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Franklin Financial Q3 earnings up 66% over 2020
Paula Wolf / Contributing Writer//October 28, 2021
Franklin Financial Q3 earnings up 66% over 2020
Paula Wolf / Contributing Writer//October 28, 2021
Chambersburg-based Franklin Financial Services Corp., the bank holding company of F&M Trust, reported consolidated earnings of $5.9 million for the third quarter, up from $3.5 million a year ago.
That’s $1.31 per diluted share, compared with $0.79 per diluted share in the third quarter of 2020.
Year-to-date, 2021 net income was $16 million ($3.60 per diluted share) compared with $8.2 million ($1.89 per diluted share) for the same nine-month period in 2020. This year’s figure was boosted by $1.8 million from the sale of the bank’s headquarters building.
Deposits increased $189.7 million, or 14%, since the end of 2020.
“The third quarter marked a continuation of our move back to ‘normal’ as we saw strong fee income generation in residential mortgage and Investment and Trust divisions and a clearer picture of our loan quality position,” Tim Henry, president and CEO, said in a release. “… By the end of the third quarter, the majority of the PPP loans we made in 2020 have been forgiven and our lending teams are focused on developing new, profitable business for the company.”
The third quarter also marked the start of renovations at the bank’s future headquarters on Nitterhouse Drive in Chambersburg, he said.
Franklin Financial holds assets of more than $1.7 billion. Its wholly owned subsidiary, F&M Trust, has 21 community banking locations in Franklin, Cumberland, Fulton and Huntingdon counties.
