Franklin Financial Reports 2022 Q4 and End of the Year Results; Declares Dividend

CHAMBERSBURG, Pa., Jan. 24, 2023 /PRNewswire/ -- Franklin Financial Services Corporation (NASDAQ: FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.7 million ($0.84 per diluted share) for the fourth quarter ended December 31, 2022, compared to $3.7 million ($0.82 per diluted share) for the fourth quarter ended December 31, 2021.  Net income for 2022 was $14.9 million ($3.36 per diluted share) compared to $19.6 million ($4.42 per diluted share) for the same twelve-month period in 2021. For 2022, the Corporation had a $6.9 million increase in net interest income, but this was partially offset by an increase of $2.8 million in the provision for loan losses and a $1.7 million decrease in gains on the sale of mortgage loans. The decrease in net income from 2021 to 2022 was also broadened by events in 2021 including 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.

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