sidential real estate recovery. Upside risks are FHN being taken out above our price objective and better performance in the economy than we expect. Franklin Financial Network, Inc. (FSB) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $36 price objective and assign a 1.8x multiple to our 2Q17E TBV,

Rico FBP FBP US Ebrahim H. Poonawala First Hawaiian Inc. FHB FHB US Ebrahim H. Poonawala First Horizon National Corp. FHN FHN US Ebrahim H. Poonawala Franklin Financial Network, Inc. FSB FSB US Ebrahim H. Poonawala Hancock Holding HBHC HBHC US Ebrahim H. Poonawala New York Community Bancorp NYCB NYCB US Ebrahim H. Poonawala Region