Franklin Financial Services Reports Strong Third Quarter Earnings and Year-to-Date Results

Franklin Financial Services Corporation (NASDAQ: FRAF) has released its financial results for the third quarter of 2024 and the year-to-date period ending September 30, 2024. The Corporation, a bank holding company of F&M Trust situated in Chambersburg, PA, reported positive growth in various key financial metrics.

In the third quarter of 2024, the Corporation reported a net income of $4.2 million ($0.95 per diluted share) compared to $3.0 million ($0.66 per diluted share) for the preceding quarter, marking a significant increase of 39.1%. Additionally, the net income for the third quarter of 2024 was up by 9.3% from the same quarter in 2023.

For the year-to-date period in 2024, Franklin Financial Services reported a net income of $10.6 million ($2.41 per diluted share), showing growth compared to $10.1 million ($2.31 per diluted share) for the same period in 2023, reflecting an increase of 4.8%.

Total assets for the Corporation were noted at $2.151 billion as of September 30, 2024, marking a 17.2% increase from the end of 2023. Key highlights also included a rise in total net loans by 8.7% to $1.348 billion and an increase in total deposits by 12.1% to $1.723 billion at the end of the third quarter of 2024 compared to the end of 2023.

Another notable update was the declaration of a regular quarterly cash dividend of $0.32 per share for the fourth quarter of 2024 to be paid on November 27, 2024, to shareholders of record on November 1, 2024.

Franklin Financial Services highlighted an increase in shareholders’ equity by $17.8 million year-to-date, growing to $149.9 million, with the book value of the Corporation’s common stock rising to $33.93 per share. The Corporation finished the period considered to be “well-capitalized” per regulatory guidelines as of September 30, 2024.

Tim Henry, President and CEO of Franklin Financial Services, commented on the results, stating, “We are very pleased to post third-quarter earnings in excess of $4 million. Continued growth of the balance sheet, both loans and deposits, and growing noninterest income, led by our wealth management team, are combining to build a stronger company as we look forward to the fourth quarter and into 2025.”

Investors and stakeholders can find additional information on the Corporation’s website. The Corporation emphasized the importance of reviewing forward-looking statements cautiously as they involve risks and uncertainties that could differ from anticipated outcomes.

Overall, Franklin Financial Services’ financial performance and strategic initiatives have positioned the Corporation favorably in a challenging economic landscape.

This article is based on the official 8-K SEC filing by Franklin Financial Services Corporation filed on October 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Franklin Financial Services’s 8K filing here.

About Franklin Financial Services

Franklin Financial Services Corporation operates as the bank holding company for Farmers and Merchants Trust Company of Chambersburg that provides commercial, retail banking, and trust services to businesses, individuals, governmental entities, and non-profit organizations in Pennsylvania. It offers various deposit products, including checking, savings, money management, and time deposit accounts, as well as demand deposits.