Reports Q3 Diluted EPS of $0.41, Adjusted
Diluted EPS* of $0.71
FB Financial Corporation (the “Company”) (NYSE: FBK), parent
company of FirstBank, reported net income of $19.2 million, or
$0.41 per diluted common share, for the third quarter of 2023,
compared to $0.75 in the previous quarter and $0.68 in the third
quarter of last year. Excluding the impact of a $14.2 million net
loss on securities and $4.8 million in early retirement and
severance costs, adjusted net income* was $33.2 million, or $0.71
per diluted common share, compared to $0.77 in the previous quarter
and $0.68 in the third quarter of last year.
The Company’s deposits were $10.64 billion as of September 30,
2023, compared to $10.87 billion as of June 30, 2023, and $10.01
billion as of September 30, 2022. Loans held for investment (“HFI”)
were $9.29 billion as of the end of the third quarter compared to
$9.33 billion as of the end of the previous quarter and $9.11
billion as of the end of the third quarter last year. The Company
ended the quarter with book value per common share of $29.31,
tangible book value per common share* of $23.93 and adjusted
tangible book value per common share* of $28.04. Net interest
margin (“NIM”) increased to 3.42% for the third quarter of 2023
compared to 3.40% in the prior quarter and 3.93% in the third
quarter of 2022.
President and Chief Executive Officer, Christopher T. Holmes
stated, “The Company had a successful quarter executing on
strategic initiatives to enhance earnings and position for expected
opportunities. Our balance sheet management in the second half of
2022 and during 2023 to ensure ample liquidity, stable funding and
excess capital allows us to focus on improving earnings at this
point in the interest rate cycle. Near the end of the quarter, we
sold $76.6 million of available-for-sale securities and reinvested
the proceeds of that sale into higher-yielding securities, adding
approximately 5% to the yield on those invested funds that will be
accretive in the fourth quarter and future periods. We also had
expense reductions during the quarter which will benefit earnings
moving forward. There will likely be additional balance sheet
enhancements and expense reductions in the fourth quarter, all of
which improve our earnings profile and keep the Company favorably
positioned for opportunities.”
Annualized
(dollars in thousands, except share
data)
Sep 2023
Jun 2023
Sep 2022
Sep 23 / Jun 23
% Change
Sep 23 / Sep 22
% Change
Balance Sheet
Highlights
Investment securities, at fair value
$
1,351,153
$
1,422,391
$
1,485,133
(19.9
)%
(9.02
)%
Loans held for sale
103,858
99,131
130,733
18.9
%
(20.6
)%
Loans HFI
9,287,225
9,326,024
9,105,016
(1.65
)%
2.00
%
Allowance for credit losses on loans
HFI
146,134
140,664
134,476
15.4
%
8.67
%
Allowance for credit losses on unfunded
commitments
11,600
14,810
23,577
(86.0
)%
(50.8
)%
Total assets
12,489,631
12,887,395
12,258,082
(12.2
)%
1.89
%
Interest-bearing deposits
(non-brokered)
8,105,713
8,233,082
7,038,566
(6.14
)%
15.2
%
Brokered deposits
174,920
238,885
1,002
(106.2
)%
NM
Noninterest-bearing deposits
2,358,435
2,400,288
2,966,514
(6.92
)%
(20.5
)%
Total deposits
10,639,068
10,872,255
10,006,082
(8.51
)%
6.33
%
Estimated insured or collateralized
deposits
7,570,639
7,858,761
6,653,463
(14.5
)%
13.8
%
Borrowings
226,689
390,354
722,940
(166.3
)%
(68.6
)%
Total common shareholders' equity
1,372,901
1,386,951
1,281,161
(4.02
)%
7.16
%
Book value per common share
$
29.31
$
29.64
$
27.30
(4.42
)%
7.36
%
Tangible book value per common share*
$
23.93
$
24.23
$
21.85
(4.91
)%
9.52
%
Adjusted tangible book value per common
share*
$
28.04
$
27.72
$
25.84
4.44
%
8.48
%
Total common shareholders' equity to total
assets
11.0
%
10.8
%
10.5
%
Tangible common equity to tangible
assets*
9.16
%
8.98
%
8.54
%
Estimated uninsured and uncollateralized
deposits as a percentage of total deposits
28.8
%
27.7
%
33.5
%
*Non-GAAP financial measure; A
reconciliation of each of these non-GAAP measures to the most
directly comparable GAAP measure is included in the Company's Third
Quarter 2023 Financial Supplement.
NM- Not meaningful
Three Months Ended
(dollars in thousands, except share
data)
Sep 2023
Jun 2023
Sep 2022
Statement of
Income Highlights
Net interest income
$
100,926
$
101,543
$
111,384
NIM
3.42
%
3.40
%
3.93
%
Noninterest income
$
8,042
$
23,813
$
22,592
Loss from securities, net
$
(14,197
)
$
(28
)
$
(140
)
Total revenue
$
108,968
$
125,356
$
133,976
Noninterest expense
$
82,997
$
81,292
$
81,847
Early retirement and severance costs
$
4,809
$
1,426
$
—
Efficiency ratio
76.2
%
64.8
%
61.1
%
Core efficiency ratio*
63.1
%
63.5
%
60.7
%
Pre-tax, pre-provision earnings
$
25,971
$
44,064
$
52,129
Adjusted pre-tax, pre-provision
earnings*
$
44,984
$
44,965
$
52,516
Provisions for credit losses
$
2,821
$
(1,078
)
$
11,367
Net charge-off ratio
0.02
%
0.03
%
—
%
Net income applicable to FB Financial
Corporation
$
19,175
$
35,299
$
31,831
Diluted earnings per common share
$
0.41
$
0.75
$
0.68
Effective tax rate
17.2
%
21.8
%
21.9
%
Adjusted net income*
$
33,233
$
35,973
$
32,117
Adjusted diluted earnings per common
share*
$
0.71
$
0.77
$
0.68
Weighted average number of shares
outstanding - fully diluted
46,856,422
46,814,854
47,024,611
Returns on
average:
Return on average total assets
0.61
%
1.10
%
1.05
%
Adjusted*
1.05
%
1.12
%
1.06
%
Return on average shareholders' equity
5.46
%
10.3
%
9.45
%
Return on average tangible common
equity*
6.67
%
12.6
%
11.7
%
Adjusted*
11.8
%
13.1
%
12.1
%
*Non-GAAP financial measure; A
reconciliation of each of these non-GAAP measures to the most
directly comparable GAAP measure is included in the Company's Third
Quarter 2023 Financial Supplement.
Balance Sheet and Net Interest
Margin
Near the end of the third quarter, the Company elected to sell
$76.6 million in available-for-sale securities with a weighted
average yield of 1.36% and reinvested the proceeds of the sales
into available-for-sale securities with a weighted average yield of
6.43%. The sales resulted in a pre-tax loss on securities of $14.2
million ($10.4 million after-tax loss), which has been adjusted
from earnings in the Company's computations of adjusted performance
measures for the third quarter.
The Company reported loans HFI of $9.29 billion at the end of
the third quarter of 2023 compared to $9.33 billion from the end of
the prior quarter. The change was primarily the result of a decline
in construction loans of $104.7 million, which was partially offset
by growth in owner-occupied commercial real estate of $47.6 million
as construction projects transitioned to permanent financing. The
contractual yield on loans HFI increased to 6.32% for the third
quarter of 2023 from 6.16% for the previous quarter.
The Company reported total deposits of $10.64 billion at the end
of the third quarter of 2023 compared to $10.87 billion at the end
of the second quarter. The change was primarily the result of a
decline in public funds of $305.4 million, which was partially
offset by growth in commercial deposits of $97.0 million. The
Company's total cost of deposits increased to 2.58% during the
third quarter from 2.38% for the second quarter of 2023, and the
cost of interest-bearing deposits increased to 3.33% from 3.06% for
the same periods. Noninterest-bearing deposits were $2.36 billion
at the end of the quarter compared to $2.40 billion at the end of
second quarter of 2023.
The Company’s net interest income on a tax equivalent basis
remained relatively stable for the third quarter of 2023 at $101.8
million compared to $102.4 million in the prior quarter. The slight
decline was primarily related to higher cost of deposits which
resulted in an increase in interest expense on deposits of $4.6
million over the prior quarter. Higher interest rates on loans
positively impacted net interest income and ultimately the NIM,
which increased to 3.42% for the third quarter of 2023 from 3.40%
for the previous quarter.
Holmes continued, “We were able to balance the increase of our
cost of deposits with the increase in loan yields during the
quarter while continuing to reduce our exposure to construction
loans. While we didn't get a material benefit this quarter from our
investment securities sales activity, we will get some future
earnings benefit from our reinvestment. We also continue to
minimize use of brokered deposits and other borrowings, keeping
those options available for profitability enhancement and growth
opportunities.”
Noninterest Income
Core noninterest income* was $22.1 million for the third quarter
of 2023, compared to $23.3 million and $22.7 million for the second
quarter of 2023 and third quarter of 2022, respectively. These
amounts reflect adjustments to exclude losses on securities,
changes in fair value on commercial loans held for sale and gains
on sales or write-downs of other real estate owned and other
assets.
Mortgage banking income has remained relatively flat over the
last year, as the Company recognized revenue of $12.0 million in
the third quarter of 2023 compared with $12.2 million in the
previous quarter and $12.4 million in the third quarter of
2022.
Expense Management
Core noninterest expense* during the third quarter of 2023 was
$78.2 million compared to $79.9 million for the prior quarter and
$81.8 million for the third quarter of 2022. These amounts reflect
adjustments of $4.8 million and $1.4 million for early retirement
and severance costs recognized in the third and second quarter of
2023, respectively. During the third quarter of 2023, the Company's
core efficiency ratio* was 63.1%, compared to 63.5% in the previous
quarter and 60.7% in the third quarter of 2022. Core banking
noninterest expense* was $66.2 million for the quarter, compared to
$66.7 million in the prior quarter.
Chief Financial Officer, Michael Mettee noted, “This quarter, we
took action to manage personnel expenses down through an early
retirement offer, resulting in additional severance, equity grant
acceleration and employee benefit costs of $4.8 million. We expect
additional charges of approximately $1.7 million in the fourth
quarter related to the early retirement offer. Expense management
has been and will continue to be a focus for the Company as we work
to place ourselves in a position of strength for 2024 by improving
operating leverage and efficiency.”
Credit Quality
The Company recorded a provision expense of $6.0 million during
the third quarter related to loans HFI; however, it also recorded a
provision reversal of $3.2 million on unfunded loan commitments,
resulting in a net provision expense of $2.8 million. Notably, the
Company reduced unfunded loan commitments in the construction and
land development category by $220.8 million to $922.2 million from
the previous quarter's unfunded commitments of $1.14 billion. The
Company had an allowance for credit losses on loans HFI as of the
end of the third quarter of 2023 of $146.1 million, representing
1.57% of loans HFI compared to $140.7 million, or 1.51% of loans
HFI as of June 30, 2023.
The Company experienced net charge-offs of $0.6 million in the
third quarter of 2023, representing annualized net charge-offs of
0.02% of average loans HFI compared to 0.03% in the second quarter
of 2023 and 0.00% in the third quarter of 2022.
The Company's nonperforming loans HFI as a percentage of total
loans HFI increased to 0.59% as of the end of the third quarter of
2023 compared to 0.47% at the previous quarter-end and the end of
the third quarter of 2022. Nonperforming assets as a percentage of
total assets increased to 0.71% as of the end of the third quarter
of 2023 compared to 0.59% at the end of the prior quarter and 0.62%
as of the end of the third quarter of 2022. The increase was
primarily due to a single commercial and industrial relationship
moving to nonaccrual status.
Holmes commented, “Credit for the quarter continued to perform
as expected. The allowance for credit losses moved higher in the
quarter as we increased our reserves related to the downgrade of a
single relationship. Our net charge-offs remain low and have been
at or below three basis points of average loans HFI for the last
five consecutive quarters. Other credit metrics remain consistent
with prior quarters.”
Capital Strength
Holmes continued, “We were able to leverage our strong capital
position to improve our earnings profile with the expense and
investment portfolio initiatives noted above. At the same time, we
were able to grow tangible common equity to tangible assets* to a
solid 9.16% and Common Equity Tier 1 to 11.8%. These capital levels
give us continued flexibility as we move into the fourth quarter
and 2024.”
Summary
Holmes finalized, “It was a successful quarter for the Company
as we were able to leverage the efforts of the past year and
position the Company for additional growth and enhanced
profitability. The Company is prepared for the opportunities we
expect to come our way in the coming quarters.”
______________________________ * Non-GAAP financial
measure; A reconciliation of each of these non-GAAP measures to the
most directly comparable GAAP measure is included in the Company's
Third Quarter 2023 Financial Supplement.
WEBCAST AND CONFERENCE CALL INFORMATION
FB Financial Corporation will host a conference call to discuss
the Company's financial results on October 17, 2023, at 8:00 a.m.
(Central Time). To listen to the call, participants should dial
1-877-883-0383 (confirmation code 4706957) approximately 10 minutes
prior to the call. A telephonic replay will be available
approximately two hours after the call through October 24, 2023, by
dialing 1-877-344-7529 and entering confirmation code 3192290.
A live online broadcast of the Company’s quarterly conference
call will be available online at
https://event.choruscall.com/mediaframe/webcast.html?webcastid=DDGYoKJM.
An online replay will be available on the Company’s website
approximately two hours after the conclusion of the call and will
remain available for 12 months.
ABOUT FB FINANCIAL CORPORATION
FB Financial Corporation (NYSE: FBK) is a financial holding
company headquartered in Nashville, Tennessee. FB Financial
Corporation operates through its wholly owned banking subsidiary,
FirstBank with 81 full-service bank branches across Tennessee,
Kentucky, Alabama and North Georgia, and mortgage offices across
the Southeast. FB Financial Corporation has approximately $12.49
billion in total assets.
SUPPLEMENTAL FINANCIAL INFORMATION AND EARNINGS
PRESENTATION
Investors are encouraged to review this Earnings Release in
conjunction with the Third Quarter 2023 Financial Supplement and
Earnings Presentation posted on the Company’s website, which can be
found at https://investors.firstbankonline.com. This Earnings
Release, the Third Quarter 2023 Financial Supplement and the
Earnings Presentation are also included with a Current Report on
Form 8-K that the Company furnished to the U.S. Securities and
Exchange Commission (“SEC”) on October 16, 2023.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Earnings Release that are
not historical in nature may be considered forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include,
without limitation, statements regarding the Company’s future
plans, results, strategies, and expectations, including
expectations around changing economic markets. These statements can
generally be identified by the use of the words and phrases “may,”
“will,” “should,” “could,” “would,” “goal,” “plan,” “potential,”
“estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,”
“target,” “aim,” “predict,” “continue,” “seek,” “project,” and
other variations of such words and phrases and similar expressions.
These forward-looking statements are not historical facts, and are
based upon management's current expectations, estimates, and
projections, many of which, by their nature, are inherently
uncertain and beyond the Company’s control. The inclusion of these
forward-looking statements should not be regarded as a
representation by the Company or any other person that such
expectations, estimates, and projections will be achieved.
Accordingly, the Company cautions shareholders and investors that
any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions, and
uncertainties that are difficult to predict. Actual results may
prove to be materially different from the results expressed or
implied by the forward-looking statements. A number of factors
could cause actual results to differ materially from those
contemplated by the forward-looking statements including, without
limitation, (1) current and future economic conditions, including
the effects of inflation, interest rate fluctuations, changes in
the economy or global supply chain, supply-demand imbalances
affecting local real estate prices, and high unemployment rates in
the local or regional economies in which the Company operates
and/or the US economy generally, (2) changes in government interest
rate policies and its impact on the Company’s business, net
interest margin, and mortgage operations, (3) any continuation of
the recent turmoil in the banking industry, including the
associated impact to the Company and other financial institutions
of any regulatory changes or other mitigation efforts taken by
government agencies in response, (4) increased competition for
deposits, (5) the Company’s ability to effectively manage problem
credits, (6) any deterioration in commercial real estate market
fundamentals, (7) the Company’s ability to identify potential
candidates for, consummate, and achieve synergies from, potential
future acquisitions, (8) the Company’s ability to successfully
execute its various business strategies, (9) changes in state and
federal legislation, regulations or policies applicable to banks
and other financial service providers, including legislative
developments, (10) the potential impact of the phase-out of the
London Interbank Offered Rate ("LIBOR") or other changes involving
LIBOR, (11) the effectiveness of the Company’s cybersecurity
controls and procedures to prevent and mitigate attempted
intrusions, (12) the Company's dependence on information technology
systems of third party service providers and the risk of systems
failures, interruptions, or breaches of security, and (13) the
impact of natural disasters, pandemics, and/or acts of war or
terrorism, (14) events giving rise to international or regional
political instability, including the broader impacts of such events
on financial markets and/or global macroeconomic environments, and
(15) general competitive, economic, political, and market
conditions. Further information regarding the Company and factors
which could affect the forward-looking statements contained herein
can be found in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, and in any of the Company’s
subsequent filings with the SEC. Many of these factors are beyond
the Company’s ability to control or predict. If one or more events
related to these or other risks or uncertainties materialize, or if
the underlying assumptions prove to be incorrect, actual results
may differ materially from the forward-looking statements.
Accordingly, shareholders and investors should not place undue
reliance on any such forward-looking statements. Any
forward-looking statement speaks only as of the date of this
Earnings Release, and the Company undertakes no obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by law. New risks and uncertainties may emerge
from time to time, and it is not possible for the Company to
predict their occurrence or how they will affect the Company.
The Company qualifies all forward-looking statements by these
cautionary statements.
GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL
MEASURES
This Earnings Release contains certain financial measures that
are not measures recognized under U.S. generally accepted
accounting principles (“GAAP”) and therefore are considered
non-GAAP financial measures. These non-GAAP financial measures may
include, without limitation, adjusted net income, adjusted diluted
earnings per common share, adjusted and unadjusted pre-tax
pre-provision earnings, core revenue, core noninterest expense and
core noninterest income, core efficiency ratio (tax equivalent
basis), and adjusted return on average assets and equity. Each of
these non-GAAP metrics excludes certain income and expense items
that the Company’s management considers to be non-core/adjusted in
nature. The Company refers to these non-GAAP measures as adjusted
(or core) measures. Also, the Company presents tangible assets,
tangible common equity, adjusted tangible common equity, tangible
book value per common share, adjusted tangible book value per
common share, tangible common equity to tangible assets, return on
average tangible common equity, and adjusted return on average
tangible common equity. Each of these non-GAAP metrics excludes the
impact of goodwill and other intangibles. Adjusted tangible common
equity and adjusted tangible book value also exclude the impact of
net accumulated other comprehensive loss.
The Company’s management uses these non-GAAP financial measures
in their analysis of the Company’s performance, financial condition
and the efficiency of its operations as management believes such
measures facilitate period-to-period comparisons and provide
meaningful indications of its operating performance as they
eliminate both gains and charges that management views as
non-recurring or not indicative of operating performance.
Management believes that these non-GAAP financial measures provide
a greater understanding of ongoing operations and enhance
comparability of results with prior periods as well as demonstrate
the effects of significant non-core gains and charges in the
current and prior periods. The Company’s management also believes
that investors find these non-GAAP financial measures useful as
they assist investors in understanding the Company’s underlying
operating performance and in the analysis of ongoing operating
trends. In addition, because intangible assets such as goodwill and
the other items excluded each vary extensively from company to
company, the Company believes that the presentation of this
information allows investors to more easily compare the Company’s
results to the results of other companies. However, the non-GAAP
financial measures discussed herein should not be considered in
isolation or as a substitute for the most directly comparable or
other financial measures calculated in accordance with GAAP.
Moreover, the manner in which the Company calculates the non-GAAP
financial measures discussed herein may differ from that of other
companies reporting measures with similar names. Investors should
understand how such other banking organizations calculate their
financial measures with names similar to the non-GAAP financial
measures the Company has discussed herein when comparing such
non-GAAP financial measures.
A reconciliation of these measures to the most directly
comparable GAAP financial measures is included in the Company's
Third Quarter 2023 Financial Supplement, which is available at
https://investors.firstbankonline.com.
Financial Summary and Key
Metrics
(Unaudited)
(dollars in thousands, except
share data)
As of or for the Three Months
Ended
Sep 2023
Jun 2023
Sep 2022
Selected Statement of Income
Data
Total interest income
$
173,912
$
170,183
$
128,483
Total interest expense
72,986
68,640
17,099
Net interest income
100,926
101,543
111,384
Total noninterest income
8,042
23,813
22,592
Total noninterest expense
82,997
81,292
81,847
Earnings before income taxes and
provisions for credit losses
25,971
44,064
52,129
Provisions for credit losses
2,821
(1,078
)
11,367
Income tax expense
3,975
9,835
8,931
Net income applicable to noncontrolling
interest
—
8
—
Net income applicable to FB Financial
Corporation
$
19,175
$
35,299
$
31,831
Net interest income (tax-equivalent
basis)
$
101,762
$
102,383
$
112,145
Adjusted net income*
$
33,233
$
35,973
$
32,117
Adjusted pre-tax, pre-provision
earnings*
$
44,984
$
44,965
$
52,516
Per Common Share
Diluted net income
$
0.41
$
0.75
$
0.68
Adjusted diluted net income*
0.71
0.77
0.68
Book value
29.31
29.64
27.30
Tangible book value*
23.93
24.23
21.85
Adjusted tangible book value*
28.04
27.72
25.84
Weighted average number of shares
outstanding - fully diluted
46,856,422
46,814,854
47,024,611
Period-end number of shares
46,839,159
46,798,751
46,926,377
Selected Balance Sheet Data
Cash and cash equivalents
$
848,318
$
1,160,354
$
618,290
Loans HFI
9,287,225
9,326,024
9,105,016
Allowance for credit losses on loans
HFI
(146,134
)
(140,664
)
(134,476
)
Allowance for credit losses on unfunded
commitments
(11,600
)
(14,810
)
(23,577
)
Mortgage loans held for sale
94,598
89,864
97,011
Commercial loans held for sale, at fair
value
9,260
9,267
33,722
Investment securities, at fair value
1,351,153
1,422,391
1,485,133
Total assets
12,489,631
12,887,395
12,258,082
Interest-bearing deposits
(non-brokered)
8,105,713
8,233,082
7,038,566
Brokered deposits
174,920
238,885
1,002
Noninterest-bearing deposits
2,358,435
2,400,288
2,966,514
Total deposits
10,639,068
10,872,255
10,006,082
Estimated insured or collateralized
deposits
7,570,639
7,858,761
6,653,463
Borrowings
226,689
390,354
722,940
Total common shareholders' equity
1,372,901
1,386,951
1,281,161
Selected Ratios
Return on average:
Assets
0.61
%
1.10
%
1.05
%
Shareholders' equity
5.46
%
10.3
%
9.45
%
Tangible common equity*
6.67
%
12.6
%
11.7
%
Net interest margin (tax-equivalent
basis)
3.42
%
3.40
%
3.93
%
Efficiency ratio
76.2
%
64.8
%
61.1
%
Core efficiency ratio (tax-equivalent
basis)*
63.1
%
63.5
%
60.7
%
Loans HFI to deposit ratio
87.3
%
85.8
%
91.0
%
Noninterest-bearing deposits to total
deposits
22.2
%
22.1
%
29.6
%
Yield on interest-earning assets
5.87
%
5.67
%
4.53
%
Cost of interest-bearing liabilities
3.41
%
3.14
%
0.90
%
Cost of total deposits
2.58
%
2.38
%
0.52
%
Estimated uninsured and uncollateralized
deposits as a percentage of total deposits
28.8
%
27.7
%
33.5
%
Credit Quality Ratios
Allowance for credit losses on loans HFI
as a percentage of loans HFI
1.57
%
1.51
%
1.48
%
Net charge-offs as a percentage of average
loans HFI
0.02
%
0.03
%
—
%
Nonperforming loans HFI as a percentage of
loans HFI
0.59
%
0.47
%
0.47
%
Nonperforming assets as a percentage of
total assets
0.71
%
0.59
%
0.62
%
Preliminary Capital Ratios
(consolidated)
Total common shareholders' equity to
assets
11.0
%
10.8
%
10.5
%
Tangible common equity to tangible
assets*
9.16
%
8.98
%
8.54
%
Tier 1 leverage
11.0
%
10.7
%
10.7
%
Tier 1 risk-based capital
12.1
%
11.9
%
11.2
%
Total risk-based capital
14.1
%
13.9
%
13.0
%
Common equity Tier 1 (CET1)
11.8
%
11.7
%
10.9
%
*Non-GAAP financial measure; A
reconciliation of each of these non-GAAP measures to the most
directly comparable GAAP measure is included in the Company's Third
Quarter 2023 Financial Supplement.
FBK - ER
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version on businesswire.com: https://www.businesswire.com/news/home/20231016032951/en/
MEDIA CONTACT: Jeanie M. Rittenberry 615-313-8328
jrittenberry@firstbankonline.com www.firstbankonline.com
FINANCIAL CONTACT: Michael Mettee 615-564-1212
mmettee@firstbankonline.com
investorrelations@firstbankonline.com
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