PR Newswire
CHAMBERSBURG, Pa., April 26, 2022
CHAMBERSBURG, Pa., April 26, 2022 /PRNewswire/ -- Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.0 million ($.67 per diluted share) for the first quarter ended March 31, 2022, compared to $3.7 million ($.82 per diluted share) for the fourth quarter ended December 31, 2021, and $4.8 million ($1.09 per diluted share) for the first quarter of 2021.
Total assets at March 31, 2022 were $1.767 billion compared to $1.774 billion at December 31, 2021.
Significant balance sheet changes since December 31, 2021, include:
"As anticipated, 2022 has started off with a great amount of market uncertainty, even as the most recent effects and conditions of Covid begin to fade across our region and the country as a whole. Your company was able to record solid earnings in the first quarter of 2022 that were not affected by one-time earnings contributions or adverse movements in the allowance for loan losses," said Tim Henry, President and CEO. "The anticipated decrease in residential mortgage income, brought on by the increasing market interest rates, was partially offset by increases in investment and trust fee income and other new fee income generated by the bank. We also currently believe that rising interest rates will help improve our net interest income and margins through the remainder of the year and we expect to see increased loan growth due to the addition of experienced lenders in several markets. Meanwhile, we continue with our long-term growth plans to expand our market by opening a community office in Hagerstown, Maryland in the second quarter and complete the move to our new corporate headquarters in the third quarter."
On April 14, 2022, the Board of Directors of Franklin Financial Services Corporation declared a $0.32 per share regular quarterly cash dividend for the second quarter of 2022 to be paid on May 25, 2022, to shareholders of record at the close of business on May 6, 2022. This compares to a $0.32 per share regular quarterly cash dividend for the fourth quarter of 2021 and $0.31 per share for the second quarter of 2021.
Additional information on the Corporation is 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 $1.8 billion. Its wholly-owned subsidiary, F&M Trust, has twenty-one 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) | | | | | | | | | |
| | | | | | | | | |
Earnings Summary | | | For the Three Months Ended | ||||||
(Dollars in thousands, except per share data) | | 3/31/2022 | | 12/31/2021 | | 3/31/2021 | |||
| | | | | | | | | |
Interest income | | $ | 11,534 | | $ | 12,133 | | $ | 11,592 |
Interest expense | | | 726 | | | 723 | | | 748 |
Net interest income | | | 10,808 | | | 11,410 | | | 10,844 |
Provision for loan losses | | | - | | | (200) | | | (800) |
Noninterest income | | | 3,884 | | | 4,588 | | | 4,227 |
Noninterest expense | | | 11,266 | | | 11,981 | | | 10,165 |
Income before income taxes | | | 3,426 | | | 4,217 | | | 5,706 |
Income taxes | | | 414 | | | 564 | | | 876 |
Net income | | $ | 3,012 | | $ | 3,653 | | $ | 4,830 |
| | | | | | | | | |
Diluted earnings per share | | $ | 0.67 | | $ | 0.82 | | $ | 1.09 |
Regular cash dividends declared | | $ | 0.32 | | $ | 0.32 | | $ | 0.30 |
| | | | | | | | | |
Balance Sheet Highlights (as of ) | | 3/31/2022 | | 12/31/2021 | | 3/31/2021 | |||
Total assets | | $ | 1,767,061 | | $ | 1,773,806 | | $ | 1,597,559 |
Investment and equity securities | | | 511,969 | | | 530,292 | | | 422,622 |
Loans, net | | | 985,927 | | | 983,746 | | | 984,797 |
Deposits | | | 1,596,386 | | | 1,584,359 Werbung Mehr Nachrichten zur Franklin Financial Services Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |