PR Newswire
CHAMBERSBURG, Pa., April 25, 2023
CHAMBERSBURG, Pa., April 25, 2023 /PRNewswire/ -- Franklin Financial Services Corporation (the Corporation) (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.3 million ($0.75 per diluted share) for the first quarter and year-to-date period ended March 31, 2023, compared to $3.0 million ($0.67 per diluted share) for the first quarter and year-to-date period ended March 31, 2022, or a 9.3% increase over the comparable quarter, and an 11.9% EPS increase over the comparable quarter. For 2023, the Corporation had a $2.0 million increase in net interest income, which was partially offset by an increase of $529 thousand in the provision for credit losses, a decrease in noninterest income of $659 thousand, and an increase in noninterest expense of $753 thousand.
Total assets at March 31, 2023 were $1.700 billion unchanged from December 31, 2022; however, the composition of the balance sheet changed since year-end. Significant balance sheet changes since December 31, 2022, include:
"I am pleased that, despite the continued choppiness of the economic news and forecasts, and the unprecedented climb in interest rates, the Corporation has finished the first quarter of 2023 in a comparatively stronger position than one year ago," said Tim Henry, President and CEO. "In the near term we will continue to focus on and manage our liquidity while expecting to see more growth in our commercial loan portfolio and growth in fee income generated by our Investment & Trust Services team. The decline in deposits we experienced earlier in the year has moderated as a result of deposit rates moving in line with the market and, with 92% of our deposits FDIC insured or collateralized, our customers are not having to worry about the safety of their deposits. While we are disappointed that bank stocks have recently been out of favor with the market, we are pleased to continue to provide our shareholders with a solid dividend while still being able to invest funds back into the Corporation."
On April 13, 2023, the Board of Directors of Franklin Financial Services Corporation declared a $0.32 per share regular quarterly cash dividend for the second quarter of 2023 to be paid on May 24, 2023, to shareholders of record at the close of business on May 5, 2023. This compares to a $0.32 per share regular cash dividend for the fourth quarter of 2022 and $.32 per share for the second 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) | | | | | | | | | |
| | | | | | | | | |
Earnings Summary | | | For the Three Months Ended | ||||||
(Dollars in thousands, except per share data) | | 3/31/2023 | | 12/31/2022 | | 3/31/2022 | |||
| | | | | | | | | |
Interest income | | $ | 16,583 | | $ | 16,997 | | $ | 11,534 |
Interest expense | | | 3,746 | | | 2,392 | | | 726 |
Net interest income | | | 12,837 | | | 14,605 | | | 10,808 |
Provision for credit loss expense | | | 529 | | | 650 | | | - |
Noninterest income | | | 3,225 | | | 3,610 | | | 3,884 |
Noninterest expense | | | 12,019 | | | 13,196 | | | 11,266 |
Income before income taxes | | | 3,514 | | | 4,369 | | | 3,426 |
Income taxes | | | 222 | | | 652 | | | 414 |
Net income | | $ | 3,292 | | $ | 3,717 | | $ | 3,012 |
| | | | | | | | | |
Diluted earnings per share | | $ | 0.75 | | $ | 0.84 | | $ | 0.67 |
Regular cash dividends declared | | $ | 0.32 | | $ | 0.32 | | $ | 0.32 |
| | | | | | | | | |
Balance Sheet Highlights (as of ) | | 3/31/2023 | | 12/31/2022 | | 3/31/2022 | |||
Total assets | | $ | 1,711,285 | | $ | 1,699,579 | | $ | 1,767,061 |
Investment and equity securities | | | 458,154 | | | 487,247 | | | 511,969 |
Loans, net | | | 1,063,337 | | | 1,036,866 | | | 985,927 |
Deposits | | | 1,502,110 | | | 1,551,448 | | | 1,596,386 Werbung Mehr Nachrichten zur Franklin Financial Services Aktie kostenlos abonnieren
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