Company Quick10K Filing
Franklin Financial Network
Price30.95 EPS2
Shares15 P/E20
MCap464 P/FCF3,222
Net Debt-179 EBIT109
TEV285 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
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8-K 2020-08-15 M&A, Shareholder Rights, Control, Officers, Exhibits
8-K 2020-07-27 Earnings, Regulation FD, Exhibits
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8-K 2018-01-09

FSB 10Q Quarterly Report

Part I Financial Information
Item 1. Consolidated Financial Statements
Note 1 - Basis of Presentation
Note 2 - Securities
Note 3 - Loans
Note 4 - Loan Servicing
Note 5 - Leases
Note 6 - Share - Based Payments
Note 7 - Regulatory Capital Matters
Note 8 - Derivative Instruments
Note 9 - Commitments and Contingencies
Note 10 - Fair Value
Note 11 - Earnings per Share
Note 12 - Subordinated Debt Issuance
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (All Dollar Values in This Section Are in Thousands.)
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
EX-10.1 fsb-06302020ex101.htm
EX-10.2 fsb-06302020ex102.htm
EX-10.3 fsb-06302020ex103.htm
EX-31.1 fsb-06302020ex311.htm
EX-31.2 fsb-06302020ex312.htm
EX-32 fsb-06302020ex32.htm

Franklin Financial Network Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

fsb-20200630
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
FORM 10-Q
________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-36895
________________________________________________________
FRANKLIN FINANCIAL NETWORK, INC.
(Exact name of registrant as specified in its charter)
________________________________________________________
Tennessee20-8839445
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
722 Columbia Avenue, Franklin, Tennessee 37064
(Address of principal executive offices) (Zip Code)

615-236-2265
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valueFSBNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares outstanding of the registrant’s common stock, no par value per share, as of July 31, 2020, was 14,972,793.



Table of Contents
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Table of Contents
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Form 10-Q contains forward-looking statements regarding, among other things, our anticipated financial and operating results, the transaction with FB Financial Corporation, and the impact of the COVID-19 pandemic. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our management’s current assumptions, beliefs, and expectations. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “objective,” “may,” “could,” “would,” “should,” “hope,” “pursue,” “seek,” and similar expressions are intended to identify forward-looking statements. While we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations will prove correct. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the future results, performance, or achievements expressed in or implied by any forward-looking statement we make. Some of the relevant risks and uncertainties that could cause our actual performance to differ materially from the forward-looking statements contained in this report are discussed under the heading “Risk Factors” and elsewhere in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2020, and in this Form 10-Q. We caution readers that these discussions of important risks and uncertainties are not exclusive, and our business may be subject to other risks and uncertainties which are not detailed there. Readers are cautioned not to place undue reliance on our forward-looking statements. We make forward-looking statements as of the date on which this Form 10-Q is filed with the SEC, and we assume no obligation to update the forward-looking statements after the date hereof whether as a result of new information or events, changed circumstances, or otherwise, except as required by law.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
the risk that the cost savings and any revenue synergies from the proposed merger with FB Financial Corporation may not be realized or may take longer than anticipated to be realized;
disruption from the proposed merger with customer, supplier, or employee relationships;
the occurrence of any event, change, or other circumstances that could give rise to the termination of the merger agreement with FB Financial Corporation;
the possibility that the costs, fees, expenses, and charges related to the proposed merger with FB Financial Corporation may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities;
the failure of the conditions to the proposed merger to be satisfied;
the risks related to the integration of the combined businesses (as well as FB Financial Corporation’s acquisition of FNB Financial Corp completed February 14, 2020, and any future acquisitions), including the risk that the integration will be materially delayed or will be more costly or difficult than expected;
the diversion of management time on merger-related issues;
the ability of FB Financial Corporation to effectively manage the larger and more complex operations of the combined company following the proposed merger with the Company;
reputational risk and the reaction of the Company’s and FB Financial Corporation’s customers to the proposed merger;
the risk of potential litigation or regulatory action related to the proposed merger;
business and economic conditions nationally, regionally and in our target markets, particularly in Middle Tennessee and the geographic areas in which we operate;
the concentration of our loan portfolio in real estate loans and changes in the prices, values and sales volumes of commercial and residential real estate;
the concentration of our business within our geographic areas of operation in Middle Tennessee;
credit and lending risks associated with our commercial real estate, residential real estate, commercial and industrial, and construction and land development portfolios;
adverse trends or events affecting business industry groups, reduction in real estate values or markets, business closings or layoffs, inclement weather, natural disasters, pandemic crises, and international instability;
increased competition in the banking and mortgage banking industry, nationally, regionally and locally;
our ability to execute our business strategy to achieve profitable growth;
the dependence of our operating model on our ability to attract and retain experienced and talented bankers in each of our markets;
risks that our cost of funding could increase, in the event we are unable to continue to attract stable, low-cost deposits and reduce our cost of deposits;
our ability to increase our operating efficiency;
failure to keep pace with technological change or difficulties when implementing new technologies;
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risks related to our acquisition, disposition, growth and other strategic opportunities and initiatives;
negative impact on our mortgage banking services, including declines in our mortgage originations or profitability due to rising interest rates and increased competition and regulation;
our ability to attract and maintain business banking relationships with well-qualified businesses, real estate developers and investors with proven track records in our market areas;
our ability to attract sufficient loans that meet prudent credit standards, including in our commercial and industrial and commercial real estate loan categories;
failure to maintain adequate liquidity and regulatory capital and comply with evolving federal and state banking regulations;
inability of our risk management framework to effectively mitigate credit risk, interest rate risk, liquidity risk, price risk, compliance risk, operational risk, strategic risk and reputational risk;
failure to develop new, and grow our existing, streams of non-interest income;
our ability to maintain expenses in line with our current projections;
our dependence on our management team and our ability to motivate and retain our management team;
risks related to management transition;
risks related to any future acquisitions, including failure to realize anticipated benefits from future acquisitions;
inability to find acquisition candidates that will be accretive to our financial condition and results of operations;
system failures, data security breaches (including as a result of cyber-attacks), or failures to prevent breaches of our network security;
data processing system failures and errors;
fraudulent and negligent acts by individuals and entities that are beyond our control;
fluctuations in our market value and its impact on the securities held in our securities portfolio;
changes in the level of nonperforming assets and other credit quality measures, and their impact on the adequacy of our allowance for loan losses;
further deterioration in the credits that we are presently monitoring could result in future losses;
the adequacy of our reserves (including allowance for loan losses) and the appropriateness of our methodology for calculating such reserves;
the makeup of our asset mix and investments;
our focus on small and mid-sized businesses;
an inability to raise necessary capital to fund our growth strategy or operations, or to meet increased minimum regulatory capital levels;
the sufficiency of our capital, including sources of such capital and the extent to which capital may be used or required;
interest rate shifts and its impact on our financial condition and results of operation;
the expenses that we incur to operate as a public company;
the institution and outcome of litigation and other legal proceeding against us or to which we become subject;
changes in accounting standards;
the impact of recent and future legislative and regulatory changes;
governmental monetary and fiscal policies;
changes in the scope and cost of Federal Deposit Insurance Corporation, or FDIC, insurance and other coverage;
future equity issuances under our Amended and Restated 2017 Omnibus Equity Incentive Plan and future sales of our common stock by us or our executive officers or directors;
the continuation of the disruption to the global and national economy caused by COVID-19, which could affect our capital and liquidity position, impair the ability of borrowers to repay outstanding loans and increase our allowance for loan and lease losses, impair the collateral values, cause an outflow of deposits, result in lost revenue or additional expenses, result in goodwill impairment charges, and increase our cost of capital;
natural or other disasters, acts of terrorism, widespread protests and civil unrest and pandemics could have an adverse effect on us, including a material disruption of our operations or the ability or willingness of clients to access our products and services;
widespread system outages, caused by the failure of critical internal systems or critical services provided by third parties, could adversely impact our financial condition and results of operations; and
depressed market values for our stock and adverse economic conditions sustained over a period of time may require a write down to goodwill.
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The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K filed March 16, 2020 with the SEC, and our Quarterly Report on Form 10-Q filed with the SEC on May 7, 2020, as well as the section below entitled “Statement Regarding the Impact of the COVID-19 Pandemic” and the section entitled “Risk Factors” in this Form 10-Q. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from our forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence or how they will affect us.

Statement Regarding the Impact of the COVID-19 Pandemic

The Company prioritizes the health and safety of its employees and customers, and it will continue to do so throughout the duration of the pandemic. At the same time, the Company remains focused on improving shareholder value, managing credit exposure, challenging expenses, enhancing the customer experience and supporting the communities it serves.

Throughout this Form 10-Q, the Company has sought to describe the historical and future impact of the COVID-19 pandemic on the Company's operations, including the discussions of our loan portfolio, allowances for loan and lease losses and credit quality. Although the Company believes that the statements that pertain to future events, results and trends and their impact on the Company's business are reasonable at the present time, those statements are not historical facts and are based upon current assumptions, expectations, estimates and projections, many of which, by their nature, are beyond the Company's control. Accordingly, all discussions regarding future events, results and trends and their impact on the Company's business, even in the near term, are necessarily uncertain given the fluid and evolving nature of the pandemic.

If the health, logistical or economic effects of the pandemic worsen, or if the assumptions, expectations, estimates or projections that underlie the Company's statements regarding future effects or trends prove to be incorrect, then the Company's operations may be materially and adversely impacted in ways that the Company cannot reasonably forecast.

Therefore, when reading this Form 10-Q, undue reliance should not be placed upon any statement pertaining to future events, results and trends and their impact on the Company's business in future periods.
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PART I FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

FRANKLIN FINANCIAL NETWORK, INC.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share and per share data)
June 30,
2020
December 31,
2019
(Unaudited)
ASSETS
Cash and due from financial institutions$236,775  $234,991  
Certificates of deposit at other financial institutions3,506  3,590  
Securities available for sale503,877  652,132  
Loans held for sale, at fair value61,142  43,162  
Loans held for investment2,794,768  2,812,444  
Allowance for loan losses(38,100) (45,436) 
Net loans2,756,668  2,767,008  
Restricted equity securities, at cost24,110  24,802  
Premises and equipment, net47,305  12,141  
Accrued interest receivable18,576  12,362  
Bank owned life insurance57,432  56,726  
Deferred tax asset10,093  14,229  
Servicing rights, net4,035  3,246  
Goodwill18,176  18,176  
Core deposit intangible, net271  448  
Other assets33,775  53,149  
Total assets$3,775,741  $3,896,162  
LIABILITIES AND EQUITY
Deposits
Non-interest bearing$483,445  $319,373  
Interest bearing2,659,814  2,888,211  
Total deposits3,143,259  3,207,584  
Federal Home Loan Bank advances100,000  155,000  
Subordinated notes, net58,961  58,872  
Accrued interest payable2,711  4,201  
Other liabilities48,747  60,079  
Total liabilities3,353,678  3,485,736  
Commitments and Contingencies (Note 9)
Equity
Preferred stock, no par value: 1.0 million shares authorized; no shares outstanding at June 30, 2020 and December 31, 2019
    
Common stock, no par value: 30.0 million authorized; 14.9 million issued and outstanding at June 30, 2020 and 14.8 million issued and outstanding December 31, 2019, respectively
279,232  275,412  
Retained earnings140,339  133,102  
Accumulated other comprehensive income2,399  1,819  
Total shareholders’ equity421,970  410,333  
Non-controlling interest in consolidated subsidiary93  93  
Total equity422,063  410,426  
Total liabilities and equity$3,775,741  $3,896,162  
See accompanying notes to consolidated financial statements.
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FRANKLIN FINANCIAL NETWORK, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Interest income and dividends
Loans, including fees
$36,623  $40,202  $73,661  $78,540  
Securities:
Taxable
1,700  4,614  4,124  11,008  
Tax-Exempt
1,219  1,410  2,602  2,880  
Dividends on restricted equity securities
220  350  382  684  
Federal funds sold and other
52  877  652  1,864  
Total interest income
39,814  47,453  81,421  94,976  
Interest expense
Deposits
8,929  16,679  21,175  33,669  
Federal funds purchased and repurchase agreements
1  90  15  162  
Federal Home Loan Bank advances and other borrowings
274  2,237  1,075  4,196  
Subordinated notes
1,082  1,082  2,164  2,164  
Total interest expense
10,286  20,088  24,429  40,191  
Net interest income
29,528  27,365  56,992  54,785  
Provision for loan losses
3,195  7,031  16,217  12,086  
Net interest income after provision for loan losses
26,333  20,334  40,775  42,699  
Noninterest income
Service charges on deposit accounts
74  77  166  151  
Other service charges and fees
1,397  903  2,294  1,660  
Mortgage banking revenue
8,688  2,473  11,373  4,145  
Wealth management
702  673  1,516  1,300  
Gain on sale or call of securities166  367  1,562  517  
Net (loss) gain on sale of loans held for investment(372) 3  (788) (214) 
Net gain on sale of foreclosed assets
5  3  7  7  
Other
(105) 424  318  844  
Total noninterest income
10,555  4,923  16,448  8,410  
Noninterest expense
Salaries and employee benefits
14,762  11,365  27,342  26,108  
Occupancy and equipment
2,832  3,283  5,918  6,396  
FDIC assessment expense900  660  1,350  1,650  
Marketing
133  301  378  620  
Professional fees
2,345  1,073  5,413  1,996  
Amortization of core deposit intangible
82  132  177  277  
Other
2,922  2,556  5,819  4,939  
Total noninterest expense
23,976  19,370  46,397  41,986  
Income before income tax expense12,912  5,887  10,826  9,123  
Income tax expense2,730  706  1,792  1,040  
Net income10,182  5,181  9,034  8,083  
Earnings attributable to noncontrolling interest
(8) (8) (8) (8) 
Net income available to common shareholders$10,174  $5,173  $9,026  $8,075  
Earnings per share:
Basic
$0.68  $0.35  $0.61  $0.55  
Diluted
0.66  0.34  0.59  0.54  

See accompanying notes to consolidated financial statements.

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FRANKLIN FINANCIAL NETWORK, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Three Months Ended
June 30, 2020
Six Months Ended
June 30,
2020201920202019
Net income$10,182  $5,181  $9,034  $8,083  
Other comprehensive income, net of tax:
Unrealized gains/losses on securities:
Unrealized holding gains arising during the period2,704  7,116  4,443  19,109  
Reclassification adjustment for gains on sales, calls, and prepayments of securities included in net income(166) (367) (1,562) (517) 
Tax effect(634) (1,760) (714) (4,849) 
Net unrealized gains on securities 1,904  4,989  2,167  13,743  
Unrealized gain/loss on cash flow hedge:
Unrealized holding gain (losses) arising during the period 192  (1,667) (2,149) (1,667) 
Tax effect(50) 436  562  436  
Net unrealized gains (losses) on cash flow hedge142  (1,231) (1,587) (1,231) 
Total other comprehensive income2,046  3,758  580  12,512  
Comprehensive income$12,228  $8,939  $9,614  $20,595  

See accompanying notes to consolidated financial statements.

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FRANKLIN FINANCIAL NETWORK, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Three Months Ended June 30, 2020 and June 30, 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Shareholders’ Equity
Preferred Stock
Common Stock
Retained Earnings
Accumulated
Other
Comprehensive Income (Loss)
Noncontrolling Interest
Total Equity
Shares
Amount
Balance at April 1, 2019$  14,574,339  $266,758  $123,250  $(6,587) $93  $383,514  
Exercise of common stock options, includes net settlement of shares
—  74,116  753  —  —  —  753  
Stock based compensation expense, net of restricted share forfeitures
—  —  1,513  —  —  —  1,513  
Issuance of restricted stock awards, net of forfeitures
—  (988) —  —  —  —  —  
Purchase of treasury stock —  (19,180) (519) —  —  —  (519) 
Cash Dividends - common stock ($0.04 per share)
—  —  —  (583) —  —  (583) 
Noncontrolling interest distributions—  —  —  (8) —  —  (8) 
Net income—  —  —  5,181  —  —  5,181  
Other comprehensive income—  —  —  —  3,758  —  3,758  
Balance at June 30, 2019$  14,628,287  $268,505  $127,840  $(2,829) $93  $393,609  
Balance at April 1, 2020$  14,859,704  $277,341  $131,061  $353  $93  $408,848  
Exercise of common stock options, includes net settlement of shares
—  39,073  449  —  —  —  449  
Stock based compensation expense, net of restricted share forfeitures
—  —  1,442  —  —