Franklin Financial Network, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 27, 2016 at 02:45 am IST
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Franklin Financial Network, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, consolidated net income available to common shareholders was $4.7 million, a 64.5% increase compared to $2.8 million for the fourth quarter of 2014. Basic earnings per common share for the quarter ending December 31, 2015 totaled $0.44, a 22.2% increase compared to $0.36 for the same period in 2014. Basic earnings per common share were down slightly compared to $0.49 for third quarter of 2015, which included $1.2 million of pre-tax income related to the payoff of a purchased credit-impaired loan relationship. On a fully diluted basis, earnings per share were $0.41 for the quarter ended December 31, 2015, compared to $0.34 for the quarter ended December 31, 2014, an increase of 20.6%. Net income before taxes was $7.217 million against $4.301 million a year ago. Net interest income was $17.195 million against $12.123 million a year ago. Return on average assets was 0.89% against 0.88% a year ago. Return on average equity was 9.82% against 9.40% a year ago. Tangible book value per share as at December 31, 2015 was $15.85 against $12.88 per share a year ago.
For the year end, the company reported consolidated net income available to common shareholders of $16.1 million, an increase of 91.1% over $8.4 million for the same period in 2014. Basic earnings per common share for the year ended December 31, 2015 totaled $1.62, a 22.7% increase compared to $1.32 for the same period in 2014. For the year ended December 31, 2015, fully diluted earnings per share were $1.54, an increase of 21.3%, compared to $1.27 for the year ended December 31, 2014. Net income before taxes was $25.101 million against $13.548 million a year ago. Net interest income was $59.415 million against $37.693 million a year ago. The primary driver of increased net interest income was continued growth in earning assets (loans and investment securities).
Franklin Financial Network, Inc. is a financial holding company. Through its bank subsidiary, Franklin Synergy Bank (the Bank), a commercial bank, the Company provides a range of banking and related financial services. The Company focuses on the provision of services to small businesses, corporate entities, local governments and individuals. As of December 31, 2016, the Company operated through 12 branches in Williamson and Rutherford counties and a loan production office within the Nashville metropolitan area. The Company's loan portfolio consists of real estate loans, including construction and land development loans, commercial loans and residential loans; commercial and industrial, and consumer and other loans. The Company's investment securities portfolio consists of both securities classified as available-for-sale and securities classified as held-to-maturity. The Company's primary sources of funds include deposits.