Franklin Financial Network Reports First Quarter 2020 Results
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Franklin Financial Network (FSB) Misses Q1 EPS by 68c
April 27, 2020 4:38 PM EDTFranklin Financial Network (NYSE: FSB) reported Q1 EPS of ($0.04), $0.68 worse than the analyst estimate of $0.64.
First Quarter Key Highlights
Loan growth of $43.3 million or 6.2% annualized from December 31, 2019Core deposit growth of $67.8 million, or 85.4% annualized from the fourth quarter of 2019 and $82.3 million, or 27.0% from the first quarter of 2019$123.0 million year-over-year reduction in the SNC portfolio to a balance of $105.5 million, representing 3.7% of loans held for investment (HFI) and a 54.0% year-over-year decreaseIn accordance with the CARES Act passed in March 2020, the Company deferred the implementation of the current expected credit loss (CECL)... More