EX-99.2 3 tm2530978d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2 

 

UNAUDITED PRO FORMA CONDENSED COMBINED

 

INCOME STATEMENT

 

The following unaudited pro forma condensed combined income statement and explanatory notes show the impact on the historical financial positions and results of operations of FB Financial Corporation (“FBK”) and Southern States Bancshares, Inc. (“Southern States”) and have been prepared to illustrate the effects of the Southern States merger under the acquisition method of accounting with FBK treated as the acquirer. The following unaudited pro forma condensed combined income statement gives effect to our completed acquisition of Southern States, which closed on July 1, 2025, as if the merger had been consummated as of January 1, 2024.

 

The unaudited pro forma condensed combined income statement is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined on the dates described above, nor is it necessarily indicative of the results of operations in future periods or the future financial position of the combined entities. The unaudited pro forma condensed combined income statement also does not consider any potential impacts of current market conditions on revenues, expense efficiencies, asset dispositions and share repurchases, among other factors.

 

 

 

 

FBK & SSBK Consolidated  

Pro Forma Income Statement  

 

   Unaudited Pro Forma Condensed Combined Income Statement 
   (in thousands; except share and per share data) 
   FB Financial
as of 9/30/25
YTD1
(as reported)		   Southern
States
as of
6/30/25
YTD
(as
reported)		   Pro Forma
Adjustments		 Notes   Pro Forma
Combined
as of
9/30/25
YTD2		 
Interest Income                      
Interest and fees on loans   522,189    78,217    2,996 (a)    603,402 
Interest on securities and other   76,499    9,805    -      86,304 
Total Interest Income   598,688    88,022    2,996      689,706 
Interest Expense                    - 
Deposits   225,394    33,527    -      258,921 
Borrowings   6,998    3,219    614 (b)    10,831 
Total Interest Expense   232,392    36,746    614      269,752 
Net Interest Income   366,296    51,276    2,382      419,954 
Provision for credit losses   42,046    1,508    (28,366)(c)    15,188 
Net interest income after provision for credit losses   324,250    49,768    30,748      404,766 
Noninterest Income   15,115    (8,639)   -      6,476 
Noninterest Expense   270,666    38,547    1,659 (d)    310,872 
Income before income taxes   68,699    2,582    29,089      100,370 
Income tax expense   3,046    (1,093)   7,563 (e)    9,516 
Net income attributable to noncontrolling interest   8    -    -      8 
Net Income   65,645    3,675    21,526      90,846 
                       
Earnings per common share:                      
Basic  $1.35   $0.37          $1.68 
Diluted  $1.34   $0.36          $1.67 
Dividends per common share  $0.57   $0.18          $0.55 
Weighted-average common shares outstanding                      
Basic   48,775,217    9,999,622    (4,613,221)(f)    54,161,618 
Diluted   49,054,448    10,096,426    (4,710,025)(g)    54,440,849 

 

1 As of July 1, 2025 Southern States was consolidated into FB Financial; therefore the FB Financial's reported results as of 9/30/25 includes all Southern States related financial impact for the period of 7/1/25 through 9/30/25.  

2 The pro forma combined results as of 9/30/25 YTD represents the combined entity for the period of January 1, 2025 through September 30, 2025, presented as if the business combinaiton was consummated as of January 1, 2024.  

 

Notes to Unaudited Pro Forma Condensed Combined Statements of
Income for the Nine Months Ended September 30, 2025:		    
(a) Adjustments to interest and fees on loans:    
To eliminate SSBK's accretion of deferred fees & discount accretion on previously acquired loans  (491)
To reflect estimated accretion of the new discount on acquired loans  3,487 
   2,996 
(b) Adjustments to interest expense on borrowings:    
To eliminate SSBK's historical amortization on previously acquired borrowings  (64)
To reflect estimated amortization on acquired borrowings  678 
   614 
(c) Adjustments to provisions for credit losses:    
To adjust the impact of the day one provision expense for acquired non-PCD loans and unfunded commitments, to reclassify the amount from the period incurred to the assumed business combinaiton date of January 1, 2024  (28,366)
(d) Adjustments to noninterest expense:    
To eliminate amortization of SSBK's core deposit intangible  (799)
To reflect amortization of the core deposit intangible created as a result of the acquisition  2,458 
   1,659 
(e) Adjustments to income taxes:    
To reflect the income tax effects of pro forma adjustments at the estimated blended federal and state corporate tax rate of 26%  7,563 
(f) Adjustments to basic weighted average common shares outstanding:    
To eliminate weighted average shares of SSBK's common stock outstanding  (9,999,622)
To record shares of FBK common stock issued in the merger  8,124,241 
To adjust the average share amounts assuming the merger shares were issued on 1/1/2024  (2,737,840)
   (4,613,221)
(g) Adjustments to diluted weighted average common shares outstanding:    
To eliminate weighted average shares of SSBK's common stock outstanding  (10,096,426)
To record shares of FBK common stock issued in the merger  8,124,241 
To adjust the average share amounts assuming the merger shares were issued on 1/1/2024  (2,737,840)
   (4,710,025)