Franklin Financial Services Corp. Files Q1 2024 10-Q Report

TL;DR

<b>Franklin Financial Services Corp. filed its Q1 2024 10-Q, detailing financial positions and segment performance.</b>

AI Summary

FRANKLIN FINANCIAL SERVICES CORP /PA/ (FRAF) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Franklin Financial Services Corp. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key financial statement items like Treasury Stock, Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for various periods. Specific loan portfolio segments, including Commercial Real Estate and Commercial, are noted as collateral-dependent. Fee income from Estate Management Services, Commissions, and Asset Management are reported for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking FRANKLIN FINANCIAL SERVICES CORP /PA/, this filing contains several important signals. The 10-Q filing provides a detailed look at Franklin Financial's financial health and operational segments for the first quarter of 2024, allowing investors to assess performance trends. Specific data on loan portfolio segments and fee income allows for a granular understanding of revenue streams and potential risks within the commercial real estate and other lending areas.

Risk Assessment

Risk Level: low — FRANKLIN FINANCIAL SERVICES CORP /PA/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, indicating routine disclosure rather than significant new risks.

Analyst Insight

Review the detailed financial statements and segment disclosures in the 10-Q to understand Franklin Financial's performance and asset quality in Q1 2024.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed as of Date)
• Q1 2024 — Fiscal Quarter (Filing Values)
• 6022 — Standard Industrial Classification (SIC Code for State Commercial Banks)

Key Players & Entities

• FRANKLIN FINANCIAL SERVICES CORP /PA/ (company) — Filer
• 20 S MAIN ST (address) — Business Address
• CHAMBERSBURG (city) — Business Address City
• PA (state) — Business Address State
• 7172646116 (phone) — Business Phone

FAQ

Risk Factors

• Collateral Dependent Loans [medium — financial]: Loans in Commercial Real Estate and Commercial segments are identified as collateral-dependent, indicating potential risk if collateral value declines.
• Loan Maturity Dates [medium — financial]: Specific loan maturities are noted, such as September 1, 2035, and September 1, 2030, which could impact future liquidity and interest rate risk.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during the quarter.)

Filing Documents

• fraf-20240331x10q.htm (10-Q) — 8858KB
• fraf-20240331xex31_1.htm (EX-31.1) — 21KB
• fraf-20240331xex31_2.htm (EX-31.2) — 20KB
• fraf-20240331xex32_1.htm (EX-32.1) — 6KB
• fraf-20240331xex32_2.htm (EX-32.2) — 6KB
• 0000723646-24-000042.txt (&nbsp;) — 32860KB
• fraf-20240331.xsd (EX-101.SCH) — 53KB
• fraf-20240331_cal.xml (EX-101.CAL) — 111KB
• fraf-20240331_def.xml (EX-101.DEF) — 230KB
• fraf-20240331_lab.xml (EX-101.LAB) — 473KB
• fraf-20240331_pre.xml (EX-101.PRE) — 446KB
• fraf-20240331x10q_htm.xml (XML) — 10398KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 1 Consolidated Statements of Income for the Three Months ended March 31, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income for the Three Months ended 3 March 31, 2024 and 2023 (unaudited) Consolidated Statements of Changes in Shareholders' Equity for the Three Months 3 ended March 31, 2024 and 2023 (unaudited) Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 4 and 2023 (unaudited)

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 5 Item 2

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

Management's Discussion and Analysis of Results of Operations and Financial Condition 27 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4

Controls and Procedures

Controls and Procedures 43

- OTHER INFORMATION

Part II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 45 Item 1A

Risk Factors

Risk Factors 45 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3 Defaults Upon Senior Securities 45 Item 4 Mine Safety Disclosures 45 Item 5 Other Information 45 Item 6 Exhibits 45 SIGNATURE PAGE 46

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Dollars in thousands, except share and per share data) (unaudited) March 31, December 31, 2024 2023 Assets Cash and due from banks $ 21,779 $ 19,505 Short-term interest-earning deposits in other banks 160,791 3,635 Total cash and cash equivalents 182,570 23,140 Long-term interest-earning deposits in other banks 3,989 6,229 Debt securities available for sale, at fair value 462,951 472,503 Equity securities 386 427 Restricted stock 10,295 2,375 Loans held for sale 281 213 Loans 1,277,595 1,256,985 Allowance for credit losses ( 16,533 ) ( 16,052 ) Net Loans 1,261,062 1,240,933 Premises and equipment, net 28,897 28,543 Right of use asset 4,536 4,680 Bank owned life insurance 22,390 22,758 Goodwill 9,016 9,016 Deferred tax asset, net 11,880 11,801 Other assets 13,361 13,421 Total assets $ 2,011,614 $ 1,836,039 Liabilities Deposits Noninterest-bearing checking $ 291,893 $ 273,050 Money management, savings, and interest checking 1,095,510 1,132,482 Time 171,909 132,446 Total deposits 1,559,312 1,537,978 Federal Reserve Bank borrowings 40,000 90,000 FHLB advances 240,000 40,000 Subordinate notes 19,672 19,661 Lease liability 4,678 4,816 Other liabilities 13,715 11,448 Total liabilities 1,877,377 1,703,903 Commitments and contingent liabilities Shareholders' equity Common stock, $ 1 par value per share, 15,000,000 shares authorized with 4,710,972 shares issued and 4,393,873 shares outstanding at March 31, 2024 and 4,710,972 shares issued and 4,371,231 shares outstanding at December 31, 2023 4,711 4,711 Capital stock no par value, 5,000,000 shares authorized with no shares issued and outstanding — — Additional paid-in capital 43,459 43,646 Retained earnings 135,955 133,993 Accumulated ot

View Full Filing

View this 10-Q filing on SEC EDGAR