FB Financial Corporation (FBK)

FB Financial Corporation, the parent of FirstBank in Nashville, reported net income of $60.2 million, or $1.20 per diluted share, for the third quarter of 2026 2.

That compares with $1.13 in the previous quarter and $0.43 in the third quarter of last year 2. The year-earlier quarter carried $16.1 million of merger and integration costs 2.

Loans held for investment grew to $13.18 billion, a 9.68 percent annualized increase from the end of June 2.

Net interest margin, the gap between what the bank earns on loans and what it pays for funds, slipped to 3.83 percent from 3.95 percent 2. The release blames higher funding costs relative to earning asset yields 2.

On 24 September 2026 the company sold $125 million of subordinated notes, a form of long-term debt due in 2036 3. It intends to use the money for general corporate purposes, including capital for FirstBank 3.

FirstBank was chartered in 1906, which makes it one of the longest continually operating banks in Tennessee 1.

Its growth changed course in 1984, when an experienced banker and entrepreneur partnered to buy Farmers State Bank 1. In 1990 James W Ayers became the sole shareholder, and he stayed so until the initial public offering in September 2016 1.

From 1984 to 2001 it grew as a community bank, organically and through small acquisitions in West Tennessee 1. In 2001 it opened a branch in each of Nashville and Memphis 1.

A new strategy for the Nashville area in 2012 turned that city into its largest market, with 36.1 percent of total deposits as of 30 June 2025 1.

In August 2020 it completed its then largest merger, with Franklin Financial Network, a deal of $477.8 million 1.

On 1 July 2025 it finished merging with Southern States Bancshares, adding $2.83 billion in assets and $2.47 billion in deposits 1. The merger widened its presence across Alabama and Georgia 1.

Net income rose to $122.6 million in 2025 from $116.1 million in 2024 1. Diluted earnings per share, profit divided by shares, slipped to $2.45 from $2.48 1.

The Banking segment set aside $28.4 million as an initial provision for credit losses, money held back for loans that might go bad, on the loans bought in the Southern States merger 1.

What the bank does

FB Financial is a bank holding company, and its wholly owned bank, FirstBank, offers commercial and consumer banking in Tennessee, Alabama, Kentucky, Georgia and North Carolina 1. As of 31 December 2025 it had 90 full-service branches, $16.30 billion in total assets and $13.91 billion in deposits 1.

Its model gives bankers in each market local decision making authority, so a business owner deals with the person who decides 1.

Banking and Mortgage

It reports two segments, Banking and Mortgage 1. Banking earns mostly from interest on loans and investments, loan-related fees, trust and investment services and deposit fees 1. Mortgage earns mostly from origination fees, gains on selling loans and servicing revenue 1.

Banking earned $134.9 million before taxes in 2025, down from $143.7 million 1. Mortgage earned $3.6 million before taxes, up from $3.0 million 1.

Mortgage banking income was $52.4 million in 2025 against $46.6 million in 2024 1. In the third quarter of 2026 it was $9.4 million, compared with $11.2 million in the prior quarter 2.

Markets, rivals and people

Its markets include Nashville, Chattanooga, Knoxville, Memphis, Birmingham and Huntsville, plus Bowling Green in Kentucky and Asheville in North Carolina 1.

In metropolitan markets it competes with national and regional banks and with community banks, and in community markets mainly with community banks under $1 billion in assets 1.

Christopher T Holmes is president and chief executive, and Michael Mettee is chief financial officer and chief operating officer 2. The company employed 1,594 full-time equivalent associates on 31 December 2025 1.

The annual report says no material legal proceedings are pending against the company or its subsidiaries 1.

The umbrella, in words

The parent owns FirstBank, its wholly owned bank 1. FirstBank Investments of Tennessee provides investment services to the bank, and a Nevada subsidiary of it holds a controlling interest in FirstBank Preferred Capital, a real estate investment trust 1.

Its common stock has traded on the New York Stock Exchange under FBK since 16 September 2016 1. The annual report lists 71 owned office locations, with the others leased 1.

On 15 September 2025 the board authorized buying back up to $150 million of the company's shares, and the plan ends on 31 January 2027 at the latest 1.

The 6.625 percent subordinated notes bear a fixed rate until 1 October 2031 and a floating rate after that, and they mature on 1 October 2036 3.

The company may redeem the notes beginning 1 October 2031, and any redemption needs Federal Reserve approval where it is then required 3.

Holmes said the recent $125.0 million issuance "provides added flexibility to support future growth" 2. He also said the company is encouraged by the quality of opportunities and the pipelines it sees 2.

No clue on file points to a new direction yet.