Franklin Financial Reports 2023 Q1 Results; Declares Dividend

CHAMBERSBURG, Pa., April 25, 2023 /PRNewswire/ -- Franklin Financial Services Corporation (the Corporation) (NASDAQ:FRAF), the bank holding company of F&M Trust (the Bank), reported consolidated earnings of $3.3 million ($0.75 per diluted share) for the first quarter and year-to-date period ended March 31, 2023, compared to $3.0 million ($0.67 per diluted share) for the first quarter and year-to-date period ended March 31, 2022, or a 9.3% increase over the comparable quarter, and an 11.9% EPS increase over the comparable quarter. For 2023, the Corporation had a $2.0 million increase in net interest income, which was partially offset by an increase of $529 thousand in the provision for credit losses, a decrease in noninterest income of $659 thousand, and an increase in noninterest expense of $753 thousand.