Franklin Financial Services (FRAF) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $487 thousand ($0.11 per diluted share), a decrease of 88.5% from $4.2 million ($0.95 per diluted share) in Q3 2024 and a decrease of 86.0% from $3.5 million ($0.79 per diluted share) in Q4 2023[2] - Year-to-date net income for 2024 was $11.1 million ($2.51 per diluted share), down 18.4% from $13.6 million ($3.10 per diluted share) in 2023[2] - Net income decreased to $487,000 in Q4 2024, down 86.0$3,471,000 in Q4 2023[14] - Return on average assets (ROA) dropped to 0.09% in Q4 2024, down from 0.75% in Q4 2023[14] Asset and Loan Growth - Total assets increased by 19.7% to $2.198 billion as of December 31, 2024, compared to$1.836 billion at the end of 2023[1] - Total net loans increased by $139.5 million (11.2$1.380 billion at December 31, 2024, from $1.241 billion at the end of 2023[2] - Loans, net rose to$1,380,424,000, reflecting an increase of 11.3% from $1,240,933,000 in Q4 2023[14] Deposits and Income - Total deposits rose by$277.7 million (18.1%) to $1.816 billion at December 31, 2024, compared to$1.538 billion at the end of 2023[2] - Interest income for Q4 2024 was $26,856,000, up 24.8$21,516,000 in Q4 2023[14] - Noninterest income for Q4 2024 was $288 thousand, a decrease of 94.1$4.9 million in Q3 2024 and a decrease of 92.9% from $4.1 million in Q4 2023[7] - Noninterest income fell to$288,000 in Q4 2024, a decline of 92.9% compared to $4,085,000 in Q4 2023[14] Expenses and Provisions - Noninterest expense for 2024 was$55.9 million, an increase of $5.9 million (11.8$50.0 million in 2023[7] - The provision for credit losses on loans was $451 thousand for Q4 2024, down from$474 thousand in Q3 2024 and $732 thousand in Q4 2023[7] - Total provision for credit losses decreased by 27.2$1,983,000 for the twelve months ended December 31, 2024[14] Shareholder Returns - The Board of Directors declared a $0.32 per share regular quarterly cash dividend for Q1 2025, payable on February 26, 2025[2] - The dividend payout ratio surged to 290.14$32.69 per share as of December 31, 2024[4] - Tangible book value per share (non-GAAP) was $30.65 as of December 31, 2024, an increase from$28.17 a year prior[17] - Market value per share decreased to $29.90 as of December 31, 2024, down from$31.55 in Q4 2023[14]