As of September 30, 2024, Franklin Financial Services Corporation reported total assets of $2,151,363 thousand, reflecting a significant increase of 17.2% from $1,836,039 thousand at the end of 2023. Total deposits rose to $1,723,491 thousand, up 12.1% from $1,537,978 thousand, driven by a notable increase in time deposits, which surged to $243,275 thousand from $132,446 thousand. Cash and cash equivalents also saw a substantial rise, reaching $236,317 thousand compared to $23,140 thousand at the end of 2023.

The company’s financial performance for the third quarter of 2024 showed a net income of $4,218 thousand, a 9.3% increase from $3,859 thousand in the same quarter of 2023. Year-to-date net income for 2024 was $10,612 thousand, up from $10,127 thousand in 2023. Basic earnings per share for Q3 2024 were $0.96, compared to $0.89 in Q3 2023. The increase in net income was attributed to a rise in interest income, which reached $26,053 thousand for the quarter, up from $20,154 thousand in the prior year.

Net interest income for the three months ended September 30, 2024, was $14,652 thousand, slightly higher than $13,707 thousand in Q3 2023. Total noninterest income also increased to $4,853 thousand from $4,013 thousand, with wealth management fees contributing $2,097 thousand, up from $1,783 thousand. However, total noninterest expenses rose to $13,917 thousand, compared to $12,198 thousand in the same period last year, primarily due to increased salaries and benefits.

The company’s allowance for credit losses (ACL) increased to $17,507 thousand as of September 30, 2024, from $16,052 thousand at the end of 2023. The ACL ratio for loans remained stable at 1.28%. The loan portfolio showed growth, with net loans reaching $1,348,386 thousand, an 8.7% increase from $1,240,933 thousand at year-end 2023.

In terms of strategic developments, the Bank sold approximately $46.7 million in available-for-sale investment securities in October 2024, incurring an estimated after-tax loss of $3.4 million. The proceeds were reinvested into higher-yielding securities. The Bank's capital conservation buffer stood at 5.44%, indicating a "well capitalized" status, and the Board declared a quarterly cash dividend of $0.32 per share for Q4 2024.

Overall, Franklin Financial Services Corporation demonstrated solid growth in assets, deposits, and profitability, while managing expenses and credit risk effectively.