CHAMBERSBURG, Pa., Oct. 27, 2015 /PRNewswire/ -- Franklin Financial Services Corporation, the bank holding company of F&M Trust, reported earnings of $2,579,000 for the third quarter ended September 30, 2015. This represents a 7.0% increase when compared to third quarter 2014 earnings of $2,410,000, and a 4.2% increase when compared to second quarter 2015 earnings of $2,474,000. Net income for the first nine months of 2015 was $7,937,000 compared with $6,555,000 for the same period in 2014, an increase of 21.1%. As reported earlier this year, first quarter 2015 earnings were enhanced by two nonrecurring events that increased noninterest income by $899,000. Adjusted net income for the first nine months of 2015 was $7,343,000, which represents an increase of 12.0% over the previous year.
On a per share basis, diluted earnings were $0.61 for the quarter ended September 30, 2015 and $1.87 for the first nine months of 2015, compared to $0.57 and $1.56 for the same periods in 2014.
"We are encouraged by a number of positive trends over the last quarter despite the ongoing challenges facing our industry and the economy," said William E. Snell, President and CEO of F&M Trust. "In particular, our commercial loan pipeline remains very strong and we continue to see growth in our fee-income lines of business."
Total assets at September 30, 2015 were $1.036 billion, a 1.3% increase when compared with total assets of $1.023 billion at September 30, 2014. Total deposits increased 1.9% to $917.5 million, and net loans increased 5.4% to $760.8 million. The market value of trust assets under management decreased slightly to $569.5 million.
Additionally, the Board of Directors of Franklin Financial Services Corporation declared a $0.19 per share regular cash dividend for the fourth quarter of 2015. This compares to a $0.17 per share regular cash dividend for the fourth quarter of 2014, representing an 11.8% increase. Total cash dividends paid during the four quarters of 2015 will be $0.74 per share compared to $0.68 per share in 2014, an increase of 8.8%.
The regular quarterly cash dividend will be paid on November 25, 2015 to shareholders of record at the close of business on November 6, 2015.
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-two community banking offices located in Boiling Springs, Camp Hill, Carlisle, Chambersburg, Greencastle, Hustontown, McConnellsburg, Mechanicsburg, Mont Alto, Marion, Newville, Orbisonia, Shippensburg and Waynesboro. Franklin Financial stock is trading on the OTCQX® marketplace of the OTC Markets under the symbol FRAF. Please visit our website for more information, www.franklinfin.com.
Certain statements appearing herein which are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements refer to a future period or periods, reflecting management's current views as to likely future developments, and use words "may," "will," "expect," "believe," "estimate," "anticipate," or similar terms. Because forward-looking statements involve certain risks, uncertainties and other factors over which Franklin Financial Services Corporation has no direct control, actual results could differ materially from those contemplated in such statements. These factors include (but are not limited to) the following: general economic conditions, changes in interest rates, changes in the Corporation's cost of funds, changes in government monetary policy, changes in government regulation and taxation of financial institutions, changes in the rate of inflation, changes in technology, the intensification of competition within the Corporation's market area, and other similar factors.
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SOURCE Franklin Financial Services Corporation
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