PR Newswire
CHAMBERSBURG, Pa., Jan. 26, 2021
CHAMBERSBURG, Pa., Jan. 26, 2021 /PRNewswire/ -- Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $4.6 million ($1.04 per diluted share) for the fourth quarter ended December 31, 2020, compared to third quarter 2020 earnings of $3.5 million ($0.79 per diluted share) and fourth quarter 2019 earnings of $4.4 million ($1.01 per diluted share). Net income for the full year of 2020 was $12.8 million ($2.93 per diluted share) compared with $16.1 million ($3.67 per diluted share) for the same period in 2019.
A summary of operating results for the fourth quarter and year-to-date 2020 are as follows:
Total assets at December 31, 2020 were $1.535 billion compared $1.269 billion at December 31, 2019. Significant balance sheet changes since December 31, 2019 include:
"Working through 2020 has been a challenge for everyone including us, but it has helped to propel us forward by forcing us to adopt more digital resources and rethink how we do business, which will benefit our customers and shareholders," said Timothy G. Henry, President and CEO. "While the COVID-19 Pandemic continues to be an issue, to date significant credit losses have not materialized and the majority of the remaining relationships on payment deferral are making interest payments. As a result of the performance of our loan portfolio, and our strong capital position, we were able to reverse a portion of our provision for loan loss expense while still maintaining a 1.66% loan loss ratio against the risk of future credit deterioration. We have been pleased with our response to the Paycheck Protection Program and the growth of our residential mortgage originations and resulting fee income. Our short-term challenges going forward will be loan portfolio growth, while maintaining good credit quality, and improving the bank's overall operating efficiency. Given the strength of the Bank's balance sheet and how well the Bank's team of employees handled the challenges of 2020, I believe we are well positioned to be successful in 2021."
On January 14, 2021, the Board of Directors of Franklin Financial Services Corporation declared a $0.30 per share regular quarterly cash dividend for the first quarter of 2021. This compares to a $0.30 per share regular cash dividend for the fourth quarter of 2020. The regular quarterly cash dividend for the first quarter of 2021 will be paid on February 24, 2021 to shareholders of record at the close of business on February 5, 2021.
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 Twelve Months Ended | ||||||||||||
(Dollars in thousands, except per share data) | |
31/12/2020 | |
30/09/2020 | |
31/12/2019 | | 12/31/20 | | 31/12/2019 | | % Change | |||||
| | | | | | | | | | | | | | | | | |
Interest income | | $ | 11,871 | | $ | 11,237 | | $ | 12,130 | | $ | 45,939 | | $ | 49,235 | | (6.7) |
Interest expense | | | 878 | | | 854 | | | 1,734 | | | 3,978 | | | 7,113 | | (44.1) |
Net interest income | | | 10,993 | | | 10,383 | | | 10,396 | | | 41,961 | | | 42,122 | | (0.4) |
Provision for loan losses | | | (725) | | | 375 | | | - | | | 4,625 | | | 237 | | 1851.5 |
Noninterest income | | | 4,182 | | | 3,603 | | | 5,083 | | | 15,084 | | | 15,424 | | (2.2) |
Noninterest expense | | | 10,541 | | | 9,649 | | | 10,304 | | | 39,362 | | | 38,314 | | 2.7 |
Income before income taxes | | | 5,359 | | | 3,962 | | | 5,175 | | | 13,058 | | | 18,995 | | (31.3) |
Income taxes | | | 806 | | | 500 | | | 780 | | | 258 | | | 2,880 | | (91.0) |
Net income | | $ | 4,553 | | $ | 3,462 | | $ | 4,395 | | $ | 12,800 | | $ | 16,115 | | (20.6) Werbung Mehr Nachrichten zur Franklin Financial Services Aktie kostenlos abonnieren
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