Red Flags Detected

• ⚠ Firstbank’s Dividend Capacity Under Applicable Tennessee Banking Law Has Been Substantially Utilized, and Firstbank Has Been Required to Obtain the Approval of the Tennessee Department of Financial Institutions to Pay Dividends to US From Time to Time, Including During Recent Periods. (new) — The company's ability to service the notes depends on dividends from FirstBank, but FirstBank's dividend capacity is largely used up and requires regulatory approval, creating a risk that FB Financial may lack funds to pay interest or principal.
• ⚠ There Is No Automatic Acceleration, or Right of Acceleration, In the Case of a Default In the Payment of Principal Of, or Interest On, the Subordinated Notes, or In the Performance of Any of Our Other Obligations Under the Subordinated Notes or the Indenture Governing the Subordinated Notes. (new) — Noteholders cannot demand immediate repayment upon a payment default; acceleration is only available upon bankruptcy or insolvency, limiting remedies for investors.
• ⚠ There Are No Financial Covenants In the Subordinated Indenture Governing the Subordinated Notes. (new) — The absence of financial covenants and restrictions on additional debt, liens, dividends, or share repurchases gives the company broad flexibility that could increase risk for noteholders.