In This Article:
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Total assets: Reached $2.011 billion as of March 31, 2024, marking a 9.5% increase from $1.836 billion on December 31, 2023.
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Net income: Reported at $3.361 million for Q1 2024, slightly down from $3.471 million in the previous quarter.
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Diluted earnings per share (EPS): Stood at $0.77 in Q1 2024, compared to $0.79 in the preceding quarter.
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Net interest income: Totaled $13.553 million in Q1 2024, a slight decrease from $13.900 million in the prior quarter.
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Noninterest income: Increased to $4.188 million in Q1 2024 from $4.085 million in the previous quarter.
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Return on average assets: Recorded at 0.67% in Q1 2024, down from 0.75% at the end of 2023.
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Return on average equity: Decreased to 10.21% in Q1 2024 from 11.81% in the last quarter of 2023.
On April 23, 2024, Franklin Financial Services Corp (NASDAQ:FRAF), a prominent bank holding company, disclosed its financial outcomes for the first quarter of 2024 through an 8-K filing. The company, headquartered in Chambersburg, PA, operates through its subsidiary F&M Trust, providing a wide array of banking services across several counties.
Financial Highlights and Corporate Developments
FRAF reported a significant milestone by exceeding $2 billion in assets, marking a 9.5% increase from the previous quarter. This growth was accompanied by a strategic expansion, including the announcement of a new community office in Dauphin County, set to commence by year-end. President and CEO Tim Henry highlighted the proactive steps taken to bolster growth despite initial impacts on earnings, such as FHLB borrowing. These measures are deemed crucial for sustained expansion throughout 2024.
"In the first quarter of 2024, we took several steps to ensure our ability to grow the company over the course of the year. Some of these steps, such as our FHLB borrowing, will have an initial negative effect on earnings but provide us additional support from which to continue our growth," stated Tim Henry, President and CEO.
Detailed Financial Performance
The balance sheet as of March 31, 2024, showed total assets of $2.011 billion. The income statement for the first quarter revealed a net income of $3,361 thousand, or $0.77 per diluted share, slightly down from $3,471 thousand in the previous quarter. Despite these fluctuations, the company maintained a robust dividend payout ratio of 41.62% and declared regular cash dividends of $0.32 per share.
Notably, the net interest income for the quarter was $13,553 thousand, slightly lower than the previous quarter, reflecting the competitive and dynamic nature of the financial markets. Noninterest income saw a modest increase to $4,188 thousand, contributing positively to the overall revenue mix.