PR Newswire
CHAMBERSBURG, Pa., July 27, 2021
CHAMBERSBURG, Pa., July 27, 2021 /PRNewswire/ -- Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $5.3 million ($1.19 per diluted share) for the second quarter ended June 30, 2021, compared to $3.1 million ($0.71 per diluted share) for the second quarter ended June 30, 2020, and $4.8 million ($1.09 per diluted share) for the first quarter of 2021. Year-to-date 2021 net income was $10.1 million ($2.28 per diluted share) compared to $4.8 million ($1.10 per diluted share) for the same six- month period in 2020.
Total assets at June 30, 2021 were $1.678 billion compared $1.535 billion at December 31, 2020. Significant balance sheet changes since December 31, 2020, include:
"Franklin Financial's second quarter financial performance continued to build off of the last three quarters, beginning in 2020, with robust noninterest income generated by our Residential Lending and Investment & Trust Services departments and minimal new credit quality issues. As a result of our increased clarity in regard to our loan quality, the Board of Directors declared a $0.32 per share regular cash dividend for the third quarter of 2021, which represents a 3.2% increase from last quarter and a 6.6% increase over the first quarter," said Timothy G. Henry, President and CEO of Franklin Financial Services Corporation and F&M Trust. "While we see evidence that the effects of the pandemic are receding, we recognize that the renewed growth we are seeing is not even across all areas of the economy and that a full economic recovery is still uncertain. As such, we remain keenly focused on our strategic priorities which include developing a stronger online presence and digital tools, leveraging our capabilities in trust, retail and commercial and focusing on the long-term growth of the bank."
On July 8, 2021, the Board of Directors of Franklin Financial Services Corporation declared a $0.32 per share regular quarterly cash dividend for the third quarter of 2021. This compares to a $0.31 per share regular cash dividend for the second quarter of 2021. The regular quarterly cash dividend for the third quarter of 2021 will be paid on August 25, 2021, to shareholders of record at the close of business on August 6, 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 $1.6 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) | | | | | | | | | | | | | | | | | |
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Earnings Summary | | | For the Three Months Ended | | | For the Six Months Ended | |||||||||||
(Dollars in thousands, except per share data) | | 6/30/2021 | | 3/31/2021 | | 6/30/2020 | | 6/30/2021 | | 6/30/2020 | | % Change | |||||
| | | | | | | | | | | | | | | | | |
Interest income | | $ | 11,543 | | $ | 11,592 | | $ | 11,165 | | $ | 23,135 | | $ | 22,831 | | 1.3% |
Interest expense | | | 720 | | | 748 | | | 833 | | | 1,468 | | | 2,246 | | -34.6% |
Net interest income | | | 10,823 | | | 10,844 | | | 10,332 | | | 21,667 | | | 20,585 | | 5.3% |
Provision for loan losses | | | (1,100) | | | (800) | | | 1,975 | | | (1,900) | | | 4,975 | | -138.2% |
Noninterest income | | | 4,489 | | | 4,227 | | | 3,412 | | | 8,716 | | | 7,301 | | 19.4% |
Noninterest expense | | | 10,111 | | | 10,165 | | | 9,644 | | | 20,277 | | | 19,173 | | 5.8% |
Income before income taxes | | | 6,301 | | | 5,706 | | | 2,125 | | | 12,006 | | | 3,738 | | 221.2% |
Income taxes | | | 1,030 | | | 876 | | | (942) | | | 1,905 | | | (1,048) | | -281.8% |
Net income | | $ | 5,271 | | $ | 4,830 | | $ | 3,067 | | $ | 10,101 | | $ | 4,786 | | 111.1% |
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Diluted earnings per share | | $ Werbung Mehr Nachrichten zur Franklin Financial Services Aktie kostenlos abonnieren
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