In This Story
Franklin Financial Services Corporation (FRAF-0.03%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $4.2 million, up from $3.9 million in the same quarter the previous year, with diluted earnings per share increasing to $0.95 from $0.88.
Total assets increased to $2.151 billion as of September 30, 2024, a 17.2% rise from December 31, 2023. This growth is attributed to a significant increase in cash and cash equivalents, which rose by $213.2 million.
Net loans increased by $107.5 million to $1.348 billion, with residential real estate loans contributing significantly to this growth.
Total deposits grew by $185.5 million to $1.723 billion, with notable increases in money management and time deposits.
Borrowings from the Federal Home Loan Bank of Pittsburgh were $200.0 million, and $40.0 million was borrowed from the Federal Reserve Bank.
Shareholders' equity increased by $17.8 million to $149.9 million, with the book value of common stock rising to $33.93 per share.
For the year-to-date period, the return on assets was 0.69%, and the return on equity was 10.47%, while the net interest margin stood at 2.95%.
The filing also details a repositioning of selected investment securities, resulting in an estimated after-tax loss of approximately $3.4 million.
Franklin Financial Services Corporation remains well-capitalized, with a common equity tier 1 risk-based capital ratio of 12.08% and a total risk-based capital ratio of 14.73%.
The corporation's liquidity position is supported by significant available credit from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window.
The report provides an analysis of market risks, liquidity management, and the impact of inflation on the corporation's operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Franklin Financial Services Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.