Franklin Financial Network (FSB) Misses Q1 EPS by 1c

Franklin Financial Network (NYSE: FSB) reported Q1 EPS of $0.41, $0.01 worse than the analyst estimate of $0.42.

Interim Chief Executive Officer, J. Myers Jones, III, stated, "During the first quarter, our team was able to accelerate our balance sheet rotation and optimization strategies, driven by favorable bond market conditions and robust customer loan demand. We are very pleased to have achieved 21.6% annualized loan growth in the quarter, demonstrating our ability to be nimble and capitalize on core customer-driven loan projects."

Jones continued, "Further, our commitment to remixing and optimizing our balance sheet is evidenced by a 34.4% reduction in the size of our investment portfolio from the first quarter of last year, as well as the 40.2% annualized reduction in our brokered deposit portfolio. Our team will continue the execution of our strategic plan with our focus on balancing profitability and growth."

For earnings history and earnings-related data on Franklin Financial Network (FSB) click here.

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