#1FB Financial Corporation Third Quarter 2018 Investor Presentation July 31, 2018#2Forward looking statements Certain statements contained in this investor presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, statements relating to the Company's assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, the performance of the Company's Banking and Mortgage Segments, strategic initiatives, the benefits, cost and synergies of the Clayton Banks acquisition, the timing, benefits, costs and synergies of future acquisitions, disposition and other growth opportunities and the performance of the banking and mortgage industry and the condition of the economy in general. These statements, which are based upon certain assumptions and estimates and describe the Company's future plans, results, strategies and expectations, 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," "projection" and other variations of such words and phrases and similar expressions. These forward- looking statements are not historical facts, and are based upon current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management, 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 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 and that are beyond the Company's control. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of this investor presentation, 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 in this investor presentation including, without limitation, the risks and other factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 16, 2018, filed with the SEC on May 10, 2018, under the captions "Cautionary note regarding forward-looking statements" and "Risk factors." 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 Company's underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, investors should not place undue reliance on any such forward- looking statements. Any forward-looking statement speaks only as of the date of this investor presentation, and the Company does not undertake any 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. Terminology In this investor presentation, references to "we," "our," "us," "FB Financial" or "the Company" refer to FB Financial Corporation, a Tennessee corporation, and our wholly owned bank subsidiary, FirstBank, a Tennessee state-chartered bank, unless otherwise indicated or the context otherwise requires. References to "Bank" or "FirstBank" refer to FirstBank, our wholly owned bank subsidiary. Contents of Investor Presentation Except as is otherwise expressly stated, the contents of this investor presentation are presented as of the date on the front cover of this investor presentation. Market Data Market data used in this investor presentation has been obtained from government and independent industry sources and publications available to the public, sometimes with a subscription fee, as well as from research reports prepared for other purposes. Industry publications and surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. We did not commission the preparation of any of the sources or publications referred to in this presentation. We have not independently verified the data obtained from these sources, and, although we believe such data to be reliable as of the dates presented, it could prove to be inaccurate. Forward-looking information obtained from these sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements in this investor presentation. FB FirstBank 1#3Use of non-GAAP financial measures This investor presentation 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. 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. 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 gains and charges in the periods presented. The Company's management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding our underlying operating performance and the analysis of ongoing operating trends. 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 we calculate the non-GAAP financial measures discussed herein may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures we have discussed herein when comparing such non-GAAP financial measures. Below is a listing of the non-GAAP financial measures used in this investor presentation. . Adjusted (pro forma) net income and earnings per share, the core efficiency ratio (tax equivalent basis), the Banking segment core efficiency ratio (tax-equivalent basis), the Mortgage segment core efficiency ratio (tax-equivalent basis), adjusted mortgage contribution, adjusted (pro forma) return on average assets, equity and tangible common equity and pro forma core total revenue are non-GAAP measures that exclude merger-related and conversion expenses, one time IPO equity grants, securities gains (losses), gain (loss) on sale of other real estate owned, and other selected items. The Company's management uses these measures in their analysis of the Company's performance. The Company's management believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods, as well as demonstrate the effects of significant gains and charges. 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 are non-GAAP measures that exclude the impact of goodwill and other intangibles and are used by the Company's management to evaluate capital adequacy. Because intangible assets such as goodwill and other intangibles vary extensively from company to company, we believe that the presentation of these non- GAAP financial measures allows investors to more easily compare the Company's capital position to other companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures is provided in the Appendix to this investor presentation. FB FirstBank 2#4Strategic drivers Strategic M&A Experienced Senior Management Team Scalable Banking and Mortgage Platforms FB FB FirstBank Local Decision Makers in Attractive Metro and Community Markets Elite Financial Performer Great Place to Work 3#5Over 110 years of history in Tennessee 1990: Jim Ayers acquired sole control of the Bank 2001: Opened branches in Nashville and Memphis 2004: Opened branch in Knoxville 2008: Opened two branches in Chattanooga Organic growth Acquisitions ☐ Other 2014: Opened branch in Huntsville, Alabama 2015: Awarded "Top Workplaces" by The Tennessean 2016: Rebranded to FB Financial and Completed IPO 2018: Completed secondary offering of 3.7mm shares Year: 1906 1984 1988 1990 1996 1999 2001 2003 2004 2006 2007 2008 2010 2012 2013 2014 2015 2016 2017 2018 First State Bank of Linden 2003: Acquired The Bank of Murfreesboro in Nashville MSA 2007: Acquired branches from 2015: Acquired Northwest Georgia Bank 2016: Completed core operating platform conversion AmSouth in Bank in Tennessee community markets Chattanooga MSA 1984: Jim Ayers 1988: and associate acquired the Bank Purchased assets of First National Bank of Lexington; Changed franchise name to FirstBank 1996: Purchased Bank of West Tennessee (Lexington) and Nations Bank branch (Camden) 1999: Acquired 2001: Acquired Bank of Huntingdon 2017: Acquired Clayton Bank and Trust (Knoxville, TN) and American City Bank (Tullahoma, TN) 1984 1996 1999 2001 2003 2004 2006 2007 2008 2010 2012 2014 2015 2016 2017 2018 -$0.3― $0.5-$0.8-$1.1-$1.1-$1.5-$1.9-$2.1 -$2.1—$2.2- -$2.4- -$2.9- -$3.3- -$4.7—$4.9 Total assets ($bn) FB FirstBank 4#6Snapshot of FB Financial today Company overview Second largest Nashville-headquartered bank and third largest Tennessee-based bank ■ Originally chartered in 1906, one of the longest continually operated banks in Tennessee Completed the largest bank IPO in Tennessee history in September 2016 Mr. James W. Ayers is a current ~44% owner of FB Financial following recent secondary offering Attractive footprint in both high growth metropolitan markets and stable community markets Located in six attractive metropolitan markets in Tennessee & Alabama Strong market position in twelve community markets Mortgage offices located throughout footprint and strategically across the southeast Provides the personalized, relationship-based service of a community bank with the products and capabilities of a larger bank Local people, local knowledge and local authority Personal banking, commercial banking, investment services, trust and mortgage banking FB FirstBank Current organizational structure FB Financial Corporation 100% stockholder of FirstBank Financial highlights Total assets Loans - HFI Total deposits FB FirstBank Balance sheet data ($mm) 6/30/2018 $4,923 3,416 3,910 631 1H 2018 1.85%1 19.1%1 Shareholder's equity Key metrics - (%) Pro forma adjusted ROAA (%) Adjusted ROATCE (%) NIM (%) Core Efficiency (%) Tangible Common Equity/Tangible Assets (%) Note: Unaudited financial data as of June 30, 2018 4.73% 63.7%¹ 10.1%1 1 Non-GAAP financial measure. See "Use of non-GAAP financial measures" and "Reconciliation of non-GAAP financial measures" in the Appendix hereto. 5#7A leading community bank headquartered in Tennessee Top 10 banks in Tennessee¹ Top 10 banks under $25bn assets in Tennessee¹ Branches Rank Name Headquarters (#) TN deposits ($bn) Deposit market share (%) Percent of company deposits (%) Rank Name Headquarters Branches (#) TN deposits ($bn) Deposit market share (%) Percent of company deposits (%) 1 First Horizon Memphis, TN 202 $22.9 15.5% 74.5% 1 Pinnacle Nashville, TN 46 9.7 6.6% 61.1% 2 Regions Birmingham, AL 221 18.7 12.6% 18.8% 2 FB Financial Nashville, TN 56 3.6 2.4% 93.8% 3 SunTrust Atlanta, GA 127 13.7 9.3% 8.4% 3 Franklin Financial Franklin, TN 14 2.9 2.0% 100.0% 4 Bank of America Charlotte, NC 58 11.5 7.8% 0.9% 4 Wilson Lebanon, TN 27 2.0 1.4% 100.0% 5 Pinnacle Nashville, TN 46 46 9.7 6.6% 61.1% 5 Simmons First Pine Bluff, AR 45 2.0 1.4% 18.0% 6 FB Financial Nashville, TN 56 3.6 2.4% 93.8% 6 Home Federal Knoxville, TN 23 1.7 1.2% 100.0% 7 U.S. Bancorp Minneapolis, MN 103 3.2 2.2% 1.0% 7 CapStar Financial Nashville, TN 15 1.5 1.0% 100.0% 8 Franklin Financial Franklin, TN 14 2.9 2.0% 100.0% 8 Renasant Tupelo, MS 18 1.5 1.0% 15.0% 9 BB&T Winston-Salem, NC 47 2.7 1.8% 1.7% 9 First Citizens Dyersburg, TN 24 1.3 0.9% 100.0% 10 Wilson Lebanon, TN 24 27 2.0 1.4% 100.0% 10 SmartFinancial Knoxville, TN 17 1.3 0.9% 70.1% #2 community bank in Tennessee² Source: SNL Financial; Note: Deposit data as of June 30, 2017; Pro forma for completed acquisitions since June 30, 2017 and pending acquisitions announced as of July 18, 2018. 1 Sorted by deposit market share, deposits are limited to Tennessee. 2 Community bank defined as banks with less than $25bn in assets. FB FirstBank 6#8Attractive footprint with balance between stable community markets and high growth metropolitan markets Our current footprint¹ Jackson MSA Memphis MSA Nashville MSA Knoxville MSA Chattanooga MSA Huntsville MSA Market rank by deposits: Nashville (13th) Chattanooga (7th) Jackson (3rd) Memphis (23rd) Knoxville (10th) ■Huntsville (19th) Total loans (excluding HFS) 2-$3.4bn Total full service branches²-56 branches Total deposits² - $3.9bn Community 36% Other 13% Community 22% Community 43% Metropolitan 65% Metropolitan 57% Mortgage / Other 10% Metropolitan markets Community markets Metropolitan 54% 1 Source: SNL Financial. Statistics are based upon county data. Market data is as of June 30, 2017 and is presented on a pro forma basis for completed acquisitions since June 30, 2017 and pending acquisitions as of July 18, 2018. Size of bubble represents size of company deposits in a given market. 2 Financial and operational data as of June 30, 2018. FB FirstBank 7#9Well positioned in attractive metropolitan markets Nashville rankings: "The new 'it' City" – The New York Times¹ # 1 Metro for professional and business service jobs² #2 Most attractive mid-sized cities for business³ # 3 Fastest growing large metro economy4 #4 Healthiest economy in top 100 metro areas5 HCA Hospital Corporation of America" Home to leading companies...with more on the way NISSAN [A]] Α North America HQ B DOLLAR GENERAL Bridgestone Americas, Inc. BRIDGESTONE Nashville growth "AllianceBernstein LP to establish global headquarters in Nashville...to base 1,050 jobs in Davidson county" Population growth 2010 - 2018 (%) 14.7% 5.8% US Nashville Projected population growth 2018-2023 (%) 6.9% 3.5% US Nashville Projected median HHI growth 2018 – 2023 (%) 12.4% 8.9% US FB FirstBank Nashville Chattanooga ■ 4th largest MSA in TN ■Diverse economy with over 24,000 businesses ■ Employs over 260,000 people ■ Focused on attracting tech companies and start-ups; first municipality to debut a gigabit network Memphis ■2nd largest MSA in TN ■Diversified business base and has the busiest cargo airport in North America ■11.5 million tourists visit annually, generating more than $3.3 billion for the local economy in 2016 Knoxville ■3rd largest MSA in TN ■ Approximately 14,000 warehousing and distribution jobs are in the area and account for an annual payroll of $3.8 billion ■ Well situated to attract the key suppliers and assembly operations in the Southeast Huntsville ■Located in northern Alabama ■ One of the strongest technology economies in the nation, with the highest concentration of engineers in the United States ■6th largest county by military spending in the country Jackson ■ 8th largest MSA in TN ■Complements and solidifies our West Tennessee franchise ■FirstBank is an established leader with #3 market share Source: S&P Market Intelligence; Chattanooga, Knoxville, Memphis, Huntsville Chambers of Commerce, U.S. Department of Labor, Bureau of Labor Statistics, NAICS; 1 January 8, 2013 "Nashville Takes its Turn in the Spotlight"; 2 Forbes, June 2017; 3 KPMG, April 2014; 4 Headlight Data, July 2017; 5 ACBJ, October 2017. 8#101H 2018 highlights Key highlights Adjusted diluted EPS¹ of $1.38, resulting in adjusted ROAA1 of 1.85% Loans (HFI) grew to $3.4 billion, a 73.3% increase from 2Q 2017; grew 15.8% annualized from 4Q 2017 Customer deposits grew to $3.8 billion, a 41.0% increase from 2Q 2017; grew 15.0% annualized from 4Q 2017, while controlling deposit costs of 0.59% Continued customer-focused balance sheet growth resulting in a net interest margin of 4.73% for 1H 2018 Banking Segment core efficiency ratio¹ improved to 53.4% in 1H 2018, down 520 basis points from FY 2017 Mortgage banking income of $55.0 million, a 0.5% decrease from 1H 2017, with interest rate lock commitment (IRLC) volume of $4.1 billion for the six months, up 9.3% from 1H 2017 Paid initial quarterly dividend of $0.06 per common share to shareholders of record as of April 30, 2018, driven by robust capital generation; declared dividend payable on August 15, 2018 Financial results Six months ended June 30, 2018 Reported Non-GAAP adjusted results¹ GAAP results Diluted earnings per share $1.38 $1.33 Net income ($mm) Net interest margin $43.4 $41.9 4.73%² 2 4.73% Return on average assets 1.85% 1.79% Return on average equity 14.4% 13.9% Return on average tangible common equity 19.1% 18.5% Efficiency ratio 63.7% 66.6% 1 Adjusted results are non-GAAP financial measures that adjust GAAP reported net income and other metrics for certain income and expense items as outlined in the non-GAAP reconciliation calculations, using a combined marginal income tax rate of 26.06% excluding one-time items. See "Use of non-GAAP financial measures" and "Reconciliation of non-GAAP financial measures" in the Appendix hereto. 2 Includes accretion from acquired / purchased loans and collection of interest income on nonaccrual loans, which resulted in 20 basis points of net interest margin during 1H 2018. Completed $151.8 million Secondary Offering on May 31, 2018 FB FirstBank 9#11Consistently delivering balanced profitability and growth Pro forma return on average assets, adjusted¹ Increased adjusted ROAA by 121 bps 1.85% 1.46% 1.52% 1.21% 0.84% 0.91% 0.64% 2012 Drivers of profitability Loans / deposits 2013 2014 2015 2016 2017 1H18 Net interest margin Loans excluding HFS Loans HFS 73% 5% 77% 3% 84% 81% 10% 11% 88% 19% 101% 97% 15% 10% +121 bps 4.73% 4.46% 4.10% 3.93%3.97% 3.75% 3.52% 68% 74% 74% 70% 69% 86% 87% Noninterest income ($mm) NPLs (HFI) / loans (HFI) (%) 4.17% $145 $142 ---(591) bps 2.12% $92 $69 1.21% 0.68% $51 $38 $41 0.54% 0.32% 0.26% 2012 2013 2014 2015 2016 2017 1H18 2012 2013 2014 2015 2016 2017 1H18 2012 2013 2014 2015 2016 2017 1H18 2012 2013 2014 2015 2016 2017 1H18 1 Pro forma net income and tax-adjusted return on average assets include a pro forma provision for federal income taxes using a combined effective income tax rate of 33.76%, 35.37%, 35.63%, 35.08%, and 36.75% for the years ended December 31, 2012, 2013, 2014, 2015, and 2016, respectively, and also includes the exclusion of a one-time tax charge from C Corp conversion in 3Q 2016 and the 4Q 2017 benefit from the 2017 Tax Cuts and Jobs Act. Non-GAAP financial measures. See "Use of non-GAAP financial measures," and "Reconciliation of non-GAAP financial measures" in the Appendix hereto. 21H18 reflects six months ended June 30, 2018, non-annualized data. FB FirstBank 10 10#12Total loan growth¹ ($mm) and commercial real estate concentration CAGR: 20.2% Consistent loan growth and balanced portfolio % of risk-based Capital Commercial real estate (CRE) concentration² 12/31/17 Pro Forma 6/30/18 6/30/183 $3,167 $3,416 C&D loans subject to 100% risk-based capital limit 96% 105% 100% $1,240 $1,341 $1,416 $1,702 $1,849 2012 2013 2014 2015 2016 2017 1H18 Total CRE loans subject to 300% risk-based capital limit 228% 239% 228% Loan portfolio breakdown¹ Other 4Q 2012 5% 1-4 family 19% C&I 38% 1-4 family HELOC 13% Multifamily 3% Other 2Q 2018 6% 1-4 family 15% 1-4 family HELOC 6% Multifamily C& 39% 2% C&D 15% CRE 14% C&D 8% Total Loans HFI: $1,240 million CRE 17% Total Loans HFI: $3,416 million 1 Exclude HFS loans; C&I includes owner-occupied CRE; CRE excludes owner-occupied CRE. 2 Risk-based capital at FirstBank as defined in Call Report. 2Q 2018 calculation is preliminary and subject to change. 3 Estimated to reflect planned sale of $3.3 billion in servicing rights, reducing disallowed MSR by $24 million and increasing total risk based capital on a pro forma basis. FB FirstBank 11#13Peer-leading net interest margin remains strong Historical yield and costs 6.0% $5,000 $4,500 Yields and Costs (%) 5.0% 4.0% 3.0% 2.0% $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 1.0% $500 $0 2012 2013 2014 2015 2016 2017 1H18 NIM (%) 3.52% 3.75% 3.93% 3.97% 4.10% 4.46% 4.73% Impact of accretion and nonaccrual NM NM NM 0.01% 0.17% 0.24% 0.20% interest collections (%)2 Deposit cost (%) 0.78% I Average interest earning assets •Cost of deposits ■1H 2018 cost of total deposits up 9 bps (or 18% beta) from 4Q 2017 0.48% 0.36% 0.30% 0.29% 0.42% 0.59% Yield on loans •NIM Loan (HFI) yield 2016 2017 1H18 Contractual interest rate on loans HFI1 Origination and other loan fee income 4.69% 4.95% 5.33% 0.41% 0.32% 0.41% 5.10% 5.27% 5.74% ■1H 2018 contractual yield on loans up 13 bps (or 26% beta from 4Q 2017 Nonaccrual interest collections² 0.06% 0.14% 0.04% 1 Includes tax-equivalent adjustment. 2 Data for nonaccrual interest collections not available prior to 2016. not meaningful NM Accretion on purchased loans 0.20% 0.22% 0.22% Loan syndication fees 0.05% 0.03% 0.02% Total loan yield (HFI) 5.41% 5.66% 6.02% FB FirstBank 12 Avg. interest earning assets ($mm)#14Stable, low cost core deposit franchise Total deposits ($mm) Cost of deposits CAGR 14.9% Noninterest bearing (%) Cost of total deposits (%) 30.0% 25.7% 26.1% 24.2% 24.8% 25.0% 22.8% 19.8% 20.0% 18.7% $3,910 15.0% $3,664 0.78% 0.42% 0.59% ☐ 10.0% $2,438 $2,672 0.30% 0.29% 0.48% $1,821 $1,804 $1,924 5.0% 0.36% 0.0% 2012 2013 2014 2015 2016 2017 1H18 2012 2013 2014 2015 2016 2017 1H18 Noninterest bearing deposits ($mm)1 CAGR 21.0% Deposit composition as of June 30, 2018 Time 19% Savings 5% 1 Noninterest-bearing 25% $888 $971 $627 $697 $340 $357 $438 2012 2013 2014 2015 2016 2017 1H18 Money market 28% Interest-bearing checking 23% 48% Checking accounts 1 Includes mortgage servicing-related escrow deposits of $45.4 million and $53.7 million for the years ended December 31, 2016 and 2017, respectively, and $88.4 million for the quarter ended June 30, 2018. There were no mortgage servicing-related escrow deposits prior to those periods. [FB FirstBank 13#15Mortgage operations overview Highlights ■Total mortgage pre-tax contribution (including retail footprint) of $5.3 million in 1H 2018, compared to $8.5 million in 1H 2017, 9.3% of 1H 2018adjusted consolidated pre-tax income, down from 25.3% in 1H 2017 ■ Mortgage banking income of $55.0 million in 1H 2018, down 0.5% from 1H 2017 ■ Expect to sell $3.3 billion of loans serviced during the 3rd quarter with no material impact ■ Including the impact of MSR sales, expect total mortgage pre-tax contribution (including retail footprint) to total $5 - $7 million in 2H 2018 compared to the total pre-tax contribution in 2H 2017 of $9.7 million (guidance further revised from May 2018 guidance) Mortgage banking income ($mm) Mortgage production Consumer Direct Correspondent Third party originated Retail Retail footprint 2016 2017 1H18 IRLC volume: IRLC pipeline¹: $5.97bn $7.57bn $4.10bn $533mm $504mm $598mm Refinance %: 60% 42% 35% Purchase %: 40% 58% 65% Total adjusted pre-tax contribution² (%) ■Banking 2016 2017 1H18 (excluding retail footprint) Total Mortgage 1H17 Gain on Sale $ 94.5 $ 103.7 $ 50.5 (including retail footprint) Fair value changes $ 11.2 $ 3.5 $ (2.4) Servicing Revenue $ 12.1 $ 13.2 $ 10.4 Fair value $ $ (3.5) $ (3.5) MSR change 1 As of the respective period end. Total Income $117.8 $116.9 $55.0 FB FirstBank 74.7% 25.3% Total Mortgage decreased by 16.1 percentage points 1H18 9.3% 90.7% 2 Non-GAAP financial measure. See "Use of non-GAAP financial measures," and "Reconciliation of non-GAAP financial measures" in the Appendix hereto. 14#16Improving operating leverage remains a key objective Improving operating efficiency Consolidated 1H 2018 core efficiency ratio of 63.7% driven by Banking Segment core efficiency ratio of 53.4%, approaching our target level of sub-50% ■■■1H 2018 illustrates continued operating leverage achieved through organic growth, merger and ongoing cost efficiencies Core efficiency ratio (tax-equivalent basis)1 ■Banking Segment, declined 17.8 percentage points since 2013 ■Consolidated, declined 14.0 percentage points since 2012 Mortgage Segment 98.0% 98.0% 89.2% Total revenue at the consolidated level increased by over 80% the rate of total noninterest expense in 1H 2018 as compared to 1H 2017 Continued investments in revenue Banking Segment Core Efficiency Ratio¹ of 55.2% for 1Q 2018 and 51.7% for 2Q 2018 84.6% 81.4% 82.4% 77.7% 75.4% 73.9% 73.1% 71.2% 69.2% 70.6% 66.9% 67.3% 64.4% 63.7% 58.6% 53.4% producers, IT systems and back office personnel to build upon scalable platform Continue to refine mortgage banking with operational efficiency improvements 2012 2013 2014 2015 2016 2017 1H18 1 Non-GAAP financial measure. See "Use of non-GAAP financial measures," and "Reconciliation of non-GAAP financial measures" in the Appendix hereto. FB FirstBank 15#17Asset quality continues to improve Nonperforming ratios ■NPLs (HFI) / loans (HFI) ■NPAs / assets 4.17% 2.87% 2.12% 1.72% 1.53% 1.21% 1.01% 0.68% 0.86% 0.58% 0.54% 0.32% 0.52% 0.26% 2012 2013 2014 2015 2016 2017 1H18 LLR/loans Classified & PCI loans ($mm)² ■Classified ■Purchased credit impaired $89 $78 $70 $65 $55 $55 $58 $46 $21 $16 $0 $0 $0 2012 2013 2014 2015 2016 2017 1H18 Net charge-offs (recoveries) / average loans 3.11% 2.41% 2.05% 0.14% 0.35% 0.10% 0.07% 0.04% liim. J... 1.50% 1.18% 0.76% 0.77% (0.13%) 2017 (0.06%) 1H18 2012 2013 2014 2015 2016 2017 1H18 2012 2013 2014 2015 2016 1 Includes acquired excess land and facilities for all periods subsequent to the acquisition of the Clayton Banks and GNMA rebooked loans for the fourth quarter of 2017. 2 Classified loan data not available for 2012. [FB FirstBank 16#18Strong capital position for future growth Capital position 12/31/16 12/31/17 6/30/183 Tangible book value per share Growth: 35.5% since IPO (September 2016) A- $15.66 $14.56 Shareholder's equity / Assets 10.1% 12.6% 12.8% $11.56 $11.58 TCE / TA² 8.7% 9.7% 10.1% 3Q16 4Q16 4Q17 1H18 Common equity tier 1 / 11.0% 10.7% 10.7% Risk-weighted assets Simple capital structure Tier 1 capital / Risk- 12.2% 11.4% 11.4% weighted assets Trust Preferred 6% Tier 2 ALLL 5% Total capital / Risk- 13.0% 12.0% 12.0% weighted assets Tier 1 capital/Average assets 10.1% 10.5% 10.9% (Leverage Ratio) Common Equity Tier 1 Capital 89% Total risk based capital¹: $524.1 million Declared quarterly dividend of $0.06 payable August 15, 2018 1 Total regulatory risk based capital, FB Financial Corporation. 2 Non-GAAP financial measure. See "Use of non-GAAP financial measures," and "Reconciliation of non-GAAP financial measures" in the Appendix hereto. 3 June 30, 2018 calculation is preliminary and subject to change. FB FirstBank 17#19M&A Strategy1 Bowling MISSOURI Green Glasgow Clarksville MISSISSIPPI MISSISSIPPI Atlanta Birmingham Tuscaloosa LABAM GEORGIA Kingsport Johnson City Asheville Greenville SOUTH CAROLINA Key NORTH CAROLINA Expansion Markets Current FBK Markets Drive Times Tuscaloosa: Nashville 3.5 hours Huntsville ~2 hours Birmingham: Nashville >3 hours Huntsville -1.5 hours Atlanta: Nashville -3.5 hours Chattanooga <2 hours Greenville: Nashville -5 hours Knoxville <3 hours Asheville: Nashville ~4 hours Knoxville 2 hours Consolidation strategy across existing and contiguous markets ■ Actively evaluate desirable opportunities in current and expansion markets, highlighted above Financially attractive (EPS accretion, minimal TBV dilution) Cultural and strategic fit Consolidate across Tennessee as attractive opportunities arise Potential Targets in Current Footprint: - 19 banks headquartered in TN between $400 million and $750 million in assets 10 banks between $750 million and $1 billion Maintain positive, ongoing dialogue with targets to position ourselves as an option when they are ready to create a partnership Potential Targets in Highlighted Markets: 30 banks headquartered in highlighted MSAs $400 million - $3 billion in assets, 8 of which are greater than $1 billion 15 additional banks in Community markets $400 million - $3 billion, 4 of which are greater than $1 billion ■ Existing FirstBank Mortgage offices in Tuscaloosa, Birmingham, Atlanta and Greenville MSAs 10 banks $1 billion to $3 billion in assets 1 See Forward-Looking statements on slide 1. FB FirstBank 18#20Appendix FB FirstBank 19#21Reconciliation of non-GAAP financial measures Pro forma net income, adjusted (Dollars in thousands) Pre-tax net income Plus merger and offering-related costs Less signficant gains (losses) on securities, other real estate owned and other items (1) Pre tax net income, adjusted Pro forma income tax expense, adjusted (2) 2012 28,797 $ 21,974 1H 2018 2017 2016 2015 2014 2013 $ 55,095 $ 73,485 $ 1,864 62,324 $ 50,824 $ 34,731 $ 19,034 3,268 3,543 $ 56,959 $ 92,519 13,587 34,749 Pro forma net income, adjusted $ Weighted average common shares outstanding fully diluted 43,372 $ 57,770 31,275,846 28,207,602 Pro forma diluted earnings per share, adjusted (Dollars in thousands) Pro forma diluted earnings per share, adjusted Diluted earning per share Plus merger and conversion costs Less signficant gains (losses) on securities, other real estate owned and other items Tax effect Pro forma diluted earnings per share, adjusted 1H 2018 2017 (3,539) 4,638 2,000 1,331 18,425 $ 31,304 17,180,000 $ 69,131 $ 49,729 $ 32,731 $ 25,404 $ 43,727 19,312,174 11,662 $ 21,069 $ 18,612 17,180,000 17,180,000 28,797 10,185 $ 20,643 6,897 $ 13,746 17,180,000 2016 2015 2014 2013 2012 $ 1.33 0.06 $ 1.86 $ 2.10 $ 2.79 $ 1.89 $ 1.57 $ 1.19 0.67 0.17 0.21 (0.18) 0.27 $ (0.01) 1.38 $ (0.48) 2.05 (0.19) (0.91) 0.12 (0.54) (0.49) 0.08 (0.31) $ 2.26 $ 1.82 $ 1.23 $ 1.08 $ 0.80 1 2016 includes loss on sale of mortgage servicing rights, impairment of mortgage servicing rights, gain on sales or write-downs of other real estate owned and other assets and gain on sale of securities; 2015 includes bargain purchase gain and gain from securities; 2014 includes gain from securities; 2012 includes gain on sale of securities and loss on sale or write-downs of other real estate. 2 The Company terminated its S-Corporation status and became a taxable corporate entity ("C Corporation") on September 16, 2016 in connection with its initial public offering. Pro forma amounts for income tax expense, adjusted, and diluted earnings per share, adjusted, have been presented assuming the Company's pro forma effective tax rate of 36.75%, 35.08%, 35.63%, 35.37%, and 33.76% for the years ended December 31, 2016, 2015, 2014, 2013 and 2012, respectively, and also includes the exclusion of a one-time tax change from C Corp conversion in 3Q 2016 and the 4Q 2017 benefit from the 2017 Tax Cuts and Jobs Act. 1H 2018 uses a marginal tax rate on adjustments of 26.06%; 2017 uses a marginal tax rate on adjustments of 39.23%. FB FirstBank 20 20#22Reconciliation of non-GAAP financial measures (cont'd) Tax-equivalent core efficiency ratio (Dollars in thousands) 1H 2018 2017 2016 2015 2014 2013 Core efficiency ratio (tax-equivalent basis) Total noninterest expense $ 112,454 $ 222,317 Less one-time equity grants 2,960 $ 194,790 $ 138,492 $ 102,163 $ 89,584 3,000 Less variable compensation charge related to cash settled equity awards Less merger and offering-related expenses 1,864 635 19,034 1,254 3,268 3,543 Less loss on sales or write-downs of other real estate Less impairment of mortgage servicing rights 194 Less loss on sale of mortgage servicing rights 2012 $ 83,874 2,339 4,678 Core noninterest expense Net interest income (tax-equivalent basis) Total noninterest income Less bargain purchase gain $ 110,590 $ 249 202,399 4,447 $ 178,183 $ 134,755 $ 99,163 $ 89,584 $ 81,535 100,708 156,094 113,311 95,887 85,487 77,640 70,602 68,983 141,581 144,685 92,380 50,802 41,386 38,047 2,794 Less change in fair value on mortgage servicing rights (3,491) (3,424) Less gain on sales or write-downs of other real estate owned and other assets (250) 110 1,179 Less gain from securities, net (144) 285 Core noninterest income Core revenue Efficiency ratio (GAAP) (1) Core efficiency ratio (tax-equivalent basis) $ 72,868 173,576 66.6% 144,610 4,407 139,099 (710) 1,844 88,452 $ 300,704 $ 252,410 $ 184,339 $ 134,138 $ 63.7% 75.4% 67.3% 76.2% 70.6% 74.4% 73.1% 76.1% 73.9% 151 158 2,000 34 3,670 48,651 41,194 34,377 118,834 $ 104,979 76.7% 78.9% 75.4% 77.7% (1) Efficiency ratio (GAAP) is calculated by dividing non-interest expense by total revenue. FB FirstBank 24 21#23Reconciliation of non-GAAP financial measures (cont'd) Segment tax-equivalent core efficiency ratio (Dollars in thousands) 1H 2018 2017 2016 2015 2014 2013 Banking segment core efficiency ratio (tax equivalent) Core consolidated noninterest expense Less Mortgage segment noninterest expense (1) 110,590 202,399 178,183 134,755 99,163 89,584 38,492 77,346 84,191 46,094 21,730 18,326 Add impairment of mortgage servicing rights Add loss on sale of mortgage servicing rights Adjusted Banking segment noninterest expense Adjusted core revenue Less Mortgage segment noninterest income 4,678 194 249 4,447 72,098 125,302 103,117 88,855 77,433 71,258 173,576 300,704 252,410 184,339 134,138 118,834 42,013 90,196 92,209 51,472 22,177 18,698 Less change in fair value on mortgage servicing rights (3,491) (3,424) Adjusted Banking segment total revenue 135,054 213,932 160,201 Banking segment core efficiency ratio (tax-equivalent basis) 53.4% 58.6% 64.4% 132,867 66.9% $ 111,961 $ 69.2% 100,136 71.2% Mortgage segment core efficiency ratio (tax equivalent) Consolidated noninterest expense 112,454 222,317 Less impairment on mortgage servicing rights 194,790 4,678 138,492 $ 194 102,163 $ 89,584 Less loss on sale of mortgage servicing rights Less Banking segment noninterest expense (2) Adjusted Mortgage segment noninterest expense Total noninterest income Less Banking segment noninterest income 73,962 249 144,971 4,447 110,599 92,398 80,433 71,258 $ 38,492 $ 77,097 $ 75,066 45,900 21,730 $ 18,326 68,983 141,581 144,685 92,380 50,802 41,386 26,970 51,385 52,476 40,908 28,625 22,688 Less change in fair value on mortgage servicing rights (3,491) (3,424) Adjusted Mortgage segment total revenue $ 45,504 $ 93,620 $ 92,209 $ 51,472 $ 22,177 $ 18,698 Mortgage segment core efficiency ratio (tax-equivalent basis) 84.6% 82.4% 81.4% 89.2% 98.0% 98.0% 1 Includes mortgage segment Other noninterest mortgage banking expense, depreciation, loss on sale of mortgage servicing rights and amortization and impairment of mortgage servicing rights. 2 Includes banking segment Other noninterest expense, other noninterest mortgage banking expense, amortization of intangibles and depreciation and amortization. FB FirstBank 22 22#24Reconciliation of non-GAAP financial measures (cont'd) Tax-equivalent core efficiency ratio 2018 (Dollars in Thousands) Total noninterest expense Second Quarter $ 56,303 $ First Quarter 56,151 Less variable compensation charge related to cash settled equity awards Less merger and offering-related expenses 671 1,193 Less loss on sale of mortgage servicing rights Core noninterest expense Total noninterest income $ 55,632 $ 54,958 Net interest income (tax-equivalent basis) 51,909 48,799 35,708 33,275 Less change in fair value on mortgage servicing rights (1,778) (1,713) Less gain on sales or write-downs of other real estate owned and other assets (132) (118) Less gain from securities, net (97) (47) Core noninterest income Core revenue Efficiency ratio (GAAP) (1) Core efficiency ratio (tax-equivalent basis) 37,715 35,153 $ 89,624 $ 83,952 64.5% 68.7% 62.1% 65.5% (1) Efficiency ratio (GAAP) is calculated by dividing non-interest expense by total revenue. FB FirstBank 23#25Reconciliation of non-GAAP financial measures (cont'd) Segment tax-equivalent core efficiency ratio 2018 (Dollars in Thousands) Banking segment core efficiency ratio (tax equivalent) Core consolidated noninterest expense Less Mortgage segment noninterest expense Add loss on sale of mortgage servicing rights Adjusted Banking segment noninterest expense Adjusted core revenue Less Mortgage segment noninterest income Second Quarter First Quarter $ 55,632 $ 54,958 19,582 18,910 36,050 36,048 89,624 83,952 21,650 20,363 Less change in fair value on mortgage servicing rights (1,778) (1,713) Adjusted Banking segment total revenue $ 69,752 $ 65,302 Banking segment core efficiency ratio (tax-equivalent basis) 51.7% 55.2% Mortgage segment core efficiency ratio (tax equivalent) Consolidated noninterest expense $ 56,303 $ 56,151 Less loss on sale of mortgage servicing rights Less Banking segment noninterest expense Adjusted Mortgage segment noninterest expense Total noninterest income Less Banking segment noninterest income 36,721 37,241 $ 19,582 $ 18,910 35,708 33,275 14,058 12,912 Less change in fair value on mortgage servicing rights (1,778) (1,713) Adjusted Mortgage segment total revenue $ Mortgage segment core efficiency ratio (tax-equivalent basis) 23,428 $ 83.6% 22,076 85.7% 1 Includes mortgage segment Other noninterest mortgage banking expense, depreciation, loss on sale of mortgage servicing rights and amortization and impairment of mortgage servicing rights. 2 Includes banking segment Other noninterest expense, other noninterest mortgage banking expense, amortization of intangibles and depreciation and amortization. FB FirstBank 24 14#26Reconciliation of non-GAAP financial measures (cont'd) Tangible book value per common share and tangible common equity to tangible assets 2017 2018 Second Quarter First Quarter Fourth Quarter Third Quarter Second Quarter First Quarter Fourth Quarter 2016 Third Quarter $ 4,923,249 137,190 13,203 $ 4,725,416 137,190 14,027 $ 4,727,713 137,190 14,902 $ 4,581,943 138,910 12,550 $ 3,346,570 46,867 4,048 $ 3,166,459 46,867 4,171 $ 3,276,881 46,867 4,563 $ 3,187,180 46,867 5,090 $ 4,574,199 $ 4,575,621 $ 4,430,483 $ 3,295,655 $ 3,115,421 $ 3,225,451 $ 3,135,223 $ 630,959 137,190 $ 13,203 611,075 137,190 14,027 $ 596,729 $ 572,528 $ 509,517 $ 342,142 $ 330,498 $ 329,108 137,190 14,902 138,910 12,550 46,867 4,048 46,867 4,171 46,867 4,563 46,867 5,090 30,671,763 $ 781,352 $ 459,858 $ 444,637 $ 421,068 30,683,353 30,535,517 $ 20.56 $ 19.92 $ $ 15.66 $ 14.99 $ 12.8% 12.9% 10.1% 10.2% 19.54 $ 14.56 $ 12.6% 9.7% 30,526,592 18.76 $ 13.79 $ 12.5% $ 458,602 28,968,160 $ 291,104 24,154,323 $ 279,068 $ 277,151 24,107,660 23,975,122 17.59 $ 14.16 $ 13.71 $ 13.73 15.83 $ 12.05 $ 11.58 $ 11.56 15.2% 10.8% 10.1% 10.3% 9.5% 13.9% 9.3% 8.7% 8.8% (Dollars in thousands) Tangible Assets Total assets Less goodwill Less intangibles, net Tangible assets Tangible Common Equity Total shareholders' equity Less goodwill Less intangibles, net Tangible common equity Common shares outstanding Book value per common share Tangible book value per common share Total shareholders' equity to total assets Tangible common equity to tangible assets $ 5,073,642 FB FirstBank 25#27Reconciliation of non-GAAP financial measures (cont'd) Return on average tangible common equity (Dollars in thousands) Total average shareholders' equity Less average goodwill Less intangibles, net Average tangible common equity 1H18 $ 607,708 137,190 13,671 $ 456,848 Net income $ Return on average tangible common equity 41,819 18.5% Return on average tangible common equity, adjusted (Dollars in thousands) Average tangible common equity Net income, adjusted Return on average tangible common equity, adjusted FB FirstBank 1H18 $ 456,848 43,372 19.1% 26#28Reconciliation of non-GAAP financial measures (cont'd) Pro forma return on average assets and equity, adjusted (Dollars in thousands) Pro forma Net income Average assets Average equity Pro forma return on average assets Pro forma return on average equity Pro forma net income, adjusted Pro forma return on average assets, adjusted 1H 2018 2017 2016 2015 2014 2013 2012 41,819 4,719,932 3,811,158 $ 52,398 $ 39,422 3,001,275 $ 32,995 $ 22,356 $ 18,612 $ 14,555 2,577,895 2,311,297 2,205,264 2,143,957 607,708 466,219 276,587 228,844 203,615 192,460 189,043 1.79% 1.37% 1.31% 1.28% 0.97% 0.84% 0.68% 13.9% 11.2% 14.3% 14.4% 11.0% 9.7% 7.7% 43,372 57,770 43,727 31,304 21,069 18,612 13,746 1.85% 1.52% 1.46% 1.21% 0.91% 0.84% 0.64% Pro forma return on average equity, adjusted 14.4% 12.4% 15.8% 13.7% 10.3% 9.7% 7.3% FB FirstBank 27 27#29Reconciliation of non-GAAP financial measures (cont'd) Total mortgage contribution, adjusted (Dollars in thousands) Mortgage segment pre-tax net contribution Retail footprint: Mortgage banking income Mortgage banking expenses Retail footprint pre-tax net contribution Total mortgage banking pre-tax net contribution Pre-tax net income 1H18 1H17 $ 3,027 $ 5,886 13,002 12,784 10,746 10,204 2,256 2,580 5,283 $ 8,466 55,095 32,991 % total mortgage banking pre-tax net contribution 9.6% 25.7% Pre-tax net income, adjusted 56,959 33,497 % total mortgage banking pre-tax net contribution, adjusted 9.3% 25.3% FB FirstBank 28