PR Newswire
CHAMBERSBURG, Pa., Oct. 27, 2020
CHAMBERSBURG, Pa., Oct. 27, 2020 /PRNewswire/ -- Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.5 million ($0.79 per diluted share) for the third quarter ended September 30, 2020, compared to second quarter 2020 earnings of $3.1 million ($0.71 per diluted share) and third quarter 2019 earnings of $4.5 million ($1.03) per diluted share). Net income for the first nine months of 2020 was $8.2 million ($1.89 per diluted share) compared with $11.7 million ($2.66 per diluted share) for the same period in 2019.
A summary of operating results for the third quarter and year-to-date 2020 are as follows:
Total assets at September 30, 2020 were $1.511 billion compared $1.269 billion at December 31, 2019. Significant balance sheet changes since December 31, 2019 include:
"While we are disappointed with our current common stock valuation, we understand, that as an industry, financial services companies are out of favor with the market for the moment and so we stay focused on our customers and improving the operations of the bank. We are pleased to post a solid quarter of operating results that allowed us to responsibly maintain our dividend and increase the book value of the Company," said Timothy G. Henry, President and CEO. "To date we have not had any significant uptick in credit issues though we have prepared the company should issues arise by successfully issuing $20 million in sub-debt to further strengthen our already strong capital base. We have been pleased with the results of our residential mortgage program and we have started to see a rebound in other fee-based lines of business including Investment and Trust Services and debit card income. The company continues to focus on controlling expenses and we have been proactive in lowering our interest cost on deposits. While we are still working through the uncertainties brought on by the pandemic and the low interest rate environment we are currently in, we are preparing for when these challenges lift, and the business environment improves."
On October 8, 2020, the Board of Directors of Franklin Financial Services Corporation declared a $0.30 per share regular quarterly cash dividend for the fourth quarter of 2020. This compares to a $0.30 per share regular cash dividend for the third quarter of 2020. The regular quarterly cash dividend for the fourth quarter of 2020 will be paid on November 25, 2020 to shareholders of record at the close of business on November 6, 2020.
Additional information on the Corporation's COVID-19 response and financial updates are available on our website at www.franklinfin.com/Presentations.
Franklin Financial is the largest independent, locally owned and operated bank holding company headquartered in Franklin County with assets of more than $1.5 billion. Its wholly-owned subsidiary, F&M Trust, has twenty-two community banking locations in Franklin, Cumberland, Fulton and Huntingdon Counties. Franklin Financial stock is trading on the Nasdaq Stock Market under the symbol FRAF. Please visit our website for more information, www.franklinfin.com.
Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company's consolidated financial statements when filed with the Securities and Exchange Commission ("SEC"). Accordingly, the financial information in this announcement is subject to change.
Certain statements appearing herein which are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements refer to a future period or periods, reflecting management's current views as to likely future developments, and use words "may," "will," "expect," "believe," "estimate," "anticipate," or similar terms. Because forward-looking statements involve certain risks, uncertainties and other factors over which Franklin Financial Services Corporation has no direct control, actual results could differ materially from those contemplated in such statements. These factors include (but are not limited to) the following: general economic conditions particularly with regard to the negative impact of severe, wide-ranging and continuing disruptions caused by the spread of the coronavirus COVID-19 pandemic and responses thereto, changes in interest rates, changes in the Corporation's cost of funds, changes in government monetary policy, changes in government regulation and taxation of financial institutions, changes in the rate of inflation, changes in technology, the intensification of competition within the Corporation's market area, and other similar factors.
We caution readers not to place undue reliance on these forward-looking statements. They only reflect management's analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and any Current Reports on Form 8-K.
FRANKLIN FINANCIAL SERVICES CORPORATION | |||||||||||||||||
Financial Highlights (Unaudited) | |||||||||||||||||
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Earnings Summary | | | For the Three Months Ended | | For the Nine Months Ended | ||||||||||||
(Dollars in thousands, except per share data) | | | 30/09/2020 | | | 30/06/2020 | | | 30/09/2019 | | 9/30/20 | | 30/09/2019 | | % Change | ||
| | | | | | | | | | | | | | | | | |
Interest income | | $ | 11,237 | | $ | 11,165 | | $ | 12,722 | | $ | 34,068 | | $ | 37,104 | | -8.2% |
Interest expense | | | 854 | | | 833 | | | 1,887 | | | 3,100 | | | 5,379 | | -42.4% |
Net interest income | | | 10,383 | | | 10,332 | | | 10,835 | | | 30,968 | | | 31,725 | | -2.4% |
Provision for loan losses | | | 375 | | | 1,975 | | | -162 | | | 5,350 | | | 237 | | 2157.4% |
Noninterest income | | | 3,603 | | | 3,412 | | | 3,478 | | | 10,903 | | | 10,342 | | 5.4% |
Noninterest expense | | | 9,649 | | | 9,644 | | | 8,991 | | | 28,821 | | | 28,010 | | 2.9% |
Income before income taxes | | | 3,962 | | | 2,125 | | | 5,484 | | | 7,700 | | | 13,820 | | -44.3% |
Income taxes | | | 500 | | | -942 | | | 985 | | | -548 | | | 2,100 | | -126.1% |
Net income | | $ | 3,462 | | $ | 3,067 | | $ | 4,499 | | $ | 8,248 | | $ | 11,720 | | -29.6% |
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Diluted earnings per share | | $ | 0.79 Werbung Mehr Nachrichten zur Franklin Financial Services Aktie kostenlos abonnieren
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