$FRAF
FRANKLIN FINANCIAL SERVICES CORP /PA/

2024 Q3 Form 10-Q Financial Statement

#000072364624000054 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $26.05M $24.73M
YoY Change 29.27% 33.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $110.0K $108.0K
YoY Change 6.8% 10.2%
% of Gross Profit
Depreciation & Amortization $527.0K $502.0K
YoY Change 1.35% -1.38%
% of Gross Profit
Operating Expenses $110.0K $108.0K
YoY Change 6.8% 10.2%
Operating Profit
YoY Change
Interest Expense $10.52M
YoY Change 97.91%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $5.103M $3.679M
YoY Change 9.81% 3.81%
Income Tax $885.0K $646.0K
% Of Pretax Income 17.34% 17.56%
Net Earnings $4.218M $3.033M
YoY Change 9.3% 1.92%
Net Earnings / Revenue 16.19% 12.26%
Basic Earnings Per Share $0.96 $0.67
Diluted Earnings Per Share $0.95 $0.66
COMMON SHARES
Basic Shares Outstanding 4.409M 4.396M
Diluted Shares Outstanding 4.423M 4.562M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $236.3M $179.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $29.16M $28.97M
YoY Change 0.47% -1.04%
Goodwill $9.016M $9.016M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.135M $11.79M
YoY Change -38.69% -19.97%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.151B $2.039B
YoY Change 17.7% 17.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $4.403M $4.527M
YoY Change -11.94% -11.3%
Deferred Revenue
YoY Change
Short-Term Debt $40.00M $40.00M
YoY Change -42.86% -42.86%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.40M $44.53M
YoY Change -40.8% -40.71%
LONG-TERM LIABILITIES
Long-Term Debt $19.69M $19.68M
YoY Change -0.05% 0.19%
Other Long-Term Liabilities $13.85M $11.65M
YoY Change 24.77% 36.87%
Total Long-Term Liabilities $33.54M $31.33M
YoY Change 8.9% 11.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.40M $44.53M
Total Long-Term Liabilities $33.54M $31.33M
Total Liabilities $2.001B $1.902B
YoY Change 16.83% 17.69%
SHAREHOLDERS EQUITY
Retained Earnings $140.4M $137.6M
YoY Change 6.42% 6.28%
Common Stock $48.41M $48.26M
YoY Change 0.38% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.983M $8.149M
YoY Change -16.31% -17.3%
Treasury Stock Shares
Shareholders Equity $149.9M $136.8M
YoY Change
Total Liabilities & Shareholders Equity $2.151B $2.039B
YoY Change 17.7% 17.45%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $4.218M $3.033M
YoY Change 9.3% 1.92%
Depreciation, Depletion And Amortization $527.0K $502.0K
YoY Change 1.35% -1.38%
Cash From Operating Activities $7.799M $2.432M
YoY Change 7.57% -57.09%
INVESTING ACTIVITIES
Capital Expenditures $733.0K $590.0K
YoY Change 193.2% 404.27%
Acquisitions
YoY Change
Other Investing Activities -$46.25M -$30.85M
YoY Change -49.21% -44.28%
Cash From Investing Activities -$46.98M -$31.44M
YoY Change -48.55% -43.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 95.77M 26.17M
YoY Change 2.79% -6.83%
NET CHANGE
Cash From Operating Activities 7.799M 2.432M
Cash From Investing Activities -46.98M -31.44M
Cash From Financing Activities 95.77M 26.17M
Net Change In Cash 56.59M -2.843M
YoY Change 521.19% -86.92%
FREE CASH FLOW
Cash From Operating Activities $7.799M $2.432M
Capital Expenditures $733.0K $590.0K
Free Cash Flow $7.066M $1.842M
YoY Change 0.94% -66.82%

Facts In Submission

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CY2024Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2024Q2 us-gaap Stockholders Equity
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CY2024Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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521
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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564
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CY2023Q4 us-gaap Equity Securities Fv Ni
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1
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CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss
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CY2023Q4 us-gaap Deferred Finance Costs Net
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CY2024Q2 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
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CY2023Q4 us-gaap Loans Receivable Fair Value Disclosure
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783009000
CY2024Q2 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
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CY2024Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
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165000
CY2023Q4 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
147000
CY2023Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
5000
CY2023Q4 fraf Loan Deferrals Or Modifications
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CY2024Q2 fraf Loan Deferrals Or Modifications
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CY2023Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
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CY2024Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
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CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
101000
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
26000
CY2024Q2 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
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CY2024Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
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CY2023Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
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us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
197000
us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
113000
us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
1050000
CY2024Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
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CY2023Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
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CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
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CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
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CY2023Q2 us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
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CY2023Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
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us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Writeoff
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff
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us-gaap Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Recovery
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossRecovery
148000
us-gaap Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal
FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal
991000
CY2023Q2 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
14615000
CY2023 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
0
us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
0
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
may contain renewal options after the initial term
fraf Number Of Leases With Variable Payment Based On Index
NumberOfLeasesWithVariablePaymentBasedOnIndex
1
us-gaap Lessee Operating Lease Restriction Or Covenant
LesseeOperatingLeaseRestrictionOrCovenant
None of the leases contain any restrictive covenants
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
195000
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
212000
us-gaap Operating Lease Cost
OperatingLeaseCost
389000
us-gaap Operating Lease Cost
OperatingLeaseCost
429000
CY2024Q2 us-gaap Short Term Lease Cost
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1000
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
4000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000
us-gaap Short Term Lease Cost
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8000
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
37000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
87000
us-gaap Variable Lease Cost
VariableLeaseCost
74000
CY2024Q2 us-gaap Lease Cost
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233000
CY2023Q2 us-gaap Lease Cost
LeaseCost
253000
us-gaap Lease Cost
LeaseCost
478000
us-gaap Lease Cost
LeaseCost
511000
us-gaap Operating Lease Payments
OperatingLeasePayments
379000
us-gaap Operating Lease Payments
OperatingLeasePayments
413000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y8M12D
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y8M12D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P11Y10M24D
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0337
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
354000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
666000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
564000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
421000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
393000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3205000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5603000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1076000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4527000
CY2023Q4 us-gaap Other Real Estate
OtherRealEstate
0
CY2024Q2 us-gaap Other Real Estate
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0
CY2024Q2 us-gaap Derivative Fair Value Of Derivative Net
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0
CY2024Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
56000
CY2023Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
53000
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
103000
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
108000
CY2024Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
193000
CY2023Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
202000
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
381000
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
403000
CY2024Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
215000
CY2023Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
231000
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
432000
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
462000
CY2024Q2 fraf Defined Benefit Plan Recognized Net Actuarial Gain Loss
DefinedBenefitPlanRecognizedNetActuarialGainLoss
-15000
fraf Defined Benefit Plan Recognized Net Actuarial Gain Loss
DefinedBenefitPlanRecognizedNetActuarialGainLoss
-15000
CY2024Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
49000
CY2023Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
24000
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
67000
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
49000
CY2024Q1 fraf Charge Offs On Impaired Loans
ChargeOffsOnImpairedLoans
0
CY2024Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
0
CY2023Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
2000
CY2024Q2 us-gaap Assets Fair Value Disclosure
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0
CY2024Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
0
CY2024Q2 us-gaap Noninterest Bearing Deposit Liabilities Domestic
NoninterestBearingDepositLiabilitiesDomestic
282964000
CY2023Q4 us-gaap Noninterest Bearing Deposit Liabilities Domestic
NoninterestBearingDepositLiabilitiesDomestic
273050000
CY2024Q2 us-gaap Interest Bearing Domestic Deposit Checking
InterestBearingDomesticDepositChecking
401174000
CY2023Q4 us-gaap Interest Bearing Domestic Deposit Checking
InterestBearingDomesticDepositChecking
454517000
CY2024Q2 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
616928000
CY2023Q4 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
572058000
CY2024Q2 us-gaap Interest Bearing Domestic Deposit Savings
InterestBearingDomesticDepositSavings
101712000
CY2023Q4 us-gaap Interest Bearing Domestic Deposit Savings
InterestBearingDomesticDepositSavings
105907000
CY2024Q2 us-gaap Interest Bearing Deposit Liabilities
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CY2023Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
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CY2024Q2 us-gaap Time Deposits
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183680000
CY2023Q4 us-gaap Time Deposits
TimeDeposits
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CY2024Q2 us-gaap Deposits
Deposits
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CY2023Q4 us-gaap Deposits
Deposits
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CY2024Q2 us-gaap Deposit Liabilities Reclassified As Loans Receivable1
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660000
CY2023Q4 us-gaap Deposit Liabilities Reclassified As Loans Receivable1
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CY2024Q2 fraf Time Deposits250000 Or More
TimeDeposits250000OrMore
48500000
CY2023Q4 fraf Time Deposits250000 Or More
TimeDeposits250000OrMore
44400000
CY2024Q2 us-gaap Deferred Finance Costs Gross
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fraf Debt Instrument Redemption Period
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P5Y
fraf Capital Ratios Basel Iii Capital Conservation Buffer Year Three
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0.025
fraf Capital Ratios Basel Iii Capital Conservation Buffer Year Three
CapitalRatiosBaselIiiCapitalConservationBufferYearThree
0.025
CY2021 fraf Community Bank Leverage Ratio Minimum
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fraf Estate Management Services Fees Recognition Period
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CY2024Q2 us-gaap Investment Banking Revenue
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CY2023Q2 us-gaap Investment Banking Revenue
InvestmentBankingRevenue
1959000
us-gaap Investment Banking Revenue
InvestmentBankingRevenue
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us-gaap Investment Banking Revenue
InvestmentBankingRevenue
3793000
us-gaap Reclassifications
Reclassifications
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Note 17. Reclassification</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Certain prior period amounts may have been reclassified to conform to the current year presentation. Such reclassifications did not affect prior year net income or shareholders’ equity</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 9pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">.</span></p>
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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