Reduction in Net Deferred Tax Liability Expected to Benefit Fourth
Quarter Net Income by $5.0 - $7.5 Million
2018 Effective Tax Rate Estimated at 24.5% - 25.5%
Announces 2017 Fourth Quarter and Year End Earnings Call on
January 23, 2018
NASHVILLE, Tenn.--(BUSINESS WIRE)--
FB Financial Corporation (“FB Financial” or “the Company”) (NYSE: FBK)
announced today that the reduction in the corporate tax rate from 35% to
21% mandated by the Tax Cuts and Jobs Act enacted on December 22, 2017,
will benefit fourth quarter 2017 net income by approximately $5.0
million to $7.5 million ($0.16 to $0.24 cents per diluted share) due to
a reduction in its net deferred tax liability.
The reduction in the Company’s net deferred tax liability is driven by
the requirement that the Company’s deferred tax assets and liabilities
be valued at year end 2017 at the newly enacted lower federal tax rate.
Furthermore, the Company anticipates its effective tax rate will be
approximately 24.5% to 25.5% for the year ending December 31, 2018,
which reflects the newly enacted federal tax rate of 21%, projected 2018
nontaxable income, the estimated benefit of deductions for equity-based
compensation and the Company’s historic effective state and local income
tax rates.
Additionally, the Company announced today that it will release its 2017
fourth quarter and year end results on Monday, January 22, 2018, after
the close of the market. The Company will host a fourth quarter and year
end earnings conference call at 8:00 a.m. CST on Tuesday, January 23,
2018. The earnings conference call will be broadcast live over the
Internet at https://services.choruscall.com/links/fbk180123AWsp51Nq.html.
For investors or analysts who want to participate during the call, the
listen only dial-in number is 888-299-7209. For those unable to listen
live, an online replay of the webcast will be available approximately an
hour following the conclusion of the live broadcast. A link to these
events can be found on the Company’s website at https://www.firstbankonline.com/.
About FB Financial Corporation
FB Financial Corporation (NYSE: FBK) is a bank holding company
headquartered in Nashville, Tennessee. FB Financial operates through its
wholly owned banking subsidiary, FirstBank, the third largest
Tennessee-headquartered bank, with 58 full-service bank branches across
Tennessee, North Alabama and North Georgia, and a national mortgage
business with offices across the Southeast. FirstBank serves five of the
largest metropolitan markets in Tennessee and has approximately $4.6
billion in total assets.
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that are forward-looking
statements within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act. These forward-looking statements
include statements relating to the anticipated financial impact of the
Act on the Company’s assets, business, cash flow, condition (financial
or otherwise), liabilities, liquidity, prospects, results of operations
and taxes, the performance of the banking and mortgage industry and the
condition of the economy in general. These forward-looking statements,
which are based upon certain assumptions and estimates and describe the
Company’s future plans, results, strategies, expectations and
projections, can generally be identified by the use of the words and
phrases “may,” “will,” “should,” “could,” “would,” “goal,” “plan,”
“potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,”
“expect,” “target,” “aim,” “predict,” “continue,” “seek,” “projection”
and other variations of such words and phrases and similar expressions.
These forward-looking statements are not historical facts and are based
upon the Company’s current expectations, estimates, assumptions and
projections about its business, its industry and the economy in general.
The inclusion of these forward-looking statements should not be regarded
as a representation by the Company or any other person that such
expectations, estimates, assumptions and projections will be achieved.
Accordingly, the Company cautions readers of this news release that any
such forward-looking statements are not guarantees of future performance
or outcomes and are subject to various risks, assumptions and
uncertainties. Although the Company believes that the expectations,
estimates, assumptions and projections reflected in these
forward-looking statements are reasonable as of the date of this news
release, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements. There
are or will be important risks and other factors that could cause the
Company’s actual results to differ materially from those indicated in
these forward-looking statements, including, but not limited to, those
risks and other factors set forth in the Company’s Annual Report on Form
10-K for the year ended December 31, 2016 under the captions “Cautionary
note regarding forward-looking statements” and “Risk Factors.” Many of
these factors are beyond the Company’s ability to control or predict.
Because of these risks and other uncertainties, the Company’s actual
results, performance or achievement, or industry results, may be
materially different from the anticipated or estimated results discussed
in the forward-looking statements in this news release. The Company’s
past results of operations are not necessarily indicative of its future
results. Readers of this news release should not unduly rely on any
forward-looking statements, which represent the Company’s beliefs,
assumptions and estimates only as of the dates on which they were made,
as predictions of future events. The Company undertakes no obligation to
update these forward-looking statements as a result of new information,
future developments or otherwise, except as required by law. New risks
and uncertainties may emerge from time to time, and it is not possible
for the Company to predict their occurrence or how they will affect the
Company.
The Company qualifies all of its forward-looking statements by these
cautionary statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180109006773/en/
FirstBank
Investor Contact:
James R. Gordon, 615-564-1212
investors@firstbankonline.com
or
Media
Contact:
Jeanie M. Rittenberry, 615-313-8328
jrittenberry@firstbankonline.com
Source: FB Financial Corporation