FB Financial (FBK) investor relations material

Executive summary

• Net income for Q1 2026 was $57.5 million, with adjusted net income of $58.3 million and diluted EPS of $1.10 ($1.12 adjusted), reflecting strong returns and year-over-year growth.

• Return on average assets was 1.43% (1.45% adjusted), and return on average tangible common equity was 14.7% (15.3% adjusted).

• Loans and deposits grew at annualized rates of ~4% and ~5%, respectively, with momentum in lending pipelines and broad-based growth across commercial, consumer, and real estate segments.

• Received J.D. Power's Retail Banking Award for customer satisfaction and trust in the South Central region.

• Completed Southern States Bancshares merger, adding $2.83 billion in assets, $2.27 billion in loans, and $2.47 billion in deposits, expanding the company’s footprint.

Financial highlights

• Net interest income was $145.97 million, up year-over-year, with net interest margin at 3.94%; total revenue for Q1 2026 was $172.3 million.

• Noninterest income was $26.4 million, with declines in mortgage volume offset by higher BOLI income and service charges.

• Noninterest expense was $95.2 million, down 11% from the prior quarter (7% adjusted), mainly due to lower personnel and merger costs.

• Efficiency ratio improved to 55.2% (54.3% adjusted), with the banking segment delivering 50.9% adjusted efficiency.

• Book value per share was $38.39; tangible book value per share was $31.00.

Outlook and guidance

• Management expects continued loan and deposit growth in the mid to high single-digit range, weighted to the second half of the year.

• Net interest margin (excluding loan accretion) guided to 3.76%-3.8% for the year, with Q2 at the lower end.

• Banking segment noninterest expense expected between $325M and $335M for the year; efficiency ratio to remain in the low 50% range.

• Management remains optimistic about economic conditions, with active pipelines and a focus on profitable growth and disciplined expense management.

• Economic forecasts incorporate market volatility and geopolitical events, with stable unemployment and moderate changes in housing and CRE price indices anticipated.