FRANKLIN FINANCIAL SERVICES CORP PA
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
FRAF$70.18-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (Dollars in thousands) (unaudited) | ||
| Cash flows from operating activities | ||
| Net income | $10,612 | $10,127 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 1,567 | 1,506 |
| Net amortization of loans and investment securities | 2,467 | 1,891 |
| Amortization of subordinate debt issuance costs | 30 | 30 |
| Provision for credit losses | 1,483 | 1,936 |
| Change in fair value of equity securities | (228) | 25 |
| Realized losses on sales of debt securities | — | 1,119 |
| Loans originated for sale | (28,344) | (10,686) |
| Proceeds from sale of loans | 26,199 | 10,327 |
| Gain on sale of loans held for sale | (367) | (150) |
| Increase in cash surrender value of life insurance | (340) | (333) |
| Gain from claims on life insurance policies | (78) | — |
| Change in fair value of derivative | (1) | (3) |
| Stock based compensation | 465 | 366 |
| Decrease in other assets | 2,650 | 1,563 |
| Increase in other liabilities | 1,420 | 2,924 |
| Net cash provided by operating activities | 17,535 | 20,642 |
| Cash flows from investing activities | ||
| Net decrease in long-term interest-earning deposits in other banks | 4,480 | 6,247 |
| Proceeds from sales and calls of investment securities available for sale | — | 40,117 |
| Proceeds from maturities and pay-downs of securities available for sale | 36,163 | 24,779 |
| Purchase of investment securities available for sale | (19,616) | (45,419) |
| Increase in restricted stock | (6,800) | (1,650) |
| Net increase in loans | (109,132) | (155,677) |
| Proceeds from surrender of life insurance policies | 558 | — |
| Capital expenditures | (2,184) | (479) |
| Net cash used in investing activities | (96,531) | (132,082) |
| Cash flows from financing activities | ||
| Net increase (decrease) in demand deposits, interest-bearing checking, and savings accounts | 74,684 | (36,950) |
| Net increase in time deposits | 110,829 | 52,916 |
| Increase in long-term borrowings (FHLB & FRB) | 200,000 | 110,000 |
| Decrease in long-term borrowings (FHLB & FRB) | (90,000) | — |
| Dividends paid | (4,217) | (4,198) |
| Purchase of Treasury shares | (596) | (2,394) |
| Cash received from option exercises | 25 | 33 |
| Treasury shares issued under dividend reinvestment plan | 1,448 | 1,087 |
| Net cash provided by financing activities | 292,173 | 120,494 |
| Increase in cash and cash equivalents | 213,177 | 9,054 |
| Cash and cash equivalents at the beginning of the period | 23,140 | 64,899 |
| Cash and cash equivalents at the end of the period | $236,317 | $73,953 |
| Supplemental Disclosures of Cash Flow Information | ||
| Cash paid during the period for: | ||
| Interest on deposits and other borrowed funds | $30,535 | $12,865 |
| Income taxes | 1,133 | 1,338 |
| Noncash Activities | ||
| Lease liabilities arising from obtaining right-of-use assets | 20 | — |
| Noncash extinguishment of lease liability | — | 537 |
| Noncash decrease in right-of-use asset | — | 507 |
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