Core Viewpoint - Franklin Financial Services Corporation reported significant growth in total assets and deposits for the year 2024, despite a notable decline in net income due to a loss on the sale of investment securities [1][3][4]. Balance Sheet Highlights - Total assets increased to $2.198 billion as of December 31, 2024, representing a 19.7% increase from $1.836 billion at the end of 2023 [1][10]. - Total net loans rose by $139.5 million (11.2%) to $1.380 billion, driven primarily by increases in commercial real estate loans and residential real estate loans [3][10]. - Total deposits grew by $277.7 million (18.1%) to $1.816 billion, with significant contributions from noninterest-bearing deposits and time deposits [3][10]. - Shareholders' equity increased by $12.6 million year-to-date to $144.7 million, with a book value of $32.69 per share [3][10]. Income Statement Highlights - Net income for Q4 2024 was $487 thousand ($0.11 per diluted share), a decrease of 88.5% from Q3 2024 and 86.0% from Q4 2023, largely due to a $3.4 million after-tax loss on the sale of investment securities [3][10]. - Year-to-date net income for 2024 was $11.1 million ($2.51 per diluted share), down 18.4% from $13.6 million in 2023 [3][10]. - Noninterest income for Q4 2024 totaled $288 thousand, a decrease of 94.1% from Q3 2024, primarily due to the aforementioned securities loss [3][10]. Performance Ratios - Return on Assets (ROA) for 2024 was 0.54%, down from 0.78% in 2023, while Return on Equity (ROE) was 8.05%, compared to 11.39% in the previous year [3][10]. - The Net Interest Margin (NIM) for 2024 was 2.95%, down from 3.31% in 2023 [3][10]. Dividend Information - The Board of Directors declared a regular quarterly cash dividend of $0.32 per share for Q1 2025, consistent with the previous quarter [3][10]. Management Commentary - The CEO expressed optimism about the future, highlighting strong loan and deposit growth, a robust balance sheet, and ongoing investments in systems and infrastructure to support future growth [4].
Franklin Financial Reports 2024 Q4 and Year-to-Date Results; Declares Dividend