PR Newswire
CHAMBERSBURG, Pa., Jan. 24, 2023
CHAMBERSBURG, Pa., Jan. 24, 2023 /PRNewswire/ -- Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.7 million ($0.84 per diluted share) for the fourth quarter ended December 31, 2022, compared to $3.7 million ($0.82 per diluted share) for the fourth quarter ended December 31, 2021. Net income for 2022 was $14.9 million ($3.36 per diluted share) compared to $19.6 million ($4.42 per diluted share) for the same twelve-month period in 2021. For 2022, the Corporation had a $6.9 million increase in net interest income, but this was partially offset by an increase of $2.8 million in the provision for loan losses and a $1.7 million decrease in gains on the sale of mortgage loans. The decrease in net income from 2021 to 2022 was also broadened by events in 2021 including a one-time gain of $1.8 million on the sale of the Bank's headquarters building and a $636 thousand expense reversal relating to the reversal of a previously established off-balance sheet liability reserve.
Total assets at December 31, 2022 were $1.700 billion compared to $1.774 billion at December 31, 2021, a decrease of 4.2%. Significant balance sheet changes since December 31, 2021, include:
On January 19, 2023, the Board of Directors of Franklin Financial Services Corporation declared a $0.32 per share regular quarterly cash dividend for the first quarter of 2023 to be paid on February 22, 2023, to shareholders of record at the close of business on February 3, 2023. This compares to a $0.32 per share regular cash dividend for the fourth quarter of 2022 and $0.32 per share for the first quarter of 2022.
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 $1.7 billion. Its wholly-owned subsidiary, F&M Trust, has twenty-two community banking locations in Franklin, Cumberland, Fulton and Huntingdon Counties PA, and Washington County MD. 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: changes in interest rates, changes in the rate of inflation, 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 the Corporation's cost of funds, changes in government monetary policy, changes in government regulation and taxation of financial institutions, 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) | | | 12/31/2022 | | | 9/30/2022 | | | 12/31/2021 | | | 2022 | | | 2021 | | % Change |
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Interest income | | $ | 16,997 | | $ | 15,043 | | $ | 12,133 | | $ | 56,449 | | $ | 47,573 | | 18.7 |
Interest expense | | | 2,392 | | | 980 | | | 723 | | | 4,863 | | | 2,902 | | 67.6 |
Net interest income | | | 14,605 | | | 14,063 | | | 11,410 | | | 51,586 | | | 44,671 | | 15.5 |
Provision for loan losses | | | 650 | | | - | | | (200) | | | 650 | | | (2,100) | | (131.0) |
Noninterest income | | | 3,610 | | | 3,663 | | | 4,588 | | | 15,250 | | | 19,488 | | (21.7) |
Noninterest expense | | | 13,196 | | | 12,200 | | | 11,981 | | | 48,691 | | | 43,245 | | 12.6 |
Income before income taxes | | | 4,369 | | | 5,526 | | | 4,217 | | | 17,495 | | | 23,014 | | (24.0) |
Income taxes | | | 652 | | | 895 | | | 564 | | | 2,557 | | | 3,398 | | (24.7) |
Net income | | $ | 3,717 | | $ | 4,631 | | $ | 3,653 | | $ | 14,938 | | $ | 19,616 | | (23.8) |
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Diluted earnings per share | | | $0.84 Werbung Mehr Nachrichten zur Franklin Financial Services Aktie kostenlos abonnieren
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