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FSB

Franklin Financial Network

$30.25 /

+0.11 (+0.36%)

09:39
04/08/19
04/08
09:39
04/08/19
09:39

Franklin Financial downgrades participation interest in an SNC to "doubtful"

In a regulatory filing earlier, Franklin Financial Network reported that on March 29, the administrative agent for a shared national credit, or "SNC," in which the company is one of several lenders issued a notice of default and reservation of rights to the borrower, citing numerous defaults, including the failure to pay principal and interest payments when due in March 2019. Effective April 4, a forbearance agreement was entered into in which the lenders will forbear from demanding payment in full of the obligations and from exercising their other rights and remedies available under the credit agreement and under applicable law for a period of time up to April 30. As a result of the defaults that occurred at the end of March, the company downgraded its participation interest in this SNC from "substandard" to "doubtful", and this SNC was subsequently placed on nonaccrual status. Additionally, the company has determined that a specific reserve of approximately $3.5M will be allocated to this SNC and will be included in the provision for loan and lease losses during the first quarter of 2019. Further details on the company's SNC portfolio, overall credit quality and an overall update on business results will take place as a part of the planned earnings release on April 24, as well as during the planned earnings conference call on April 25, Franklin Financial noted.

  • 25

    Apr

  • 05

    Jun

FSB Franklin Financial Network
$30.25 /

+0.11 (+0.36%)

01/28/19 Piper Sandler
Franklin Financial Network upgraded to Overweight from Neutral at Piper Jaffray
07/26/18 Compass Point
Franklin Financial Network upgraded to Neutral from Sell at Compass Point
06/12/18 Compass Point
Franklin Financial Network downgraded to Sell from Neutral at Compass Point

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