United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 29, 2014
FRANKLIN FINANCIAL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 0-12126 25-1440803
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Indent. No.)
20 South Main Street, Chambersburg, PA 17201
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (717) 264-6116
N/A
(Former name or former address, if changes since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a –12 under the Exchange Act (17 CFR 240.14a –12) |
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Pre-commencement communications pursuant to Rule 14d – 2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e – 4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
The news release of Franklin Financial Services Corporation, dated July 29, 2014 and attached as Exhibit 99.1, announces its earnings for the three and six months ended June 30, 2014 and is incorporated by reference herein.
Item 8.01 Other Events.
The news release of Franklin Financial Services Corporation, dated July 28, 2014 and attached as Exhibit 99.2, announces a $.17 per share regular cash dividend for the third quarter of 2014 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
The following exhibits are filed herewith:
Number Description
99.1 News Release, dated July 29, 2014
of Franklin Financial Services Corporation
99.2 News Release, dated July 28, 2014
of Franklin Financial Services Corporation
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FRANKLIN FINANCIAL SERVICES CORPORATION
By: /s/ William E. Snell, Jr.
William E. Snell, Jr., President and Chief Executive Officer
Dated: July 29, 2014
EXHIBIT INDEX
Exhibit Number Description
99.1News release, dated July 29, 2014 of Franklin Financial Services Corporation
99.2News release, dated July 28, 2014 of Franklin Financial Services Corporation
Exhibit 99.1
July 29, 2014
Franklin Financial reports 2nd quarter earnings growth
(Chambersburg, PA) Franklin Financial Services Corporation, the bank holding company of F&M Trust, reported earnings of $2,319,000 for the quarter ended June 30, 2014. When compared to earnings of $1,355,000 for the second quarter of 2013, net income increased by 71.1%. Net income for the first six months of 2014 was $4,145,000 compared with $2,906,000 for the same period in 2013, an increase of 42.6%.
On a per share basis, diluted earnings were $.55 for the quarter ended June 30, 2014 and $.99 for the first six months of 2014, compared to $.33 and $.70 for the same periods in 2013.
“The local economy continues to show glimpses of improvement,” commented William E. Snell, Jr., President and CEO. “While by no means robust, consumer and small business borrowing are beginning to stir as unemployment and consumer confidence improves. Like most community banks, we have seen loan quality improvement but continue to be challenged by margin compression from the low interest rate environment and the cost of additional regulation.”
Total assets at June 30, 2014 were $1.023 billion, a decline of 1.0% when compared with total assets of $1.033 billion at June 30, 2013. Net loans grew 0.8% from totals a year earlier to $723.2 million, while total deposits and repurchase agreements were down 1.9% to $903.0 million. The market value of trust assets under management was $582.6 million on June 30, 2014, representing a 4.5% increase from a year earlier.
Franklin Financial is an independent, locally owned and operated bank holding company headquartered in Chambersburg. Its wholly owned subsidiary, F&M Trust operates twenty-five community banking offices located throughout Cumberland, Franklin, Fulton and southern Huntingdon counties in Boiling Springs, Camp Hill, Carlisle, Chambersburg, Greencastle, Hustontown, McConnellsburg, Mont Alto, Marion, Mechanicsburg, Newville, Orbisonia, Shippensburg, St. Thomas, Warfordsburg and Waynesboro. Franklin Financial stock is listed on the over- the-counter market under the symbol FRAF (OTCQB: FRAF).
Exhibit 99.2
July 28, 2014
Franklin Financial declares 3rd Quarter dividend
(CHAMBERSBURG, PA) The Board of Directors of Franklin Financial Services Corporation declared a $.17 per share regular cash dividend for the third quarter of 2014, matching the regular quarterly cash dividend paid in the second quarter of 2014 and in the third quarter of 2013.
The quarterly dividend for the third quarter 2014 represents a 3.53% annualized dividend yield based upon the closing price on July 24 of $19.26 per share.
Total regular cash dividends paid during the first three quarters of 2014 will be $.51 per share, matching the $.51 per share paid during the same period in 2013. The third quarter cash dividend will be paid on August 27, 2014 to shareholders of record at the close of business on August 8.
Franklin Financial is the largest independent, locally owned and operated bank holding company headquartered in Franklin County with assets of more than $1 billion. Its wholly-owned subsidiary, F&M Trust, has twenty-five community banking offices located in Boiling Springs, Camp Hill, Carlisle, Chambersburg, Greencastle, Hustontown, McConnellsburg, Mechanicsburg, Mont Alto, Marion, Newville, Orbisonia, Shippensburg, St. Thomas, Warfordsburg, and Waynesboro. Franklin Financial stock is quoted on the OTCQB Market Tier of the OTC Markets under the symbol FRAF.