FBK earnings analysis
What we found in FBK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
FB Financial reported strong Q2 profitability, with $174.752 million of revenue, $58.649 million of net income, and $1.14 of basic EPS, versus $76.863 million, $2.909 million, and $0.06, respectively, a year earlier. Growth in net interest income and a 27-basis-point NIM expansion were supported by the Southern States acquisition, loan growth, and lower deposit costs, though the year-over-year revenue comparison also reflects the absence of a $60.549 million securities loss in Q2 2025. The principal counterweight is weakening credit quality: nonperforming loans increased to $150.183 million and Q2 credit provisions reached $10.116 million. No numeric formal outlook was provided in the 10-Q.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue increased to $174.8 million
- Reported total revenue was $174.752 million, up from $76.863 million a year earlier and $172.340 million in Q1 2026 (derived from six-month revenue of $347.092 million). The year-over-year comparison benefits materially from the absence of the prior-year $60.549 million securities loss.
- Earnings rebounded sharply year over year
- Basic EPS rose to $1.14 from $0.06 in Q2 2025, while diluted EPS increased to $1.13 from $0.06. Net income attributable to FB Financial was $58.649 million versus $2.909 million, and ROAA improved to 1.44% from 0.09%.
- NII and NIM expanded
- Tax-equivalent net interest income increased $37.552 million year over year to $149.788 million, while NIM expanded 27 basis points to 3.95%. Management attributed the improvement to Southern States-related earning-asset growth, continued loan growth, and lower funding costs.
- Banking segment drove profitability
- The Banking segment generated $71.577 million of pretax income, compared with a $6.723 million pretax loss a year ago. Banking net interest income grew to $145.432 million from $108.909 million.
- Loan and deposit growth supported NII
- Total deposits grew $437.205 million from year-end to $14.347 billion, and loans held for investment increased $481.884 million to $12.866 billion. Deposit costs declined, with the average cost of total deposits falling to 2.26% from 2.49% at December 31, 2025.
- Operating cash flow nearly doubled
- Six-month operating cash flow increased to $106.508 million from $55.324 million; premises and equipment purchases were $3.401 million, or about 3.2% of operating cash flow. Cash and equivalents ended at $1.112 billion, versus $1.156 billion at year-end.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Asset quality deteriorated in CRE and C&I
- Nonperforming loans held for investment increased $29.711 million from year-end to $150.183 million, lifting the nonperforming-loan ratio to 1.17% from 0.97%. Management cited one significant relationship migrating to nonperforming status in each of commercial real estate and commercial-and-industrial portfolios.
- Credit provisioning increased
- Provision for credit losses was $10.116 million in Q2 2026, versus $5.337 million in Q2 2025; the provision on loans held for investment was $9.655 million versus a $1.102 million reversal. Management cited loan growth and increased reserves on individually evaluated loans.
- Mortgage margins and income declined
- Mortgage banking income declined $1.859 million year over year to $11.170 million. Mortgage sale margin fell to 2.49% from 2.86%, and servicing income declined to $6.494 million from $6.936 million.
- Funding mix shifted toward time deposits
- Customer time deposits rose $591.362 million from year-end to $2.620 billion, including a $400.0 million short-term public-funds time deposit. Borrowings increased to $314.513 million from $212.764 million, including $125.0 million of FHLB advances at quarter-end.
- No risk-factor update; securities losses widened
- The filing states there were no material changes to risk factors from the 2025 Form 10-K. Nonetheless, AFS securities carried $53.361 million of gross unrealized losses at June 30, 2026, up from $49.667 million at year-end.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.14
- Segment
- Banking: Q2 income before taxes $71.577 million, versus $(6.723) million in Q2 2025; net interest income $145.432 million versus $108.909 million.
- Segment
- Mortgage: Q2 income before taxes $1.579 million, versus $(3.012) million in Q2 2025; mortgage banking income $11.170 million versus $13.029 million.
What they said about what is next.
The 10-Q provides no formal quantitative revenue or EPS guidance. Management states that current and forecast economic conditions, including global conflicts or tariffs, may create volatility in the allowance for credit losses; it also states that $125.0 million of overnight FHLB advances outstanding at June 30, 2026 were subsequently repaid in full.
The filing reads better than the one before it.
What came before.
- 10-Q · May 4, 2026
- FB Financial Corporation reported strong first quarter results for 2026, with net income rising to $57.5 million, reflecting an increase in net interest income and improved net interest margins. The company's loan…
- 10-K · February 26, 2026
- FB Financial (FBK) describes a relationship-driven community/regional banking strategy focused on organic penetration in metropolitan and community markets, opportunistic M&A, and technology-enabled scaling. The 2025…
- 10-Q · August 4, 2025
- FB Financial reported a sharply weaker quarter driven by a $60.5M investment securities loss and lower noninterest income, producing total net revenues of $71,526,000 for Q2 2025 versus $125,999,000 in Q2 2024. Diluted…
- 10-Q · May 5, 2025
- FB Financial Corporation reported a solid performance for Q1 2025 with net income rising to $39.4 million, up 41.1% compared to $28.0 million in Q1 2024. Although total revenue decreased to $203 million from $208…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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