Franklin Financial Network (FSB) Tops Q3 EPS by 10c

Franklin Financial Network (NYSE: FSB) reported Q3 EPS of $0.75, $0.10 better than the analyst estimate of $0.65.

• Strategic Balance Sheet Actions Continue to Unlock Value of Core Bank
• Net Interest Margin 2.98%, 14 Basis Points Expansion from Previous Quarter
• Earnings per Diluted Common Share of $0.75
• Announced Dividend Increase of 50% to $0.06 per Common Share

Chief Executive Officer, J. Myers Jones, III, stated, "Our Company’s strength continues to be our team, from our originators, to our front-line branch folks and our support group, and I could not be more proud of the attitude and excellence they show each and every day. Their efforts drive the execution of our strategic balance sheet actions that continue to unlock our core Bank’s value, demonstrated this quarter by our improved financial performance and focused deleveraging of non-core assets and liabilities.”

Jones continued, “Accordingly, our focus on enhancing the strength of our core balance sheet drove an $87 million reduction in our Shared National Credit (SNC) portfolio, which now stands near 5% of loans held for investment (HFI). Similarly, brokered deposit balances decreased by $109 million and retail deposits increased by $226 million during the quarter. We remain completely focused on core customer deposit and loan initiatives and are highly engaged in the execution of our strategic plan, with particular emphasis on balancing profitability and growth.”

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

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