Franklin Financial Earnings Grow By 14 Percent
Franklin Financial Services Corp., the bank holding company of F&M Trust Co., reported record earnings of $2,612,000 for the quarter ended September 30, 2008. This compares to earnings of $2,557,000 for the quarter ended September 30, 2007. and brings net income for the first nine months of 2008 to $7,594,000 compared with $6,680,000 for the same period in 2007, an increase of 13.7 percent.
Diluted earnings per share were 68 cents for the quarter and $1.98 for the first nine months of 2008. This compares to 66 cents and $1.73 for the same periods in 2007, representing a 14.5 percent increase for the nine-month period.
Total assets reached $884,585,000 at September 30, 2008, up 7.8 percent when compared to assets on September 30, 2007. Net loans grew by 16.3 percent, while total deposits and repurchase agreements declined by 2.9 percent over totals a year earlier. The market value of trust assets under management slipped 8.1 percent to $479,268,000 on September 30, 2008, reflecting a decline in market valuations.
Franklin Financial is the bank holding company for F&M Trust, a locally-owned and operated community bank with 25 community offices throughout Franklin, Cumberland, Fulton and Huntingdon counties. Franklin Financial stock is traded on the over- the-counter market under the symbol FRAF.