Franklin Financial Services (FRAF) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2024 was $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 $10.6 million ($2.41 per diluted share), up 4.8% from $10.1 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 $13.9 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 $20,154,000 in Q3 2023[8] - Net interest income rose by 6.7% to $14,652,000 for Q3 2024, up from $13,707,000 in Q3 2023[8] - Noninterest income grew by 24.4% to $4,853,000 for Q3 2024, compared to $4,013,000 in Q3 2023[8] - Net income for Q3 2024 was $4,218,000, reflecting a 4.8% increase from $3,859,000 in Q3 2023[8] - Diluted earnings per share for Q3 2024 increased by 4.3% to $0.95, compared to $0.88 in Q3 2023[8] Assets and Liabilities - Total assets increased by 17.2% to $2.151 billion as of September 30, 2024, compared to $1.836 billion at December 31, 2023[1] - Total net loans rose by $107.5 million (8.7%) to $1.348 billion from $1.241 billion at year-end 2023[1] - Total deposits increased by $185.5 million (12.1%) to $1.723 billion as of September 30, 2024, from $1.538 billion at December 31, 2023[1] - Total assets as of September 30, 2024, reached $2,151,363,000, up from $1,827,910,000 a year earlier[8] - Shareholders' equity increased to $149,928,000 as of September 30, 2024, compared to $114,769,000 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 $560 thousand in Q2 2024 and $866 thousand in Q3 2023[2] - Total provision for credit losses decreased by 23.4% to $485,000 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 $33.93 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]