At a glance
FB Financial Corp is worth $2.60B, about 22 times its fiscal 2025 earnings. Revenue grew 22.9% to $560.0M in fiscal 2025, with 21.9% kept as profit; over 5 years it has grown 0.3% a year. It pays a 1.91% dividend yield, raised every year for at least 7 years, and returned $364.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −2.6% over the past year with dividends reinvested and +4.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.1% in the 2020 crash (S&P 500: 33.7%) and 21.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 22 months after the lows.
The business in plain English
FB Financial Corp, based in Nashville, Tennessee, is a bank holding company: the parent of FirstBank, first chartered in 1906. FirstBank offers business and consumer banking, mainly in Tennessee, Alabama, Kentucky, Georgia and North Carolina, plus mortgage lending across the Southeast. As of December 31, 2025, it had 90 full-service branches, $16.30 billion in total assets, $12.38 billion in loans and $13.91 billion in deposits.
Like other banks, it earns most of its money from net interest income: the gap between interest earned on loans and investments and interest paid on deposits and borrowings. In 2025 that was $516.1 million of $560.0 million in revenue. The other $43.9 million was noninterest income, such as fees and mortgage banking revenue. Local bankers with decision-making authority serve clients from small businesses to large companies and households.
Deposits show where the bank is strongest. Nashville held 36.1% of the bank's deposits as of June 30, 2025, and it ranked sixth there with a 5.1% share. Chattanooga (7.6%), Atlanta (6.7%) and Knoxville (5.7%) came next. It also serves smaller community markets such as Lexington, Tennessee, where it held 50.4% of local deposits. Mergers have also fueled growth, including the July 1, 2025 deal for Southern States Bancshares, which added $2.83 billion in assets and widened its reach in Alabama and Georgia.
Price history
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FBK -2.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $174.5M, up 0.4% from a year earlier, and net income was $60.2M (+157.5%).
- For fiscal 2025, revenue was $560.0M (+22.9% year over year; -0.3% a year from FY2020 to FY2025) with a 21.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -0.3% weak |
|---|---|
| Return on equity | 6.3% weak |
| Net income / revenue | 21.9% watch |
| Deposits | $14.67B |
| Loans | $12.99B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $567.5M | $63.6M | — |
| FY2021 | $575.6M | $190.3M | — |
| FY2022 | $526.9M | $124.6M | — |
| FY2023 | $477.8M | $120.2M | — |
| FY2024 | $455.6M | $116.0M | — |
| FY2025 | $560.0M | $122.6M | — |
Valuation snapshot
| Market value | $2.60B |
|---|---|
| P/E ratio | 21.6 |
| Dividend yield | 1.91% |
Rank among 1514 US companies
Market value at each year end
FB Financial’s market value went from $933.2M at the end of 2016 to $2.60B on Oct 28, 2026, about 2.8 times as much; since the end of 2025 it is down 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.60B | -13.0% |
| 2025 | $2.98B | +24.1% |
| 2024 | $2.40B | +28.8% |
| 2023 | $1.87B | +10.1% |
| 2022 | $1.70B | -18.9% |
| 2021 | $2.09B | +27.5% |
| 2020 | $1.64B | -10.8% |
| 2019 | $1.84B | +13.8% |
| 2018 | $1.61B | -16.1% |
| 2017 | $1.92B | +106.0% |
| 2016 | $933.2M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FBK price data to Oct 28, 2026 | -4.1% | -2.6% | +24.5% | +4.7% | +11.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.1% |
| 2025 | +10.3% |
| 2024 | +31.4% |
| 2023 | +12.4% |
| 2022 | -16.5% |
| 2021 | +27.5% |
| 2020 | -11.1% |
| 2019 | +14.1% |
| 2018 | -16.2% |
| 2017 | +61.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53% over that stretch · deepest drop along the way 58.1%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.4% over that stretch · deepest drop along the way 21%, back to its old high 22.3 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($1.5M) and 1 sales ($413K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 20, 2026 | Orrin H Ii Ingram Director | buy | $821K |
| Oct 20, 2026 | Orrin H Ii Ingram Director | buy | $716K |
| Jul 15, 2026 | Lynn J Joyce Chief Accounting Officer | sell | $413K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.6% | Sep 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 8% | Sep 30, 2025 |
| Vanguard Capital Management | 5.1% | Sep 30, 2026 |
ETFs with the most weight in FBK
| FSCC Federated Hermes MDT Small Cap Core ETF | 1.11% |
| SVAL iShares US Small Cap Value Factor ETF | 0.62% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.46% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.32% |
| KRE SPDR S&P Regional Banking ETF | 0.29% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.23% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.22% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
What could go wrong
- Heavy reliance on real estate loans. About 77% of loans were secured at least partly by real estate as of December 31, 2025. Falling property values could raise loan losses and reduce what the bank recovers when borrowers default.
- Concentrated in Nashville and nearby markets. Nashville alone held 36.1% of deposits as of June 30, 2025, and the bank operates mainly in Tennessee and nearby states. A regional downturn could hurt it more than a bank spread nationwide.
- Acquisitions add risk, including goodwill write-downs. Deals are part of the growth plan. The July 1, 2025 Southern States merger created $107.8 million of goodwill (the premium paid over net asset value), which could be written down if results disappoint.
- One large shareholder's interests may differ. The company says one shareholder owns a significant portion of its stock. That holder could sway shareholder votes and company direction in ways other investors may not favor.
- Mortgage income rises and falls with housing. Mortgage revenue swings with interest rates, the economy and the housing market. The value of mortgage servicing rights, the right to earn fees for handling borrowers' payments, is an estimate that could prove too high.
- Interest rate changes can squeeze income. Net interest income supplied $516.1 million of $560.0 million in 2025 revenue. Rate moves can narrow the gap between loan yields and deposit costs and lower the value of its investment portfolio.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
FB Financial has raised its regular dividend for 7 years in a row. Dividends per share grew from $0.36 in 2020 to $0.76 in 2025, about 16.1% a year. In 2025 it paid out 30.9% of earnings as dividends, leaving a cushion if profits slip. The dividend yield was 1.91% as of October 28, 2026. Buybacks (repurchases of its own shares) totaled $221.1 million from 2021 to 2025, yet the share count rose 4.8% between October 2021 and July 2026 after it issued about 8.1 million shares for the Southern States merger.
Past downturns hit the stock hard. In the 2020 COVID crash it lost 58.1% between February 20 and March 18, 2020, and recovered about 9.7 months later. In the 2022 bear market it fell 21% and took about 22.3 months from its low to regain its peak, in July 2024. It was not public in the 2008 financial crisis. Single stocks carry more risk than diversified funds.
Questions investors ask
How does FB Financial make money?
Mostly by lending. FB Financial owns FirstBank, which takes deposits and makes loans to businesses and households, mainly in Tennessee, Alabama, Kentucky, Georgia and North Carolina. In 2025, net interest income, the gap between interest earned on loans and investments and interest paid on deposits and borrowings, was $516.1 million of $560.0 million in revenue. The other $43.9 million was noninterest income, such as fees and mortgage banking. Net income was $122.6 million, and return on equity, or profit relative to shareholders' stake, was 6.3%.
Does FB Financial raise its dividend every year?
Yes, its regular dividend has risen for 7 years in a row. Dividends per share grew from $0.36 in 2020 to $0.76 in 2025, about 16.1% a year, and the company paid out 30.9% of 2025 earnings as dividends. The dividend yield was 1.91% as of October 28, 2026. Raises are not guaranteed: laws and regulators limit how much FirstBank can pay its parent company and how much the parent can pay shareholders.
Where does FirstBank have branches?
Its 90 full-service branches, as of December 31, 2025, were centered on Tennessee and extended into Alabama, Kentucky, Georgia and North Carolina. Nashville is by far its biggest market, holding 36.1% of total deposits as of June 30, 2025; the bank ranked sixth there with a 5.1% share. Chattanooga, Atlanta, Knoxville and Birmingham follow. It also serves smaller community markets, such as Anniston, Alabama, where it ranked second with 16.4% of local deposits.
What did FB Financial gain from the Southern States merger?
It added $2.83 billion in assets, $2.27 billion in loans and $2.47 billion in deposits when the merger with Southern States Bancshares closed on July 1, 2025. The deal widened its presence in Alabama and Georgia and added scale in Birmingham and Huntsville. FB Financial paid $368.4 million, almost entirely in stock (8,124,241 new shares). It recorded $107.8 million of preliminary goodwill, the amount paid above the estimated value of net assets acquired. Revenue rose 22.9% in 2025, the year the deal closed.
How has FB Financial stock performed over time?
Returns have varied widely by period. On a price basis, as of October 28, 2026, the stock gained about 11.1% a year over 10 years and 4.7% a year over 5 years, but lost 2.6% over 1 year. Calendar years ranged from a 61.8% gain in 2017 to a 16.5% loss in 2022. The shares traded at 21.6 times 2025 earnings, known as the price-to-earnings ratio. Earnings per share fell from $3.97 in 2021 to $2.45 in 2025.