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FBK

FB Financial

$32.67

0.85 (2.67%)

16:17
04/01/19
04/01
16:17
04/01/19
16:17

FB Financial announces exit of wholesale mortgage channels

FB Financial Corporation announced that it is restructuring its Mortgage segment through the exit of its wholesale mortgage origination operations. FirstBank has signed an agreement to sell its third party origination channel to Renasant Bank. Upon closing of the transaction, Renasant Bank will assume substantially all of the assets and personnel related to the channel. The agreement is subject to customary closing conditions, including the receipt of any required third party and regulatory approvals. FB Financial expects the transaction to close in the second quarter of 2019. Additionally, FirstBank has entered into a non-binding indication of interest to sell its correspondent channel to a separate unrelated third party. Assuming completion of the transaction, the third party will assume substantially all of the assets and personnel related to the channel. The proposed transaction is subject to, among other things, the potential buyer's additional review of the assets to be purchased, as well as the negotiation and execution of a definitive agreement with respect to the transaction, which will include certain terms and conditions, including customary representations and warranties. Subject to signing of an agreement and final diligence, FB Financial expects the transaction to close in the second quarter of 2019. FB Financial expects to record a restructuring charge of up to $2.5M to cover deal related expenses, severance and other items related to its mortgage operations. Additionally, FB Financial expects its total mortgage operations to record a small pre-tax contribution for the first quarter of 2019, excluding the impact of the aforementioned mortgage restructuring charges, compared to total mortgage operations pre-tax loss of $1.8M in the fourth quarter of 2018.

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    Jun

FBK FB Financial
$32.67

0.85 (2.67%)

09/25/18
SPHN
09/25/18
NO CHANGE
SPHN
FB Financial guidance may add caution about mortgage heavy banks, says Stephens
Stephens analyst Tyler Stafford noted that FB Financial (FBK) has lowered its mortgage expectations for the second half of the year, which he sees being driven by softer volumes than originally expected coupled with incremental GOS margin pressure. Stafford thinks FB Financial's guidance may make investors incrementally more cautious around other mortgage heavy banks, he tells investors. On a list of banks with the largest GOS mortgage exposures as a percentage of revenue as of Q2 2018, Stafford identifies HomeStreet (HMST), Hilltop Holdings (HTH), Fidelity Southern (LION) and Flagstar Bancorp (FBC) alongside FB Financial.
10/24/18
SPHN
10/24/18
DOWNGRADE
Target $40
SPHN
Equal Weight
FB Financial downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Tyler Stafford downgraded FB Financial to Equal Weight and lowered his price target for the shares to $40 from $47. The company's near-term quarterly results will likely be "noisy" due to the mortgage repositioning currently underway, Stafford tells investors in a research note. The analyst believes the company's long-term prospects are intact and cites valuation for the downgrade.
12/11/18
RHCO
12/11/18
INITIATION
Target $43
RHCO
Buy
FB Financial initiated with a Buy at SunTrust
SunTrust analyst Jennifer Demba initiated FB Financial with a Buy rating and a price target of $43, citing its position as "one of the few local banks" serving the "economically vibrant" Nashville, TN market where it has a 12th largest market share. The analyst is also positive on FB Financial's branch acquisition from Atlantic Capital (ACBI). which gives it an entry into the "highly attractive Dalton, GA" market and is expected to be earnings-accretive in 2019/2020.

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TNXP

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RLMD

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WAIR

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