Regional banking company FB Financial (NYSE: FBK) fell short of the market’s revenue expectations in Q2 CY2026, but sales rose 26.6% year on year to $174.8 million. Its non-GAAP profit of $1.14 per share was 1.2% below analysts’ consensus estimates.
Is now the time to buy FB Financial? Find out by accessing our full research report, it’s free.
FB Financial (FBK) Q2 CY2026 Highlights:
- Net Interest Income: $149 million vs analyst estimates of $148.9 million (33.7% year-on-year growth, in line)
- Net Interest Margin: 4% vs analyst estimates of 3.9% (6.4 basis point beat)
- Revenue: $174.8 million vs analyst estimates of $177.2 million (26.6% year-on-year growth, 1.4% miss)
- Efficiency Ratio: 52.3% vs analyst estimates of 53.8% (153.7 basis point beat)
- Adjusted EPS: $1.14 vs analyst expectations of $1.15 (1.2% miss)
- Tangible Book Value per Share: $31.19 vs analyst estimates of $31.84 (4.7% year-on-year growth, 2% miss)
- Market Capitalization: $2.92 billion
Company Overview
Founded in 1906 and operating through more than a century of economic cycles, FB Financial (NYSE: FBK) operates FirstBank, providing commercial and consumer banking services across Tennessee, Kentucky, Alabama, and North Georgia.
Sales Growth
Net interest income and fee-based revenue are the two pillars supporting bank earnings. The former captures profit from the gap between lending rates and deposit costs, while the latter encompasses charges for banking services, credit products, wealth management, and trading activities. Regrettably, FB Financial’s revenue grew at a sluggish 2.6% compounded annual growth rate over the last five years. This fell short of our benchmarks and is a rough starting point for our analysis.
We at StockStory place the most emphasis on long-term growth, but within financials, a half-decade historical view may miss recent interest rate changes, market returns, and industry trends. FB Financial’s annualized revenue growth of 19% over the last two years is above its five-year trend, suggesting its demand recently accelerated. 
Note: Quarters not shown were determined to be outliers because they were impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, FB Financial generated an excellent 26.6% year-on-year revenue growth rate, but its $174.8 million of revenue fell short of Wall Street’s high expectations.
Net interest income made up 82.1% of the company’s total revenue during the last five years, meaning FB Financial barely relies on non-interest income to drive its overall growth.
Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.
ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all.
Every AI server needs specialized infrastructure the chip companies don’t make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE.
Tangible Book Value Per Share (TBVPS)
Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
When analyzing banks, tangible book value per share (TBVPS) takes precedence over many other metrics. This measure isolates genuine per-share value by removing intangible assets of debatable liquidation worth. Traditional metrics like EPS are helpful but face distortion from M&A activity and loan loss accounting rules.
FB Financial’s TBVPS grew at a decent 5.9% annual clip over the last five years. TBVPS growth has accelerated recently, growing by 7.8% annually over the last two years from $26.82 to $31.19 per share.
Over the next 12 months, Consensus estimates call for FB Financial’s TBVPS to grow by 14.2% to $35.61, decent growth rate.
Key Takeaways from FB Financial’s Q2 Results
We struggled to find many positives in these results. Its EPS slightly missed and its revenue fell slightly short of Wall Street’s estimates. Overall, this quarter could have been better. The stock traded down 2.4% to $55.59 immediately after reporting.
The latest quarter from FB Financial’s wasn’t that good. One earnings report doesn’t define a company’s quality, though, so let’s explore whether the stock is a buy at the current price. We think that the latest quarter is only one piece of the longer-term business quality puzzle. Quality, when combined with valuation, can help determine if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
