Parent Company (Franklin Financial Services Corporation) Financial Information |
Note 22. Parent Company Condensed (Franklin Financial Services Corporation) Financial Information
Balance Sheets
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December 31
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(Dollars in thousands)
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2019
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2018
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Assets:
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Cash and cash equivalents
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$
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164
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$
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108
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Investment securities
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440
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374
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Equity investment in subsidiaries
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126,069
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118,027
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Other assets
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859
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—
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Total assets
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$
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127,532
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118,509
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Liabilities:
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Other liabilities
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$
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4
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$
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113
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Total liabilities
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4
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113
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Shareholders' equity
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127,528
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118,396
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Total liabilities and shareholders' equity
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$
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127,532
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$
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118,509
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Statements of Income
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Years Ended December 31
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(Dollars in thousands)
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2019
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2018
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Income:
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Dividends from Bank subsidiary
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$
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8,710
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$
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3,259
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Other income
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66
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9
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8,776
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3,268
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Expenses:
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Operating expenses
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1,176
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1,184
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Income before income taxes and equity in undistributed income of subsidiaries
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7,600
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2,084
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Income tax benefit
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867
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207
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Equity in undistributed income of subsidiaries
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7,648
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3,834
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Net income
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16,115
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6,125
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Other comprehensive income/(loss) of subsidiary
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394
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(151)
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Comprehensive income
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$
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16,509
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$
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5,974
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Statements of Cash Flows
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Years Ended December 31
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(Dollars in thousands)
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2019
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2018
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Cash flows from operating activities
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Net income
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$
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16,115
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$
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6,125
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Adjustments to reconcile net income to net cash provided
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by operating activities:
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Equity in undistributed (income) of subsidiary
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(7,648)
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(3,834)
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Stock option compensation
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—
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185
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(Increase) decrease in other assets/liabilities
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(1,034)
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289
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Net cash provided by operating activities
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7,433
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2,765
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Cash flows from financing activities
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Dividends paid
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(5,115)
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(4,598)
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Cash received from option exercises
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268
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362
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Common stock issued under dividend reinvestment plan
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1,316
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1,417
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Treasury stock purchase
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(3,846)
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(88)
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Net cash used in financing activities
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(7,377)
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(2,907)
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Increase (decrease) in cash and cash equivalents
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56
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(142)
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Cash and cash equivalents as of January 1
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108
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250
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Cash and cash equivalents as of December 31
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$
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164
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$
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108
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