Parent Company (Franklin Financial Services Corporation) Financial Information

12 Months Ended

Dec. 31, 2013

Parent Company (Franklin Financial Services Corporation) Financial Information [Abstract]

Parent Company (Franklin Financial Services Corporation) Financial Information

Note 20. Parent Company (Franklin Financial Services Corporation) Financial Information

Balance Sheets	December 31
(Dollars in thousands)	2013		2012
Assets:
Cash and cash equivalents	$	601	$	375
Investment securities, available for sale		914		692
Equity investment in subsidiaries		91,746		88,501
Other assets		2,235		2,066
Total assets	$	95,496	$	91,634
Liabilities:
Other liabilities	$	108	$	-
Total liabilities		108		-
Shareholders' equity		95,388		91,634
Total liabilities and shareholders' equity	$	95,496	$	91,634

Statements of Income	Years Ended December 31
(Dollars in thousands)	2013		2012		2011
Income:
Dividends from Bank subsidiary	$	2,529	$	2,680	$	3,231
Interest and dividend income		31		29		28
Net OTTI losses recognized in earnings		(50)		-		(4)
Securities gains (losses), net		30		(1)		(37)
		2,540		2,708		3,218
Expenses:
Operating expenses		752		734		728
Income before income taxes and equity in undistributed income of subsidiaries		1,788		1,974		2,490
Income tax benefit		259		249		236
Equity in undistributed income of subsidiaries		4,185		3,142		3,843
Net income	$	6,232	$	5,365	$	6,569

Statements of Comprehensive Income

		Years ended December 31
(Dollars in thousands)		2013		2012		2011
Net Income	$	6,232	$	5,365	$	6,569
Securities:
Unrealized gains (losses) arising during the period		425		73		(164)
Reclassification adjustment for net losses (gains) included in net income		20		1		41
Net unrealized gains (losses)		445		74		(123)
Tax effect		(151)		(25)		42
Net of tax amount		294		49		(81)
Total other comprehensive income (loss)		294		49		(81)
Total Comprehensive Income	$	6,526	$	5,414	$	6,488

Statements of Cash Flows	Years Ended December 31
(Dollars in thousands)	2013		2012		2011
Cash flows from operating activities
Net income	$	6,232	$	5,365	$	6,569
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed income of subsidiary		(4,185)		(3,142)		(3,843)
Securities losses (gains)		(30)		1		37
OTTI writedown on equity securities		50		-		4
Increase in other assets		(211)		(256)		(245)
Decrease in other liabilities		-		(12)		(238)
Other, net		(110)		(6)		103
Net cash provided by operating activities		1,746		1,950		2,387
Cash flows from investing activities
Proceeds from sales of investment securities		312		-		81
Net cash provided by investing activities		312		-		81
Cash flows from financing activities
Dividends paid		(2,810)		(3,170)		(4,273)
Treausry stock issued under stock option plans		52		2		30
Common stock issued under dividend reinvestment plan		926		1,174		1,706
Net cash used in financing activities		(1,832)		(1,994)		(2,537)
Increase (decrease) in cash and cash equivalents		226		(44)		(69)
Cash and cash equivalents as of January 1		375		419		488
Cash and cash equivalents as of December 31	$	601	$	375	$	419