Parent Company (Franklin Financial Services Corporation) Financial Information

12 Months Ended

Dec. 31, 2015

Note 21. Parent Company (Franklin Financial Services Corporation) Financial Information



Balance Sheets	December 31
(Dollars in thousands)	2015		2014
Assets:
Cash and cash equivalents	$	300	$	414
Equity investment in subsidiaries		111,535		101,784
Other assets		33		1,323
Total assets	$	111,868	$	103,521

Liabilities:
Other liabilities	$	492	$	-
Total liabilities		492		-
Shareholders' equity		111,376		103,521
Total liabilities and shareholders' equity	$	111,868	$	103,521



Statements of Income	Years Ended December 31
(Dollars in thousands)	2015		2014		2013
Income:
Dividends from Bank subsidiary	$	300	$	1,151	$	2,529
Interest and dividend income		-		15		31
Other income		171		-		-
OTTI loss on equity securities		-		-		(50)
Securities gains (losses), net		-		82		30
		471		1,248		2,540
Expenses:
Operating expenses		986		795		752
Income before income taxes and equity in undistributed income of subsidiaries		(515)		453		1,788
Income tax benefit		328		241		259
Equity in undistributed income of subsidiaries		10,391		7,708		4,185
Net income	$	10,204	$	8,402	$	6,232

Statements of Comprehensive Income




		Years ended December 31
(Dollars in thousands)		2015		2014		2013
Net Income	$	10,204	$	8,402	$	6,232
Securities:
Unrealized (losses) gains arising during the period		-		(236)		425
Reclassification adjustment for net (gains) losses included in net income		-		(82)		20
Net unrealized (losses) gains		-		(318)		445
Tax effect		-		108		(151)
Net of tax amount		-		(210)		294
Total other comprehensive (loss) income of Parent		-		(210)		294
Other comprehensive (loss) income of subsidiaries		(622)		1,806		(940)
Total Comprehensive Income	$	9,582	$	9,998	$	5,586



Statements of Cash Flows	Years Ended December 31
(Dollars in thousands)	2015		2014		2013
Cash flows from operating activities
Net income	$	10,204	$	8,402	$	6,232
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed income of subsidiary		(10,391)		(7,708)		(4,185)
Stock option compensation		74		-		-
Securities (gains) losses		-		(82)		(30)
OTTI loss on equity securities		-		-		50
Decrease (increase) in other assets		1,800		498		(321)
Net cash provided by operating activities		1,687		1,110		1,746

Cash flows from investing activities
Proceeds from sales of investment securities		-		568		312
Net cash provided by investing activities		-		568		312

Cash flows from financing activities
Dividends paid		(3,139)		(2,847)		(2,810)
Cash received from option exercises		92		59		52
Common stock issued under dividend reinvestment plan		1,246		923		926
Net cash used in financing activities		(1,801)		(1,865)		(1,832)
(Decrease) increase in cash and cash equivalents		(114)		(187)		226
Cash and cash equivalents as of January 1		414		601		375
Cash and cash equivalents as of December 31	$	300	$	414	$	601