(MENAFN – PR Newswire)
Franklin Financial Services Corporation Reports Q3 2024 Results
CHAMBERSBURG, PA, Oct. 22, 2024 – Franklin Financial Services Corporation (NASDAQ: FRAF) has released its financial results for the third quarter and year-to-date 2024:
- Q3 2024 net income: $4.2 million ($0.95 per diluted share), up 39.1% from Q2 2024 and 9.3% from Q3 2023.
- Year-to-date net income: $10.6 million ($2.41 per diluted share), a 4.8% increase from 2023.
- Credit loss provision: $485,000 in Q3 2024, down from $546,000 in Q2 2024 and $875,000 in Q3 2023.
- Total assets: $2.151 billion (up 17.2% from Dec 2023).
- Net loans: $1.348 billion (up 8.7% from Dec 2023).
- Total deposits: $1.723 billion (up 12.1% from Dec 2023).
- Borrowings: $240 million from the Federal Home Loan Bank and Federal Reserve.
- Shareholders’ equity: $149.9 million (increased by $17.8 million year-to-date).
- Return on Assets (ROA): 0.69%, Return on Equity (ROE): 10.47%, and Net Interest Margin (NIM): 2.95%.
- Q4 2024 cash dividend declared: $0.32 per share, payable on Nov 27, 2024.
Balance Sheet Highlights:
- Total assets increased to $2.151 billion.
- Net loans rose by $107.5 million, mostly in commercial and residential real estate.
- Total deposits grew by $185.5 million, with a focus on noninterest-bearing and time deposits.
- Average interest-earning assets increased by 18.4% to $2.042 billion.
Income Statement Highlights:
- Net interest income for Q3 2024: $14.7 million (up from $14.2 million Q2 2024).
- Noninterest income rose to $4.9 million in Q3 2024.
- Noninterest expenses were $13.9 million, down from $14.3 million Q2 2024.
- Net income for Q3 2024: $4.2 million, with an effective tax rate of 17.3%.
In October 2024, the Corporation sold $46.7 million in low-yield securities, resulting in an after-tax loss of $3.4 million.
“We are pleased with our Q3 earnings, driven by strong loan and deposit growth,” said Tim Henry, CEO. “We look forward to continued success in 2025.”
For more information, visit our website.
Source: Franklin Financial Services Corporation
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