FB Financial Corporation (FBK) Misses Q1 EPS by 38c, Revenues Beat

FB Financial Corporation (NYSE: FBK) reported Q1 EPS of $0.17, $0.38 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $98.95 million versus the consensus estimate of $91.16 million.

• Reported net income of $0.7 million, or diluted EPS of $0.02, reflecting the impact of COVID-19 pandemic
• Adjusted PTPP earnings* were $33.4 million for the first quarter, up 8.1% from Q4 2019
• Adopted CECL increasing ACL by $30.9 million
• Recorded provisions for credit losses of $29.6 million; building ACL to 1.95% of loans HFI

President and Chief Executive Officer, Christopher T. Holmes stated, “The first quarter of 2020 will be remembered as a defining time for our Company. Our associates responded to the challenges of tornadoes devastating our middle Tennessee market and the COVID-19 pandemic by taking care of each other and our customers in ways that showed true courage and compassion. Over the last five weeks, we have approved and funded over 1,500 Paycheck Protection Program (PPP) loans totaling $267.0 million for small businesses, preserving jobs for approximately 29,000 employees in our communities. Additionally, we reached out to our customers and deferred loan payments for over 1,400 consumer and businesses totaling $680.0 million. I have been amazed by the performance and have never been more proud to be part of the FirstBank team.”

Holmes commented further, “In addition to responding to these challenges, we positioned the Company for the road ahead by reinforcing an already strong balance sheet with increased liquidity, increased credit reserves and solid capital positions. We also completed our merger with Farmers National Bank of Scottsville (KY) ("Farmers National") and announced our pending merger with Franklin Financial Network, Inc. We have continued our integration and conversion plans for Farmers National, which we plan to convert later this quarter, and Franklin Financial, which we believe is on track for closing during the third quarter of this year.”

For earnings history and earnings-related data on FB Financial Corporation (FBK) click here.

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