Bank holding company FB Financial has reported a small third-quarter loss thanks to a number of one-time items related to its big acquisition of Franklin Financial Network. Adjusted net income more than doubled from the second quarter to $59.5 million.
Downtown-based FB Financial finished the third quarter with assets of a little more than $11 billion thanks to its Franklin Financial deal. That transaction brought with it more than $20 million of various costs as well as more than $63 million in loan loss provisions on former Franklin Financial loans. Helping offset some of those one-time charges was a monster quarter from FB’s mortgage group, which produced a $39.5M pre-tax contribution.
“Between the team's ability to execute in a less than ideal environment and the passion that they have shown for our customers and teammates, I have never been more proud to be part of the FirstBank team,” President and CEO Chris Holmes said. “We have built on relationships and developed trust with our customers and communities that will be a growth catalyst for years to come.”
FB shares (Ticker: FBK) rose slightly Monday to $30.62. They began 2020 around $38 and fell below $20 during the March market bottom.