Franklin Financial Services Corp Files 8-K
Ticker: FRAF · Form: 8-K · Filed: Oct 18, 2024 · CIK: 723646
| Field | Detail |
|---|---|
| Company | Franklin Financial Services Corp /Pa/ (FRAF) |
| Form Type | 8-K |
| Filed Date | Oct 18, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $46.7 million, $3.4 million, $42.4 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-K, regulatory-filing, financial-statements
TL;DR
FRANKLIN FINANCIAL SERVICES CORP (PA) FILED AN 8-K ON 10/18/24 - CHECK FOR UPDATES.
AI Summary
Franklin Financial Services Corporation (PA) filed an 8-K on October 18, 2024, to report other events and financial statements/exhibits. The filing does not detail specific transactions or financial results but serves as a notification of these items.
Why It Matters
This filing indicates that Franklin Financial Services Corporation is making a regulatory submission to the SEC, which may contain important updates or disclosures for investors.
Risk Assessment
Risk Level: low — The filing is a routine procedural document and does not contain information that inherently increases risk.
Key Numbers
- 001-38884 — SEC File Number (Identifies the company's filing history with the SEC.)
- 25-1440803 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- FRANKLIN FINANCIAL SERVICES CORPORATION (company) — Registrant
- Pennsylvania (location) — State of incorporation
- October 18, 2024 (date) — Date of report
FAQ
What specific 'Other Events' are being reported by Franklin Financial Services Corporation?
The provided text does not specify the 'Other Events' being reported; it only indicates that this item is included in the 8-K filing.
What financial statements and exhibits are being filed with this 8-K?
The filing states that 'Financial Statements and Exhibits' are included, but the specific content of these documents is not detailed in the provided text.
When was this 8-K report filed with the SEC?
The report was filed on October 18, 2024.
What is the principal executive office address for Franklin Financial Services Corporation?
The address is 1500 Nitterhouse Drive, Chambersburg, PA 17201.
What is the company's telephone number?
The company's telephone number is (717) 264-6116.
Filing Stats: 702 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2024-10-18 16:01:48
Key Financial Figures
- $46.7 million — portfolio. The Bank sold approximately $46.7 million in book value of available-for-sale inv
- $3.4 million — timated after-tax loss of approximately $3.4 million. Despite the loss, the Bank currently e
- $42.4 million — 79 years. Net proceeds of approximately $42.4 million from the sale were used to purchase hig
Filing Documents
- fraf-20241018x8k.htm (8-K) — 72KB
- 0000723646-24-000059.txt ( ) — 186KB
- fraf-20241018.xsd (EX-101.SCH) — 2KB
- fraf-20241018_lab.xml (EX-101.LAB) — 14KB
- fraf-20241018_pre.xml (EX-101.PRE) — 10KB
- fraf-20241018x8k_htm.xml (XML) — 5KB
01 – Other Events
Item 8.01 – Other Events Portfolio Restructuring On October 9, 2024, Farmers and Merchants Trust Company of Chambersburg (the "Bank"), a wholly-owned subsidiary of Franklin Financial Services Corporation (NASDAQ: FRAF), completed a repositioning of selected investment securities within its portfolio. The Bank sold approximately $46.7 million in book value of available-for-sale investment securities, consisting of lower yielding U.S. Treasury debt, for an estimated after-tax loss of approximately $3.4 million. Despite the loss, the Bank currently expects to make a profit for the 2024 fiscal year. The investment securities sold had an average book yield of approximately 1.26% with a weighted average remaining life of approximately 3.79 years. Net proceeds of approximately $42.4 million from the sale were used to purchase higher-yielding investment securities that were all classified as available-for-sale. The investment securities purchased consisted of U.S. Agency residential mortgage-backed securities and private label residential mortgage-backed securities. The available-for-sale investment securities purchased had an average book yield of approximately 4.62% with a weighted average remaining life of approximately 7.56 years. The Bank currently expects to recover the $3.4 million after-tax loss on the sale of investment securities in approximately 2.3 years when paired with a pay fixed swap placed on the new securities. The transaction will have no impact on stockholders' equity or book value per share as of the date of the sale, as unrealized losses on the available-for-sale investment securities are already accounted for as a deduction to stockholders' equity. FRAF and the Bank remain well-capitalized after the sale and maintain a strong liquidity position. Fourth Quarter Dividend On October 17, 2024, the Board of Directors of Franklin Financial Services Corporation declared a $.32 per share regular cash dividend for the fourth quarter of 2024. This com
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits . (c) Exhibits. The following exhibits are filed herewith: Number Description 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FRANKLIN FINANCIAL SERVICES CORPORATION By: /s/ Timothy G. Henry Timothy G. Henry President and Chief Executive Officer Dated: October 18, 2024