Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.0 million for the first quarter ended March 31, 2022, compared to $3.7 million for the fourth quarter ended December 31, 2021, and $4.8 million for the first quarter of 2021.
“As anticipated, 2022 has started off with a great amount of market uncertainty, even as the most recent effects and conditions of Covid begin to fade across our region and the country as a whole. Your company was able to record solid earnings in the first quarter of 2022 that were not affected by one-time earnings contributions or adverse movements in the allowance for loan losses,” said Tim Henry, President and CEO. “The anticipated decrease in residential mortgage income, brought on by the increasing market interest rates, was partially offset by increases in investment and trust fee income and other new fee income generated by the bank. We also currently believe that rising interest rates will help improve our net interest income and margins through the remainder of the year and we expect to see increased loan growth due to the addition of experienced lenders in several markets. Meanwhile, we continue with our long-term growth plans to expand our market by opening a community office in Hagerstown, Maryland in the second quarter and complete the move to our new corporate headquarters in the third quarter.”
Dividend to Shareholders
On April 14, 2022, the Board of Directors of Franklin Financial Services Corporation declared a $0.32 per share regular quarterly cash dividend for the second quarter of 2022 to be paid on May 25, 2022, to shareholders of record at the close of business on May 6, 2022. This compares to a $0.32 per share regular quarterly cash dividend for the fourth quarter of 2021 and $0.31 per share for the second quarter of 2021.
Franklin Financial is the largest independent, locally owned and operated bank holding company headquartered in Franklin County with assets of more than $1.8 billion. Its wholly-owned subsidiary, F&M Trust, has twenty-one community banking locations in Franklin, Cumberland, Fulton and Huntingdon Counties. Franklin Financial stock is trading on the Nasdaq Stock Market under the symbol FRAF.
Please their website for more information, www.franklinfin.com.