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FB Financial Corporation (FBK)
NYSE:FBK
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FB Financial
(NYSE:FBK)
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Rating:72Outperform
Price Target:
$65.00
â–²(10.02% Upside)
Action:ReiteratedDate:01/22/26
The score is driven primarily by solid financial fundamentals (strong revenue momentum and conservative leverage) and a constructive earnings outlook tied to successful merger integration and improving efficiency targets. Technicals support the case with the stock above major moving averages, while the main constraint is valuation, with a high P/E and modest dividend yield.
Positive Factors
Successful Merger Integration
The successful merger with Southern States enhances FB Financial's market presence and operational capabilities, supporting long-term growth.
Improved Cash Flow Management
Significant improvement in free cash flow indicates better cash management, enhancing the company's ability to invest in growth opportunities.
Regulatory Advancement
Joining the Federal Reserve System strengthens regulatory oversight and may improve operational efficiencies, supporting long-term stability.
Negative Factors
Revenue Decline
A decline in revenue growth poses challenges for sustaining profitability and may impact long-term financial performance if not addressed.
Challenges in Deposit Growth
Challenges in deposit growth could limit the company's ability to fund loans and expand, affecting future growth potential.
Increased Provision Expenses
Higher provision expenses can strain profitability and may indicate potential risks in the loan portfolio, impacting financial health.
FB Financial (FBK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.13B
Dividend Yield1.34%
Average Volume (3M)269.05K
Price to Earnings (P/E)23.9
Beta (1Y)0.99
Revenue Growth10.50%
EPS Growth-6.22%
CountryUS
Employees1,490
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.16
Shares Outstanding53,462,482
10 Day Avg. Volume196,815
30 Day Avg. Volume269,054
Financial Highlights & Ratios
PEG Ratio-6.65
Price to Book (P/B)1.53
Price to Sales (P/S)3.13
P/FCF Ratio18.17
Enterprise Value/Market Cap0.75
Enterprise Value/Revenue2.35
Enterprise Value/Gross Profit4.23
Enterprise Value/Ebitda15.57
Forecast
1Y Price Target
$53.94Price Target Upside-8.70% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)4.74
Revenue Forecast (FY)$728.52M
FB Financial Business Overview & Revenue Model
Company DescriptionFB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in two segments, Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as engages in the mortgage origination business. The company also provides owner-occupied and non-owner-occupied real estate commercial, residential real estate 1-4 family mortgage, multi-family residential, commercial and industrial, construction, land acquisition, residential lines of credit, and land development loans; and consumer and other loans, such as car, boat, and other recreational vehicle loans, as well as manufactured homes without real estate and personal lines of credit. In addition, the company offers mortgage banking services through its bank branch networks in the southeastern United States; an internet delivery channel; and trust, insurance, and investment services, as well as online and mobile banking services. As of December 31, 2021, it operated 82 full-service bank branches and 9 limited-service branches locations throughout Tennessee, North Alabama, Southern Kentucky, and North Georgia; and 23 mortgage offices throughout the southeastern United States. The company was formerly known as First South Bancorp, Inc. and changed its name to FB Financial Corporation in 2016. FB Financial Corporation was founded in 1906 and is headquartered in Nashville, Tennessee.
How the Company Makes MoneyFB Financial generates revenue through multiple streams, primarily from interest income, which is earned on loans and other financial products. The company lends to consumers and small to mid-sized businesses, generating interest from these loans. Additionally, FBK earns non-interest income from fees associated with deposit accounts, mortgage origination, and wealth management services. Significant partnerships with other financial institutions and service providers can also enhance revenue through cross-selling opportunities. Moreover, the company’s strategic expansion into new markets and its focus on customer service contribute to its overall earnings growth.
FB Financial Earnings Call Summary
Earnings Call Date:Jan 21, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 20, 2026
Earnings Call Sentiment Positive
The call balanced strong financial performance and capital actions against near-term operational noise. Highlights include robust full-year balance sheet growth (29% loans, 25% deposits), solid margin and profitability (3.98% NIM, adjusted ROTCE ~15.9%), low credit costs, and a meaningful share repurchase. Lowlights center on softer organic growth in Q4 due to late-quarter payoffs and acquisition-related distractions, a modest rise in past dues/non-performing assets, and several non-run-rate expense items that elevated Q4 operating costs. Management provided clear 2026 guidance (mid-high single-digit organic growth, expense and margin targets) and expressed confidence in returning to high single-digit organic growth while investing in talent and the customer focus.Q4-2025 Updates
Positive Updates
Strong Adjusted Earnings and Profitability
Q4 reported EPS $1.07 and adjusted EPS $1.16; FY reported EPS $2.45 and adjusted EPS $3.99. Q4 adjusted returns: return on average assets ~1.51% and return on average tangible common equity ~15.9%, with a TCE ratio near 10%.
Net Interest Income and Margin Strength
Net interest income of $150.6 million in the quarter with net interest margin of 3.98% (3 bps expansion vs. Q3). Guidance for Q1 2026 NIM (ex loan accretion) of 3.78%–3.83% and expected additional ~15 bps from loan accretion.
Low Credit Costs and Solid Credit Metrics
Provision expense was light at $1.2 million in Q4; annualized net charge-offs were only 5 basis points for the quarter. Allowance for loan losses totaled $186 million, or 1.5% of loans held for investment.
Large Balance Sheet Growth (Full Year)
Full-year growth driven by the Southern States acquisition and organic activity: loans held for investment grew 29% year-over-year and deposits were up 25% year-over-year.
Adjusted Profitability and Core Revenue
Pretax, pre-provision net revenue of $71.1 million ($77.1 million adjusted) and Q4 adjusted net income of $61.5 million (reported $57.0 million). Non-interest income improved due to stronger swap fees, investment services revenue and some non-recurring items.
Capital Deployment and Share Repurchase
Executed a large repurchase: just over 1.7 million shares (~3% of the company) purchased from the Ayers estate, demonstrating confidence in the franchise and effective capital deployment.
Expense Discipline and FY 2026 Guidance
Banking core non-interest expense was $88 million in Q4 and $298 million for the full year; 2026 banking expense guide $325M–$335M with expected efficiency ratio in the low 50s for the full year and ~50% by year-end 2026.
Competitive New Production Yields
New loan production yields in the quarter were ~6.75% and new deposit costs around 3%, indicating attractive pricing on new business.
Negative Updates
Softer Organic Growth and Late-Quarter Payoffs
Q4 point-to-point loan growth was $86 million and deposits grew $97 million (both ~3% annualized). Late-quarter payoff activity reduced loan growth by about half and was most pronounced in C&I and CRE portfolios. Management described organic growth for 2025 as below expectations.
Higher Non-Interest Expense Items in Q4
Reported Q4 non-interest expense was $107.6 million ($100.4 million adjusted). Included ~$4.6 million merger/integration costs, ~$3 million performance-based incentive expense, ~$1.2 million franchise tax, and ~$1.5 million of other non-run-rate technology/professional fees. Management noted $5–6 million of Q4 non-run-rate expense.
Slight Uptick in Non-Performing Assets / Past Dues
Non-performing assets ticked up slightly in Q4 with higher past dues in some consumer portfolios and an optional Ginnie Mae repurchase portfolio, though loss content remains low.
Recruiting and Compensation Pressure
Market disruption in the region has increased competition for talent; management expects to pay competitively to retain and attract A players, which could pressure compensation and deposit pricing in targeted markets.
Core Deposit Dynamics and Use of Brokered Funding
Core deposit growth was challenged in Q4 and the bank used a small amount of brokered deposits (noted as ~4% of balances in discussion) as part of near-term funding management.
One-Time / Integration Distractions from Acquisition
Management noted that acquisition activity (Southern States) caused distractions and organizational changes that contributed to below-expectation organic growth in 2025; merger/integration expenses expected to largely conclude by end of Q1 2026.
Company Guidance
FB Financial guided Q1 2026 NIM (ex‑loan accretion) of 3.78%–3.83% and said full‑year core NIM should be roughly consistent with the current Q4 2025 NIM (3.98%), with loan accretion expected to add about 15 bps (exclusive of any accelerated accretion); they expect mid‑to‑high single‑digit organic loan growth and similar mid‑to‑high single‑digit core customer deposit growth for 2026, fee income growth in the upper single‑digit range, and banking non‑interest expense (run‑rate) of $325–$335 million for the year (banking core non‑interest expense ran $88M in Q4 and $298M for the year); management is targeting an efficiency ratio in the low‑50s for the full year and about 50% by year‑end 2026, and noted recent production yields (~6.75% new loan yields, ~3% new deposit costs) and a ~1.7M‑share repurchase (~3% of shares) completed in the quarter.FB Financial Financial Statement Overview
Summary
Strong TTM revenue acceleration (~36%) and a conservatively levered balance sheet support the score, but profitability has normalized (lower margins and ROE ~6%) and cash-flow signals have been volatile with weaker recent conversion metrics.Income Statement
TTM (Trailing-Twelve-Months) revenue accelerated sharply (up ~36%), signaling strong top-line momentum. Profitability remains solid with a mid-teens operating margin and low-teens net margin, but margins have compressed versus the stronger 2021–2023 period, and TTM net income is slightly below the last few annual periods despite the revenue step-up—suggesting costs, credit, or funding pressures are weighing on incremental growth.74
Positive
Balance Sheet
Leverage looks conservative for the period shown, with low debt relative to equity (TTM debt-to-equity ~0.14, improved from 2022–2023). Equity has grown meaningfully over time alongside asset growth, supporting balance-sheet capacity. The main watch-out is profitability on equity trending down (TTM return on equity ~6% vs. low-teens in 2021), indicating earnings are not keeping pace with the expanding capital base.78
Positive
Cash Flow
Cash generation is generally supportive: TTM free cash flow is positive and closely tracks net income (free cash flow at ~93% of net income), and TTM free cash flow growth is strong. However, cash flow has been volatile across years (notably negative in 2020 and unusually high in 2022), and the provided operating cash flow coverage metric is extremely low in recent periods—pointing to weaker cash conversion signals in the latest data despite positive reported operating and free cash flow.70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 993.47M | 766.77M | 748.98M | 596.35M | 613.25M | 616.50M |
| Gross Profit | 552.43M | 445.74M | 475.25M | 508.19M | 616.62M | 459.55M |
| EBITDA | 150.07M | 161.58M | 165.13M | 172.18M | 256.94M | 95.32M |
| Net Income | 113.75M | 116.03M | 120.22M | 124.56M | 190.28M | 63.62M |
Balance Sheet | ||||||
| Total Assets | 16.24B | 13.16B | 12.60B | 12.85B | 12.60B | 11.21B |
| Cash, Cash Equivalents and Short-Term Investments | 2.71B | 1.74B | 1.71B | 2.29B | 3.35B | 2.37B |
| Total Debt | 276.30M | 246.55M | 468.35M | 494.99M | 226.52M | 299.69M |
| Total Liabilities | 14.26B | 11.59B | 11.15B | 11.52B | 11.16B | 9.92B |
| Stockholders Equity | 1.98B | 1.57B | 1.45B | 1.33B | 1.43B | 1.29B |
Cash Flow | ||||||
| Free Cash Flow | 165.06M | 132.25M | 190.84M | 789.08M | 48.78M | -275.94M |
| Operating Cash Flow | 174.96M | 138.80M | 211.07M | 799.71M | 54.88M | -270.00M |
| Investing Cash Flow | -228.49M | -294.00M | -55.22M | -1.75B | -849.56M | 309.42M |
| Financing Cash Flow | 532.66M | 386.76M | -371.98M | 184.10M | 1.27B | 1.05B |
FB Financial Technical Analysis
Positive
59.08
Price Trends
58.24
Positive
56.67
Positive
52.22
Positive
Market Momentum
0.26
Positive
51.20
Neutral
19.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FBK, the sentiment is Positive. The current price of 59.08 is above the 20-day moving average (MA) of 58.95, above the 50-day MA of 58.24, and above the 200-day MA of 52.22, indicating a bullish trend. The MACD of 0.26 indicates Positive momentum. The RSI at 51.20 is Neutral, neither overbought nor oversold. The STOCH value of 19.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FBK.
FB Financial Risk Analysis
FB Financial disclosed 36 risk factors in its most recent earnings report. FB Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FB Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.81B | 13.61 | 21.27% | 4.00% | -8.43% | 3.75% | |
72 Outperform | $3.13B | 23.90 | 6.98% | 1.34% | 10.50% | -6.22% | |
70 Outperform | $3.68B | 13.90 | 8.97% | 2.71% | -5.44% | 45.47% | |
70 Outperform | $3.31B | 16.23 | 7.37% | 3.04% | 9.48% | 12.83% | |
68 Neutral | $3.14B | 15.62 | 13.69% | 2.96% | 6.29% | 28.28% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $3.29B | 21.28 | 6.33% | 2.25% | 6.83% | 23.44% |
* Financial Sector Average
FBK
FB Financial
59.08
10.49
21.58%
BKU
BankUnited
50.07
13.97
38.71%
CVBF
Cvb Financial
20.48
1.64
8.69%
PRK
Park National
175.15
18.61
11.89%
SBCF
Seacoast Banking Of Florida
33.75
6.55
24.09%
TOWN
TowneBank
35.96
1.17
3.35%
FB Financial Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
FB Financial Reports Strong Q4 2025 Earnings Growth
Positive
Jan 21, 2026
On January 21, 2026, FB Financial Corporation reported that fourth-quarter 2025 net income rose to $57.0 million, or $1.07 per diluted share, up sharply from $0.43 in the prior quarter and $0.81 a year earlier, while adjusted diluted EPS increased to $1.16. For full-year 2025, net income was $122.6 million, or $2.45 per diluted share, slightly above 2024 in dollar terms but down marginally on a per-share basis, although adjusted diluted EPS improved to $3.99 from $3.40, reflecting stronger underlying performance. The bank expanded its balance sheet over 2025, with loans held for investment growing to $12.38 billion and deposits to $13.91 billion as of December 31, 2025, alongside an improved net interest margin of 3.98% versus 3.50% a year earlier, and it ended the quarter with higher book and tangible book values per share. Management highlighted solid earnings, balance sheet strength and growth potential, and emphasized that a substantial share repurchase in the quarter was intended to be earnings accretive and signal confidence in the company’s long-term value proposition to shareholders. On January 21, 2026, the company also posted supplemental financial information and an earnings presentation for the fourth quarter on its investor website, ahead of a scheduled January 22, 2026 conference call to discuss the results.
The most recent analyst rating on (FBK) stock is a Buy with a $64.00 price target. To see the full list of analyst forecasts on FB Financial stock, see the FBK Stock Forecast page.
Business Operations and StrategyRegulatory Filings and Compliance
FB Financial Subsidiary Joins Federal Reserve System
Neutral
Dec 4, 2025
On December 2, 2025, FirstBank, a subsidiary of FB Financial Corporation, became a member of the Federal Reserve System, with the Board of Governors of the Federal Reserve System taking over as the primary federal regulator from the Federal Deposit Insurance Corporation. This regulatory change will not affect customers’ daily interactions with the bank, and customer deposits will continue to be insured by the FDIC as permitted by law.
The most recent analyst rating on (FBK) stock is a Buy with a $65.00 price target. To see the full list of analyst forecasts on FB Financial stock, see the FBK Stock Forecast page.
Stock BuybackPrivate Placements and Financing
FB Financial Announces Share Purchase Agreement
Neutral
Nov 14, 2025
On November 14, 2025, FB Financial Corporation entered into a share purchase agreement with the Estate of James W. Ayers and certain institutional investors for the sale of 2,162,052 shares of common stock at $51.50 per share. Additionally, the company agreed to repurchase 1,717,948 shares from the Selling Shareholder at the same price. These transactions, expected to close on November 17, 2025, are part of a strategic move to manage share distribution and do not involve the company selling any shares directly, thus not receiving proceeds from the offering.
The most recent analyst rating on (FBK) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on FB Financial stock, see the FBK Stock Forecast page.
Business Operations and StrategyM&A Transactions
FB Financial Completes Acquisition of Southern States
Positive
Nov 13, 2025
On July 1, 2025, FB Financial Corporation completed its acquisition of Southern States Bancshares, Inc., including its subsidiary Southern States Bank. The company has released historical unaudited financial information for Southern States as of June 30, 2025, and pro forma financial data reflecting the merger. This acquisition is expected to enhance FB Financial’s market presence and operational capabilities.
The most recent analyst rating on (FBK) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on FB Financial stock, see the FBK Stock Forecast page.
Business Operations and StrategyM&A Transactions
FB Financial Discusses Merger Plans at Conference
Neutral
Nov 5, 2025
On November 6, 2025, FB Financial Corporation’s management team presented at the Hovde Financial Services Conference. The presentation included forward-looking statements about the company’s future plans, strategies, and expectations, particularly regarding the merger with Southern States Bancshares, Inc. The company highlighted various risks and uncertainties that could impact its operations and financial performance, emphasizing the importance of non-GAAP financial measures for understanding its performance and financial condition.
The most recent analyst rating on (FBK) stock is a Hold with a $56.00 price target. To see the full list of analyst forecasts on FB Financial stock, see the FBK Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.