Overview

• U.S. regional bank's Q2 revenue and adjusted EPS missed analyst expectations

• Company saw annualized double-digit growth in loans and deposits

• Repurchased 3.01% of common shares outstanding in Q2

Outlook

• Company says it is well positioned for continued growth and profitability in the second half

• Company expects balance sheet to support ongoing growth and profitability

Result Drivers

• LOAN AND DEPOSIT GROWTH - Double-digit annualized growth in loans and deposits supported higher net interest income and earnings

• STABLE NET INTEREST MARGIN - Net interest margin remained steady at 3.95%, aided by deposit mix and growth in noninterest-bearing deposits

• EXPENSE MANAGEMENT - Disciplined expense management improved the efficiency ratio and contributed to positive operating leverage

Company press release: ID:nBw9wsSlda

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Miss	$174.75 mln	$177.99 mln (7 Analysts)
Q2 Adjusted EPS	Miss	$1.14	$1.15 (8 Analysts)
Q2 EPS		$1.13
Q2 Adjusted Net Income	Miss	$58.91 mln	$60.40 mln (7 Analysts)
Q2 Net Income		$58.65 mln
Q2 Net Interest Income		$148.97 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for FB Financial Corp is $64.50, about 13.8% above its July 10 closing price of $56.68

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 11 three months ago

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