0.16
%
    
2.19
%
Shareholders' equity
    
11.30
%
    
11.87
%
    
11.24
%
    
1.74
%
    
24.42
%
Tangible common equity*
    
12.96
%
    
14.03
%
    
13.40
%
    
2.14
%
    
30.64
%
Pro forma return on average (C-Corp basis):
                          
Assets
    
1.40
%
    
1.25
%
    
1.12
%
    
1.32
%
    
1.47
%
Shareholders' equity
    
11.30
%
    
11.87
%
    
11.24
%
    
14.43
%
    
16.37
%
Tangible common equity*
    
12.96
%
    
14.03
%
    
13.40
%
    
17.79
%
    
20.55
%
Average shareholders' equity to average assets
    
12.37
%
    
10.50
%
    
9.95
%
    
9.17
%
    
8.96
%
Net interest margin (NIM) (tax-equivalent basis)
    
4.19
%
    
4.28
%
    
3.99
%
    
4.05
%
    
4.40
%
Net interest margin excluding accretion (tax-equivalent basis) (c)
    
4.08
%
    
4.12
%
    
3.94
%
    
3.94
%
    
4.16
%
Efficiency ratio (GAAP)
    
74.35
%
    
75.67
%
    
78.39
%
    
77.58
%
    
75.84
%
Core efficiency ratio (tax-equivalent basis)*
    
70.18
%
    
73.29
%
    
73.72
%
    
69.65
%
    
67.92
%
Loans held for investment to deposit ratio
    
72.26
%
    
70.38
%
    
69.20
%
    
67.93
%
    
69.61
%
Total loan to deposit ratio
    
87.93
%
    
83.89
%
    
88.20
%
    
86.36
%
    
82.43
%
Yield on interest-earning assets
    
4.57
%
    
4.65
%
    
4.33
%
    
4.40
%
    
4.74
%
Cost of interest-bearing liabilities
    
0.55
%
    
0.51
%
    
0.49
%
    
0.48
%
    
0.46
%
Cost of total deposits
    
0.34
%
    
0.32
%
    
0.29
%
    
0.30
%
    
0.28
%
Credit Quality Ratios
                                        
Allowance for loan losses as a percentage of loans held for investment
    
1.18
%
    
1.20
%
    
1.18
%
    
1.30
%
    
1.36
%
Net recoveries (charge-off's) as a percentage of average total loans
  
      held for investment
    
0.25
%
    
0.31
%
    
(0.17
)%
    
(0.12
)%
    
0.02
%
Nonperforming assets as a percentage of total assets (b)
    
0.58
%
    
0.56
%
    
0.58
%
    
0.68
%
    
0.78
%
Preliminary capital ratios (Consolidated)
                                  
Shareholders' equity to assets
    
15.23
%
    
10.81
%
    
10.09
%
    
10.33
%
    
9.11
%
Tangible common equity to tangible assets*
    
13.92
%
    
9.34
%
    
8.65
%
    
8.84
%
    
7.44
%
Tier 1 capital (to average assets)
    
15.54
%
    
10.46
%
    
10.05
%
    
10.32
%
    
7.98
%
Tier 1 capital (to risk-weighted assets)
    
18.28
%
    
12.87
%
    
12.19
%
    
12.37
%
    
9.57
%
Total capital (to risk-weighted assets)
    
19.14
%
    
13.76
%
    
13.03
%
    
13.32
%
    
11.00
%
Common Equity Tier 1 (to risk-weighted assets) (CET1)
    
17.16
%
    
11.69
%
    
11.04
%
    
11.16
%
    
8.30
%
 
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP financial measures” and the corresponding financial tables below for reconciliations of these Non-GAAP measures. Investors are encouraged to refer to discussion of non-GAAP measures included in the corresponding earnings release.
 
(a) Includes the 4,806,710 common shares issued effective June 1, 2017.
(b) Includes the $1.5 million of marketable equity securities in satisfaction of previously charged-off loan during the second quarter of 2017.
(c) Excludes accretion from acquired/purchased loans.
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 2
 
 
Consolidated Statements of Income
  
(Unaudited)
  
(In Thousands, Except Share Data and %)
  
                                           
                                           
                                  Q2 2017     Q2 2017  
                                 
vs.
    
vs.
  
   
2017
    
2016
     Q1 2017     Q2 2016  
   
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
    
Percent
variance
    
Percent
variance
  
Interest income:
                                              
Interest and fees on loans
  
$
29,350
    
$
29,006
    
$
28,125
    
$
26,550
    
$
26,878
      
1.19
%
    
9.20
%
Interest on securities
                                                        
Taxable
    
2,589
      
2,567
      
2,350
      
2,402
      
2,849
      
0.86
%
    
-9.13
%
Tax-exempt
    
1,068
      
1,040
      
947
      
875
      
845
      
2.69
%
    
26.39
%
Other
    
271
      
276
      
145
      
178
      
108
      
-1.81
%
    
150.93
%
Total interest income
    
33,278
      
32,889
      
31,567
      
30,005
      
30,680
      
1.18
%
    
8.47
%
Interest expense:
                                                        
Deposits
                                                        
Demand and savings accounts
      1,703      
1,531
      
1,387
      
1,340
      
1,289
      
11.23
%
    
32.12
%
Time deposits
    
604
      
583
      
551
      
575
      
441
      
3.60
%
    
36.96
%
Short-term borrowings
    
12
      
10
      
20
      
13
      
29
      
20.00
%
    
-58.62
%
Long-term debt
    
532
      
514
      
577
      
460
      
563
      
3.50
%
    
-5.51
%
Total interest expense
    
2,851
      
2,638
      
2,535
      
2,388
      
2,322
      
8.07
%
    
22.78
%
Net interest income
    
30,427
      
30,251
      
29,032
      
27,617
      
28,358
      
0.58
%
    
7.30
%
Provision for loan losses
    
(865
)
    
(257
)
    
(752
)
    
71
      
(789
)
    
236.58
%
    
9.63
%
Net interest income after provision for loan losses
      31,292      
30,508
      
29,784
      
27,546
      
29,147
      
2.57
%
    
7.36
%
Noninterest income:
                                                        
Mortgage banking income
    
30,239
      
25,080
      
26,177
      
36,938
      
30,133
      
20.57
%
    
0.35
%
Service charges on deposit accounts
      1,796      
1,766
      
1,880
      
1,870
      
2,276
      
1.70
%
    
-21.09
%
ATM and interchange fees
    
2,085
      
2,047
      
2,035
      
1,814
      
1,907
      
1.86
%
    
9.33
%
Investment services income
    
903
      
814
      
829
      
857
      
958
      
10.93
%
    
-5.74
%
Gain on sale of securities
    
29
      
1
      
-
      
416
      
2,591
      
2800.00
%
    
-98.88
%
Gain (loss) on sales or write-downs of foreclosed assets
      23      
748
      
(222
)
    
1,646
      
(131
)
    
-96.93
%
    
-117.56
%
Gain (loss) on other assets
    
39
      
-
      
(127
)
    
7
      
(123
)
    
100.00
%
    
-131.71
%
Other income
    
543
      
631
      
760
      
414
      
745
      
-13.95
%
    
-27.11
%
Total noninterest income
    
35,657
      
31,087
      
31,332
      
43,962
      
38,356
      
14.70
%
    
-7.04
%
Total revenue
    
66,084
      
61,338
      
60,364
      
71,579
      
66,714
      
7.74
%
    
-0.94
%
Noninterest expenses:
                                                        
Salaries, commissions and employee benefits
      30,783      
29,006
      
29,506
      
34,010
      
26,688
      
6.13
%
    
15.34
%
Occupancy and equipment expense
      3,307      
3,109
      
3,044
      
3,171
      
3,226
      
6.37
%
    
2.51
%
Legal and professional fees
    
1,033
      
1,428
      
810
      
816
      
856
      
-27.66
%
    
20.68
%
Data processing
    
1,460
      
1,501
      
1,490
      
1,294
      
669
      
-2.73
%
    
118.24
%
Merger and conversion
    
767
      
487
      
-
      
1,122
      
1,540
      
57.49
%
    
-50.19
%
Amortization of core deposit intangibles
    
 123
      
392
      
527
      
526
      
527
      
-68.62
%
    
-76.66
%
Amortization of mortgage servicing rights
      -      
-
      
2,100
      
2,796
      
1,968
      
0.00
%
    
-100.00
%
(Recovery of) impairment of mortgage servicing rights
      -      
-
      
(3,411
)
    
2,402
      
4,914
      
0.00
%
    
-100.00
%
Loss on sale of mortgage servicing rights
      249      
-
      
4,447
      
-
      
-
      
100.00
%
    
100.00
%
Regulatory fees and deposit insurance assessments
      494      
435
      
471
      
465
      
529
      
13.56
%
    
-6.62
%
Software license and maintenance fees
      364      
457
      
513
      
503
      
1,349
      
-20.35
%
    
-73.02
%
Advertising
    
3,343
      
2,932
      
2,537
      
2,220
      
3,601
      
14.02
%
    
-7.16
%
Other expense
    
7,213
      
6,670
      
5,285
      
6,204
      
4,728
      
8.14
%
    
52.56
%
Total noninterest expense
    
49,136
      
46,417
      
47,319
      
55,529
      
50,595
      
5.86
%
    
-2.88
%
Net income before income taxes
      17,813      
15,178
      
13,797
      
15,979
      
16,908
      
17.36
%
    
5.35
%
Income tax expense
    
6,574
      
5,425
      
4,787
      
14,772
      
1,133
      
21.18
%
    
480.23
%
Net income
  
$
11,239
    
$
9,753
    
$
9,010
    
$
1,207
    
$
15,775
      
15.24
%
    
-28.75
%
Weighted average common shares outstanding:
                                                        
Basic
    
25,741,968
      
24,138,437
      
23,977,028
      
18,259,128
      
17,180,000
                  
Fully diluted
    
26,301,458
      
24,610,991
      
24,500,943
      
18,332,192
      
17,180,000
                  
Earnings per share
                                                        
Basic
  
$
0.44
    
$
0.40
    
$
0.38
    
$
0.07
    
$
0.92
                  
Fully diluted
  
$
0.43
    
$
0.40
    
$
0.37
    
$
0.07
    
$
0.92
                  
                                                         
Pro Forma (C Corp basis):
                                                        
Income tax expense
  
$
6,574
    
$
5,425
    
$
4,787
    
$
5,946
    
$
6,332
      
21.18
%
    
3.82
%
Net income
  
$
11,239
    
$
9,753
    
$
9,010
    
$
10,033
    
$
10,576
      
15.24
%
    
6.27
%
Earnings per share
                                                        
Basic
  
$
0.44
    
$
0.40
    
$
0.38
    
$
0.55
    
$
0.62
                  
Fully diluted
  
$
0.43
    
$
0.40
    
$
0.37
    
$
0.55
    
$
0.62
                  
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 3
 
 
Consolidated Statements of Income
  
(Unaudited)
  
(In Thousands, Except Share Data and %)
  
                               
                             Q2 2017  
   
For the six months ended
    
For the year ended
    
vs.
  
   
June 30,
    
December 31,
      Q2 2016  
   
2017
    
2016
    
2016
    
2015
    
Percent
variance
  
Interest income:
                                
Interest and fees on loans
  
$
58,356
    
$
51,190
    
$
105,865
    
$
87,723
      
14.00
%
Interest on securities
                                        
Taxable
    
5,156
      
5,894
      
10,646
      
11,783
      
-12.52
%
Tax-exempt
    
2,108
      
1,550
      
3,372
      
2,808
      
36.00
%
Other
    
547
      
288
      
611
      
468
      
89.93
%
Total interest income
    
66,167
      
58,922
      
120,494
      
102,782
      
12.30
%
Interest expense:
                                        
Deposits
                                        
Demand and savings accounts
    
3,234
      
2,686
      
5,413
      
4,733
      
20.40
%
Time deposits
    
1,187
      
803
      
1,929
      
1,559
      
47.82
%
Short-term borrowings
    
22
      
88
      
121
      
712
      
-75.00
%
Long-term debt
    
1,046
      
1,044
      
2,081
      
1,906
      
0.19
%
Total interest expense
    
5,489
      
4,621
      
9,544
      
8,910
      
18.78
%
Net interest income
    
60,678
      
54,301
      
110,950
      
93,872
      
11.74
%
Provision for loan losses
    
(1,122
)
    
(798
)
    
(1,479
)
    
(3,064
)
    
40.60
%
Net interest income after provision for loan losses
    
61,800
      
55,099
      
112,429
      
96,936
      
12.16
%
Noninterest income:
                                        
Mortgage banking income
    
55,319
      
54,636
      
117,751
      
70,190
      
1.25
%
Service charges on deposit accounts
    
3,562
      
4,259
      
8,009
      
7,389
      
-16.37
%
ATM and interchange fees
    
4,132
      
3,942
      
7,791
      
6,536
      
4.82
%
Investment services income
    
1,717
      
1,651
      
3,337
      
3,260
      
4.00
%
Bargain purchase gain
    
-
      
-
      
-
      
2,794
      
0.00
%
Gain on sale of securities
    
30
      
3,991
      
4,407
      
1,844
      
-99.25
%
Gain (loss) on sales or write-downs of foreclosed assets
    
771
      
(142
)
    
1,282
      
(317
)
    
-642.96
%
(Loss) gain on other assets
    
39
      
17
      
(103
)
    
(393
)
    
129.41
%
Other income
    
1,174
      
1,037
      
2,211
      
1,077
      
13.21
%
Total noninterest income
    
66,744
      
69,391
      
144,685
      
92,380
      
-3.81
%
Total revenue
    
127,422
      
123,692
      
255,635
      
186,252
      
3.02
%
Noninterest expenses:
                                        
Salaries, commissions and employee benefits
    
59,789
      
50,476
      
113,992
      
84,214
      
18.45
%
Occupancy and equipment expense
    
6,416
      
6,396
      
12,611
      
10,777
      
0.31
%
Legal and professional fees
    
2,461
      
1,888
      
3,514
      
3,355
      
30.35
%
Data processing
    
2,961
      
1,397
      
4,181
      
2,053
      
111.95
%
Merger and conversion
    
1,254
      
2,146
      
3,268
      
3,543
      
-41.57
%
Amortization of core deposit intangibles
    
515
      
1,079
      
2,132
      
1,731
      
-52.27
%
Amortization of mortgage servicing rights
    
-
      
3,425
      
8,321
      
2,601
      
-100.00
%
Impairment of mortgage servicing rights
    
-
      
5,687
      
4,678
      
194
      
-100.00
%
Loss on sale of mortgage servicing rights
    
249
      
-
      
4,447
      
-
      
100.00
%
Regulatory fees and deposit insurance assessments
    
929
      
1,016
      
1,952
      
2,190
      
-8.56
%
Software license and maintenance fees
    
821
      
1,858
      
2,874
      
1,986
      
-55.81
%
Advertising
    
6,275
      
5,851
      
10,608
      
7,866
      
7.25
%
Other expense
    
13,883
      
10,723
      
22,212
      
17,982
      
29.47
%
Total noninterest expense
    
95,553
      
91,942
      
194,790
      
138,492
      
3.93
%
Net income before income taxes
    
32,991
      
32,548
      
62,324
      
50,824
      
1.36
%
Income tax expense
    
11,999
      
2,174
      
21,733
      
2,968
      
451.93
%
Net income
  
$
20,992
    
$
30,374
    
$
40,591
    
$
47,856
      
-30.89
%
Weighted average common shares outstanding:
                                        
Basic
    
24,944,633
      
17,180,000
      
19,165,182
      
17,180,000
          
Fully diluted
    
25,450,419
      
17,180,000
      
19,312,174
      
17,180,000
          
Earnings per share
                                        
Basic
  
$
0.84
    
$
1.77
    
$
2.12
    
$
2.79
          
Fully diluted
  
$
0.82
    
$
1.77
    
$
2.10
    
$
2.79
          
                                         
Pro Forma:
                                        
Income tax expense
    
11,999
      
12,169
      
22,902
      
17,829
      
-1.40
%
Net income
    
20,992
      
20,379
      
39,422
      
32,995
      
3.01
%
Earnings per share
                                        
Basic
  
$
0.84
    
$
1.19
    
$
2.06
    
$
1.92
          
Fully diluted
  
$
0.82
    
$
1.19
    
$
2.04
    
$
1.92
          
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 4
 
 
Consolidated Balance Sheets
  
(Unaudited)
  
(In Thousands, %)
  
                                           
                                           
                                 
Annualized
         
                                   Q2 2017      Q2 2017  
                                 
vs.
    
vs.
  
   
2017
    
2016
      Q1 2017      Q2 2016  
   
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
    
Percent variance
    
Percent variance
  
ASSETS
                                              
Cash and due from banks
  
$
59,112
    
$
53,748
    
$
50,157
    
$
51,292
    
$
52,122
      
40.03
%
    
13.41
%
Federal funds sold
    
16,238
      
18,512
      
13,037
      
8,848
      
13,415
      
-49.27
%
    
21.04
%
Interest bearing deposits in financial institutions
    
110,928
      
57,292
      
73,133
      
57,157
      
23,382
      
375.50
%
    
374.42
%
Cash and cash equivalents
    
186,278
      
129,552
      
136,327
      
117,297
      
88,919
      
175.63
%
    
109.49
%
Investments:
                                                        
Available-for-sale securities, at fair value
    
553,357
      
567,886
      
582,183
      
553,357
      
550,307
      
-10.26
%
    
0.55
%
Federal Home Loan Bank stock, at cost
    
7,743
      
7,743
      
7,743
      
6,528
      
6,528
      
0.00
%
    
18.61
%
Loans held for sale, at fair value
    
427,416
      
365,173
      
507,442
      
486,601
      
322,249
      
68.37
%
    
32.64
%
Loans
    
1,970,974
      
1,900,995
      
1,848,784
      
1,793,343
      
1,750,304
      
14.77
%
    
12.61
%
Less: allowance for loan losses
    
23,247
      
22,898
      
21,747
      
23,290
      
23,734
      
6.11
%
    
-2.05
%
Net loans
    
1,947,727
      
1,878,097
      
1,827,037
      
1,770,053
      
1,726,570
      
14.87
%
    
12.81
%
Premises and equipment, net
    
66,392
      
66,108
      
66,651
      
65,882
      
65,686
      
1.72
%
    
1.07
%
Foreclosed real estate, net
    
6,370
      
6,811
      
7,403
      
8,964
      
9,902
      
-25.97
%
    
-35.67
%
Interest receivable
    
7,012
      
7,247
      
7,241
      
7,040
      
6,627
      
-13.01
%
    
5.81
%
Mortgage servicing rights, net
    
48,464
      
47,593
      
32,070
      
46,291
      
40,382
      
7.34
%
    
20.01
%
Goodwill
    
46,867
      
46,867
      
46,867
      
46,867
      
46,867
      
0.00
%
    
0.00
%
Core deposit intangible, net
    
4,048
      
4,171
      
4,563
      
5,090
      
5,616
      
-11.83
%
    
-27.92
%
Other assets
    
44,896
      
39,211
      
51,354
      
73,210
      
48,305
      
58.15
%
    
-7.06
%
Total assets
  
$
3,346,570
    
$
3,166,459
    
$
3,276,881
    
$
3,187,180
    
$
2,917,958
      
22.81
%
    
14.69
%
LIABILITIES AND SHAREHOLDERS' EQUITY
                                                        
Liabilities:
                                                        
Demand deposits
                                                        
Noninterest-bearing
  
$
715,391
    
$
696,112
    
$
697,072
    
$
726,248
    
$
680,165
      
11.11
%
    
5.18
%
Interest-bearing
    
1,471,650
      
1,473,535
      
1,449,382
      
1,382,981
      
1,304,606
      
-0.51
%
    
12.80
%
Savings deposits
    
143,951
      
142,019
      
134,077
      
131,819
      
129,944
      
5.46
%
    
10.78
%
Time deposits
    
396,601
      
389,533
      
391,031
      
399,024
      
399,582
      
7.28
%
    
-0.75
%
Total deposits
    
2,727,593
      
2,701,199
      
2,671,562
      
2,640,072
      
2,514,297
      
3.92
%
    
8.48
%
Securities sold under agreements to repurchase
    
16,343
      
18,130
      
21,561
      
29,137
      
29,278
      
-39.53
%
    
-44.18
%
Short-term borrowings
    
—
      
—
      
150,000
      
80,000
      
—
      
0.00
%
    
0.00
%
Long-term debt
    
43,790
      
44,552
      
44,892
      
45,291
      
55,785
      
-6.86
%
    
-21.50
%
Accrued expenses and other liabilities
    
49,327
      
60,436
      
58,368
      
63,572
      
52,830
      
-73.73
%
    
-6.63
%
Total liabilities
    
2,837,053
      
2,824,317
      
2,946,383
      
2,858,072
      
2,652,190
      
1.81
%
    
6.97
%
Shareholders' equity:
                                                        
Common stock, $1 par value
    
28,968
      
24,155
      
24,108
      
23,975
      
17,180
      
79.92
%
    
68.61
%
Additional paid-in capital
    
363,870
      
214,160
      
213,480
      
211,765
      
94,544
      
280.39
%
    
284.87
%
Retained earnings
    
115,391
      
104,152
      
93,784
      
84,774
      
143,567
      
43.28
%
    
-19.63
%
Accumulated other comprehensive income (loss), net
    
1,288
      
(325
)
    
(874
)
    
8,594
      
10,477
      
-1990.68
%
    
-87.71
%
Total shareholders' equity
    
509,517
      
342,142
      
330,498
      
329,108
      
265,768
      
196.22
%
    
91.71
%
Total liabilities and shareholders' equity
  
$
3,346,570
    
$
3,166,459
    
$
3,276,881
    
$
3,187,180
    
$
2,917,958
      
22.81
%
    
14.69
%
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 5
 
 
Average Balance, Average Yield Earned and Average Rate Paid
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except %)
  
                                     
                                     
   
Three Months Ended
    
Three Months Ended
  
   
June 30, 2017
    
March 31, 2017
  
   
Average
balances
    
Interest
income/
expense
    
Average
yield/
rate
    
Average
balances
    
Interest
income/
expense
    
Average
yield/
rate
  
Interest-earning assets:
                                    
Loans(1)
  
$
1,942,667
    
$
25,022
      
5.17
%
  
$
1,869,951
    
$
25,001
      
5.42
%
Loans held for sale
    
390,596
      
4,369
      
4.49
%
    
381,932
      
4,046
      
4.30
%
Securities:
                                                
Taxable
    
442,309
      
2,589
      
2.35
%
    
456,634
      
2,567
      
2.28
%
Tax-exempt(1)
    
122,553
      
1,758
      
5.75
%
    
117,615
      
1,711
      
5.90
%
Total Securities(1)
    
564,862
      
4,347
      
3.09
%
    
574,249
      
4,278
      
3.02
%
Federal funds sold
    
8,456
      
23
      
1.09
%
    
14,327
      
27
      
0.76
%
Interest-bearing deposits with other financial institutions
    
68,460
      
158
      
0.93
%
    
82,981
      
171
      
0.84
%
FHLB stock
    
7,743
      
90
      
4.66
%
    
7,743
      
78
      
4.09
%
Total interest earning assets(1)
    
2,982,784
      
34,009
      
4.57
%
    
2,931,183
      
33,601
      
4.65
%
Noninterest Earning Assets:
                                                
Cash and due from banks
    
50,004
                      
51,614
                  
Allowance for loan losses
    
(22,813
)
                    
(21,955
)
                
Other assets
    
214,808
                      
211,307
                  
Total noninterest earning assets
    
241,999
                      
240,966
                  
Total assets
  
$
3,224,783
                    
$
3,172,149
                  
Interest-bearing liabilities:
                                                
Interest bearing deposits:
                                                
Time deposits
  
$
390,912
    
$
604
      
0.62
%
  
$
390,212
    
$
583
      
0.61
%
Money market
    
723,020
      
889
      
0.49
%
    
729,934
      
785
      
0.44
%
Negotiable order of withdrawals
    
711,099
      
759
      
0.43
%
    
718,957
      
695
      
0.39
%
Savings deposits
    
143,357
      
55
      
0.15
%
    
136,627
      
51
      
0.15
%
Total interest bearing deposits
    
1,968,388
      
2,307
      
0.47
%
    
1,975,730
      
2,114
      
0.43
%
Other interest-bearing liabilities:
                                                
FHLB advances
    
52,569
      
192
      
1.46
%
    
60,569
      
191
      
1.28
%
Other borrowings
    
17,315
      
12
      
0.28
%
    
18,884
      
10
      
0.21
%
Long-term debt
    
30,930
      
340
      
4.41
%
    
30,930
      
323
      
4.24
%
Total other interest-bearing liabilities
    
100,814
      
544
      
2.16
%
    
110,383
      
524
      
1.93
%
Total Interest-bearing liabilities
    
2,069,202
      
2,851
      
0.55
%
    
2,086,113
      
2,638
      
0.51
%
Noninterest bearing liabilities:
                                                
Demand deposits
    
724,419
                      
708,612
                  
Other liabilities
    
32,357
                      
44,246
                  
Total noninterest-bearing liabilities
    
756,776
                      
752,858
                  
Total liabilities
    
2,825,978
                      
2,838,971
                  
Shareholders' equity
    
398,805
                      
333,178
                  
Total liabilities and shareholders' equity
  
$
3,224,783
                    
$
3,172,149
                  
Net interest income  (1)
          
$
31,158
                    
$
30,963
          
Interest rate spread (1)
                    
4.10
%
                    
4.22
%
Net interest margin (1)
                    
4.19
%
                    
4.28
%
Net interest margin (excluding accretion)(1)
                    
4.08
%
                    
4.12
%
Average interest-earning assets to average interest-bearing liabilities
                    
144.2
%
                    
140.5
%
Tax equivalent adjustment
          
$
731
                    
$
712
          
Loan yield components:
                                                
Contractual interest rate on loans held for investment (1)
          
$
22,553
      
4.66
%
          
$
21,638
      
4.69
%
Origination and other loan fee income
            
1,534
      
0.32
%
            
1,850
      
0.40
%
Accretion on purchased loans
            
848
      
0.17
%
            
1,160
      
0.25
%
Syndication fee income
            
87
      
0.02
%
            
353
      
0.08
%
Total loan yield
          
$
25,022
      
5.17
%
          
$
25,001
      
5.42
%
 
(1) Includes tax equivalent adjustment using combined marginal tax rate of 39.225%
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 6
 
 
Average Balance, Average Yield Earned and Average Rate Paid
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except %)
  
                                           
                                           
                                           
   
Three Months Ended
    
Three Months Ended
    
Three Months Ended
  
   
December 31, 2016
    
September 30, 2016
    
June 30, 2016
  
   
Average
balances
  
Interest
income/
expense
  
Average
yield/
rate
    
Average
balances
  
Interest
income/
expense
  
Average
yield/
rate
    
Average
balances
  
Interest
income/
expense
  
Average
yield/
rate
  
Interest-earning assets:
                                          
Loans(1)
  
$
1,811,136
  
$
24,001
  
5.27
%
  
$
1,750,300
  
$
23,633
  
5.37
%
  
$
1,736,493
  
$
24,843
  
5.75
%
Loans held for sale
    
510,219
    
4,167
  
3.25
%
    
409,736
    
2,948
  
2.86
%
    
276,943
    
2,099
  
3.05
%
Securities:
                                                      
Taxable
    
455,275
    
2,350
  
2.05
%
    
454,601
    
2,426
  
2.12
%
    
499,617
    
2,849
  
2.29
%
Tax-exempt(1)
    
108,230
    
1,558
  
5.73
%
    
100,947
    
1,440
  
5.67
%
    
82,368
    
1,390
  
6.79
%
Total Securities(1)
    
563,505
    
3,908
  
2.76
%
    
555,548
    
3,866
  
2.77
%
    
581,985
    
4,239
  
2.93
%
Federal funds sold
    
10,192
    
15
  
0.59
%
    
14,748
    
18
  
0.49
%
    
10,745
    
16
  
0.60
%
Interest-bearing deposits with other financial institutions
    
60,438
    
65
  
0.43
%
    
32,262
    
71
  
0.88
%
    
46,594
    
26
  
0.22
%
FHLB stock
    
6,931
    
65
  
3.73
%
    
6,528
    
65
  
3.96
%
    
6,528
    
66
  
4.07
%
Total interest earning assets(1)
    
2,962,421
    
32,221
  
4.33
%
    
2,769,122
    
30,601
  
4.40
%
    
2,659,288
    
31,289
  
4.73
%
Noninterest Earning Assets:
                                                      
Cash and due from banks
    
43,883
                
46,440
                
46,646
            
Allowance for loan losses
    
(23,283
)
              
(23,493
)
              
(24,625
)
          
Other assets
    
223,377
                
223,601
                
218,766
            
Total noninterest earning assets
    
243,977
                
246,548
                
240,787
            
Total assets
  
$
3,206,398
              
$
3,015,670
              
$
2,900,075
            
Interest-bearing liabilities:
                                                      
Interest bearing deposits:
                                                      
Time deposits
  
$
394,739
  
$
551
  
0.56
%
  
$
400,088
  
$
575
  
0.57
%
  
$
310,744
  
$
441
  
0.57
%
Money market
    
693,790
    
662
  
0.38
%
    
622,430
    
650
  
0.42
%
    
585,947
    
446
  
0.31
%
Negotiable order of withdrawals
    
679,100
    
674
  
0.39
%
    
683,527
    
639
  
0.37
%
    
717,590
    
687
  
0.39
%
Savings deposits
    
132,016
    
51
  
0.15
%
    
130,864
    
51
  
0.16
%
    
220,639
    
156
  
0.28
%
Total interest bearing deposits
    
1,899,645
    
1,938
  
0.41
%
    
1,836,909
    
1,915
  
0.41
%
    
1,834,920
    
1,730
  
0.38
%
Other interest-bearing liabilities:
                                                      
FHLB advances
    
117,825
    
258
  
0.87
%
    
58,803
    
171
  
1.16
%
    
36,773
    
135
  
1.48
%
Other borrowings
    
25,545
    
22
  
0.31
%
    
30,515
    
13
  
0.17
%
    
34,041
    
23
  
0.27
%
Long-term debt
    
32,609
    
317
  
3.89
%
    
39,910
    
289
  
2.88
%
    
41,005
    
434
  
4.26
%
Total other interest-bearing liabilities
    
175,979
    
597
  
1.35
%
    
129,228
    
473
  
1.46
%
    
111,819
    
592
  
2.13
%
Total Interest-bearing liabilities
    
2,075,624
    
2,535
  
0.49
%
    
1,966,137
    
2,388
  
0.48
%
    
1,946,739
    
2,322
  
0.48
%
Noninterest bearing liabilities:
                                                      
Demand deposits
    
768,018
                
738,328
                
668,295
            
Other liabilities
    
43,770
                
34,656
                
25,252
            
Total noninterest-bearing liabilities
    
811,788
                
772,984
                
693,547
            
Total liabilities
    
2,887,412
                
2,739,121
                
2,640,286
            
Shareholders' equity
    
318,986
                
276,549
                
259,790
            
Total liabilities and shareholders' equity
  
$
3,206,398
              
$
3,015,670
              
$
2,900,076
            
Net interest income (1)
        
$
29,686
              
$
28,213
              
$
28,967
      
Interest rate spread (1)
              
3.92
%
              
3.98
%
              
4.36
%
Net interest margin (1)
              
3.99
%
              
4.05
%
              
4.40
%
Net interest margin (excluding accretion)(1)
              
3.94
%
              
3.94
%
              
4.16
%
Average interest-earning assets to average interest-bearing liabilities
              
142.7
%
              
140.8
%
              
136.6
%
Tax equivalent adjustment
        
$
654
              
$
596
              
$
609
      
Loan yield components:
                                                      
Contractual interest rate on loans held for investment (1)
        
$
21,790
  
4.79
%
        
$
20,513
  
4.66
%
        
$
19,927
  
4.61
%
Origination and other loan fee income
          
1,868
  
0.41
%
          
2,306
  
0.52
%
          
2,536
  
0.59
%
Accretion on purchased loans
          
343
  
0.08
%
          
814
  
0.19
%
          
1,555
  
0.36
%
Syndication fee income
          
—
  
—
            
—
  
—
            
825
  
0.19
%
Total loan yield
        
$
24,001
  
5.27
%
        
$
23,633
  
5.37
%
        
$
24,843
  
5.75
%
 
(1) Includes tax equivalent adjustment using combined marginal tax rate of 39.225%
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 7
 
 
Average Balance, Average Yield Earned and Average Rate Paid
  
For the Periods Ended
  
(Unaudited)
  
(In Thousands, Except %)
  
                                     
                                     
   
For the Six Months Ended
    
For the Six Months Ended
  
   
June 30, 2017
    
June 30, 2016
  
   
Average
balances
    
Interest
income/
expense
    
Average
yield/
rate
    
Average
balances
    
Interest
income/
expense
    
Average
yield/
rate
  
Interest-earning assets:
                                    
Loans(1)
  
$
1,906,510
    
$
50,023
      
5.29
%
  
$
1,720,545
    
$
47,148
      
5.51
%
Loans held for sale
    
386,288
      
8,415
      
4.39
%
    
264,166
      
4,153
      
3.16
%
Securities:
                                                
Taxable
    
449,432
      
5,156
      
2.31
%
    
513,516
      
5,870
      
2.30
%
Tax-exempt(1)
    
120,098
      
3,469
      
5.82
%
    
78,998
      
2,550
      
6.49
%
Total Securities(1)
    
569,530
      
8,625
      
3.05
%
    
592,514
      
8,420
      
2.86
%
Federal funds sold
    
11,375
      
50
      
0.89
%
    
12,905
      
31
      
0.48
%
Interest-bearing deposits with other financial institutions
    
75,680
      
329
      
0.88
%
    
57,432
      
149
      
0.52
%
FHLB stock
    
7,743
      
168
      
4.38
%
    
6,528
      
132
      
4.07
%
Total interest earning assets(1)
    
2,957,126
      
67,610
      
4.61
%
    
2,654,090
      
60,033
      
4.55
%
Noninterest Earning Assets:
                                                
Cash and due from banks
    
50,805
                      
47,900
                  
Allowance for loan losses
    
(22,387
)
                    
(24,590
)
                
Other assets
    
213,067
                      
215,472
                  
Total noninterest earning assets
    
241,485
                      
238,782
                  
Total assets
  
$
3,198,611
                    
$
2,892,872
                  
Interest-bearing liabilities:
                                                
Interest bearing deposits:
                                                
Money market
  
$
726,458
    
$
1,674
      
0.46
%
  
$
571,022
    
$
980
      
0.35
%
Negotiable order of withdrawals
    
715,006
      
1,454
      
0.41
%
    
718,705
      
1,330
      
0.37
%
Savings deposits
    
140,011
      
106
      
0.15
%
    
202,779
      
376
      
0.37
%
Time deposits
    
390,564
      
1,187
      
0.61
%
    
330,455
      
803
      
0.49
%
Total interest bearing deposits
    
1,972,039
      
4,421
      
0.45
%
    
1,822,961
      
3,489
      
0.38
%
Other interest-bearing liabilities:
                                                
FHLB advances
    
56,547
      
383
      
1.37
%
    
15,183
      
259
      
3.43
%
Other borrowings
    
18,096
      
22
      
0.25
%
    
88,403
      
46
      
0.10
%
Long-term debt
    
30,930
      
663
      
4.32
%
    
41,005
      
827
      
4.06
%
Total other interest-bearing liabilities
    
105,573
      
1,068
      
2.04
%
    
144,591
      
1,132
      
1.57
%
Total Interest-bearing liabilities
  
$
2,077,612
    
$
5,489
      
0.53
%
  
$
1,967,552
    
$
4,621
      
0.47
%
Noninterest bearing liabilities:
                                                
Demand deposits
  
$
716,560
                    
$
641,538
                  
Other liabilities
    
38,265
                      
28,637
                  
Total noninterest-bearing liabilities
    
754,825
                      
670,175
                  
Total liabilities
    
2,832,437
                      
2,637,727
                  
Shareholders' equity
    
366,174
                      
255,145
                  
Total liabilities and shareholders' equity
  
$
3,198,611
                    
$
2,892,872
                  
Net interest income (1)
          
$
62,121
                    
$
55,412
          
Interest rate spread (1)
                    
4.16
%
                    
4.16
%
Net interest margin (1)
                    
4.24
%
                    
4.20
%
Net interest margin (excluding accretion)(1)
                    
4.10
%
                    
4.02
%
Average interest-earning assets to average interesting bearing liabilities
                    
142.3
%
                    
134.9
%
Tax equivalent adjustment
          
$
1,443
                    
$
1,111
          
Loan yield components:
                                                
Contractual interest rate on loans held for investment (1)
          
$
44,191
      
4.67
%
          
$
40,043
      
4.68
%
Origination and other loan fee income
            
3,384
      
0.36
%
            
3,899
      
0.46
%
Accretion on purchased loans
            
2,008
      
0.21
%
            
2,381
      
0.28
%
Syndicated fee income
            
440
      
0.05
%
            
825
      
0.10
%
Total loan yield
          
$
50,023
      
5.29
%
          
$
47,148
      
5.51
%
 
(1) Includes tax equivalent adjustment using combined rate of 39.225%
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 8
 
 
Segment Data
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except %)
  
                               
                               
   
2017
    
2016
  
   
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Banking segment
                              
Net interest income
  
$
29,999
    
$
29,856
    
$
28,959
    
$
28,142
    
$
29,217
  
Provision for loan losses
    
(865
)
    
(257
)
    
(752
)
    
71
      
(789
)
Mortgage banking income-retail footprint
    
7,118
      
5,666
      
3,202
      
8,981
      
7,215
  
Other noninterest income
    
5,418
      
6,007
      
5,155
      
7,024
      
8,223
  
Other noninterest mortgage banking expenses
    
5,368
      
4,836
      
1,950
      
6,215
      
4,072
  
Noninterest expense
    
23,966
      
23,911
      
23,080
      
25,570
      
24,072
  
Pre-tax income after allocations
  
$
14,066
    
$
13,039
    
$
13,038
    
$
12,291
    
$
17,300
  
Total assets
    
2,878,437
      
2,705,118
      
2,752,773
      
2,661,116
      
2,508,867
  
Intracompany funding income included in net interest income
    
3,831
      
3,551
      
4,081
      
3,473
      
2,824
  
Core efficiency ratio*
    
60.42
%
    
64.41
%
    
62.57
%
    
65.22
%
    
63.06
%
Mortgage segment
                                        
Net interest income
  
$
428
    
$
395
    
$
40
    
$
(525
)
  
$
(859
)
Provision for loan losses
    
-
      
-
      
-
      
-
      
-
  
Noninterest income
    
23,121
      
19,414
      
22,975
      
27,957
      
22,918
  
Noninterest expense
    
19,802
      
17,670
      
22,256
      
23,744
      
22,451
  
Direct contribution
  
$
3,747
    
$
2,139
    
$
759
    
$
3,688
    
$
(392
)
Total assets
    
468,133
      
461,341
      
524,108
      
526,064
      
409,091
  
Intracompany funding expense included in net interest income
    
3,831
      
3,551
      
4,081
      
3,473
      
2,824
  
Core efficiency ratio*
    
78.33
%
    
88.73
%
    
92.50
%
    
76.34
%
    
76.52
%
Interest rate lock commitments volume during the period
                                        
Consumer direct
  
$
780,179
    
$
616,330
    
$
645,896
    
$
1,019,557
    
$
883,395
  
Third party origination (TPO)
    
296,034
      
258,996
      
228,982
      
248,092
      
240,477
  
Retail
    
379,530
      
282,698
      
256,812
      
329,527
      
313,404
  
Correspondent
    
701,846
      
440,206
      
331,622
      
221,562
      
26,810
  
Total
  
$
2,157,589
    
$
1,598,230
    
$
1,463,312
    
$
1,818,738
    
$
1,464,086
  
Interest rate lock commitments pipeline (period end)
                                        
Consumer direct
  
$
222,504
    
$
158,393
    
$
307,699
    
$
573,636
    
$
479,005
  
Third party origination (TPO)
    
88,938
      
101,509
      
79,967
      
97,353
      
105,590
  
Retail
    
119,158
      
93,184
      
77,033
      
107,419
      
122,951
  
Correspondent
    
115,919
      
95,923
      
68,221
      
72,092
      
20,392
  
Total
  
$
546,519
    
$
449,009
    
$
532,920
    
$
850,500
    
$
727,938
  
Mortgage sales
                                        
Consumer direct
   $ 
498,997
     $ 
647,535
     $ 
777,169
     $ 
607,905
     $ 
540,044
  
Third party origination (TPO)
    
209,185
      
199,160
      
191,420
      
194,440
      
165,135
  
Retail
    
66,640
      
61,425
      
66,967
      
65,970
      
62,981
  
Retail footprint
    
200,157
      
186,988
      
195,280
      
191,195
      
157,859
  
Reverse
    
17,870
      
22,337
      
24,422
      
18,946
      
13,738
  
Correspondent
    
542,410
      
373,822
      
291,651
      
91,306
      
-
  
Total
   $ 
1,535,259
     $ 
1,491,267
     $ 
1,546,909
     $ 
1,169,762
     $ 
939,757
  
 
                                        
Gains from origination and sale of mortgage loans held for sale
  
$
23,920
    
$
27,577
    
$
29,518
    
$
25,477
    
$
22,867
  
Net change in fair value of loans held for sale and derivatives
    
5,412
      
(4,744
)
    
(7,092
)
    
7,800
      
4,611
  
Change in fair value of mortgage servicing rights
    
(1,840
)
    
(501
)
    
-
      
-
      
-
  
Mortgage servicing income
    
2,747
      
2,748
      
3,751
      
3,661
      
2,655
  
Total mortgage banking income
  
$
30,239
    
$
25,080
    
$
26,177
    
$
36,938
    
$
30,133
  
Mortgage sale margin (a)
    
1.56
%
    
1.85
%
    
1.91
%
    
2.18
%
    
2.43
%
 
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and Use of Non-GAAP financial measures” and the corresponding financial tables below for a reconciliation and discussion of these non-GAAP measures.
(a) Calculated by dividing gains from sale of mortgage loans held for sale by total mortgage sales
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 9
 
 
Loans and Deposits by Market
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands)
  
                               
                               
   
2017
    
2016
  
   
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Loans by market
                              
Metropolitan
  
$
1,461,129
    
$
1,402,189
    
$
1,352,181
    
$
1,296,673
    
$
1,258,548
  
Community
    
476,320
      
473,453
      
468,245
      
465,946
      
464,876
  
Other
    
33,525
      
25,353
      
28,358
      
30,724
      
26,880
  
Total
  
$
1,970,974
    
$
1,900,995
    
$
1,848,784
    
$
1,793,343
    
$
1,750,304
  
Deposits by market
                                        
Metropolitan
    
1,598,574
      
1,553,931
      
1,554,929
    
$
1,496,718
    
$
1,385,562
  
Community
    
1,085,345
      
1,109,043
      
1,072,242
      
1,085,126
      
1,090,499
  
Mortgage (1)
    
49,970
      
43,775
      
46,773
      
64,298
      
44,138
  
Other
    
(6,296
)
    
(5,550
)
    
(2,382
)
    
(6,070
)
    
(5,902
)
Total
  
$
2,727,593
    
$
2,701,199
    
$
2,671,562
    
$
2,640,072
    
$
2,514,297
  
 
(1) Deposits related to escrow balances from mortgage servicing portfolio
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 10
 
 
Loan Portfolio and Asset Quality
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except %)
  
   
                                                             
   
2017
    
2016
  
   
June 30,
2017
    
% of
Total
    
March 31,
2017
    
% of
Total
    
December 31,
2016
    
% of
Total
    
September 30,
2016
    
% of
Total
    
June 30,
2016
    
% of
Total
  
Loan portfolio
                                                            
Commercial and industrial
  
$
423,704
    
21
%
  
$
399,333
    
21
%
  
$
386,233
    
21
%
  
$
360,816
    
20
%
  
$
346,381
    
20
%
Construction
    
282,727
    
14
%
    
267,998
    
14
%
    
245,905
    
13
%
    
234,486
    
13
%
    
216,181
    
12
%
Residential real estate:
                                                                      
1-to-4 family mortgage
    
307,152
    
16
%
    
302,166
    
16
%
    
294,924
    
16
%
    
286,605
    
16
%
    
287,989
    
16
%
Residential line of credit
    
177,783
    
9
%
    
177,928
    
9
%
    
177,190
    
10
%
    
173,898
    
10
%
    
174,525
    
10
%
Multi-family mortgage
    
52,810
    
3
%
    
45,244
    
2
%
    
44,977
    
2
%
    
54,129
    
3
%
    
41,005
    
2
%
Commercial real estate:
                                                                      
Owner occupied
    
371,462
    
19
%
    
359,120
    
19
%
    
357,346
    
19
%
    
370,326
    
21
%
    
363,737
    
21
%
Non-owner occupied
    
273,285
    
14
%
    
273,716
    
15
%
    
267,902
    
15
%
    
237,550
    
13
%
    
237,252
    
14
%
Consumer and other
    
82,051
    
4
%
    
75,490
    
4
%
    
74,307
    
4
%
    
75,533
    
4
%
    
83,234
    
5
%
       Total loans held for investment
  
$
1,970,974
    
100
%
  
$
1,900,995
    
100
%
  
$
1,848,784
    
100
%
  
$
1,793,343
    
100
%
  
$
1,750,304
    
100
%
                                                                       
Allowance for loan losses rollforward summary
                                                                      
Allowance for loan losses at the beginning of the period
  
$
22,898
          
$
21,747
          
$
23,290
          
$
23,734
          
$
24,431
        
Charge-off's
    
(791
)
          
(442
)
          
(1,230
)
          
(714
)
          
(654
)
      
Recoveries
    
2,005
            
1,850
            
439
            
199
            
746
        
Provision for loan losses
    
(865
)
          
(257
)
          
(752
)
          
71
            
(789
)
      
Allowance for loan losses at the end of the period
  
$
23,247
          
$
22,898
          
$
21,747
          
$
23,290
          
$
23,734
        
                                                                       
Allowance for loan losses as a percentage of total loans held for investment
    
1.18
%
          
1.20
%
          
1.18
%
          
1.30
%
          
1.36
%
      
                                                                       
Charge-offs
                                                                      
Commercial and Industrial
  
$
(131
)
        
$
(169
)
        
$
(6
)
        
$
(358
)
        
$
(196
)
      
Construction
    
-
            
(6
)
          
-
            
-
            
(2
)
      
Residential real estate:
                                                                      
     1-to-4 family mortgage
    
(35
)
          
(88
)
          
(5
)
          
(166
)
          
(53
)
      
     Residential line of credit
    
(195
)
          
-
            
(28
)
          
(29
)
          
(75
)
      
     Multi-family mortgage
    
-
            
-
            
-
            
-
            
-
        
Commercial real estate:
                                                                      
     Owner occupied
    
-
            
-
            
(156
)
          
-
            
(93
)
      
     Non-owner occupied
    
-
            
-
            
(527
)
          
-
            
-
        
Consumer and other
    
(430
)
          
(179
)
          
(508
)
          
(161
)
          
(235
)
      
          Total Charge Offs:
    
(791
)
          
(442
)
          
(1,230
)
          
(714
)
          
(654
)
      
Recoveries
                                                                      
Commercial and Industrial
    
1,511
            
83
            
44
            
8
            
462
        
Construction
    
29
            
29
            
79
            
32
            
64
        
Residential real estate:
                                                                      
     1-to-4 family mortgage
    
14
            
26
            
18
            
2
            
45
        
     Residential line of credit
    
155
            
56
            
31
            
36
            
70
        
     Multi-family mortgage
    
-
            
-
            
-
            
-
            
-
        
Commercial real estate:
                                                                      
     Owner occupied
    
11
            
4
            
125
            
4
            
5
        
     Non-owner occupied
    
2
            
1,639
            
168
            
22
            
1
        
Consumer and other
    
283
            
13
            
(26
)
          
95
            
99
        
          Total Recoveries:
    
2,005
            
1,850
            
439
            
199
            
746
        
                 Net recoveries (charge-off's)
  
$
1,214
          
$
1,408
          
$
(791
)
        
$
(515
)
        
$
92
        
                                                                       
Net recoveries (charge-off's) as a percentage of average total loans
    
0.25
%
          
0.31
%
          
(0.17
%)
          
(0.12
%)
          
0.02
%
      
                                                                       
Loans classified as substandard
  
$
36,455
          
$
37,556
          
$
38,585
          
$
40,056
          
$
41,709
        
                                                                       
Nonperforming assets
                                                                      
Past due 90 days or more and accruing interest
  
$
1,619
          
$
1,590
          
$
1,329
          
$
1,342
          
$
1,354
        
Non-accrual
    
8,327
            
7,706
            
8,729
            
9,622
            
9,752
        
Total nonperforming loans
  
$
9,946
          
$
9,296
          
$
10,058
          
$
10,964
          
$
11,106
        
Other real estate owned
    
6,370
            
6,811
            
7,403
            
8,964
            
9,902
        
Other assets
    
3,154
            
1,654
            
1,654
            
1,654
            
1,654
        
Total nonperforming assets
  
$
19,470
          
$
17,761
          
$
19,115
          
$
21,582
          
$
22,662
        
Total nonperforming loans as a percentage of loans held for investment
    
0.50
%
          
0.49
%
          
0.57
%
          
0.61
%
          
0.63
%
      
Total nonperforming assets as a percentage of total assets
    
0.58
%
          
0.56
%
          
0.58
%
          
0.68
%
          
0.78
%
      
Total accruing loans over 90 days delinquent as  a percentage of total assets
    
0.05
%
          
0.05
%
          
0.04
%
          
0.04
%
          
0.05
%
      
Loans restructured as troubled debt restructurings
  
$
8,488
          
$
8,681
          
$
8,802
          
$
10,125
          
$
14,970
        
Troubled debt restructurings as a percentage of  loans held for investment
    
0.43
%
          
0.46
%
          
0.48
%
          
0.56
%
          
0.86
%
      
 
Note: During the fourth quarter of 2016, the Company realigned certain loan call report codes to better align with financial reporting categories. All periods shown have been amended to reflect this change.
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 11
 
Capital Ratios
  
(Unaudited)
  
(In Thousands, Except %)
  
             
             
Computation of Tangible Common Equity to Tangible Assets:
  
June 30, 2017
    
December 31, 2016
  
             
Total Equity
  
$
509,517
    
$
330,498
  
Less:
                
Goodwill
    
46,867
      
46,867
  
Other intangibles
    
4,048
      
4,563
  
Tangible Common Equity
  
$
458,602
    
$
279,068
  
                 
Total Assets
  
$
3,346,570
    
$
3,276,881
  
Less:
                
Goodwill
    
46,867
      
46,867
  
Other intangibles
    
4,048
      
4,563
  
Tangible Assets
  
$
3,295,655
    
$
3,225,451
  
                 
Total Common Equity to Total Assets
    
15.23
%
    
10.09
%
Tangible Common Equity to Tangible Assets*
    
13.92
%
    
8.65
%
                 
                 
   
June 30, 2017
    
December 31, 2016
  
Preliminary Regulatory Capital Ratios:
                
Common Equity Tier 1 Capital
  
$
463,642
    
$
287,146
  
Tier 1 Capital
  
$
493,642
    
$
317,146
  
Total Capital
  
$
516,889
    
$
338,893
  
                 
Preliminary Regulatory Capital Ratios:
                
Common Equity Tier 1
    
17.16
%
    
11.04
%
Tier 1 Risk-Based
    
18.28
%
    
12.19
%
Total Risk-Based
    
19.14
%
    
13.03
%
Tier 1 Leverage
    
15.54
%
    
10.05
%
                 
                 
*These measures are considered non-GAAP financial measures. See “GAAP Reconciliation and
Use of Non-GAAP financial measures” and the corresponding financial tables below for a
reconciliation and discussion of these non-GAAP measures.
  
 
 
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 12
 
 
Investment Portfolio
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except %)
  
                                                             
                                                             
   
2017
    
2016
  
Securities available for sale (at fair value)
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Debt securities
                                                            
U.S. government agency securities
  
$
990
      
0
%
  
$
987
      
0
%
  
$
985
      
0
%
  
$
2,501
      
0
%
  
$
15,510
      
3
%
Mortgage-backed securities - residential
    
410,708
      
74
%
    
425,943
      
75
%
    
443,908
      
76
%
    
433,564
      
78
%
    
425,311
      
77
%
Municipals, tax exempt
    
122,698
      
22
%
    
120,560
      
21
%
    
116,923
      
20
%
    
104,112
      
19
%
    
96,001
      
17
%
Treasury securities
    
10,310
      
2
%
    
11,773
      
2
%
    
11,757
      
2
%
    
4,506
      
1
%
    
4,513
      
1
%
Total debt securities
    
544,706
      
98
%
    
559,263
      
98
%
    
573,573
      
98
%
    
544,683
      
98
%
    
541,335
      
98
%
Equity securities
    
8,651
      
2
%
    
8,623
      
2
%
    
8,610
      
2
%
    
8,674
      
2
%
    
8,972
      
2
%
Total securities available-for-sale
  
$
553,357
      
100
%
  
$
567,886
      
100
%
  
$
582,183
      
100
%
  
$
553,357
      
100
%
  
$
550,307
      
100
%
                                                                                 
Securities available for sale to total assets
    
16.54
%
            
17.93
%
            
17.77
%
            
17.36
%
            
18.86
%
        
 
 
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 13
 
 
Non-GAAP Reconciliation
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except Share Data and %)
  
                               
   
2017
    
2016
  
Pro forma core net income
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Pre-tax net income
  
$
17,813
    
$
15,178
    
$
13,797
    
$
15,979
    
$
16,908
  
Non-core items:
                                        
Noninterest income
                                        
Less change in fair value on mortgage servicing rights
    
(1,840
)
    
(501
)
    
-
      
-
      
-
  
Less gain on sale of securities
    
29
      
1
      
-
      
416
      
2,591
  
Less gain (loss) on sales or write-downs of foreclosed and other assets
    
62
      
748
      
(349
)
    
1,653
      
(254
)
Noninterest expenses
                                        
Plus one-time equity grants
    
-
      
-
      
-
      
2,960
      
-
  
Plus variable compensation charge related to cash settled equity awards
    
-
      
635
      
1,041
      
213
      
-
  
Plus merger and conversion
    
767
      
487
      
-
      
1,122
      
1,540
  
Plus (recovery of) impairment of mortgage servicing rights
    
-
      
-
      
(3,411
)
    
2,402
      
4,914
  
Plus loss on sale of mortgage servicing rights
    
249
      
-
      
4,447
      
-
      
-
  
Pre tax core net income
  
$
20,578
    
$
16,052
    
$
16,223
    
$
20,607
    
$
21,025
  
Pro forma core income tax expense
    
7,659
      
5,768
      
5,739
      
7,672
      
7,874
  
Pro forma core net income
  
$
12,919
    
$
10,284
    
$
10,484
    
$
12,935
    
$
13,151
  
Weighted average common shares outstanding fully diluted
    
26,301,458
      
24,610,991
      
24,500,943
      
18,332,192
      
17,180,000
  
                                         
Pro forma core diluted earnings per share
                                        
Diluted earning per share
  
$
0.43
    
$
0.40
    
$
0.37
    
$
0.07
    
$
0.92
  
Non-core items:
                                        
Noninterest income
                                        
Less change in fair value on mortgage servicing rights
    
(0.07
)
    
(0.02
)
    
-
      
-
      
-
  
Less gain on sale of securities
    
0.00
      
0.00
      
0.00
      
0.02
      
0.15
  
Less (loss) gain on sales or write-downs of foreclosed and other assets
    
0.00
      
0.03
      
(0.01
)
    
0.09
      
(0.01
)
                                         
Noninterest expenses
                                        
Plus one-time equity grants
    
-
      
-
      
-
      
0.16
      
-
  
Plus variable compensation charge related to cash settled equity awards
    
-
      
0.03
      
0.04
      
0.01
      
-
  
Plus merger and conversion
    
0.03
      
0.02
      
-
      
0.06
      
0.09
  
Plus (recovery of) impairment of mortgage servicing rights
    
-
      
-
      
(0.14
)
    
0.13
      
0.29
  
Plus loss on sale of mortgage servicing rights
    
0.01
      
-
      
0.18
      
-
      
-
  
Tax effect
    
(0.0
)
    
(0.0
)
    
(0.04
)
    
0.39
      
(0.39
)
Pro forma core diluted earnings per share
  
$
0.49
    
$
0.42
    
$
0.43
    
$
0.71
    
$
0.77
  
                                         
                                         
                                         
    2017     2016   
Core efficiency ratio (tax-equivalent basis)
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Total noninterest expense
  
$
49,136
    
$
46,417
    
$
47,319
    
$
55,249
    
$
50,595
  
Less one-time equity grants
    
-
      
-
      
-
      
2,960
      
-
  
Less variable compensation charge related to cash settled equity awards
    
-
      
635
      
1,041
      
213
      
-
  
Less merger and conversion expenses
    
767
      
487
      
-
      
1,122
      
1,540
  
Less (recovery of) impairment of mortgage servicing rights
    
-
      
-
      
(3,411
)
    
2,402
      
4,914
  
Less loss on sale of mortgage servicing rights
    
249
      
-
      
4,447
      
-
      
-
  
Core noninterest expense
  
$
48,120
    
$
45,295
    
$
45,242
    
$
48,832
    
$
44,141
  
Net interest income (tax-equivalent basis)
    
31,158
      
30,963
      
29,686
      
28,213
      
28,967
  
Total noninterest income
    
35,657
      
31,087
      
31,332
      
43,962
      
38,356
  
Less change in fair value on mortgage servicing rights
    
(1,840
)
    
(501
)
    
-
      
-
      
-
  
Less gain on sales or write-downs of foreclosed and other assets
    
62
      
748
      
(349
)
    
1,653
      
(254
)
Less gain on sales of securities
    
29
      
1
      
-
      
416
      
2,591
  
Core noninterest income
    
37,406
      
30,839
      
31,681
      
41,893
      
36,019
  
Core revenue
  
$
68,564
    
$
61,802
    
$
61,367
    
$
70,106
    
$
64,986
  
Efficiency ratio (GAAP)(1)
    
74.35
%
    
75.67
%
    
78.39
%
    
77.58
%
    
75.84
%
Core efficiency ratio (tax-equivalent basis)
    
70.18
%
    
73.29
%
    
73.72
%
    
69.65
%
    
67.92
%
                                         
(1) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total revenue
  
 
 
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 14
 
 
Non-GAAP Reconciliation
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except Share Data and %)
  
                               
   
2017
    
2016
  
Banking segment core efficiency ratio (tax equivalent)
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Core consolidated noninterest expense
  
$
48,120
    
$
45,295
    
$
45,242
    
$
48,832
    
$
44,141
  
Less Mortgage segment noninterest expense
    
19,802
      
17,670
      
22,256
      
23,744
      
22,451
  
Add (recovery of) impairment of mortgage servicing rights
    
-
      
-
      
(3,411
)
    
2,402
      
4,914
  
Add loss on sale of mortgage servicing rights
    
249
      
-
      
4,447
      
-
      
-
  
Adjusted Banking segment noninterest expense
    
28,567
      
27,625
      
24,022
      
27,490
      
26,604
  
Adjusted core revenue
    
68,564
      
61,802
      
61,367
      
70,106
      
65,109
  
Less Mortgage segment noninterest income
    
23,121
      
19,414
      
22,975
      
27,957
      
22,918
  
Less change in fair value on mortgage servicing rights
    
(1,840
)
    
(501
)
    
-
      
-
      
-
  
Adjusted Banking segment total revenue
  
$
47,283
    
$
42,889
    
$
38,392
    
$
42,149
    
$
42,191
  
Banking segment core efficiency ratio (tax-equivalent basis)
    
60.42
%
    
64.41
%
    
62.57
%
    
65.22
%
    
63.06
%
                                         
Mortgage segment core efficiency ratio (tax equivalent)
                                  
Consolidated Noninterest expense
  
$
49,136
    
$
46,417
    
$
47,319
    
$
55,529
    
$
50,595
  
Less impairment of mortgage servicing rights
    
-
      
-
      
(3,411
)
    
2,402
      
4,914
  
Less loss on sale of mortgage servicing rights
    
249
      
-
      
4,447
      
-
      
-
  
Less Banking segment noninterest expense
    
29,334
      
28,747
      
25,030
      
31,785
      
28,144
  
Adjusted Mortgage segment noninterest expense
  
$
19,553
    
$
17,670
    
$
21,253
    
$
21,342
    
$
17,537
  
Total noninterest income
    
35,657
      
31,087
      
31,332
      
43,962
      
38,356
  
Less Banking segment noninterest income
    
12,536
      
11,673
      
8,357
      
16,005
      
15,438
  
Less change in fair value on mortgage servicing rights
    
(1,840
)
    
(501
)
    
-
      
-
      
-
  
Adjusted Mortgage segment total revenue
  
$
24,961
    
$
19,915
    
$
22,975
    
$
27,957
    
$
22,918
  
Mortgage segment core efficiency ratio (tax-equivalent basis)
    
78.33
%
    
88.73
%
    
92.50
%
    
76.34
%
    
76.52
%
                                         
                                         
    2017     2016   
Tangible assets and equity
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Tangible Assets
                                        
Total assets
  
$
3,346,570
    
$
3,166,459
    
$
3,276,881
    
$
3,187,180
    
$
2,917,958
  
Less goodwill
    
46,867
      
46,867
      
46,867
      
46,867
      
46,867
  
Less core deposit intangibles
    
4,048
      
4,171
      
4,563
      
5,090
      
5,616
  
Tangible assets
  
$
3,295,655
    
$
3,115,421
    
$
3,255,451
    
$
3,135,223
    
$
2,865,475
  
Tangible Common Equity
                                        
Total shareholders' equity
  
$
509,517
    
$
342,142
    
$
330,498
    
$
329,108
    
$
265,768
  
Less goodwill
    
46,867
      
46,867
      
46,867
      
46,867
      
46,867
  
Less core deposit intangibles
    
4,048
      
4,171
      
4,563
      
5,090
      
5,616
  
Tangible common equity
  
$
458,602
    
$
291,104
    
$
279,068
    
$
277,151
    
$
213,285
  
Common shares outstanding
    
28,968,160
      
24,154,323
      
24,107,660
      
23,975,122
      
17,180,000
  
Book value per common share
  
$
17.59
    
$
14.16
    
$
13.71
    
$
13.73
    
$
15.47
  
Tangible book value per common share
  
$
15.83
    
$
12.05
    
$
11.58
    
$
11.56
    
$
12.41
  
Total shareholders' equity to total assets
    
15.23
%
    
10.81
%
    
10.09
%
    
10.33
%
    
9.11
%
Tangible common equity to tangible assets
    
13.92
%
    
9.34
%
    
8.65
%
    
8.84
%
    
7.44
%
Net income
  
$
11,239
    
$
9,753
    
$
9,010
    
$
1,207
    
$
15,775
  
Return on tangible common equity
    
9.83
%
    
13.59
%
    
12.84
%
    
1.73
%
    
29.75
%
                                         
                                         
    2017     2016  
Return on average tangible common equity
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Total average shareholders' equity
  
$
398,805
    
$
333,178
    
$
318,986
    
$
276,549
    
$
259,790
  
Less average goodwill
    
46,839
      
46,839
      
46,839
      
46,839
      
46,839
  
Less average core deposit intangibles
    
4,124
      
4,353
      
4,694
      
5,402
      
5,912
  
Average tangible common equity
  
$
347,842
    
$
281,986
    
$
267,453
    
$
224,308
    
$
207,039
  
Net income
  
$
11,239
    
$
9,753
    
$
9,010
    
$
1,207
    
$
15,775
  
Return on average tangible common equity
    
12.96
%
    
14.03
%
    
13.40
%
    
2.14
%
    
30.64
%
                                         
                                         
    2017       2016   
Pro forma return on average tangible common equity
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Average tangible common equity
  
$
347,842
    
$
281,986
    
$
267,453
    
$
224,308
    
$
207,039
  
Pro forma net income
  
$
11,239
    
$
9,753
    
$
9,010
    
$
10,033
    
$
10,576
  
Pro forma return on average tangible common equity
    
12.96
%
    
14.03
%
    
13.40
%
    
17.79
%
    
20.55
%
 
 
 
FB Financial Corporation
Second Quarter 2017
Supplemental Financial Information
Page 15
 
 
Non-GAAP Reconciliation
  
For the Quarters Ended
  
(Unaudited)
  
(In Thousands, Except Share Data and %)
  
                               
                               
   
2017
    
2016
  
Pro forma core return on average tangible equity
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Pre-tax pro forma net income
  
$
17,813
    
$
15,178
    
$
13,797
    
$
15,979
    
$
16,908
  
Adjustments:
                                        
Add non-core items
    
2,765
      
874
      
2,426
      
4,628
      
4,117
  
Less pro forma core income tax expense
    
7,659
      
5,768
      
5,739
      
7,672
      
7,874
  
Pro forma core net income
  
$
12,919
    
$
10,284
    
$
10,484
    
$
12,935
    
$
13,151
  
Pro forma core return on average tangible common equity
    
14.90
%
    
14.79
%
    
15.60
%
    
22.94
%
    
25.55
%
                                         
    2017       2016   
Pro forma core return on average assets and equity
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Net income
  
$
11,239
    
$
9,753
    
$
9,010
    
$
1,207
    
$
15,775
  
Average assets
    
3,224,783
      
3,172,149
      
3,206,398
      
3,015,670
      
2,900,074
  
Average equity
    
398,805
      
333,178
      
318,986
      
276,549
      
259,790
  
Return on average assets
    
1.40
%
    
1.25
%
    
1.12
%
    
0.16
%
    
2.19
%
Return on average equity
    
11.30
%
    
11.87
%
    
11.24
%
    
1.74
%
    
24.42
%
Pro forma core net income
    
12,919
      
10,284
      
10,484
      
12,935
      
13,151
  
Pro forma core return on average assets
    
1.61
%
    
1.31
%
    
1.30
%
    
1.71
%
    
1.82
%
Pro forma core return on average equity
    
12.99
%
    
12.52
%
    
13.08
%
    
18.61
%
    
20.36
%
                                         
                                         
    2017        2016        
Pro forma core total revenue
  
Second Quarter
    
First Quarter
    
Fourth Quarter
    
Third Quarter
    
Second Quarter
  
Net interest income
  
$
30,427
    
$
30,251
    
$
29,032
    
$
27,617
    
$
28,358
  
Noninterest income
    
35,657
      
31,087
      
31,332
      
43,962
      
38,356
  
Less adjustments:
                                        
Change in fair value of mortgage servicing rights
    
(1,840
)
    
(501
)
    
-
      
-
      
-
  
Gain on sale of securities
    
29
      
1
      
-
      
416
      
2,591
  
Gain (loss) on sales or write-downs of foreclosed and other assets
    
62
      
748
      
(349
)
    
1,653
      
(254
)
Pro forma core total revenue
  
$
67,833
    
$
61,090
    
$
60,713
    
$
69,510
    
$
64,377
  
 

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