Welcome to our dedicated page for Franklin Finl Svcs news (Ticker: FRAF), a resource for investors and traders seeking the latest updates and insights on Franklin Finl Svcs stock.
Franklin Financial Services Corporation reports recurring developments for its role as the bank holding company of F&M Trust, a community bank headquartered in Chambersburg, Pennsylvania. Company news centers on quarterly and annual operating results, cash dividends, asset, loan and deposit trends, net interest margin, credit-related items, shareholders’ equity, and capital actions such as common stock repurchases.
Coverage also reflects F&M Trust’s banking, wealth management, trust and fiduciary services for individuals, businesses and governmental entities. Updates commonly describe the bank’s community banking footprint in Pennsylvania and Maryland markets, wealth management fees, regulatory capital status, board actions and executive leadership changes.
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Franklin Financial Services Corporation (NASDAQ: FRAF) reported consolidated earnings of $3.3 million for Q1 2023, up 9.3% year-over-year, with diluted earnings per share of $0.75, an 11.9% increase from the previous year. The bank's net interest income rose $2.0 million to $12.8 million, with a net interest margin improved to 3.41%. However, noninterest income fell by 17% to $3.2 million, and noninterest expenses rose by 6.7% to $12.0 million. The bank's total assets as of March 31, 2023, stood at $1.700 billion, unchanged from the previous quarter. A $0.32 per share dividend was declared for Q2 2023, consistent with previous quarters. Despite challenges in deposit management, 92% of deposits are insured or collateralized, reassuring customers.
Franklin Financial Services Corporation (NASDAQ: FRAF) announced consolidated earnings of $3.7 million ($0.84 per diluted share) for Q4 2022, matching Q4 2021 results. However, net income for 2022 was $14.9 million ($3.36 per diluted share), down from $19.6 million in 2021. Despite a $6.9 million increase in net interest income, this was offset by a $2.8 million rise in loan loss provisions and declines in mortgage sale gains. Total deposits averaged $1.6 billion, a 9.6% increase, although total assets decreased by 4.2% year-over-year. The company declared a quarterly cash dividend of $0.32 per share for Q1 2023, consistent with previous dividends.
Franklin Financial Services Corporation (NASDAQ: FRAF) reported third-quarter earnings of $4.6 million ($1.05 per diluted share) for Q3 2022, down from $5.9 million ($1.31 per diluted share) in Q3 2021. Year-to-date earnings totaled $11.2 million ($2.52 per diluted share), significantly lower than $16.0 million ($3.60 per diluted share) in 2021. Net interest income increased to $14.1 million, boosted by a rise in net interest margin to 3.28%. However, noninterest income fell by 40.7% year-over-year. The company maintains a solid capital position despite a decrease in shareholders' equity attributed to declining fair value in the investment portfolio.
Franklin Financial Services Corporation (NASDAQ: FRAF) reported second-quarter 2022 earnings of $3.6 million ($0.80 per diluted share), a 19% increase from Q1 but down 32% from Q2 2021's $5.3 million ($1.19 per diluted share). Year-to-date earnings fell 35% to $6.6 million ($1.47 per diluted share). Net interest income rose to $12.1 million from $10.8 million YoY. The net interest margin increased to 2.90% compared to 2.82% in Q2 2021. Noninterest income decreased to $4.1 million, while noninterest expenses rose 14.9% to $12.0 million. Total assets grew to $1.832 billion, but shareholders' equity fell by $35.3 million.
Franklin Financial Services Corporation (NASDAQ: FRAF) announced Q1 2022 earnings of $3.0 million ($0.67 per diluted share), down from $3.7 million ($0.82) in Q4 2021 and $4.8 million ($1.09) in Q1 2021. Net interest income was $10.8 million versus $11.4 million in Q4 2021. The net interest margin fell to 2.66%, down from 2.79% in the previous quarter. Total deposits averaged $1.6 billion, a 13.8% increase year-over-year. The company declared a $0.32 per share dividend for Q2 2022, unchanged from the previous quarter.
Franklin Financial Services Corporation (NASDAQ: FRAF) reported fourth-quarter earnings of $3.7 million ($0.82 per diluted share) for the period ending December 31, 2021, down from $4.6 million ($1.04) a year prior. Year-to-date earnings surged to $19.6 million ($4.42 per diluted share), boosted by a $1.8 million one-time gain from the sale of the Bank's headquarters. Net interest income for Q4 was $11.4 million, with a net interest margin decrease to 2.79%. The company declared a $0.32 quarterly dividend for Q1 2022, maintaining its prior dividend level.
Franklin Financial Services Corporation (NASDAQ: FRAF) reported a significant increase in consolidated earnings, reaching $5.9 million ($1.31 per diluted share) for Q3 2021, up from $3.5 million ($0.79 per diluted share) in Q3 2020. Year-to-date earnings totaled $16.0 million ($3.60 per diluted share), a substantial increase from $8.2 million ($1.89 per diluted share) in the same period of 2020. The net interest income for Q3 was $11.6 million, reflecting a year-over-year increase. The board declared a $0.32 cash dividend for Q4 2021, consistent with prior payments.
On July 29, 2021, Franklin Financial Services Corporation (NASDAQ: FRAF) announced the acquisition of a 67,000 square-foot facility in Chambersburg for $7 million, which will serve as F&M Trust’s new headquarters. The bank sold its previous headquarters for $3.3 million and plans to invest $8.7 million in renovations, expecting a pre-tax gain of $1.8 million from the sale. The project was delayed due to the pandemic but is now moving forward to support future growth, housing approximately 145 employees with potential for expansion.