Franklin Financial Reports Increase In Earnings
Franklin Financial Services Corp., the bank holding company of F&M Trust, reported earnings of $1,551,000 for the first quarter ended March 31, 2013. When compared to first quarter 2012 earnings of $1,369,000, net income increased 13.3 percent. On a per-share basis, diluted earnings were 38 cents for the first three months of 2013 compared to 34 cents for the same period in 2012.
“The current economic climate continues to be a challenge,” commented William E. Snell Jr., president and CEO. “The length of this slowdown is unprecedented. There have been some signs of improvement in the economy, but we’re still experiencing many of the factors – lower real estate values, high unemployment, increased loan delinquency and low interest rates – that significantly impact consumers and businesses, including most community banks. Industry wide, earnings at many banks have shown improvement, but the boost appears largely related to comparatively lower reserves for loan losses. The industry is experiencing slow commercial loan growth and the mortgage refinance boom is sputtering.”
Total assets at March 31, 2013, were $1.05 billion, a 1.8 percent increase from total assets of $1.04 billion at March 31, 2012. Total deposits and repurchase agreements were $941.5 million at the end of the first quarter 2013, increasing 6.0 percent from the first quarter of 2012. At quarter end, net loans declined 2.5 percent from totals a year earlier, while the market value of trust assets under management increased 8.7 percent to $547.2 million.