Franklin Financial Network, Inc. Reports Record Quarterly Earnings
Surpasses $2 Billion Milestone in Assets in Third Quarter 2015
Surpasses $2 Billion Milestone in Assets in Third Quarter 2015
FRANKLIN, Tenn., Oct. 27, 2015 /PRNewswire/ -- Franklin Financial Network, Inc., (NYSE:FSB) the parent company of Franklin Synergy Bank (the "Bank"), today reported record consolidated net income of $5.2 million for the third quarter of 2015, a 155.6% increase compared to $2.0 million for the third quarter of 2014. Basic earnings per common share for the quarter ending September 30, 2015 totaled $0.49, an 88.5% increase compared to $0.26 for the same period in 2014.
For the nine months ended September 30, 2015, consolidated net income was $11.4 million, an increase of 104.6% over $5.6 million for the same period in 2014. Basic earnings per common share for the nine months ending September 30, 2015 totaled $1.17, a 24.5% increase compared to $0.94 for the same period in 2014.
On a fully diluted basis, earnings per share were $0.46 for the quarter ended September 30, 2015, compared to fully diluted earnings per share of $0.25 for the quarter ended September 30, 2014, an increase of 84.0%. For the nine months ended September 30, 2015, fully diluted earnings per share were $1.12, an increase of 23.1%, compared to fully diluted earnings per share of $0.91 for the nine months ended September 30, 2014.
"The third quarter was the most profitable quarter in the history of our bank, with record earnings," stated Richard Herrington, Chairman and Chief Executive Officer. "We posted our twenty-seventh consecutive profitable quarter."
"Organic loan growth continues to exceed expectations. Our annualized growth rate in loans, including loans held for sale, is more than 50% since December 31, 2014; at the same time, we diversified our loan portfolio. Our investment in a healthcare banking team has significantly impacted our balance sheet in the third quarter. Additionally, we have passed the $2 billion milestone in assets."
Selected highlights for the third quarter of 2015:
Third Quarter 2015 Results of Franklin Financial Network, Inc.
Balance Sheet Growth and Asset Quality
Profitability
"We continue to execute our plan in two of the most vibrant communities in Middle Tennessee," stated Herrington. "We are attracting and retaining the best bankers in the market."
Webcast and Conference Call Information
Franklin Financial Network, Inc. will host a webcast and conference call at 9:00 a.m. (CDT) on October 28, 2015 to discuss third quarter 2015 results. To access the call for audio only, please call 1-844-378-6480. For the presentation and streaming audio, please access the webcast on the Investor Relations page of Franklin Synergy Bank's website at www.franklinsynergybank.com.
For those unable to participate in the webcast, it will be archived on the Investor Relations page of Franklin Synergy Bank's website at www.franklinsynergybank.com for one year, with audio available for 90 days.
Founded in November 2007, Franklin Synergy Bank has six offices in Williamson County and five offices in Rutherford County. The bank provides deposit and loan products, treasury management, wealth management, trust and financial planning services for consumers and businesses. |
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The bank's loans surpassed $1 billion in July 2015, and assets surpassed $2 billion in September 2015. Recent FDIC data shows that Franklin Synergy Bank is the deposit share market leader in Williamson County as well as the city of Franklin, Tennessee. In Rutherford County and the city of Murfreesboro, Tennessee, the bank ranks sixth in deposit market share. |
|
In March 2015, Franklin Financial Network, Inc., the bank's parent company completed an initial public offering. The stock trades on the New York Stock Exchange under the ticker symbol "FSB". |
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Additional information about Franklin Synergy Bank is available at the bank's website: www.franklinsynergybank.com. |
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Safe Harbor for Forward-Looking Statements
This media release contains forward-looking statements. Such statements include, but are not limited to, projected sales, gross margin and net income figures, the availability of capital resources, and plans concerning products and market acceptance. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, could differ materially from those set forth in or contemplated by the forward-looking statements herein.
Future operating results of the corporation are impossible to predict, and no representation or warranty of any kind can be made respecting the present or future accuracy of such forward-looking statements or the ability of the corporation to meet its obligations, and no such representation or warranty is to be inferred.
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Franklin Financial Network, Inc.
Franklin Financial Network, Inc. FRANKLIN FINANCIAL NETWORK CONSOLIDATED BALANCE SHEETS (Unaudited) |
||
(Amounts in thousands, except share data) |
September 30, |
December 31, |
(Unaudited) |
||
ASSETS |
||
Cash and due from financial institutions |
$ 47,658 |
$ 49,347 |
Certificates of deposit at other financial institutions |
250 |
250 |
Securities available for sale |
624,420 |
395,705 |
Securities held to maturity (fair value 2015—$134,028 and 2014—$53,741) |
132,134 |
53,332 |
Loans held for sale, at fair value |
14,666 |
18,462 |
Loans |
1,123,826 |
787,188 |
Allowance for loan losses |
(9,744) |
(6,680) |
Net loans |
1,114,082 |
780,508 |
Restricted equity securities, at cost |
7,691 |
5,349 |
Premises and equipment, net |
9,360 |
9,664 |
Accrued interest receivable |
6,108 |
3,545 |
Bank owned life insurance |
22,452 |
11,664 |
Deferred tax asset |
5,980 |
6,780 |
Buildings held for sale |
— |
4,080 |
Foreclosed assets |
206 |
715 |
Servicing rights, net |
3,415 |
3,053 |
Goodwill |
9,124 |
9,124 |
Core deposit intangible, net |
2,199 |
2,698 |
Other assets |
2,793 |
1,551 |
Total assets |
$ 2,002,538 |
$ 1,355,827 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
||
Deposits |
||
Noninterest bearing |
$ 177,452 |
$ 150,337 |
Interest bearing |
1,537,142 |
1,021,896 |
Total deposits |
1,714,594 |
1,172,233 |
Federal funds purchased and repurchase agreements |
37,618 |
39,078 |
Federal Home Loan Bank advances |
57,000 |
19,000 |
Accrued interest payable |
587 |
421 |
Other liabilities |
5,129 |
3,296 |
Total liabilities |
1,814,928 |
1,234,028 |
Shareholders' equity |
||
Senior non-cumulative preferred stock, no par value, $10,000 liquidation value: Series A, 1,000,000 shares authorized; 10,000 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively |
10,000 |
10,000 |
Common stock, no par value; 20,000,000 and 10,000,000 shares authorized; 10,524,630 and 7,756,411 issued at September 30, 2015 and December 31, 2014, respectively |
146,645 |
94,251 |
Retained earnings |
26,713 |
15,372 |
Accumulated other comprehensive income |
4,252 |
2,176 |
Total shareholders' equity |
187,610 |
121,799 |
Total liabilities and shareholders' equity |
$ 2,002,538 |
$ 1,355,827 |
FRANKLIN FINANCIAL NETWORK, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||
(Amounts in thousands, except per share data) |
Three Months Ended |
Nine months Ended |
||
2015 |
2014 |
2015 |
2014 |
|
Interest income and dividends |
||||
Loans, including fees |
$ 14,744 |
$ 10,168 |
$ 38,071 |
$ 22,466 |
Securities: |
||||
Taxable |
3,462 |
2,395 |
9,084 |
6,932 |
Tax-Exempt |
966 |
20 |
1,155 |
60 |
Dividends on restricted equity securities |
100 |
84 |
250 |
175 |
Federal funds sold and other |
29 |
25 |
80 |
57 |
Total interest income |
19,301 |
12,692 |
48,640 |
29,690 |
Interest expense |
||||
Deposits |
2,417 |
1,446 |
5,963 |
3,808 |
Federal funds purchased and repurchase agreements |
69 |
39 |
232 |
123 |
Federal Home Loan Bank advances |
79 |
80 |
225 |
189 |
Total interest expense |
2,565 |
1,565 |
6,420 |
4,120 |
Net interest income |
16,736 |
11,127 |
42,220 |
25,570 |
Provision for loan losses |
1,724 |
664 |
3,154 |
1,489 |
Net interest income after provision for loan losses |
15,012 |
10,463 |
39,066 |
24,081 |
Noninterest income |
||||
Service charges on deposit accounts |
44 |
13 |
78 |
37 |
Other service charges and fees |
679 |
600 |
1,987 |
1,149 |
Net gains on sale of loans |
2,463 |
1,875 |
5,573 |
4,226 |
Loan servicing fees, net of amortization of servicing assets |
84 |
73 |
187 |
173 |
Gain on sales and calls of securities |
5 |
22 |
529 |
93 |
Net gain (loss) on foreclosed assets |
3 |
(3) |
30 |
28 |
Wealth management |
327 |
287 |
914 |
364 |
Other |
193 |
407 |
566 |
1,055 |
Total noninterest income |
3,798 |
3,274 |
9,864 |
7,125 |
Noninterest expense |
||||
Salaries and employee benefits |
6,208 |
6,144 |
17,960 |
13,494 |
Occupancy and equipment |
1,683 |
1,443 |
4,961 |
3,238 |
FDIC assessment expense |
362 |
181 |
792 |
420 |
Marketing |
277 |
224 |
695 |
470 |
Professional fees |
516 |
961 |
1,382 |
1,594 |
Other |
1,807 |
1,436 |
5,256 |
2,743 |
Total noninterest expense |
10,853 |
10,389 |
31,046 |
21,959 |
Income before income tax expense |
7,957 |
3,348 |
17,884 |
9,247 |
Income tax expense |
2,807 |
1,333 |
6,468 |
3,668 |
Net income |
5,150 |
2,015 |
11,416 |
5,579 |
Dividends paid on Series A preferred stock |
(25) |
(25) |
(75) |
(75) |
Net income available to common shareholders |
$ 5,125 |
$ 1,990 |
$ 11,341 |
$ 5,504 |
Earnings per share: |
||||
Basic |
$ 0.49 |
$ 0.26 |
$ 1.17 |
$ 0.94 |
Diluted |
0.46 |
0.25 |
1.12 |
0.91 |
FRANKLIN FINANCIAL NETWORK, INC. AVERAGE BALANCES(7) — ANALYSIS OF YIELDS & RATES (UNAUDITED) (Amounts in thousands, except percentages) |
||||||
Three Months Ended September 30, |
||||||
2015 |
2014 |
|||||
Average |
Interest |
Average |
Average |
Interest |
Average |
|
ASSETS: |
||||||
Loans(1)(6) |
$ 1,044,520 |
$ 14,763 |
5.61 % |
$ 719,155 |
$ 10,168 |
5.61 % |
Securities available for sale(6) |
674,991 |
4,422 |
2.60 % |
324,574 |
2,007 |
2.45 % |
Securities held to maturity(6) |
74,332 |
632 |
3.37 % |
57,611 |
407 |
2.80 % |
Certificates of deposit at other financial institutions |
250 |
2 |
3.17 % |
250 |
1 |
1.59 % |
Federal funds sold and other(2) |
52,279 |
128 |
0.97 % |
41,811 |
109 |
1.03 % |
TOTAL INTEREST EARNING ASSETS |
$ 1,846,372 |
$ 19,947 |
4.29 % |
$ 1,143,401 |
$ 12,692 |
4.40 % |
Allowance for loan losses |
(8,576) |
(5,862) |
||||
All other assets |
74,570 |
60,508 |
||||
TOTAL ASSETS |
$ 1,912,366 |
$ 1,198,047 |
||||
LIABILITIES & SHAREHOLDERS' EQUITY |
||||||
Deposits: |
||||||
Interest checking |
$ 246,584 |
$ 170 |
0.27 % |
$ 190,294 |
$ 111 |
0.23 % |
Money market |
514,669 |
703 |
0.54 % |
355,488 |
567 |
0.63 % |
Savings |
37,888 |
44 |
0.46 % |
27,253 |
32 |
0.47 % |
Time deposits |
648,605 |
1,500 |
0.92 % |
322,329 |
736 |
0.91 % |
Federal Home Loan Bank advances |
57,000 |
79 |
0.55 % |
33,065 |
80 |
0.96 % |
Federal funds purchased and other(3) |
45,261 |
69 |
0.60 % |
24,442 |
39 |
0.63 % |
TOTAL INTEREST BEARING LIABILITIES |
$ 1,550,007 |
$ 2,565 |
0.66 % |
$ 952,871 |
$ 1,565 |
0.65 % |
Demand deposits |
169,451 |
128,982 |
||||
Other liabilities |
11,368 |
2,290 |
||||
Total shareholders' equity |
181,540 |
113,904 |
||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 1,912,366 |
$ 1,198,047 |
||||
NET INTEREST SPREAD(4)(6) |
3.63 % |
3.75 % |
||||
NET INTEREST INCOME(6) |
$ 17,382 |
$ 11,127 |
||||
NET INTEREST MARGIN(5)(6) |
3.73 % |
3.86 % |
(1) Loan balances include both loans held in the Bank's portfolio and mortgage loans held for sale and are net of deferred origination fees and costs. Non-accrual loans are included in total loan balances. |
(2) Includes federal funds sold, capital stock in the Federal Reserve Bank and Federal Home Loan Bank, and interest-bearing deposits at the Federal Reserve Bank and the Federal Home Loan Bank. |
(3) Includes repurchase agreements. |
(4) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(5) Represents net interest income (annualized) divided by total average earning assets. |
(6) Interest income and rates for 2015 include the effects of tax-equivalent adjustments to adjust tax-exempt interest income on tax-exempt loans and investment securities to a fully taxable basis. Due to immateriality, interest income and rates for 2014 exclude the effects of tax-equivalent adjustments to adjust tax-exempt interest income on tax-exempt loans and investment securities to a fully taxable basis. |
(7) Averages balances are average daily balances. |
Nine months Ended September 30, |
||||||
2015 |
2014 |
|||||
Average |
Interest |
Average |
Average |
Interest |
Average |
|
ASSETS: |
||||||
Loans(1)(6) |
$ 933,950 |
$ 38,127 |
5.46 % |
$ 552,157 |
$ 22,466 |
5.44 % |
Securities available for sale(6) |
532,754 |
9,628 |
2.42 % |
295,602 |
5,793 |
2.62 % |
Securities held to maturity(6) |
58,587 |
1,358 |
3.10 % |
58,522 |
1,199 |
2.74 % |
Certificates of deposit at other financial institutions |
250 |
5 |
2.67 % |
84 |
2 |
3.18 % |
Federal funds sold and other(2) |
50,207 |
325 |
0.87 % |
32,041 |
230 |
0.96 % |
TOTAL INTEREST EARNING ASSETS |
$ 1,575,748 |
$ 49,443 |
4.20 % |
$ 938,406 |
$ 29,690 |
4.23 % |
Allowance for loan losses |
(7,705) |
(5,466) |
||||
All other assets |
72,387 |
39,574 |
||||
TOTAL ASSETS |
$ 1,640,430 |
$ 972,514 |
||||
LIABILITIES & SHAREHOLDERS' EQUITY |
||||||
Deposits: |
||||||
Interest checking |
$ 270,992 |
$ 605 |
0.30 % |
$ 191,248 |
$ 408 |
0.29 % |
Money market |
451,054 |
1,918 |
0.57 % |
280,870 |
$ 1,465 |
0.70 % |
Savings |
34,018 |
117 |
0.46 % |
22,572 |
$ 83 |
0.49 % |
Time deposits |
464,945 |
3,323 |
0.96 % |
253,192 |
$ 1,852 |
0.98 % |
Federal Home Loan Bank advances |
42,890 |
225 |
0.70 % |
28,791 |
$ 189 |
0.88 % |
Federal funds purchased and other(3) |
47,330 |
232 |
0.66 % |
20,962 |
$ 123 |
0.78 % |
TOTAL INTEREST BEARING LIABILITIES |
$ 1,311,229 |
$ 6,420 |
0.65 % |
$ 797,635 |
$ 4,120 |
0.69 % |
Demand deposits |
159,093 |
84,908 |
||||
Other liabilities |
7,753 |
4,905 |
||||
Total shareholders' equity |
162,355 |
85,066 |
||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 1,640,430 |
$ 972,514 |
||||
NET INTEREST SPREAD(4)(6) |
3.55 % |
3.54 % |
||||
NET INTEREST INCOME(6) |
$ 43,023 |
$ 25,570 |
||||
NET INTEREST MARGIN(5)(6) |
3.65 % |
3.64 % |
(1) Loan balances include both loans held in the Bank's portfolio and mortgage loans held for sale and are net of deferred origination fees and costs. Non-accrual loans are included in total loan balances. |
(2) Includes federal funds sold, capital stock in the Federal Reserve Bank and Federal Home Loan Bank, and interest-bearing deposits at the Federal Reserve Bank and the Federal Home Loan Bank. |
(3) Includes repurchase agreements. |
(4) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. |
(5) Represents net interest income (annualized) divided by total average earning assets. |
(6) Interest income and rates for 2015 include the effects of tax-equivalent adjustments to adjust tax-exempt interest income on tax-exempt loans and investment securities to a fully taxable basis. Due to immateriality, interest income and rates for 2014 exclude the effects of tax-equivalent adjustments to adjust tax-exempt interest income on tax-exempt loans and investment securities to a fully taxable basis. |
(7) Averages balances are average daily balances. |
FRANKLIN FINANCIAL NETWORK, INC. SUMMARY QUARTERLY CONSOLIDATED FINANCIAL DATA (UNAUDITED) (Amounts in thousands, except per share data and percentages) |
|||||
As of and for the three months ended |
|||||
Sept 30, 2015 |
Jun 30, 2015 |
Mar 31, 2015 |
Dec 31, 2014 |
Sept 30, 2014 |
|
Income Statement Data ($): |
|||||
Interest income |
19,301 |
15,413 |
13,926 |
13,742 |
12,692 |
Interest expense |
2,565 |
2,086 |
1,769 |
1,619 |
1,565 |
Net interest income |
16,736 |
13,327 |
12,157 |
12,123 |
11,127 |
Provision for loan losses |
1,724 |
805 |
625 |
885 |
664 |
Noninterest income |
3,798 |
2,851 |
3,215 |
2,926 |
3,274 |
Noninterest expense |
10,853 |
10,572 |
9,621 |
9,863 |
10,389 |
Net Income before taxes |
7,957 |
4,801 |
5,126 |
4,301 |
3,348 |
Income tax expense |
2,807 |
1,667 |
1,994 |
1,466 |
1,333 |
Net income |
5,150 |
3,134 |
3,132 |
2,835 |
2,015 |
Net income available to common shareholders |
5,125 |
3,109 |
3,107 |
2,810 |
1,990 |
Earnings per share, basic |
0.49 |
0.30 |
0.39 |
0.36 |
0.26 |
Earnings per share, diluted |
0.46 |
0.28 |
0.37 |
0.34 |
0.25 |
Profitability (%) |
|||||
Return on average assets |
1.07 |
0.79 |
0.90 |
0.88 |
0.67 |
Return on average equity |
11.25 |
7.00 |
10.14 |
9.40 |
7.02 |
Return on average tangible common equity |
12.70 |
7.89 |
12.18 |
11.42 |
8.20 |
Efficiency ratio |
52.85 |
65.35 |
62.59 |
65.54 |
72.14 |
Net Interest margin(1) |
3.60 |
3.51 |
3.65 |
3.97 |
3.86 |
Balance Sheet Data ($): |
|||||
Loans (including HFS) |
1,138,492 |
979,033 |
897,001 |
805,650 |
744,927 |
Loan loss reserve |
9,744 |
8,016 |
7,308 |
6,680 |
5,883 |
Cash |
47,658 |
43,413 |
48,580 |
49,347 |
36,657 |
Securities |
756,554 |
681,999 |
507,170 |
449,037 |
403,043 |
Goodwill |
9,124 |
9,124 |
9,124 |
9,124 |
9,121 |
Intangible assets |
2,249 |
2,414 |
2,585 |
2,762 |
2,953 |
Assets |
2,002,538 |
1,766,752 |
1,509,430 |
1,355,827 |
1,238,579 |
Deposits |
1,714,594 |
1,491,986 |
1,271,602 |
1,172,233 |
1,051,558 |
Liabilities |
1,814,928 |
1,589,671 |
1,330,889 |
1,234,028 |
1,122,125 |
Total equity |
187,610 |
177,081 |
178,541 |
121,799 |
116,454 |
Common equity |
177,610 |
167,081 |
168,541 |
111,799 |
106,454 |
Tangible Common equity |
166,237 |
155,543 |
156,832 |
99,913 |
94,380 |
Asset Quality (%) |
|||||
Nonperforming loans/ total loans (excludes HFS) |
0.07 |
0.10 |
0.14 |
0.15 |
0.47 |
Nonperforming assets / total loans(2) + OREO |
0.09 |
0.12 |
0.19 |
0.24 |
0.70 |
Loan loss reserve / total loans (excludes HFS) |
0.87 |
0.83 |
0.84 |
0.85 |
0.82 |
Net charge-offs / average loans |
0.00 |
0.04 |
0.00 |
0.04 |
0.30 |
Capital (%) |
|||||
Tangible common equity to tangible assets |
8.35 |
8.86 |
10.47 |
7.43 |
7.70 |
Leverage ratio(3) |
8.67 |
10.19 |
11.41 |
8.57 |
8.83 |
Tier 1 common ratio(3) |
10.92 |
12.29 |
14.01 |
10.51 |
11.17 |
Tier 1 risk-based capital ratio(3) |
11.40 |
12.86 |
14.95 |
11.58 |
12.35 |
Total risk-based capital ratio(3) |
12.07 |
13.50 |
15.64 |
12.30 |
13.05 |
(1)Net interest margins shown in the table above do not include tax-equivalent adjustments. |
(2)Total loans in this ratio exclude loans held for sale. |
(3)Capital ratios for September 30, 2015 are estimates, since the Company's quarterly regulatory reports have not yet been filed. |
GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures
Some of the financial data included in our selected historical consolidated financial information are not measures of financial performance recognized by GAAP. Our management uses these non-GAAP financial measures in its analysis of our performance:
We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. The following reconciliation table provides a more detailed analysis of these non-GAAP financial measures:
(Amounts in thousands, except share/ |
As of or for the Three Months Ended |
||||
Sept 30, |
Jun 30, |
Mar 31, |
Dec 31, |
Sept 30, |
|
Total shareholders' equity |
$ 187,610 |
$ 177,081 |
$ 178,541 |
$ 121,799 |
$ 116,454 |
Less: Preferred stock |
10,000 |
10,000 |
10,000 |
10,000 |
10,000 |
Total common shareholders' equity |
177,610 |
167,081 |
168,541 |
111,799 |
106,454 |
Less: Goodwill and other intangible assets |
11,373 |
11,538 |
11,709 |
11,886 |
12,074 |
Tangible common shareholders' equity |
$ 166,237 |
$ 155,543 |
$ 156,832 |
$ 99,913 |
$ 94,380 |
Common shares outstanding |
10,524,630 |
10,502,671 |
10,465,930 |
7,756,411 |
7,739,644 |
Tangible book value per share |
$ 15.80 |
$ 14.81 |
$ 14.99 |
$ 12.88 |
$ 12.19 |
Net income available to common shareholders |
$ 5,125 |
$ 3,109 |
$ 3,107 |
$ 2,810 |
$ 1,990 |
Average tangible common equity |
160,071 |
157,959 |
103,475 |
97,630 |
96,310 |
Return on average tangible common equity |
12.70 % |
7.89 % |
12.18 % |
11.42 % |
8.20 % |
Efficiency Ratio: |
|||||
Net interest income |
$ 16,736 |
$ 13,327 |
$ 12,157 |
$ 12,123 |
$ 11,127 |
Noninterest income |
3,798 |
2,851 |
3,215 |
2,926 |
3,274 |
Operating revenue |
20,534 |
16,178 |
15,372 |
15,049 |
14,401 |
Expense |
|||||
Total noninterest expense |
10,853 |
10,572 |
9,621 |
9,863 |
10,389 |
Efficiency ratio |
52.85 % |
65.35 % |
62.59 % |
65.54 % |
72.14 % |
Reported yield on loans(1) |
5.60 % |
5.37 % |
5.35 % |
5.67 % |
5.92 % |
Effect of accretion income on acquired loans |
(0.42 %) |
(0.32 %) |
(0.28 %) |
(0.36 %) |
(0.43 %) |
Adjusted yield on loans |
5.18 % |
5.05 % |
5.07 % |
5.31 % |
5.49 % |
Reported net interest margin(1) |
3.60 % |
3.51 % |
3.65 % |
3.97 % |
3.86 % |
Effect of accretion income on acquired loans |
(0.24 %) |
(0.19 %) |
(0.18 %) |
(0.23 %) |
(0.27 %) |
Effect of premium amortization of acquired deposits |
(0.00 %) |
(0.01 %) |
(0.01 %) |
(0.02 %) |
(0.02 %) |
Adjusted net interest margin |
3.36 % |
3.31 % |
3.46 % |
3.72 % |
3.57 % |
(1) The yields and margins reported in the table above do not include any tax-equivalent adjustments. |
Contact: Aimee Punessen, (615) 236-8329
[email protected]
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SOURCE Franklin Financial Network, Inc.
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