Franklin Financial Earnings Increase
Franklin Financial Services Corp., the bank holding company of F&M Trust, reported earnings of $7,612,000 for 2010, compared to 2009 earnings of $6,585,000, an increase of 15.6 percent. Net income for the quarter ended December 31, 2010, was $1,676,000, representing a 4.9 percent decrease when compared to 2009 fourth-quarter earnings of $1,763,000.
On a per share basis, diluted earnings were 43 cents and $1.96 for the quarter and 12 months in 2010 compared to 46 cents and $1.71 for the same periods in 2009.
“The high level of unemployment, increased loan delinquency, and low interest rate environment inherent in the current recession created a challenging environment for financial institutions during 2010,” commented William E. Snell Jr., president and CEO. “The growth of our balance sheet slowed considerably during the past 12 months, reflecting the significant impact of the economy on both individuals and businesses in southcentral Pennsylvania.
Total assets were $951.9 million at December 31, 2010, a 2.8 percent decline from assets at December 31, 2009. Average net loans grew 6 percent to $744.0 million and average deposits and repurchase agreement grew by 4.4 percent to $787.2 million. At year-end, net loans were up 1.3 percent to $739.8 million, while total deposits and repurchase agreements declined by 1.1 percent to $785.5 million. In addition, the market value of trust assets under management increased 6.6 percent to $490.4 million at December 31, 2010.