Franklin Financial Services Corp. Files Amended 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Franklin Financial Services Corp. has submitted an amended 10-K filing for the fiscal year 2023.</b>

AI Summary

FRANKLIN FINANCIAL SERVICES CORP /PA/ (FRAF) filed a Amended Annual Report (10-K/A) with the SEC on March 12, 2024. Franklin Financial Services Corp. filed an amended 10-K report for the fiscal year ending December 31, 2023. The filing is designated as a public document with 144 pages. The company's Standard Industrial Classification is 'Commercial Banks' (6022). Incorporated in Pennsylvania, the company's fiscal year ends on December 31. The filing was submitted on March 12, 2024.

Why It Matters

For investors and stakeholders tracking FRANKLIN FINANCIAL SERVICES CORP /PA/, this filing contains several important signals. This amended filing provides updated financial and operational details for the fiscal year 2023, crucial for investors and analysts assessing the company's performance and position. As a commercial bank, the company's financial health and regulatory compliance are paramount, making detailed disclosures in SEC filings essential for market transparency.

Risk Assessment

Risk Level: low — FRANKLIN FINANCIAL SERVICES CORP /PA/ shows low risk based on this filing. The filing is an amendment to a previous 10-K, suggesting potential corrections or additions to previously reported information, but the nature of the amendment is not detailed in the provided header.

Analyst Insight

Review the specific changes made in this amended 10-K filing to understand any material updates to Franklin Financial Services Corp.'s financial position or operations.

Key Numbers

• 144 — Public Document Count (Total number of public documents in the filing)
• 2023-12-31 — Conformed Period of Report (The fiscal year end date reported)
• 2024-03-12 — Filed As Of Date (The date the filing was submitted)

Key Players & Entities

• FRANKLIN FINANCIAL SERVICES CORP /PA/ (company) — Filer name
• FRAF (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• PA (location) — State of incorporation
• 6022 (industry) — Standard Industrial Classification

FAQ

Industry Context

Franklin Financial Services Corp. operates within the commercial banking sector, a highly regulated industry focused on deposit-taking and lending activities.

Regulatory Implications

As a commercial bank, the company is subject to extensive regulation by federal and state authorities to ensure financial stability and protect depositors.

What Investors Should Do

1. Analyze the specific amendments made in the 10-K/A filing for any material changes.
2. Research the company's performance metrics for the fiscal year 2023, focusing on profitability and asset quality.
3. Evaluate the company's regulatory compliance and risk management practices based on the filing's disclosures.

Key Dates

• 2024-03-12: 10-K/A Filing — Submission of the amended annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period for the 10-K.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to a previously submitted 10-K report for the fiscal year 2023.

Key Financial Figures

• $1.8 billion — A and had total assets of approximately $1.8 billion on December 31, 2023. Human Capital
• $480 thousand — loyees. In 2023, F&M Trust donated over $480 thousand to 296 organizations in our communities
• $156 thousand — unities and funded 323 scholarships for $156 thousand to kindergarten through 12th grade and
• $250,000 — e. The insurance limit was increased to $250,000 per depositor. In addition, the assessm
• $10 billion — respect to depository institutions with $10 billion or more in assets. Smaller institutions

Filing Documents

• fraf-20231231x10ka.htm (10-K/A) — 12279KB
• fraf-20231231xex21.htm (EX-21) — 35KB
• fraf-20231231xex23_1.htm (EX-23.1) — 7KB
• fraf-20231231xex31_1.htm (EX-31.1) — 21KB
• fraf-20231231xex31_2.htm (EX-31.2) — 21KB
• fraf-20231231xex32_1.htm (EX-32.1) — 6KB
• fraf-20231231xex32_2.htm (EX-32.2) — 6KB
• fraf-20231231xex97.htm (EX-97) — 108KB
• fraf-20231231x10kag001.jpg (GRAPHIC) — 69KB
• 0000723646-24-000019.txt (&nbsp;) — 47115KB
• fraf-20231231.xsd (EX-101.SCH) — 90KB
• fraf-20231231_cal.xml (EX-101.CAL) — 150KB
• fraf-20231231_def.xml (EX-101.DEF) — 410KB
• fraf-20231231_lab.xml (EX-101.LAB) — 771KB
• fraf-20231231_pre.xml (EX-101.PRE) — 787KB
• fraf-20231231x10ka_htm.xml (XML) — 14410KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 14 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 15 Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 16 Item 6. [Reserved] 18 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83 Item 9A.

Controls and Procedures

Controls and Procedures 83 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 Part III Item 10. Directors, Executive Officer and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 84 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transaction, and Director Independence 84 Item 14. Principal Accountant Fees and Services 85 Part IV Item 15. Exhibits, Financial Statement Schedules 85 Item 16. Form 10-K Summary 86

Signatures

Signatures 87 3 Table of Contents Part I

Business

Item 1. Business General Franklin Financial Services Corporation (the "Corporation") was organized as a Pennsylvania business corporation on June 1, 1983 and is a registered bank holding company under the Bank Holding Company Act of 1956, as amended (the "BHCA"). On January 16, 1984, pursuant to a plan of reorganization approved by the shareholders of Farmers and Merchants Trust Company of Chambersburg ("F&M Trust" or "the Bank") and the appropriate regulatory agencies, the Corporation acquired all the shares of F&M Trust and issued its own shares to former F&M Trust shareholders on a share-for-share basis. The Corporation's common stock is listed under the symbol "FRAF" on the Nasdaq Capital Market. The Corporation's internet address is www.franklinfin.com. Electronic copies of the Corporation's 2023 Annual Report on Form 10-K are available free of charge by visiting the "Investor Information" section of www.franklinfin.com. Electronic copies of quarterly reports on Form 10-Q and current reports on Form 8-K are also available at this internet address. These reports are posted as soon as reasonably practicable after they are electronically filed with the Securities and Exchange Commission (SEC). This reference to the Corporation's internet address shall not, under any circumstances, be deemed to incorporate the information available at such internet address into this Form 10-K or other SEC filings. The information available at the Corporation's internet address is not part of this Form 10-K or any other report filed by the Corporation with the SEC. The Corporation's SEC filings can also be obtained on the SEC's website on the internet at http://www.sec.gov. The Corporation conducts substantially all of its business through its wholly owned direct banking subsidiary, F&M Trust. F&M Trust, established in 1906, is a full-service, Pennsylvania-chartered commercial bank and trust company, which is not a member of the Federal Reserve System. F&M Trust operates twe

View Full Filing

View this 10-K/A filing on SEC EDGAR