Franklin Financial Services Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Franklin Financial Services Corp. has submitted its annual 10-K filing for the fiscal year ending December 31, 2023.</b>

AI Summary

FRANKLIN FINANCIAL SERVICES CORP /PA/ (FRAF) filed a Annual Report (10-K) with the SEC on March 11, 2024. Franklin Financial Services Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company is classified under SIC code 6022 for State Commercial Banks. Incorporated in Pennsylvania, the company's fiscal year ends on December 31st. The filing includes data related to various financial instruments and equity accounts for the fiscal years 2021, 2022, and 2023. Specific financial disclosures cover Federal Reserve Bank Advances and Federal Home Loan Bank Advances as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking FRANKLIN FINANCIAL SERVICES CORP /PA/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Franklin Financial Services Corp.'s financial performance and position for the fiscal year 2023, offering insights into its operations as a commercial bank. The detailed financial data, including disclosures on various liabilities and equity components, allows investors and analysts to assess the company's financial health and compare its performance over multiple years.

Risk Assessment

Risk Level: low — FRANKLIN FINANCIAL SERVICES CORP /PA/ shows low risk based on this filing. The filing is a standard 10-K for a commercial bank, with no immediate red flags indicating high risk based on the provided header information.

Analyst Insight

Review the full 10-K filing to understand the company's financial performance, asset quality, and strategic initiatives for fiscal year 2023.

Key Numbers

• 6022 — SIC Code (Standard Industrial Classification for State Commercial Banks)
• 2023-12-31 — Fiscal Year End (Reported period end date)
• 2024-03-11 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• FRANKLIN FINANCIAL SERVICES CORP /PA/ (company) — Filer name
• FRAF (company) — Ticker symbol
• PA (company) — State of incorporation
• 20 S MAIN ST (company) — Business street address
• CHAMBERSBURG (company) — Business city
• 17201-0819 (company) — Business ZIP code
• 7172646116 (company) — Business phone
• 2023-12-31 (date) — Fiscal year end

FAQ

Industry Context

Franklin Financial Services Corp. operates as a state commercial bank, a sector characterized by its role in providing financial services, accepting deposits, and making loans.

Regulatory Implications

As a commercial bank, the company is subject to regulations from various financial authorities aimed at ensuring stability and consumer protection.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, expenses, assets, and liabilities.
2. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.
3. Review any disclosed risk factors and legal proceedings to understand potential challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-11: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial data extracted from the header of the 10-K filing; a comparison to a previous filing would require access to that document.

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-20231231x10k.htm (10-K) — 12322KB
• fraf-20231231xex21.htm (EX-21) — 35KB
• fraf-20231231xex23_1.htm (EX-23.1) — 6KB
• 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
• 0000723646-24-000016.txt (&nbsp;) — 47096KB
• 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) — 770KB
• fraf-20231231_pre.xml (EX-101.PRE) — 787KB
• fraf-20231231x10k_htm.xml (XML) — 14456KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 15 Item 6. [Reserved] 17 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 18 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 84 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 85 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 85 Item 13. Certain Relationships and Related Transaction, and Director Independence 85 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 2 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 filing on SEC EDGAR