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Franklin Financial Services Corp (FRAF) delivers essential community banking and trust services across Pennsylvania and Maryland. This dedicated news hub provides investors and stakeholders with timely updates directly from the company and verified financial sources.
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Franklin Financial Services (NASDAQ: FRAF) reported Q4 2024 net income of $487,000 ($0.11 per diluted share), down 88.5% from Q3 2024 and 86.0% from Q4 2023. The decrease was primarily due to a $3.4 million after-tax loss on investment securities sales during Q4.
Full-year 2024 net income was $11.1 million ($2.51 per diluted share), an 18.4% decrease from 2023. Total assets reached $2.198 billion, up 19.7% year-over-year. Net loans increased 11.2% to $1.380 billion, while total deposits grew 18.1% to $1.816 billion.
The company declared a quarterly dividend of $0.32 per share for Q1 2025. Key metrics for 2024 included ROA of 0.54%, ROE of 8.05%, and NIM of 2.95%, compared to 0.78%, 11.39%, and 3.31% respectively in 2023.
Franklin Financial Services (NASDAQ: FRAF) reported its Q3 2024 and year-to-date results. Net income for Q3 2024 was $4.2 million ($0.95 per diluted share), a 39.1% increase from Q2 2024 and a 9.3% increase from Q3 2023. Year-to-date net income was $10.6 million ($2.41 per diluted share), up 4.8% from 2023. Total assets reached $2.151 billion, a 17.2% increase from December 31, 2023. Total net loans rose by 8.7% to $1.348 billion, and total deposits increased by 12.1% to $1.723 billion. Shareholders' equity grew by $17.8 million to $149.9 million, with a book value of $33.93 per share. The Board of Directors declared a $0.32 per share dividend for Q4 2024, payable on November 27, 2024. Noninterest income for Q3 2024 was $4.9 million, up 20.9% from Q3 2023. Noninterest expense for Q3 2024 was $13.9 million, a 14.1% increase from Q3 2023. The effective tax rate was 17.3% for Q3 2024. The company sold $46.7 million of low-yield securities in October 2024, recognizing an after-tax loss of $3.4 million.
Franklin Financial Services (NASDAQ: FRAF) reported its Q2 2024 and year-to-date results. Key highlights include:
- Q2 2024 net income: $3.0 million ($0.66 per diluted share), down 9.8% from Q1 2024
- Year-to-date 2024 net income: $6.4 million ($1.43 per diluted share)
- Total assets: $2.039 billion as of June 30, 2024
- Net loans increased 4.9% to $1.301 billion
- Total deposits increased 3.2% to $1.586 billion
- Shareholders' equity increased to $136.8 million
- Year-to-date ROA: 0.63%, ROE: 9.71%, NIM: 2.94%
- Declared Q3 2024 dividend of $0.32 per share
The bank reported growth in loans and deposits, with commercial real estate loans showing significant increases. However, the company faced challenges with increased borrowing costs and a competitive labor market impacting expenses.
Franklin Financial Services Corporation (NASDAQ: FRAF) reported consolidated earnings of $3.3 million for Q1 2023, up 9.3% year-over-year, with diluted earnings per share of $0.75, an 11.9% increase from the previous year. The bank's net interest income rose $2.0 million to $12.8 million, with a net interest margin improved to 3.41%. However, noninterest income fell by 17% to $3.2 million, and noninterest expenses rose by 6.7% to $12.0 million. The bank's total assets as of March 31, 2023, stood at $1.700 billion, unchanged from the previous quarter. A $0.32 per share dividend was declared for Q2 2023, consistent with previous quarters. Despite challenges in deposit management, 92% of deposits are insured or collateralized, reassuring customers.
Franklin Financial Services Corporation (NASDAQ: FRAF) announced consolidated earnings of $3.7 million ($0.84 per diluted share) for Q4 2022, matching Q4 2021 results. However, net income for 2022 was $14.9 million ($3.36 per diluted share), down from $19.6 million in 2021. Despite a $6.9 million increase in net interest income, this was offset by a $2.8 million rise in loan loss provisions and declines in mortgage sale gains. Total deposits averaged $1.6 billion, a 9.6% increase, although total assets decreased by 4.2% year-over-year. The company declared a quarterly cash dividend of $0.32 per share for Q1 2023, consistent with previous dividends.
Franklin Financial Services Corporation (NASDAQ: FRAF) reported third-quarter earnings of $4.6 million ($1.05 per diluted share) for Q3 2022, down from $5.9 million ($1.31 per diluted share) in Q3 2021. Year-to-date earnings totaled $11.2 million ($2.52 per diluted share), significantly lower than $16.0 million ($3.60 per diluted share) in 2021. Net interest income increased to $14.1 million, boosted by a rise in net interest margin to 3.28%. However, noninterest income fell by 40.7% year-over-year. The company maintains a solid capital position despite a decrease in shareholders' equity attributed to declining fair value in the investment portfolio.