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Franklin Financial Services (FRAF) - 2024 Q3 - Quarterly Results
FRAFFranklin Financial Services (FRAF)2024-10-22 20:01

Financial Performance - Net income for Q3 2024 was 4.2million(4.2 million (0.95 per diluted share), a 39.1% increase from Q2 2024 and a 9.3% increase from Q3 2023[1] - Year-to-date net income for 2024 was 10.6million(10.6 million (2.41 per diluted share), up 4.8% from 10.1millioninthesameperiodof2023[1]−NoninterestincomeforQ32024was10.1 million in the same period of 2023[1] - Noninterest income for Q3 2024 was 4.9 million, an 11.6% increase from Q2 2024 and a 20.9% increase from Q3 2023[2] - Noninterest expense for Q3 2024 was 13.9million,adecreaseof2.913.9 million, a decrease of 2.9% from Q2 2024 but an increase of 14.1% from Q3 2023[3] - Interest income for Q3 2024 increased by 35.0% year-over-year to 26,053,000, compared to 20,154,000inQ32023[8]−Netinterestincomeroseby6.720,154,000 in Q3 2023[8] - Net interest income rose by 6.7% to 14,652,000 for Q3 2024, up from 13,707,000inQ32023[8]−Noninterestincomegrewby24.413,707,000 in Q3 2023[8] - Noninterest income grew by 24.4% to 4,853,000 for Q3 2024, compared to 4,013,000inQ32023[8]−NetincomeforQ32024was4,013,000 in Q3 2023[8] - Net income for Q3 2024 was 4,218,000, reflecting a 4.8% increase from 3,859,000inQ32023[8]−DilutedearningspershareforQ32024increasedby4.33,859,000 in Q3 2023[8] - Diluted earnings per share for Q3 2024 increased by 4.3% to 0.95, compared to 0.88inQ32023[8]AssetsandLiabilities−Totalassetsincreasedby17.20.88 in Q3 2023[8] Assets and Liabilities - Total assets increased by 17.2% to 2.151 billion as of September 30, 2024, compared to 1.836billionatDecember31,2023[1]−Totalnetloansroseby1.836 billion at December 31, 2023[1] - Total net loans rose by 107.5 million (8.7%) to 1.348billionfrom1.348 billion from 1.241 billion at year-end 2023[1] - Total deposits increased by 185.5million(12.1185.5 million (12.1%) to 1.723 billion as of September 30, 2024, from 1.538billionatDecember31,2023[1]−TotalassetsasofSeptember30,2024,reached1.538 billion at December 31, 2023[1] - Total assets as of September 30, 2024, reached 2,151,363,000, up from 1,827,910,000ayearearlier[8]−Shareholders′equityincreasedto1,827,910,000 a year earlier[8] - Shareholders' equity increased to 149,928,000 as of September 30, 2024, compared to 114,769,000onthesamedatelastyear[10]CreditLossesandProvisions−Theprovisionforcreditlossesonloanswas114,769,000 on the same date last year[10] Credit Losses and Provisions - The provision for credit losses on loans was 474 thousand for Q3 2024, down from 560thousandinQ22024and560 thousand in Q2 2024 and 866 thousand in Q3 2023[2] - Total provision for credit losses decreased by 23.4% to 485,000forQ32024,downfrom485,000 for Q3 2024, down from 875,000 in Q3 2023[8] Stock and Dividends - The book value of the Corporation's common stock increased to 33.93pershareasofSeptember30,2024[2]−Tangiblebookvaluepershare(non−GAAP)roseto33.93 per share as of September 30, 2024[2] - Tangible book value per share (non-GAAP) rose to 31.89 as of September 30, 2024, from $24.24 a year ago[10] - The current quarter dividend yield was 4.25%, slightly down from 4.53% in the previous quarter[8] Taxation - The effective federal income tax rate was 17.3% for Q3 2024 and 16.9% year-to-date[3]