Franklin Financial Reports 2024 Q3 and Year-to-Date Results; Declares Dividend

Core Insights - Franklin Financial Services Corporation reported a net income of $4.2 million for Q3 2024, a 39.1$10.6 million, up 4.8% from the same period in 2023 [1] - Total assets increased by 17.2% to $2.151 billion as of September 30, 2024, compared to December 31, 2023 [2] Financial Performance - Net interest income for Q3 2024 was$14.7 million, up from $13.7 million in Q3 2023, with a net interest margin (NIM) of 2.97$4.9 million, a 20.9% increase from Q3 2023 [4] - Noninterest expense for Q3 2024 was $13.9 million, reflecting a 14.1$107.5 million (8.7%) to $1.348 billion since December 31, 2023, driven by growth in commercial real estate loans [2] - Total deposits rose by$185.5 million (12.1%) to $1.723 billion as of September 30, 2024 [2] - Shareholders' equity increased by$17.8 million year-to-date to $149.9 million, with a book value of$33.93 per share [2][4] Credit Quality - The provision for credit losses was $485 thousand for Q3 2024, down from$875 thousand in Q3 2023 [4] - The Allowance for Credit Losses (ACL) for loans remained stable at 1.28% as of September 30, 2024 [4] Dividends and Shareholder Returns - A regular quarterly cash dividend of $0.32 per share was declared for Q4 2024, to be paid on November 27, 2024 [1] - The company has an open market repurchase plan for 150,000 shares, with 20,079 shares repurchased in 2024 [3]