The following is a discussion of our financial condition at March 31, 2021 and
December 31, 2020, and our results of operations for the three months ended
March 31, 2021 and 2020, and should be read in conjunction with our audited
consolidated financial statements set forth in our Annual Report on Form 10-K
for the year ended December 31, 2020, that was filed with the Securities and
Exchange Commission (the "SEC") on March 12, 2021 (our "Annual Report"), and
with the accompanying unaudited notes to the consolidated financial statements
set forth in this Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2021 (this "Report").
Forward-looking statements
Certain statements contained in this press release may constitute
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 regarding the projected impact of the COVID-19 global pandemic on our
business operations, statements relating to the timing, benefits, costs, and
synergies of the mergers with Franklin Financial Network, Inc. ("Franklin") (the
"Franklin merger") and FNB Financial Corp. ("FNB") (together with the Franklin
merger, the "mergers"), and FB Financial's future plans, results, strategies,
and expectations. These statements 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, many of which, by their
nature, are inherently uncertain and beyond FB Financial's control. The
inclusion of these forward-looking statements should not be regarded as a
representation by FB Financial or any other person that such expectations,
estimates, and projections will be achieved. Accordingly, FB Financial cautions
shareholders and 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. 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
including, without limitation, (1) current and future economic conditions,
including the effects of inflation, interest rate fluctuations, changes in the
economy or supply-demand imbalances affecting local real estate prices, and high
unemployment rates in the local or regional economies in which we operate and/or
the US economy generally, (2) the effects of the COVID-19 pandemic, including
the magnitude and duration of the pandemic and its impact on general economic
and financial market conditions and on our business and our customers' business,
results of operations, asset quality and financial condition, as well as the
efficacy, distribution, and public adoption of vaccines, (3) changes in
government interest rate policies and its impact on our business, net interest
margin, and mortgage operations, (4) our ability to effectively manage problem
credits, (5) the risk that the cost savings and any revenue synergies from the
merger or another acquisition may not be realized or may take longer than
anticipated to be realized, (6) the ability of FB Financial to effectively
integrate and manage the larger and more complex operations of the combined
company following the merger, (7) FB Financial's ability to successfully execute
its various business strategies, (8) the impact of the recent change in the U.S.
presidential administration and Congress and any resulting impact on economic
policy, capital markets, federal regulation, and the response to the COVD-19
pandemic, (9) the potential impact of the proposed phase-out of the London
Interbank Offered Rate ("LIBOR") or other changes involving LIBOR (10) the
effectiveness of our cyber security controls and procedures to prevent and
mitigate attempted intrusions, (11) the Company's dependence on information
technology systems of third party service providers and the risk of systems
failures, interruptions, or breaches of security, and (12) general competitive,
economic, political, and market conditions. Further information regarding FB
Financial and factors which could affect the forward-looking statements
contained herein can be found in FB Financial's Annual Report on Form 10-K for
the fiscal year ended December 31, 2020, and in any of FB Financial's subsequent
filings with the Securities and Exchange Commission (the "SEC").Many of these
factors are beyond FB Financial's ability to control or predict. If one or more
events related to these or other risks or uncertainties materialize, or if the
underlying assumptions prove to be incorrect, actual results may differ
materially from the forward-looking statements. Accordingly, shareholders and
investors should not place undue reliance on any such forward-looking
statements. Any forward-looking statement speaks only as of the date of this
release, and FB Financial undertakes no 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 FB
Financial to predict their occurrence or how they will affect the company. FB
Financial qualifies all forward-looking statements by these cautionary
statements.
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Critical accounting policies
Our financial statements are prepared in accordance with U.S. generally accepted
accounting principles ("GAAP") and general practices within the banking
industry. Within our financial statements, certain financial information
contains approximate measurements of financial effects of transactions and
impacts at the consolidated balance sheet dates and our results of operations
for the reporting periods. We monitor the status of proposed and newly issued
accounting standards to evaluate the impact on our financial condition and
results of operations. Our accounting policies, including the impact of any
newly issued accounting standards, are discussed in further detail in Note 1,
"Basis of presentation," in the notes to our consolidated financial statements
in our Annual Report.
Selected historical consolidated financial data

The following table presents certain selected historical consolidated financial data as of the dates or for the periods indicated:

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