Franklin Financial Services Q3 2024 10-Q Filed

TL;DR

**FRANKLIN FINANCIAL SERVICES CORP /PA/ files Q3 2024 10-Q. Key equity changes detailed.**

AI Summary

Franklin Financial Services Corp /PA/ filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and position, including changes in Additional Paid-In Capital and Treasury Stock for the third quarter and the year-to-date period of 2024, compared to the same periods in 2023. Key balance sheet components like Retained Earnings and Accumulated Other Comprehensive Income as of September 30, 2024, are also reported.

Why It Matters

This filing provides investors with a detailed look at Franklin Financial Services' financial health and operational performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

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

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)
• 2024-09-30 — Balance Sheet Date (The specific date for which financial position is reported.)

Key Players & Entities

• FRANKLIN FINANCIAL SERVICES CORP /PA/ (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241114 (date) — Filing date
• PA (state) — State of incorporation

FAQ

Filing Documents

• fraf-20240930x10q.htm (10-Q) — 10675KB
• fraf-20240930xex31_1.htm (EX-31.1) — 21KB
• fraf-20240930xex31_2.htm (EX-31.2) — 20KB
• fraf-20240930xex32_1.htm (EX-32.1) — 7KB
• fraf-20240930xex32_2.htm (EX-32.2) — 6KB
• 0000723646-24-000071.txt ( ) — 37347KB
• fraf-20240930.xsd (EX-101.SCH) — 57KB
• fraf-20240930_cal.xml (EX-101.CAL) — 109KB
• fraf-20240930_def.xml (EX-101.DEF) — 250KB
• fraf-20240930_lab.xml (EX-101.LAB) — 492KB
• fraf-20240930_pre.xml (EX-101.PRE) — 475KB
• fraf-20240930x10q_htm.xml (XML) — 11655KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION Item 1

Financial Statements

Financial Statements Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 1 Consolidated Statements of Income for the Three and Nine Months ended September 30, 2024 and 2023 (unaudited) 2 Consolidated Statements of Comprehensive Income for the Three and Nine Months ended 3 September 30, 2024 and 2023 (unaudited) Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months 4 ended September 30, 2024 and 2023 (unaudited) Consolidated Statements of Cash Flows for the Nine Months ended September 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) September 30, December 31, 2024 2023 Assets Cash and due from banks $ 26,278 $ 19,505 Short-term interest-earning deposits in other banks 210,039 3,635 Total cash and cash equivalents 236,317 23,140 Long-term interest-earning deposits in other banks 1,749 6,229 Debt securities available for sale, at fair value 466,485 472,503 Equity securities 655 427 Restricted stock 9,175 2,375 Loans held for sale 2,725 213 Loans 1,365,893 1,256,985 Allowance for credit losses ( 17,507 ) ( 16,052 ) Net Loans 1,348,386 1,240,933 Premises and equipment, net 29,162 28,543 Right of use asset 4,251 4,680 Bank owned life insurance 22,618 22,758 Goodwill 9,016 9,016 Deferred tax asset, net 9,135 11,801 Other assets 11,689 13,421 Total assets $ 2,151,363 $ 1,836,039 Liabilities Deposits Noninterest-bearing checking $ 303,207 $ 273,050 Money management, savings, and interest checking 1,177,009 1,132,482 Time 243,275 132,446 Total deposits 1,723,491 1,537,978 Federal Reserve Bank borrowings 40,000 90,000 FHLB advances 200,000 40,000 Subordinate notes 19,691 19,661 Lease liability 4,403 4,816 Other liabilities 13,850 11,448 Total liabilities 2,001,435 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 4,418,753 shares outstanding at September 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 43,697 43,646 Retained earnings 140,388 133,993 Accumu

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View this 10-Q filing on SEC EDGAR