FB Financial Corporation

Good morning and welcome to FB Financial Corporation's third quarter 2025 earnings conference call. Hosting the call today from FB Financial are Chris Holmes, President and Chief Executive Officer, and Michael Mati, Chief Operating Officer and Chief Financial Officer. Please note FB Financial's earnings release, supplemental financial information, and this morning's presentation are available on the Investor Relations page of the company's website at www.firstbankonline.com and on the Securities and Exchange Commission's website at www.sec.gov. Today's call is being recorded and will be available for replay on FB Financial's website approximately an hour after the conclusion of the call. At this time, all participants have been placed in a listen-only mode. The call will be open for questions after the presentation. During the presentation, FV Financial may make comments which constitute forward-looking statements under the federal securities laws. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks, uncertainties, and other factors that may cause actual results and performance or achievements of FV Financial to differ materially from any results expressed or implied by such forward-looking statements. Many of such factors are beyond FB Financial's ability to control or predict, and listeners are cautioned not to put undue reliance on such forward-looking statements. A more detailed description of these and other risks that may cause actual results to materially differ from expectations is contained in FB Financial's periodic and current reports filed with the SEC, including FB Financial's most recent Form 10-K. Except as required by law, FB Financial disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events, or otherwise. In addition, these remarks may contain non-GAAP financial measures as defined by SEC Regulation G. A presentation of the most directly comparable GAAP financial measures and a reconciliation of the non-GAAP measures to comparable GAAP measures is available in FV Financial's earnings release, supplemental financial information, and this morning's presentation, which are available on the investor relations page of the company's website at www.firstbankonline.com and on the SEC's website at www.sec.gov. I would now like to turn the presentation over to Mr. Chris Holmes, FB Financial's President and CEO.

All right, good morning. Thank you, Drew, and thanks to everybody for joining us this morning. And as always, thanks for your interest in FB Financial. For the quarter, we reported EPS 43 cents, an adjusted EPS of $1.07. We've grown our tangible book value per share, excluding the impact of AOCI, at a compounded annual growth rate of 11.8% since our IPO. This quarter, we completed the merger with Southern States Bank Shares, and as a result, you'll see that impact throughout our financial results. This is our first quarter reporting on the combined entities. We'll walk through our results, which include the full impact of the transaction, but also highlight our core operating results where we think that's helpful for you. Our pre-tax, pre-provision net revenue or PPNR for the quarter was $64 million or $81 million on an adjusted basis. Earnings were led by a net interest margin of 3.95% and an efficiency ratio of 63.2% or 53.3% on an adjusted basis. Adjusted returns were improved, reporting a return on average assets of 0.58% or 1.43% on an adjusted basis and a return on tangible common equity of 5.82% or 14.7% on an adjusted basis. As noted, we did complete our merger with Southern States, officially closing the transaction on July 1st, and we completed the systems conversion over Labor Day weekend. When we opened our doors for business after conversion on September 2nd, we were fully transitioned to operating as a single team and serving our customers under one brand. We accomplished our internal targets of closing and converting the transaction which was announced on March 31st by Labor Day, which was a proud moment for our team members. I'm proud of our team for their execution in moving us from announcement to legal close in about 90 days and then completing the full systems conversion 60 days later. I want to recognize and congratulate this team for your commitment to the company and to each other.

Thank you.