Business
Franklin Financial Reports 2023 Q2 and Year-to-Date Results; Declares Dividend
CHAMBERSBURG, Pa., July 25, 2023 /PRNewswire/ -- Franklin Financial Services Corporation (the Corporation) (NASDAQ: FRAF), the bank holding company of F&M
About this update from Franklin Financial Services Corporation
[{"type":"text","content":"CHAMBERSBURG, Pa., July 25, 2023 /PRNewswire/ -- Franklin Financial Services Corporation (the Corporation) (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank) headquartered in Chambersburg, PA, reported its second quarter 2023 and year-to-date 2023 results. A summary of operating results follows:\n\n \n \n \n \n \n \n\n \nNet income for the second quarter of 2023 was $3.0 million ($0.68 per diluted share) compared to $3.3 million ($0.75 per diluted share) for the first quarter of 2023 (a decrease of 9.6%), and $3.6 million ($.80 per diluted share) for the second quarter of 2022 (a decrease of 16.8%).Net income for the second quarter of 2023 was affected by a $517 thousand loss on the sale of investment securities realized as part of a portfolio restructuring, and a loss of $525 thousand from the termination of a long-term real estate lease. Net income year-to-date 2023 was $6.3 million ($1.42 per diluted share) compared to $6.6 million ($1.47 per diluted share) for the same period in 2022, a decrease of 4.9%. Year-to-date net income was affected by a loss of $1.1 million on securities sales and the previously mentioned lease termination expense.Total net loans increased $93.7 million (9.0%) to $1.131 billion from $1.037 billion at December 31, 2022.Total deposits decreased $38.3 million (2.5%) to $1.513 billion from $1.551 billion at December 31, 2022.Shareholder equity increased by $5.6 million, year-to-date, to $119.8 million, and the book value per share increased to $27.53.For the year-to-date period, Return on Assets (ROA) was 0.75%, Return on Equity (ROE) was 10.56% and the Net Interest Margin (NIM) was 3.35%, compared to ROA of 0.74%, ROE of 9.36% and NIM of 2.80% for the same period in 2022.On July 13, the Board of Directors declared a $0.32 per share regular quarterly cash dividend for the third quarter of 2023 to be paid on August 23, 2023, to shareholders of record at the close of business on August 4, 2023.Balance Sheet Highlights\nTotal assets at June 30, 2023 were $1.736 billion up slightly from $1.700 at December 31, 2022. Changes in the balance sheet since December 31, 2022, include: \nThe investment portfolio decreased $47.4 million (9.7%), primarily the result of selling approximately $41.2 million of investments during the year as part of a portfolio restructuring to take advantage of higher marke...