Franklin Financial Services Corporation - FRAF STOCK NEWS

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 reported its first quarter 2024 results, with net income at $3.4 million, a decrease of 3.2% compared to the previous quarter and an increase of 2.1% from the same period last year. The declared a $0.32 per share cash dividend for the second quarter of 2024. Total assets exceeded $2.0 billion for the first time in a quarterly report. Total net loans and deposits increased, while the Bank's borrowings totaled $280.0 million. Return on Average Assets (ROA) was 0.67%, Return on Average Equity (ROE) was 10.21%, and the Net Interest Margin (NIM) was 2.88%. The is well-capitalized and saw growth in assets, loans, and deposits, along with maintaining stellar loan quality and non-interest income. Additional information is available on their website.

Franklin Financial Services Corporation (FRAF) reported its fourth quarter 2023 and year-to-date 2023 financial results, with net income decreasing by 10.1% in the fourth quarter and 7.7% year-to-date compared to the same period in 2022. The provision for credit losses, total net loans, and total deposits were also highlighted. Return on Average Assets (ROA), Return on Average Equity (ROE), and the Net Interest Margin (NIM) were provided for comparison to the same period in 2022. The Board of Directors declared a $0.32 per share regular quarterly cash dividend for the first quarter of 2024. Total assets, net loans, total deposits, and shareholders' equity were detailed in the balance sheet highlights. The Corporation's common stock book value and tangible book value were also provided. The average balance of interest-earning cash balances, the investment portfolio, and the loan portfolio were compared to the prior year averages. Net interest income, the net interest margin, and the provision for credit losses were highlighted in the income statement. Noninterest income and noninterest expense were detailed, along with the effective federal income tax rate. The President and CEO's statement and additional information about the Corporation were also included.

Franklin Financial Services Corporation (NASDAQ: FRAF) reported its Q3 2023 and year-to-date financial results. Net income for Q3 2023 was $3.9 million, an increase of 22.9% from Q2 2023, but a decrease of 16.7% from Q3 2022. Net income year-to-date for 2023 was $10.1 million, a decrease of 9.7% from the same period in 2022. Total net loans increased 5.4% from Q2 2023 and 14.9% from December 31, 2022. Total deposits increased 3.6% from Q2 2023 and 1.0% from December 31, 2022. Return on Average Assets (ROA) for the year-to-date period was 0.78%. Return on Average Equity (ROE) was 11.25% and the Net Interest Margin (NIM) was 3.33%. The Board of Directors declared a $0.32 per share regular quarterly cash dividend for Q4 2023.

Franklin Financial Services Corporation (NASDAQ: FRAF) reported its Q2 2023 and YTD 2023 results. Net income for Q2 2023 was $3.0 million, a decrease of 9.6% from Q1 2023. Year-to-date net income was $6.3 million, a decrease of 4.9% compared to the same period in 2022. Total net loans increased 9.0% to $1.131 billion. Total deposits decreased 2.5% to $1.513 billion. Shareholder equity increased by $5.6 million to $119.8 million. Return on Assets (ROA) for YTD 2023 was 0.75%, compared to 0.74% in 2022. The Board of Directors declared a $0.32 per share cash dividend for Q3 2023.

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.

Franklin Financial Services Corporation (NASDAQ: FRAF) reported second-quarter 2022 earnings of $3.6 million ($0.80 per diluted share), a 19% increase from Q1 but down 32% from Q2 2021's $5.3 million ($1.19 per diluted share). Year-to-date earnings fell 35% to $6.6 million ($1.47 per diluted share). Net interest income rose to $12.1 million from $10.8 million YoY. The net interest margin increased to 2.90% compared to 2.82% in Q2 2021. Noninterest income decreased to $4.1 million, while noninterest expenses rose 14.9% to $12.0 million. Total assets grew to $1.832 billion, but shareholders' equity fell by $35.3 million.