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): April 24, 2012
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:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a –12 under the Exchange Act (17 CFR 240.14a –12) |
o | Pre-commencement communications pursuant to Rule 14d – 2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | 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 April 24, 2012 and attached as Exhibit 99.1, announces its earnings for the three months ended March 31, 2012 and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed herewith:
Number | Description |
99.1 | Press Release, dated April 24, 2012 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: April 24, 2012
Exhibit 99.1
Franklin Financial reports 1st quarter earnings
(Chambersburg, PA) Franklin Financial Services Corporation, the bank holding company of F&M Trust Company, reported earnings of $1,369,000 for the first quarter ended March 31, 2012. When compared to first quarter 2011 earnings of $1,849,000, net income declined 26.0%. On a per share basis, diluted earnings were $.34 for the first three months of 2012 compared to $.47 for the same period in 2011.
“While there have been signs of improvement, the current economic conditions remain a challenge,” commented William E. Snell, Jr., president and CEO. “Specifically, high unemployment, lower real estate values, increased loan delinquency, and low interest rates continue to have a significant impact on consumers and businesses, including many community banks.”
Total assets at March 31, 2012 were $1.036 billion, a 6.6% increase from total assets of $972.0 million at March 31, 2011. Total deposits and repurchase agreements were $887.8 million at the end of the first quarter 2012, increasing 9.4% from the first quarter of 2011. At quarter end, net loans of $754.1 million and the market value of trust assets under management of $503.3 million, remained relatively unchanged when compared to 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, Newville, Orbisonia, Shippensburg, St. Thomas, Warfordsburg and Waynesboro. Franklin Financial stock is listed on the over-the-counter market under the symbol FRAF.