Franklin Financial Reports First Quarter Earnings
Franklin Financial Services Corp., the bank holding company of F&M Trust Co., reported earnings of $1,849,000 for the first quarter ended March 31, 2011. When compared to first quarter 2010 earnings of $1,974,000, net income declined 6.3 percent. On a per share basis, diluted earnings were 47 cents for the first three months of 2011 compared to 51 cents for the same period in 2010.
“While there has been some slight improvement, the current economic conditions remain a challenge,” commented William E. Snell Jr., president and CEO. “Specifically, high unemployment, lower real estate values, increased loan delinquency and low interest rates are having a significant impact on consumers and businesses, including many community banks.”
Total assets March 31, 2011, were $972.0 million, a slight decline from total assets of $ 974.3 million at March 31, 2010. Net loans increased to $754.3 million quarter end from $740.7 million one year earlier, an increase of 1.8 percent. Total deposits and repurchase agreements were $811.7 million at the end of the first quarter 2011, increasing 3.2 percent from the first quarter of 2010. The market value of trust assets under management were $503.3 million on March 31, 2011, representing an 8.3 percent increase from a year earlier.
Franklin Financial is an independent, locally owned and operated bank holding company headquartered in Chambersburg. Its wholly owned subsidiary, F& M Trust operates 25 community banking offices.