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Franklin Financial Services Corporation (FRAF-1.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $2.198 billion, an increase from $1.836 billion at the end of 2023. The increase is attributed to higher loan balances and investment securities.
Net income for the year was $11.1 million, compared to $13.6 million in 2023. The decrease was primarily due to higher noninterest expenses and a loss on the sale of securities.
Net interest income increased to $57.5 million from $53.6 million in the previous year, with a net interest margin of 2.95%. The increase in net interest income was driven by higher yields on earning assets.
The provision for credit losses on loans was $2.0 million, down from $2.6 million in 2023. The allowance for credit losses on loans was 1.26% of total loans at year-end.
Noninterest income decreased to $13.7 million from $14.9 million in 2023, mainly due to a $4.3 million loss on the sale of investment securities.
Noninterest expenses increased to $55.9 million from $50.0 million in 2023, driven by higher salaries and benefits, data processing expenses, and FDIC premiums.
Total deposits increased to $1.816 billion from $1.538 billion at the end of 2023, with significant growth in money management and time deposits.
The Bank's capital ratios remained strong, with a total risk-based capital ratio of 13.85% and a Tier 1 leverage ratio of 7.92% at year-end.
Franklin Financial Services Corporation's management continues to focus on maintaining strong liquidity and capital positions while navigating economic and regulatory challenges.
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 annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.