On this page of StockholderLetter.com we present the latest annual shareholder letter from FB Financial Corp — ticker symbol FBK. Reading current and past FBK letters to shareholders can bring important insights into the investment thesis.

 •  4/6/2026 Letter Continued (Full PDF)
 •  4/25/2023 FBK Stockholder Letter
 •  4/8/2024 FBK Stockholder Letter
 •  4/7/2025 FBK Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  FBK Benford's Law Stock Score = 98

FBK Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT 2025
MORE REACH.
SAME PROMISE.

   WITH A STRENGTHENED PRESENCE
IN GROWING COMMUNITIES ACROSS
THE SOUTHEAST, THE FOUNDATION
IS SOLID, THE PATH IS CLEAR,
AND OUR TIME IS NOW.   
    Christopher T. Holmes
President & CEO

OUR REACH.
OUR PROMISE.
OUR TIME.
In an industry where growth often comes at the expense of genuine connection, FirstBank spent
the past year expanding our horizons without outgrowing the values that brought us here.
For more than a century, we have diligently built the capacity to act with confidence when the
right opportunities emerge. Through the strategic integration of Southern States    network in
key markets across the Southeast, we broadened our reach and reaffirmed our commitment
to drive meaningful growth for our clients and consistent value for our shareholders.
FirstBank maintains a relentless focus on asset quality, core deposit growth, and a steadfast
belief in relationships over transactions.
As we build on our 2025 momentum, we do so with the conviction that trust is a currency that
truly scales. We deeply value the trust of our clients, team members, and shareholders, and
we stand equipped to continue delivering on their behalf.
With a strengthened presence in growing communities across the Southeast, we are wellpositioned for what lies ahead. For FirstBank, the foundation is solid, the path is clear, and
our time is now.

TO OUR FELLOW
SHAREHOLDERS
A LETTER FROM CHAIRMAN OF THE
BOARD, WILLIAM F. CARPENTER III
AND PRESIDENT AND CEO,
CHRISTOPHER T. HOLMES
Banking today requires bold vision, a willingness to disrupt, and the agility to execute when an opportunity arises.
FirstBank has spent decades building a foundation of operational excellence and stewarding long-standing relationships
so that we can move confidently when the time is right     and our time is now.
2025 marks a pivotal time in FirstBank   s history. We expanded our reach through a successful merger with Southern
States Bancshares, Inc. (   Southern States   ), uniting two strong banking teams, deepening our client reach in important
markets like Birmingham and Huntsville in Alabama, and expanding into new markets in both Georgia and Alabama.
The Right Partner at the Right Time
Like FirstBank, Southern States built its reputation on local decision-making and strong community banking with
a leading presence in its markets. By joining forces, we bring more resources and additional capacity to a seasoned
group of bankers who understand their respective markets better than our competitors. Together, we will continue
delivering on our core values, investing in our client relationships, and measuring success by the lasting impact we have
in the communities we serve.
Our Time to Expand Our Reach
Growth is more than additional pins on a map or names on deposit ledgers. We are guided by intentional investments
in communities where we can generate lasting value. FirstBank is well-positioned in the economically vibrant Southeast,
combining the strength and stability of a multi-billion-dollar institution with service that is focused on meeting the unique
needs of each client and community.

Scaling Our Standard of Service: FirstBank added 13 full-service branches in 2025, bringing our total to 90 fullservice locations. In addition to the Southern States acquisition, we added a new market in Tuscaloosa, furthering
our reach in Alabama. In partnership with the West Alabama Chamber, Market President Chuck Bracknell and our
local team commemorated the occasion with a successful grand opening celebration. Similarly, FirstBank opened
an additional location in Huntsville, expanding our presence in this dynamic growth market.

Building More Than Branches: Following the devastation of Hurricane Helene, our newly established team
in Asheville, NC lived up to FirstBank   s century-old promise of meeting the most important needs of our clients. Led
by Market President Andy Nadeau, FB Financial, a division of FirstBank, launched    Blue Ridge Rising,    a $75 million
recovery loan program designed to support Western North Carolina businesses still rebuilding. The first-of-its-kind
initiative focused on owner-occupied commercial real estate, offering flexible financing for new construction
and refinancing. FirstBank is proud to support the restoration of Asheville   s business community.
Our Time to Build on the Foundation of a Great Team
Our balance sheet is undeniably strong, but FirstBank   s people are our greatest asset. In an era where many banks are
losing touch with their clients, we are reinforcing our relationship-driven model. We believe that the best person to make
a lending decision in Birmingham, Alabama or Cartersville, Georgia is someone who lives, works, and serves there.

Relationships Over Transactions: To keep in step with our growing team, we deployed our annual company-wide
Associate Engagement Survey. With 90 percent participation, these results helped us enhance our culture
and differentiate our employee experience, solidifying our position as an employer of choice. For the 11th consecutive
year, we were proudly recognized by The Tennessean as a Top Place to Work for 2025. Whether we are serving
a small business owner in Middle Tennessee or a commercial developer in North Georgia, our team is committed
to the important work of bringing clients closer to their dreams.


Strength in Numbers: In 2025, we continued to attract new hires into the FirstBank team. During the year,
we bolstered our leadership ranks by welcoming several seasoned professionals in markets across our footprint.
The acquisition of Southern States welcomed approximately 200 associates to the FirstBank team, including several
new market leaders. Additionally, we   re thrilled to have J. Henry (   Hank   ) Smith IV join the FB Financial Board of
Directors. We also continued our Management-to-Leadership Development Series, which supports new
and emerging leaders as they transition into leadership roles. Since its inception, 155 associates have graduated
from the program and gained valuable skills to contribute to FirstBank   s long-term success.

Partners in Purpose: FirstBank   s reach extends from the branch down the street to little league fields where
our bankers coach their teams, and through our sponsorships and partnerships with the premier institutions that rally
communities across the Southeast. Each year, our name stands strong alongside the champions and headliners
of FirstBank Stadium and FirstBank Amphitheater in Nashville. Across our region, our valued sponsorships ensure
fans of Vanderbilt Athletics, Carson-Newman Athletics, the University of Tennessee at Chattanooga Athletics,
the Chattanooga Lookouts, and the Knoxville Smokies that we proudly support the people and experiences that set
our hometowns apart.
More Assets. Same Accountability.
We haven   t set out to be the biggest bank in the Southeast. We have set out to provide the best client experience,
the best associate experience, and to be the best financial performer. We believe our focus on these strategic priorities
will translate to adding value for our shareholders.
In 2025, FirstBank reported net income of $122.6 million and adjusted net income* of $200.0 million, with adjusted diluted
earnings per share* rising to $3.99, compared to $3.40 in 2024. The year   s performance was supported by a strong net
interest margin of 3.81% and a disciplined focus on credit quality, evidenced by annualized net charge-offs of only 0.06%.
This profitability ensures that as we reach further into new markets, we do so from a position of strength.

A Bolstered Balance Sheet: The acquisition of Southern States increased our scale, bolstered our financial
performance, and extended our geography. The merger brought approximately $2.8 billion in assets, $2.5 billion
in deposits, and $2.3 billion in loans, driving our total assets to $16.3 billion by the end of 2025.

Scale Rooted in Stability: We know that a bank   s reach is only as strong as the trust of its depositors. In 2025,
FirstBank   s total deposits grew to $13.91 billion, a 24% increase over last year. While the merger contributed to this
growth, our ability to retain and expand these balances in a competitive environment is a testament to FirstBank   s
commitment to bringing financial peace of mind to our clients and communities.

The Power of Performance: Our work in 2025 has allowed us to continue our tradition of returning capital to those
who invest in our vision. We   ve consistently increased the dividend each year for the past seven years and recently
announced an 11% increase to $0.21 per share for the first quarter of 2026. This commitment is further evidenced
by our Board   s $150 million stock repurchase authorization, through which we moved decisively in the fourth quarter
to repurchase over 1.7 million shares, or approximately 3% of the company. By executing this strategic transaction
with the estate of Jim Ayers, our late former Executive Chairman of the Board of Directors, we were able to deploy
excess capital in a way that is immediately accretive to earnings while maintaining strong regulatory capital ratios.
Looking forward, we are bullish on the year ahead and confident in our ability to seize the right opportunities. By cementing
our focus on the client and maintaining our award-winning team of associates, we will continue to deliver long-term value
for you and the communities we serve.
Thank you for your continued trust in our vision.
William F. Carpenter III
Chairman of the Board
Christopher T. Holmes
President and CEO
*SEE CURRENT REPORT ON FORM 8-K FILED ON JANUARY 21, 2026, FOR THE DISCUSSION AND RECONCILIATION OF NON-GAAP MEASURE.

4/6/2026 Letter Continued (Full PDF)

 

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