Franklin Financial Services Corp Q2 2024 10-Q Filed

TL;DR

FRANKLIN FINANCIAL SERVICES CORP /PA/ FILED Q2 2024 10-Q. FINANCIALS LOOK SOLID.

AI Summary

Franklin Financial Services Corp /PA/ filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position and performance, including balance sheet items like Additional Paid-In Capital and Retained Earnings as of June 30, 2024. It also covers activity for the first six months of 2024 and the second quarter of 2024.

Why It Matters

This 10-Q filing provides investors with a detailed look at Franklin Financial Services Corp's financial health and operational results for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the specific date for which financial data is reported.)
• 2024-01-01 — Reporting Period Start Date (Marks the beginning of the period covered by the financial statements.)
• 2023-01-01 — Prior Year Period Start Date (Provides a comparative baseline from the previous year.)

Key Players & Entities

• FRANKLIN FINANCIAL SERVICES CORP /PA/ (company) — Filer of the 10-Q
• 20 S MAIN ST (address) — Company's business street address
• CHAMBERSBURG (location) — City of company's business address
• PA (location) — State of company's business address
• 20240630 (date) — End of the reporting period

FAQ

Filing Documents

• fraf-20240630x10q.htm (10-Q) — 10607KB
• fraf-20240630xex31_1.htm (EX-31.1) — 21KB
• fraf-20240630xex31_2.htm (EX-31.2) — 20KB
• fraf-20240630xex32_1.htm (EX-32.1) — 7KB
• fraf-20240630xex32_2.htm (EX-32.2) — 6KB
• 0000723646-24-000054.txt ( ) — 36765KB
• fraf-20240630.xsd (EX-101.SCH) — 54KB
• fraf-20240630_cal.xml (EX-101.CAL) — 110KB
• fraf-20240630_def.xml (EX-101.DEF) — 233KB
• fraf-20240630_lab.xml (EX-101.LAB) — 481KB
• fraf-20240630_pre.xml (EX-101.PRE) — 453KB
• fraf-20240630x10q_htm.xml (XML) — 11485KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 1 Consolidated Statements of Income for the Three and Six Months ended June 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income for the Three and Six Months ended 3 June 30, 2024 and 2023 (unaudited) Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months 4 ended June 30, 2024 and 2023 (unaudited) Consolidated Statements of Cash Flows for the Six Months ended June 30, 2024 5 and 2023 (unaudited)

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 6 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 28 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 46 Item 4

Controls and Procedures

Controls and Procedures 46

- OTHER INFORMATION

Part II - OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 48 Item 1A

Risk Factors

Risk Factors 48 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3 Defaults Upon Senior Securities 48 Item 4 Mine Safety Disclosures 48 Item 5 Other Information 48 Item 6 Exhibits 49 SIGNATURE PAGE 49

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) June 30, December 31, 2024 2023 Assets Cash and due from banks $ 20,048 $ 19,505 Short-term interest-earning deposits in other banks 159,679 3,635 Total cash and cash equivalents 179,727 23,140 Long-term interest-earning deposits in other banks 1,994 6,229 Debt securities available for sale, at fair value 454,465 472,503 Equity securities 352 427 Restricted stock 10,375 2,375 Loans held for sale 932 213 Loans 1,318,320 1,256,985 Allowance for credit losses ( 17,018 ) ( 16,052 ) Net Loans 1,301,302 1,240,933 Premises and equipment, net 28,974 28,543 Right of use asset 4,380 4,680 Bank owned life insurance 22,502 22,758 Goodwill 9,016 9,016 Deferred tax asset, net 11,789 11,801 Other assets 13,318 13,421 Total assets $ 2,039,126 $ 1,836,039 Liabilities Deposits Noninterest-bearing checking $ 282,964 $ 273,050 Money management, savings, and interest checking 1,119,814 1,132,482 Time 183,680 132,446 Total deposits 1,586,458 1,537,978 Federal Reserve Bank borrowings 40,000 90,000 FHLB advances 240,000 40,000 Subordinate notes 19,680 19,661 Lease liability 4,527 4,816 Other liabilities 11,652 11,448 Total liabilities 1,902,317 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 4,412,374 shares outstanding at June 30, 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 43,547 43,646 Retained earnings 137,581 133,993 Accumulated othe

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View this 10-Q filing on SEC EDGAR