Business
Franklin Financial Reports 2024 Q2 and Year-to-Date Results; Declares Dividend
CHAMBERSBURG, Pa., July 23, 2024 /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 23, 2024 /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 2024 and year-to-date 2024 results. A summary of operating results follows:\n\n \n \n \n \n \n \n\n \nNet income for the second quarter of 2024 was $3.0 million ($0.66 per diluted share) compared to $3.4 million ($0.77 per diluted share) for the first quarter of 2024 (a decrease of 9.8%), and $3.0 million ($0.68 per diluted share) for the second quarter of 2023.Net income year-to-date for 2024 was $6.4 million ($1.43 per diluted share) compared to $6.3 million ($1.42 per diluted share) for the same period in 2023.The provision for credit losses was $546 thousand for the second quarter of 2024 compared to $452 thousand for the first quarter of 2024 and $532 thousand for the second quarter of 2023. Year-to-date, the provision expense was $1.0 million compared to $1.1 million for the same period in 2023.Total assets were $2.039 billion as of June 30, 2024.Total net loans increased $61.3 million (4.9%) to $1.301 billion at June 30, 2024 from $1.241 billion at December 31, 2023.Total deposits increased $48.5 million (3.2%) to $1.586 billion at June 30, 2024 from $1.538 billion at December 31, 2023.At June 30, 2024, borrowings from the Federal Home Loan Bank of Pittsburgh were $240.0 million, and $40.0 million from the Federal Reserve Bank.Shareholders' equity increased by $4.7 million, year-to-date, to $136.8 million, and the book value of the Corporation's common stock increased to $31.01 per share.For the year-to-date period, Return on Assets (ROA) was 0.63%, Return on Equity (ROE) was 9.71% and the Net Interest Margin (NIM) was 2.94%, compared to an ROA of 0.75%, ROE of 10.56% and NIM of 3.35% for the same period in 2023.On July 11, 2024, the Board of Directors declared a $0.32 per share regular quarterly cash dividend for the third quarter of 2024 to be paid on August 28, 2024, to shareholders of record at the close of business on August 2, 2024.Balance Sheet Highlights\nTotal assets at June 30, 2024 were $2.039 billion up 11.1% from $1.836 billion at December 31, 2023. Changes in the balance sheet from December 31, 2023 to June 30, 2024, include: \nDebt securities available for sale decreased $18.0...