Franklin Financial Reports 2021 Q4 Earnings; Declares Dividend

CHAMBERSBURG, Pa., Jan. 25, 2022 /PRNewswire/ -- Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.7 million ($.82 per diluted share) for the fourth quarter ended December 31, 2021, compared to $4.6 million ($1.04 per diluted share) for the fourth quarter ended December 31, 2020, and $5.9 million ($1.31 per diluted share) for the third quarter of 2021. Year-to-date 2021 net income was $19.6 million ($4.42 per diluted share) compared to $12.8 million ($2.93 per diluted share) for the same twelve-month period in 2020. Net income for 2021 was boosted by a one-time gain of $1.8 million on the sale of the Bank's headquarters building and a $636 thousand expense reversal relating to the reversal of a previously established off-balance sheet liability reserve, both previously reported.

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