Franklin Financial Q3 net income $3.9M ($0.88 EPS), down 16.7% YoY; loans up 14.9% YTD

FRANKLIN FINANCIAL SERVICES CORP /PA/

2023-Q3 EPS reported $2.31

Net income Q3 2023 $3.9M ($0.88 diluted EPS) vs $4.6M ($1.05) Q3 2022, -16.7%; Q2 2023 $3.0M.
Provision for credit losses $875K in Q3 vs $524K Q2 2023 and $0 Q3 2022.
Net loans +14.9% YTD to $1.19B; deposits +1.0% YTD; borrowings $110M (BTFP $70M, FHLB $40M).
NIM 3.33% YTD vs 2.96% prior year; yield on earning assets +145bp, cost of funds +136bp.
Declared $0.32 quarterly dividend, payable Nov 22; repurchased 83,058 shares YTD under 150K-share plan.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FRANKLIN FINANCIAL SERVICES CORP /PA/ reported third quarter of 2023 results: net income $3.9 million ($0.88 per diluted share), EPS $0.88 per diluted share.

Period: third quarter of 2023
Net income: $3.9 million ($0.88 per diluted share)
EPS: $0.88 per diluted share
Result: reported results

Exact text from the filing

Net income for the third quarter of 2023 was $3.9 million ($0.88 per diluted share) compared to $3.0 million ($0.68 per diluted share) for the second quarter of 2023 (an increase of 22.9%), and $4.6 million ($1.05 per diluted share) for the third quarter of 2022 (a decrease of 16.7%).

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FRANKLIN FINANCIAL SERVICES CORP /PA/ reported nine months ended September 30, 2023 results: net income Net income year-to-date for 2023 was $10.1 million ($2.31 per diluted share), EPS $2.31 per diluted share.

Period: nine months ended September 30, 2023
Net income: Net income year-to-date for 2023 was $10.1 million ($2.31 per diluted share)
EPS: $2.31 per diluted share
Result: reported results

Exact text from the filing

Net income year-to-date for 2023 was $10.1 million ($2.31 per diluted share) compared to $11.2 million ($2.52 per diluted share) for the same period in 2022, a decrease of 9.7%.

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Source: SEC EDGAR

accession 0000723646-23-000068

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